TREASURY DEPARTMENT
LIBRARY
ROOM 5013
LIBRARY ROOM 5030
JUN 9.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
FEBRUARY - 1946
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
1
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2"></th><th colspan="12">Items and page number</th></tr><tr><th colspan="3">1946</th><th colspan="9">1945</th></tr><tr><th></th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th></tr><tr><td>Articles</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td>1-1</td><td></td><td></td><td></td><td>1-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1</td><td>1-1</td><td></td></tr><tr><td>7th War Loan, May-June 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1</td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan.</td><td>1-22</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-23</td><td></td><td></td><td></td><td></td></tr><tr><td>7th War Loan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Transition from war to peace and prosperity (speech by the Secretary of the Treasury).</td><td></td><td>1-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War financing - some implications for the future (speech by Under Secretary of the Treasury).</td><td></td><td></td><td>1-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Procedure for redemption of United States excess profits tax refund bonds.</td><td></td><td></td><td>1-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 31, 1939-June 30, 1945.</td><td></td><td></td><td>1-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1</td><td></td><td></td></tr><tr><td>Dec. 31, 1939-Dec. 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td></td><td></td><td></td><td>1-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statistics of income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td>1-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns for 1942 (complete returns).</td><td></td><td></td><td>1-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable corporation income and excess profits tax returns for 1943 (advance tabulation).</td><td></td><td></td><td></td><td></td><td>1-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over, for 1943 (advance tabulation).</td><td></td><td></td><td></td><td></td><td></td><td>1-33</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary returns for 1942 (complete report).</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-8</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td></td><td>1-6</td><td></td><td></td><td>1-6</td><td></td><td>1-2</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-25</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Invasion currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1</td><td></td><td></td><td>1-3</td><td></td><td></td></tr><tr><td>Bank deposits, geographic distribution on December 31, 1941-44.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-5</td><td></td><td></td></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1</td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-23</td><td></td><td></td><td>1-1</td></tr><tr><td>Maturity of Series A bonds.</td><td>1-27</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td>1-28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuation of the savings bond program.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-24</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>1-23</td><td>1-5</td><td>1-16</td><td>1-9</td><td>1-10</td><td>1-6</td><td>1-2</td><td>1-9</td><td>1-20</td><td>1-7</td><td>1-1</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of general expenditures.</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for war activities.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11-12</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>13</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Social security program</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act.</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>14</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Act.</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Statement of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Railroad Retirement Account.</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Unemployment Trust Fund.</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Appropriations and net contract authorizations for the war activities program.</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>17-18</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
February 1946
11
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="13">Issue and page number</th></tr><tr><th>1946</th><th colspan="12">1945</th></tr><tr><th></th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th></tr><tr><td>General Fund of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>21</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>22</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Publio debt and guaranteed obligations of United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years, 1936-1945.</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>25-26</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Monthly date.</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>26-27</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td></tr><tr><td>Chart.</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>28</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Public debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement (receipts and expenditures).</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>29</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Statutory limitation on the public debt - condition, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td>28</td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>30</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1945.</td><td></td><td></td><td></td><td>28</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945.</td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>29</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Computed interest charge and computed interest rate.</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>31-33</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td></tr><tr><td>Maturity schedules of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>34</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>35</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>36-37</td><td>34-35</td><td>33-34</td><td>33-34</td><td>34-35</td><td>33-34</td><td>33-34</td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>38-39</td><td>36-37</td><td>35-36</td><td>35-36</td><td>35-37</td><td>35-36</td><td>35-36</td></tr><tr><td>Sales by series, classified by denominations.</td><td>38</td><td>38</td><td>38</td><td>38</td><td>38</td><td>40</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td></tr><tr><td>Sales to investors other than commercial banks by series, classified by States.</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>41-42</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td></tr><tr><td>Maturities and redemptions of Series A-D and E combined, by States.</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>43</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td></tr><tr><td>Payroll savings plans.</td><td></td><td></td><td></td><td></td><td></td><td>41</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td><td>41</td></tr><tr><td>Treasury notes - tax and savings series:</td><td>42-43</td><td>42-43</td><td>42-43</td><td>42-43</td><td>42-43</td><td>44-45</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td><td>41-42</td><td>41-42</td></tr><tr><td>Summary of sales and redemptions, by series.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales, classified by:</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>46</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td></tr><tr><td>Denomination.</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>46</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td></tr><tr><td>Type of purchaser.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>47</td><td>45</td><td>44</td><td>44</td><td>45</td><td>44</td><td>44</td></tr><tr><td>Sales, classified by denomination.</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>47</td><td>45</td><td>44</td><td>44</td><td>45</td><td>44</td><td>44</td></tr><tr><td>Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>49</td><td>47</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>50</td><td>48</td><td>47</td><td>47</td><td>48</td><td>47</td><td>47</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>50</td><td>48</td><td>47</td><td>47</td><td>48</td><td>47</td><td>47</td></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>43-52</td><td>43-51</td></tr><tr><td>January 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>43-52</td><td></td><td></td><td></td></tr><tr><td>April 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-52</td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945.</td><td></td><td></td><td>49-53</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td>49-53</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>52-55</td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td>54-58</td><td></td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="13">Issue and page number</th></tr><tr><th colspan="2">1946</th><th colspan="11">1945</th></tr><tr><th></th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sep.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th></tr><tr><td colspan="14">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>54-56</td><td>57-59</td></tr><tr><td>January 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945</td><td></td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 29, 1945</td><td></td><td></td><td>60-62</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945</td><td></td><td></td><td>63</td><td>58</td><td>58</td><td>65</td><td>58</td><td>57</td><td>57</td><td>58</td><td>57</td><td>60</td></tr><tr><td>December 31, 1945</td><td>55-57</td><td>58</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937</td><td>59</td><td>59</td><td>62</td><td>59</td><td>59</td><td>66</td><td>59</td><td>58</td><td>58</td><td>59</td><td>58</td><td>61</td></tr><tr><td>Chart</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>67</td><td>60</td><td>59</td><td>59</td><td>60</td><td>59</td><td>62</td></tr><tr><td colspan="14">Corporations and certain other agencies of the U. S. Government</td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61</td><td>64-68</td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61</td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>69</td><td>72-76</td><td>61-68</td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td>67</td><td>71-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td>68-70</td><td></td><td>70-71</td><td></td><td>62-63</td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-63</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-74</td><td></td><td>61-65</td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary date</td><td>62</td><td>75</td><td>77</td><td>62</td><td>75</td><td>78</td><td>62</td><td>76</td><td>61</td><td>62</td><td>67</td><td>70</td></tr><tr><td>Chart</td><td>63</td><td>76</td><td>78</td><td>63</td><td>76</td><td>79</td><td>63</td><td>77</td><td>62</td><td>63</td><td>68</td><td>71</td></tr><tr><td>Comparative details for current periods</td><td>64-65</td><td>77-78</td><td>79-80</td><td>61-65</td><td>77-78</td><td>80-81</td><td>61-65</td><td>78-79</td><td>63-64</td><td>61-65</td><td>69-70</td><td>72-73</td></tr><tr><td colspan="14">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td></td><td>67-68</td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td>67-68</td><td></td><td></td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>67-68</td><td></td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>69</td><td></td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td></tr><tr><td>December 31, 1945</td><td>69</td><td></td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver</td><td>70</td><td>81</td><td>83</td><td>70</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td><td>70</td><td>73</td><td>76</td></tr><tr><td>Components of silver monetary stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>70</td><td>81</td><td>83</td><td>70</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td><td>70</td><td>73</td><td>76</td></tr><tr><td>Seigniorage on silver, by types</td><td>71</td><td>82</td><td>84</td><td>71</td><td>82</td><td>85</td><td>71</td><td>85</td><td>68</td><td>71</td><td>74</td><td>77</td></tr><tr><td>Money in circulation</td><td>72</td><td>83</td><td>85</td><td>72</td><td>83</td><td>86</td><td>72</td><td>84</td><td>69</td><td>72</td><td>75</td><td>78</td></tr><tr><td colspan="14">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td><td></td><td></td><td></td><td>74-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of net capital movement since 1935</td><td>74</td><td>85</td><td>87</td><td>76</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td><td>71</td><td>74</td><td>77</td></tr><tr><td>Summary by countries, January 1942-July 1945</td><td>75-91</td><td>86-102</td><td>88-104</td><td>77-93</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1945</td><td></td><td></td><td>105-107</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1945</td><td></td><td>103-105</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1945</td><td>92-94</td><td></td><td>106-113</td><td>108-114</td><td>97-102</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945</td><td>95-102</td><td>106-113</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Position in foreign currencies</td><td></td><td></td><td></td><td>97-102</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentage calculations) have been made from unrounded figures. Therefore, details will not necessarily add to the totals shown.
February 1946
A-1
Sales by Investor Classes
Sales of United States Government securities in the Victory Loan totaled $21.1 billion, thereby exceeding the $11.0 billion National goal by $10.1 billion or 92%. In the Victory Loan the total quota of $11.0 billion was divided between $4.0 billion for individuals and $7.0 billion for corporations and other investors. Sales to both of these groups substantially exceeded their quotas.
Individuals. Sales to individuals aggregated $6.8 billion, $2.8 billion or 69% in excess of the $4.0 billion National goal. The total goal for individuals of $4.0 billion was equally divided between Series E savings bonds and other
Sales in the Victory Loan
Part I - Results of the Loan
Series E bond sales totaled $2.2 billion, 10% more than the National quota. Sales of other securities to individuals reached $4.6 billion, thereby exceeding the $2.0 billion goal by more than 125%. As in previous loans, the figures for individuals include sales to partnerships and personal trust accounts.
The formal sales period for individuals extended from October 29 through December 8, 1945. It was stated in the original announcement, however, that non-marketable issues, comprising savings bonds (Series E, F, and G) and savings notes, processed through December 31 would be credited to the drive to allow enough time for the thousands of concerns operating payroll sav-
Chart 1
SALES IN VICTORY LOAN
"Commercial banks are not permitted to purchase these securities for specified periods of years
A-2
Treasury Bulletin
ings plans to issue the bonds. The final date was later extended to January 3, 1946 for Series E bonds and January 2 for other non-marketable securities because of processing lags and the extended holiday weekend.
Corporations and other investors. Sales to corporations and other investors totaled $14.4 billion, thereby oversubscribing the $7.0 billion goal by 105%. Of this group, sales to insurance companies reached $3.1 billion and sales to savings banks aggregated $1.8 billion. The remaining $9.5 billion of sales to corporations and other investors went to nonfinancial corporations and miscellaneous organizations, savings and loan associations, dealers and brokers, and State and local governments. Corporations and other investors were permitted to subscribe to marketable securities during the Victory Loan only from December 3 through December 8.
Summary table. The following table summarizes sales and goals in the Victory Loan by major investor classes.
<table><tr><th></th><th>Goal</th><th>Sales</th><th>Percent of goal achieved</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Individuals:</td><td></td><td></td><td></td></tr><tr><td>Series E savings bonds</td><td>2.0</td><td>2.2</td><td>110</td></tr><tr><td>Other securities....</td><td>2.0</td><td>4.6</td><td>229</td></tr><tr><td>Total................</td><td>4.0</td><td>6.8</td><td>169</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td></tr><tr><td>Insurance companies....</td><td></td><td>3.1</td><td rowspan="5">205</td></tr><tr><td>Savings banks........</td><td></td><td>1.8</td></tr><tr><td>Nonfinancial corpo-rations, etc........</td><td>7.0</td><td>7.2</td></tr><tr><td>Savings and loan as-sociations.........</td><td></td><td>.5</td></tr><tr><td>Dealers and brokers....</td><td></td><td>.3</td></tr><tr><td>State and local gov-ernments........</td><td></td><td>1.5</td><td>205</td></tr><tr><td>Total................</td><td>7.0</td><td>14.4</td><td></td></tr><tr><td>Total for all investors...</td><td>11.0</td><td>21.1</td><td>192</td></tr></table>
A distribution of total sales by major investor classes is also presented in Chart 1. Table 1 at the end of this article presents detailed figures on sales of each security to each investor class.
The sales figures reported above and throughout this article refer to gross purchases of securities offered in the Loan and do not necessarily reflect the net new investment by any investor class during the period of the Loan. Net acquisitions of securities by each investor class are affected not only by purchases of new securities
rities but by redemptions and cash maturities of securities already held and by market operations carried on between investor groups. Estimates of ownership as of the end of the drive are presented in Chart 6 and in the section on "Comparison with Prior Loans".
Sales by Issues
Four non-marketable and three marketable securities were offered for sale in the Victory Loan. The table below lists the various issues and the distribution of total sales among them.
<table><tr><th></th><th>Sales</th><th>Percentage distribution</th></tr><tr><td></td><td>(In billions of dollars)</td><td></td></tr><tr><td><b>Non-marketable issues:</b></td><td></td><td></td></tr><tr><td>Savings bonds:</td><td></td><td></td></tr><tr><td>Series E..................</td><td>2.2</td><td>10.4</td></tr><tr><td>Series F and G............</td><td>.7</td><td>3.1</td></tr><tr><td>Savings notes.............</td><td>1.7</td><td>8.0</td></tr><tr><td>Total non-marketable issues</td><td>4.5</td><td>21.5</td></tr><tr><td><b>Marketable issues:</b></td><td></td><td></td></tr><tr><td>Restricted as to bank ownership:</td><td></td><td></td></tr><tr><td>2-1/2% Treasury bonds, due 12/15/67-72......</td><td>9.8</td><td>46.4</td></tr><tr><td>2-1/4% Treasury bonds, due 12/15/59-62......</td><td>3.0</td><td>14.4</td></tr><tr><td>Total....................</td><td>12.9</td><td>60.8</td></tr><tr><td>Unrestricted marketable issues:</td><td></td><td></td></tr><tr><td>7/8% Certificates of indebtedness, due 12/1/46......</td><td>3.7</td><td>17.7</td></tr><tr><td>Total marketable issues...</td><td>16.6</td><td>78.5</td></tr><tr><td>Total....................</td><td>21.1</td><td>100.0</td></tr></table>
Non-marketable issues. Sales of non-marketable issues totaled $4.5 billion or 21% of total sales as shown in the above table. Sales of Series E savings bonds, as mentioned previously, reached $2.2 billion. About $1.2 billion or 54% of total E bonds sales was accounted for by sales under the payroll savings plan operating in most of the business and government organizations throughout the country. It is estimated that another $.8 billion was made up of sales to farmers and to individuals in the various communities. The remaining $.2 billion was made up of sales to the armed forces through their Finance officers.
A special Series E bond in memory of the late President Franklin Delano Roosevelt was first made available in the Victory Loan. This bond in the denomination of $200, with an issue price of $150, conatituted an additional denomination of Series E bonds. A total of $142 million of these special bonds was sold during the Victory Loan.
February 1946
A-3
Marketable issues restricted as to bank ownership. Of the three marketable securities offered during the Victory Loan, the two long-term issues -- the 2-1/2% and 2-1/4% Treasury bonds -- are restricted as to bank ownership. Neither issue may be owned by commercial banks until the period to the final maturity date does not exceed 10 years. The offering of two such restricted issues, similar to those offered in the Seventh War Loan, was in keeping with Treasury policy that indirect bank participation be kept to a minimum during the Loan.
Subscriptions to the 2-1/2% Treasury bonds reached $9.8 billion or almost half of total sales. This surpassed the peak of similar sales reached in the Seventh War Loan. Combining these sales with the $3.0 billion of sales of the other restricted issue (the 2-1/4% bonds) restricted sales totaled $12.9 billion or 60.8% of total sales.
Moreover, if these sales of restricted issues are combined with the sales of all non-marketable issues, an aggregate amount of $17.4 billion or 82% of total sales during the Victory Loan consisted of securities which may not be
shifted to commercial banks, at least for an extended period. The success of this method of discouraging indirect bank participation was greater than in the Seventh War Loan, when such sales accounted for 75% of total sales.
Unrestricted marketable issues. The remaining marketable issue, the 7/8% certificates of indebtedness, was the only unrestricted offering during the Victory Loan. Sales of this security aggregated $3.7 billion.
Preferences among investor classes. Among insurance companies, the 2-1/2% Treasury bonds of 1967-72 were by far the most popular investment during the Victory Loan. This issue made up 85% of their total purchases. Savings bank purchases were also concentrated in the 2-1/2% bonds, with 76% of their purchases in this issue. For both of these investor classes, the 2-1/2% bonds accounted for even a greater proportion of total purchases than in the Seventh War Loan when these percentages were 79% and 42%, respectively.
Nonfinancial corporations, etc. showed considerable preference for short-term issues by placing 60% of their purchases in the 7/8% cer
A-4
Treasury Bulletin
tificates and the savings notes. Contrary to previous experience, however, nonfinancial corporations, etc. purchased long-term 2-1/2% bonds to the extent of one-quarter of their total purchases.
Savings and loan associations placed over 60% of their purchases in the 2-1/2% bonds. State and local governments placed 44% of their purchases in the 2-1/2% Treasury bonds, and 37% in the one-year certificates.
Dealers and brokers were limited to purchases of the 2-1/4% and 2-1/2% Treasury bonds. There were also restrictions on the amount of these securities which any one organization was permitted to purchase. Subscriptions by insurance companies and savings institutions were subject to limitations for the first time in the Victory Loan. The restrictions on their subscriptions are described in the October 1945 issue of the Treasury Bulletin (p. A-3, footnote 6).
Dating of marketable securities. In the Victory Loan the various marketable securities bore interest from different dates. The 2-1/2% and 2-1/4% Treasury bonds were dated and bore interest from November 15, 1945 and the 7/8% certificates of indebtedness were dated and bore interest from December 3, 1945. Subscriptions from nonbank investors other than individuals for all three issues were not accepted until December 3, whereas individuals were permitted to subscribe starting October 29. Accrued interest from date of issue to date of payment was charged on all marketable issues except for subscriptions of $500 or $1,000 to each of the Treasury bond issues. The Treasury requested that there be no trading in these securities and no purchases other than on direct subscription until after December 8. The chief characteristics of the securities offered in the Victory Loan are described in the "Treasury Bulletin" for October 1945 (pages A-3 - A-5).
Sales by States
Each State surpassed its most important quotas, those for sales to individuals as a whole and for E bond sales alone (Maps 2 and 3). The state quotas for total sales and sales to corporations and other investors were also exceeded by substantial amounts (Map 1).
1/ In the War Finance Organization, Northern and Southern California and the District of Columbia are treated as separate States.
Achivements in total sales to individuals.
Sales to individuals in each of the States in relation to the quotas set in those States hit record peaks during the Victory Loan. In 36 of the States, sales reached 150% or more of the goals set. Of these, nine States achieved 200% or more of their goals. The remaining States exceeded their quotas for individuals by 18% or more. All States passed their quotas for sales of securities other than E bonds by 120% or more (Map 4).
State records for E bond quotas. The E bond record of each of the States in relation to their E bond quotas was outstanding in the Victory Loan. Every State surpassed its quota by percentages ranging up to 89%. In eight of the States, the E bond goals were exceeded by 25% or more, with six of those States located in the northwest central area of the country. In ten of the States, E bond sales reached 115% to 125% of the quotas set.
Agricultural States have generally had a better record than industrial States in their achievement of E bond quotas. The following table presents the percent of E bond goals reached in the last four loans in the ten leading industrial States as compared with the five leading farm States. The States are listed in the order of percent of E bond quotas achieved in the Victory Loan.
<table><tr><th></th><th>Percent of Series E bond goal achieved</th><th>Victory Loan</th><th>7th War Loan</th><th>6th War Loan</th><th>5th War Loan</th></tr><tr><td>Leading industrial States: 1/</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1. New Jersey</td><td>114</td><td>89</td><td>108</td><td>96</td></tr><tr><td>2. Illinois</td><td>112</td><td>101</td><td>111</td><td>106</td></tr><tr><td>3. Pennsylvania</td><td>111</td><td>98</td><td>113</td><td>97</td></tr><tr><td>4. Indiana</td><td>108</td><td>101</td><td>110</td><td>106</td></tr><tr><td>5. Michigan</td><td>107</td><td>92</td><td>105</td><td>100</td></tr><tr><td>6. Massachusetts</td><td>107</td><td>89</td><td>106</td><td>88</td></tr><tr><td>7. New York</td><td>106</td><td>101</td><td>114</td><td>93</td></tr><tr><td>8. California, Northern</td><td>105</td><td>91</td><td>109</td><td>104</td></tr><tr><td>9. California, Southern</td><td>103</td><td>92</td><td>108</td><td>100</td></tr><tr><td>10. Ohio</td><td>102</td><td>98</td><td>110</td><td>102</td></tr><tr><td>Leading agricultural States:2/</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1. Iowa</td><td>148</td><td>119</td><td>136</td><td>133</td></tr><tr><td>2. Minnesota</td><td>124</td><td>101</td><td>113</td><td>106</td></tr><tr><td>3. Wisconsin</td><td>117</td><td>103</td><td>120</td><td>109</td></tr><tr><td>4. Missouri</td><td>111</td><td>101</td><td>108</td><td>98</td></tr><tr><td>5. Texas</td><td>103</td><td>102</td><td>120</td><td>111</td></tr></table>
The industrial States were selected on the basis of those having the highest manufacturing salaries and wages in the calendar year 1944, according to Department of Commerce figures.
The agricultural States selected were those which had the highest cash farm income (including Government payments) in the calendar year 1944, according to Department of Agriculture data. For purposes of bond drive analysis, California, Illinois, and Ohio are considered industrial States although they are also leading in cash farm income.
February 1946
A-5
Map 2 SALES TO INDIVIDUALS IN VICTORY LOAN
Percent of Quota Reached in Each State
Map 3 SERIES E SALES IN VICTORY LOAN
Percent of Quota Reached in Each State
Treasury Bulletin
A-6
Sales in United States territories and possessions. All the territories and possessions made their quotas in the Victory Loan. The Canal Zone and Alaska were outstanding with 199% and 154% of their E bond quotas reached.
Sales Patterns
Anticipated sales patterns were worked out in advance of the Victory Loan to show what cumulative day-to-day sales would have to be in order to achieve the final quotas. In keeping with the emphasis on sales to individuals during the drive, separate sales patterns were prepared for (1) total sales to individuals, (2) sales of Series E bonds alone, and (3) sales of other securities to individuals. Chart 2 presents a set of these patterns for the United States as a whole. It shows that the national goal for individuals of $4.0 billion was passed on December 5. Sales of E bonds, which lagged behind the pattern in the middle of the drive, rose enough at the end to bring total sales over the goal. Sales of other securities to individuals passed the goal on November 21.
A similar set of patterns was prepared for each State to show progress during the Victory Loan on the State level. Each State War Finance Chairman was provided with the sales patterns for his State.
Subscriptions under the Deferred Payment Plan
In the Victory Loan, a greater proportion than ever before of total sales was made up of sales under the deferred payment plan ($1.5 billion of $21.1 billion). The deferred payment plan permitted certain classes of investors, namely, life insurance companies, savings institution, State and local governmental units, and similar public corporations and agencies, to defer payment in whole or in part at par and accrued interest through February 28, 1946 on their subscriptions to the two long-term Treasury bonds.
Sales to savings banks and insurance companies under the deferred payment plan accounted for $1.2 billion, the major portion of sales under this plan. The following table presents a summary of deferred payment sales.
<table><tr><th></th><th>Total</th><th>2-1/2% Treasury bonds</th><th>2-1/4% Treasury bonds</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>Insurance companies</td><td>652</td><td>640</td><td>12</td></tr><tr><td>Savings banks</td><td>591</td><td>431</td><td>160</td></tr><tr><td>Savings and loan associations</td><td>60</td><td>41</td><td>19</td></tr><tr><td>State and local governments</td><td>174</td><td>154</td><td>20</td></tr><tr><td>Fraternal benefit associations and other investors</td><td>14</td><td>12</td><td>2</td></tr><tr><td>Total</td><td>1,491</td><td>1,277</td><td>214</td></tr></table>
February 1946
A-7
Chart 2
SALES TO INDIVIDUALS IN THE VICTORY LOAN - U.S. TOTAL
Actual Sales Compared with Expected Sales Pattern
CUMULATIVE
A-8
Treasury Bulletin
Chart 3
SALES IN THE EIGHT LOANS, BY INVESTOR CLASSES
Total Sales to All Investors
B I L L I O N S O F D O L L A R S
0 2 4 6 8 10 12 14 16 18 20 22 24 26
1st 12.9
2nd 18.6
3rd 18.9
4th 16.7
5th 20.6
6th 21.6
7th 26.3
Victory 21.1
Individuals
B I L L I O N S O F D O L L A R S
0 1 2 3 4 5 6 7 8 9
1st 1.6
2nd 3.3
3rd 5.4
4th 5.3
5th 6.4
6th 5.9
7th 8.7
Victory 6.8
Savings Banks
B I L L I O N S O F D O L L A R S
0 1 2 3
1st .6
2nd 1.2
3rd 1.5
4th 1.3
5th 1.5
6th 2.3
7th 2.2
Victory 1.8
State and Local
Governments
B I L L I O N S O F D O L L A R S
0 1 2
1st .2
2nd .5
3rd .8
4th .8
5th 1.3
6th 1.3
7th 1.8
Victory 1.5
Insurance Companies
B I L L I O N S O F D O L L A R S
0 1 2 3 4
1st 1.7
2nd 2.4
3rd 2.6
4th 2.1
5th 2.8
6th 3.2
7th 4.2
Victory 3.1
Nonfinancial Corporations, etc.
B I L L I O N S O F D O L L A R S
0 1 2 3 4 5 6 7 8
1st 2.6
2nd 5.2
3rd 7.1
4th 6.8
5th 8.2
6th 8.0
7th 8.3
Victory 7.2
Savings and Loan
Associations
B I L L I O N S O F D O L L A R S
0 1 2
1st
2nd
3rd
4th
5th
6th
7th
Victory
Reported with
Nonfinancial
Corporations
Treasury Investment Accounts
B I L L I O N S O F D O L L A R S
0 1 2 3
1st .2
2nd .4
3rd .6
4th
5th
6th
7th
Victory
Dealers and Brokers
B I L L I O N S O F D O L L A R S
0 1 2 3
1st .9
2nd .5
3rd .9
4th .4
5th .5
6th .3
7th .3
Victory .3
Commercial Banks
B I L L I O N S O F D O L L A R S
0 1 2 3 4 5 6 7
1st 5.1
2nd 5.1
3rd
4th
5th
6th
7th
Victory
Note: For detailed figures, see Table 4 and footnotes thereto. Y Sales to savings and loan associations during the first five war loans were not classified separately and were included with nonfinancial corporations, etc.
February 1946
A-9
Comparison with Prior Loans
Combining the sales of $21.1 billion in the Victory Loan with sales in the previous loans, a total of $156.9 billion of Government securities were sold during the eight large scale bond drives alone. Of the total, sales to individuals aggregated $43.3 billion or 28% and sales to corporations and other investors made up $103.5 billion or 66%. Sales to commercial banks, which were included, for limited amounts, in only the first two war loans, made up $10.2 billion or 6% of total sales.
The following table summarizes the distribution of sales in each of the eight loans by major investor classes. Chart 3 also presents the distribution of sales by major investor classes for each loan. Chart 4 shows a distribution of sales in each loan by type of security.
A comparison of the dollar value and number of pieces of E bonds sold in each of the eight loans is shown in Chart 5. In the Victory Loan there were 46 million pieces of Series E bonds sold with a dollar value of $2.2 billion.
At the end of December 1945 there were $276 billion of interest-bearing Federal securities outstanding. Chart 6 shows preliminary estimates of the distribution of outstanding securities among the various investor groups, bank and nonbank. These figures reflect sales during and between drives and take into account maturities, redemptions, and market trading between the investor classes. The chart also shows the growth of these holdings from December 31, 1939 through December 31, 1945. As of the end of the period, individuals held $64 billion or 23% of total securities outstanding and corporations and other investors held $71 billion. Federal agencies and
<table><tr><th></th><th>Total</th><th>Individuals</th><th>Corporations and other investors</th><th>Commercial banks</th></tr><tr><td></td><td></td><td></td><td></td><td>1/</td></tr></table>
Amounts in billions of dollars
<table><tr><td>1st War Loan</td><td>12.9</td><td>1.6</td><td>6.3</td><td>5.1</td></tr><tr><td>2nd War Loan</td><td>18.6</td><td>3.3</td><td>10.2</td><td>5.1</td></tr><tr><td>3rd War Loan</td><td>18.9</td><td>5.4</td><td>13.6</td><td>...</td></tr><tr><td>4th War Loan</td><td>16.7</td><td>5.3</td><td>11.4</td><td>...</td></tr><tr><td>5th War Loan</td><td>20.6</td><td>6.4</td><td>14.3</td><td>...</td></tr><tr><td>6th War Loan</td><td>21.6</td><td>5.9</td><td>15.7</td><td>...</td></tr><tr><td>7th War Loan</td><td>26.3</td><td>8.7</td><td>17.6</td><td>...</td></tr><tr><td>Victory Loan</td><td>21.1</td><td>6.8</td><td>14.4</td><td>...</td></tr><tr><td>Total for eight loans</td><td>156.9</td><td>43.3</td><td>103.5</td><td>10.2</td></tr></table>
Percentage distribution
<table><tr><td>1st War Loan</td><td>100.0</td><td>12.3</td><td>48.4</td><td>39.3</td></tr><tr><td>2nd War Loan</td><td>100.0</td><td>17.7</td><td>54.9</td><td>27.4</td></tr><tr><td>3rd War Loan</td><td>100.0</td><td>28.4</td><td>71.6</td><td>&#8230;</td></tr><tr><td>4th War Loan</td><td>100.0</td><td>31.7</td><td>68.3</td><td>&#8230;</td></tr><tr><td>5th War Loan</td><td>100.0</td><td>30.8</td><td>69.2</td><td>&#8230;</td></tr><tr><td>6th War Loan</td><td>100.0</td><td>27.2</td><td>72.8</td><td>&#8230;</td></tr><tr><td>7th War Loan</td><td>100.0</td><td>33.0</td><td>67.0</td><td>&#8230;</td></tr><tr><td>Victory Loan</td><td>100.0</td><td>32.0</td><td>68.0</td><td>&#8230;</td></tr><tr><td>Total for eight loans</td><td>100.0</td><td>27.6</td><td>65.9</td><td>6.5</td></tr></table>
trust funds (primarily Treasury investment accounts) held $27 billion and commercial banks and Federal Reserve Banks together held $114 billion on December 31, 1945. The latter two groups of investors have been excluded from recent war loans except for minor purchases by Federal agencies whose investments are handled outside of the Treasury.
A comparison of goals and sales for each of the eight loans is presented in Chart 7 for the major investor groups. Additional historical information on all loans is given in Tables 4, 5, and 6.
1/ Commercial banks were allowed to buy only $5 billion of Federal securities during each of the first two war loans, and were excluded from direct participation in all later war loans.
Part 2 - Background of the Loan
Development of Quotas
Final determination of the national goals in each of the loans held was made after analysis of both the current financial needs of the Treasury and the flow of funds throughout the country. The growth in importance during the war period of Government operations as a part of the national economy made it necessary to study the income flow among all the economic segments of the country in order to analyze the sources available for
Federal borrowing. The termination of the war in August did not immediately affect the relative importance of Government fiscal operations nor did it alter the need to study the nation's income flow in finally determining the $11.0 billion national goal for the Victory Loan.
Total expenditures by the different segments of the economy measure the total income flow of the nation. During the war period there has been
A-10
Treasury Bulletin
February 1946
A-11
a disproportionate amount of expenditures by the Federal Government as compared with the income it has received in the form of taxes. At the same time, the people of the country have had a far smaller amount of goods and services available for purchase than the amount of income they have had left after taxes. The deficit the Government incurred and the surplus the remainder of the economy enjoyed were identical. It was this surplus, with its inherent inflationary character, which the Treasury sought to borrow as far as possible during the various war loans in covering the Government's financial needs.
Emphasis has consistently been placed on the investment of liquid savings of individuals in each of the various loans. The actual amount of current savings available for investment by individuals was limited, however, by two types of transactions: (1) transfers to other nonbank investor classes, who in turn have invested in Federal securities, and (2) the need or preference for additional accumulations in cash, including both currency and deposits in commercial banks.
The transfers mentioned here include net payments on insurance by individuals, whereby funds are transferred from individuals to insurance companies and Government insurance funds. Deposits in mutual savings banks and the postal savings system likewise transfer funds to other nonbank investors. It was necessary, therefore, to account for these transfers in order to get the amount of new savings during any period which could either be invested in Government securities or could be used to cover the need for savings in the form of cash.
For the Victory Loan, new factors growing out of the reconversion period had to be considered. Principal among these factors were (1) the estimated lower Federal deficit, (2) the expected drop in employment, and (3) the anticipated decline in individual income resulting from shifts to lower paid peacetime jobs and loss of overtime pay.
The quota of $11.0 billion for the Victory Loan was therefore set to reflect both the some-
Treasury Bulletin
A-12
what lower Federal deficit and the changes in the general economic situation resulting from the ending of the war. The individual quota of $4.0 billion took into account the anticipated change in the employment and income situation due to cutbacks in war production as well as the funds required by the Treasury.
In conformity with the decentralized operation of the war loan program, the national quotas were broken down by States and supplied to the respective chairmen of the State War Finance Committees some time before the opening of the drive. State quotas were in turn broken down by the State Chairmen by counties and frequently by other geographical units. Local quotas were ultimately determined in each State in conformity with local conditions.
Speculative Purchases Discouraged
Special efforts were again made during the Victory Loan to sell as many securities as possible outside the banking system and to hold indirect participation of commercial banks to a minimum. In this connection, the Treasury Department pointed out that it regarded as an improper practice the acquisition of outstanding securities by banks on the understanding that a substantially like amount of new securities would be subscribed for through such banks, thus enabling them to expand Government deposits in their own banks.
As an actual step in carrying out the policy of minimizing indirect bank participation the unrestricted marketable securities offered during the Victory Loan were limited to only one issue -- the 7½% certificates of indebtedness -- for all nonbank investors.
February 1946
A-13
Chart 7
GOALS AND SALES IN THE EIGHT LOANS
DOLLARS Billions
Total, All Investors
Goals Sales
1st. 2nd. 3rd. 4th. 5th. 6th. 7th. Victory
9.0 12.9 13.0 18.6 15.0 18.9 14.0 16.7 16.0 20.6 14.0 21.6 14.0 26.3 11.0 21.1
Individuals, Total
1st. 2nd. 3rd. 4th. 5th. 6th. 7th. Victory
1.6 2.5 3.3 5.0 5.4 5.5 5.3 6.0 6.4 5.0 5.9 7.0 8.7 4.0 6.8
Individuals, Series E
Savings Bonds
1st. 2nd. 3rd. 4th. 5th. 6th. 7th. Victory
0.7 2.1 1.5 3.0 2.5 3.0 3.2 3.0 3.0 2.5 2.9 4.0 4.0 2.0 2.2
1Combined goal of $4 billion for all investors excluding commercial banks.
2No separate goal was set for Series E bonds.
Treasury Bulletin
A-14
The Treasury Department urged the cooperation of all banking institutions in declining to make speculative loans for the purchase of Government securities, and in declining to accept subscriptions from customers which appeared to be entered for speculative purposes. The Treasury stated that it was in favor of the banks making loans to facilitate permanent investment in Government securities provided such loans were made in accordance with the joint statement of national and State bank supervisory authorities on November 23, 1942, which stated that such loans should be on a short-term or amortization basis fully repayable within six months. (This statement was reprinted in the March 1944 issue of the Treasury Bulletin on page A-3.)
Sales Allocations Between States
In order to prevent disturbance to the money market and the banking situation, the practice started in previous war loans was used again to avoid transfers of funds by subscribers who wished to help local communities make their quotas. Under this procedure, the Treasury and the Federal Reserve Banks undertook to give statistical credit to the various localities for subscriptions made by investors with interests in more than one community or for purchases made at the central offices of business organizations operating in more than one area.
In the case of many large business organizations, Series E bonds bought by employees under payroll savings plans or during special plant drives were issued from central offices; the procedure worked out for allocating credit made it possible in these cases to transfer the credit to the purchaser's home address or to the place of his employment. Likewise, stubs representing sales by the Federal Reserve Banks, the Office of the Treasurer of the United States, etc., were sorted by cities in order to pass credits to local communities. Sales by issuing agents whose activities are largely confined to one city or county (such as banks, post offices, etc.) were credited to the place of their location. All subscriptions from insurance companies were assigned to the address of the home office, as in the past.
Sales Promotion
The pattern for promotion of the Victory Loan followed the lines established by experience in the seven war loans. The volunteer organization was based on State, county and local commit-
tees, with State War Finance Chairmen taking top responsibility and acting as the channel of communication between national headquarters and local groups.
Company quotas for participation of employees on payroll savings plans were set on a sliding scale, depending on average wages. The range was from $37.50 per employee in companies whose average wage was less than $140 per month to $131.25 per employee in companies whose average wage was $235 or more per month. Companies were asked to submit their overall quotas to the Secretary of the Treasury on a printed card, and thousands did so. The attainment of company quotas depended on increased payroll savings deductions for bonds as well as on extra purchases for cash.
The Victory Loan, like the preceding War Loans, touched every important organization in the country--patriotic, fraternal, religious, educational, farm, labor and countless others. For example, women workers planned special programs and activities for the Victory Loan along lines which had proved most successful in previous drives.
The nation's 25,000,000 school students assumed responsibility for taking home factual information about the investment features of Savings Bonds, along with application blanks.
Agricultural states undertook expanded programs for sales to people in farm areas since the Victory Loan coincided with the period in which a large number of rural people have their peak cash income for the year. This phase of the drive was also actively assisted by rural bankers.
As in previous loan drives the Army and Navy made available facilities and personnel, the most outstanding of which were six "Victory Trains." Army and Navy combat nurses were assigned to State committees as bond speakers; flights of air-borne troops, Navy fighting planes, B-29's and three German U-Boats were exhibited on planned tours. 16 MM. Victory Loan films were shown to over 50,000,000 people. Special programs in retail stores and community theatres and radio appeals by 5-star Generals and Admirals contributed greatly to the success of the drive. The original German and Japanese surrender papers were on exhibit and copies were furnished to all State committees.
February 1946
A-15
Bond admission premieres were given by a large number of motion picture theatres, and bond admission performances by concert and opera stars. Special programs of radio, newspaper and periodical advertising continued at the high level reached in previous drives. Retailers of the nation were perhaps better organized than they had ever been for a drive.
Special Committee on War Bond Drives, cooperated very closely in the sales campaign. The Association's "Plan of Action," which not only featured reporting and recording of bank sales but direct solicitation of depositors, was more widely adopted by banks than ever before. Investment bankers, savings and loan associations and security dealers also stressed special promotions for the sale of E bonds.
The American Bankers Association through its
A-16
Treasury Bulletin
Table 1.- Sales in the Victory Loan, by Investor Classes and by Issues
<table><tr><th>Investor class</th><th>Total</th><th colspan="2">Savings bonds (issue price)</th><th>Savings notes</th><th>7.8% Certificate of indebtedness 12/1/46</th><th>2-1/4% Treasury bonds, 12/15/59-62</th><th>2-1/2% Treasury bonds, 12/15/67-72</th></tr><tr><th colspan="8">Amounts in millions of dollars</th></tr><tr><td>Individuals 1/</td><td>6,776</td><td>2,204</td><td>503</td><td>115</td><td>305</td><td>836</td><td>2,813</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>3,109</td><td>6</td><td>1</td><td>19</td><td>440</td><td>2,643</td></tr><tr><td>Savings banks</td><td>1,770</td><td>1</td><td>1</td><td>8</td><td>410</td><td>1,350</td></tr><tr><td>Nonfinancial corporations, etc.</td><td>7,179</td><td>125</td><td>1,452</td><td>2,844</td><td>947</td><td>1,811</td></tr><tr><td>Savings and loan associations</td><td>493</td><td>7</td><td>1</td><td>7</td><td>172</td><td>306</td></tr><tr><td>Dealers and brokers</td><td>310</td><td>*</td><td>*</td><td>*</td><td>78</td><td>232</td></tr><tr><td>State and local governments 2/</td><td>1,507</td><td>15</td><td>112</td><td>553</td><td>162</td><td>665</td></tr><tr><td>Total for corporations and other investors</td><td>14,368</td><td>154</td><td>1,567</td><td>3,432</td><td>2,209</td><td>7,006</td></tr><tr><td>Total sales</td><td>21,144</td><td>2,204</td><td>657</td><td>1,682</td><td>3,737</td><td>3,045</td><td>9,819</td></tr><tr><th colspan="8">Percentage distribution, by investor classes</th></tr><tr><td>Individuals 1/</td><td>100.0</td><td>32.5</td><td>7.4</td><td>1.7</td><td>4.5</td><td>12.3</td><td>41.5</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>100.0</td><td>.2</td><td>.6</td><td>14.2</td><td>85.0</td></tr><tr><td>Savings banks</td><td>100.0</td><td>.1</td><td>.5</td><td>23.2</td><td>76.3</td></tr><tr><td>Nonfinancial corporations, etc.</td><td>100.0</td><td>1.7</td><td>20.2</td><td>39.6</td><td>13.2</td><td>25.2</td></tr><tr><td>Savings and loan associations</td><td>100.0</td><td>1.4</td><td>1.4</td><td>34.9</td><td>62.1</td></tr><tr><td>Dealers and brokers</td><td>100.0</td><td>*</td><td>*</td><td>25.2</td><td>74.8</td></tr><tr><td>State and local governments 2/</td><td>100.0</td><td>1.0</td><td>7.4</td><td>36.7</td><td>10.7</td><td>44.1</td></tr><tr><td>Total for corporations and other investors</td><td>100.0</td><td>1.1</td><td>10.9</td><td>23.9</td><td>15.4</td><td>48.8</td></tr><tr><td>Total sales</td><td>100.0</td><td>10.4</td><td>3.1</td><td>8.0</td><td>17.7</td><td>14.4</td><td>46.4</td></tr><tr><th colspan="8">Percentage distribution, by issuers</th></tr><tr><td>Individuals 1/</td><td>32.0</td><td>100.0</td><td>76.6</td><td>6.8</td><td>8.2</td><td>27.5</td><td>28.6</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>14.7</td><td>.9</td><td>.1</td><td>.5</td><td>14.4</td><td>26.9</td></tr><tr><td>Savings banks</td><td>8.4</td><td>.2</td><td>.1</td><td>.2</td><td>13.5</td><td>13.7</td></tr><tr><td>Nonfinancial corporations, etc.</td><td>34.0</td><td>19.0</td><td>86.3</td><td>76.1</td><td>31.1</td><td>18.4</td></tr><tr><td>Savings and loan associations</td><td>2.3</td><td>1.1</td><td>.1</td><td>.2</td><td>5.6</td><td>3.1</td></tr><tr><td>Dealers and brokers</td><td>1.5</td><td>*</td><td>*</td><td>*</td><td>2.6</td><td>2.4</td></tr><tr><td>State and local governments 2/</td><td>7.1</td><td>2.3</td><td>6.7</td><td>14.5</td><td>5.3</td><td>6.8</td></tr><tr><td>Total for corporations and other investors</td><td>68.0</td><td>23.4</td><td>93.2</td><td>91.8</td><td>72.5</td><td>71.4</td></tr><tr><td>Total sales</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Less than $500,000 or .05%. Includes partnerships and personal trust accounts.
2/ Comprises trust, sinking and investment funds of State and local governments and their agencies.
February 1946
A-17
Table 2.- Comparison of Goals and Sales in the Victory Loan, by States
<table><tr><th rowspan="2">State</th><th colspan="3">Total</th><th colspan="9">Individuals 1/</th><th colspan="3">Corporations and other investors 2/</th></tr><tr><th>Goal</th><th>Sales</th><th>Percent of goal</th><th>Total</th><th>Sales</th><th>Percent of goal</th><th>Series E savings bonds 3/</th><th>Goal</th><th>Sales</th><th>Percent of goal</th><th>Other securities 3/</th><th>Goal</th><th>Sales</th><th>Percent of goal</th></tr><tr><td>Alabama</td><td>68.0</td><td>161</td><td>236</td><td>42.0</td><td>94</td><td>224</td><td>25.0</td><td>37</td><td>118</td><td>17.0</td><td>57</td><td>336</td><td>26.0</td><td>256</td></tr><tr><td>Arizona</td><td>24.0</td><td>40</td><td>165</td><td>14.0</td><td>20</td><td>140</td><td>9.0</td><td>10</td><td>108</td><td>5.0</td><td>10</td><td>199</td><td>10.0</td><td>199</td></tr><tr><td>Arkansas</td><td>36.0</td><td>60</td><td>166</td><td>24.0</td><td>36</td><td>150</td><td>15.0</td><td>15</td><td>102</td><td>9.0</td><td>21</td><td>230</td><td>12.0</td><td>199</td></tr><tr><td>California (Northern)</td><td>281.0</td><td>532</td><td>189</td><td>132.0</td><td>201</td><td>152</td><td>75.0</td><td>79</td><td>105</td><td>57.0</td><td>122</td><td>213</td><td>149.0</td><td>222</td></tr><tr><td>California (Southern)</td><td>324.0</td><td>577</td><td>178</td><td>150.0</td><td>217</td><td>144</td><td>81.0</td><td>83</td><td>103</td><td>69.0</td><td>134</td><td>194</td><td>174.0</td><td>207</td></tr><tr><td>Colorado</td><td>57.0</td><td>123</td><td>215</td><td>32.0</td><td>58</td><td>181</td><td>17.0</td><td>20</td><td>118</td><td>15.0</td><td>38</td><td>253</td><td>25.0</td><td>259</td></tr><tr><td>Connecticut</td><td>324.0</td><td>606</td><td>187</td><td>57.0</td><td>88</td><td>154</td><td>30.0</td><td>34</td><td>113</td><td>27.0</td><td>54</td><td>201</td><td>267.0</td><td>194</td></tr><tr><td>Delaware</td><td>34.0</td><td>51</td><td>149</td><td>13.0</td><td>19</td><td>144</td><td>5.0</td><td>5</td><td>104</td><td>8.0</td><td>14</td><td>169</td><td>21.0</td><td>152</td></tr><tr><td>District of Columbia</td><td>85.0</td><td>153</td><td>180</td><td>42.0</td><td>61</td><td>145</td><td>27.0</td><td>30</td><td>112</td><td>15.0</td><td>31</td><td>204</td><td>43.0</td><td>214</td></tr><tr><td>Florida</td><td>87.0</td><td>180</td><td>207</td><td>50.0</td><td>104</td><td>208</td><td>27.0</td><td>27</td><td>101</td><td>23.0</td><td>77</td><td>333</td><td>37.0</td><td>205</td></tr><tr><td>Georgia</td><td>85.0</td><td>238</td><td>280</td><td>47.0</td><td>138</td><td>294</td><td>28.0</td><td>28</td><td>102</td><td>19.0</td><td>110</td><td>577</td><td>38.0</td><td>263</td></tr><tr><td>Idaho</td><td>21.0</td><td>29</td><td>139</td><td>12.0</td><td>14</td><td>120</td><td>8.0</td><td>9</td><td>110</td><td>4.0</td><td>6</td><td>141</td><td>9.0</td><td>163</td></tr><tr><td>Illinois</td><td>756.0</td><td>1,386</td><td>183</td><td>281.0</td><td>420</td><td>149</td><td>146.0</td><td>164</td><td>112</td><td>135.0</td><td>256</td><td>190</td><td>475.0</td><td>203</td></tr><tr><td>Indiana</td><td>165.0</td><td>319</td><td>193</td><td>92.0</td><td>133</td><td>144</td><td>50.0</td><td>54</td><td>108</td><td>42.0</td><td>79</td><td>187</td><td>73.0</td><td>255</td></tr><tr><td>Iowa</td><td>135.0</td><td>273</td><td>202</td><td>81.0</td><td>143</td><td>177</td><td>46.0</td><td>68</td><td>148</td><td>35.0</td><td>75</td><td>214</td><td>54.0</td><td>240</td></tr><tr><td>Kansas</td><td>70.0</td><td>141</td><td>201</td><td>50.0</td><td>77</td><td>155</td><td>29.0</td><td>35</td><td>122</td><td>21.0</td><td>42</td><td>201</td><td>20.0</td><td>316</td></tr><tr><td>Kentucky</td><td>79.0</td><td>164</td><td>208</td><td>47.0</td><td>85</td><td>182</td><td>22.0</td><td>23</td><td>103</td><td>25.0</td><td>63</td><td>251</td><td>32.0</td><td>245</td></tr><tr><td>Louisiana</td><td>74.0</td><td>176</td><td>238</td><td>38.0</td><td>93</td><td>245</td><td>20.0</td><td>21</td><td>105</td><td>18.0</td><td>72</td><td>400</td><td>36.0</td><td>230</td></tr><tr><td>Maine</td><td>40.0</td><td>87</td><td>218</td><td>17.0</td><td>25</td><td>148</td><td>8.5</td><td>9</td><td>107</td><td>8.5</td><td>16</td><td>189</td><td>23.0</td><td>270</td></tr><tr><td>Maryland</td><td>170.0</td><td>385</td><td>226</td><td>87.0</td><td>103</td><td>118</td><td>28.0</td><td>30</td><td>106</td><td>59.0</td><td>73</td><td>124</td><td>83.0</td><td>339</td></tr><tr><td>Massachusetts</td><td>592.0</td><td>1,093</td><td>185</td><td>130.0</td><td>240</td><td>185</td><td>65.0</td><td>70</td><td>107</td><td>65.0</td><td>170</td><td>262</td><td>462.0</td><td>185</td></tr><tr><td>Michigan</td><td>329.0</td><td>511</td><td>155</td><td>161.0</td><td>217</td><td>135</td><td>90.0</td><td>96</td><td>107</td><td>71.0</td><td>121</td><td>170</td><td>168.0</td><td>175</td></tr><tr><td>Minnesota</td><td>164.0</td><td>374</td><td>228</td><td>80.0</td><td>130</td><td>162</td><td>42.0</td><td>52</td><td>124</td><td>38.0</td><td>78</td><td>205</td><td>84.0</td><td>291</td></tr><tr><td>Mississippi</td><td>33.0</td><td>77</td><td>233</td><td>26.0</td><td>50</td><td>194</td><td>17.0</td><td>19</td><td>114</td><td>9.0</td><td>31</td><td>345</td><td>7.0</td><td>380</td></tr><tr><td>Missouri</td><td>205.0</td><td>456</td><td>222</td><td>96.0</td><td>181</td><td>189</td><td>49.0</td><td>54</td><td>111</td><td>47.0</td><td>127</td><td>269</td><td>109.0</td><td>252</td></tr><tr><td>Montana</td><td>25.0</td><td>51</td><td>205</td><td>15.0</td><td>25</td><td>165</td><td>9.0</td><td>15</td><td>161</td><td>6.0</td><td>10</td><td>171</td><td>10.0</td><td>263</td></tr><tr><td>Nebraska</td><td>67.0</td><td>138</td><td>206</td><td>40.0</td><td>63</td><td>156</td><td>25.0</td><td>31</td><td>125</td><td>15.0</td><td>31</td><td>209</td><td>27.0</td><td>280</td></tr><tr><td>Nevada</td><td>8.5</td><td>17</td><td>201</td><td>4.5</td><td>12</td><td>267</td><td>2.5</td><td>3</td><td>105</td><td>2.0</td><td>9</td><td>470</td><td>4.0</td><td>126</td></tr><tr><td>New Hampshire</td><td>28.0</td><td>65</td><td>231</td><td>9.0</td><td>14</td><td>158</td><td>5.0</td><td>6</td><td>124</td><td>4.0</td><td>8</td><td>200</td><td>19.0</td><td>266</td></tr><tr><td>New Jersey</td><td>496.0</td><td>1,092</td><td>220</td><td>135.0</td><td>224</td><td>166</td><td>60.0</td><td>68</td><td>114</td><td>75.0</td><td>156</td><td>208</td><td>361.0</td><td>240</td></tr><tr><td>New Mexico</td><td>12.0</td><td>22</td><td>180</td><td>8.0</td><td>10</td><td>128</td><td>5.0</td><td>6</td><td>113</td><td>3.0</td><td>5</td><td>153</td><td>4.0</td><td>283</td></tr><tr><td>New York</td><td>3,535.0</td><td>6,184</td><td>175</td><td>710.0</td><td>1,286</td><td>181</td><td>250.0</td><td>265</td><td>106</td><td>460.0</td><td>1,021</td><td>222</td><td>2,825.0</td><td>173</td></tr><tr><td>North Carolina</td><td>97.0</td><td>176</td><td>182</td><td>55.0</td><td>93</td><td>170</td><td>30.0</td><td>33</td><td>110</td><td>25.0</td><td>60</td><td>242</td><td>42.0</td><td>197</td></tr><tr><td>North Dakota</td><td>21.0</td><td>51</td><td>241</td><td>14.0</td><td>26</td><td>183</td><td>10.0</td><td>19</td><td>189</td><td>4.0</td><td>7</td><td>169</td><td>7.0</td><td>356</td></tr><tr><td>Ohio</td><td>539.0</td><td>1,073</td><td>199</td><td>229.0</td><td>384</td><td>168</td><td>119.0</td><td>122</td><td>102</td><td>110.0</td><td>262</td><td>239</td><td>310.0</td><td>222</td></tr><tr><td>Oklahoma</td><td>69.5</td><td>161</td><td>232</td><td>42.5</td><td>90</td><td>211</td><td>22.5</td><td>33</td><td>146</td><td>20.0</td><td>57</td><td>285</td><td>27.0</td><td>263</td></tr><tr><td>Oregon</td><td>69.5</td><td>187</td><td>269</td><td>39.5</td><td>91</td><td>230</td><td>22.5</td><td>27</td><td>122</td><td>17.0</td><td>63</td><td>373</td><td>30.0</td><td>320</td></tr><tr><td>Pennsylvania</td><td>732.0</td><td>1,262</td><td>172</td><td>299.0</td><td>494</td><td>165</td><td>144.0</td><td>160</td><td>111</td><td>155.0</td><td>334</td><td>215</td><td>433.0</td><td>178</td></tr><tr><td>Rhode Island</td><td>57.0</td><td>115</td><td>202</td><td>22.0</td><td>34</td><td>153</td><td>11.0</td><td>12</td><td>106</td><td>11.0</td><td>22</td><td>199</td><td>35.0</td><td>233</td></tr><tr><td>South Carolina</td><td>38.0</td><td>73</td><td>193</td><td>22.0</td><td>32</td><td>144</td><td>14.0</td><td>15</td><td>110</td><td>8.0</td><td>16</td><td>203</td><td>16.0</td><td>261</td></tr><tr><td>South Dakota</td><td>22.0</td><td>50</td><td>226</td><td>15.0</td><td>24</td><td>163</td><td>10.0</td><td>15</td><td>145</td><td>5.0</td><td>10</td><td>199</td><td>7.0</td><td>361</td></tr><tr><td>Tennessee</td><td>86.0</td><td>204</td><td>237</td><td>46.0</td><td>98</td><td>214</td><td>24.0</td><td>26</td><td>108</td><td>22.0</td><td>72</td><td>329</td><td>40.0</td><td>264</td></tr><tr><td>Texas</td><td>297.0</td><td>658</td><td>222</td><td>179.0</td><td>394</td><td>220</td><td>90.0</td><td>92</td><td>103</td><td>89.0</td><td>301</td><td>338</td><td>118.0</td><td>224</td></tr><tr><td>Utah</td><td>29.0</td><td>67</td><td>230</td><td>16.0</td><td>24</td><td>148</td><td>11.0</td><td>13</td><td>115</td><td>5.0</td><td>11</td><td>222</td><td>13.0</td><td>331</td></tr><tr><td>Vermont</td><td>18.5</td><td>38</td><td>206</td><td>6.5</td><td>11</td><td>163</td><td>3.0</td><td>4</td><td>120</td><td>3.5</td><td>7</td><td>200</td><td>12.0</td><td>230</td></tr><tr><td>Virginia</td><td>111.0</td><td>197</td><td>178</td><td>65.0</td><td>105</td><td>162</td><td>38.0</td><td>44</td><td>117</td><td>27.0</td><td>61</td><td>225</td><td>46.0</td><td>201</td></tr><tr><td>Washington</td><td>128.0</td><td>329</td><td>257</td><td>67.0</td><td>114</td><td>170</td><td>40.0</td><td>42</td><td>104</td><td>27.0</td><td>72</td><td>267</td><td>61.0</td><td>354</td></tr><tr><td>West Virginia</td><td>53.0</td><td>124</td><td>233</td><td>34.0</td><td>53</td><td>156</td><td>16.0</td><td>19</td><td>117</td><td>18.0</td><td>34</td><td>191</td><td>19.0</td><td>372</td></tr><tr><td>Wisconsin</td><td>203.0</td><td>449</td><td>221</td><td>86.0</td><td>117</td><td>136</td><td>45.0</td><td>53</td><td>117</td><td>41.0</td><td>64</td><td>156</td><td>117.0</td><td>243</td></tr><tr><td>Wyoming</td><td>7.0</td><td>17</td><td>250</td><td>5.0</td><td>9</td><td>171</td><td>3.5</td><td>5</td><td>149</td><td>1.5</td><td>3</td><td>224</td><td>2.0</td><td>442</td></tr><tr><td>Alaska</td><td>2.5</td><td>3</td><td>124</td><td>1.5</td><td>2</td><td>144</td><td>1.0</td><td>2</td><td>154</td><td>.5</td><td>1</td><td>125</td><td>1.0</td><td>94</td></tr><tr><td>Canal Zone</td><td>1.5</td><td>2</td><td>149</td><td>1.5</td><td>2</td><td>145</td><td>1.0</td><td>2</td><td>199</td><td>.5</td><td>*</td><td>38</td><td>-</td><td>*</td></tr><tr><td>Hawaii</td><td>20.0</td><td>35</td><td>175</td><td>11.0</td><td>13</td><td>118</td><td>10.0</td><td>11</td><td>108</td><td>1.0</td><td>2</td><td>219</td><td>9.0</td><td>246</td></tr><tr><td>Puerto Rico</td><td>9.0</td><td>22</td><td>249</td><td>3.0</td><td>5</td><td>166</td><td>2.0</td><td>2</td><td>124</td><td>1.0</td><td>3</td><td>250</td><td>6.0</td><td>290</td></tr><tr><td>Other 5/</td><td>-</td><td>91</td><td>-</td><td>-19</td><td>-</td><td>-</td><td>-13</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>109</td><td>-</td></tr><tr><td>Total sales</td><td>11,000.0</td><td>21,144</td><td>192</td><td>4,000.0</td><td>6,776</td><td>169</td><td>2,000.0</td><td>2,204</td><td>110</td><td>2,000.0</td><td>4,572</td><td>229</td><td>7,000.0</td><td>205</td></tr></table>
1/ Less than $500,000. 
1/2/ Includes partnerships and personal trust accounts. 
1/2/ Comprises insurance companies, savings banks, nonfinancial corporations, etc., savings and loan associations, dealers and brokers, and State and local governments.
3/ Savings bonds are shown at issue price.
4/ For further details see Table 3.
5/ Includes other possessions, investors giving foreign addresses, and adjustments for minor reporting differences.
A-18
Treasury Bulletin
Table 3. - Sales in the Victory Loan, by States and by Investor Classes
(In millions of dollars)
<table><tr><th>State</th><th>Total sales</th><th colspan="3">Sales to individuals 1/ (Classified by securities)</th><th colspan="7">Sales to corporations and other investors (Classified by investor classes)</th></tr><tr><th></th><th></th><th>Total</th><th>Savings bonds (issue price) Series E</th><th>Savings bonds (issue price) Series F and G</th><th>Savings notes and marketable securities</th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Non-financial corporations, etc.</th><th>Savings and loan associations</th><th>Dealers and brokers</th><th>State and local governments 2/</th></tr><tr><td>Alabama</td><td>161</td><td>94</td><td>37</td><td>4</td><td>53</td><td>67</td><td>4</td><td>2</td><td>50</td><td>1</td><td>*</td><td>11</td></tr><tr><td>Arizona</td><td>40</td><td>20</td><td>10</td><td>1</td><td>9</td><td>20</td><td>*</td><td>2</td><td>15</td><td>2</td><td>-</td><td>4</td></tr><tr><td>Arkansas</td><td>60</td><td>36</td><td>15</td><td>2</td><td>18</td><td>24</td><td>1</td><td>*</td><td>17</td><td>1</td><td>-</td><td>5</td></tr><tr><td>California (Northern</td><td>532</td><td>201</td><td>79</td><td>19</td><td>103</td><td>331</td><td>17</td><td>38</td><td>193</td><td>6</td><td>5</td><td>73</td></tr><tr><td>Southern</td><td>577</td><td>217</td><td>83</td><td>19</td><td>115</td><td>360</td><td>31</td><td>*</td><td>162</td><td>27</td><td>4</td><td>115</td></tr><tr><td>Colorado</td><td>123</td><td>58</td><td>20</td><td>5</td><td>33</td><td>65</td><td>1</td><td>*</td><td>52</td><td>3</td><td>*</td><td>8</td></tr><tr><td>Connecticut</td><td>606</td><td>88</td><td>34</td><td>7</td><td>47</td><td>518</td><td>302</td><td>118</td><td>65</td><td>4</td><td>*</td><td>28</td></tr><tr><td>Delaware</td><td>51</td><td>19</td><td>5</td><td>3</td><td>11</td><td>32</td><td>3</td><td>1</td><td>29</td><td>*</td><td>*</td><td>*</td></tr><tr><td>District of Columbia</td><td>153</td><td>61</td><td>30</td><td>4</td><td>27</td><td>92</td><td>12</td><td>*</td><td>64</td><td>15</td><td>*</td><td>*</td></tr><tr><td>Florida</td><td>180</td><td>104</td><td>27</td><td>6</td><td>71</td><td>76</td><td>2</td><td>2</td><td>48</td><td>10</td><td>*</td><td>13</td></tr><tr><td>Georgia</td><td>238</td><td>138</td><td>28</td><td>4</td><td>106</td><td>100</td><td>2</td><td>1</td><td>75</td><td>7</td><td>*</td><td>14</td></tr><tr><td>Idaho</td><td>29</td><td>14</td><td>9</td><td>1</td><td>4</td><td>15</td><td>*</td><td>*</td><td>9</td><td>2</td><td>-</td><td>4</td></tr><tr><td>Illinois</td><td>1,386</td><td>420</td><td>164</td><td>39</td><td>218</td><td>966</td><td>59</td><td>5</td><td>671</td><td>38</td><td>20</td><td>173</td></tr><tr><td>Indiana</td><td>319</td><td>133</td><td>54</td><td>14</td><td>65</td><td>186</td><td>30</td><td>*</td><td>130</td><td>18</td><td>*</td><td>7</td></tr><tr><td>Iowa</td><td>273</td><td>143</td><td>68</td><td>17</td><td>58</td><td>130</td><td>41</td><td>-</td><td>80</td><td>3</td><td>*</td><td>5</td></tr><tr><td>Kansas</td><td>141</td><td>77</td><td>35</td><td>9</td><td>33</td><td>63</td><td>5</td><td>-</td><td>52</td><td>4</td><td>*</td><td>2</td></tr><tr><td>Kentucky</td><td>164</td><td>85</td><td>23</td><td>6</td><td>57</td><td>79</td><td>5</td><td>-</td><td>61</td><td>7</td><td>1</td><td>5</td></tr><tr><td>Louisiana</td><td>176</td><td>93</td><td>21</td><td>4</td><td>68</td><td>83</td><td>2</td><td>-</td><td>76</td><td>3</td><td>*</td><td>1</td></tr><tr><td>Maine</td><td>87</td><td>25</td><td>9</td><td>3</td><td>13</td><td>62</td><td>2</td><td>24</td><td>30</td><td>1</td><td>-</td><td>5</td></tr><tr><td>Maryland</td><td>385</td><td>103</td><td>30</td><td>6</td><td>68</td><td>282</td><td>34</td><td>51</td><td>111</td><td>9</td><td>3</td><td>73</td></tr><tr><td>Massachusetts</td><td>1,093</td><td>240</td><td>70</td><td>23</td><td>147</td><td>853</td><td>243</td><td>314</td><td>251</td><td>27</td><td>8</td><td>10</td></tr><tr><td>Michigan</td><td>511</td><td>217</td><td>96</td><td>19</td><td>102</td><td>294</td><td>28</td><td>4</td><td>166</td><td>13</td><td>*</td><td>83</td></tr><tr><td>Minnesota</td><td>374</td><td>130</td><td>52</td><td>11</td><td>67</td><td>245</td><td>20</td><td>19</td><td>155</td><td>20</td><td>3</td><td>27</td></tr><tr><td>Mississippi</td><td>77</td><td>50</td><td>19</td><td>3</td><td>28</td><td>27</td><td>2</td><td>-</td><td>23</td><td>1</td><td>*</td><td>1</td></tr><tr><td>Missouri</td><td>456</td><td>181</td><td>54</td><td>16</td><td>111</td><td>275</td><td>31</td><td>-</td><td>228</td><td>5</td><td>4</td><td>7</td></tr><tr><td>Montana</td><td>51</td><td>25</td><td>15</td><td>2</td><td>8</td><td>26</td><td>1</td><td>*</td><td>15</td><td>1</td><td>*</td><td>9</td></tr><tr><td>Nebraska</td><td>138</td><td>63</td><td>31</td><td>7</td><td>24</td><td>75</td><td>19</td><td>*</td><td>47</td><td>4</td><td>*</td><td>5</td></tr><tr><td>Nevada</td><td>17</td><td>12</td><td>3</td><td>1</td><td>9</td><td>5</td><td>*</td><td>-</td><td>3</td><td>*</td><td>*</td><td>2</td></tr><tr><td>New Hampshire</td><td>65</td><td>14</td><td>6</td><td>2</td><td>6</td><td>51</td><td>2</td><td>33</td><td>14</td><td>1</td><td>-</td><td>1</td></tr><tr><td>New Jersey</td><td>1,092</td><td>224</td><td>68</td><td>17</td><td>140</td><td>868</td><td>512</td><td>38</td><td>192</td><td>19</td><td>2</td><td>104</td></tr><tr><td>New Mexico</td><td>22</td><td>10</td><td>6</td><td>1</td><td>4</td><td>11</td><td>-</td><td>-</td><td>8</td><td>*</td><td>-</td><td>4</td></tr><tr><td>New York</td><td>6,184</td><td>1,286</td><td>265</td><td>75</td><td>946</td><td>4,898</td><td>1,222</td><td>917</td><td>2,273</td><td>49</td><td>244</td><td>193</td></tr><tr><td>North Carolina</td><td>176</td><td>93</td><td>33</td><td>5</td><td>56</td><td>83</td><td>16</td><td>-</td><td>53</td><td>8</td><td>1</td><td>5</td></tr><tr><td>North Dakota</td><td>51</td><td>26</td><td>19</td><td>3</td><td>4</td><td>25</td><td>1</td><td>-</td><td>10</td><td>2</td><td>*</td><td>13</td></tr><tr><td>Ohio</td><td>1,073</td><td>384</td><td>122</td><td>28</td><td>234</td><td>688</td><td>80</td><td>23</td><td>400</td><td>93</td><td>3</td><td>91</td></tr><tr><td>Oklahoma</td><td>161</td><td>90</td><td>33</td><td>6</td><td>51</td><td>71</td><td>1</td><td>-</td><td>51</td><td>5</td><td>*</td><td>14</td></tr><tr><td>Oregon</td><td>187</td><td>91</td><td>27</td><td>5</td><td>59</td><td>96</td><td>3</td><td>2</td><td>49</td><td>7</td><td>*</td><td>35</td></tr><tr><td>Pennsylvania</td><td>1,262</td><td>494</td><td>160</td><td>37</td><td>297</td><td>769</td><td>138</td><td>114</td><td>447</td><td>22</td><td>7</td><td>41</td></tr><tr><td>Rhode Island</td><td>115</td><td>34</td><td>12</td><td>3</td><td>19</td><td>82</td><td>8</td><td>36</td><td>31</td><td>4</td><td>*</td><td>3</td></tr><tr><td>South Carolina</td><td>73</td><td>32</td><td>15</td><td>2</td><td>14</td><td>42</td><td>2</td><td>-</td><td>30</td><td>3</td><td>*</td><td>7</td></tr><tr><td>South Dakota</td><td>50</td><td>24</td><td>15</td><td>3</td><td>7</td><td>25</td><td>1</td><td>-</td><td>10</td><td>*</td><td>-</td><td>14</td></tr><tr><td>Tennessee</td><td>204</td><td>98</td><td>26</td><td>5</td><td>67</td><td>105</td><td>15</td><td>-</td><td>81</td><td>3</td><td>*</td><td>5</td></tr><tr><td>Texas</td><td>658</td><td>394</td><td>92</td><td>16</td><td>286</td><td>265</td><td>33</td><td>-</td><td>180</td><td>7</td><td>1</td><td>44</td></tr><tr><td>Utah</td><td>67</td><td>24</td><td>13</td><td>1</td><td>10</td><td>43</td><td>2</td><td>3</td><td>24</td><td>3</td><td>*</td><td>11</td></tr><tr><td>Vermont</td><td>38</td><td>11</td><td>4</td><td>1</td><td>6</td><td>28</td><td>10</td><td>7</td><td>9</td><td>1</td><td>-</td><td>*</td></tr><tr><td>Virginia</td><td>197</td><td>105</td><td>44</td><td>9</td><td>52</td><td>92</td><td>15</td><td>-</td><td>63</td><td>1</td><td>*</td><td>13</td></tr><tr><td>Washington</td><td>329</td><td>114</td><td>42</td><td>8</td><td>64</td><td>216</td><td>8</td><td>17</td><td>74</td><td>21</td><td>1</td><td>94</td></tr><tr><td>West Virginia</td><td>124</td><td>53</td><td>19</td><td>3</td><td>31</td><td>71</td><td>1</td><td>-</td><td>52</td><td>1</td><td>*</td><td>16</td></tr><tr><td>Wisconsin</td><td>449</td><td>117</td><td>53</td><td>17</td><td>47</td><td>332</td><td>107</td><td>1</td><td>113</td><td>9</td><td>*</td><td>105</td></tr><tr><td>Wyoming</td><td>17</td><td>9</td><td>5</td><td>1</td><td>2</td><td>9</td><td>*</td><td>-</td><td>5</td><td>1</td><td>-</td><td>3</td></tr><tr><td>Alaska</td><td>3</td><td>2</td><td>2</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Canal Zone</td><td>2</td><td>2</td><td>2</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Hawaii</td><td>35</td><td>13</td><td>11</td><td>2</td><td>1</td><td>22</td><td>*</td><td>-</td><td>18</td><td>1</td><td>-</td><td>3</td></tr><tr><td>Puerto Rico</td><td>22</td><td>5</td><td>2</td><td>1</td><td>2</td><td>17</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other 3/</td><td>91</td><td>-19</td><td>-13</td><td>*</td><td>-6</td><td>109</td><td>34</td><td>-</td><td>77</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sales</td><td>21,144</td><td>6,776</td><td>2,204</td><td>503</td><td>4,069</td><td>14,368</td><td>3,109</td><td>1,770</td><td>7,179</td><td>493</td><td>310</td><td>1,507</td></tr></table>
Less than $500,000.
1/ Includes partnerships and personal trust accounts.
2/ Comprises trust, sinking, and investment funds of State
and local governments and their agencies. 3/ Includes other possessions, investors giving foreign addresses, and adjustments for minor reporting differences.
February 1946
A-19
Table 4.- Comparison of Sales in the Eight Loans, by Investor Classes and by Issues
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total for all investors</th><th colspan="8">Nonbank investors</th><th rowspan="2">Commercial banks 5/</th></tr><tr><th>Total for nonbank investors</th><th>Individuals 1/</th><th colspan="6">Corporations and other investors</th></tr><tr><th></th><th></th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Non-financial corporations, etc.</th><th>Savings and loan associations</th><th>Dealers and brokers 2/</th><th>State and local governments 3/</th><th>Treasury investment accounts 4/</th></tr></table>
Part A - Non-marketable issues
<table><tr><td>Series E savings bonds: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan.</td><td>1,726</td><td>1,726</td><td>1,726</td><td>72 7/8</td><td>-</td><td>72 7/8</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2nd War Loan.</td><td>1,473</td><td>1,473</td><td>1,473</td><td>-</td><td>-</td><td>242 7/8</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3rd War Loan.</td><td>2,472</td><td>2,472</td><td>2,472</td><td>242 1/2</td><td>4</td><td>231 8/8</td><td>8/8</td><td>*</td><td>30</td><td>-</td></tr><tr><td>4th War Loan.</td><td>3,187</td><td>3,187</td><td>3,187</td><td>266</td><td>1</td><td>341 3/8</td><td>8/8</td><td>*</td><td>39</td><td>-</td></tr><tr><td>5th War Loan.</td><td>3,036</td><td>3,036</td><td>3,036</td><td>244</td><td>7</td><td>207 8/8</td><td>8/8</td><td>*</td><td>28</td><td>-</td></tr><tr><td>6th War Loan.</td><td>2,868</td><td>2,868</td><td>2,868</td><td>197</td><td>6</td><td>162</td><td>10</td><td>*</td><td>18</td><td>-</td></tr><tr><td>7th War Loan.</td><td>3,976</td><td>3,976</td><td>3,976</td><td>308</td><td>14</td><td>234</td><td>23</td><td>*</td><td>32</td><td>-</td></tr><tr><td>Victory Loan.</td><td>2,204</td><td>2,204</td><td>2,204</td><td>154</td><td>6</td><td>125</td><td>7</td><td>*</td><td>15</td><td>-</td></tr><tr><td>Total</td><td>19,942</td><td>19,942</td><td>19,942</td><td>1,934</td><td>72</td><td>1,614 8/8</td><td>40 8/8</td><td>*</td><td>162</td><td>-</td></tr><tr><td>Series F and O savings bonds: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan.</td><td>288</td><td>288</td><td>216</td><td>72 7/8</td><td>-</td><td>72 7/8</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2nd War Loan.</td><td>667</td><td>667</td><td>425</td><td>242 1/8</td><td>4</td><td>241 3/8</td><td>8/8</td><td>*</td><td>30</td><td>-</td></tr><tr><td>3rd War Loan.</td><td>831</td><td>831</td><td>565</td><td>451</td><td>35</td><td>341 3/8</td><td>8/8</td><td>*</td><td>39</td><td>-</td></tr><tr><td>4th War Loan.</td><td>1,024</td><td>1,024</td><td>573</td><td>451</td><td>35</td><td>341 3/8</td><td>8/8</td><td>*</td><td>39</td><td>-</td></tr><tr><td>5th War Loan.</td><td>818</td><td>818</td><td>574</td><td>244</td><td>7</td><td>207 8/8</td><td>8/8</td><td>*</td><td>28</td><td>-</td></tr><tr><td>6th War Loan.</td><td>719</td><td>719</td><td>522</td><td>197</td><td>6</td><td>162</td><td>10</td><td>*</td><td>18</td><td>-</td></tr><tr><td>7th War Loan.</td><td>991</td><td>991</td><td>683</td><td>308</td><td>14</td><td>234</td><td>23</td><td>*</td><td>32</td><td>-</td></tr><tr><td>Victory Loan.</td><td>657</td><td>657</td><td>503</td><td>154</td><td>6</td><td>125</td><td>7</td><td>*</td><td>15</td><td>-</td></tr><tr><td>Total</td><td>5,995</td><td>5,995</td><td>4,061</td><td>1,934</td><td>72</td><td>1,614 8/8</td><td>40 8/8</td><td>*</td><td>162</td><td>-</td></tr><tr><td>Savings notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan 2/.</td><td>1,335</td><td>1,335</td><td>188</td><td>1,147 7/8</td><td>-</td><td>1,147 7/8</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2nd War Loan.</td><td>1,652</td><td>1,652</td><td>132</td><td>1,520 1/8</td><td>-</td><td>1,520 1/8</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3rd War Loan.</td><td>2,483</td><td>2,483</td><td>193</td><td>2,290</td><td>1</td><td>2,262 8/8</td><td>8/8</td><td>*</td><td>26</td><td>-</td></tr><tr><td>4th War Loan.</td><td>2,232</td><td>2,232</td><td>183</td><td>2,049</td><td>3</td><td>1,997 8/8</td><td>8/8</td><td>*</td><td>47</td><td>-</td></tr><tr><td>5th War Loan.</td><td>2,575</td><td>2,575</td><td>181</td><td>2,394</td><td>2</td><td>2,271 8/8</td><td>8/8</td><td>1</td><td>120</td><td>-</td></tr><tr><td>6th War Loan.</td><td>2,429</td><td>2,429</td><td>146</td><td>2,283</td><td>1</td><td>2,292</td><td>3</td><td>*</td><td>40</td><td>-</td></tr><tr><td>7th War Loan.</td><td>2,707</td><td>2,707</td><td>148</td><td>2,559</td><td>1</td><td>2,333</td><td>4</td><td>*</td><td>219</td><td>-</td></tr><tr><td>Victory Loan.</td><td>1,682</td><td>1,682</td><td>115</td><td>1,567</td><td>1</td><td>1,452</td><td>1</td><td>*</td><td>112</td><td>-</td></tr><tr><td>Total</td><td>17,095</td><td>17,095</td><td>1,286</td><td>15,809</td><td>9</td><td>15,221 8/8</td><td>8 8/8</td><td>1</td><td>564</td><td>-</td></tr><tr><td>All non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan.</td><td>2,349</td><td>2,349</td><td>1,130</td><td>1,219</td><td>-</td><td>1,219</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2nd War Loan.</td><td>3,792</td><td>3,792</td><td>2,030</td><td>1,762</td><td>-</td><td>1,762 8/8</td><td>8/8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3rd War Loan.</td><td>3,786</td><td>3,786</td><td>3,230</td><td>2,556</td><td>5</td><td>2,493 8/8</td><td>8/8</td><td>*</td><td>56</td><td>-</td></tr><tr><td>4th War Loan.</td><td>6,443</td><td>6,443</td><td>3,943</td><td>2,500</td><td>38</td><td>2,338 8/8</td><td>8/8</td><td>*</td><td>86</td><td>-</td></tr><tr><td>5th War Loan.</td><td>6,429</td><td>6,429</td><td>3,791</td><td>2,638</td><td>9</td><td>2,478 8/8</td><td>8/8</td><td>1</td><td>148</td><td>-</td></tr><tr><td>6th War Loan.</td><td>6,016</td><td>6,016</td><td>3,536</td><td>2,480</td><td>7</td><td>2,401</td><td>13</td><td>*</td><td>58</td><td>-</td></tr><tr><td>7th War Loan.</td><td>7,674</td><td>7,674</td><td>4,807</td><td>2,867</td><td>15</td><td>2,567</td><td>27</td><td>*</td><td>251</td><td>-</td></tr><tr><td>Victory Loan.</td><td>4,543</td><td>4,543</td><td>2,822</td><td>1,721</td><td>7</td><td>1,577</td><td>8</td><td>*</td><td>127</td><td>-</td></tr><tr><td>Total</td><td>43,032</td><td>43,032</td><td>25,289</td><td>17,743</td><td>81</td><td>16,835 8/8</td><td>48 8/8</td><td>1</td><td>726</td><td>-</td></tr></table>
Part B - Unrestricted marketable issues
<table><tr><td>Treasury bills: 10/</td><td>906</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>906</td></tr><tr><td>1st War Loan............</td><td>810</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>810</td></tr><tr><td>Total....................</td><td>1,716</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,716</td></tr><tr><td>7/8% Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan............(due 12/1/43)</td><td>3,800</td><td>1,679</td><td>121</td><td>1,558</td><td>76</td><td>51</td><td>899 8/</td><td>8/</td><td>450</td><td>82</td><td>-</td><td>2,121</td></tr><tr><td>2nd War Loan............(due 4/1/44)</td><td>5,251</td><td>3,104</td><td>246</td><td>2,858</td><td>123</td><td>105</td><td>2,033 8/</td><td>8/</td><td>355</td><td>241</td><td>1</td><td>2,147</td></tr><tr><td>3rd War Loan............(due 9/1/44)</td><td>4,122</td><td>4,122</td><td>366</td><td>3,756</td><td>136</td><td>119</td><td>2,803 8/</td><td>8/</td><td>322</td><td>376</td><td>-</td><td>......</td></tr><tr><td>4th War Loan............(due 2/1/45)</td><td>5,036</td><td>5,036</td><td>496</td><td>4,540</td><td>207</td><td>136</td><td>3,479 8/</td><td>8/</td><td>266</td><td>452</td><td>......</td><td>......</td></tr><tr><td>5th War Loan............(due 6/1/45)</td><td>4,770</td><td>4,770</td><td>468</td><td>4,302</td><td>170</td><td>84</td><td>3,318 8/</td><td>8/</td><td>148</td><td>582</td><td>......</td><td>......</td></tr><tr><td>6th War Loan............(due 12/1/45)</td><td>4,405</td><td>4,405</td><td>339</td><td>4,066</td><td>150</td><td>46</td><td>3,254</td><td>27</td><td>64</td><td>524</td><td>......</td><td>......</td></tr><tr><td>7th War Loan............(due 6/1/46)</td><td>4,784</td><td>4,784</td><td>301</td><td>4,483</td><td>99</td><td>43</td><td>3,671</td><td>25</td><td>*</td><td>645</td><td>......</td><td>......</td></tr><tr><td>Victory Loan............(due 12/1/46)</td><td>3,737</td><td>3,737</td><td>305</td><td>3,432</td><td>19</td><td>8</td><td>2,844</td><td>7</td><td>*</td><td>553</td><td>......</td><td>......</td></tr><tr><td>Total....................</td><td>35,905</td><td>31,637</td><td>2,642</td><td>28,995</td><td>980</td><td>592</td><td>22,301 8/</td><td>59 8/</td><td>1,605</td><td>3,455</td><td>1</td><td>4,268</td></tr><tr><td>1-1/4% Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5th War Loan............(due 3/15/47)</td><td>1,948</td><td>1,948</td><td>353</td><td>1,595</td><td>309</td><td>121</td><td>913 8/</td><td>8/</td><td>133</td><td>119</td><td>......</td><td>......</td></tr><tr><td>6th War Loan............(due 9/15/47)</td><td>1,550</td><td>1,550</td><td>210</td><td>1,340</td><td>98</td><td>133</td><td>812</td><td>46</td><td>54</td><td>198</td><td>......</td><td>......</td></tr><tr><td>Total....................</td><td>3,498</td><td>3,498</td><td>563</td><td>2,935</td><td>407</td><td>254</td><td>1,725 8/</td><td>46 8/</td><td>187</td><td>317</td><td>......</td><td>......</td></tr><tr><td>1-1/2% Treasury bonds: 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7th War Loan............(due 12/15/50)</td><td>1,690</td><td>1,690</td><td>1,690</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1-3/4% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan............(due 6/15/48)</td><td>3,062</td><td>1,001</td><td>85</td><td>916</td><td>240</td><td>86</td><td>242 8/</td><td>8/</td><td>318</td><td>30</td><td>-</td><td>2,061</td></tr><tr><td>2% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2nd War Loan............(due 9/15/50-52)</td><td>4,939</td><td>2,817</td><td>472</td><td>2,345</td><td>703</td><td>539</td><td>832 8/</td><td>8/</td><td>189</td><td>82</td><td>*</td><td>2,122</td></tr><tr><td>3rd War Loan............(due 9/15/51-53)</td><td>5,257</td><td>5,257</td><td>1,220</td><td>4,037</td><td>894</td><td>1,032</td><td>1,357 8/</td><td>8/</td><td>480</td><td>123</td><td>151</td><td>......</td></tr><tr><td>5th War Loan............(due 6/15/52-54)</td><td>5,229</td><td>5,229</td><td>1,322</td><td>3,907</td><td>924</td><td>1,250</td><td>1,242 8/</td><td>8/</td><td>242</td><td>249</td><td>......</td><td>......</td></tr><tr><td>6th War Loan............(due 12/15/52-54)</td><td>6,939</td><td>6,939</td><td>1,295</td><td>5,644</td><td>1,339</td><td>2,018</td><td>1,351</td><td>423</td><td>161</td><td>333</td><td>......</td><td>......</td></tr><tr><td>Total....................</td><td>22,364</td><td>20,242</td><td>4,309</td><td>15,933</td><td>3,860</td><td>4,839</td><td>4,782 8/</td><td>423 8/</td><td>1,092</td><td>787</td><td>151</td><td>2,122</td></tr></table>
(Continued on following page)
Treasury Bulletin
A-20
Table 4. - Comparison of Sales in the Eight Loans, by Investor Classes and by Issues - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total for all investors</th><th colspan="8">Nonbank investors</th><th rowspan="2">Commercial banks 5/</th></tr><tr><th>Total for nonbank investors</th><th>Individual 1/</th><th colspan="6">Corporations and other investors</th></tr><tr><td></td><td></td><td></td><td>Total</td><td>Insurance companies</td><td>Savings banks</td><td>Non-financial corporations, etc.</td><td>Savings and loan associations</td><td>Dealers and brokers 2/</td><td>State and local governments 3/</td><td>Treasury investment accounts 4/</td></tr></table>
Part B - Unrestricted marketable issues-(Continued)
<table><tr><td>All unrestricted marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan</td><td>7,768</td><td>2,680</td><td>206</td><td>2,474</td><td>316</td><td>137</td><td>1,141 8/</td><td>8/</td><td>763</td><td>112</td><td>5,087</td></tr><tr><td>2nd War Loan</td><td>11,000</td><td>5,921</td><td>718</td><td>5,203</td><td>826</td><td>644</td><td>2,865 3/</td><td>8/</td><td>544</td><td>323</td><td>5,079</td></tr><tr><td>3rd War Loan</td><td>9,379</td><td>9,379</td><td>1,586</td><td>7,793</td><td>1,030</td><td>1,151</td><td>4,160 8/</td><td>8/</td><td>802</td><td>499</td><td>151</td></tr><tr><td>4th War Loan</td><td>5,036</td><td>5,036</td><td>496</td><td>4,540</td><td>207</td><td>136</td><td>3,479 8/</td><td>8/</td><td>266</td><td>452</td><td></td></tr><tr><td>5th War Loan</td><td>11,947</td><td>11,947</td><td>2,143</td><td>9,804</td><td>1,403</td><td>1,455</td><td>5,473 8/</td><td>8/</td><td>523</td><td>350</td><td></td></tr><tr><td>6th War Loan</td><td>12,894</td><td>12,894</td><td>1,844</td><td>11,050</td><td>1,587</td><td>2,197</td><td>5,417</td><td>495</td><td>299</td><td>1,055</td><td></td></tr><tr><td>7th War Loan</td><td>6,474</td><td>6,474</td><td>1,991</td><td>4,483</td><td>99</td><td>43</td><td>3,671</td><td>25</td><td>*</td><td>645</td><td></td></tr><tr><td>Victory Loan</td><td>3,737</td><td>3,737</td><td>305</td><td>3,432</td><td>19</td><td>6</td><td>2,844</td><td>7</td><td></td><td>553</td><td></td></tr><tr><td>Total</td><td>68,235</td><td>58,068</td><td>9,290</td><td>48,779</td><td>5,486</td><td>5,771</td><td>29,050 8/</td><td>528 8/</td><td>3,203</td><td>4,589</td><td>152</td><td>10,166</td></tr></table>
Part C - Marketable issues restructured as to bank ownership 12/
<table><tr><td>2-1/4% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4th War Loan......(due 9/15/56-59)</td><td>3,331</td><td>3,331</td><td>517</td><td>2,814</td><td>801</td><td>1,028</td><td>722 8/</td><td>8/</td><td>158</td><td>104</td><td>.....</td></tr><tr><td>7th War Loan......(due 6/15/59-62)</td><td>5,077</td><td>5,077</td><td>766</td><td>4,311</td><td>774</td><td>1,241</td><td>1,259</td><td>565</td><td>150</td><td>322</td><td>.....</td></tr><tr><td>Victory Loan......(due 12/15/59-62)</td><td>3,045</td><td>3,045</td><td>836</td><td>2,209</td><td>440</td><td>410</td><td>947</td><td>172</td><td>78</td><td>162</td><td>.....</td></tr><tr><td>Total.....................</td><td>11,453</td><td>11,453</td><td>2,119</td><td>9,334</td><td>2,015</td><td>2,679</td><td>2,928 8/</td><td>737 8/</td><td>386</td><td>588</td><td>.....</td></tr><tr><td>2-1/2% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan......(due 12/15/63-68)</td><td>2,831</td><td>2,831</td><td>257</td><td>2,574</td><td>1,362</td><td>483</td><td>265 8/</td><td>8/</td><td>117</td><td>88</td><td>239</td></tr><tr><td>2nd War Loan......(due 6/15/64-69)</td><td>3,762</td><td>3,762</td><td>540</td><td>3,222</td><td>1,582</td><td>550</td><td>560 8/</td><td>8/</td><td>-</td><td>181</td><td>349</td></tr><tr><td>3rd War Loan......(due 12/15/64-69)</td><td>3,779</td><td>3,779</td><td>561</td><td>3,218</td><td>1,585</td><td>354</td><td>473 8/</td><td>8/</td><td>92</td><td>235</td><td>479</td></tr><tr><td>4th War Loan......(due 3/15/65-70)</td><td>1,920</td><td>1,920</td><td>352</td><td>1,568</td><td>1,095</td><td>61</td><td>256 8/</td><td>8/</td><td>8</td><td>147</td><td>.....</td></tr><tr><td>5th War Loan......(due 3/15/65-70)</td><td>2,263</td><td>2,263</td><td>417</td><td>1,846</td><td>1,357</td><td>68</td><td>249 8/</td><td>8/</td><td>9</td><td>163</td><td>.....</td></tr><tr><td>6th War Loan......(due 3/15/66-71)</td><td>2,711</td><td>2,711</td><td>502</td><td>2,209</td><td>1,503</td><td>116</td><td>230</td><td>56</td><td>13</td><td>186</td><td>.....</td></tr><tr><td>7th War Loan......(due 6/15/67-72)</td><td>7,088</td><td>7,088</td><td>1,117</td><td>5,971</td><td>3,291</td><td>950</td><td>808</td><td>194</td><td>136</td><td>593</td><td>.....</td></tr><tr><td>Victory Loan......(due 12/15/67-72)</td><td>9,819</td><td>9,819</td><td>2,813</td><td>7,006</td><td>2,643</td><td>1,350</td><td>1,810</td><td>306</td><td>232</td><td>665</td><td>.....</td></tr><tr><td>Total.....................</td><td>34,173</td><td>34,173</td><td>6,559</td><td>27,614</td><td>14,538</td><td>3,932</td><td>4,651 8/</td><td>556 8/</td><td>612</td><td>2,258</td><td>1,067</td></tr><tr><td>All marketable issues restricted as to bank ownership: 12/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan......</td><td>2,831</td><td>2,831</td><td>257</td><td>2,574</td><td>1,382</td><td>483</td><td>265 8/</td><td>8/</td><td>117</td><td>88</td><td>239</td></tr><tr><td>2nd War Loan......</td><td>3,762</td><td>3,762</td><td>540</td><td>3,222</td><td>1,582</td><td>550</td><td>560 8/</td><td>8/</td><td>-</td><td>181</td><td>349</td></tr><tr><td>3rd War Loan......</td><td>3,779</td><td>3,779</td><td>561</td><td>3,218</td><td>1,585</td><td>354</td><td>473 8/</td><td>8/</td><td>92</td><td>235</td><td>479</td></tr><tr><td>4th War Loan......</td><td>5,251</td><td>5,251</td><td>869</td><td>4,382</td><td>1,896</td><td>1,089</td><td>978 8/</td><td>8/</td><td>166</td><td>251</td><td>.....</td></tr><tr><td>5th War Loan......</td><td>2,263</td><td>2,263</td><td>417</td><td>1,846</td><td>1,357</td><td>68</td><td>249 8/</td><td>8/</td><td>9</td><td>163</td><td>.....</td></tr><tr><td>6th War Loan......</td><td>2,711</td><td>2,711</td><td>502</td><td>2,209</td><td>1,503</td><td>116</td><td>230</td><td>56</td><td>18</td><td>186</td><td>.....</td></tr><tr><td>7th War Loan......</td><td>12,165</td><td>12,165</td><td>1,883</td><td>10,282</td><td>4,065</td><td>2,191</td><td>2,066</td><td>759</td><td>286</td><td>915</td><td>.....</td></tr><tr><td>Victory Loan......</td><td>12,864</td><td>12,864</td><td>3,649</td><td>9,215</td><td>3,083</td><td>1,760</td><td>2,757</td><td>478</td><td>310</td><td>827</td><td>.....</td></tr><tr><td>Total.....................</td><td>45,626</td><td>45,626</td><td>8,678</td><td>36,948</td><td>16,553</td><td>6,611</td><td>7,578 8/</td><td>1,293 8/</td><td>998</td><td>2,846</td><td>1,067</td></tr></table>
Part D - Total - All issues
<table><tr><td>1st War Loan</td><td>12,947</td><td>7,660</td><td>1,593</td><td>6,267</td><td>1,699</td><td>620</td><td>2,625 8/</td><td>8/</td><td>886</td><td>200</td><td>239</td><td>5,087</td></tr><tr><td>2nd War Loan</td><td>18,555</td><td>13,476</td><td>3,290</td><td>10,186</td><td>2,408</td><td>1,195</td><td>5,187 8/</td><td>8/</td><td>544</td><td>503</td><td>350</td><td>5,079</td></tr><tr><td>3rd War Loan</td><td>18,944</td><td>18,944</td><td>5,377</td><td>13,567</td><td>2,620</td><td>1,508</td><td>7,121 8/</td><td>8/</td><td>894</td><td>795</td><td>630</td><td></td></tr><tr><td>4th War Loan</td><td>16,730</td><td>16,730</td><td>5,309</td><td>11,421</td><td>2,141</td><td>1,262</td><td>6,796 8/</td><td>8/</td><td>433</td><td>789</td><td></td><td></td></tr><tr><td>5th War Loan</td><td>20,639</td><td>20,639</td><td>6,351</td><td>14,288</td><td>2,769</td><td>1,525</td><td>8,201 8/</td><td>8/</td><td>533</td><td>1,260</td><td></td><td></td></tr><tr><td>6th War Loan</td><td>21,621</td><td>21,621</td><td>5,882</td><td>15,739</td><td>3,196</td><td>2,314</td><td>8,048</td><td>564</td><td>317</td><td>1,299</td><td></td><td></td></tr><tr><td>7th War Loan</td><td>26,313</td><td>26,313</td><td>8,681</td><td>17,632</td><td>4,179</td><td>2,241</td><td>8,304</td><td>811</td><td>286</td><td>1,811</td><td></td><td></td></tr><tr><td>Victory Loan</td><td>21,144</td><td>21,144</td><td>6,776</td><td>14,368</td><td>3,109</td><td>1,770</td><td>7,179</td><td>493</td><td>310</td><td>1,507</td><td></td><td></td></tr><tr><td>Grand total - all issues in all loana combined</td><td>156,893</td><td>146,726</td><td>43,256</td><td>103,470</td><td>22,121</td><td>12,432</td><td>53,464 8/</td><td>1,869 8/</td><td>4,201</td><td>8,161</td><td>1,219</td><td>10,166</td></tr></table>
* Less than $500,000. 
1/ Includes partnerships and personal trust accounts. 
2/ Figures for the 2nd War Loan exclude amounts distributed to or earmarked for nonbank investors by dealers and brokers; these amounts have been classified in the appropriate nonbank investor classes. 
3/ Comprises trust, sinking, and investment funds of State and local governments and their agencies. 
4/ Treasury investment accounts, which were included in the 1st, 2nd, and 3rd War Loans only, represent those United States Government agencies and trust funds whose investments are handled through the facilities of the Treasury Department. Purchases by United States Government agencies and trust funds which handle their own investments are included in the column "nonfinancial corporations, etc." and did not amount to as much as $100 million during any loan.
5/ Commercial banks were included in 1st and 2nd War Loans only.
6/ Savings bonds are shown at issue price.
7/ Sales were arbitrarily assigned to corporations and associations.
8/ Sales to "savings and loan associations" during the first five war loans were not classified separately, and are included with "nonfinancial corporations, etc.".
9/ Includes sales of small amounts of Series A tax notes.
10/ Figures represent net increase in Treasury bills outstanding and were arbitrarily assigned to commercial banks.
11/ Offered to individuals only.
12/ Commercial banks are not permitted to purchase these securities for specified periods of years except for such purchases as were permitted concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan for the limited investment of time deposits.
February 1946
A-21
Table 5.- Comparison of Sales of Series E Savings Bonds by Denomination in the Eight Loans
PART A. - AMOUNTS OF SALES
<table><tr><th rowspan="2">Loan</th><th colspan="7">Sales in millions of dollars at issue price</th><th colspan="7">Percentage distribution</th></tr><tr><th>Total all denominations</th><th>$10 1/2/</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/</th><th>$500</th><th>$1,000</th><th>Total all denominations</th><th>$10 1/2/</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/</th><th>$500</th><th>$1,000</th></tr><tr><td>1st War Loan</td><td>726</td><td>...</td><td>265</td><td>99</td><td>157</td><td>...</td><td>89</td><td>116</td><td>100.0</td><td>...</td><td>36.5</td><td>13.6</td><td>21.6</td><td>...</td><td>12.3</td><td>16.0</td></tr><tr><td>2nd War Loan</td><td>1,473</td><td>...</td><td>426</td><td>171</td><td>314</td><td>...</td><td>225</td><td>338</td><td>100.0</td><td>...</td><td>28.9</td><td>11.6</td><td>21.3</td><td>...</td><td>15.3</td><td>22.9</td></tr><tr><td>3rd War Loan</td><td>2,472</td><td>...</td><td>653</td><td>291</td><td>617</td><td>...</td><td>388</td><td>522</td><td>100.0</td><td>...</td><td>26.4</td><td>11.8</td><td>25.0</td><td>...</td><td>15.7</td><td>21.1</td></tr><tr><td>4th War Loan</td><td>3,187</td><td>...</td><td>892</td><td>388</td><td>733</td><td>...</td><td>447</td><td>726</td><td>100.0</td><td>...</td><td>28.0</td><td>12.2</td><td>23.0</td><td>...</td><td>14.0</td><td>22.8</td></tr><tr><td>5th War Loan</td><td>3,036</td><td>2</td><td>929</td><td>423</td><td>693</td><td>...</td><td>403</td><td>587</td><td>100.0</td><td>0.1</td><td>30.6</td><td>13.9</td><td>22.8</td><td>...</td><td>13.3</td><td>19.3</td></tr><tr><td>6th War Loan</td><td>2,868</td><td>11</td><td>817</td><td>383</td><td>676</td><td>...</td><td>407</td><td>574</td><td>100.0</td><td>0.4</td><td>28.5</td><td>13.4</td><td>23.5</td><td>...</td><td>14.2</td><td>20.0</td></tr><tr><td>7th War Loan</td><td>3,976</td><td>26</td><td>1,140</td><td>536</td><td>816</td><td>...</td><td>535</td><td>923</td><td>100.0</td><td>0.7</td><td>28.7</td><td>13.5</td><td>20.5</td><td>...</td><td>13.4</td><td>23.2</td></tr><tr><td>Victory Loan</td><td>2,204</td><td>19</td><td>550</td><td>249</td><td>346</td><td>142</td><td>308</td><td>590</td><td>100.0</td><td>0.9</td><td>24.9</td><td>11.3</td><td>15.7</td><td>6.4</td><td>14.0</td><td>26.8</td></tr></table>
PART B. - NUMBER OF UNITS
<table><tr><th rowspan="2">Loan</th><th colspan="7">Number of units in thousands</th><th colspan="7">Percentage distribution</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/2</th><th>$500</th><th>$1,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/2</th><th>$500</th><th>$1,000</th></tr><tr><td>1st War Loan</td><td>19,247</td><td>...</td><td>14,136</td><td>2,630</td><td>2,088</td><td>...</td><td>238</td><td>155</td><td>100.0</td><td>...</td><td>73.4</td><td>13.7</td><td>10.9</td><td>...</td><td>1.2</td><td>.8</td></tr><tr><td>2nd War Loan</td><td>32,515</td><td>...</td><td>22,710</td><td>4,568</td><td>4,189</td><td>...</td><td>599</td><td>450</td><td>100.0</td><td>...</td><td>69.8</td><td>14.1</td><td>12.9</td><td>...</td><td>1.8</td><td>1.4</td></tr><tr><td>3rd War Loan</td><td>52,577</td><td>...</td><td>34,848</td><td>7,766</td><td>8,232</td><td>...</td><td>1,035</td><td>696</td><td>100.0</td><td>...</td><td>66.3</td><td>14.8</td><td>15.6</td><td>...</td><td>2.0</td><td>1.3</td></tr><tr><td>4th War Loan</td><td>69,856</td><td>...</td><td>47,563</td><td>10,355</td><td>9,777</td><td>...</td><td>1,193</td><td>968</td><td>100.0</td><td>...</td><td>68.1</td><td>14.8</td><td>14.0</td><td>...</td><td>1.7</td><td>1.4</td></tr><tr><td>5th War Loan</td><td>72,113</td><td>204</td><td>49,530</td><td>11,281</td><td>9,241</td><td>...</td><td>1,075</td><td>782</td><td>100.0</td><td>0.3</td><td>68.7</td><td>15.6</td><td>12.8</td><td>...</td><td>1.5</td><td>1.1</td></tr><tr><td>6th War Loan</td><td>66,132</td><td>1,488</td><td>43,560</td><td>10,226</td><td>9,007</td><td>...</td><td>1,085</td><td>766</td><td>100.0</td><td>2.2</td><td>65.9</td><td>15.5</td><td>13.6</td><td>...</td><td>1.6</td><td>1.2</td></tr><tr><td>7th War Loan</td><td>92,128</td><td>3,519</td><td>60,777</td><td>14,288</td><td>10,886</td><td>...</td><td>1,427</td><td>1,230</td><td>100.0</td><td>3.8</td><td>66.0</td><td>15.6</td><td>11.8</td><td>...</td><td>1.5</td><td>1.3</td></tr><tr><td>Victory Loan</td><td>45,662</td><td>2,524</td><td>29,317</td><td>6,651</td><td>4,616</td><td>946</td><td>820</td><td>787</td><td>100.0</td><td>5.5</td><td>64.2</td><td>14.6</td><td>10.1</td><td>2.1</td><td>1.8</td><td>1.7</td></tr></table>
1/ The $10 denomination Series E bond was authorized by the Secretary of the Treasury on June 7, 1944, and was made available only to members of the Armed Forces.
2/ Sale of $200 denomination Series E bonds began October 29, 1945.
Table 6.- Dates and Goals Relating to the Eight Loans
<table><tr><th>Loan</th><th>Sales period for marketable issues 1/</th><th>Sales period for non-marketable issues</th><th>Date interest commenced on marketable issues</th></tr><tr><td>1st War Loan</td><td>11/30 - 12/23/42</td><td>12/1 - 12/31/42</td><td>12/1/42</td></tr><tr><td>2nd War Loan</td><td>4/12 - 5/1/43</td><td>4/1 - 5/8/43</td><td>4/15/43</td></tr><tr><td>3rd War Loan</td><td>9/9 - 10/2/43</td><td>9/1 - 10/16/43</td><td>9/15/43</td></tr><tr><td>4th War Loan</td><td>1/18 - 2/15/44</td><td>1/1 - 2/29/44</td><td>2/1/44</td></tr><tr><td>5th War Loan</td><td>6/12 - 7/8/44</td><td>6/1 - 7/31/44</td><td>6/26/44</td></tr><tr><td>6th War Loan</td><td>11/20 - 12/16/44</td><td>11/1 - 12/31/44 5/</td><td>12/1/44</td></tr><tr><td>7th War Loan</td><td>5/14 - 6/30/45 6/</td><td>4/9 - 7/17/45 1/</td><td>6/1/45</td></tr><tr><td>Victory Loan</td><td>10/29 - 12/8/45 8/</td><td>10/29 - 12/31/45 2/</td><td>11/15/45 10/ 12/3/45</td></tr></table>
<table><tr><th colspan="6">Goals (In millions of dollars)</th></tr><tr><th rowspan="2">Total</th><th colspan="5">Nonbank investors</th></tr><tr><th>Total for nonbank investors</th><th colspan="4">Individuals</th><th>Commercial banks</th></tr><tr><th></th><th></th><th>Total individuals</th><th>Series E savings bonds</th><th>Other securities</th><th>Corporations and other investors</th><th></th></tr><tr><td>9,000</td><td>4,000</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>5,000 3/</td></tr><tr><td>13,000</td><td>8,000</td><td>2,500</td><td>4/</td><td>4/</td><td>5,500</td><td>5,000 3/</td></tr><tr><td>15,000</td><td>15,000</td><td>5,000</td><td>3,000</td><td>2,000</td><td>10,000</td><td>.....</td></tr><tr><td>14,000</td><td>14,000</td><td>5,500</td><td>3,000</td><td>2,500</td><td>8,500</td><td>.....</td></tr><tr><td>16,000</td><td>16,000</td><td>6,000</td><td>3,000</td><td>3,000</td><td>10,000</td><td>.....</td></tr><tr><td>14,000</td><td>14,000</td><td>5,000</td><td>2,500</td><td>2,500</td><td>9,000</td><td>.....</td></tr><tr><td>14,000</td><td>14,000</td><td>7,000</td><td>4,000</td><td>3,000</td><td>7,000</td><td>.....</td></tr><tr><td>11,000</td><td>11,000</td><td>4,000</td><td>2,000</td><td>2,000</td><td>7,000</td><td>.....</td></tr></table>
1/ Formal opening and closing of the drives.
2/ The goal for nonbank investors was not subdivided.
3/ This amount represents the fixed amount which commercial banks were allowed to buy rather than a goal.
4/ No separate goal was set for Serida E savings bonds.
5/ The final date for processing these subscriptions was extended from December 31, 1944 to January 2, 1945.
6/ Represents sales period for individuals only; for corporations and other investors, sales period was June 18 through June 30, 1945.
7/ The final date for processing these subscriptions was
8/ extended from July 7 to July 9, 1945. Represents sales period for individuals only; for corporations and other investors, sales period was December 3 through December 8, 1945.
9/ The final date for processing was extended from December 31, 1945 to January 3, 1946 for Series E savings bonds, and to January 2, 1946 for the other non-marketable securities.
10/ Interest commenced on November 15, 1945 for the 2-1/2% and 2-1/4% Treasury bonds, and on December 3, 1945 for the 7/8% certificates of indebtedness.
A-22
Treasury Bulletin
Security Purchases Outside the Victory Loan by Commercial Banks and Treasury Investment Accounts
Commercial Banks
Concurrently with the Victory Loan, commercial banks (defined as banks accepting demand deposits) were permitted to subscribe in limited amounts for specified issues included in the loan. The securities made available were the 7/8% certificates of indebtedness, the 2-1/4% and 2-1/2% Treasury bonds, and Series F and G savings bonds, with sales confined to the period December 3 through December 8. Total purchases by any one bank were limited to 10% of the combined amount of time certificates of deposit of individuals and nonprofit corporations or associations, and of savings deposits, but not more than $500,000 in all. In addition, purchases of the Series F and G savings bonds were restricted by the usual $100,000 annual limit (issue price) for both issues combined applicable to all purchasers of these bonds. Subscriptions by commercial banks concurrently with the Victory Loan were not included in the drive nor were they credited toward any quota.
Subscriptions by commercial banks to the issues available to them under these limits aggre-
gated $1,396 million. Distribution by issues is presented below.
<table><tr><th>Issue</th><th>Amount purchased<br/>(In millions of dollars)</th></tr><tr><td>7/8% Certificates of indebtedness due 12/1/46</td><td>30</td></tr><tr><td>2-1/4% Treasury bonds due 12/15/59-62</td><td>423</td></tr><tr><td>2-1/2% Treasury bonds due 12/15/67-72</td><td>853</td></tr><tr><td>Series F savings bonds</td><td>35</td></tr><tr><td>Series G savings bonds</td><td>55</td></tr><tr><td>Total</td><td>1,396</td></tr></table>
Treasury Investment Accounts
Subscriptions by Treasury investment accounts totaled $1,018.2 million during the period of the Victory Loan. These were divided between $0.5 million for the 7/8% certificates of indebtedness and $1,017.7 million for the 2-1/2% Treasury bonds offered in the drive. These purchases, however, were not included in sales in the Victory Loan. Treasury investment accounts constitute the accounts of those United States Government agencies and trust funds whose investments are handled through the facilities of the Treasury Department.
February 1946
A-23
Financial Statistics of Certain Tax-Exempt Organizations for 1943
On November 17, 1945, the Secretary of the Treasury made public information compiled from returns of certain classes of organizations exempt from the Federal income tax under section 101 of the Internal Revenue Code. The information released was embodied in a report prepared by the Bureau of Internal Revenue entitled "Supplement to Statistics of Income for 1943, Part 2." A brief description of the contents of the Supplement and of the limitations to which they are subject are presented in this article, and summary tables of the basic data follow. 1/
The Supplement presents tabulations from the annual returns (Form 990) of the exempt organizations which were required to file returns under section 54(f) of the Internal Revenue Code as added by section 117 of the Revenue Act of 1943.
The returns of organizations required to file and which are included in the Supplement are those which relate to the calendar year 1943 and fiscal years beginning in 1943. 2/ Section A of the Supplement covers returns which were received in the Bureau of Internal Revenue through December 31, 1944. Section B covers returns which were received between December 31, 1944 and September 1, 1945. The Supplement, therefore, includes all of the first-year returns required by the Revenue Act of 1943 in those instances in
1/ A detailed discussion and summary of the data contained in the Supplement can be found in a preliminary report of December 15, 1945, entitled "Tax-Exempt Organizations," prepared at the request of the Congressional Joint Committee on Internal Revenue Taxation for Post-war Taxation by the staffs of the Joint Committee, the Treasury Department, and the Bureau of Internal Revenue. This report was ordered printed for purposes of information and discussion, but it has not yet been considered or approved by the Committee or any member thereof.
2/ Returns are not required to be filed by any organization exempt from taxation under the provisions of section 101 which is (1) a religious organization exempt under section 101(6); (2) an educational organization exempt under section 101(6), if it normally maintains a regular faculty and curriculum and normally has a regularly organized body of pupils or students in attendance at the place where its educational activities are regularly carried on; (3) a charitable organization, or an organization for the prevention of cruelty to children or animals, exempt under section 101(6), if supported, in whole or in part, by funds contributed by the United States or any State or political subdivision thereof, or primarily supported by contributions of the general public; (4) an organization exempt under section 101(6), if operated, supervised, or controlled by or in connection with a religious organization exempt under section 101(6); (5) a fraternal beneficiary society, order, or association solely exempt under section 101(3); or (6) a corporation exempt under section 101(15), if wholly owned by the United States or any agency or instrumentality thereof, or a wholly owned subsidiary of such corporation.
which the return was received prior to September 1, 1945.
A complete tabulation was made of the receipts and disbursements of all returns included in Section A of the Supplement. Returns in Section B were tabulated only where total gross income and receipts reported were $50,000 or more.
For purposes of the Supplement, the tax-exempt organizations were classified into two broad groups. The first consists of those types of organizations whose primary functions -- that is, the functions for which the exemption was granted -- are not business activities. This group includes such organizations as labor unions, charitable and educational associations and foundations, business leagues, social clubs and similar organizations. The second group consists of organizations whose primary functions are business activities and includes mutual savings banks, building or savings and loan associations, credit unions, farmers' cooperatives and other exempt business organizations.
Table 1 at the end of this article is a summary of the number of returns received, the total gross income and receipts and the total disbursements of tax-exempt organizations filing returns, distributed by type of organization. The returns and data from Sections A and B of the Supplement are shown separately. In interpreting the data in the table it should be borne in mind that not all exempt organizations are required to file returns on Form 990. Moreover, since it appears that an indeterminate number of those organizations required to file have not done so, the Supplement, while aiming at complete coverage of the first returns required by the Revenue Act of 1943, falls short of this goal.
Table 2 shows the aggregate amounts of the various types of gross income and receipts and disbursements on all returns in Section A of the Supplement combined with those returns in Section B which reported gross income and receipts of $50,000 or more. The totals are shown separately for those organizations whose primary functions are business activities and for those organizations whose primary functions are non-business activities. In interpreting this table, it should be noted that the use of the standardized Form 990 for a great variety of different
A-24
Treasury Bulletin
organizations, such as banking institutions, cemetery companies, farm organizations, social clubs, labor unions, library associations, chambers of commerce, etc., made it necessary for many types of organizations to adapt the results of their own bookkeeping methods to the uniform presentation prescribed by the form. Moreover, since for many of the organizations covered, the filling out of Form 990 represented the first experience of this kind, some inaccuracies are to be expected.
It is also important to note that the data on receipts and disbursements contained in the Supplement are not comparable with the income and deductions data contained in corporation income tax returns. Therefore, it is not possible to determine from these data amounts which would be comparable with the net taxable income of taxable corporations.
The final summary, Table 3, shows for both parts of the Supplement combined, (1) the number of balance sheets from which total assets were tabulated and (2) the total assets reported, distributed by major types of organizations. The data on assets, however, represent information obtained from a limited portion of the tax-exempt organizations. Tax-exempt organizations were required to submit balance sheets only if business or rent receipts were reported. Total assets were tabulated by the Bureau of Internal Revenue, in Section A, (1) from balance sheets attached to returns submitted by organizations whose primary functions are non-business activities if the organizations reported business receipts and, (2) from all balance sheets submitted by organizations whose primary functions are business activities. In Section B these data were tabulated for balance sheets of organizations in the above two categories whose gross income and receipts were $50,000 and over.
February 1946
A-25
Organizations Exempt From Tax Under Section 101, Internal Revenue Code
Table 1.- Number of Returns Filed For 1943, and Total Gross Income and Receipts and Total Disbursements Reported
(Money figures in thousands of dollars)
<table><tr><th>Type of organization</th><th colspan="3">Returns received through December 31, 1944 1/</th><th colspan="4">Returns received from January 1 to September 1, 1945 2/</th></tr><tr><th></th><th>Number of returns</th><th>Total gross income and receipts</th><th>Total disbursements</th><th colspan="3">Returns with gross receipts of $50,000 or more</th><th>Returns with gross receipts of less than $50,000 (Number) 3/</th></tr><tr><th></th><th></th><th></th><th></th><th>Number of returns</th><th>Total gross income and receipts</th><th>Total disbursements</th><th></th></tr><tr><td>Organizations whose primary functions are non-business activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Labor organizations</td><td>28,638 4/</td><td>389,686</td><td>323,406</td><td>90</td><td>28,651</td><td>23,415</td><td>3,918</td></tr><tr><td>Agricultural and horticultural organizations</td><td>955</td><td>12,718</td><td>11,343</td><td>26</td><td>4,181</td><td>3,457</td><td>290</td></tr><tr><td>Charitable, scientific, educational, and similar organizations</td><td>8,901</td><td>828,427</td><td>696,974</td><td>425</td><td>145,891</td><td>124,809</td><td>2,806</td></tr><tr><td>Business leagues, chambers of commerce, boards of trade and similar organizations</td><td>5,695</td><td>185,024</td><td>161,486</td><td>113</td><td>22,604</td><td>20,215</td><td>1,056</td></tr><tr><td>Local associations of employees, civic leagues, social welfare and similar organizations</td><td>8,549</td><td>189,823</td><td>167,555</td><td>80 5/</td><td>18,536</td><td>17,111</td><td>1,684</td></tr><tr><td>Social clubs</td><td>7,297 6/</td><td>144,038</td><td>131,484</td><td>164</td><td>27,345</td><td>25,149</td><td>2,070</td></tr><tr><td>Employees' beneficiary associations</td><td>423</td><td>48,077</td><td>38,383</td><td>9</td><td>1,899</td><td>1,524</td><td>99</td></tr><tr><td>Teachers' retirement fund associations</td><td>6</td><td>1,502</td><td>957</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. employees' beneficiary associations</td><td>138</td><td>3,752</td><td>3,002</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td>Total all organizations whose primary functions are non-business activities</td><td>60,602</td><td>1,803,047</td><td>1,534,591</td><td>907</td><td>249,108</td><td>215,680</td><td>11,944</td></tr><tr><td>Organizations whose primary functions are business activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mutual savings banks: Savings department</td><td>322</td><td>445,220</td><td>410,153</td><td>134</td><td>61,319</td><td>51,505</td><td>15</td></tr><tr><td>Life insurance department</td><td>28</td><td>877</td><td>461</td><td>1</td><td>553</td><td>533</td><td>1</td></tr><tr><td>Building or savings and loan associations: State-chartered</td><td>3,461</td><td>170,344</td><td>147,901</td><td>175</td><td>24,711</td><td>20,258</td><td>542</td></tr><tr><td>Federally chartered</td><td>1,301</td><td>110,357</td><td>96,548</td><td>31</td><td>7,501</td><td>6,642</td><td>21</td></tr><tr><td>Credit unions: State-chartered</td><td>3,458</td><td>8,484</td><td>7,734</td><td>8</td><td>902</td><td>464</td><td>885</td></tr><tr><td>Federally chartered</td><td>3,092</td><td>5,031</td><td>5,022</td><td>-</td><td>-</td><td>-</td><td>115</td></tr><tr><td>Cemetery companies</td><td>1,188</td><td>19,288</td><td>15,616</td><td>16</td><td>2,930</td><td>2,138</td><td>180</td></tr><tr><td>Local benevolent life insurance associations</td><td>176</td><td>4,273</td><td>3,608</td><td>1</td><td>62</td><td>59</td><td>29</td></tr><tr><td>Mutual ditch or irrigation companies</td><td>765</td><td>6,087</td><td>5,085</td><td>4</td><td>350</td><td>239</td><td>115</td></tr><tr><td>Mutual telephone companies</td><td>406</td><td>571</td><td>500</td><td>-</td><td>-</td><td>-</td><td>99</td></tr><tr><td>Mutual insurance organizations (not life or marine)</td><td>1,459</td><td>28,364</td><td>23,408</td><td>13</td><td>2,671</td><td>2,477</td><td>229</td></tr><tr><td>Mutual organizations not elsewhere classified</td><td>1,017</td><td>54,144</td><td>48,411</td><td>9</td><td>784</td><td>646</td><td>41</td></tr><tr><td>Farmers' cooperative marketing and purchasing associations</td><td>4,397</td><td>2,233,904</td><td>2,211,854</td><td>826 5/</td><td>786,945</td><td>772,809</td><td>372</td></tr><tr><td>Crop financing organizations</td><td>27</td><td>1,447</td><td>972</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Holding companies for other tax-exempt organizations</td><td>934</td><td>15,221</td><td>11,445</td><td>4</td><td>290</td><td>159</td><td>275</td></tr><tr><td>National farm loan associations</td><td>1,498</td><td>8,909</td><td>8,254</td><td>-</td><td>-</td><td>-</td><td>491</td></tr><tr><td>Production credit associations</td><td>498</td><td>14,092</td><td>14,159</td><td>1</td><td>69</td><td>105</td><td>11</td></tr><tr><td>Federal intermediate credit banks, Federal land banks, banks of cooperatives, production credit corporations, etc.</td><td>18</td><td>79,959</td><td>77,940</td><td>7</td><td>10,866</td><td>8,258</td><td>1</td></tr><tr><td>Total organizations whose primary functions are business activities</td><td>24,045</td><td>3,206,572</td><td>3,089,071</td><td>1,230</td><td>899,953</td><td>866,292</td><td>3,427</td></tr><tr><td>Total all organizations</td><td>84,647</td><td>5,009,619</td><td>4,623,662</td><td>2,137</td><td>1,149,061</td><td>1,081,972</td><td>15,371</td></tr></table>
1/ Section A of Supplement to Statistics of Income.
2/ Section B of Supplement to Statistics of Income.
3/ Returns with less than $50,000 of gross income and receipts in Section B of Supplement were not tabulated.
4/ Includes 5 group returns representing 1,173 organizations
5/ Includes 1 group return representing 2 organizations.
6/ Includes 3 group returns representing 116 organizations.
A-26
Treasury Bulletin
Organizations Exempt From Tax Under Section 101, Internal Revenue Code
Table 2.- Types of Receipts and Disbursements
(Money figures in thousands of dollars)
<table><tr><th></th><th>Total</th><th>Organizations whose primary functions are non-business activities</th><th>Organizations whose primary functions are business activities</th></tr><tr><td>Number of returns</td><td>86,784</td><td>61,509</td><td>25,275</td></tr><tr><td colspan="4">Gross income and receipts:</td></tr><tr><td>Dues received from members</td><td>514,887</td><td>500,990</td><td>13,897</td></tr><tr><td>Fees, fines, assessments and similar receipts from members</td><td>175,337</td><td>144,831</td><td>30,506</td></tr><tr><td>Dues, assessments, per capita taxes, etc., from affiliated organizations</td><td>104,125</td><td>98,875</td><td>5,250</td></tr><tr><td>Grants, gifts, contributions, etc. received</td><td>469,179</td><td>463,383</td><td>5,796</td></tr><tr><td>Dividends and interest</td><td>530,384</td><td>110,497</td><td>419,887</td></tr><tr><td>Rents</td><td>87,471</td><td>29,498</td><td>57,973</td></tr><tr><td>Gross receipts from business activities</td><td>4,033,831</td><td>620,444</td><td>3,413,387</td></tr><tr><td>Other gross income</td><td>243,467</td><td>83,637</td><td>159,830</td></tr><tr><td>Total gross income and receipts</td><td>6,158,680</td><td>2,052,155</td><td>4,106,525</td></tr><tr><td colspan="4">Disbursements:</td></tr><tr><td>Death, sick, and pension benefits to members or their dependents</td><td>93,412</td><td>90,642</td><td>2,770</td></tr><tr><td>Other benefits to members</td><td>57,957</td><td>42,882</td><td>15,075</td></tr><tr><td>Dues, assessments, per capita taxes, etc., paid to affiliated organizations</td><td>126,934</td><td>120,553</td><td>6,381</td></tr><tr><td>Cost of goods sold</td><td>2,656,899</td><td>145,980</td><td>2,510,919</td></tr><tr><td>Wages, salaries, and commissions</td><td>617,259</td><td>406,248</td><td>211,011</td></tr><tr><td>Compensation of officers</td><td>121,152</td><td>66,977</td><td>54,175</td></tr><tr><td>Interest</td><td>102,668</td><td>9,028</td><td>93,640</td></tr><tr><td>Taxes</td><td>74,475</td><td>35,409</td><td>49,066</td></tr><tr><td>Other operating expenses</td><td>854,293</td><td>540,309</td><td>313,984</td></tr><tr><td>Grants, gifts, contributions, etc. paid</td><td>247,637</td><td>243,753</td><td>3,884</td></tr><tr><td>Dividends and other distributions to members 2/</td><td>461,499</td><td>1,293</td><td>460,206</td></tr><tr><td>Other disbursements and charges</td><td>291,447</td><td>57,198</td><td>234,249</td></tr><tr><td>Total disbursements</td><td>5,705,634</td><td>1,750,271</td><td>3,955,363</td></tr></table>
1/ Consists of totals for all returns received through December 31, 1944, and returns received from January 1 to September 1, 1945 reporting gross income and receipts of
$50,000 or more
2/ Includes patronage dividends or refunds paid or credited.
Table 3.- Number of Balance Sheets Tabulated and Total Assets Reported
<table><tr><th>Types of organization</th><th>Number of balance sheets for which total assets were tabulated 1/</th><th>Total assets reported (In thousands of dollars)</th></tr><tr><td>Organizations whose primary functions are non-business activities: Charitable, scientific,educational, and similar organizations Local associations of employees, civic leagues, social wel-fare and similar organizations. Social clubs. All other.</td><td>1,790 1,085 1,402 817</td><td>1,170,841 123,063 174,428 111,043</td></tr><tr><td>Total organizations whose primary functions are non-business activities.</td><td>5,094</td><td>1,579,374</td></tr><tr><td>Organizations whose primary functions are business activities: Mutual savings banks (savings department). Building or savings and loan associations (State and Federal) Federal intermediate credit banks, Federal land banks, banks of cooperatives, production credit corporations, etc. All other.</td><td>292 3,226 23 11,411</td><td>9,302,478 4,187,945 1,946,122 1,928,274</td></tr><tr><td>Total organizations whose primary functions are business activities.</td><td>14,952</td><td>17,364,819</td></tr><tr><td>Total all organizations.</td><td>20,046</td><td>18,944,193</td></tr></table>
Total assets were tabulated from balance sheets attached to returns received through December 31, 1944 and reporting business receipts; tabulation was made of balance sheets
attached to returns received from January 1 to September 1, 1945, where business receipts were reported and where gross income and receipts were $50,000 or more.
February 1946
A-27
Maturity of Series B United States Savings Bonds
United States Savings Bonds Series B, originally issued in 1936, began to mature on January 1, 1946. These bonds were sold at 75 percent of maturity value with an annual limit of $10,000 on purchases (maturity value). As of December 31, 1945 about 73 percent of the Series B bonds issued were still outstanding.
Savings bonds were first issued beginning March 1935. All of the issuances in the calendar year 1935 were designated Series A and matured during the calendar year 1945. All 1936 issues were designated Series B and mature during the calendar year 1946. Series C bonds were issued in 1937 and 1938 and Series D bonds in 1939, 1940, and 1941 (January 1 through April 30). Beginning May 1, 1941, Series E, F, and G bonds were introduced and their sale has been continued to date 1/
Procedure for Payment
On January 11, 1946, Secretary Vinson called attention to the fact that Series E bonds are beginning to mature and stated that they will be paid at their face value on presentation to any qualified paying agent. It was pointed out in his announcement that, since the bonds do not increase in value after maturity, individuals who wish to continue their investment in similar bonds without interruption should present their matured bonds in the month of maturity for reinvestment in United States Savings Bonds of Series E, F, or G. The new bonds purchased will be subject to the regular annual limit on the amount of purchases, namely $5,000 maturity value on Series E bonds, and $100,000 issue price on Series F and G bonds combined.
Bonds of Series E, F, and G purchased with the proceeds of matured Series B bonds will be dated as of the first day of the month in which the proceeds of the matured bonds are presented for payment to agents authorized to issue the new bonds. Any difference between the redemption value of the matured bonds and the purchase price of the new bonds will be paid to the registered owner in cash.
Sales of Series B savings bonds in 1936 were not restricted to natural persons, as is the case with Series E bonds. There are, therefore, some Series B bonds held by banks, corporations, and estates. Since such holders are not eligible to purchase Series E bonds, they are invited to invest the proceeds of their maturing bonds in
other issues of United States Government securities which they are eligible to purchase.
Series B United States savings bonds registered in the names of individuals as owners or co-owners may be presented for payment at any bank, trust company, or other financial institution which is qualified as a paying agent for savings bonds; this includes practically all banks and trust companies throughout the country. Maturating bonds registered otherwise than in the name of an individual as owner or co-owner must be presented, after the request for payment has been duly certified, to a Federal Reserve Bank or branch or to the Treasurer of the United States; and bonds registered in the name of an individual as owner or co-owner may be so presented at the owner's option.
Close relatives having possession of maturing bonds of Series B belonging to servicemen abroad are authorized to redeem such bonds for the purpose of purchasing bonds of Series E, F, and G for the servicemen. Full instructions regarding procedure in any such case will be given on application to any Federal Reserve Bank or branch.
Series B bonds outstanding
Series B bonds were originally issued in the amount of $370 million (purchase price). As of December 31, 1945 there were $331 million (current redemption value) of these bonds outstanding. Data on original sales, redemptions, and accrual of redemption values are summarized in the following table:
<table><tr><th colspan="2">(In millions of dollars)</th></tr><tr><td>Amount outstanding:</td><td></td></tr><tr><td>Sales (at purchase price)</td><td>370</td></tr><tr><td>Accrual of redemption values 2/</td><td>83</td></tr><tr><td>Total</td><td>453</td></tr><tr><td>Less: Redemptions 3/</td><td>122</td></tr><tr><td>Amount outstanding, 12/31/45 3/</td><td>331</td></tr><tr><td colspan="2">Approximate distribution of maturities in 1946:</td></tr><tr><td>January</td><td>40</td></tr><tr><td>February</td><td>21</td></tr><tr><td>March</td><td>24</td></tr><tr><td>April</td><td>23</td></tr><tr><td>May</td><td>20</td></tr><tr><td>June</td><td>24</td></tr><tr><td>July</td><td>32</td></tr><tr><td>August</td><td>23</td></tr><tr><td>September</td><td>23</td></tr><tr><td>October</td><td>24</td></tr><tr><td>November</td><td>23</td></tr><tr><td>December</td><td>54</td></tr><tr><td>Total</td><td>331</td></tr></table>
2/ To date of redemption or to December 31, 1945 if still outstanding.
3/ At purchase price plus accrual of redemption values.
A-28
Treasury Bulletin
Continuation of the Savings Bond Program
At the time of the announcement of the Victory Loan, Secretary Vinson stated that the sale of Series E, F, and G savings bonds would be continued through payroll savings deductions and through the other accepted channels such as banks, schools, etc., at least until such time as the inflationary pressures have been removed. Inflationary pressures are expected to continue as long as the amount of goods on the market remains below the demands built up by the public during the long period of wartime shortages. Savings bonds, even though they are easily turned into cash, have proven to be a check on immediate spending.
Approval of continuing the sale of bonds has been shown by individuals and labor and business organizations when they were polled on this question. Among individuals, polls were taken by the American Institute of Public Opinion (Gallup), by "Fortune Magazine" (Elmo Roper) in New York State, and by the Treasury Department and the Di-
vision of Program Surveys of the Department of Agriculture in the Detroit area. The results of these three surveys showed that a large majority of those polled thought that continuing the sale of savings bonds was a good idea. A survey of 500 business firms and 70 railroad companies also indicated their approval of retaining the payroll savings plan.
In order to encourage further the sale of bonds, particularly through payroll savings, the Secretary of the Treasury sent a letter to the heads of each of the participating businesses with 100 employees or more expressing the hope that they would continue to make the payroll savings plan available to their employees.
As of January 1, 1946, the War Finance Division was succeeded by the United States Savings Bonds Division to promote the sale of U. S. Savings Bonds in peacetime.
Treasury Market Financing
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with October 1943, are published in the tables on pages 32 and 33. Details of weekly Treasury bill offerings are shown on pages 34 and 35.
Refunding in December
On December 17, 1945, the Secretary of the Treasury announced the offering of 1-year 7/8% certificates of indebtedness in exchange for .90% Treasury notes due January 1, 1946. Cash subscriptions were not accepted.
The maturing issue, which was outstanding in the amount of $3,416 million, was, in effect, part of the certificate series. It was issued as of December 1, 1944 in exchange for an issue of 7/8% certificates maturing on that date. It was made a 13-month Treasury note to prevent overlapping the certificate issue then being sold in the Sixth War Loan with a maturity date of December 1, 1945.
An analysis of the Treasury reports on the ownership of Government securities indicates that, on November 30, 1945 about 82% of this issue of .90% Treasury notes was owned by the reporting commercial banks and Federal Reserve Banks.
The new certificates were dated January 1, 1946 and will mature January 1, 1947. Interest is payable on July 1, 1946 and January 1, 1947. The certificates were issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The exchange was on a par for par basis. Subscription books were open December 17-19 except for the receipt of subscriptions from holders of $100,000 or less of the maturing notes, for which they remained open through December 22.
Exchanges amounted to $3,330 million, or 97% of the maturing issue, leaving only $86 million to be paid off in cash.
Payment of 3% Conversion Bonds
On January 1, 1946 there also matured a $16 million issue of 3% conversion bonds. These had originally been issued in 1916. This maturity was paid off in cash.
February 1946
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th rowspan="2"></th><th colspan="4">First 6 months, fiscal years 1944 to 1946</th><th colspan="5">Complete fiscal years, 1944 to 1947</th></tr><tr><th>1944</th><th>1945</th><th>1946</th><th>Change 1945 to 1946</th><th>Actual 1944</th><th>Estimated 1/ 1945</th><th>Estimated 1/ 1946</th><th>Estimated 1/ 1947</th><th>Change 1945 to estimated 1946 1/</th><th>Estimated 1946 to estimated 1947 1/</th></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Receipts: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>15,387</td><td>15,060</td><td>14,099</td><td>-961</td><td>34,655</td><td>35,173</td><td>27,221</td><td>20,380</td><td>-7,952</td><td>-6,841</td></tr><tr><td>Employment taxes</td><td>804</td><td>850</td><td>819</td><td>-31</td><td>1,739</td><td>1,780</td><td>1,569</td><td>1,847</td><td>-211</td><td>+278</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>2,797</td><td>3,653</td><td>3,975</td><td>+323</td><td>5,291</td><td>6,949</td><td>7,320</td><td>7,030</td><td>+371</td><td>-290</td></tr><tr><td>Customs</td><td>210</td><td>160</td><td>197</td><td>+37</td><td>431</td><td>355</td><td>413</td><td>434</td><td>+58</td><td>+21</td></tr><tr><td>Other receipts 4/</td><td>1,480</td><td>1,254</td><td>1,448</td><td>+194</td><td>3,292</td><td>3,483</td><td>3,183</td><td>3,249</td><td>-300</td><td>+66</td></tr><tr><td>Total receipts</td><td>20,677</td><td>20,977</td><td>20,539</td><td>-438</td><td>45,408</td><td>47,740</td><td>39,707</td><td>32,939</td><td>-8,033</td><td>-6,768</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>636</td><td>663</td><td>635</td><td>-27</td><td>1,260</td><td>1,283</td><td>1,098</td><td>1,426</td><td>-185</td><td>+328</td></tr><tr><td>Net receipts</td><td>20,042</td><td>20,314</td><td>19,903</td><td>-411</td><td>44,149</td><td>46,457</td><td>38,609</td><td>31,513</td><td>-7,848</td><td>-7,096</td></tr><tr><td>Expenditures: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>24,219</td><td>24,183</td><td>19,084</td><td>-5,099</td><td>49,242</td><td>50,337</td><td>27,997</td><td>7,998</td><td>-22,340</td><td>-19,999</td></tr><tr><td>Navy Department</td><td>11,983</td><td>15,052</td><td>9,889</td><td>-5,163</td><td>26,538</td><td>30,047</td><td>14,700</td><td>5,000</td><td>-15,347</td><td>-9,700</td></tr><tr><td>Miscellaneous war activities</td><td>5,662</td><td>4,917</td><td>3,707</td><td>-1,210</td><td>11,259</td><td>9,645</td><td>6,103</td><td>3,002</td><td>-3,542</td><td>-3,101</td></tr><tr><td>Total</td><td>41,864</td><td>44,152</td><td>32,680</td><td>-11,472</td><td>87,039</td><td>90,029</td><td>48,800</td><td>16,000</td><td>-41,229</td><td>-32,800</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 6/ 7/</td><td>310</td><td>586</td><td>1,064</td><td>+477</td><td>730</td><td>2,060</td><td>3,402</td><td>4,338</td><td>+1,342</td><td>+936</td></tr><tr><td>Interest on the public debt</td><td>1,100</td><td>1,493</td><td>1,975</td><td>+482</td><td>2,609</td><td>3,617</td><td>4,750</td><td>5,000</td><td>+1,133</td><td>+250</td></tr><tr><td>Refunds of taxes and duties 8/</td><td>37</td><td>677</td><td>1,095</td><td>+418</td><td>262</td><td>1,707</td><td>2,707</td><td>1,576</td><td>+1,000</td><td>-1,131</td></tr><tr><td>Total</td><td>1,447</td><td>2,756</td><td>4,134</td><td>+1,377</td><td>3,601</td><td>7,384</td><td>10,859</td><td>10,914</td><td>+3,475</td><td>+55</td></tr><tr><td>Aid to agriculture 6/</td><td>388</td><td>196</td><td>162</td><td>-34</td><td>909</td><td>762</td><td>640</td><td>698</td><td>-121</td><td>+58</td></tr><tr><td>Social security program 6/ 9/</td><td>475</td><td>500</td><td>499</td><td>-1</td><td>803</td><td>815</td><td>931</td><td>857</td><td>+115</td><td>-72</td></tr><tr><td>Public works</td><td>246</td><td>183</td><td>189</td><td>+6</td><td>433</td><td>323</td><td>694</td><td>945</td><td>+371</td><td>+251</td></tr><tr><td>Other 6/ 10/</td><td>590</td><td>640</td><td>735</td><td>+96</td><td>958</td><td>1,092</td><td>1,607</td><td>3,082</td><td>+515</td><td>+1,474</td></tr><tr><td>International finance</td><td>-</td><td>-</td><td>174</td><td>+174</td><td>-</td><td>-</td><td>2,513</td><td>1,754</td><td>+2,513</td><td>-759</td></tr><tr><td>Anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,350</td><td>875</td><td>+1,350</td><td>-475</td></tr><tr><td>Total expenditures 5/</td><td>45,011</td><td>48,426</td><td>38,574</td><td>-9,852</td><td>93,744</td><td>100,405</td><td>67,394</td><td>35,125</td><td>-33,011</td><td>-32,269</td></tr><tr><td>Net budgetary deficit 5/</td><td>24,970</td><td>28,112</td><td>18,671</td><td>-9,441</td><td>49,595</td><td>53,948</td><td>28,785</td><td>3,612</td><td>-25,163</td><td>-25,173</td></tr></table>
Sources: Daily Treasury Statements, except as noted.
1/ Based upon the 1947 Budget.
2/ For further details, see following chapter, Tables 1 and 2.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufac-turers' and retailers' excise taxes, and estate taxes.
4/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering war-rants, such deposits were as follows: fiscal year 1943, $758 mil-lion; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 million. These figures include so-called voluntary returns.
5/ Excludes expenditures for public debt retirements which are charge-able to the sinking fund, etc. under special provisions of law. For further details regarding expenditures see following chapter. Tables 1 and 2.
6/ Includes transfers to trust accounts, etc.
7/ Includes expenditures for public works undertaken by Veterans' Administration.
8/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the social security program. For discussion of excess profits tax refund bonds, see following chapter, Table 3.
9/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act.
10/ Fiscal years 1946 and 1947 include expenditures based on proposed legislation (excluding international finance) in the amounts of $250 million and $1,500 million, respectively.
February 1946
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th></th><th colspan="4">End of first 6 months, fiscal years 1944 to 1946</th><th colspan="5">End of fiscal years, 1944 to 1947</th></tr><tr><th></th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Change Dec. 31, 1944 to Dec. 31, 1945</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1947</th><th>Actual 1945 to estimated 1946 1/</th><th>Estimated 1945 to estimated 1947 1/</th></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable.</td><td>115,230</td><td>161,648</td><td>198,778</td><td>+37,130</td><td>140,401</td><td>181,319</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable.</td><td>36,574</td><td>50,917</td><td>56,915</td><td>+5,998</td><td>44,855</td><td>56,226</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues.</td><td>151,805</td><td>212,565</td><td>255,693</td><td>+43,128</td><td>185,256</td><td>237,545</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Special issues.</td><td>12,703</td><td>16,326</td><td>20,000</td><td>+3,674</td><td>14,287</td><td>18,812</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt.</td><td>164,508</td><td>228,891</td><td>275,694</td><td>+46,802</td><td>199,543</td><td>256,357</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest.</td><td>1,370</td><td>1,739</td><td>2,421</td><td>+682</td><td>1,460</td><td>2,326</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding.</td><td>165,877</td><td>230,630</td><td>278,115</td><td>+47,484</td><td>201,003</td><td>258,682</td><td>275,000</td><td>272,000</td><td>+16,318</td><td>-4,000</td></tr><tr><td>Securities guaranteed by the United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable.</td><td>3,583</td><td>1,194</td><td>12</td><td>-1,153</td><td>1,190</td><td>34</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable.</td><td>642</td><td>275</td><td>512</td><td>+236</td><td>326</td><td>375</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt.</td><td>4,225</td><td>1,470</td><td>553</td><td>-917</td><td>1,516</td><td>409</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt.</td><td>6</td><td>44</td><td>15</td><td>-30</td><td>107</td><td>24</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding.</td><td>4,230</td><td>1,514</td><td>567</td><td>-947</td><td>1,623</td><td>433</td><td>510</td><td>635</td><td>+77</td><td>+125</td></tr><tr><td>Total public debt and guaranteed securities outstanding.</td><td>170,108</td><td>232,144</td><td>278,682</td><td>+46,538</td><td>202,626</td><td>259,115</td><td>275,510</td><td>271,635</td><td>+16,395</td><td>-3,875</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon the 1947 Budget.
2/ Details not available.
3/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
<table><tr><th rowspan="2"></th><th colspan="3">First 6 months, fiscal years 1944 to 1946</th><th colspan="4">Complete fiscal years, 1944 to 1947</th></tr><tr><th>1944</th><th>1945</th><th>1946</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th colspan="7">(In millions of dollars)</th></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td>1944</td><td>1945</td><td>1946</td><td>1947</td></tr><tr><td>Net budgetary deficit 2/</td><td>24,970</td><td>28,112</td><td>18,671</td><td>49,595</td><td>53,948</td><td>28,785</td><td>3,612</td></tr><tr><td>Net increase in General Fund balance</td><td>2,788</td><td>2,067</td><td>1,306</td><td>10,662</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/</td><td>1,424</td><td>-</td><td>-</td><td>4,051</td><td>-</td><td>317</td><td>1,075</td></tr><tr><td>Total amount required to be financed</td><td>29,181</td><td>30,180</td><td>19,976</td><td>64,307</td><td>58,477</td><td>29,102</td><td>4,688</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>29,181</td><td>29,627</td><td>19,432</td><td>64,307</td><td>57,679</td><td>16,318</td><td>4,000</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,784</td><td>8,688</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>-</td><td>553</td><td>544</td><td>-</td><td>798</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>29,181</td><td>30,180</td><td>19,976</td><td>64,307</td><td>58,477</td><td>29,102</td><td>4,688</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon the 1947 Budget. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seignorage on silver, and miscellaneous funds and accounts.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
February 1946
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Public debt retirements 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Net budgetary deficit 7/</th></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,946</td><td>900</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,117</td><td>6,641</td><td>929</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,701</td><td>7,313</td><td>1,206</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 9/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,289</td><td>7,362</td><td>392</td><td>515 9/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/ 11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>55,997</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>49,595</td><td>*</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 11/</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,646</td><td>53,948</td><td>*</td></tr><tr><td>1944-December</td><td>5,418</td><td>4,945</td><td>29</td><td>444</td><td>2</td><td>5,416</td><td>8,416</td><td>891</td><td>7,503</td><td>22</td><td>2,999</td><td>*</td></tr><tr><td>1945-January</td><td>3,587</td><td>3,042</td><td>36</td><td>509</td><td>31</td><td>3,556</td><td>8,202</td><td>581</td><td>7,551</td><td>69</td><td>4,545</td><td>-</td></tr><tr><td>February</td><td>3,987</td><td>3,815</td><td>23</td><td>149</td><td>220</td><td>3,767</td><td>7,460</td><td>463</td><td>6,948</td><td>48</td><td>3,693</td><td>-</td></tr><tr><td>March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,142</td><td>8,246</td><td>45</td><td>2,540</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,968</td><td>594</td><td>7,139</td><td>236</td><td>5,040</td><td>-</td></tr><tr><td>May</td><td>3,398</td><td>2,921</td><td>36</td><td>441</td><td>313</td><td>3,085</td><td>9,275</td><td>822</td><td>8,156</td><td>296</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,877</td><td>335</td><td>3,727</td><td>*</td></tr><tr><td>July</td><td>2,754</td><td>2,527</td><td>33</td><td>195</td><td>59</td><td>2,695</td><td>8,557</td><td>704</td><td>7,324</td><td>530</td><td>5,662</td><td>*</td></tr><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>794</td><td>6,398</td><td>162</td><td>4,357</td><td>*</td></tr><tr><td>September</td><td>5,192</td><td>4,847</td><td>30</td><td>315</td><td>2</td><td>5,189</td><td>6,611</td><td>1,212</td><td>5,365</td><td>34</td><td>1,422</td><td>-</td></tr><tr><td>October</td><td>2,581</td><td>2,340</td><td>36</td><td>205</td><td>52</td><td>2,530</td><td>5,950</td><td>789</td><td>5,124</td><td>38</td><td>3,420</td><td>*</td></tr><tr><td>November</td><td>2,609</td><td>2,383</td><td>35</td><td>191</td><td>235</td><td>2,374</td><td>4,656</td><td>431</td><td>4,224</td><td>-</td><td>2,282</td><td>*</td></tr><tr><td>December</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>4</td><td>4,118</td><td>5,445</td><td>1,201</td><td>4,244</td><td>-</td><td>1,327</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such re-
coveries totaled $54 million in the fiscal year 1940; $719 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
10/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $715 million.
11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 million. Those figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,121</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,151</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,332</td><td>*</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>*</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>*</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>*</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>*</td></tr><tr><td>1944</td><td>41,685</td><td>34,555</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td><td>*</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td><td>*</td></tr><tr><td>1944-December</td><td>4,945</td><td>4,347</td><td>741</td><td>3,606</td><td>60</td><td>4</td><td>1</td><td>55</td><td>539</td><td>*</td></tr><tr><td>1945-January</td><td>3,042</td><td>2,422</td><td>619</td><td>1,803</td><td>48</td><td>33</td><td>13</td><td>1</td><td>573</td><td>*</td></tr><tr><td>February</td><td>3,815</td><td>2,922</td><td>1,295</td><td>1,627</td><td>341</td><td>222</td><td>114</td><td>5</td><td>552</td><td>*</td></tr><tr><td>March</td><td>6,431</td><td>5,818</td><td>833</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>65</td><td>520</td><td>*</td></tr><tr><td>April</td><td>2,716</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>*</td></tr><tr><td>May</td><td>2,921</td><td>2,027</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>9</td><td>557</td><td>*</td></tr><tr><td>June</td><td>5,384</td><td>4,757</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>60</td><td>561</td><td>*</td></tr><tr><td>July</td><td>2,527</td><td>1,743</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>1</td><td>718</td><td>*</td></tr><tr><td>August</td><td>2,849</td><td>1,665</td><td>1,200</td><td>466</td><td>306</td><td>286</td><td>12</td><td>8</td><td>877</td><td>*</td></tr><tr><td>September</td><td>4,847</td><td>4,208</td><td>768</td><td>3,440</td><td>66</td><td>5</td><td>2</td><td>59</td><td>573</td><td>*</td></tr><tr><td>October</td><td>2,340</td><td>1,593</td><td>572</td><td>1,021</td><td>58</td><td>54</td><td>3</td><td>1</td><td>669</td><td>*</td></tr><tr><td>November</td><td>2,383</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td><td>*</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td><td>*</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ For further details, see chapter entitled "Internal Revenue Statistics". 2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ 4/ includes unjust enrichment tax. For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social security program 3/ 5/</th><th>Public works 7/</th><th>Department not otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1936</td><td>5,946</td><td>1,381</td><td>578</td><td>749</td><td>54</td><td>4,564</td><td>933</td><td>29</td><td>730</td><td>424</td><td>486</td><td>1,759</td><td>204</td></tr><tr><td>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>971</td><td>184</td><td>1,024</td><td>510</td><td>386</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td></td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td></td><td></td><td>101</td></tr><tr><td>1944-December</td><td>891</td><td>729</td><td>74</td><td>560</td><td>95</td><td>162</td><td>27</td><td>33</td><td>30</td><td>66</td><td></td><td></td><td>6</td></tr><tr><td>1945-January</td><td>581</td><td>369</td><td>78</td><td>191</td><td>100</td><td>213</td><td>51</td><td>54</td><td>31</td><td>67</td><td></td><td></td><td>10</td></tr><tr><td>February</td><td>463</td><td>322</td><td>75</td><td>91</td><td>156</td><td>142</td><td>20</td><td>32</td><td>19</td><td>64</td><td></td><td>-1</td><td>8</td></tr><tr><td>March</td><td>1,142</td><td>947</td><td>85</td><td>628</td><td>234</td><td>194</td><td>55</td><td>37</td><td>24</td><td>70</td><td></td><td></td><td>8</td></tr><tr><td>April</td><td>594</td><td>369</td><td>85</td><td>139</td><td>145</td><td>225</td><td>85</td><td>50</td><td>20</td><td>61</td><td></td><td></td><td>9</td></tr><tr><td>May</td><td>822</td><td>342</td><td>95</td><td>66</td><td>181</td><td>480 12/</td><td>338 12/</td><td>40</td><td>20</td><td>71</td><td></td><td></td><td>11</td></tr><tr><td>June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</td><td>67</td><td></td><td></td><td>8</td></tr><tr><td>July</td><td>704</td><td>525</td><td>103</td><td>156</td><td>266</td><td>177</td><td>28</td><td>47</td><td>31</td><td>65</td><td>13/</td><td>13/</td><td>6</td></tr><tr><td>August</td><td>794</td><td>556</td><td>110</td><td>99</td><td>347</td><td>239</td><td>46</td><td>61</td><td>34</td><td>74</td><td>13/</td><td>13/</td><td>24</td></tr><tr><td>September</td><td>1,212</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>152</td><td>26</td><td>24</td><td>29</td><td>64</td><td>13/</td><td>13/</td><td>9</td></tr><tr><td>October</td><td>789</td><td>387</td><td>133</td><td>172</td><td>82</td><td>402</td><td>35</td><td>73</td><td>37</td><td>68</td><td>13/</td><td>13/</td><td>190 11/</td></tr><tr><td>November</td><td>431</td><td>281</td><td>142</td><td>84</td><td>56</td><td>150</td><td>20</td><td>31</td><td>19</td><td>66</td><td>13/</td><td>13/</td><td>13</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>179</td><td>26</td><td>37</td><td>38</td><td>67</td><td>13/</td><td>13/</td><td>11</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: For monthly data for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 6 and 7.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government". Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when each redemptions occur, they will appear as retirements of public debt.
5/ Consists of Administration of Sugar Act of 1937, Agricultural Adjustment Agency, exportation and domestic consumption of agricultural commodities, Farm Credit Administration, Farm Security Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Soil Conservation and Extension Service, Department of Agriculture departmental expenditures, and other.
6/ Includes railroad retirement and railroad unemployment activities and exclusive expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority
of Social Security Act. For further details, see tables which follow on the Social security program.
7/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures.
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6.
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, Disaster Loan Corporation, and surplus property disposal.
11/ Gross expenditures have been reduced $160 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1945, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
14/ Includes $174 million, Export-Import Bank of Washington - capital stock.
February 1946
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Miscellaneous war activities</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United States Relief and Rehabilitation Admin.</th><th>Other war activities-expenditures 2/</th></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>1,022</td></tr><tr><td>1944-December</td><td>7,503</td><td>4,194</td><td>2,439</td><td>870</td><td>112</td><td>8</td><td>15</td><td>14</td><td>4</td><td>124</td><td>312</td><td>183</td><td>-</td><td>-</td><td>97</td></tr><tr><td>1945-January</td><td>7,551</td><td>4,294</td><td>2,539</td><td>718</td><td>102</td><td>14</td><td>17</td><td>6</td><td>4</td><td>137</td><td>184</td><td>180</td><td>-</td><td>2</td><td>72</td></tr><tr><td>February</td><td>6,948</td><td>3,866</td><td>2,392</td><td>690</td><td>147</td><td>5</td><td>12</td><td>-24</td><td>5</td><td>94</td><td>228</td><td>166</td><td>-</td><td>3</td><td>56</td></tr><tr><td>March</td><td>8,246</td><td>4,684</td><td>2,759</td><td>803</td><td>85</td><td>9</td><td>14</td><td>8</td><td>4</td><td>136</td><td>259</td><td>189</td><td>-</td><td>8</td><td>91</td></tr><tr><td>April</td><td>7,139</td><td>4,116</td><td>2,292</td><td>731</td><td>68</td><td>11</td><td>11</td><td>8</td><td>5</td><td>104</td><td>246</td><td>168</td><td>-</td><td>27</td><td>84</td></tr><tr><td>May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>901</td><td>87</td><td>5</td><td>19</td><td>1</td><td>5</td><td>159</td><td>259</td><td>209</td><td>60</td><td>27</td><td>68</td></tr><tr><td>June</td><td>7,837</td><td>4,664</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>60</td><td>42</td><td>71</td></tr><tr><td>July</td><td>7,324</td><td>4,270</td><td>2,261</td><td>793</td><td>89</td><td>5</td><td>12</td><td>18</td><td>5</td><td>123</td><td>195</td><td>159</td><td>70</td><td>45</td><td>71</td></tr><tr><td>August</td><td>6,398</td><td>3,545</td><td>2,149</td><td>703</td><td>98</td><td>20</td><td>12</td><td>8</td><td>6</td><td>74</td><td>161</td><td>191</td><td>34</td><td>15</td><td>83</td></tr><tr><td>September</td><td>5,365</td><td>3,264</td><td>1,659</td><td>443</td><td>39</td><td>8</td><td>9</td><td>13</td><td>5</td><td>43</td><td>90</td><td>162</td><td>-</td><td>15</td><td>58</td></tr><tr><td>October</td><td>5,124</td><td>2,976</td><td>1,590</td><td>557</td><td>51</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>88</td><td>178</td><td>-</td><td>42</td><td>62</td></tr><tr><td>November</td><td>4,224</td><td>2,552</td><td>1,239</td><td>433</td><td>74</td><td>2</td><td>7</td><td>-1</td><td>5</td><td>57</td><td>67</td><td>150</td><td>-</td><td>13</td><td>59</td></tr><tr><td>December</td><td>4,244</td><td>2,476</td><td>990</td><td>778</td><td>445 3/</td><td>1</td><td>9</td><td>4</td><td>4</td><td>72</td><td>44</td><td>118</td><td>-</td><td>36</td><td>46</td></tr></table>
Sources: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1943 appeared in the "Treasury Bulletin" for May 1943, page 7.
* Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under "Other departmental" and "Other general expenditures" in Table 3. Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management);
Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter such expenditures are reflected within the respective departments. 3/ Payment of $370,286,944 was made on Dec. 29, 1945, by the Federal Surplus Commodities Corporation of the Department of Agriculture to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the lend-lease program and reflected in previous expenditures by the Commodity Credit Corporation.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/2/</th><th>Social security program 1/3/</th><th>Government Employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/4/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1936</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>559</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>-</td><td>6</td></tr><tr><td>1944-December</td><td>22</td><td>22</td><td>-</td><td>/</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>69</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>48</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>236</td><td>200</td><td>36</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>296</td><td>296</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>530</td><td>105</td><td>190</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>August</td><td>162</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>38</td><td>1</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Additional transactions are shown in Table J. 2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration. 3/ Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social security program. Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1930
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>304</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,415</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,957</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,613</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>44,505</td></tr></table>
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
February 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
8-168-H
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1936</td><td>-85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,861</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-4,051</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+798</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1944-December</td><td>-193</td><td>-305</td><td>5</td><td>309</td><td>-19</td><td>99</td><td>118</td><td>*</td><td>38</td><td>38</td><td>*</td><td>*</td><td>1</td></tr><tr><td>1945-January</td><td>+238</td><td>+29</td><td>36</td><td>7</td><td>+2</td><td>116</td><td>114</td><td>+17</td><td>98</td><td>81</td><td>*</td><td>35</td><td>34</td></tr><tr><td>February</td><td>+101</td><td>+200</td><td>220</td><td>19</td><td>+11</td><td>128</td><td>117</td><td>-14</td><td>212</td><td>227</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>March</td><td>+262</td><td>-200</td><td>23</td><td>223</td><td>-7</td><td>122</td><td>129</td><td>-3</td><td>43</td><td>46</td><td>-2</td><td>*</td><td>1</td></tr><tr><td>April</td><td>+9</td><td>+17</td><td>39</td><td>22</td><td>+51</td><td>284</td><td>233</td><td>+16</td><td>47</td><td>31</td><td>+1</td><td>36</td><td>35</td></tr><tr><td>May</td><td>+686</td><td>+290</td><td>313</td><td>23</td><td>+74</td><td>377</td><td>303</td><td>-12</td><td>278</td><td>290</td><td>*</td><td>*</td><td>*</td></tr><tr><td>June</td><td>-1,050</td><td>-308</td><td>107</td><td>415</td><td>-101</td><td>475</td><td>575</td><td>*</td><td>97</td><td>97</td><td>+1</td><td>13</td><td>13</td></tr><tr><td>July</td><td>-116</td><td>+36</td><td>59</td><td>23</td><td>-10</td><td>189</td><td>199</td><td>+23</td><td>73</td><td>50</td><td>-1</td><td>180</td><td>180</td></tr><tr><td>August</td><td>-50</td><td>+260</td><td>283</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>-13</td><td>259</td><td>273</td><td>*</td><td>*</td><td>*</td></tr><tr><td>September</td><td>-95</td><td>-286</td><td>11</td><td>296</td><td>-48</td><td>120</td><td>169</td><td>+6</td><td>41</td><td>35</td><td>*</td><td>*</td><td>*</td></tr><tr><td>October</td><td>+302</td><td>+27</td><td>52</td><td>25</td><td>-7</td><td>89</td><td>96</td><td>+25</td><td>43</td><td>17</td><td>-1</td><td>37</td><td>38</td></tr><tr><td>November</td><td>+390</td><td>+226</td><td>235</td><td>9</td><td>-1</td><td>85</td><td>86</td><td>+10</td><td>184</td><td>174</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>December</td><td>+113</td><td>-264</td><td>11</td><td>276</td><td>+7</td><td>101</td><td>93</td><td>-30</td><td>42</td><td>72</td><td>+1</td><td>*</td><td>-1</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 2/</th><th colspan="3">Transactions in checking accounts of Government agencies, etc. (net)</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936</td><td>+34</td><td>2,053</td><td>2,020</td><td>-403</td><td>+176</td><td>-</td><td>-</td><td>-</td><td>+108</td><td>4/</td><td>4/</td></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-</td><td>-</td><td>-</td><td>+314</td><td>4/</td><td>4/</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>5/</td><td>5/</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>-</td><td>-2</td><td>+768</td><td>+1,106</td><td>-337</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>-</td><td>+49</td><td>+16</td><td>43</td><td>27</td><td>+34</td><td>+288</td><td>-254</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>-</td><td>+20</td><td>+11</td><td>244</td><td>233</td><td>-217</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>-</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>-</td><td>-</td><td>+241</td><td>155</td><td>-86</td><td>-2,194</td><td>-694</td><td>-1,500</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>8</td><td>-</td><td>+204</td><td>-3</td><td>-207</td><td>-4,403</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>-</td><td>-</td><td>+1,302</td><td>-</td><td>-1,302</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1944-December</td><td>+42</td><td>83</td><td>41</td><td>-</td><td>-</td><td>+253</td><td>-</td><td>-253</td><td>-164</td><td>-19</td><td>-145</td></tr><tr><td>1945-January</td><td>+32</td><td>135</td><td>103</td><td>-</td><td>-</td><td>+137</td><td>-</td><td>-137</td><td>+21</td><td>-37</td><td>+57</td></tr><tr><td>February</td><td>+140</td><td>122</td><td>-18</td><td>-</td><td>-</td><td>+76</td><td>-</td><td>-76</td><td>-313</td><td>-305</td><td>-8</td></tr><tr><td>March</td><td>+73</td><td>148</td><td>75</td><td>-</td><td>-</td><td>-7</td><td>-</td><td>7</td><td>+407</td><td>-4</td><td>+411</td></tr><tr><td>April</td><td>+10</td><td>128</td><td>117</td><td>-</td><td>-</td><td>-15</td><td>-</td><td>15</td><td>-71</td><td>-4</td><td>-68</td></tr><tr><td>May</td><td>+109</td><td>153</td><td>43</td><td>-</td><td>-</td><td>+70</td><td>-</td><td>-70</td><td>+154</td><td>-147</td><td>+301</td></tr><tr><td>June</td><td>+84</td><td>226</td><td>142</td><td>-</td><td>-</td><td>+51</td><td>-</td><td>-51</td><td>-778</td><td>-157</td><td>-21</td></tr><tr><td>July</td><td>+53</td><td>355</td><td>302</td><td>-</td><td>+35</td><td>-29</td><td>-</td><td>29</td><td>-222</td><td>-267</td><td>+45</td></tr><tr><td>August</td><td>-313</td><td>82</td><td>394</td><td>-</td><td>+8</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-176</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>-</td><td>+21</td><td>+55</td><td>-</td><td>-55</td><td>-51</td><td>-10</td><td>-41</td></tr><tr><td>October</td><td>+84</td><td>179</td><td>95</td><td>-</td><td>+17</td><td>-118</td><td>-</td><td>118</td><td>+274</td><td>+29</td><td>+246</td></tr><tr><td>November</td><td>+81</td><td>194</td><td>113</td><td>-</td><td>+17</td><td>-24</td><td>-</td><td>24</td><td>+79</td><td>-24</td><td>+103</td></tr><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>-</td><td>+21</td><td>-74</td><td>-</td><td>74</td><td>+395</td><td>-10</td><td>+405</td></tr></table>
Sources: Daily Treasury Statements.
Back Figures: For monthly data for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 11 and 12.
Less than $500,000.
1/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945,
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 4/ Details not available.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,906</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,477</td><td>53,948</td><td>4,529</td><td>-</td><td>58,477</td><td>57,679</td><td>-</td><td>798</td></tr><tr><td>1944-December</td><td>15,626</td><td>2,999</td><td>12,433</td><td>193</td><td>15,626</td><td>15,626</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>4,645</td><td>4,645</td><td>-</td><td>-</td><td>4,645</td><td>1,778</td><td>2,630</td><td>238</td></tr><tr><td>February</td><td>3,693</td><td>3,693</td><td>-</td><td>-</td><td>3,693</td><td>1,300</td><td>2,292</td><td>101</td></tr><tr><td>March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</td></tr><tr><td>May</td><td>6,190</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td><td>3,763</td><td>1,741</td><td>686</td></tr><tr><td>June</td><td>19,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>19,850</td><td>19,850</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,978</td><td>5,862</td><td>-</td><td>116</td><td>5,978</td><td>3,362</td><td>2,615</td><td>-</td></tr><tr><td>August</td><td>4,407</td><td>4,357</td><td>-</td><td>50</td><td>4,407</td><td>956</td><td>3,451</td><td>-</td></tr><tr><td>September</td><td>1,517</td><td>1,422</td><td>-</td><td>95</td><td>1,517</td><td>-980</td><td>2,497</td><td>-</td></tr><tr><td>October</td><td>3,420</td><td>3,420</td><td>-</td><td>-</td><td>3,420</td><td>-203</td><td>3,321</td><td>302</td></tr><tr><td>November</td><td>3,914</td><td>2,282</td><td>1,632</td><td>-</td><td>3,914</td><td>3,524</td><td>-</td><td>390</td></tr><tr><td>December</td><td>12,886</td><td>1,327</td><td>11,558</td><td>-</td><td>12,886</td><td>12,773</td><td>-</td><td>113</td></tr></table>
Source: Daily Treasury Statements
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law. 
2/ Comprises trust accounts, checking accounts of Government agencies,
etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
2/ Comprise trust accounts, checking accounts of Government agencies.
February 1946
11
12
Treasury Bulletin
Social Security Program
Section I. - Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1944-December</td><td>4.9</td><td>4.0</td><td>.9</td><td>2.1</td><td>2.8</td></tr><tr><td>1945-January</td><td>46.5</td><td>33.3</td><td>13.2</td><td>31.0</td><td>15.5</td></tr><tr><td>February</td><td>336.3</td><td>222.1</td><td>114.3</td><td>219.7</td><td>116.6</td></tr><tr><td>March</td><td>27.4</td><td>17.6</td><td>9.7</td><td>15.3</td><td>12.0</td></tr><tr><td>April</td><td>44.0</td><td>41.2</td><td>2.8</td><td>38.8</td><td>5.2</td></tr><tr><td>May</td><td>328.0</td><td>315.6</td><td>12.3</td><td>313.2</td><td>14.7</td></tr><tr><td>June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr><tr><td>July</td><td>64.5</td><td>61.5</td><td>3.0</td><td>59.0</td><td>5.5</td></tr><tr><td>August</td><td>297.9</td><td>285.8</td><td>12.1</td><td>283.3</td><td>14.5</td></tr><tr><td>September</td><td>6.5</td><td>4.7</td><td>1.8</td><td>2.3</td><td>4.2</td></tr><tr><td>October</td><td>57.0</td><td>54.4</td><td>2.6</td><td>51.6</td><td>5.4</td></tr><tr><td>November</td><td>248.0</td><td>237.8</td><td>10.3</td><td>234.9</td><td>13.1</td></tr><tr><td>December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.5</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="8">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Old-age and disability</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service</th><th>Maternal and child health services</th><th>Department of Labor Services for crippled children</th><th>Child welfare service</th><th>Office for Emergency Management</th><th>War Manpower Commission (U. S. Employment Service)</th></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>-</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 $/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.3</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1944-December</td><td>32.9</td><td>2.7</td><td>29.6</td><td>25.0</td><td>3.2</td><td>.7</td><td>*</td><td>.1</td><td>.3</td><td>.3</td><td>*</td><td>*</td><td>.6</td><td>30.1</td></tr><tr><td>1945-January</td><td>53.3</td><td>2.9</td><td>49.5</td><td>31.6</td><td>5.1</td><td>1.0</td><td>8.6</td><td>1.9</td><td>.6</td><td>.5</td><td>.3</td><td>*</td><td>.8</td><td>37.8</td></tr><tr><td>February</td><td>31.8</td><td>2.3</td><td>28.9</td><td>22.4</td><td>4.6</td><td>.8</td><td>*</td><td>.3</td><td>.6</td><td>.3</td><td>*</td><td>*</td><td>.6</td><td>-84.8</td></tr><tr><td>March</td><td>36.1</td><td>3.2</td><td>32.5</td><td>27.6</td><td>3.4</td><td>.8</td><td>.1</td><td>.2</td><td>.3</td><td>.2</td><td>*</td><td>*</td><td>.5</td><td>24.1</td></tr><tr><td>April</td><td>49.3</td><td>2.8</td><td>45.9</td><td>31.6</td><td>4.7</td><td>1.0</td><td>4.8</td><td>2.2</td><td>.7</td><td>.6</td><td>.3</td><td>*</td><td>.6</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>.1</td><td>.2</td><td>.5</td><td>.4</td><td>*</td><td>*</td><td>.6</td><td>24.6</td></tr><tr><td>June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td>-</td><td>*</td><td>.7</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>.7</td><td>8.8</td><td>.2</td><td>.4</td><td>.2</td><td>.1</td><td>*</td><td>.6</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td>-</td><td>.4</td><td>.5</td><td>.2</td><td>*</td><td>.5</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>.2</td><td>2.3</td><td>-</td><td>.4</td><td>.2</td><td>*</td><td>*</td><td>.8</td><td>19.0</td></tr><tr><td>October</td><td>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>-</td><td>.6</td><td>66.6</td></tr><tr><td>November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>.5</td><td>1.2</td><td>-</td><td>.3</td><td>.3</td><td>.1</td><td>*</td><td>.5</td><td>17.8</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>*</td><td>-</td><td>.2</td><td>32.4</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Include amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II, Table 1.
4 Include only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1930, includes also administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5 Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1936, appropriated $11 million for refunding to certain States portions of Federal employees' tax for 1936 collected under the Social Security Act.
February 1946
13
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taring Act of 1937</th><th>Total</th><th>Expenditures Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1944-December</td><td>55.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-55.1</td></tr><tr><td>1945-January</td><td>1.2</td><td>34.8</td><td>.2</td><td>34.5</td><td>.1</td><td>33.7</td></tr><tr><td>February</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td>.1</td><td>-4.4</td></tr><tr><td>March</td><td>65.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.3</td></tr><tr><td>April</td><td>1.5</td><td>35.7</td><td>.2</td><td>35.5</td><td>*</td><td>34.2</td></tr><tr><td>May</td><td>8.6</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-8.3</td></tr><tr><td>June</td><td>60.0</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-59.8</td></tr><tr><td>July</td><td>1.5</td><td>180.1</td><td>.2</td><td>179.9</td><td>-</td><td>178.6</td></tr><tr><td>August</td><td>8.3</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.2</td></tr><tr><td>September</td><td>59.4</td><td>.3</td><td>.3</td><td>-</td><td>*</td><td>-59.1</td></tr><tr><td>October</td><td>1.5</td><td>37.2</td><td>.2</td><td>37.0</td><td>*</td><td>35.7</td></tr><tr><td>November</td><td>8.5</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.4</td></tr><tr><td>December</td><td>58.5</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-58.2</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
1
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-.6</td></tr><tr><td>1944-December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1945-January</td><td>-</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>April</td><td>-</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>May</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>July</td><td>-</td><td>9.5</td><td>.3</td><td>9.6</td><td>9.9</td></tr><tr><td>August</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>September</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>October</td><td>-</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $15.0 million and were distributed by calendar
years, as follows: 1937, $5.3 million; 1938, $6.3 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance).
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
Treasury Bulletin
14
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th colspan="2">In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>5.4</td><td>5.4</td><td>-</td><td>267.2</td><td>267.1</td><td>1.1</td><td>1.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>19.3</td><td>19.3</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>13.4</td><td>35.1</td><td>12.3</td><td>1,180.3</td><td>1,177.2</td><td>1.5</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,463.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1945-October</td><td>7,965.5</td><td>7,427.8</td><td>537.8</td><td>1,041.6</td><td>878.4</td><td>163.2</td><td>6,923.9</td><td>6,819.3</td><td>66.0</td><td>38.7</td></tr><tr><td>November</td><td>8,203.4</td><td>7,665.5</td><td>537.9</td><td>1,068.5</td><td>902.5</td><td>166.0</td><td>7,134.9</td><td>6,804.3</td><td>288.0</td><td>42.6</td></tr><tr><td>December</td><td>8,217.7</td><td>7,672.4</td><td>545.2</td><td>1,097.0</td><td>928.1</td><td>168.9</td><td>7,120.7</td><td>7,054.4</td><td>21.4</td><td>44.9</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age Reserve
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expendituree</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance<br>In General Fund</th><th>Unexpended balance<br>in disbursing officer's account</th></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>117.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>57.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,114.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,463.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1945-October</td><td>1,760.3</td><td>1,717.6</td><td>42.7</td><td>1,002.1</td><td>758.2</td><td>668.5</td><td>75.1</td><td>14.6</td></tr><tr><td>November</td><td>1,760.4</td><td>1,717.6</td><td>42.8</td><td>1,012.4</td><td>748.1</td><td>656.5</td><td>75.2</td><td>16.4</td></tr><tr><td>December</td><td>1,760.9</td><td>1,717.8</td><td>43.0</td><td>1,024.2</td><td>736.7</td><td>644.0</td><td>88.1</td><td>4.6</td></tr></table>
Source: Daily Treasury Statements.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</th><th>Transfers from Railroad Unemployment Insurance Administration Fund</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account</th><th>Railroad Unemployment Account</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,115.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td></tr><tr><td>1945-October</td><td>10,104.2</td><td>8,912.2</td><td>532.1</td><td>106.5</td><td>47.6</td><td>2,572.6</td><td>2,421.1</td><td>106.5</td><td>45.0</td><td>7,531.6</td><td>7,483.2</td><td>47.7</td></tr><tr><td>November</td><td>10,288.2</td><td>9,095.3</td><td>532.8</td><td>106.5</td><td>47.6</td><td>2,681.2</td><td>2,529.4</td><td>106.5</td><td>45.4</td><td>7,607.0</td><td>7,548.2</td><td>57.0</td></tr><tr><td>December</td><td>10,330.5</td><td>9,104.1</td><td>561.5</td><td>106.5</td><td>47.5</td><td>2,793.1</td><td>2,640.6</td><td>106.5</td><td>46.0</td><td>7,557.4</td><td>7,508.2</td><td>26.0</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes advance of $1.5 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounte of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). For railroad unemployment benefits and refunds.
February 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program
As of December 31, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942</td><td>$12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943</td><td>23,738,865,474 3/</td><td>$2,171,000,000 1/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China)</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942</td><td>18,932,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund)</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training)</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942</td><td>655,074,740 3/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1945</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943</td><td>6,299,361,448 3/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>$139,736,203,988</td><td>$2,321,000,000</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$2,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>Mar. 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944</td><td>1,395,013,559</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944</td><td>27,637,226,198 3/</td><td>$9,000,000</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Department of State, Justice, and Commerce Appropriation Act, 1944</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943</td><td>31,979,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944</td><td>2,911,697,224</td><td>10,456,710</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department)</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program)</td><td>-</td><td>2,354,213,727 4/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$2,373,670,437</td></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,080</td><td>$38,266,050</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>10,400,000</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945 5/</td><td>27,569,798,301 3/</td><td>2,000,000,000</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945 5/</td><td>1,451,840</td><td>-</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945</td><td>6,836,008,943</td><td>4,603,467,659 6/</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,111,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 3/</td><td>2,076,828,396 4/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>19,750,000</td><td>-</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945</td><td>410,291,029 3/</td><td>60,000,000 4/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$55,913,179,984 6/</td><td>$8,791,160,682 6/</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of December 31, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 7, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 1945</td><td>40</td><td>First Deficiency Appropriation Act, 1945</td><td>2,015,384,143 3/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946</td><td>14,986,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Department of State, Justice and Commerce Appropriation Act, 1946</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946</td><td>23,601,136,064 1/</td><td>$1,399,008,413</td></tr><tr><td>June 12, 1945</td><td>83</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>2,200,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>123</td><td>Interior Department Appropriation Act, 1946</td><td>10,525,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>124</td><td>Labor - Federal Security Appropriation Act, 1946</td><td>197,011,554</td><td>-</td></tr><tr><td>July 3, 1945</td><td>126</td><td>Military Appropriation Act, 1946</td><td>21,496,902,030</td><td>-</td></tr><tr><td>July 5, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945</td><td>3,527,335,808</td><td>-</td></tr><tr><td>July 17, 1945</td><td>156</td><td>National War Agencies Appropriation Act, 1946</td><td>729,364,850</td><td>-</td></tr><tr><td>Dec. 14, 1945</td><td>259</td><td>United Nations Relief and Rehabilitation Administration Participation Act, 1946</td><td>550,000,000</td><td>-</td></tr><tr><td>Dec. 28, 1945</td><td>269</td><td>First Deficiency Appropriation Act, 1946</td><td>781,382,629</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session</td><td>$53,020,913,491</td><td>$1,399,008,413</td></tr><tr><td colspan="5">Rescissions</td></tr><tr><td>June 22, 1944</td><td>347</td><td>78th Congress, Second Session: Naval Appropriation Act, 1945</td><td>$ -7,500,000</td><td>-</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>-30,257,572</td><td>-</td></tr><tr><td>May 29, 1945</td><td>68</td><td>79th Congress, First Session: Joint Resolution (U. S. Maritime Commission)</td><td>-3,100,000,000</td><td>$-4,265,000,000</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations)</td><td>-82,054,000</td><td>-</td></tr><tr><td colspan="3">Total, rescissions</td><td>$-3,219,811,572</td><td>$-4,265,000,000</td></tr><tr><td colspan="5">In pending legislation</td></tr><tr><td colspan="3">First Supplemental Surplus Appropriation Rescission Bill, 1946 2/</td><td>$-47,570,755,898</td><td>$-1,880,133,879 2/</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 10/</td><td>$ 8,994,015,828</td><td>$ 662,000,000</td></tr><tr><td colspan="3">Total, 77th Congress, First Session 10/</td><td>49,396,437,450</td><td>$ 2,321,000,000</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>139,736,203,988</td><td>2,373,670,437</td></tr><tr><td colspan="3">Total, 78th Congress, First Session</td><td>105,916,492,321</td><td>8,791,160,682 6/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>55,913,179,984 6/</td><td>1,399,008,413</td></tr><tr><td colspan="3">Total, 79th Congress, First Session</td><td>53,020,913,491</td><td>-</td></tr><tr><td colspan="3">Permanent appropriations and net transfers from other than war activities appropriations 11/</td><td>507,720,785</td><td>-</td></tr><tr><td colspan="3">Total approved</td><td>$413,484,963,846</td><td>$15,546,839,532</td></tr><tr><td colspan="3">Total rescinded</td><td>-3,219,811,572</td><td>-4,265,000,000</td></tr><tr><td colspan="3">Total pending (79th Congress, First Session)</td><td>-47,570,755,898</td><td>-1,880,133,879</td></tr><tr><td colspan="3">Liquidations of 1940 and prior contract authorizations</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total approved, rescinded, pending appropriations or rescissions, and net contract authorizations 1/</td><td>$362,226,523,530</td><td>$9,401,705,653</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Re-construction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations). available for expenditure in the fiscal year 1941.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.
3/ Includes appropriations made available for prior years. For amounts, see appropriate footnotes in "Treasury Bulletin" for July, 1945, page 16.
4/ Unappropriated contract authorizations for the naval expansion program are as follows:
Public Law No. 441 $2,171,000,000
Public Law No. 204 (Estimated by Navy Department) 2,354,213,727
Public Law No. 375 55,000,000
Public Law No. 375 (Estimated by Navy Department) 2,021,828,396
Public Law No. 529 60,000,000
5/ The amounts of appropriations repealed by Congress and carried to the surplus fund in accordance with the provisions of this act are shown separately below.
6/ Revised to adjust classification.
7/ Includes $180,000,000 for the fiscal year 1945.
8/ The amount for this bill represent existing appropriations and contract authorizations which were to be repealed. Such bill, after passing both houses of Congress, was submitted to the President but returned unassigned by him to the Congress.
9/ Excludes reclassification of the United States Maritime Commission in the amount of $325,900,000 and the unobligated portion of the contract authorization under Bureau of Aeronautics, Aviation, Navy, included in H. R. 4407.
10/ For details of appropriations made by the 76th Congress, Third Session and 77th Congress, First Session, see "Treasury Bulletin" for March, 1944, page 5.
11/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $57,133,291 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $270,289,156.
February 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="2">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes.</td><td>4,347</td><td>2,422</td><td>2,922</td><td>5,818</td><td>2,167</td><td>2,027</td><td>1,757</td><td>1,743</td><td>1,665</td><td>4,208</td><td>1,593</td><td>1,524</td><td>3,366</td></tr><tr><td>Employment taxes.</td><td>60</td><td>48</td><td>341</td><td>93</td><td>45</td><td>337</td><td>66</td><td>66</td><td>306</td><td>66</td><td>58</td><td>257</td><td>66</td></tr><tr><td>Miscellaneous internal revenue.</td><td>539</td><td>573</td><td>552</td><td>520</td><td>534</td><td>557</td><td>561</td><td>718</td><td>877</td><td>573</td><td>689</td><td>602</td><td>516</td></tr><tr><td>Customs.</td><td>29</td><td>36</td><td>23</td><td>33</td><td>33</td><td>36</td><td>33</td><td>33</td><td>32</td><td>30</td><td>36</td><td>35</td><td>32</td></tr><tr><td>Other.</td><td>436</td><td>463</td><td>148</td><td>143</td><td>188</td><td>439</td><td>488</td><td>151</td><td>399</td><td>315</td><td>204</td><td>190</td><td>133</td></tr><tr><td>Subtotal.</td><td>5,410</td><td>3,541</td><td>3,986</td><td>6,907</td><td>2,967</td><td>3,396</td><td>5,906</td><td>2,710</td><td>3,280</td><td>5,192</td><td>2,581</td><td>2,609</td><td>4,112</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposite by States and Railroad Retirement Board).</td><td>36</td><td>44</td><td>212</td><td>40</td><td>47</td><td>278</td><td>31</td><td>63</td><td>259</td><td>37</td><td>42</td><td>184</td><td>37</td></tr><tr><td>Trust account 2/.</td><td>158</td><td>216</td><td>202</td><td>221</td><td>210</td><td>233</td><td>214</td><td>239</td><td>174r</td><td>369r</td><td>282r</td><td>295r</td><td>257</td></tr><tr><td>Subtotal.</td><td>193</td><td>259</td><td>415</td><td>261</td><td>258</td><td>511</td><td>248</td><td>301r</td><td>433r</td><td>406r</td><td>324r</td><td>478r</td><td>295</td></tr><tr><td>Total cash income.</td><td>5,604</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012r</td><td>3,713r</td><td>5,597r</td><td>2,905r</td><td>3,087r</td><td>4,407</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>7,503</td><td>7,551</td><td>6,948</td><td>8,246</td><td>7,139</td><td>8,156</td><td>7,837</td><td>7,324</td><td>6,398</td><td>5,365</td><td>5,124</td><td>4,224</td><td>4,244</td></tr><tr><td>Veterans' Administration.</td><td>74</td><td>78</td><td>75</td><td>85</td><td>85</td><td>95</td><td>96</td><td>103</td><td>110</td><td>112</td><td>133</td><td>142</td><td>162</td></tr><tr><td>Public works 3/.</td><td>30</td><td>31</td><td>19</td><td>24</td><td>20</td><td>20</td><td>25</td><td>31</td><td>34</td><td>29</td><td>37</td><td>19</td><td>38</td></tr><tr><td>Aid to agriculture 4/.</td><td>27</td><td>51</td><td>20</td><td>55</td><td>85</td><td>82</td><td>16</td><td>78r</td><td>46</td><td>26</td><td>35</td><td>20</td><td>26</td></tr><tr><td>Social security program 5/.</td><td>33</td><td>54</td><td>32</td><td>37</td><td>50</td><td>40</td><td>33</td><td>47</td><td>61</td><td>24</td><td>73</td><td>31</td><td>37</td></tr><tr><td>Interest on the public debt 6/.</td><td>521</td><td>87</td><td>60</td><td>585</td><td>113</td><td>45</td><td>637</td><td>108</td><td>69</td><td>597</td><td>140</td><td>55</td><td>753</td></tr><tr><td>Other 1/.</td><td>116</td><td>130</td><td>173</td><td>224</td><td>106</td><td>111</td><td>193</td><td>301</td><td>420</td><td>355</td><td>161</td><td>116</td><td>125</td></tr><tr><td>Subtotal.</td><td>8,304</td><td>7,981</td><td>7,321</td><td>9,256</td><td>7,597</td><td>8,549</td><td>8,838</td><td>7,993r</td><td>7,138</td><td>6,509</td><td>5,701</td><td>4,608</td><td>5,185</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>-21</td><td>68</td><td>4</td><td>-128</td><td>-68</td><td>32</td><td>113</td><td>71</td><td>63</td><td>57</td><td>34</td><td>-76</td><td>15</td></tr><tr><td>Other.</td><td>57</td><td>21</td><td>-27</td><td>-7</td><td>-32</td><td>-73</td><td>-10</td><td>-5</td><td>-4</td><td>17</td><td>3</td><td>114</td><td>-34</td></tr><tr><td>Commodity Credit Corporation.</td><td>5</td><td>7</td><td>16</td><td>7</td><td>69</td><td>151</td><td>9</td><td>-43</td><td>137</td><td>54</td><td>-62</td><td>-48</td><td>-401</td></tr><tr><td>Unemployment Trust Fund.</td><td>5</td><td>7</td><td>7</td><td>8</td><td>6</td><td>7</td><td>8</td><td>15</td><td>22</td><td>55</td><td>107</td><td>109</td><td>112</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>19</td><td>20</td><td>19</td><td>23</td><td>22</td><td>23</td><td>22</td><td>23</td><td>23</td><td>23</td><td>25</td><td>24</td><td>25</td></tr><tr><td>Railroad Retirement Account.</td><td>12</td><td>12</td><td>11</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>10</td><td>12</td></tr><tr><td>Other 2/.</td><td>-133</td><td>-253</td><td>-116</td><td>-217</td><td>219</td><td>-208</td><td>-133</td><td>-110r</td><td>451</td><td>-84</td><td>179</td><td>63</td><td>131</td></tr><tr><td>Subtotal.</td><td>-61</td><td>-178</td><td>-84</td><td>-303</td><td>228</td><td>-55</td><td>21</td><td>-16r</td><td>703</td><td>134</td><td>300</td><td>196</td><td>-88</td></tr><tr><td>Redemption of adjusted service bonds.</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td><td>41</td><td>14</td><td>7</td><td>5</td><td>4</td><td>3</td></tr><tr><td>Total cash outgo.</td><td>8,244</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td></tr><tr><td>EXCESS OF CASH OUTGO.</td><td>2,540</td><td>4,004</td><td>2,842</td><td>1,785</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,988r</td><td>4,126r</td><td>1,053r</td><td>3,101r</td><td>1,722r</td><td>892</td></tr></table>
Less than $500,000. Revised to adjust classifications. These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made to Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin" February 1939. Includes "National Service Life Insurance Fund". Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Author-
4/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Administration of the Sugar Act of 1937, Exportation and domestic consumption of agricultural commodities, Agricultural Adjustment Agency, Farm Security Administration, Soil Conservation and Extension Service, Department of Agriculture departmental expenditures, and Other.
5/ Excludes transactions under transfers to trust accounts, etc.
6/ Includes accrued discount on United States savings bonds, and interest on trust fund investments.
1/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps".
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>398</td><td>614</td><td>939</td><td>385</td><td>561</td><td>781</td><td>1449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>175</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,283</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,681</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>51,376</td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,279</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,047</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,735</td><td>7,352</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td><td>87,906</td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,823</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,988</td><td>4,142</td><td>1,053</td><td>3,101</td><td>1,722</td><td>892</td><td>36,530</td></tr></table>
r Revised
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
February 1946
19
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1944-December</td><td>22,717</td><td>825</td><td>1,335</td><td>20,261</td><td>295</td></tr><tr><td>1945-January</td><td>20,077</td><td>807</td><td>1,048</td><td>17,866</td><td>357</td></tr><tr><td>February</td><td>17,734</td><td>792</td><td>1,384</td><td>15,265</td><td>292</td></tr><tr><td>March</td><td>15,722</td><td>779</td><td>1,547</td><td>13,055</td><td>341</td></tr><tr><td>April</td><td>11,809</td><td>777</td><td>1,224</td><td>9,492</td><td>315</td></tr><tr><td>May</td><td>10,055</td><td>688</td><td>1,140</td><td>7,941</td><td>286</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</td></tr><tr><td>August</td><td>19,018</td><td>581</td><td>1,300</td><td>16,874</td><td>263</td></tr><tr><td>September</td><td>16,582</td><td>574</td><td>1,755</td><td>13,989</td><td>265</td></tr><tr><td>October</td><td>13,307</td><td>537</td><td>1,124</td><td>11,389</td><td>256</td></tr><tr><td>November</td><td>15,849</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr><tr><td>December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,044</td><td>275</td></tr></table>
Source: Daily Treasury Statement
Balance in the General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>613</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1944-December</td><td>22,717</td><td>481</td><td>22,236</td></tr><tr><td>1945-January</td><td>20,077</td><td>471</td><td>19,606</td></tr><tr><td>February</td><td>17,734</td><td>420</td><td>17,313</td></tr><tr><td>March</td><td>15,722</td><td>445</td><td>15,277</td></tr><tr><td>April</td><td>11,809</td><td>443</td><td>11,366</td></tr><tr><td>May</td><td>10,055</td><td>430</td><td>9,625</td></tr><tr><td>June</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>July</td><td>22,469</td><td>386</td><td>22,082</td></tr><tr><td>August</td><td>19,018</td><td>387</td><td>18,631</td></tr><tr><td>September</td><td>16,582</td><td>447</td><td>16,134</td></tr><tr><td>October</td><td>13,307</td><td>494</td><td>12,813</td></tr><tr><td>November</td><td>14,849</td><td>404</td><td>14,445</td></tr><tr><td>December</td><td>26,520</td><td>517</td><td>26,003</td></tr></table>
Source: Daily Treasury Statements.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
(In millions of dollars - Net increase or net decrease (-))
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Total</th><th>Trust accounts 3/</th><th>Trust accounts on gold 4/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 5/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 6/</td><td>-85</td><td>34</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,149 1/</td><td>2,746 6/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>192 5/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td></tr><tr><td>1939</td><td>622</td><td>-3,542</td><td>3,280 5/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td></tr><tr><td>1940</td><td>-947</td><td>-3,611</td><td>2,528</td><td>136</td><td>37</td><td>-</td><td>49</td><td>16</td><td>34</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-148</td><td>37</td><td>-</td><td>20</td><td>11</td><td>-217</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>-</td><td>14</td><td>39</td><td>-3,625</td></tr><tr><td>1943</td><td>6,515</td><td>-55,891</td><td>64,274</td><td>-1,861</td><td>92</td><td>-</td><td>-</td><td>241</td><td>-2,194</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>-</td><td>-</td><td>204</td><td>-4,403</td></tr><tr><td>1945</td><td>4,529</td><td>-53,948</td><td>57,679</td><td>798</td><td>675</td><td>-</td><td>-</td><td>1,302</td><td>-1,178</td></tr><tr><td>1944-December</td><td>12,433</td><td>-2,999</td><td>15,626</td><td>-193</td><td>-282</td><td>-</td><td>-</td><td>253</td><td>-164</td></tr><tr><td>1945-January</td><td>-2,630</td><td>-4,645</td><td>1,778</td><td>238</td><td>80</td><td>-</td><td>-</td><td>137</td><td>21</td></tr><tr><td>February</td><td>-2,292</td><td>-3,693</td><td>1,300</td><td>101</td><td>338</td><td>-</td><td>-</td><td>76</td><td>-313</td></tr><tr><td>March</td><td>-2,036</td><td>-2,540</td><td>242</td><td>262</td><td>-138</td><td>-</td><td>-</td><td>-7</td><td>407</td></tr><tr><td>April</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>9</td><td>95</td><td>-</td><td>-</td><td>-15</td><td>-71</td></tr><tr><td>May</td><td>-1,741</td><td>-6,190</td><td>3,763</td><td>686</td><td>462</td><td>-</td><td>-</td><td>70</td><td>154</td></tr><tr><td>June</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-1,050</td><td>-323</td><td>-</td><td>-</td><td>51</td><td>-778</td></tr><tr><td>July</td><td>-2,615</td><td>-5,862</td><td>3,362</td><td>-116</td><td>101</td><td>-</td><td>35</td><td>-29</td><td>-222</td></tr><tr><td>August</td><td>-3,451</td><td>-4,357</td><td>956</td><td>-50</td><td>2</td><td>-</td><td>3</td><td>-86</td><td>26</td></tr><tr><td>September</td><td>-2,497</td><td>-1,422</td><td>-980</td><td>-95</td><td>-119</td><td>-</td><td>21</td><td>55</td><td>-51</td></tr><tr><td>October</td><td>-3,321</td><td>-3,420</td><td>-203</td><td>302</td><td>129</td><td>-</td><td>17</td><td>-118</td><td>274</td></tr><tr><td>November</td><td>1,632</td><td>-2,282</td><td>3,524</td><td>390</td><td>318</td><td>-</td><td>17</td><td>-24</td><td>79</td></tr><tr><td>December</td><td>11,558</td><td>-1,327</td><td>12,773</td><td>113</td><td>-228</td><td>-</td><td>21</td><td>-74</td><td>395</td></tr></table>
Sources: Daily Treasury Statements.
1/ Less than $500,000.
2/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
3/ This represents the increase in the gross public debt, except as noted. (See footnote 6.)
4/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 5.)
4/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 6.)
5/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts".
6/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1936 to 1939 (as shown below) are not reflected here, but are reflected under increment on gold as follows: 1936, $397 million; 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
7/ Includes inactive gold in the amount of $1,057 million.
February 1946
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profit tax refund bonds</th><th>Ex- changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex- changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,512</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,116</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1944-December</td><td>230,630</td><td>15,626</td><td>27,178</td><td>22,762</td><td>-</td><td>-</td><td>51</td><td>4,150</td><td>214</td><td>11,552</td><td>6,931</td><td>-</td><td>4,150</td><td>471</td></tr><tr><td>1945-January</td><td>232,408</td><td>1,778</td><td>7,630</td><td>7,169</td><td>-</td><td>1</td><td>46</td><td>7</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>15</td></tr><tr><td>February</td><td>233,707</td><td>1,300</td><td>12,040</td><td>6,879</td><td>-</td><td>1</td><td>54</td><td>4,649</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>4,649</td><td>14</td></tr><tr><td>March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>-</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>-</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr><tr><td>May</td><td>238,832</td><td>3,763</td><td>12,616</td><td>10,204</td><td>-</td><td>-</td><td>152</td><td>1,579</td><td>681</td><td>8,854</td><td>7,262</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,654</td><td>26,904</td><td>-</td><td>-</td><td>96</td><td>4,187</td><td>9,466</td><td>20,804</td><td>7,370</td><td>-</td><td>4,187</td><td>9,247</td></tr><tr><td>July</td><td>262,045</td><td>3,362</td><td>9,495</td><td>8,701</td><td>-</td><td>-</td><td>37</td><td>-</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>-</td><td>11</td></tr><tr><td>August</td><td>263,001</td><td>956</td><td>10,741</td><td>7,760</td><td>-</td><td>-</td><td>24</td><td>2,470</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>2,470</td><td>13</td></tr><tr><td>September</td><td>262,020</td><td>-980</td><td>10,837</td><td>5,964</td><td>-</td><td>-</td><td>19</td><td>4,336</td><td>519</td><td>11,818</td><td>7,448</td><td>-</td><td>4,336</td><td>34</td></tr><tr><td>October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,308</td><td>-</td><td>-</td><td>5</td><td>3,441</td><td>161</td><td>10,118</td><td>6,575</td><td>-</td><td>3,441</td><td>103</td></tr><tr><td>November</td><td>265,342</td><td>3,524</td><td>11,168</td><td>10,959</td><td>-</td><td>-</td><td>19</td><td>-</td><td>180</td><td>7,643</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td>-</td><td>4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Excludee certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></th></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,776</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,044</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1944-December</td><td>228,891</td><td>91,781</td><td>41,074</td><td>23,039</td><td>9,843</td><td>30,401</td><td>16,428</td><td>16,326</td><td>100.0</td><td>40.1</td><td>17.9</td><td>10.1</td><td>4.3</td><td>13.3</td><td>7.2</td><td>7.1</td></tr><tr><td>1945-January</td><td>230,672</td><td>92,417</td><td>41,858</td><td>23,039</td><td>9,864</td><td>30,401</td><td>16,403</td><td>16,688</td><td>100.0</td><td>40.1</td><td>18.1</td><td>10.0</td><td>4.3</td><td>13.2</td><td>7.1</td><td>7.2</td></tr><tr><td>February</td><td>231,854</td><td>92,545</td><td>42,418</td><td>23,039</td><td>9,927</td><td>30,396</td><td>16,399</td><td>17,130</td><td>100.0</td><td>39.9</td><td>18.3</td><td>9.9</td><td>4.3</td><td>13.1</td><td>7.1</td><td>7.4</td></tr><tr><td>March</td><td>232,026</td><td>92,572</td><td>42,885</td><td>18,588</td><td>8,948</td><td>34,544</td><td>16,921</td><td>17,567</td><td>100.0</td><td>39.9</td><td>18.5</td><td>8.0</td><td>3.9</td><td>14.9</td><td>7.3</td><td>7.6</td></tr><tr><td>April</td><td>233,063</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr><tr><td>May</td><td>235,761</td><td>92,572</td><td>44,487</td><td>18,588</td><td>10,031</td><td>34,442</td><td>17,049</td><td>18,592</td><td>100.0</td><td>39.3</td><td>18.9</td><td>7.9</td><td>4.3</td><td>14.6</td><td>7.2</td><td>7.9</td></tr><tr><td>June</td><td>256,357</td><td>106,044</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,472</td><td>17,025</td><td>19,558</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.3</td><td>6.6</td><td>7.5</td></tr><tr><td>August</td><td>260,746</td><td>108,367</td><td>47,231</td><td>23,498</td><td>10,148</td><td>34,430</td><td>17,038</td><td>20,033</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.2</td><td>6.5</td><td>7.1</td></tr><tr><td>September</td><td>259,630</td><td>107,244</td><td>47,257</td><td>23,498</td><td>9,021</td><td>35,072</td><td>17,018</td><td>20,519</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>November</td><td>262,849</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td></tr><tr><td>December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr></table>
Source: Daily Treasury Statements
February 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1945
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Public debt and guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Guaranteed obligations</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Total</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td></tr><tr><td>Total outstanding</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>259,115</td><td></td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,804</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes.</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td></tr><tr><td>Treasury bonds.</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</td><td>106,448</td></tr><tr><td>Postal savings and other bonds.</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues.</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds.</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,586</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td></tr><tr><td>Adjusted service bonds.</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td></tr><tr><td>Depository bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td></tr><tr><td>Total non-marketable issues.</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues.</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td><td>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td><td>37</td></tr><tr><td>Government Life Insurance Fund.</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td><td>589</td></tr><tr><td>Government Retirement Funds.</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td><td>3,187</td></tr><tr><td>Postal Savings System.</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>137</td><td>264</td><td>461</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td><td>501</td></tr><tr><td>Unemployment Trust Fund.</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td><td>6,747</td></tr><tr><td>Total special issues.</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt.</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td><td>269</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td></tr><tr><td>United States notes (less gold reserve).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td></tr><tr><td>Other debt bearing no interest.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest.</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td><td>2,057</td></tr><tr><td>Total public debt outstanding.</td><td>33,779</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td></tr></table>
PART B - MONTHLY DATA
(in millions of dollars)
<table><tr><th></th><th>1944</th><th colspan="12">1945</th></tr><tr><th></th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 28</th><th>Mar. 31</th><th>Apr. 30</th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug. 31</th><th>Sept. 30</th><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th></tr><tr><th colspan="14">Public debt and guaranteed obligations 1/</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>235,761</td><td>256,357</td><td>259,781</td><td>260,746</td><td>259,630</td><td>259,439</td><td>262,849</td><td>275,694</td></tr><tr><td>Guaranteed obligations</td><td>1,470</td><td>1,496</td><td>1,114</td><td>1,119</td><td>1,132</td><td>1,151</td><td>409</td><td>484</td><td>515</td><td>527</td><td>541</td><td>536</td><td>553</td></tr><tr><td>Total</td><td>230,361</td><td>232,168</td><td>232,968</td><td>233,145</td><td>234,194</td><td>236,912</td><td>256,766</td><td>260,265</td><td>261,261</td><td>260,156</td><td>259,980</td><td>263,386</td><td>276,246</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,783</td><td>1,770</td><td>1,883</td><td>1,949</td><td>2,029</td><td>3,091</td><td>2,350</td><td>2,284</td><td>2,274</td><td>2,409</td><td>2,395</td><td>2,509</td><td>2,436</td></tr><tr><td>Total outstanding</td><td>232,144</td><td>233,938</td><td>234,851</td><td>235,094</td><td>236,224</td><td>240,003</td><td>259,115</td><td>262,550</td><td>263,535</td><td>262,565</td><td>262,376</td><td>265,894</td><td>278,682</td></tr><tr><th colspan="14">Public debt</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,428</td><td>16,403</td><td>16,399</td><td>16,921</td><td>17,041</td><td>17,049</td><td>17,041</td><td>17,025</td><td>17,038</td><td>17,018</td><td>17,026</td><td>17,026</td><td>17,037</td></tr><tr><td>Certificates of indebtedness</td><td>30,401</td><td>30,401</td><td>30,396</td><td>34,544</td><td>34,478</td><td>34,442</td><td>34,136</td><td>34,472</td><td>34,430</td><td>35,072</td><td>35,021</td><td>35,021</td><td>38,155</td></tr><tr><td>Treasury notes</td><td>23,039</td><td>23,039</td><td>23,039</td><td>18,588</td><td>18,588</td><td>18,588</td><td>23,497</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td><td>22,961</td></tr><tr><td>Treasury bonds</td><td>91,585</td><td>92,221</td><td>92,349</td><td>92,371</td><td>92,377</td><td>92,377</td><td>106,448</td><td>107,890</td><td>108,172</td><td>107,049</td><td>107,049</td><td>109,371</td><td>120,423</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>161,648</td><td>162,261</td><td>162,379</td><td>162,625</td><td>162,680</td><td>162,652</td><td>181,319</td><td>183,080</td><td>183,334</td><td>182,833</td><td>182,790</td><td>185,112</td><td>198,778</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds 5/</td><td>40,361</td><td>41,140</td><td>41,698</td><td>42,199</td><td>42,626</td><td>43,767</td><td>45,586</td><td>46,508</td><td>46,715</td><td>46,741</td><td>46,786</td><td>47,473</td><td>48,183</td></tr><tr><td>Treasury notes - tax and savings series</td><td>9,843</td><td>9,864</td><td>9,927</td><td>8,948</td><td>9,109</td><td>10,031</td><td>10,136</td><td>10,119</td><td>10,148</td><td>9,021</td><td>8,776</td><td>9,058</td><td>8,235</td></tr><tr><td>Adjusted service bonds</td><td>215</td><td>216</td><td>216</td><td>217</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depository bonds</td><td>499</td><td>503</td><td>503</td><td>509</td><td>508</td><td>503</td><td>505</td><td>516</td><td>516</td><td>516</td><td>510</td><td>497</td><td>497</td></tr><tr><td>Total non-marketable issues</td><td>50,917</td><td>51,723</td><td>52,345</td><td>51,833</td><td>52,460</td><td>54,517</td><td>56,226</td><td>57,143</td><td>57,379</td><td>56,278</td><td>56,072</td><td>57,028</td><td>56,915</td></tr><tr><td>Total public issues</td><td>212,565</td><td>213,984</td><td>214,724</td><td>214,459</td><td>215,140</td><td>217,169</td><td>237,545</td><td>240,223</td><td>240,713</td><td>239,111</td><td>238,862</td><td>242,140</td><td>255,693</td></tr></table>
(Continued on following page)
February 1946
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="12">1945</th></tr><tr><th>1944</th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 28</th><th>Mar. 31</th><th>Apr. 30</th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug. 31</th><th>Sept. 30</th><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th></tr></table>
Public debt - (Continued)
<table><tr><th>Interest-bearing debt (continued):</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th><th>19</th></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>20</td><td>20</td><td>20</td><td>20</td><td>19</td><td>19</td><td>15</td><td>15</td><td>14</td><td>13</td><td>13</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>98</td><td>172</td><td>202</td><td>217</td><td>232</td><td>262</td><td>97</td><td>132</td><td>114</td><td>152</td><td>152</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>5,029</td><td>5,016</td><td>5,016</td><td>5,216</td><td>5,216</td><td>5,216</td><td>5,308</td><td>5,308</td><td>5,308</td><td>5,581</td><td>5,581</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>32</td><td>33</td><td>33</td><td>34</td><td>35</td><td>35</td><td>37</td><td>38</td><td>38</td><td>39</td><td>40</td></tr><tr><td>Government Life Insurance Fund</td><td>543</td><td>516</td><td>519</td><td>554</td><td>557</td><td>559</td><td>589</td><td>592</td><td>593</td><td>599</td><td>602</td></tr><tr><td>Government Retirement Funds</td><td>1,735</td><td>1,748</td><td>1,759</td><td>1,769</td><td>1,777</td><td>1,789</td><td>1,868</td><td>2,126</td><td>2,138</td><td>2,149</td><td>2,163</td></tr><tr><td>National Service Life Insurance Fund</td><td>1,304</td><td>1,908</td><td>2,015</td><td>2,128</td><td>2,346</td><td>2,629</td><td>3,187</td><td>3,367</td><td>3,526</td><td>3,674</td><td>3,802</td></tr><tr><td>Postal Savings System</td><td>402</td><td>488</td><td>571</td><td>637</td><td>701</td><td>772</td><td>461</td><td>527</td><td>576</td><td>652</td><td>724</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>490</td><td>512</td><td>500</td><td>489</td><td>512</td><td>500</td><td>501</td><td>669</td><td>657</td><td>644</td><td>657</td></tr><tr><td>Unemployment Trust Fund</td><td>6,169</td><td>6,243</td><td>6,463</td><td>6,501</td><td>6,526</td><td>6,809</td><td>6,747</td><td>6,782</td><td>7,033</td><td>7,013</td><td>6,988</td></tr><tr><td>Total special issues</td><td>16,326</td><td>16,688</td><td>17,130</td><td>17,567</td><td>17,923</td><td>18,592</td><td>18,812</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,710</td></tr><tr><td>Total interest-bearing debt</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>235,761</td><td>256,357</td><td>259,781</td><td>260,746</td><td>259,630</td><td>275,694</td></tr><tr><td>Prepayments on securities</td><td></td><td></td><td></td><td></td><td>947</td><td></td><td></td><td></td><td></td><td>54</td><td>192</td></tr><tr><td>Matured debt on which interest has ceased</td><td>186</td><td>145</td><td>209</td><td>194</td><td>175</td><td>149</td><td>269</td><td>199</td><td>178</td><td>305</td><td>242</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>182</td><td>183</td><td>187</td><td>189</td><td>189</td><td>186</td><td>178</td><td>176</td><td>150</td><td>145</td><td>141</td></tr><tr><td>Excess profit tax refund bonds</td><td>481</td><td>527</td><td>582</td><td>670</td><td>780</td><td>931</td><td>1,028</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,131</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>694</td><td>685</td><td>679</td><td>673</td><td>666</td><td>660</td><td>655</td><td>648</td><td>642</td><td>638</td><td>625</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,553</td><td>1,591</td><td>1,644</td><td>1,729</td><td>1,831</td><td>1,974</td><td>2,057</td><td>2,065</td><td>2,077</td><td>2,086</td><td>2,092</td></tr><tr><td>Total public debt outstanding</td><td>230,630</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,32</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>278,115</td></tr></table>
Guaranteed obligations
<table><tr><th>Interest-bearing debt: Public issues:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation........</td><td>412</td><td>412</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration.........</td><td>28</td><td>30</td><td>32</td><td>32</td><td>34</td><td>34</td><td>34</td><td>34</td><td>35</td><td>37</td><td>39</td><td>41</td></tr><tr><td>Home Owners' Loan Corporation........</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues.............</td><td>1,194</td><td>1,197</td><td>786</td><td>787</td><td>788</td><td>789</td><td>34</td><td>34</td><td>35</td><td>37</td><td>39</td><td>41</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/........</td><td>275</td><td>300</td><td>328</td><td>332</td><td>343</td><td>362</td><td>375</td><td>450</td><td>479</td><td>490</td><td>502</td><td>497</td><td>512</td></tr><tr><td>Total interest-bearing debt........</td><td>1,470</td><td>1,496</td><td>1,114</td><td>1,119</td><td>1,132</td><td>1,151</td><td>409</td><td>484</td><td>515</td><td>527</td><td>541</td><td>536</td><td>553</td></tr><tr><td>Natured debt on which interest has ceased....</td><td>44</td><td>34</td><td>30</td><td>25</td><td>23</td><td>20</td><td>24</td><td>21</td><td>19</td><td>18</td><td>17</td><td>16</td><td>15</td></tr><tr><td>Total guaranteed obligations outstanding.....</td><td>1,514</td><td>1,530</td><td>1,144</td><td>1,144</td><td>1,155</td><td>1,171</td><td>433</td><td>505</td><td>534</td><td>545</td><td>558</td><td>553</td><td>567</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Console of Reconstruction Finance Corporation notes, Series I-A,
4/ Includes prepayments on securities.
5/ Commencing with March 1945, figures for United States savings bonds include small amounts of Series A bonds which have matured but have not been turned in for payment.
26
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
B-462-B
February 1946
27
Guaranteed Obligations Held by the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>823</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>*</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1944-December</td><td>11,494</td><td>1,155</td><td>258</td><td>398</td><td>420</td><td>9,206</td><td>57</td></tr><tr><td>1945-January</td><td>11,504</td><td>1,173</td><td>250</td><td>398</td><td>387</td><td>9,239</td><td>57</td></tr><tr><td>February</td><td>11,735</td><td>1,588</td><td>128</td><td>398</td><td>351</td><td>9,213</td><td>57</td></tr><tr><td>March</td><td>11,563</td><td>1,596</td><td>121</td><td>398</td><td>324</td><td>9,067</td><td>57</td></tr><tr><td>April</td><td>11,602</td><td>1,752</td><td>116</td><td>398</td><td>304</td><td>8,965</td><td>57</td></tr><tr><td>May</td><td>11,320</td><td>1,546</td><td>111</td><td>398</td><td>281</td><td>8,927</td><td>57</td></tr><tr><td>June</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr><tr><td>August</td><td>12,427</td><td>1,679</td><td>146</td><td>383</td><td>961</td><td>9,202</td><td>57</td></tr><tr><td>September</td><td>12,492</td><td>1,724</td><td>130</td><td>383</td><td>944</td><td>9,255</td><td>57</td></tr><tr><td>October</td><td>12,269</td><td>1,683</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr><tr><td>November</td><td>12,194</td><td>1,625</td><td>94</td><td>383</td><td>900</td><td>9,136</td><td>57</td></tr><tr><td>December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>884</td><td>9,126</td><td>57</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000.
1/ These securities are not included in proceeding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,455</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,119</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,780</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1944-December</td><td>230,361</td><td>4,413</td><td>1.916</td><td>228,891</td><td>4,393</td><td>1.919</td><td>1,470</td><td>20</td><td>1.367</td></tr><tr><td>1945-January</td><td>232,168</td><td>4,457</td><td>1.920</td><td>230,672</td><td>4,437</td><td>1.924</td><td>1,496</td><td>20</td><td>1.369</td></tr><tr><td>February</td><td>232,968</td><td>4,482</td><td>1.924</td><td>231,894</td><td>4,465</td><td>1.926</td><td>1,114</td><td>16</td><td>1.457</td></tr><tr><td>March</td><td>233,145</td><td>4,488</td><td>1.925</td><td>232,026</td><td>4,472</td><td>1.927</td><td>1,119</td><td>16</td><td>1.454</td></tr><tr><td>April</td><td>234,194</td><td>4,512</td><td>1.927</td><td>233,063</td><td>4,496</td><td>1.929</td><td>1,132</td><td>16</td><td>1.449</td></tr><tr><td>May</td><td>236,912</td><td>4,570</td><td>1.929</td><td>235,761</td><td>4,553</td><td>1.931</td><td>1,151</td><td>17</td><td>1.441</td></tr><tr><td>June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>260,265</td><td>5,054</td><td>1.942</td><td>259,781</td><td>5,048</td><td>1.943</td><td>484</td><td>6</td><td>1.241</td></tr><tr><td>August</td><td>261,261</td><td>5,078</td><td>1.943</td><td>260,746</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr><tr><td>September</td><td>260,156</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>541</td><td>7</td><td>1.294</td></tr><tr><td>November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,849</td><td>5,126</td><td>1.950</td><td>536</td><td>7</td><td>1.322</td></tr><tr><td>December</td><td>276,246</td><td>5,424</td><td>1.963</td><td>275,694</td><td>5,416</td><td>1.965</td><td>553</td><td>7</td><td>1.338</td></tr></table>
Source: Daily Treasury Statements. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and
interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $300 billion outstanding at any one time.
Table 1.- Condition as of December 31, 1945
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>300,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>287,991</td></tr><tr><td>Guaranteed securities 2/</td><td>567</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>288,559</td></tr><tr><td>Balance issuable under such authority</td><td>11,441</td></tr><tr><td colspan="2">1/ For comparison with the public debt outstanding, see following table 2.</td><td>2/ Excludes guaranteed securities held by the Treasury.</td></tr></table>
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, December 31, 1945
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>17,037</td><td>17,037</td></tr><tr><td>Certificates of indebtedness.</td><td>38,155</td><td>38,155</td></tr><tr><td>Treasury notes.</td><td>22,967</td><td>22,967</td></tr><tr><td>Treasury bonds.</td><td>120,423</td><td>120,423</td></tr><tr><td>Postal savings and other bonds.</td><td>-</td><td>196</td></tr><tr><td>Total marketable issues.</td><td>198,583</td><td>198,778</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds (Current redemption value.)</td><td>-</td><td>48,183</td></tr><tr><td>Treasury tax and savings notes.</td><td>59,078</td><td>-</td></tr><tr><td>Depository bonds.</td><td>8,235</td><td>8,235</td></tr><tr><td></td><td>497</td><td>497</td></tr><tr><td>Total non-marketable issues.</td><td>67,810</td><td>56,915</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>20,000</td><td>20,000</td></tr><tr><td>Total interest-bearing securities.</td><td>286,394</td><td>275,694</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>337</td><td>343</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>133</td><td>133</td></tr><tr><td>Excess profits tax refund bonds.</td><td>1,128</td><td>1,128</td></tr><tr><td>Currency items, etc. 2/.</td><td>-</td><td>817</td></tr><tr><td>Total obligations bearing no interest.</td><td>1,261</td><td>2,078</td></tr><tr><td>Total.</td><td>287,991</td><td>278,115</td></tr></table>
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended.
2/ Consists of United States notes (less gold reserve); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
February 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of December 31, 1945
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1946-Jan....</td><td>Trees. bills............. 3% Conversion bond, 1/1/46.........(1/1/16) 3% Treas. note, 1/1/46.........(12/1/44)</td><td>taxable wholly taxable</td><td>6,559 16 3,416</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Feb....</td><td>Trees. bills, 7/8% Certificate, 2/1/46.........(2/1/45)</td><td>taxable</td><td>5,252 5,043</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Mar....</td><td>Trees. bills, 7/8% Certificate, 3/1/46.........(3/1/45) 1% Treas. note, 3/15/46.........(11/1/41) 3-3/4% Treas. bond, 3/15/46-56.........(3/15/26)</td><td>taxable taxable partially</td><td>5,226 1,417 1,291 489</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Apr....</td><td>7/8% Certificate, 4/1/46.........(4/1/45)</td><td>taxable</td><td>4,811</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>May....</td><td>7/8% Certificate, 5/1/46.........(5/1/45)</td><td>taxable</td><td>1,579</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>June....</td><td>3% Treas. bond, 6/15/46-48.........(6/15/34) 3-1/8% Treas. bond, 6/15/46-49.........(6/15/31) 7/8% Certificate, 6/1/46.........(6/1/45)</td><td>partially partially taxable</td><td>..... 1,036 819 4,799 4,910</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>July....</td><td>0.90% Treas. note, 7/1/46.........(6/1/45)</td><td>taxable</td><td>2,470</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Aug....</td><td>7/8% Certificate, 8/1/46.........(8/1/45)</td><td>taxable</td><td>4,336</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>7/8% Certificate, 9/1/46.........(9/1/45)</td><td>taxable</td><td>3,440</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Oct....</td><td>7/8% Certificate, 10/1/46.........(10/1/45)</td><td>taxable</td><td>3,777</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Nov....</td><td>7/8% Certificate, 11/1/46.........(12/1/45)</td><td>taxable</td><td>3,753</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>7/8% Certificate, 12/1/46.........(12/3/45) 1-1/2% Treas. note, 12/15/46.........(6/5/42)</td><td>taxable</td><td>3,261</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td>68,575</td><td>1,855</td><td>.....</td><td>70,430</td><td>68,575</td></tr><tr><td>1947-Jan....</td><td>3% Conversion bond, 1/1/47.........(1/1/17)</td><td>wholly</td><td>13</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Mar....</td><td>1-1/4% Treas. note, 3/15/47.........(6/26/44)</td><td>taxable</td><td>1,948</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>1-1/2% Treas. note, 9/15/47.........(7/12/43) 1-1/4% Treas. note, 9/15/47.........(12/1/44)</td><td>taxable taxable</td><td>2,707 1,687</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treas. bond, 10/15/47-52.........(10/16/22)</td><td>partially</td><td>..... 759</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/47.........(12/15/38)</td><td>partially</td><td>701</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td>7,057</td><td>759</td><td>.....</td><td>7,816</td><td>7,057</td></tr><tr><td>1948-Mar....</td><td>2% Treas. bond, 3/15/48-50.........(3/15/42) 2-3/4% Treas. bond, 3/15/48-51.........(3/16/36)</td><td>taxable partially</td><td>..... 1,125 1,223</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>June....</td><td>3% Treas. bond, 6/15/48.........(6/15/34) 1-3/4% Treas. bond, 6/15/48.........(12/1/42)</td><td>partially taxable</td><td>3,062</td><td>.....</td><td>1,036</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treas. bond, 9/15/48.........(3/15/38) 1-1/2% Treas. note, 9/15/48.........(3/15/44)</td><td>partially taxable</td><td>451 3,748</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/48-50.........(12/8/39)</td><td>partially</td><td>..... 571</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td>7,261</td><td>2,910</td><td>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June....</td><td>3-1/8% Treas. bond, 6/15/49.........(6/15/31) 2% Treas. bond, 6/15/49-51.........(1/15/42)</td><td>partially taxable</td><td>..... 1,014</td><td>.....</td><td>819</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treas. bond, 9/15/49-51.........(5/15/42)</td><td>taxable</td><td>1,292</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/8% Treas. bond, 12/15/49-52.........(12/15/34) 2-1/2% Treas. bond, 12/15/49-53.........(12/15/36) 2% Treas. bond, 12/15/49-51.........(7/15/42)</td><td>partially partially taxable</td><td>..... 1,786 2,098</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td>.....</td><td>6,682</td><td>819</td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar....</td><td>2% Treas. bond, 3/15/48-50.........(3/15/41) 2% Treas. bond, 3/15/50-52.........(10/19/42)</td><td>taxable taxable</td><td>..... 1,963</td><td>.....</td><td>1,115</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treas. bond, 9/15/50-52.........(9/15/38) 2% Treas. bond, 9/15/50-52.........(4/15/43)</td><td>partially taxable</td><td>..... 1,186 4,939</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/48-50.........(12/8/39) 1-1/2% Treas. bond, 12/15/50.........(6/1/45)</td><td>partially taxable</td><td>..... 2,635</td><td>.....</td><td>571</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td>10,723</td><td>4,322</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of December 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar.</td><td>2-3/4% Treas. bond, 3/15/48-51....(3/16/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,223</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>2/4 Treas. bond, 6/15/49-51....(1/15/42)</td><td>tamble</td><td>.....</td><td>1,627</td><td>1,014</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-3/4% Treas. bond, 6/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2/4 Treas. bond, 9/15/49-51....(5/15/42)</td><td>tamble</td><td>.....</td><td>7,386</td><td>1,292</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 9/15/51-53....(9/15/43)</td><td>partially</td><td>.....</td><td>755</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/51-53....(12/22/39)</td><td>partially</td><td>.....</td><td>1,118</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 12/15/51-55....(12/15/41)</td><td>tamble</td><td>.....</td><td>510</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 12/15/49-51....(7/15/42)</td><td>tamble</td><td>.....</td><td>.....</td><td>2,098</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>11,936</td><td>5,628</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar.</td><td>2-1/2% Treas. bond, 3/15/52-54....(3/31/41)</td><td>tamble</td><td>.....</td><td>1,024</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 3/15/50-52....(10/19/42)</td><td>tamble</td><td>.....</td><td>.....</td><td>1,963</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>2-1/4% Treas. bond, 6/15/52-54....(2/25/42)</td><td>tamble</td><td>.....</td><td>1,501</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 6/15/52-54....(6/26/44)</td><td>tamble</td><td>.....</td><td>5,825</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/50-52....(9/15/38)</td><td>partially</td><td>.....</td><td>.....</td><td>1,185</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 9/15/50-52....(1/15/43)</td><td>tamble</td><td>.....</td><td>.....</td><td>4,939</td><td>.....</td><td>.....</td></tr><tr><td>Oct.</td><td>1-1/4% Treas. bond, 10/15/47-52....(10/16/22)</td><td>partially</td><td>.....</td><td>.....</td><td>759</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/8% Treas. bond, 12/15/49-52....(12/15/34)</td><td>partially</td><td>.....</td><td>.....</td><td>491</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 12/15/52-54....(12/1/44)</td><td>tamble</td><td>.....</td><td>8,662</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>17,012</td><td>9,335</td><td>17,012</td><td>9,335</td></tr><tr><td>1953-June.</td><td>2/4 Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>725</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2/4 Treas. bond, 9/15/51-53....(9/15/43)</td><td>tamble</td><td>.....</td><td>.....</td><td>7,985</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/2% Treas. bond, 12/15/49-53....(12/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,786</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 12/15/51-53....(12/22/39)</td><td>partially</td><td>.....</td><td>.....</td><td>1,118</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>725</td><td>10,590</td><td>725</td><td>10,590</td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treas. bond, 3/15/52-54....(3/31/41)</td><td>tamble</td><td>.....</td><td>.....</td><td>1,024</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>2-3/4% Treas. bond, 6/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,627</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 6/15/54-56....(7/22/40)</td><td>partially</td><td>.....</td><td>681</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2/4 Treas. bond, 12/15/52-54....(12/1/44)</td><td>tamble</td><td>.....</td><td>.....</td><td>5,825</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>681</td><td>17,138</td><td>681</td><td>17,138</td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treas. bond, 3/15/55-60....(3/15/35)</td><td>partially</td><td>.....</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>2-1/4% Treas. bond, 6/15/52-55....(2/25/42)</td><td>tamble</td><td>.....</td><td>.....</td><td>1,501</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2/4 Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>.....</td><td>725</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2/4 Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially</td><td>.....</td><td>.....</td><td>755</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2/4 Treas. bond, 12/15/51-55....(12/15/41)</td><td>tamble</td><td>.....</td><td>.....</td><td>510</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar.</td><td>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>tamble</td><td>.....</td><td>1,449</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>2-1/4% Treas. bond, 6/15/54-56....(7/22/40)</td><td>partially</td><td>.....</td><td>.....</td><td>681</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/56-59....(9/15/36)</td><td>partially</td><td>.....</td><td>982</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>tamble</td><td>.....</td><td>3,823</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>6,253</td><td>681</td><td>6,253</td><td>681</td></tr><tr><td>1957</td><td></td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>tamble</td><td>.....</td><td>.....</td><td>1,449</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>2-3/4% Treas. bond, 6/15/58-63....(6/15/38)</td><td>partially</td><td>.....</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-June.</td><td>2-1/4% Treas. bond, 6/15/59-62....(6/1/45)</td><td>tamble</td><td>.....</td><td>5,284</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/56-59....(9/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>982</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>tamble</td><td>.....</td><td>.....</td><td>3,823</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/59-62....(11/15/45)</td><td>tamble</td><td>.....</td><td>3,298</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>8,582</td><td>4,804</td><td>8,582</td><td>4,804</td></tr></table>
(Continued on following page)
February 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ as of December 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th rowspan="2">Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/8% Treas. bond, 3/15/55-60....(3/15/35) 2-3/4% Treas. bond, 12/15/60-65....(12/15/38) Total....</td><td>partially partially</td><td>.....</td><td>..... 1,485</td><td>..... 2,611</td><td>..... 1,485</td><td>..... 2,611</td></tr><tr><td>1961-June...</td><td>3% Panama Canal bond, 6/1/61....(6/1/11)</td><td>wholly</td><td>50</td><td>.....</td><td>.....</td><td>50</td><td>50</td></tr><tr><td>1962-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/62-67....(5/5/42) 2-1/4% Treas. bond, 6/15/59-62....(6/1/45) 2-1/4% Treas. bond, 12/15/59-62....(11/15/45) Total....</td><td>taxable taxable taxable</td><td>.....</td><td>..... 2,118</td><td>..... 5,284 3,298</td><td>..... 2,118</td><td>..... 8,582</td></tr><tr><td>1963-June.... Dec....</td><td>2-3/4% Treas. bond, 6/15/58-63....(6/15/38) 2-1/2% Treas. bond, 12/15/63-68....(12/1/42) Total....</td><td>partially taxable</td><td>.....</td><td>..... 2,831</td><td>..... 919</td><td>..... 2,831</td><td>..... 919</td></tr><tr><td>1964-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69....(4/15/43) 2-1/2% Treas. bond, 12/15/64-69....(9/15/43) Total....</td><td>taxable taxable</td><td>.....</td><td>..... 3,761 3,838</td><td>.....</td><td>..... 7,600</td><td>.....</td></tr><tr><td>1965-Mar.... Dec....</td><td>2-1/2% Treas. bond, 3/15/65-70....(2/1/44) 2-3/4% Treas. bond, 12/15/60-65....(12/15/38) Total....</td><td>taxable partially</td><td>.....</td><td>..... 5,197</td><td>..... 1,485</td><td>..... 5,197</td><td>..... 1,485</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71....(12/1/44)</td><td>taxable</td><td>.....</td><td>..... 3,481</td><td>.....</td><td>..... 3,481</td><td>.....</td></tr><tr><td>1967-June.... Sept.... Dec....</td><td>2-1/2% Treas. bond, 6/15/62-67....(5/5/42) 2-1/2% Treas. bond, 6/15/67-72....(6/1/45) 2-1/2% Treas. bond, 9/15/67-72....(10/20/41) 2-1/2% Treas. bond, 12/15/67-72....(11/15/45) Total....</td><td>taxable taxable taxable taxable</td><td>.....</td><td>..... 7,967 2,716 10,617</td><td>..... 2,118</td><td>..... 21,300</td><td>..... 2,118</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treas. bond, 12/15/63-68....(12/1/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>..... 2,831</td><td>.....</td><td>..... 2,831</td></tr><tr><td>1969-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69....(4/15/43) 2-1/2% Treas. bond, 12/15/64-69....(9/15/43) Total....</td><td>taxable taxable</td><td>.....</td><td>.....</td><td>..... 3,761 3,838</td><td>.....</td><td>..... 7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treas. bond, 3/15/65-70....(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>..... 5,197</td><td>.....</td><td>..... 5,197</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>..... 3,481</td><td>.....</td><td>..... 3,481</td></tr><tr><td>1972-June.... Sept.... Dec....</td><td>2-1/2% Treas. bond, 6/15/67-72....(6/1/45) 2-1/2% Treas. bond, 9/15/67-72....(10/20/41) 2-1/2% Treas. bond, 12/15/67-72....(11/15/45) Total....</td><td>taxable taxable taxable</td><td>.....</td><td>.....</td><td>..... 7,967 2,716 10,617</td><td>.....</td><td>..... 21,300</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury. 1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
Treasury Bulletin
32
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscriptions tendered 3/</th><th colspan="3">Amount issued (In millions of dollars)</th></tr><tr><th></th><th></th><th></th><th>1/</th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>10/6/43<br>8/16/43<br>10/6/43 6/<br>11/22/43</td><td>10/6/43<br>10/6/43<br>11/22/43</td><td>7/8% Certificate - 10/1/44....(10/15/43)<br>2-1/2% Treas. bond - 12/15/64-59 1/....(9/15/43)<br>2% Treas. bond - 9/15/51-53 1/....(9/15/43)<br>7/8% Certificate - 12/1/44....(12/1/43)</td><td>1 yr<br>26 yr,2 m (21 yr,2 m) 5/<br>9 yr,11 m (7 yr,11m) 5/<br>1 yr</td><td>9/15/53<br>......<br>......</td><td>5,391<br>5,532<br>......</td><td>3,519<br>2,729<br>3,540</td><td>1,580<br>1,627<br>......</td><td>1,939<br>1,102<br>3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 7/<br>2-1/2% Treas. bond- 3/15/65-70 1/....(2/1/44)<br>2-1/4% Treas. bond- 9/15/56-59....(2/1/44)<br>7/8% Certificate- 2/1/45....(2/1/44)</td><td>26 yr,1 m (21 yr,1 m)<br>15 yr,7 m (12 yr,7 m)<br>1 yr</td><td>2/1/54<br>9/15/46<br>......</td><td>2,212<br>3,728<br>5,048</td><td>2,212 7/<br>3,728 1/<br>5,048 1/</td><td>2,212 1/<br>3,728 1/<br>5,048 1/</td><td>......</td></tr><tr><td>1/24/44<br>3/2/44<br>3/22/44<br>4/24/44</td><td>1/24/44<br>3/2/44<br>3/22/44<br>4/24/44</td><td>.90% Treas. note - 3/1/45....(2/1/44)<br>2-1/2% Treas. bond - 3/15/65-70 1/....(2/1/44)<br>2-1/4% Treas. bond - 9/15/56-59 1/....(2/1/44)<br>1-1/2% Treas. note - 9/15/48....(3/15/44)<br>7/8% Certificate - 4/1/45....(4/1/44)<br>7/8% Certificate - 5/1/45....(5/1/44)</td><td>1 yr,1 m<br>26 yr<br>15 yr,6 m (12 yr,6 m) 8/<br>4 yr,6 m<br>1 yr</td><td>......<br>2/1/54<br>9/15/46<br>......</td><td>......<br>2,127<br>77<br>95<br>3,788<br>4,877<br>1,615</td><td>2,127<br>77<br>95<br>3,788<br>4,877<br>1,615</td><td>......</td><td>2,127<br>77<br>95<br>3,788<br>4,877<br>1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 7/<br>2-1/2% Treas. bond- 3/15/65-70 1/....(2/1/44)<br>2% Treas. bond- 6/15/52-54....(6/26/44)<br>1-1/4% Treas. note- 3/15/47....(6/26/44)<br>7/8% Certificate - 6/1/45....(6/26/44)</td><td>25 yr,9 m (20 yr,9 m) 9/<br>10 yr<br>2 yr,9 m (8 yr)<br>11 m</td><td>2/1/54<br>......<br>......<br>......</td><td>2,909<br>5,825<br>1,948<br>4,770</td><td>2,909 1/<br>5,825 7/<br>1,948 7/<br>4,770 1/</td><td>2,909 1/<br>5,825 7/<br>1,948 7/<br>4,770 1/</td><td>......</td></tr><tr><td>7/20/44<br>8/24/44<br>8/24/44<br>9/20/44<br>9/25/44</td><td>7/20/44<br>8/24/44<br>8/24/44<br>9/20/44<br>9/25/44</td><td>7/8% Certificate - 8/1/45....(8/1/44)<br>7/8% Certificate - 9/1/45....(9/1/44)<br>1% Treas. note - 3/15/46 1/....(11/1/41)<br>7/8% Certificate - 10/1/45....(10/1/44)</td><td>1 yr<br>1 yr<br>1 yr,6m 10/<br>1 yr</td><td>......<br>......<br>......<br>......</td><td>......<br>......<br>......<br>......</td><td>2,511<br>3,694<br>788<br>3,492</td><td>......<br>......<br>......<br>......</td><td>2,511<br>3,694<br>788<br>3,492</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 7/<br>2-1/2% Treas. bond- 3/15/66-71....(12/1/44)<br>2% Treas. bond-12/15/52-54....(12/1/44)<br>1-1/4% Treas. note- 9/15/47....(12/1/44)<br>7/8% Certificate- 12/1/45....(12/1/44)</td><td>26 yr,3 m (21 yr,3 m)<br>10 yr<br>2 yr,9 m (8 yr)<br>1 yr</td><td>12/1/54<br>......<br>......<br>......</td><td>3,448<br>7,922<br>1,550<br>4,395</td><td>3,448 1/<br>7,922 7/<br>1,550 7/<br>4,395 1/</td><td>3,448 1/<br>7,922 7/<br>1,550 7/<br>4,395 1/</td><td>......</td></tr><tr><td>11/17/44<br>11/17/44</td><td>11/20/44<br>11/20/44</td><td>.90% Treas. note - 1/1/46....(12/1/44)<br>2-1/2% Treas. bond - 3/15/66-71 11/....(12/1/44)<br>2% Treas. bond - 12/15/52-54 11/....(12/1/44)<br>1-1/4% Treas. note - 9/15/47 11/....(12/1/44)</td><td>1 yr,1 m<br>26 yr,3 m (21 yr,3 m) 12/<br>10 yr<br>2 yr,9m 12/</td><td>12/1/54<br>......<br>......<br>......</td><td>......<br>3,416<br>33<br>740<br>137</td><td>3,416<br>33<br>740<br>137</td><td>......</td><td>3,416<br>33<br>740<br>137</td></tr><tr><td>1/22/45<br>2/19/45<br>3/22/45<br>4/19/45</td><td>1/22/45<br>2/19/45<br>3/22/45<br>4/19/45</td><td>7/8% Certificate - 2/1/46....(2/1/45)<br>7/8% Certificate - 3/1/46....(3/1/45)<br>7/8% Certificate - 4/1/46....(4/1/45)<br>7/8% Certificate - 5/1/46....(5/1/45)</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr</td><td>......<br>......<br>......<br>......</td><td>5,043<br>4,147<br>4,811<br>1,579</td><td>5,043<br>4,147<br>4,811<br>1,579</td><td>......</td><td>5,043<br>4,147<br>4,811<br>1,579</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 7/<br>2-1/2% Treas. bond- 6/15/67-72....(6/1/45)<br>2-1/4% Treas. bond- 6/15/59-62....(6/1/45)<br>1-1/2% Treas. bond-12/15/50....(6/1/45)<br>7/8% Certificate - 6/1/46....(6/1/45)</td><td>27 yr (22 yr)<br>17 yr (14 yr)<br>5 yr,6 m<br>1 yr</td><td>6/15/62<br>6/15/52<br>......<br>......</td><td>7,967<br>5,284<br>2,635<br>4,799</td><td>7,967 1/<br>5,284 1/<br>2,635 1/<br>4,799 1/</td><td>7,967 1/<br>5,284 1/<br>2,635 1/<br>4,799 1/</td><td>......</td></tr><tr><td>5/21/45<br>7/23/45<br>8/20/45</td><td>5/21/45<br>7/23/45<br>8/20/45</td><td>.90% Treas. note - 7/1/46....(6/1/45)<br>7/8% Certificate - 8/1/46....(8/1/45)<br>7/8% Certificate - 9/1/46....(9/1/45)</td><td>1 yr,1 m<br>1 yr<br>1 yr</td><td>......<br>......<br>......</td><td>4,910<br>2,470<br>4,336</td><td>4,910<br>2,470<br>4,336</td><td>......</td><td>4,910<br>2,470<br>4,336</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 7/<br>2-1/2% Treas. bond-12/15/67-72....(11/15/45)<br>2-1/4% Treas. bond-12/15/59-62....(11/15/45)<br>7/8% Certificate- 12/1/46....(12/3/45)</td><td>27 yr,1 m (22 yr,1 m)<br>17 yr,1 m (14 yr,1 m)<br>1 yr</td><td>12/15/62<br>12/15/52<br>......</td><td>11,690<br>3,470<br>3,768</td><td>11,690p 7/<br>3,470p 7/<br>3,768p 7/</td><td>11,690p 7/<br>3,470p 7/<br>3,768p 7/</td><td>......</td></tr><tr><td>9/24/45<br>11/19/45<br>12/11/45</td><td>9/24/45<br>11/19/45<br>12/11/45</td><td>7/8% Certificate - 10/1/46....(10/1/45)<br>7/8% Certificate - 11/1/46....(12/1/45)<br>7/8% Certificate - 1/1/47....(1/1/46)</td><td>1 yr<br>11 m<br>1 yr</td><td>......<br>......<br>......</td><td>3,440<br>3,778<br>3,330</td><td>3,440<br>3,778<br>3,330</td><td>......</td><td>3,440<br>3,778<br>3,330</td></tr></table>
Back Figures: For period December 1941 through July 1943, see "Treasury Bulletin" for November 1944, page 32.
Preliminary.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe to the restricted issues offered in the War Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral.
3/ Consists of all public cash subscriptions and of subscriptions by
U. S. Government agencies and trust funds.
Reopening of previously offered security.
Interest commenced on October 15, 1943.
Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and to Treasury investment accounts.
Interest commenced on March 15, 1944.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
February 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retirement</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% 14% 3-1/4% Trea. bond - 10/15/43-45</td><td>Certificate - 8/1/43....................(8/15/42) Trea. note - 9/15/43....................(6/15/40)</td><td>1,609 279 1,401</td><td>53 279 239</td><td>1,556 ...... 1,161</td><td>97 ...... 83</td><td>7/8% Certificate - 8/1/44 2-1/2% Trea. bond - 12/15/64-69 2% Trea. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% 7/8% 1-1/8% Trea. note - 12/15/43</td><td>Certificate - 11/1/43....................(11/2/42) Certificate - 12/1/43....................(12/1/42)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540 ......</td><td>95 93 ......</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% 7/8% Trea. note - 2/1/44</td><td>YPHA note - 2/1/44....................(2/1/39) Certificate - 2/1/44....................(2/1/43)</td><td>114 2,211</td><td>114 84</td><td>2,127</td><td>96</td><td>.90% Trea. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% 34% 14% 3-1/4% 14% Trea. note - 6/15/44</td><td>FFMC bond - 3/15/44-54....................(3/15/34) FMC bond - 5/15/44-49....................(5/15/34) RFC note - 4/15/44....................(7/1/41) HOLL bond - 5/1/44-52....................(5/1/34) Trea. note - 3/15/44....................(11/1/39)</td><td>95 835 571 779 1,519 515 416</td><td>19 130 12 175 296 32 146</td><td>76 705 559 604 1,223 453 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Trea. bond - 9/15/56-59 2-1/2% Trea. bond - 3/15/65-70 1-1/2% Trea. note - 9/15/48</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/15/44..</td><td></td><td>4,729</td><td>810</td><td>3,919</td><td>83</td><td></td></tr><tr><td>4/1/44 5/1/44 8/1/44 9/1/44</td><td>7/8% 7/8% 7/8% 7/8% Certificate - 9/15/44</td><td>Certificate - 4/1/44....................(4/15/43) Certificate - 5/1/44....................(5/1/43) Certificate - 8/1/44....................(8/2/43) Certificate - 9/1/44....................(9/15/43) Trea. note - 9/15/44</td><td>5,251 1,655 2,545 4,122 635</td><td>374 40 34 428 33</td><td>4,877 1,615 2,511 3,594 602</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 14% Trea. note - 9/15/44</td><td>Trea. note - 9/15/44....................(12/22/39)</td><td>283</td><td>98</td><td>185</td><td>66</td><td>1% Trea. note - 3/15/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/15/44..</td><td></td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8% Certificate - 12/1/44</td><td>Certificate - 10/1/44....................(10/15/43) Certificate - 12/1/44....................(12/1/43)</td><td>3,519 3,540</td><td>27 124</td><td>3,492 3,416</td><td>99 96</td><td>7/8% Certificate - 10/1/45 .90% Trea. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Trea. bond - 12/15/44-54</td><td></td><td>1,037</td><td>126</td><td>911</td><td>83</td><td>1-1/4% Trea. note - 9/15/47 2% Trea. bond - 12/15/52-54 2-1/2% Trea. bond - 3/15/66-712/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CCC note - 2/15/45</td><td>Certificate - 2/1/45....................(2/1/44) CCC note - 2/15/45....................(7/21/41)</td><td>5,048 412</td><td>400 17</td><td>4,649 395</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 2/1/45...</td><td></td><td>5,460</td><td>416</td><td>5,043</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4% Trea. note - 3/15/45</td><td>Trea. note - 3/1/45....................(2/1/44) Trea. note - 3/15/45....................(3/15/40) Trea. note - 3/15/45....................(9/25/42)</td><td>2,127 718 1,606</td><td>18 225 60</td><td>2,109 493 1,546</td><td>99 69 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/1/45...</td><td></td><td>4,451</td><td>304</td><td>4,147</td><td>93</td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8% Certificate - 5/1/45</td><td>Certificate - 4/1/45....................(4/1/44) Certificate - 5/1/45....................(5/1/44)</td><td>4,877 1,615</td><td>66 35</td><td>4,811 1,579</td><td>99 98</td><td>7/8% Certificate - 4/1/46 7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% 1-1/2% HOLL bond - 6/1/45-47</td><td>Certificate - 6/1/45....................(6/26/44) HOLL bond - 6/1/45-47....................(6/1/39)</td><td>4,770 755</td><td>583 32</td><td>4,187 723</td><td>88 96</td><td>.90% Trea. note - 7/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 6/1/45...</td><td></td><td>5,525</td><td>615</td><td>4,910</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45</td><td>Certificate - 8/1/45....................(8/1/44)</td><td>2,511</td><td>41</td><td>2,470</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% 2-3/4% Trea. bond - 9/15/45-47</td><td>Certificate - 9/1/45....................(9/1/44) Trea. bond - 9/15/45-47....................(9/16/35)</td><td>3,694 1,214</td><td>265 307</td><td>3,489 907</td><td>93 75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/1/45...</td><td></td><td>4,908</td><td>572</td><td>4,336</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45</td><td>Certificate - 10/1/45....................(10/1/44)</td><td>3,492</td><td>52</td><td>3,440</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% 3/4% 2-1/2% Certificate - 12/15/45 Trea. note - 12/15/45 Trea. bond - 12/15/45</td><td>Certificate - 12/1/45....................(12/1/44) Trea. note - 12/15/45....................(12/18/40) Trea. bond - 12/15/45....................(12/15/37)</td><td>4,395 531 541</td><td>1,463 93 133</td><td>2,932 438 408</td><td>67 82 75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 12/1/45..</td><td></td><td>5,467</td><td>1,689</td><td>3,778</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>.90% Trea. note - 1/1/46</td><td>Trea. note - 1/1/46....................(12/1/44)</td><td>3,416</td><td>85</td><td>3,330</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr></table>
Back Figures: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33.
1/ Original call and maturity dates are used.
2/ Not available to commercial banks.
34
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="4">Description of new issue</th><th colspan="3">Amount of bids accepted</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/2</th></tr><tr><td>1944-Dec. 7.........</td><td>1945-Mar. 8.........</td><td>91</td><td>1,974.8</td><td>1,204.9</td><td>1,137.8</td><td>67.1</td><td>1,206.9</td><td>16,449.8</td></tr><tr><td>Dec. 14.........</td><td>Mar. 15.........</td><td>91</td><td>1,934.4</td><td>1,207.0</td><td>1,135.0</td><td>72.0</td><td>1,214.8</td><td>16,442.0</td></tr><tr><td>Dec. 21.........</td><td>Mar. 22.........</td><td>91</td><td>2,040.8</td><td>1,217.2</td><td>1,151.0</td><td>66.2</td><td>1,215.5</td><td>16,443.7</td></tr><tr><td>Dec. 28.........</td><td>Mar. 29.........</td><td>91</td><td>1,868.2</td><td>1,202.3</td><td>1,152.8</td><td>49.4</td><td>1,218.2</td><td>16,427.6</td></tr><tr><td>1945-Jan. 4.........</td><td>Apr. 5.........</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11.........</td><td>Apr. 12.........</td><td>91</td><td>2,157.4</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 18.........</td><td>Apr. 19.........</td><td>91</td><td>2,198.2</td><td>1,302.6</td><td>1,229.2</td><td>73.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25.........</td><td>Apr. 26.........</td><td>91</td><td>2,195.0</td><td>1,318.4</td><td>1,248.4</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr><tr><td>Feb. 1.........</td><td>May 3.........</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,408.1</td></tr><tr><td>Feb. 8.........</td><td>May 10.........</td><td>91</td><td>2,027.9</td><td>1,315.2</td><td>1,252.7</td><td>57.5</td><td>1,314.3</td><td>16,404.0</td></tr><tr><td>Feb. 15.........</td><td>May 17.........</td><td>91</td><td>1,891.8</td><td>1,300.1</td><td>1,249.8</td><td>50.3</td><td>1,300.6</td><td>16,403.5</td></tr><tr><td>Feb. 23.........</td><td>May 24.........</td><td>90</td><td>1,833.0</td><td>1,303.7</td><td>1,242.7</td><td>66.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1.........</td><td>May 31.........</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8.........</td><td>June 7.........</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15.........</td><td>June 14.........</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,253.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22.........</td><td>June 21.........</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,808.9</td></tr><tr><td>Mar. 29.........</td><td>June 28.........</td><td>91</td><td>2,022.1</td><td>1,314.0</td><td>1,254.0</td><td>60.1</td><td>1,202.3</td><td>16,920.7</td></tr><tr><td>Apr. 5.........</td><td>July 5.........</td><td>91</td><td>1,842.8</td><td>1,317.1</td><td>1,271.1</td><td>46.0</td><td>1,204.9</td><td>17,032.8</td></tr><tr><td>Apr. 12.........</td><td>July 12.........</td><td>91</td><td>2,164.0</td><td>1,303.9</td><td>1,243.2</td><td>60.8</td><td>1,303.0</td><td>17,033.7</td></tr><tr><td>Apr. 19.........</td><td>July 19.........</td><td>91</td><td>2,092.1</td><td>1,318.2</td><td>1,255.0</td><td>63.2</td><td>1,302.6</td><td>17,049.3</td></tr><tr><td>Apr. 26.........</td><td>July 26.........</td><td>91</td><td>2,109.3</td><td>1,310.3</td><td>1,254.2</td><td>56.0</td><td>1,318.4</td><td>17,041.2</td></tr><tr><td>May 3.........</td><td>Aug. 2.........</td><td>91</td><td>2,018.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10.........</td><td>Aug. 9.........</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17.........</td><td>Aug. 16.........</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24.........</td><td>Aug. 23.........</td><td>91</td><td>2,057.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31.........</td><td>Aug. 30.........</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7.........</td><td>Sept. 6.........</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14.........</td><td>Sept. 13.........</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21.........</td><td>Sept. 20.........</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28.........</td><td>Sept. 27.........</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5.........</td><td>Oct. 4.........</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12.........</td><td>Oct. 11.........</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19.........</td><td>Oct. 18.........</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26.........</td><td>Oct. 25.........</td><td>91</td><td>2,046.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2.........</td><td>Nov. 1.........</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9.........</td><td>Nov. 8.........</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16.........</td><td>Nov. 15.........</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23.........</td><td>Nov. 23.........</td><td>92</td><td>1,956.4</td><td>1,310.5</td><td>1,260.3</td><td>50.3</td><td>1,313.2</td><td>17,043.5</td></tr><tr><td>Aug. 30.........</td><td>Nov. 29.........</td><td>91</td><td>1,936.1</td><td>1,309.0</td><td>1,256.4</td><td>52.6</td><td>1,314.4</td><td>17,038.1</td></tr><tr><td>Sept. 6.........</td><td>Dec. 6.........</td><td>91</td><td>1,932.4</td><td>1,306.1</td><td>1,257.6</td><td>48.5</td><td>1,302.3</td><td>17,041.9</td></tr><tr><td>Sept. 13.........</td><td>Dec. 13.........</td><td>91</td><td>2,024.7</td><td>1,302.0</td><td>1,241.0</td><td>61.0</td><td>1,309.8</td><td>17,034.1</td></tr><tr><td>Sept. 20.........</td><td>Dec. 20.........</td><td>91</td><td>2,093.7</td><td>1,306.7</td><td>1,252.1</td><td>54.6</td><td>1,305.3</td><td>17,035.5</td></tr><tr><td>Sept. 27.........</td><td>Dec. 27.........</td><td>91</td><td>2,073.5</td><td>1,300.6</td><td>1,247.6</td><td>53.0</td><td>1,317.8</td><td>17,018.3</td></tr><tr><td>Oct. 4.........</td><td>1946-Jan. 3.........</td><td>91</td><td>2,159.1</td><td>1,310.5</td><td>1,263.3</td><td>47.1</td><td>1,304.9</td><td>17,023.9</td></tr><tr><td>Oct. 11.........</td><td>Jan. 10.........</td><td>91</td><td>2,157.5</td><td>1,311.0</td><td>1,256.1</td><td>54.9</td><td>1,310.6</td><td>17,024.3</td></tr><tr><td>Oct. 18.........</td><td>Jan. 17.........</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,029.5</td></tr><tr><td>Oct. 25.........</td><td>Jan. 24.........</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1.........</td><td>Jan. 31.........</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8.........</td><td>Feb. 7.........</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15.........</td><td>Feb. 14.........</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 23.........</td><td>Feb. 21.........</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.6</td><td>17,019.4</td></tr><tr><td>Nov. 29.........</td><td>Feb. 28.........</td><td>91</td><td>2,154.7</td><td>1,316.0</td><td>1,269.8</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr><tr><td>Dec. 6.........</td><td>Mar. 7.........</td><td>91</td><td>2,153.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13.........</td><td>Mar. 14.........</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20.........</td><td>Mar. 21.........</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27.........</td><td>Mar. 28.........</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statement basis.
Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Commencing with the offering of Treasury bills dated May 12, 1943.
tenders for bills in the amount of $100,000 or less from any one bidder were accepted in full at a fixed price of 99.905 per hundred. This amount was increased to $207,000 or less commencing with the offering dated November 30, 1944.
February 1946
35
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1944-Dec. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 14</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 28</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>1945-Jan. 4</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 11</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 18</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 25</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 8</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 15</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.350</td><td>99.906</td><td>0.376</td></tr><tr><td>Mar. 1</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 8</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 15</td><td>99.905</td><td>0.375</td><td>99.910 2/</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 22</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 29</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 5</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 12</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 19</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 26</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 3</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 10</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 17</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>June 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 5</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 12</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 19</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 26</td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 23</td><td>99.904</td><td>0.375</td><td>99.909</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 30</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 6</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 13</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 4</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 1</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 8</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 15</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 23</td><td>99.906</td><td>0.376</td><td>99.908</td><td>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 29</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 6</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 13</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 20</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury. 1/ Bank discount basis.
2/ Except $2,000,000 at 99.925.
3/ Except $75,000 at 99.925.
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr></table>
All series 3/
<table><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>-3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1945</td><td>45,585.6</td><td>+10,979.4</td><td>14,890.8</td><td>14,466.7</td><td>424.1</td><td>387.0</td><td>4,298.4</td><td>4,251.7</td><td>46.6</td></tr><tr><td>1944-December</td><td>40,360.8</td><td>+2,052.6</td><td>2,385.8</td><td>2,353.5</td><td>32.4</td><td>32.0</td><td>365.3</td><td>362.9</td><td>2.4</td></tr><tr><td>1945-January</td><td>41,140.3</td><td>+779.5</td><td>1,074.2</td><td>1,073.8</td><td>.4</td><td>46.7</td><td>314.4</td><td>338.7</td><td>2.7</td></tr><tr><td>February</td><td>41,698.2</td><td>+557.9</td><td>848.0</td><td>848.0</td><td>....</td><td>33.0</td><td>323.1</td><td>320.7</td><td>2.4</td></tr><tr><td>March</td><td>42,159.5</td><td>+461.3</td><td>889.1</td><td>889.1</td><td>....</td><td>36.0</td><td>463.8</td><td>455.8</td><td>8.0</td></tr><tr><td>April</td><td>42,625.6</td><td>+466.1</td><td>837.6</td><td>837.6</td><td>....</td><td>32.0</td><td>403.6</td><td>396.4</td><td>7.1</td></tr><tr><td>May</td><td>43,767.0</td><td>+1,141.4</td><td>1,540.1</td><td>1,540.1</td><td>....</td><td>27.8</td><td>426.5</td><td>419.1</td><td>7.3</td></tr><tr><td>June</td><td>45,585.6</td><td>+1,818.6</td><td>2,178.1</td><td>1,850.5</td><td>327.6</td><td>43.7</td><td>403.2</td><td>396.3</td><td>6.9</td></tr><tr><td>July</td><td>46,508.2</td><td>+922.6</td><td>1,294.5</td><td>1,271.9</td><td>22.6</td><td>56.5</td><td>428.4</td><td>420.7</td><td>7.7</td></tr><tr><td>August</td><td>46,714.8</td><td>+206.6</td><td>699.7</td><td>699.7</td><td>....</td><td>38.0</td><td>531.1</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>46,741.2</td><td>+26.4</td><td>514.1</td><td>514.1</td><td>....</td><td>40.7</td><td>528.4</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>46,786.3</td><td>+45.1</td><td>624.5</td><td>624.5</td><td>....</td><td>36.7</td><td>616.1</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>47,472.8</td><td>+686.5</td><td>1,183.6</td><td>1,183.6</td><td>....</td><td>36.1</td><td>533.2</td><td>5/</td><td>5/</td></tr><tr><td>December</td><td>48,223.7</td><td>+750.9</td><td>1,253.5</td><td>1,162.8</td><td>90.7</td><td>56.7</td><td>559.3</td><td>5/</td><td>5/</td></tr></table>
Series A-D 6/
<table><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td></td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>5/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>5/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>5/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>+461.1</td><td>.8</td><td>.8</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+1.8</td><td>.1</td><td>.1</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,624.8</td><td>+15.8</td><td>.1</td><td>.1</td><td>96.0</td><td>79.3</td><td>71.7</td><td>7.5</td></tr><tr><td>1945</td><td>3,985.3</td><td>-39.5</td><td>*</td><td>*</td><td>103.3</td><td>142.8</td><td>117.4</td><td>25.4</td></tr><tr><td>1944-December</td><td>3,638.0</td><td>+1.7</td><td>....</td><td>....</td><td>8.4</td><td>6.7</td><td>6.0</td><td>.7</td></tr><tr><td>1945-January</td><td>3,045.0</td><td>+7.0</td><td>....</td><td>....</td><td>14.9</td><td>8.0</td><td>7.0</td><td>1.0</td></tr><tr><td>February</td><td>3,047.3</td><td>+2.3</td><td>....</td><td>....</td><td>8.3</td><td>6.0</td><td>5.3</td><td>.7</td></tr><tr><td>March</td><td>3,629.1</td><td>-18.2</td><td>....</td><td>....</td><td>7.7</td><td>25.9</td><td>20.3</td><td>5.6</td></tr><tr><td>April</td><td>3,613.6</td><td>-15.5</td><td>*</td><td>*</td><td>6.9</td><td>22.4</td><td>17.5</td><td>4.8</td></tr><tr><td>May</td><td>3,597.1</td><td>-16.5</td><td>*</td><td>*</td><td>5.7</td><td>22.2</td><td>17.5</td><td>4.8</td></tr><tr><td>June</td><td>3,585.3</td><td>-11.9</td><td>....</td><td>....</td><td>8.8</td><td>30.6</td><td>16.3</td><td>4.3</td></tr><tr><td>July</td><td>3,578.9</td><td>-6.4</td><td>*</td><td>*</td><td>15.9</td><td>22.3</td><td>17.4</td><td>4.8</td></tr><tr><td>August</td><td>3,571.6</td><td>-7.3</td><td>....</td><td>....</td><td>8.7</td><td>16.0</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>3,564.9</td><td>-6.7</td><td>....</td><td>....</td><td>7.3</td><td>14.1</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>3,551.1</td><td>-13.7</td><td>....</td><td>....</td><td>6.7</td><td>30.5</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>3,534.3</td><td>-16.8</td><td>....</td><td>....</td><td>5.7</td><td>22.5</td><td>5/</td><td>5/</td></tr><tr><td>December</td><td>3,517.9 1/</td><td>-16.4</td><td>....</td><td>....</td><td>8.7</td><td>25.1 1/</td><td>5/</td><td>5/</td></tr></table>
Series E 3/8
<table><tr><td>1942</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>3,526.3</td><td>....</td><td>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td>....</td><td>33.1</td><td>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td>....</td><td>118.4</td><td>2,099.9</td><td>2,094.7</td><td>5.2</td></tr><tr><td>1945</td><td>29,097.1</td><td>+7,972.3</td><td>11,553.4</td><td>11,553.4</td><td>....</td><td>261.3</td><td>3,845.9</td><td>3,825.5</td><td>20.4</td></tr><tr><td>1944-December</td><td>25,514.5</td><td>+1,543.8</td><td>1,855.3</td><td>1,855.3</td><td>....</td><td>22.2</td><td>333.7</td><td>332.1</td><td>1.6</td></tr><tr><td>1945-January</td><td>26,014.9</td><td>+527.4</td><td>803.8</td><td>803.8</td><td>....</td><td>29.4</td><td>305.9</td><td>304.2</td><td>1.6</td></tr><tr><td>February</td><td>26,428.0</td><td>+386.1</td><td>653.2</td><td>653.2</td><td>....</td><td>23.4</td><td>290.5</td><td>288.9</td><td>1.6</td></tr><tr><td>March</td><td>26,760.2</td><td>+332.2</td><td>712.1</td><td>712.1</td><td>....</td><td>26.5</td><td>406.4</td><td>404.1</td><td>2.3</td></tr><tr><td>April</td><td>27,109.3</td><td>+349.1</td><td>684.4</td><td>684.4</td><td>....</td><td>23.4</td><td>358.7</td><td>356.5</td><td>2.2</td></tr><tr><td>May</td><td>27,918.5</td><td>+839.2</td><td>1,194.7</td><td>1,194.7</td><td>....</td><td>20.4</td><td>375.9</td><td>373.4</td><td>2.5</td></tr><tr><td>June</td><td>29,097.1</td><td>+1,148.7</td><td>1,467.7</td><td>1,467.7</td><td>....</td><td>32.8</td><td>351.9</td><td>349.4</td><td>2.4</td></tr><tr><td>July</td><td>29,790.9</td><td>+693.8</td><td>1,031.3</td><td>1,031.3</td><td>....</td><td>37.4</td><td>375.4</td><td>372.7</td><td>2.7</td></tr><tr><td>August</td><td>29,904.8</td><td>+113.8</td><td>571.3</td><td>571.3</td><td>....</td><td>27.6</td><td>485.0</td><td>481.3</td><td>3.7</td></tr><tr><td>September</td><td>29,869.3</td><td>-35.5</td><td>420.1</td><td>420.1</td><td>....</td><td>31.1</td><td>486.6</td><td>482.6</td><td>4.0</td></tr><tr><td>October</td><td>29,844.4</td><td>-24.8</td><td>509.7</td><td>509.7</td><td>....</td><td>27.8</td><td>562.3</td><td>557.3</td><td>5.1</td></tr><tr><td>November</td><td>30,263.3</td><td>+418.8</td><td>865.0</td><td>865.0</td><td>....</td><td>28.3</td><td>474.1</td><td>469.7</td><td>4.7</td></tr><tr><td>December</td><td>30,726.7 1/</td><td>+463.5</td><td>908.2</td><td>908.2</td><td>....</td><td>45.1</td><td>489.8 1/</td><td>484.5</td><td>5.3</td></tr></table>
(Continued on following page)
February 1946
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th colspan="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">Series F 3/ 9/</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td>...</td><td>.2</td><td>2.9</td><td>2.9</td><td>.</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>...</td><td>2.5</td><td>17.0</td><td>17.0</td><td>.</td></tr><tr><td>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>691.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>57.4</td><td>.3</td></tr><tr><td>1945</td><td>2,604.4</td><td>+608.7</td><td>679.1</td><td>542.6</td><td>136.5</td><td>18.9</td><td>89.3</td><td>88.5</td><td>.9</td></tr><tr><td>1944-December</td><td>2,277.6</td><td>+119.1</td><td>124.7</td><td>114.1</td><td>10.6</td><td>1.4</td><td>7.0</td><td>6.9</td><td>.1</td></tr><tr><td>1945-January</td><td>2,314.6</td><td>+37.0</td><td>42.0</td><td>41.8</td><td>.2</td><td>2.4</td><td>7.4</td><td>7.4</td><td>.1</td></tr><tr><td>February</td><td>2,338.0</td><td>+23.4</td><td>30.7</td><td>30.7</td><td>...</td><td>1.3</td><td>8.6</td><td>8.5</td><td>.1</td></tr><tr><td>March</td><td>2,357.3</td><td>+19.2</td><td>26.5</td><td>26.5</td><td>...</td><td>1.2</td><td>9.1</td><td>9.0</td><td>.1</td></tr><tr><td>April</td><td>2,376.3</td><td>+19.1</td><td>23.1</td><td>23.1</td><td>...</td><td>1.8</td><td>5.8</td><td>5.8</td><td>.1</td></tr><tr><td>May</td><td>2,433.3</td><td>+57.0</td><td>62.9</td><td>62.9</td><td>...</td><td>1.7</td><td>7.7</td><td>7.6</td><td>.1</td></tr><tr><td>June</td><td>2,604.4</td><td>+171.2</td><td>178.0</td><td>74.5</td><td>103.5</td><td>2.1</td><td>8.9</td><td>8.8</td><td>.1</td></tr><tr><td>July</td><td>2,646.6</td><td>+42.1</td><td>47.4</td><td>39.4</td><td>8.0</td><td>3.2</td><td>8.4</td><td>8.3</td><td>.1</td></tr><tr><td>August</td><td>2,661.7</td><td>+15.1</td><td>21.6</td><td>21.6</td><td>...</td><td>1.7</td><td>8.2</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>2,673.8</td><td>+12.1</td><td>17.8</td><td>17.8</td><td>...</td><td>2.3</td><td>8.0</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>2,674.1</td><td>+3.3</td><td>7.9</td><td>7.9</td><td>...</td><td>2.2</td><td>9.8</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>2,720.0</td><td>+45.9</td><td>53.8</td><td>53.8</td><td>...</td><td>2.1</td><td>10.0</td><td>5/</td><td>5/</td></tr><tr><td>December</td><td>2,792.7</td><td>+72.7</td><td>83.3</td><td>47.9</td><td>35.4</td><td>2.9</td><td>13.5</td><td>5/</td><td>5/</td></tr></table>
Series 0 3/9/
<table><tr><td>1942</td><td>2,414.3</td><td>+2,020.3</td><td>2,032.1</td><td>2,032.1</td><td>...</td><td>...</td><td>11.8</td><td>11.8</td><td>...</td></tr><tr><td>1943</td><td>5,119.2</td><td>+2,704.9</td><td>2,759.5</td><td>2,759.5</td><td>...</td><td>...</td><td>54.5</td><td>54.5</td><td>...</td></tr><tr><td>1944</td><td>7,860.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,628.5</td><td>247.1</td><td>...</td><td>134.0</td><td>134.0</td><td>...</td></tr><tr><td>1945</td><td>10,298.8</td><td>+2,437.9</td><td>2,658.3</td><td>2,370.8</td><td>287.5</td><td>...</td><td>220.4</td><td>220.4</td><td>...</td></tr><tr><td>1944-December</td><td>8,930.6</td><td>+388.0</td><td>405.9</td><td>384.1</td><td>21.8</td><td>...</td><td>17.9</td><td>17.9</td><td>...</td></tr><tr><td>1945-January</td><td>9,138.8</td><td>+208.2</td><td>228.3</td><td>228.1</td><td>.2</td><td>...</td><td>20.1</td><td>20.1</td><td>...</td></tr><tr><td>February</td><td>9,284.9</td><td>+146.1</td><td>164.1</td><td>164.1</td><td>...</td><td>...</td><td>18.0</td><td>18.0</td><td>...</td></tr><tr><td>March</td><td>9,412.2</td><td>+128.0</td><td>150.5</td><td>150.5</td><td>...</td><td>...</td><td>22.4</td><td>22.4</td><td>...</td></tr><tr><td>April</td><td>9,526.4</td><td>+113.5</td><td>130.1</td><td>130.1</td><td>...</td><td>...</td><td>16.6</td><td>16.6</td><td>...</td></tr><tr><td>May</td><td>9,788.2</td><td>+261.8</td><td>282.4</td><td>282.4</td><td>...</td><td>...</td><td>20.6</td><td>20.6</td><td>...</td></tr><tr><td>June</td><td>10,298.8</td><td>+510.6</td><td>532.4</td><td>308.3</td><td>224.1</td><td>...</td><td>21.8</td><td>21.8</td><td>...</td></tr><tr><td>July</td><td>10,491.8</td><td>+193.0</td><td>215.3</td><td>200.7</td><td>14.5</td><td>...</td><td>22.2</td><td>22.2</td><td>...</td></tr><tr><td>August</td><td>10,576.7</td><td>+84.9</td><td>106.8</td><td>106.8</td><td>...</td><td>...</td><td>21.9</td><td>21.9</td><td>...</td></tr><tr><td>September</td><td>10,633.2</td><td>+56.5</td><td>76.3</td><td>76.3</td><td>...</td><td>...</td><td>19.8</td><td>19.8</td><td>...</td></tr><tr><td>October</td><td>10,716.6</td><td>+83.4</td><td>106.8</td><td>106.8</td><td>...</td><td>...</td><td>23.5</td><td>23.5</td><td>...</td></tr><tr><td>November</td><td>10,955.2</td><td>+238.6</td><td>264.8</td><td>264.8</td><td>...</td><td>...</td><td>26.2</td><td>26.2</td><td>...</td></tr><tr><td>December</td><td>11,186.3</td><td>+231.1</td><td>262.0</td><td>206.7</td><td>55.3</td><td>...</td><td>30.9</td><td>30.9</td><td>...</td></tr></table>
Source:
Daily Treasury Statements.
Revised. Less than $50,000. At current redemption values except Series G, which is stated at par. Estimated, except for Series G, for details concerning investment yields and redemption values, see "Treasury Bulletin" for May 1945, page 1-4. Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 million. Not yet available. Series A-D, sold between March 1935 and April 1941, are 10 year discount bonds sold at 75% of maturity value, yielding 2.90% per
annum if held to maturity; purchases were limited to $7,500 issue price in any calendar year and from April 1, 1940, could be made only by individuals. Series A bonds began to mature in March 1945. For information on the approximate monthly distribution of maturities during 1945 see "Treasury Bulletin" for March 1945, page A-2. The small amounts of matured bonds which have not been redeemed remain in the amount outstanding.
11 There were $128.7 million of Series A-D and E savings bonds redeemed through December 31, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series E bonds.
Series E, on sale since May 1, 1941, is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals. Series F and G have been on sale since May 1, 1941. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series G is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series F and G combined in any one calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941). Commercial banks were permitted to purchase Series F and G bonds during the calendar year 1941 under certain conditions ("Treasury Bulletin" for December 1941, page 36, footnote 9); and from June 15 through June 30, 1945 they were again permitted to make such purchases, subject to the following limitations: (1) purchases of Series F and G bonds from June 18 through June 30 were not to exceed the annual limit of $100,000; and (2) combined purchases of Series F and G bonds, 1-1/2% Treasury bonds due 12/15/50, and 7/8% certificates of indebtedness due 6/1/45 may not exceed 10% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, or $500,000, whichever may be less.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- Total Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Sales in millions of dollars at issue price</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/1</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/1</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="19">Series E</td></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td></td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>8,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,481.0</td><td></td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td></td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td></td><td></td><td></td><td></td></tr><tr><td>1945</td><td>11,553.1</td><td>3,927.7</td><td>1,724.8</td><td>2,406.2</td><td>1,325.7</td><td>2,099.7</td><td></td><td></td><td></td><td>100.0</td><td>34.0</td><td>14.9</td><td>20.8</td><td>11.5</td><td>18.2</td><td></td><td></td><td></td><td></td></tr><tr><td>1944-Dec.</td><td>1,855.3</td><td>6.0</td><td>467.7</td><td>233.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td></td><td></td><td>100.0</td><td>.3</td><td>25.2</td><td>12.6</td><td>24.7</td><td>15.5</td><td>21.7</td><td></td><td></td><td></td></tr><tr><td>1945-Jan.</td><td>803.8</td><td>6.0</td><td>296.2</td><td>124.7</td><td>153.5</td><td>77.3</td><td>146.1</td><td></td><td></td><td>100.0</td><td>.7</td><td>36.9</td><td>15.5</td><td>19.1</td><td>9.6</td><td>18.2</td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>653.2</td><td>4.7</td><td>269.1</td><td>112.0</td><td>118.2</td><td>50.8</td><td>98.3</td><td></td><td></td><td>100.0</td><td>.7</td><td>41.2</td><td>17.1</td><td>18.1</td><td>7.8</td><td>15.1</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>712.1</td><td>7.7</td><td>301.4</td><td>122.5</td><td>127.5</td><td>54.1</td><td>99.0</td><td></td><td></td><td>100.0</td><td>1.1</td><td>42.3</td><td>17.2</td><td>17.9</td><td>7.6</td><td>13.9</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>684.4</td><td>7.7</td><td>285.3</td><td>115.2</td><td>123.1</td><td>54.0</td><td>99.0</td><td></td><td></td><td>100.0</td><td>1.1</td><td>41.7</td><td>16.8</td><td>18.0</td><td>7.9</td><td>14.5</td><td></td><td></td><td></td></tr><tr><td>May</td><td>1,194.7</td><td>7.3</td><td>341.3</td><td>157.7</td><td>246.5</td><td>160.2</td><td>281.6</td><td></td><td></td><td>100.0</td><td>.6</td><td>28.6</td><td>13.2</td><td>20.6</td><td>13.4</td><td>23.6</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1,467.7</td><td>8.9</td><td>358.3</td><td>178.8</td><td>317.9</td><td>227.4</td><td>376.4</td><td></td><td></td><td>100.0</td><td>.6</td><td>24.4</td><td>12.2</td><td>21.7</td><td>15.5</td><td>25.6</td><td></td><td></td><td></td></tr><tr><td>July</td><td>1,031.8</td><td>8.4</td><td>322.7</td><td>145.7</td><td>205.0</td><td>127.9</td><td>222.0</td><td></td><td></td><td>100.0</td><td>.8</td><td>31.3</td><td>14.1</td><td>19.9</td><td>12.4</td><td>21.5</td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>571.3</td><td>8.3</td><td>233.6</td><td>96.2</td><td>103.8</td><td>47.4</td><td>82.0</td><td></td><td></td><td>100.0</td><td>1.4</td><td>40.9</td><td>16.8</td><td>18.2</td><td>8.3</td><td>14.4</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>420.1</td><td>8.9</td><td>182.8</td><td>76.0</td><td>73.6</td><td>29.6</td><td>49.1</td><td></td><td></td><td>100.0</td><td>2.1</td><td>43.5</td><td>18.1</td><td>17.5</td><td>7.1</td><td>11.7</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>509.7</td><td>6.8</td><td>213.8</td><td>86.7</td><td>91.1</td><td>40.8</td><td>70.2</td><td></td><td></td><td>100.0</td><td>1.3</td><td>41.9</td><td>17.0</td><td>17.9</td><td>8.0</td><td>13.8</td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>865.0</td><td>5.9</td><td>210.1</td><td>94.2</td><td>138.7</td><td>54.8</td><td>123.7</td><td>237.6</td><td></td><td>100.0</td><td>.7</td><td>24.3</td><td>10.9</td><td>16.0</td><td>6.3</td><td>14.3</td><td>27.5</td><td></td><td></td></tr><tr><td>Dec.</td><td>908.2</td><td>4.8</td><td>228.1</td><td>106.7</td><td>142.7</td><td>60.2</td><td>125.5</td><td>240.2</td><td></td><td>100.0</td><td>.5</td><td>25.1</td><td>11.8</td><td>15.7</td><td>6.6</td><td>13.8</td><td>26.5</td><td></td><td></td></tr><tr><td colspan="19">Series F</td></tr><tr><td>1942 3/</td><td>434.9</td><td>1.3</td><td></td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td></td><td>100.0</td><td>.3</td><td>.5</td><td>4.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td><td></td><td></td></tr><tr><td>1943</td><td>757.9</td><td>4.0</td><td></td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td></td><td>100.0</td><td>.5</td><td>.7</td><td>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td><td></td><td></td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td></td><td>24.9</td><td>40.9</td><td>213.3</td><td>152.7</td><td>354.8</td><td></td><td>100.0</td><td>.7</td><td>.8</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td><td></td><td></td></tr><tr><td>1945</td><td>679.1</td><td>5.4</td><td></td><td>20.0</td><td>32.7</td><td>167.3</td><td>127.5</td><td>326.2</td><td></td><td>100.0</td><td>.8</td><td></td><td>3.0</td><td>4.8</td><td>24.6</td><td>18.8</td><td>48.0</td><td></td><td></td></tr><tr><td>1944-Dec.</td><td>124.7</td><td>1.1</td><td></td><td>4.3</td><td>7.5</td><td>39.8</td><td>28.8</td><td>43.1</td><td></td><td>100.0</td><td>.9</td><td></td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td><td></td><td></td></tr><tr><td>1945-Jan.</td><td>42.0</td><td>.4</td><td></td><td>1.4</td><td>1.9</td><td>9.2</td><td>6.8</td><td>22.4</td><td></td><td>100.0</td><td>.9</td><td>.7</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td><td></td><td></td></tr><tr><td>Feb.</td><td>30.7</td><td>.2</td><td></td><td>.9</td><td>1.3</td><td>6.3</td><td>5.1</td><td>16.9</td><td></td><td>100.0</td><td>.7</td><td>1.0</td><td>2.9</td><td>4.2</td><td>20.5</td><td>16.5</td><td>55.2</td><td></td><td></td></tr><tr><td>Mar.</td><td>26.5</td><td>.3</td><td></td><td>.9</td><td>1.2</td><td>6.0</td><td>4.9</td><td>13.2</td><td></td><td>100.0</td><td>1.0</td><td></td><td>3.3</td><td>4.5</td><td>22.9</td><td>18.6</td><td>49.7</td><td></td><td></td></tr><tr><td>Apr.</td><td>23.1</td><td>.2</td><td></td><td>.9</td><td>1.1</td><td>6.3</td><td>4.4</td><td>10.2</td><td></td><td>100.0</td><td>1.0</td><td>.9</td><td>3.7</td><td>4.8</td><td>27.2</td><td>19.2</td><td>44.1</td><td></td><td></td></tr><tr><td>May</td><td>62.9</td><td>.6</td><td></td><td>2.1</td><td>3.6</td><td>17.4</td><td>13.7</td><td>25.5</td><td></td><td>100.0</td><td>.9</td><td>.4</td><td>3.4</td><td>5.1</td><td>27.6</td><td>21.8</td><td>40.6</td><td></td><td></td></tr><tr><td>June.</td><td>178.0</td><td>.8</td><td></td><td>2.9</td><td>4.4</td><td>23.6</td><td>21.4</td><td>124.9</td><td></td><td>100.0</td><td>.4</td><td></td><td>1.6</td><td>2.5</td><td>13.3</td><td>12.0</td><td>70.2</td><td></td><td></td></tr><tr><td>July.</td><td>47.4</td><td>.4</td><td></td><td>1.5</td><td>2.4</td><td>12.4</td><td>8.7</td><td>22.0</td><td></td><td>100.0</td><td>.8</td><td>.8</td><td>3.2</td><td>5.1</td><td>26.2</td><td>18.3</td><td>46.4</td><td></td><td></td></tr><tr><td>Aug.</td><td>21.6</td><td>.2</td><td></td><td>.7</td><td>1.0</td><td>5.7</td><td>4.3</td><td>9.8</td><td></td><td>100.0</td><td>.8</td><td>1.2</td><td>3.0</td><td>4.5</td><td>26.5</td><td>19.7</td><td>45.5</td><td></td><td></td></tr><tr><td>Sept.</td><td>17.8</td><td>.2</td><td></td><td>.8</td><td>1.1</td><td>5.6</td><td>4.1</td><td>6.0</td><td></td><td>100.0</td><td>1.2</td><td></td><td>4.3</td><td>6.4</td><td>31.4</td><td>22.9</td><td>33.8</td><td></td><td></td></tr><tr><td>Oct.</td><td>7.9</td><td>.1</td><td></td><td>.4</td><td>.5</td><td>2.7</td><td>1.6</td><td>2.6</td><td></td><td>100.0</td><td>1.3</td><td></td><td>4.5</td><td>6.7</td><td>33.9</td><td>20.8</td><td>32.8</td><td></td><td></td></tr><tr><td>Nov.</td><td>53.8</td><td>.4</td><td></td><td>1.6</td><td>3.0</td><td>17.6</td><td>12.6</td><td>18.7</td><td></td><td>100.0</td><td>.7</td><td></td><td>3.0</td><td>5.5</td><td>32.8</td><td>23.3</td><td>34.7</td><td></td><td></td></tr><tr><td>Dec.</td><td>83.3</td><td>.4</td><td></td><td>1.6</td><td>2.8</td><td>16.5</td><td>13.5</td><td>48.5</td><td></td><td>100.0</td><td>.5</td><td></td><td>1.9</td><td>3.4</td><td>19.8</td><td>16.2</td><td>58.2</td><td></td><td></td></tr><tr><td colspan="19">Series G</td></tr><tr><td>1942</td><td>2,032.1</td><td></td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>883.8</td><td></td><td>100.0</td><td></td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>2,759.5</td><td></td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td></td><td>100.0</td><td></td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>2,875.6</td><td></td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td></td><td>100.0</td><td></td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td><td></td><td></td><td></td><td></td></tr><tr><td>1945</td><td>2,958.3</td><td></td><td>88.5</td><td>221.9</td><td>844.7</td><td>467.6</td><td>1,035.6</td><td></td><td>100.0</td><td></td><td>3.3</td><td>8.3</td><td>31.8</td><td>17.6</td><td>39.0</td><td></td><td></td><td></td><td></td></tr><tr><td>1944-Dec.</td><td>405.9</td><td></td><td>19.7</td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td></td><td>100.0</td><td></td><td>4.9</td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td><td></td><td></td><td></td><td></td></tr><tr><td>1945-Jan.</td><td>228.3</td><td></td><td>4.8</td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td></td><td>100.0</td><td></td><td>2.1</td><td>6.3</td><td>26.8</td><td>14.3</td><td>50.5</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>164.1</td><td></td><td>3.6</td><td>9.6</td><td>41.9</td><td>23.5</td><td>85.3</td><td></td><td>100.0</td><td></td><td>2.2</td><td>5.9</td><td>25.5</td><td>14.4</td><td>52.0</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>150.5</td><td></td><td>3.9</td><td>10.4</td><td>46.9</td><td>26.3</td><td>63.1</td><td></td><td>100.0</td><td></td><td>2.6</td><td>6.9</td><td>31.1</td><td>17.5</td><td>41.9</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>130.1</td><td></td><td>3.8</td><td>10.2</td><td>44.8</td><td>24.5</td><td>46.8</td><td></td><td>100.0</td><td></td><td>2.9</td><td>7.9</td><td>34.4</td><td>18.8</td><td>36.0</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>282.4</td><td></td><td>9.8</td><td>25.4</td><td>101.8</td><td>54.3</td><td>91.1</td><td></td><td>100.0</td><td></td><td>3.5</td><td>9.0</td><td>35.1</td><td>19.2</td><td>32.2</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>532.4</td><td></td><td>11.9</td><td>31.3</td><td>120.0</td><td>69.8</td><td>299.4</td><td></td><td>100.0</td><td></td><td>2.2</td><td>5.9</td><td>22.5</td><td>13.1</td><td>56.3</td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>215.3</td><td></td><td>6.3</td><td>18.6</td><td>77.0</td><td>41.0</td><td>72.4</td><td></td><td>100.0</td><td></td><td>2.9</td><td>8.6</td><td>35.8</td><td>19.1</td><td>33.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>106.8</td><td></td><td>3.1</td><td>9.9</td><td>42.9</td><td>21.6</td><td>29.0</td><td></td><td>100.0</td><td></td><td>3.2</td><td>9.3</td><td>40.2</td><td>20.2</td><td>27.1</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>76.3</td><td></td><td>2.6</td><td>7.2</td><td>31.4</td><td>15.9</td><td>19.2</td><td></td><td>100.0</td><td></td><td>3.4</td><td>9.4</td><td>41.1</td><td>20.9</td><td>25.2</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>106.8</td><td></td><td>3.3</td><td>8.9</td><td>42.2</td><td>21.1</td><td>31.3</td><td></td><td>100.0</td><td></td><td>3.1</td><td>8.3</td><td>39.5</td><td>19.8</td><td>29.3</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>264.8</td><td></td><td>8.7</td><td>24.9</td><td>106.7</td><td>56.6</td><td>67.8</td><td></td><td>100.0</td><td></td><td>3.3</td><td>9.4</td><td>40.3</td><td>21.4</td><td>25.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>262.0</td><td></td><td>6.8</td><td>19.6</td><td>86.8</td><td>48.7</td><td>99.9</td><td></td><td>100.0</td><td></td><td>2.6</td><td>7.5</td><td>33.2</td><td>18.6</td><td>38.1</td><td></td><td></td><td></td><td></td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury 1/ Sale of $10 denomination Series E bonds was authorized in June 1944. This denomination is available only to members of the military and
naval force of the United States. 2/ Sale of $200 denomination Series E bonds began October 29, 1945. 3/ Sale of $25 denomination Series F bonds was authorized in December 1941.
February 1946
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="7">1944</th><th colspan="9">1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Alabama</td><td>139,180</td><td>152,122</td><td>25,325</td><td>13,175</td><td>7,935</td><td>8,211</td><td>10,772</td><td>17,239</td><td>17,238</td><td>16,474</td><td>7,821</td><td>5,763</td><td>4,574</td><td>12,029</td><td>15,701</td></tr><tr><td>Arizona</td><td>42,252</td><td>43,923</td><td>7,087</td><td>3,531</td><td>2,540</td><td>2,480</td><td>2,615</td><td>4,374</td><td>5,921</td><td>4,483</td><td>2,045</td><td>1,553</td><td>1,297</td><td>3,314</td><td>4,924</td></tr><tr><td>Arkansas</td><td>74,176</td><td>76,368</td><td>13,270</td><td>5,162</td><td>3,951</td><td>4,121</td><td>4,090</td><td>8,644</td><td>11,444</td><td>7,524</td><td>3,555</td><td>2,507</td><td>2,373</td><td>5,827</td><td>6,617</td></tr><tr><td>California</td><td>970,414</td><td>972,302</td><td>153,460</td><td>77,636</td><td>55,354</td><td>61,994</td><td>53,536</td><td>78,054</td><td>125,414</td><td>100,749</td><td>47,030</td><td>33,692</td><td>37,439</td><td>60,472</td><td>73,966</td></tr><tr><td>Connecticut</td><td>220,926</td><td>211,932</td><td>29,480</td><td>16,613</td><td>12,857</td><td>12,177</td><td>15,573</td><td>17,646</td><td>24,659</td><td>20,169</td><td>11,586</td><td>7,775</td><td>6,364</td><td>13,624</td><td>13,812</td></tr><tr><td>Delaware</td><td>27,609</td><td>26,663</td><td>4,045</td><td>2,091</td><td>1,544</td><td>1,730</td><td>1,684</td><td>2,455</td><td>3,241</td><td>2,639</td><td>1,658</td><td>1,328</td><td>1,057</td><td>1,932</td><td>1,996</td></tr><tr><td>Dist. of Columbia</td><td>135,069</td><td>139,531</td><td>22,961</td><td>11,496</td><td>6,669</td><td>8,795</td><td>8,153</td><td>12,377</td><td>17,092</td><td>15,085</td><td>8,388</td><td>6,658</td><td>5,610</td><td>13,856</td><td>12,747</td></tr><tr><td>Florida</td><td>142,682</td><td>151,645</td><td>22,799</td><td>16,046</td><td>9,251</td><td>10,346</td><td>9,838</td><td>14,206</td><td>18,039</td><td>17,122</td><td>7,854</td><td>5,161</td><td>6,771</td><td>8,415</td><td>11,326</td></tr><tr><td>Georgia</td><td>145,933</td><td>156,821</td><td>25,513</td><td>14,115</td><td>9,157</td><td>8,812</td><td>8,630</td><td>14,566</td><td>19,265</td><td>19,057</td><td>8,289</td><td>5,580</td><td>6,128</td><td>9,376</td><td>10,947</td></tr><tr><td>Idaho</td><td>40,230</td><td>37,439</td><td>8,703</td><td>2,002</td><td>1,581</td><td>1,711</td><td>1,519</td><td>3,442</td><td>5,852</td><td>3,453</td><td>1,215</td><td>865</td><td>1,089</td><td>3,309</td><td>5,035</td></tr><tr><td>Illinois</td><td>755,362</td><td>842,247</td><td>118,436</td><td>67,824</td><td>51,074</td><td>51,143</td><td>51,997</td><td>79,152</td><td>106,406</td><td>79,403</td><td>45,962</td><td>36,154</td><td>35,617</td><td>58,518</td><td>68,804</td></tr><tr><td>Indiana</td><td>313,594</td><td>323,206</td><td>44,675</td><td>24,030</td><td>20,824</td><td>19,239</td><td>20,747</td><td>29,982</td><td>38,632</td><td>28,439</td><td>18,211</td><td>12,434</td><td>13,284</td><td>20,604</td><td>22,684</td></tr><tr><td>Iowa</td><td>263,445</td><td>243,440</td><td>50,216</td><td>16,376</td><td>10,173</td><td>11,149</td><td>11,958</td><td>29,885</td><td>40,277</td><td>22,438</td><td>8,561</td><td>6,893</td><td>6,591</td><td>27,024</td><td>28,979</td></tr><tr><td>Kansas</td><td>163,077</td><td>163,285</td><td>28,277</td><td>11,727</td><td>9,167</td><td>11,633</td><td>7,213</td><td>18,143</td><td>23,487</td><td>13,615</td><td>8,463</td><td>5,150</td><td>4,751</td><td>15,630</td><td>14,678</td></tr><tr><td>Kentucky</td><td>127,956</td><td>122,288</td><td>17,344</td><td>9,803</td><td>7,081</td><td>9,720</td><td>6,455</td><td>11,215</td><td>17,272</td><td>13,443</td><td>5,709</td><td>4,091</td><td>4,263</td><td>7,338</td><td>9,005</td></tr><tr><td>Louisiana</td><td>141,106</td><td>135,933</td><td>20,584</td><td>11,120</td><td>9,085</td><td>8,437</td><td>7,291</td><td>11,240</td><td>19,452</td><td>9,800</td><td>6,535</td><td>4,815</td><td>4,749</td><td>7,720</td><td>9,370</td></tr><tr><td>Maloe</td><td>54,994</td><td>51,731</td><td>9,041</td><td>3,956</td><td>2,991</td><td>2,998</td><td>2,608</td><td>3,955</td><td>6,756</td><td>5,103</td><td>2,390</td><td>1,475</td><td>1,782</td><td>3,446</td><td>4,154</td></tr><tr><td>Maryland</td><td>152,566</td><td>156,421</td><td>23,428</td><td>13,012</td><td>9,630</td><td>10,019</td><td>9,055</td><td>14,917</td><td>18,138</td><td>11,553</td><td>8,886</td><td>6,544</td><td>6,117</td><td>9,550</td><td>9,978</td></tr><tr><td>Massachusetts</td><td>390,936</td><td>373,076</td><td>53,994</td><td>32,585</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,552</td><td>48,310</td><td>37,745</td><td>18,882</td><td>16,795</td><td>16,489</td><td>25,860</td><td>27,840</td></tr><tr><td>Michigan</td><td>688,159</td><td>687,872</td><td>97,629</td><td>45,602</td><td>33,420</td><td>37,334</td><td>37,125</td><td>64,094</td><td>71,034</td><td>51,053</td><td>34,721</td><td>21,993</td><td>18,635</td><td>34,151</td><td>44,696</td></tr><tr><td>Minnesota</td><td>249,962</td><td>229,473</td><td>42,422</td><td>15,000</td><td>9,896</td><td>11,147</td><td>12,173</td><td>22,751</td><td>35,553</td><td>19,831</td><td>10,201</td><td>7,405</td><td>7,003</td><td>23,154</td><td>22,623</td></tr><tr><td>Mississippi</td><td>82,588</td><td>86,994</td><td>17,664</td><td>4,542</td><td>3,893</td><td>3,548</td><td>3,959</td><td>14,975</td><td>10,447</td><td>7,388</td><td>2,768</td><td>2,573</td><td>1,993</td><td>9,513</td><td>7,196</td></tr><tr><td>Missouri</td><td>283,681</td><td>273,054</td><td>44,344</td><td>19,834</td><td>13,449</td><td>15,776</td><td>14,654</td><td>31,435</td><td>39,278</td><td>29,321</td><td>13,771</td><td>9,954</td><td>9,897</td><td>22,267</td><td>24,525</td></tr><tr><td>Montana</td><td>55,230</td><td>52,244</td><td>8,680</td><td>3,073</td><td>2,124</td><td>2,223</td><td>3,298</td><td>6,360</td><td>7,927</td><td>3,194</td><td>1,922</td><td>1,613</td><td>2,445</td><td>8,200</td><td>3,800</td></tr><tr><td>Nebraska</td><td>128,079</td><td>127,113</td><td>23,889</td><td>8,985</td><td>5,566</td><td>6,713</td><td>7,010</td><td>14,395</td><td>20,484</td><td>12,803</td><td>5,569</td><td>4,104</td><td>3,774</td><td>13,282</td><td>13,327</td></tr><tr><td>Nevada</td><td>13,468</td><td>13,909</td><td>2,425</td><td>799</td><td>656</td><td>850</td><td>821</td><td>1,063</td><td>2,080</td><td>1,510</td><td>753</td><td>511</td><td>649</td><td>1,153</td><td>1,098</td></tr><tr><td>New Hampshire</td><td>32,722</td><td>31,836</td><td>5,117</td><td>2,827</td><td>1,478</td><td>1,932</td><td>1,966</td><td>2,214</td><td>3,836</td><td>3,706</td><td>1,533</td><td>1,093</td><td>1,320</td><td>2,525</td><td>2,475</td></tr><tr><td>New Jersey</td><td>415,338</td><td>421,416</td><td>61,801</td><td>36,712</td><td>23,703</td><td>27,755</td><td>23,443</td><td>38,109</td><td>49,078</td><td>41,442</td><td>23,327</td><td>16,885</td><td>14,676</td><td>27,599</td><td>31,167</td></tr><tr><td>New Mexico</td><td>27,990</td><td>28,570</td><td>4,734</td><td>1,685</td><td>1,809</td><td>1,761</td><td>1,609</td><td>3,088</td><td>3,558</td><td>2,905</td><td>1,455</td><td>1,095</td><td>1,052</td><td>2,274</td><td>2,273</td></tr><tr><td>New York</td><td>1,290,035</td><td>1,366,461</td><td>213,168</td><td>129,977</td><td>18,972</td><td>83,077</td><td>15,755</td><td>139,383</td><td>161,305</td><td>150,744</td><td>68,497</td><td>51,310</td><td>48,303</td><td>103,378</td><td>132,671</td></tr><tr><td>North Carolina</td><td>149,443</td><td>153,408</td><td>27,985</td><td>13,650</td><td>9,009</td><td>9,360</td><td>8,416</td><td>13,011</td><td>19,357</td><td>15,624</td><td>7,126</td><td>5,571</td><td>5,244</td><td>12,565</td><td>15,838</td></tr><tr><td>North Dakota</td><td>58,224</td><td>57,135</td><td>14,276</td><td>2,041</td><td>1,925</td><td>2,131</td><td>1,970</td><td>5,773</td><td>9,810</td><td>5,080</td><td>1,574</td><td>1,149</td><td>1,560</td><td>12,467</td><td>4,702</td></tr><tr><td>Ohio</td><td>714,177</td><td>709,942</td><td>107,388</td><td>55,761</td><td>40,703</td><td>46,252</td><td>42,191</td><td>66,764</td><td>85,748</td><td>70,233</td><td>39,274</td><td>29,028</td><td>25,767</td><td>46,972</td><td>51,775</td></tr><tr><td>Oklahoma</td><td>135,264</td><td>138,827</td><td>23,384</td><td>13,060</td><td>7,066</td><td>7,475</td><td>6,810</td><td>12,957</td><td>20,363</td><td>15,424</td><td>6,335</td><td>4,611</td><td>4,136</td><td>11,844</td><td>15,054</td></tr><tr><td>Oregon</td><td>159,752</td><td>157,205</td><td>27,853</td><td>10,547</td><td>7,683</td><td>7,514</td><td>7,769</td><td>15,488</td><td>23,286</td><td>15,658</td><td>6,507</td><td>4,824</td><td>3,937</td><td>11,456</td><td>13,201</td></tr><tr><td>Pennsylvania</td><td>857,400</td><td>852,745</td><td>124,210</td><td>63,045</td><td>51,109</td><td>55,339</td><td>54,189</td><td>79,549</td><td>102,456</td><td>85,444</td><td>47,666</td><td>35,959</td><td>38,242</td><td>58,341</td><td>69,156</td></tr><tr><td>Rhode Island</td><td>60,858</td><td>63,079</td><td>9,175</td><td>5,729</td><td>3,681</td><td>4,487</td><td>4,051</td><td>4,992</td><td>8,172</td><td>6,961</td><td>2,703</td><td>1,798</td><td>2,262</td><td>3,826</td><td>4,874</td></tr><tr><td>South Carolina</td><td>76,058</td><td>80,080</td><td>13,816</td><td>6,552</td><td>4,636</td><td>5,084</td><td>4,593</td><td>6,298</td><td>9,602</td><td>8,229</td><td>3,959</td><td>3,045</td><td>3,601</td><td>5,895</td><td>5,249</td></tr><tr><td>South Dakota</td><td>53,813</td><td>43,594</td><td>10,685</td><td>2,519</td><td>1,640</td><td>1,777</td><td>2,456</td><td>5,755</td><td>8,100</td><td>5,011</td><td>1,629</td><td>1,401</td><td>1,331</td><td>7,351</td><td>5,566</td></tr><tr><td>Tennessee</td><td>147,296</td><td>147,295</td><td>23,297</td><td>12,247</td><td>3,572</td><td>9,001</td><td>3,272</td><td>12,530</td><td>20,513</td><td>15,861</td><td>8,925</td><td>5,607</td><td>5,074</td><td>8,957</td><td>11,158</td></tr><tr><td>Texas</td><td>494,995</td><td>476,879</td><td>79,620</td><td>34,119</td><td>26,910</td><td>28,045</td><td>26,075</td><td>51,289</td><td>62,829</td><td>48,290</td><td>22,475</td><td>18,074</td><td>15,662</td><td>33,377</td><td>35,043</td></tr><tr><td>Utah</td><td>56,357</td><td>54,374</td><td>9,222</td><td>3,180</td><td>2,715</td><td>2,956</td><td>2,758</td><td>5,571</td><td>9,050</td><td>5,136</td><td>2,439</td><td>2,342</td><td>2,122</td><td>5,098</td><td>5,812</td></tr><tr><td>Vermont</td><td>13,819</td><td>17,901</td><td>3,030</td><td>1,838</td><td>943</td><td>859</td><td>1,008</td><td>1,389</td><td>2,444</td><td>2,015</td><td>914</td><td>584</td><td>534</td><td>1,397</td><td>1,603</td></tr><tr><td>Virginia</td><td>189,563</td><td>203,197</td><td>33,562</td><td>17,896</td><td>11,265</td><td>12,922</td><td>12,310</td><td>16,757</td><td>26,040</td><td>25,060</td><td>9,973</td><td>6,998</td><td>9,537</td><td>16,980</td><td>17,871</td></tr><tr><td>Washington</td><td>257,729</td><td>247,058</td><td>40,009</td><td>20,166</td><td>14,760</td><td>14,225</td><td>12,450</td><td>20,865</td><td>29,333</td><td>26,083</td><td>11,345</td><td>2,276</td><td>9,656</td><td>17,660</td><td>16,790</td></tr><tr><td>West Virginia</td><td>92,197</td><td>96,302</td><td>14,229</td><td>9,091</td><td>5,550</td><td>5,723</td><td>6,273</td><td>8,512</td><td>10,951</td><td>10,625</td><td>6,164</td><td>4,442</td><td>4,459</td><td>7,098</td><td>8,063</td></tr><tr><td>Wisconsin</td><td>248,280</td><td>262,350</td><td>42,282</td><td>19,928</td><td>13,269</td><td>14,295</td><td>15,469</td><td>24,158</td><td>36,765</td><td>24,705</td><td>12,915</td><td>9,770</td><td>8,620</td><td>20,263</td><td>22,678</td></tr><tr><td>Wyoming</td><td>23,769</td><td>22,046</td><td>4,391</td><td>1,
(Continued on following page)
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States - (Continued)
PART B - SERIES F AND G COMBINED
(In thousands of dollars at issue prices)
<table><tr><th rowspan="2">State</th><th colspan="2">Fiscal year</th><th colspan="7">1944</th><th colspan="9">1945</th></tr><tr><th>1944</th><th>1945</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Alabama</td><td>30,156</td><td>24,501</td><td>3,156</td><td>3,991</td><td>1,754</td><td>1,332</td><td>1,443</td><td>2,881</td><td>2,673</td><td>2,105</td><td>1,200</td><td>612</td><td>796</td><td>2,800</td><td>2,210</td></tr><tr><td>Arizona</td><td>9,450</td><td>8,368</td><td>1,024</td><td>1,181</td><td>378</td><td>319</td><td>245</td><td>1,112</td><td>1,647</td><td>597</td><td>236</td><td>260</td><td>302</td><td>802</td><td>1,101</td></tr><tr><td>Arkansas</td><td>17,831</td><td>14,651</td><td>896</td><td>2,685</td><td>654</td><td>685</td><td>633</td><td>2,232</td><td>2,282</td><td>813</td><td>481</td><td>421</td><td>401</td><td>1,624</td><td>899</td></tr><tr><td>California</td><td>253,108</td><td>218,153</td><td>28,791</td><td>28,458</td><td>11,738</td><td>13,678</td><td>9,691</td><td>23,225</td><td>29,362</td><td>22,126</td><td>11,357</td><td>7,317</td><td>8,089</td><td>21,377</td><td>20,391</td></tr><tr><td>Colorado</td><td>30,678</td><td>24,726</td><td>2,750</td><td>3,670</td><td>1,103</td><td>973</td><td>1,606</td><td>3,613</td><td>3,387</td><td>1,539</td><td>1,488</td><td>637</td><td>27</td><td>4,543</td><td>2,333</td></tr><tr><td>Connecticut</td><td>64,437</td><td>55,553</td><td>3,273</td><td>11,154</td><td>5,033</td><td>4,863</td><td>2,795</td><td>5,449</td><td>6,993</td><td>4,976</td><td>2,817</td><td>2,152</td><td>1,698</td><td>4,246</td><td>4,354</td></tr><tr><td>Delaware</td><td>10,306</td><td>12,138</td><td>1,139</td><td>1,678</td><td>528</td><td>962</td><td>684</td><td>1,729</td><td>1,492</td><td>1,256</td><td>404</td><td>608</td><td>746</td><td>1,527</td><td>1,778</td></tr><tr><td>Dist. of Columbia</td><td>29,761</td><td>24,834</td><td>2,002</td><td>3,797</td><td>1,421</td><td>1,409</td><td>1,109</td><td>3,488</td><td>3,377</td><td>1,712</td><td>1,319</td><td>523</td><td>1,433</td><td>2,582</td><td>2,253</td></tr><tr><td>Florida</td><td>40,496</td><td>37,718</td><td>3,785</td><td>5,361</td><td>2,228</td><td>1,774</td><td>2,410</td><td>5,276</td><td>3,948</td><td>2,996</td><td>1,895</td><td>1,201</td><td>1,351</td><td>3,314</td><td>3,216</td></tr><tr><td>Georgia</td><td>41,953</td><td>32,396</td><td>2,446</td><td>6,037</td><td>1,953</td><td>1,859</td><td>1,741</td><td>3,712</td><td>4,012</td><td>2,729</td><td>1,628</td><td>933</td><td>1,164</td><td>2,450</td><td>2,371</td></tr><tr><td>Idaho</td><td>7,630</td><td>6,656</td><td>693</td><td>1,101</td><td>349</td><td>265</td><td>198</td><td>839</td><td>997</td><td>410</td><td>206</td><td>135</td><td>239</td><td>779</td><td>557</td></tr><tr><td>Illinois</td><td>236,291</td><td>235,849</td><td>21,562</td><td>38,671</td><td>15,422</td><td>17,094</td><td>15,186</td><td>26,901</td><td>32,736</td><td>15,710</td><td>12,705</td><td>8,254</td><td>9,409</td><td>25,384</td><td>18,817</td></tr><tr><td>Indiana</td><td>82,311</td><td>75,099</td><td>6,600</td><td>11,746</td><td>4,566</td><td>4,235</td><td>4,405</td><td>9,262</td><td>11,518</td><td>6,365</td><td>3,465</td><td>2,928</td><td>3,191</td><td>9,158</td><td>6,728</td></tr><tr><td>Iowa</td><td>106,397</td><td>77,699</td><td>8,529</td><td>10,990</td><td>4,742</td><td>5,842</td><td>4,859</td><td>10,533</td><td>9,342</td><td>5,125</td><td>3,433</td><td>2,239</td><td>2,320</td><td>11,730</td><td>7,608</td></tr><tr><td>Kansas</td><td>44,903</td><td>42,994</td><td>5,762</td><td>5,564</td><td>3,077</td><td>2,988</td><td>1,740</td><td>6,088</td><td>6,338</td><td>1,897</td><td>2,161</td><td>1,645</td><td>1,756</td><td>6,363</td><td>3,652</td></tr><tr><td>Kentucky</td><td>47,442</td><td>38,586</td><td>2,905</td><td>6,411</td><td>2,515</td><td>1,709</td><td>2,894</td><td>4,970</td><td>5,673</td><td>2,219</td><td>1,646</td><td>1,358</td><td>1,714</td><td>3,802</td><td>2,605</td></tr><tr><td>Louisiana</td><td>38,952</td><td>32,271</td><td>3,381</td><td>5,959</td><td>2,148</td><td>1,447</td><td>1,163</td><td>3,910</td><td>3,952</td><td>3,303</td><td>1,133</td><td>1,042</td><td>1,139</td><td>3,186</td><td>2,959</td></tr><tr><td>Maine</td><td>20,591</td><td>19,707</td><td>1,827</td><td>3,806</td><td>1,902</td><td>984</td><td>1,333</td><td>2,223</td><td>2,440</td><td>2,880</td><td>672</td><td>539</td><td>442</td><td>1,859</td><td>1,541</td></tr><tr><td>Maryland</td><td>52,493</td><td>44,175</td><td>3,140</td><td>6,886</td><td>2,799</td><td>2,978</td><td>2,982</td><td>4,811</td><td>6,262</td><td>3,272</td><td>2,522</td><td>1,516</td><td>1,584</td><td>3,879</td><td>3,141</td></tr><tr><td>Massachusetts</td><td>147,625</td><td>139,269</td><td>9,538</td><td>27,034</td><td>14,679</td><td>9,088</td><td>9,208</td><td>15,480</td><td>18,313</td><td>12,646</td><td>6,698</td><td>4,566</td><td>6,690</td><td>14,980</td><td>12,420</td></tr><tr><td>Michigan</td><td>104,768</td><td>93,732</td><td>9,439</td><td>15,328</td><td>5,289</td><td>5,119</td><td>4,626</td><td>12,085</td><td>14,163</td><td>9,369</td><td>5,169</td><td>3,360</td><td>3,172</td><td>10,835</td><td>12,288</td></tr><tr><td>Minnesota</td><td>69,336</td><td>58,715</td><td>5,535</td><td>10,303</td><td>3,106</td><td>2,917</td><td>3,223</td><td>6,823</td><td>7,750</td><td>4,972</td><td>2,423</td><td>1,881</td><td>1,958</td><td>8,055</td><td>5,711</td></tr><tr><td>Mississippi</td><td>22,296</td><td>16,900</td><td>1,711</td><td>2,571</td><td>779</td><td>630</td><td>738</td><td>3,089</td><td>1,665</td><td>841</td><td>666</td><td>386</td><td>497</td><td>1,844</td><td>1,650</td></tr><tr><td>Missouri</td><td>91,689</td><td>79,442</td><td>7,077</td><td>11,879</td><td>4,827</td><td>5,833</td><td>4,262</td><td>12,490</td><td>10,742</td><td>5,463</td><td>3,904</td><td>3,121</td><td>4,490</td><td>10,305</td><td>7,080</td></tr><tr><td>Montana</td><td>13,550</td><td>11,377</td><td>1,140</td><td>1,658</td><td>441</td><td>508</td><td>640</td><td>1,587</td><td>1,590</td><td>878</td><td>343</td><td>441</td><td>501</td><td>1,800</td><td>900</td></tr><tr><td>Nebraska</td><td>39,339</td><td>35,329</td><td>3,376</td><td>6,048</td><td>1,401</td><td>2,550</td><td>2,136</td><td>4,004</td><td>5,759</td><td>2,274</td><td>1,596</td><td>1,110</td><td>1,129</td><td>5,067</td><td>4,021</td></tr><tr><td>Nevada</td><td>3,630</td><td>3,202</td><td>535</td><td>426</td><td>118</td><td>177</td><td>175</td><td>243</td><td>414</td><td>270</td><td>84</td><td>44</td><td>82</td><td>374</td><td>212</td></tr><tr><td>New Hampshire</td><td>14,563</td><td>13,593</td><td>632</td><td>2,562</td><td>1,610</td><td>1,003</td><td>643</td><td>1,155</td><td>1,744</td><td>1,157</td><td>623</td><td>329</td><td>409</td><td>1,376</td><td>824</td></tr><tr><td>New Jersey</td><td>106,839</td><td>91,275</td><td>11,959</td><td>12,676</td><td>4,908</td><td>4,621</td><td>4,733</td><td>10,100</td><td>12,462</td><td>7,030</td><td>4,392</td><td>2,855</td><td>3,166</td><td>10,419</td><td>7,624</td></tr><tr><td>New Mexico</td><td>6,503</td><td>4,906</td><td>477</td><td>739</td><td>142</td><td>168</td><td>140</td><td>716</td><td>477</td><td>287</td><td>188</td><td>117</td><td>44</td><td>992</td><td>657</td></tr><tr><td>New York</td><td>472,310</td><td>426,182</td><td>44,516</td><td>68,563</td><td>31,246</td><td>28,158</td><td>19,907</td><td>51,957</td><td>53,405</td><td>32,896</td><td>23,827</td><td>10,882</td><td>16,743</td><td>44,262</td><td>34,370</td></tr><tr><td>North Carolina</td><td>42,263</td><td>37,052</td><td>2,959</td><td>6,812</td><td>2,430</td><td>2,240</td><td>2,566</td><td>4,605</td><td>4,451</td><td>2,019</td><td>1,840</td><td>1,137</td><td>1,414</td><td>3,487</td><td>3,439</td></tr><tr><td>North Dakota</td><td>14,978</td><td>13,762</td><td>1,799</td><td>2,183</td><td>423</td><td>569</td><td>1,006</td><td>1,330</td><td>1,738</td><td>1,322</td><td>483</td><td>462</td><td>451</td><td>2,426</td><td>1,243</td></tr><tr><td>Ohio</td><td>194,155</td><td>166,210</td><td>14,905</td><td>29,606</td><td>11,119</td><td>8,923</td><td>3,211</td><td>20,120</td><td>21,739</td><td>16,591</td><td>7,142</td><td>6,873</td><td>9,984</td><td>16,984</td><td>15,504</td></tr><tr><td>Oklahoma</td><td>26,042</td><td>21,311</td><td>2,287</td><td>3,971</td><td>1,369</td><td>1,090</td><td>702</td><td>2,067</td><td>2,999</td><td>1,834</td><td>951</td><td>607</td><td>552</td><td>3,212</td><td>2,703</td></tr><tr><td>Oregon</td><td>29,326</td><td>24,598</td><td>2,370</td><td>4,222</td><td>1,498</td><td>1,254</td><td>1,361</td><td>2,712</td><td>3,430</td><td>2,781</td><td>939</td><td>707</td><td>701</td><td>2,708</td><td>2,658</td></tr><tr><td>Pennsylvania</td><td>251,120</td><td>222,925</td><td>22,338</td><td>35,133</td><td>12,971</td><td>12,245</td><td>12,528</td><td>29,852</td><td>31,252</td><td>16,352</td><td>10,381</td><td>7,332</td><td>8,769</td><td>24,029</td><td>20,108</td></tr><tr><td>Rhode Island</td><td>20,628</td><td>17,440</td><td>1,155</td><td>2,959</td><td>1,486</td><td>1,276</td><td>919</td><td>1,952</td><td>2,113</td><td>2,503</td><td>1,347</td><td>441</td><td>960</td><td>1,927</td><td>1,573</td></tr><tr><td>South Carolina</td><td>21,938</td><td>17,422</td><td>830</td><td>3,436</td><td>1,435</td><td>1,085</td><td>970</td><td>2,063</td><td>1,822</td><td>1,000</td><td>1,064</td><td>415</td><td>566</td><td>1,954</td><td>1,328</td></tr><tr><td>South Dakota</td><td>13,222</td><td>9,947</td><td>1,250</td><td>1,481</td><td>418</td><td>380</td><td>578</td><td>1,044</td><td>1,408</td><td>747</td><td>436</td><td>344</td><td>321</td><td>2,184</td><td>1,331</td></tr><tr><td>Tennessee</td><td>39,186</td><td>32,131</td><td>2,653</td><td>6,401</td><td>1,735</td><td>1,473</td><td>1,464</td><td>3,540</td><td>4,254</td><td>2,204</td><td>1,953</td><td>979</td><td>1,175</td><td>3,852</td><td>3,105</td></tr><tr><td>Texas</td><td>117,537</td><td>86,632</td><td>10,194</td><td>13,921</td><td>4,292</td><td>3,489</td><td>3,856</td><td>11,268</td><td>12,849</td><td>5,765</td><td>3,406</td><td>2,616</td><td>2,926</td><td>10,921</td><td>8,028</td></tr><tr><td>Utah</td><td>8,393</td><td>6,505</td><td>425</td><td>1,145</td><td>510</td><td>155</td><td>223</td><td>1,199</td><td>825</td><td>384</td><td>171</td><td>232</td><td>262</td><td>586</td><td>504</td></tr><tr><td>Vermont</td><td>8,026</td><td>7,600</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>316</td><td>802</td><td>954</td><td>925</td><td>268</td><td>249</td><td>189</td><td>807</td><td>493</td></tr><tr><td>Virginia</td><td>51,399</td><td>42,701</td><td>4,281</td><td>7,107</td><td>2,744</td><td>3,035</td><td>2,603</td><td>4,941</td><td>4,728</td><td>2,405</td><td>3,648</td><td>1,211</td><td>2,330</td><td>5,031</td><td>4,360</td></tr><tr><td>Washington</td><td>56,253</td><td>46,955</td><td>4,200</td><td>8,026</td><td>3,352</td><td>2,717</td><td>2,129</td><td>5,347</td><td>6,409</td><td>4,473</td><td>1,649</td><td>1,291</td><td>1,467</td><td>5,402</td><td>4,446</td></tr><tr><td>West Virginia</td><td>19,552</td><td>15,213</td><td>1,418</td><td>2,801</td><td>825</td><td>655</td><td>649</td><td>1,739</td><td>1,911</td><td>1,386</td><td>683</td><td>705</td><td>891</td><td>1,750</td><td>1,741</td></tr><tr><td>Wisconsin</td><td>93,192</td><td>87,726</td><td>9,231</td><td>14,094</td><td>5,025</td><td>4,559</td><td>5,169</td><td>9,783</td><td>13,616</td><td>5,851</td><td>3,872</td><td>2,957</td><td>2,638</td><td>10,717</td><td>8,610</td></tr><tr><td>Wyoming</td><td>6,032</td><td>5,380</td><td>727</td><td>1,063</td><td>136</td><td>197</td><td>188</td><td>426</td><td>866</td><td>348</td><td>253</td><td>166</td><td>220</td><td>781</td><td>634</td></tr><tr><td>Alaska</td><td>1,316</td><td>1,209</td><td>320</td><td>90</td><td>93</td><td>71</td><td>25</td><td>69</td><td>91</td><td>263</td><td>10</td><td>15</td><td>6</td><td>188</td><td>37</td></tr><tr><td>Canal Zone</td><td>1,825</td><td>1,038</td><td>202</td><td>32</td><td>87</td><td>55</td><td>125</td><td>154</td><td>110</td><td>382</td><td>38</td><td>22</td><td>26</td><td>99</td><td>51</td></tr><tr><td>Hawaii</td><td>10,522</td><td>9,800</td><td>1,544</td><td>946</td><td>564</td><td>67
Sources: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
p Preliminary. Less than $600
Less than $500.
February 1946
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Maturities and Redemptions of Series A-D and E Combined, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th colspan="6">1944</th><th colspan="8">1945</th></tr><tr><th></th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar. 2/</th><th>Apr. 2/</th><th>May 2/</th><th>June 2/</th><th>July 2/</th><th>Aug. 2/</th><th>Sept. 2/</th><th>Oct. 2/</th><th>Nov. 2/</th><th>Dec. 2/</th></tr><tr><td>Alabama</td><td>1,481</td><td>4,368</td><td>4,602</td><td>5,515</td><td>4,862</td><td>5,303</td><td>5,017</td><td>5,423</td><td>8,568</td><td>7,964</td><td>7,975</td><td>6,991</td><td>7,354</td></tr><tr><td>Arizona</td><td>1,441</td><td>1,615</td><td>1,597</td><td>1,836</td><td>1,643</td><td>1,691</td><td>1,581</td><td>1,603</td><td>2,195</td><td>2,168</td><td>2,456</td><td>2,308</td><td>2,493</td></tr><tr><td>Arkansas</td><td>2,351</td><td>2,298</td><td>2,108</td><td>2,632</td><td>2,532</td><td>2,654</td><td>2,555</td><td>2,742</td><td>4,345</td><td>4,204</td><td>4,425</td><td>3,730</td><td>4,224</td></tr><tr><td>California</td><td>31,467</td><td>33,346</td><td>31,610</td><td>39,544</td><td>34,919</td><td>35,329</td><td>34,671</td><td>36,169</td><td>49,441</td><td>46,460</td><td>51,337</td><td>49,254</td><td>50,602</td></tr><tr><td>Colorado</td><td>2,611</td><td>2,663</td><td>2,073</td><td>2,766</td><td>2,894</td><td>3,033</td><td>2,783</td><td>2,990</td><td>3,327</td><td>4,230</td><td>4,854</td><td>3,987</td><td>4,128</td></tr><tr><td>Connecticut</td><td>5,048</td><td>4,718</td><td>4,687</td><td>6,587</td><td>5,880</td><td>6,063</td><td>6,183</td><td>6,258</td><td>8,563</td><td>8,922</td><td>9,536</td><td>8,282</td><td>8,461</td></tr><tr><td>Delaware</td><td>715</td><td>754</td><td>690</td><td>1,003</td><td>825</td><td>829</td><td>784</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td><td>1,110</td></tr><tr><td>District of Columbia</td><td>4,329</td><td>3,639</td><td>3,525</td><td>5,004</td><td>3,815</td><td>4,300</td><td>4,331</td><td>4,050</td><td>4,891</td><td>5,051</td><td>5,953</td><td>5,741</td><td>6,118</td></tr><tr><td>Florida</td><td>5,630</td><td>5,592</td><td>5,417</td><td>6,474</td><td>5,827</td><td>6,289</td><td>5,518</td><td>5,698</td><td>7,762</td><td>7,578</td><td>8,820</td><td>8,550</td><td>8,733</td></tr><tr><td>Georgia</td><td>4,540</td><td>4,718</td><td>4,333</td><td>6,000</td><td>4,980</td><td>5,406</td><td>4,807</td><td>5,189</td><td>7,898</td><td>7,529</td><td>8,209</td><td>7,012</td><td>7,153</td></tr><tr><td>Idaho</td><td>762</td><td>843</td><td>802</td><td>1,121</td><td>971</td><td>974</td><td>907</td><td>978</td><td>1,404</td><td>1,440</td><td>1,481</td><td>1,309</td><td>1,580</td></tr><tr><td>Illinois</td><td>24,285</td><td>22,264</td><td>22,413</td><td>33,239</td><td>29,416</td><td>28,481</td><td>29,427</td><td>30,200</td><td>40,854</td><td>36,074</td><td>39,566</td><td>35,175</td><td>36,800</td></tr><tr><td>Indiana</td><td>11,164</td><td>10,756</td><td>10,252</td><td>14,031</td><td>13,091</td><td>12,555</td><td>12,712</td><td>13,327</td><td>18,211</td><td>16,530</td><td>16,627</td><td>14,710</td><td>14,761</td></tr><tr><td>Iowa</td><td>5,124</td><td>4,997</td><td>6,241</td><td>8,088</td><td>5,843</td><td>5,866</td><td>6,038</td><td>5,926</td><td>8,992</td><td>7,864</td><td>9,213</td><td>8,032</td><td>7,858</td></tr><tr><td>Kansas</td><td>3,067</td><td>3,525</td><td>2,998</td><td>4,597</td><td>4,746</td><td>4,492</td><td>4,184</td><td>4,248</td><td>4,597</td><td>7,038</td><td>5,863</td><td>5,377</td><td>5,432</td></tr><tr><td>Kentucky</td><td>3,947</td><td>3,683</td><td>3,677</td><td>5,287</td><td>4,784</td><td>4,783</td><td>4,446</td><td>4,887</td><td>7,207</td><td>6,967</td><td>7,557</td><td>6,399</td><td>6,376</td></tr><tr><td>Louisiana</td><td>4,166</td><td>4,136</td><td>4,034</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,940</td><td>6,350</td><td>6,637</td><td>6,781</td><td>6,557</td><td>6,508</td></tr><tr><td>Maine</td><td>1,362</td><td>1,212</td><td>1,045</td><td>1,587</td><td>1,522</td><td>1,660</td><td>1,509</td><td>1,530</td><td>1,948</td><td>2,001</td><td>2,254</td><td>2,041</td><td>2,189</td></tr><tr><td>Maryland</td><td>4,561</td><td>3,816</td><td>3,676</td><td>5,156</td><td>5,293</td><td>5,059</td><td>4,958</td><td>5,145</td><td>6,678</td><td>6,781</td><td>7,685</td><td>6,673</td><td>6,626</td></tr><tr><td>Massachusetts</td><td>10,906</td><td>9,500</td><td>9,260</td><td>13,447</td><td>11,199</td><td>11,938</td><td>11,504</td><td>11,320</td><td>13,414</td><td>13,959</td><td>16,305</td><td>13,796</td><td>14,705</td></tr><tr><td>Michigan</td><td>23,640</td><td>24,541</td><td>21,397</td><td>27,373</td><td>29,417</td><td>25,748</td><td>28,377</td><td>30,600</td><td>37,242</td><td>38,143</td><td>33,979</td><td>29,566</td><td>34,000</td></tr><tr><td>Minnesota</td><td>5,935</td><td>5,847</td><td>5,528</td><td>8,367</td><td>7,808</td><td>7,218</td><td>7,411</td><td>7,357</td><td>9,320</td><td>9,338</td><td>10,370</td><td>9,262</td><td>9,279</td></tr><tr><td>Mississippi</td><td>1,971</td><td>1,825</td><td>1,740</td><td>2,331</td><td>2,355</td><td>2,218</td><td>2,028</td><td>2,239</td><td>3,013</td><td>3,534</td><td>3,815</td><td>3,292</td><td>3,521</td></tr><tr><td>Missouri</td><td>7,437</td><td>7,724</td><td>7,403</td><td>11,658</td><td>11,299</td><td>11,454</td><td>10,774</td><td>11,181</td><td>13,575</td><td>14,694</td><td>13,954</td><td>13,746</td><td>14,016</td></tr><tr><td>Montana</td><td>930</td><td>1,103</td><td>873</td><td>1,351</td><td>1,257</td><td>1,145</td><td>1,178</td><td>1,197</td><td>1,684</td><td>1,569</td><td>1,728</td><td>1,584</td><td>1,738</td></tr><tr><td>Nebraska</td><td>2,402</td><td>2,663</td><td>2,449</td><td>4,095</td><td>3,184</td><td>3,132</td><td>2,897</td><td>2,977</td><td>4,430</td><td>4,021</td><td>4,325</td><td>4,061</td><td>4,062</td></tr><tr><td>Nevada</td><td>467</td><td>435</td><td>431</td><td>585</td><td>499</td><td>547</td><td>522</td><td>542</td><td>782</td><td>645</td><td>738</td><td>720</td><td>766</td></tr><tr><td>New Hampshire</td><td>893</td><td>737</td><td>601</td><td>938</td><td>959</td><td>980</td><td>927</td><td>905</td><td>1,259</td><td>1,267</td><td>1,477</td><td>1,266</td><td>1,375</td></tr><tr><td>New Jersey</td><td>11,912</td><td>10,075</td><td>9,904</td><td>14,834</td><td>12,859</td><td>12,909</td><td>13,973</td><td>13,057</td><td>16,444</td><td>17,115</td><td>18,679</td><td>17,971</td><td>19,332</td></tr><tr><td>New Mexico</td><td>863</td><td>815</td><td>738</td><td>1,049</td><td>947</td><td>891</td><td>898</td><td>946</td><td>1,329</td><td>1,433</td><td>1,633</td><td>1,369</td><td>1,368</td></tr><tr><td>New York</td><td>28,720</td><td>25,690</td><td>28,941</td><td>38,195</td><td>34,763</td><td>36,918</td><td>34,785</td><td>35,889</td><td>40,874</td><td>49,531</td><td>68,227</td><td>48,379</td><td>54,804</td></tr><tr><td>North Carolina</td><td>4,449</td><td>4,111</td><td>3,905</td><td>5,491</td><td>4,650</td><td>4,790</td><td>4,645</td><td>4,967</td><td>6,400</td><td>6,456</td><td>7,213</td><td>6,985</td><td>7,061</td></tr><tr><td>North Dakota</td><td>597</td><td>692</td><td>697</td><td>901</td><td>999</td><td>965</td><td>936</td><td>1,038</td><td>1,196</td><td>1,156</td><td>1,230</td><td>1,184</td><td>1,153</td></tr><tr><td>Ohio</td><td>22,492</td><td>19,915</td><td>21,049</td><td>29,922</td><td>26,529</td><td>25,391</td><td>26,357</td><td>27,951</td><td>31,439</td><td>34,434</td><td>37,282</td><td>31,664</td><td>31,851</td></tr><tr><td>Oklahoma</td><td>3,840</td><td>3,962</td><td>3,768</td><td>5,092</td><td>4,739</td><td>4,477</td><td>4,574</td><td>4,546</td><td>6,360</td><td>8,195</td><td>7,168</td><td>6,666</td><td>6,252</td></tr><tr><td>Oregon</td><td>4,590</td><td>4,908</td><td>4,826</td><td>6,247</td><td>5,657</td><td>5,535</td><td>5,305</td><td>6,189</td><td>8,447</td><td>7,588</td><td>7,717</td><td>7,007</td><td>7,200</td></tr><tr><td>Pennsylvania</td><td>26,883</td><td>23,919</td><td>21,337</td><td>33,525</td><td>31,284</td><td>30,889</td><td>30,023</td><td>29,997</td><td>38,800</td><td>38,199</td><td>45,691</td><td>39,991</td><td>37,828</td></tr><tr><td>Rhode Island</td><td>2,074</td><td>1,715</td><td>1,656</td><td>2,478</td><td>2,100</td><td>2,216</td><td>2,156</td><td>2,260</td><td>2,957</td><td>2,869</td><td>3,268</td><td>2,731</td><td>2,836</td></tr><tr><td>South Carolina</td><td>2,312</td><td>2,037</td><td>1,981</td><td>2,800</td><td>2,328</td><td>2,422</td><td>2,439</td><td>2,516</td><td>3,709</td><td>3,466</td><td>4,115</td><td>3,649</td><td>3,773</td></tr><tr><td>South Dakota</td><td>724</td><td>769</td><td>851</td><td>1,031</td><td>1,001</td><td>935</td><td>884</td><td>961</td><td>1,243</td><td>1,178</td><td>1,329</td><td>1,338</td><td>1,302</td></tr><tr><td>Tennessee</td><td>4,815</td><td>4,307</td><td>4,029</td><td>5,567</td><td>5,341</td><td>5,323</td><td>5,344</td><td>5,274</td><td>7,774</td><td>8,040</td><td>9,397</td><td>6,967</td><td>7,425</td></tr><tr><td>Texas</td><td>14,622</td><td>14,608</td><td>13,845</td><td>18,172</td><td>15,685</td><td>16,142</td><td>15,239</td><td>16,210</td><td>19,458</td><td>24,622</td><td>27,585</td><td>26,094</td><td>23,573</td></tr><tr><td>Utah</td><td>1,465</td><td>1,433</td><td>1,399</td><td>1,776</td><td>1,539</td><td>1,559</td><td>1,507</td><td>1,571</td><td>2,299</td><td>2,381</td><td>2,610</td><td>2,483</td><td>2,505</td></tr><tr><td>Vermont</td><td>309</td><td>274</td><td>269</td><td>384</td><td>405</td><td>462</td><td>396</td><td>474</td><td>532</td><td>613</td><td>755</td><td>623</td><td>665</td></tr><tr><td>Virginia</td><td>5,949</td><td>5,298</td><td>5,357</td><td>7,048</td><td>6,476</td><td>6,603</td><td>6,481</td><td>6,831</td><td>9,447</td><td>9,551</td><td>10,185</td><td>9,085</td><td>9,170</td></tr><tr><td>Washington</td><td>6,383</td><td>7,108</td><td>6,821</td><td>8,790</td><td>7,570</td><td>7,579</td><td>7,347</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td><td>10,063</td><td>10,452</td></tr><tr><td>West Virginia</td><td>2,925</td><td>2,778</td><td>2,359</td><td>3,571</td><td>3,589</td><td>3,487</td><td>3,464</td><td>3,500</td><td>4,999</td><td>5,140</td><td>5,989</td><td>4,910</td><td>4,647</td></tr><tr><td>Wisconsin</td><td>6,260</td><td>6,234</td><td>6,100</td><td>8,836</td><td>7,379</td><td>7,170</td><td>7,699</td><td>7,951</td><td>10,750</td><td>10,225</td><td>10,796</td><td>9,324</td><td>10,315</td></tr><tr><td>Wyoming</td><td>491</td><td>573</td><td>480</td><td>688</td><td>570</td><td>602</td><td>591</td><td>625</td><td>777</td><td>886</td><td>947</td><td>794</td><td>832</td></tr><tr><td>Alaska</td><td>122</td><td>127</td><td>154</td><td>247</td><td>131</td><td>230</td><td>253</td><td>255</td><td>273</td><td>259</td><td>318</td><td>268</td><td>268</td></tr><tr><td>Canal Zone</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Hawaii</td><td>1,584</td><td>2,120</td><td>1,453</td><td>1,826</td><td>1,809</td><td>1,376</td><td>1,161</td><td>1,974</td><td>1,892</td><td>3,255</td><td>3,873</td><td>3,506</td><td>3,164</td></tr><tr><td>Puerto Rico</td><td>425</td><td>380</td><td>375</td><td>479</td><td>524</td><td>246</td><td>237</td><td>304</td><td>347</td><td>456</td><td>896</td><td>593</td><td>732</td></tr><tr><td>Virgin Islands</td><td>12</td><td>13</td><td>12</td><td>11</td><td>34</td><td>15</td><td>9</td><td>15</td><td>16</td><td>21</td><td>12</td><td>-</td><td>25</td></tr><tr><td>Other possessions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unallocated</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>49,955</td><td>-3,167</td><td>-11,252</td><td>4,801</td><td>-4,448</td><td>13,896</td><td>-7,008</td><td>3,779</td><td>-14,020</td><td>-21,183</td><td>4,646</td><td>-7,235</td><td>-5,573</td></tr><tr><td>Total</td><td>340,423</td><td>313,812</td><td>296,517</td><td>432,256</td><td>381,092</td><td>398,172</td><td>372,478</td><td>397,683</td><td>501,022</td><td>500,655</td><td>582,809</td><td>495,962</td><td>514,933</td></tr></table>
Source: (1) Total redemptions; Daily Treasury Statements; (2) Redemptions by States; Reports from Federal Reserve Banks. Less than $500. 1/ It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed.
In another. Moreover, the figures shown in this table are based on current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. 2/ Includes Series A bonds which have matured and which have been retired.
42
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr></table>
All series
<table><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,036.5</td><td>8,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>.....</td></tr><tr><td>1945</td><td>10,141.5</td><td>+559.5</td><td>7,015.8</td><td>6,456.3</td><td>5,906.1</td><td>550.2</td><td>.....</td></tr><tr><td>1944-December</td><td>9,855.0</td><td>-150.2</td><td>1,283.8</td><td>1,434.0</td><td>1,270.7</td><td>163.3</td><td>.....</td></tr><tr><td>1945-January</td><td>9,875.3</td><td>+20.4</td><td>257.7</td><td>237.3</td><td>183.7</td><td>53.7</td><td>.....</td></tr><tr><td>February</td><td>9,937.7</td><td>+62.3</td><td>212.4</td><td>150.1</td><td>129.4</td><td>20.6</td><td>.....</td></tr><tr><td>March</td><td>8,955.9</td><td>-981.7</td><td>233.1</td><td>1,214.8</td><td>1,187.7</td><td>27.0</td><td>.....</td></tr><tr><td>April</td><td>9,116.2</td><td>+160.3</td><td>407.7</td><td>247.4</td><td>224.9</td><td>22.5</td><td>.....</td></tr><tr><td>May</td><td>10,037.2</td><td>+920.9</td><td>1,096.8</td><td>175.8</td><td>124.4</td><td>51.4</td><td>.....</td></tr><tr><td>June</td><td>10,141.5</td><td>+104.3</td><td>1,113.5</td><td>1,009.2</td><td>954.0</td><td>55.2</td><td>.....</td></tr><tr><td>July</td><td>10,124.0</td><td>-17.5</td><td>307.4</td><td>324.9</td><td>288.2</td><td>36.7</td><td>.....</td></tr><tr><td>August</td><td>10,153.3</td><td>+29.3</td><td>145.4</td><td>116.1</td><td>97.4</td><td>18.7</td><td>.....</td></tr><tr><td>September</td><td>9,063.6</td><td>-1,089.7</td><td>91.6</td><td>1,131.3</td><td>890.9</td><td>290.3</td><td>.....</td></tr><tr><td>October</td><td>8,809.9</td><td>-253.7</td><td>336.1</td><td>589.8</td><td>295.1</td><td>294.7</td><td>.....</td></tr><tr><td>November</td><td>9,087.7</td><td>+277.8</td><td>704.1</td><td>426.3</td><td>128.4</td><td>297.9</td><td>.....</td></tr><tr><td>December</td><td>8,312.5</td><td>-775.3</td><td>598.0</td><td>1,373.2</td><td>877.0</td><td>496.2</td><td>.....</td></tr></table>
Series A 3/
<table><tr><td>1943.</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>1944.</td><td>112.1</td><td>-154.6</td><td></td><td>154.6</td><td>136.1</td><td>18.6</td><td>....</td></tr><tr><td>1945.</td><td>69.6</td><td>-42.5</td><td>.....</td><td>42.5</td><td>36.6</td><td>5.9</td><td>....</td></tr><tr><td>1944-December.</td><td>96.9</td><td>-3.7</td><td>.....</td><td>3.7</td><td>3.2</td><td>.6</td><td>....</td></tr><tr><td>1945-January.</td><td>90.0</td><td>-6.9</td><td>.....</td><td>6.9</td><td>6.2</td><td>.7</td><td>....</td></tr><tr><td>February.</td><td>88.2</td><td>-1.9</td><td>.....</td><td>1.9</td><td>1.5</td><td>.4</td><td>....</td></tr><tr><td>March.</td><td>80.0</td><td>-8.1</td><td>.....</td><td>8.1</td><td>7.5</td><td>.6</td><td>....</td></tr><tr><td>April.</td><td>77.0</td><td>-3.0</td><td>.....</td><td>3.0</td><td>2.7</td><td>.3</td><td>....</td></tr><tr><td>May.</td><td>76.0</td><td>-1.0</td><td>.....</td><td>1.0</td><td>.5</td><td>.5</td><td>....</td></tr><tr><td>June.</td><td>69.5</td><td>-6.4</td><td>.....</td><td>6.4</td><td>5.6</td><td>.8</td><td>....</td></tr><tr><td>July.</td><td>68.2</td><td>-1.4</td><td>.....</td><td>1.4</td><td>1.1</td><td>.3</td><td>....</td></tr><tr><td>August.</td><td>67.3</td><td>-.9</td><td>.....</td><td>.9</td><td>.6</td><td>.4</td><td>....</td></tr><tr><td>September.</td><td>39.5</td><td>-27.8</td><td>.....</td><td>27.8</td><td>13.2</td><td>14.6</td><td>....</td></tr><tr><td>October.</td><td>30.4</td><td>-9.1</td><td>.....</td><td>9.1</td><td>5.1</td><td>4.0</td><td>....</td></tr><tr><td>November.</td><td>27.0</td><td>-3.4</td><td>.....</td><td>3.4</td><td>.7</td><td>2.7</td><td>....</td></tr><tr><td>December.</td><td>23.6</td><td>-3.4</td><td>.....</td><td>3.4</td><td>1.5</td><td>1.9</td><td>....</td></tr></table>
(Continued on following page)
February 1946
43
Sales and Redemptions of Treasury Savings Notes 1/ -(Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par value - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">Series B 1/</td></tr><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1944</td><td>22.1</td><td>-742.6</td><td>....</td><td>742.6</td><td>721.2</td><td>21.5</td><td>....</td></tr><tr><td>1945</td><td>4.4</td><td>-17.8</td><td>....</td><td>17.8</td><td>16.2</td><td>1.6</td><td>....</td></tr><tr><td>1944-December</td><td>10.1</td><td>-2.4</td><td>....</td><td>2.4</td><td>2.3</td><td>.1</td><td>....</td></tr><tr><td>1945-January</td><td>8.9</td><td>-1.2</td><td>....</td><td>1.2</td><td>.9</td><td>.3</td><td>....</td></tr><tr><td>February</td><td>8.6</td><td>-.4</td><td>....</td><td>.4</td><td>.2</td><td>.1</td><td>....</td></tr><tr><td>March</td><td>6.1</td><td>-2.5</td><td>....</td><td>2.5</td><td>2.4</td><td>.1</td><td>....</td></tr><tr><td>April</td><td>5.3</td><td>-.8</td><td>....</td><td>.8</td><td>.7</td><td>.2</td><td>....</td></tr><tr><td>May</td><td>5.1</td><td>-.1</td><td>....</td><td>.1</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td>June</td><td>4.4</td><td>-.8</td><td>....</td><td>.8</td><td>.7</td><td>.1</td><td>....</td></tr><tr><td>July</td><td>4.0</td><td>-.4</td><td>....</td><td>.4</td><td>.3</td><td>.1</td><td>....</td></tr><tr><td>August</td><td>3.9</td><td>-.1</td><td>....</td><td>.1</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td>September</td><td>3.4</td><td>-.4</td><td>....</td><td>.4</td><td>.4</td><td>.1</td><td>....</td></tr><tr><td>October</td><td>3.2</td><td>-.2</td><td>....</td><td>.2</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td>November</td><td>3.1</td><td>-.1</td><td>....</td><td>.1</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td>December</td><td>2.9</td><td>-.2</td><td>....</td><td>.2</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>....</td></tr><tr><td>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>1945</td><td>10,067.5</td><td>+619.8</td><td>7,015.8</td><td>6,396.1</td><td>5,853.3</td><td>542.7</td><td>....</td></tr><tr><td>1944-December</td><td>9,747.9</td><td>-144.1</td><td>1,283.8</td><td>1,427.9</td><td>1,265.2</td><td>162.7</td><td>....</td></tr><tr><td>1945-January</td><td>9,776.4</td><td>+28.5</td><td>257.7</td><td>229.3</td><td>176.6</td><td>52.6</td><td>....</td></tr><tr><td>February</td><td>9,840.9</td><td>+64.6</td><td>212.4</td><td>147.8</td><td>127.7</td><td>20.1</td><td>....</td></tr><tr><td>March</td><td>8,869.8</td><td>-971.1</td><td>233.1</td><td>1,204.2</td><td>1,177.8</td><td>26.3</td><td>....</td></tr><tr><td>April</td><td>9,033.9</td><td>+164.1</td><td>407.7</td><td>243.6</td><td>221.6</td><td>22.0</td><td>....</td></tr><tr><td>May</td><td>9,956.0</td><td>+922.1</td><td>1,096.8</td><td>174.6</td><td>123.8</td><td>50.9</td><td>....</td></tr><tr><td>June</td><td>10,067.5</td><td>+111.5</td><td>1,113.5</td><td>1,002.0</td><td>947.6</td><td>54.4</td><td>....</td></tr><tr><td>July</td><td>10,051.8</td><td>-15.7</td><td>307.4</td><td>323.2</td><td>286.7</td><td>36.4</td><td>....</td></tr><tr><td>August</td><td>10,082.1</td><td>+30.3</td><td>145.4</td><td>115.1</td><td>96.8</td><td>18.3</td><td>....</td></tr><tr><td>September</td><td>9,020.7</td><td>-1,061.4</td><td>91.6</td><td>1,153.0</td><td>877.3</td><td>275.7</td><td>....</td></tr><tr><td>October</td><td>8,776.3</td><td>-214.4</td><td>336.1</td><td>580.5</td><td>289.9</td><td>290.7</td><td>....</td></tr><tr><td>November</td><td>9,057.6</td><td>+281.3</td><td>704.1</td><td>422.8</td><td>127.8</td><td>295.1</td><td>....</td></tr><tr><td>December</td><td>8,286.0</td><td>-771.6</td><td>598.0</td><td>1,369.6</td><td>875.3</td><td>494.3</td><td>....</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayers; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions of Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3). Sale of Series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes.
2/ Includes matured Treasury savings notes.
3/ Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. 
4/ Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.48% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. 
5/ Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
44
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="3">Fiscal year or month</th><th colspan="9">Sales in millions of dollars at par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th rowspan="2">Total all denominations</th><th colspan="8">Denomination</th><th rowspan="2">Total all denominations</th><th colspan="8">Denomination</th></tr><tr><th>$100</th><th>$500</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th>$100</th><th>$500</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>....</td><td>....</td><td>249.0</td><td>332.1</td><td>1,382.6</td><td>2,535.7</td><td>1,124.4</td><td>1,916.9</td><td>100.0</td><td>....</td><td>....</td><td>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.5</td><td>827.2</td><td>1,557.5</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>5.9</td><td>21.2</td><td>33.9</td><td>11.8</td><td>22.8</td></tr><tr><td>1944-Dec.</td><td>1,283.8</td><td>2.6</td><td>9.0</td><td>66.7</td><td>104.0</td><td>333.8</td><td>460.9</td><td>134.8</td><td>172.0</td><td>100.0</td><td>.2</td><td>.7</td><td>5.2</td><td>8.1</td><td>26.0</td><td>35.9</td><td>10.5</td><td>13.4</td></tr><tr><td>1945-Jan.</td><td>257.7</td><td>.8</td><td>1.3</td><td>8.5</td><td>12.4</td><td>48.4</td><td>77.8</td><td>41.2</td><td>67.5</td><td>100.0</td><td>.3</td><td>.5</td><td>3.3</td><td>4.8</td><td>18.8</td><td>30.2</td><td>16.0</td><td>26.2</td></tr><tr><td>Feb.</td><td>212.4</td><td>.4</td><td>.8</td><td>5.7</td><td>10.0</td><td>38.4</td><td>75.4</td><td>17.6</td><td>63.9</td><td>100.0</td><td>.2</td><td>.4</td><td>2.7</td><td>4.7</td><td>18.1</td><td>35.5</td><td>8.3</td><td>30.1</td></tr><tr><td>Mar.</td><td>233.1</td><td>.5</td><td>.7</td><td>6.1</td><td>8.9</td><td>36.4</td><td>73.9</td><td>24.2</td><td>82.5</td><td>100.0</td><td>.2</td><td>.3</td><td>2.6</td><td>3.8</td><td>15.6</td><td>31.7</td><td>10.4</td><td>35.4</td></tr><tr><td>Apr.</td><td>407.7</td><td>.4</td><td>.8</td><td>7.7</td><td>11.8</td><td>62.0</td><td>123.5</td><td>73.8</td><td>127.6</td><td>100.0</td><td>.1</td><td>.2</td><td>1.9</td><td>2.9</td><td>15.2</td><td>30.3</td><td>18.1</td><td>31.3</td></tr><tr><td>May.</td><td>1,096.8</td><td>2.2</td><td>4.4</td><td>38.4</td><td>59.2</td><td>230.3</td><td>387.2</td><td>126.1</td><td>249.0</td><td>100.0</td><td>.2</td><td>.4</td><td>3.5</td><td>5.4</td><td>21.0</td><td>35.3</td><td>11.5</td><td>22.7</td></tr><tr><td>June.</td><td>1,113.5</td><td>2.2</td><td>5.6</td><td>42.3</td><td>71.3</td><td>249.1</td><td>371.9</td><td>121.4</td><td>249.4</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>6.4</td><td>22.4</td><td>33.4</td><td>10.9</td><td>22.4</td></tr><tr><td>July.</td><td>307.4</td><td>.6</td><td>1.2</td><td>10.7</td><td>16.3</td><td>52.6</td><td>93.8</td><td>57.8</td><td>74.4</td><td>100.0</td><td>.2</td><td>.4</td><td>3.5</td><td>5.3</td><td>17.1</td><td>30.5</td><td>18.8</td><td>24.2</td></tr><tr><td>Aug.</td><td>145.4</td><td>.2</td><td>.5</td><td>4.7</td><td>7.2</td><td>26.5</td><td>44.6</td><td>16.2</td><td>45.5</td><td>100.0</td><td>.2</td><td>.4</td><td>3.2</td><td>4.9</td><td>18.2</td><td>30.7</td><td>11.1</td><td>31.3</td></tr><tr><td>Sept.</td><td>91.6</td><td>.2</td><td>.4</td><td>3.2</td><td>4.6</td><td>16.5</td><td>30.2</td><td>9.0</td><td>27.5</td><td>100.0</td><td>.2</td><td>.5</td><td>3.5</td><td>5.0</td><td>18.0</td><td>32.9</td><td>9.9</td><td>30.0</td></tr><tr><td>Oct.</td><td>336.1</td><td>.4</td><td>.9</td><td>7.3</td><td>12.5</td><td>57.8</td><td>121.3</td><td>83.0</td><td>52.6</td><td>100.0</td><td>.1</td><td>.3</td><td>2.2</td><td>3.8</td><td>17.2</td><td>36.1</td><td>24.7</td><td>15.7</td></tr><tr><td>Nov.</td><td>704.1</td><td>1.3</td><td>4.0</td><td>34.6</td><td>52.3</td><td>182.7</td><td>254.8</td><td>65.8</td><td>108.6</td><td>100.0</td><td>.2</td><td>.6</td><td>4.9</td><td>7.4</td><td>25.9</td><td>36.2</td><td>9.3</td><td>15.4</td></tr><tr><td>Dec.</td><td>598.0</td><td>.7</td><td>2.5</td><td>17.1</td><td>32.4</td><td>111.8</td><td>185.4</td><td>51.3</td><td>136.8</td><td>100.0</td><td>.1</td><td>.4</td><td>2.9</td><td>5.4</td><td>18.7</td><td>31.0</td><td>8.6</td><td>32.9</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury.
1/ Information on sales, by denominations, of Series A and B tax saving notes may be found in the "Treasury Bulletin" for July 1943, page 46.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1944-December</td><td>1,283.8</td><td>77.1</td><td>1,206.7</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>1945-January</td><td>257.7</td><td>18.8</td><td>238.9</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>February</td><td>212.4</td><td>19.1</td><td>193.3</td><td>100.0</td><td>9.0</td><td>91.0</td></tr><tr><td>March</td><td>233.1</td><td>18.2</td><td>214.9</td><td>100.0</td><td>7.8</td><td>92.2</td></tr><tr><td>April</td><td>407.7</td><td>34.7</td><td>373.0</td><td>100.0</td><td>8.5</td><td>91.5</td></tr><tr><td>May</td><td>1,096.8</td><td>65.8</td><td>1,031.0</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>June</td><td>1,113.5</td><td>62.4</td><td>1,051.1</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>July</td><td>307.4</td><td>23.0</td><td>284.4</td><td>100.0</td><td>7.5</td><td>92.5</td></tr><tr><td>August</td><td>145.4</td><td>14.7</td><td>130.7</td><td>100.0</td><td>10.1</td><td>89.9</td></tr><tr><td>September</td><td>91.6</td><td>9.6</td><td>82.0</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>October</td><td>336.1</td><td>29.7</td><td>306.4</td><td>100.0</td><td>8.8</td><td>91.2</td></tr><tr><td>November</td><td>704.1</td><td>56.0</td><td>648.1</td><td>100.0</td><td>8.0</td><td>92.0</td></tr><tr><td>December</td><td>598.0</td><td>40.6</td><td>557.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax
savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
February 1946
45
Sales of United States Savings Stamps
Table i.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942 {July 1941......... Aug. 1941-June 1942.}</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948 3/</td><td>18,468 4/</td><td>100.0</td><td>87.4 3/</td><td>12.6 4/</td></tr><tr><td>1943....................</td><td>213,350</td><td>+45,620 5/6/</td><td>590,268 6/</td><td>544,647</td><td>474,168</td><td>70,480 4/</td><td>100.0</td><td>87.1</td><td>12.9 4/</td></tr><tr><td>1944....................</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945....................</td><td>177,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1944-December............</td><td>181,529</td><td>+942</td><td>21,163</td><td>20,221</td><td>16,618</td><td>3,602</td><td>100.0</td><td>82.2</td><td>17.8</td></tr><tr><td>1945-January.............</td><td>182,692</td><td>+1,164</td><td>21,088</td><td>19,924</td><td>16,321</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr><tr><td>February..................</td><td>186,710</td><td>+4,018</td><td>20,731</td><td>16,714</td><td>13,421</td><td>3,293</td><td>100.0</td><td>80.3</td><td>19.7</td></tr><tr><td>March....................</td><td>189,409</td><td>+2,699</td><td>28,254</td><td>25,555</td><td>20,140</td><td>5,414</td><td>100.0</td><td>78.8</td><td>21.2</td></tr><tr><td>April....................</td><td>188,743</td><td>-666</td><td>24,748</td><td>25,414</td><td>20,079</td><td>5,335</td><td>100.0</td><td>79.0</td><td>21.0</td></tr><tr><td>May......................</td><td>186,297</td><td>-2,446</td><td>26,132</td><td>28,578</td><td>23,634</td><td>4,944</td><td>100.0</td><td>82.7</td><td>17.3</td></tr><tr><td>June.....................</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,767</td><td>22,910</td><td>4,857</td><td>100.0</td><td>82.5</td><td>17.5</td></tr><tr><td>July.....................</td><td>155,914</td><td>-21,685</td><td>16,406</td><td>38,091</td><td>29,653</td><td>8,438</td><td>100.0</td><td>77.8</td><td>22.2</td></tr><tr><td>August...................</td><td>149,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September................</td><td>144,679</td><td>-4,966</td><td>8,438</td><td>13,405</td><td>8,922</td><td>4,483</td><td>100.0</td><td>66.6</td><td>33.4</td></tr><tr><td>October..................</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr><tr><td>November.................</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><tr><td>December................</td><td>133,229</td><td>-6,128</td><td>5,259</td><td>11,387</td><td>7,990</td><td>3,397</td><td>100.0</td><td>70.2</td><td>29.8</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples made by the Post Office Department.
3/ Details not available for May, June, and July 1941.
4 Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942.
5 Net of sales less redemptions. See footnote 1.
6 Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1944-December</td><td>21,163</td><td>5,586</td><td>10,642</td><td>1,412</td><td>2,469</td><td>1,054</td><td>100.0</td><td>26.4</td><td>50.3</td><td>6.7</td><td>11.6</td><td>5.0</td></tr><tr><td>1945-January</td><td>21,088</td><td>6,328</td><td>10,604</td><td>1,435</td><td>2,103</td><td>618</td><td>100.0</td><td>30.0</td><td>50.3</td><td>6.8</td><td>10.0</td><td>2.9</td></tr><tr><td>February</td><td>20,731</td><td>5,857</td><td>10,155</td><td>1,463</td><td>2,288</td><td>957</td><td>100.0</td><td>28.2</td><td>49.0</td><td>7.1</td><td>11.0</td><td>4.7</td></tr><tr><td>March</td><td>28,254</td><td>8,059</td><td>13,981</td><td>2,017</td><td>3,201</td><td>996</td><td>100.0</td><td>28.5</td><td>49.5</td><td>7.2</td><td>11.3</td><td>3.5</td></tr><tr><td>April</td><td>24,748</td><td>6,966</td><td>12,226</td><td>1,878</td><td>2,755</td><td>924</td><td>100.0</td><td>28.2</td><td>49.4</td><td>7.6</td><td>11.1</td><td>3.7</td></tr><tr><td>May</td><td>26,132</td><td>7,236</td><td>12,975</td><td>1,953</td><td>2,981</td><td>987</td><td>100.0</td><td>27.7</td><td>49.6</td><td>7.5</td><td>11.4</td><td>3.8</td></tr><tr><td>June</td><td>19,069</td><td>3,891</td><td>9,832</td><td>1,665</td><td>2,720</td><td>961</td><td>100.0</td><td>20.4</td><td>51.6</td><td>8.7</td><td>14.3</td><td>5.0</td></tr><tr><td>July</td><td>16,406</td><td>2,521</td><td>8,809</td><td>1,591</td><td>2,659</td><td>825</td><td>100.0</td><td>15.4</td><td>53.7</td><td>9.7</td><td>16.2</td><td>5.0</td></tr><tr><td>August</td><td>17,686</td><td>2,479</td><td>9,324</td><td>1,768</td><td>2,994</td><td>1,121</td><td>100.0</td><td>14.0</td><td>52.7</td><td>10.0</td><td>16.9</td><td>6.4</td></tr><tr><td>September</td><td>8,438</td><td>1,573</td><td>4,410</td><td>751</td><td>1,272</td><td>432</td><td>100.0</td><td>18.6</td><td>52.3</td><td>8.9</td><td>15.1</td><td>5.1</td></tr><tr><td>October</td><td>10,587</td><td>2,565</td><td>5,422</td><td>827</td><td>1,303</td><td>470</td><td>100.0</td><td>24.2</td><td>51.2</td><td>7.8</td><td>12.3</td><td>4.5</td></tr><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,390</td><td>499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
February 1946
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Distribution by classes of holders</th><th colspan="5">Securities guaranteed by United States 1/</th></tr><tr><th colspan="4">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="4">Private investors 2/</th><th colspan="4">Distribution by classes of holders</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount unmaturing outstanding</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1936</td><td>32,989</td><td>1,959</td><td>1,332</td><td>*</td><td>626</td><td>2,430</td><td>28,601</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,158</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1944-Dec.</td><td>228,891</td><td>21,672</td><td>5,337</td><td>10</td><td>16,326</td><td>18,844</td><td>188,775</td><td>137,468</td><td>50,907</td><td>1,470</td><td>4</td><td>-</td><td>1,190</td><td>275</td></tr><tr><td>1945-Jan.</td><td>230,672</td><td>21,955</td><td>5,256</td><td>11</td><td>16,688</td><td>19,004</td><td>189,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>-</td><td>1,191</td><td>300</td></tr><tr><td>Feb.</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>19,439</td><td>190,024</td><td>137,695</td><td>52,329</td><td>1,114</td><td>6</td><td>-</td><td>780</td><td>328</td></tr><tr><td>Mar.</td><td>232,026</td><td>22,864</td><td>5,281</td><td>16</td><td>17,567</td><td>19,669</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,180</td><td>5,240</td><td>16</td><td>17,923</td><td>20,455</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>-</td><td>782</td><td>343</td></tr><tr><td>May</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,147</td><td>6,085</td><td>29</td><td>20,033</td><td>22,530</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>490</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>23,276</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>502</td></tr><tr><td>Nov.</td><td>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,134 p</td><td>7,104 p</td><td>29 p</td><td>20,000</td><td>24,262</td><td>224,298 p</td><td>167,412 p</td><td>56,886 p</td><td>553</td><td>7 p</td><td>-</td><td>34 p</td><td>512</td></tr></table>
Source: (1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U.S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. p Preliminary. Less than $500,000.
1/ Excludes matured securities, and obligations held by the Treasury.
2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par value 1/- in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local Governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>October</td><td>210.1</td><td>87.7</td><td>70.0</td><td>17.6</td><td>122.4</td><td>47.9</td><td>18.4</td><td>7.7</td><td>24.2</td><td>3.5</td><td>20.8</td></tr><tr><td>November</td><td>212.2</td><td>90.0</td><td>71.6</td><td>18.4</td><td>122.3</td><td>48.4</td><td>17.9</td><td>7.3</td><td>24.0</td><td>3.5</td><td>21.2</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.1</td><td>21.7</td></tr><tr><td>1945-January</td><td>232.2</td><td>97.7</td><td>78.7</td><td>19.0</td><td>134.5</td><td>52.8</td><td>19.9</td><td>8.6</td><td>26.9</td><td>4.4</td><td>22.0</td></tr><tr><td>February</td><td>233.0</td><td>97.8</td><td>78.4</td><td>19.4</td><td>135.1</td><td>53.1</td><td>20.1</td><td>8.7</td><td>26.5</td><td>4.4</td><td>22.4</td></tr><tr><td>March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.5</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>April</td><td>234.2</td><td>98.2</td><td>77.7</td><td>20.5</td><td>136.0</td><td>53.7</td><td>20.5</td><td>8.7</td><td>25.6</td><td>4.4</td><td>23.2</td></tr><tr><td>May</td><td>236.9</td><td>98.9</td><td>77.9</td><td>21.0</td><td>138.0</td><td>54.6</td><td>20.1</td><td>8.7</td><td>26.4</td><td>4.4</td><td>23.8</td></tr><tr><td>June</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.9</td><td>5.3</td><td>24.9</td></tr><tr><td>July</td><td>260.3</td><td>107.2</td><td>85.5</td><td>21.7</td><td>153.1</td><td>59.7</td><td>22.7</td><td>9.8</td><td>29.7</td><td>5.5</td><td>25.7</td></tr><tr><td>August</td><td>261.3</td><td>107.2</td><td>84.7</td><td>22.5</td><td>154.0</td><td>59.8</td><td>22.5</td><td>10.0</td><td>30.0</td><td>5.5</td><td>26.2</td></tr><tr><td>September</td><td>260.2</td><td>107.1</td><td>83.7</td><td>23.3</td><td>153.1</td><td>59.5</td><td>22.5</td><td>10.0</td><td>28.9</td><td>5.5</td><td>26.6</td></tr><tr><td>October</td><td>260.0</td><td>107.7</td><td>84.4</td><td>23.3</td><td>152.3</td><td>59.3</td><td>22.4</td><td>10.0</td><td>28.3</td><td>5.5</td><td>26.8</td></tr></table>
Beck Figures: For monthly date for the period January 1943 through August 1944, see "Treasury Bulletin" for June 1945, page 47.
1/ United States savings bonds, Series A-D, E, and F are included at current redemption values.
2/ Guaranteed securities held by the Treasury are excluded.
3/ Consols of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and investments of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(in millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>*</td><td>-</td><td>-</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr></table>
Less than $50,000.
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
February 1946
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, November 30, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of November 30, 1945 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the amount of such securities
'Owned by all banks and insurance companies in the United States.
Section II presents summary data on the ownership of Federal land bank bonds and Federal intermediate credit bank debentures.
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banke 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,387 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities.</td><td>185,151</td><td>78,528</td><td>407</td><td>9,587</td><td>21,375</td><td>18,839</td><td>2,536</td><td>29,576</td><td>45,679</td></tr><tr><td>Non-marketable securities.</td><td>57,525</td><td>2,583</td><td>9</td><td>200</td><td>279</td><td>102</td><td>177</td><td>28</td><td>55,425</td></tr><tr><td>Total public securities.</td><td>242,676</td><td>80,111</td><td>416</td><td>9,787</td><td>21,654</td><td>18,941</td><td>2,713</td><td>29,605</td><td>101,104</td></tr><tr><td>Special issues.</td><td>20,710</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,710</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/.</td><td>263,386</td><td>80,111</td><td>416</td><td>9,787</td><td>21,654</td><td>18,941</td><td>2,713</td><td>50,314</td><td>101,104</td></tr></table>
2/ Securities held in trust departments are excluded. Includes trust companies. 
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section. 
4/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,387 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,026</td><td>2,305</td><td>1</td><td>14</td><td>1</td><td>1</td><td>-</td><td>12,611</td><td>2,094</td></tr><tr><td>Certificates of indebtedness</td><td>35,021</td><td>16,333</td><td>25</td><td>171</td><td>561</td><td>380</td><td>181</td><td>7,852</td><td>10,070</td></tr><tr><td>Treasury notes</td><td>23,498</td><td>15,640</td><td>38</td><td>221</td><td>607</td><td>392</td><td>215</td><td>2,173</td><td>4,817</td></tr><tr><td>Treasury bonds</td><td>109,371</td><td>44,221</td><td>343</td><td>9,176</td><td>20,192</td><td>18,053</td><td>2,140</td><td>6,888</td><td>28,551</td></tr><tr><td>Postal savings and other bonds</td><td>195</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>144</td></tr><tr><td>Guaranteed by United States 4/</td><td>39</td><td>13</td><td>*</td><td>3</td><td>14</td><td>13</td><td>1</td><td>7</td><td>3</td></tr><tr><td>Total</td><td>185,151</td><td>78,528</td><td>407</td><td>9,587</td><td>21,375</td><td>18,839</td><td>2,536</td><td>29,576</td><td>45,679</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>65,212</td><td>26,496</td><td>32</td><td>246</td><td>771</td><td>469</td><td>303</td><td>22,435</td><td>15,181</td></tr><tr><td>1 to 5 years</td><td>36,017</td><td>25,653</td><td>68</td><td>811</td><td>1,873</td><td>1,311</td><td>563</td><td>1,392</td><td>6,220</td></tr><tr><td>5 to 10 years</td><td>35,661</td><td>21,694</td><td>120</td><td>2,265</td><td>2,989</td><td>2,251</td><td>739</td><td>1,010</td><td>7,583</td></tr><tr><td>10 to 15 years</td><td>13,077</td><td>2,097</td><td>82</td><td>2,928</td><td>2,216</td><td>1,729</td><td>487</td><td>543</td><td>5,210</td></tr><tr><td>15 to 20 years</td><td>19,281</td><td>1,045</td><td>61</td><td>2,214</td><td>8,384</td><td>8,071</td><td>313</td><td>2,330</td><td>5,247</td></tr><tr><td>Over 20 years</td><td>15,865</td><td>1,530</td><td>44</td><td>1,119</td><td>5,128</td><td>4,995</td><td>132</td><td>1,811</td><td>6,234</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>39</td><td>13</td><td>*</td><td>3</td><td>14</td><td>13</td><td>1</td><td>7</td><td>3</td></tr><tr><td>Total</td><td>185,151</td><td>78,528</td><td>407</td><td>9,587</td><td>21,375</td><td>18,839</td><td>2,536</td><td>29,576</td><td>45,679</td></tr><tr><td>Tax status: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>144</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>20,966</td><td>13,633</td><td>101</td><td>135</td><td>1,173</td><td>310</td><td>863</td><td>1,385</td><td>3,939</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>163,990</td><td>64,879</td><td>306</td><td>9,452</td><td>20,201</td><td>18,528</td><td>1,673</td><td>27,555</td><td>41,596</td></tr><tr><td>Total</td><td>185,151</td><td>78,528</td><td>407</td><td>9,587</td><td>21,375</td><td>18,839</td><td>2,536</td><td>29,576</td><td>45,679</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, November 30, 1945 - (Continued)
Section I -
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2
Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="2">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,387 commercial banks 2/</th><th>34 stock stock banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fires, casualty, and marine insurance companies</th></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Type of securities</th><th>1</th><th>2</th><th>3</th><th>4</th><th>5</th><th>6</th><th>7</th><th>8</th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.2</td><td>2.9</td><td>.3</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>42.6</td><td>4.6</td></tr><tr><td>Certificates of indebtedness</td><td>18.9</td><td>20.8</td><td>6.1</td><td>1.8</td><td>2.6</td><td>2.0</td><td>7.1</td><td>26.6</td><td>22.0</td></tr><tr><td>Treasury notes</td><td>12.7</td><td>19.9</td><td>9.3</td><td>2.3</td><td>2.8</td><td>2.1</td><td>8.5</td><td>7.3</td><td>10.5</td></tr><tr><td>Treasury bonds</td><td>59.1</td><td>56.3</td><td>84.4</td><td>95.7</td><td>94.5</td><td>95.3</td><td>84.4</td><td>23.3</td><td>62.5</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>35.2</td><td>33.7</td><td>7.9</td><td>2.6</td><td>3.6</td><td>2.5</td><td>11.9</td><td>76.0</td><td>33.2</td></tr><tr><td>1 to 5 years</td><td>19.5</td><td>32.7</td><td>16.7</td><td>8.5</td><td>8.8</td><td>7.0</td><td>22.2</td><td>4.7</td><td>13.6</td></tr><tr><td>5 to 10 years</td><td>19.3</td><td>27.6</td><td>29.4</td><td>23.6</td><td>14.0</td><td>11.9</td><td>29.1</td><td>3.4</td><td>16.6</td></tr><tr><td>10 to 15 years</td><td>7.1</td><td>2.7</td><td>20.2</td><td>30.5</td><td>10.4</td><td>9.2</td><td>19.2</td><td>1.8</td><td>11.4</td></tr><tr><td>15 to 20 years</td><td>10.4</td><td>1.3</td><td>15.0</td><td>23.1</td><td>39.2</td><td>42.8</td><td>12.3</td><td>7.9</td><td>11.5</td></tr><tr><td>Over 20 years</td><td>8.6</td><td>1.9</td><td>10.8</td><td>11.7</td><td>24.0</td><td>26.5</td><td>5.2</td><td>6.1</td><td>13.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.2</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>11.3</td><td>17.4</td><td>24.7</td><td>1.4</td><td>5.5</td><td>1.6</td><td>34.0</td><td>6.7</td><td>8.6</td></tr><tr><td>Subject to Federal income taxes</td><td>88.6</td><td>82.6</td><td>75.2</td><td>98.6</td><td>94.5</td><td>98.4</td><td>66.0</td><td>93.2</td><td>91.1</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>13.5</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>74.1</td><td>12.3</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>45.6</td><td>.1</td><td>.5</td><td>1.6</td><td>1.1</td><td>.5</td><td>22.4</td><td>28.8</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>66.6</td><td>.2</td><td>.9</td><td>2.6</td><td>1.7</td><td>.9</td><td>9.2</td><td>20.5</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.4</td><td>.3</td><td>8.1</td><td>18.5</td><td>16.5</td><td>2.0</td><td>6.3</td><td>26.1</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>7.9</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>18.2</td><td>73.5</td></tr><tr><td>Guaranteed by United States 4/</td><td>100.0</td><td>32.5</td><td>*</td><td>6.9</td><td>34.6</td><td>33.2</td><td>1.3</td><td>17.3</td><td>8.6</td></tr><tr><td>Total</td><td>100.0</td><td>42.4</td><td>.2</td><td>5.2</td><td>11.5</td><td>10.2</td><td>1.4</td><td>16.0</td><td>24.7</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>40.6</td><td>*</td><td>.4</td><td>1.2</td><td>.7</td><td>.5</td><td>34.5</td><td>23.3</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.2</td><td>.2</td><td>2.3</td><td>5.2</td><td>3.6</td><td>1.6</td><td>3.9</td><td>17.3</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>60.8</td><td>.3</td><td>6.4</td><td>8.4</td><td>6.3</td><td>2.1</td><td>2.8</td><td>21.3</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>16.0</td><td>.6</td><td>22.4</td><td>16.9</td><td>13.2</td><td>3.7</td><td>4.2</td><td>39.8</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.4</td><td>.3</td><td>11.5</td><td>43.5</td><td>41.9</td><td>1.6</td><td>12.1</td><td>27.2</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.6</td><td>.3</td><td>7.1</td><td>32.3</td><td>31.5</td><td>.8</td><td>11.4</td><td>39.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>32.5</td><td>*</td><td>6.9</td><td>34.6</td><td>33.2</td><td>1.3</td><td>17.3</td><td>8.6</td></tr><tr><td>Total</td><td>100.0</td><td>42.4</td><td>.2</td><td>5.2</td><td>11.5</td><td>10.2</td><td>1.4</td><td>16.0</td><td>24.7</td></tr><tr><td>Tax status: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>7.9</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>18.2</td><td>73.5</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>100.0</td><td>65.0</td><td>.5</td><td>.6</td><td>5.6</td><td>1.5</td><td>4.1</td><td>9.5</td><td>18.8</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>100.0</td><td>39.6</td><td>.2</td><td>5.8</td><td>12.3</td><td>11.3</td><td>1.0</td><td>16.8</td><td>25.4</td></tr><tr><td>Total</td><td>100.0</td><td>42.4</td><td>.2</td><td>5.2</td><td>11.5</td><td>10.2</td><td>1.4</td><td>16.0</td><td>24.7</td></tr></table>
(Continued on following page)
February 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, November 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 5/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,387 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td>Treasury bill......(taxable)</td><td>17,026</td><td>2,305</td><td>1</td><td>14</td><td>1</td><td>1</td><td>-</td><td>12,611</td><td>2,094</td></tr><tr><td colspan="10">Certificates of indebtedness</td></tr><tr><td>7/8% December 1945......(taxable)</td><td>4,395</td><td>1,311</td><td>2</td><td>41</td><td>172</td><td>132</td><td>40</td><td>512</td><td>2,357</td></tr><tr><td>7/8% February 1946......(taxable)</td><td>5,043</td><td>2,527</td><td>3</td><td>13</td><td>101</td><td>79</td><td>22</td><td>1,289</td><td>1,109</td></tr><tr><td>7/8% March 1946......(taxable)</td><td>4,147</td><td>2,475</td><td>2</td><td>16</td><td>73</td><td>51</td><td>22</td><td>945</td><td>637</td></tr><tr><td>7/8% April 1946......(taxable)</td><td>4,811</td><td>2,681</td><td>3</td><td>17</td><td>51</td><td>44</td><td>7</td><td>1,409</td><td>650</td></tr><tr><td>7/8% May 1946......(taxable)</td><td>1,579</td><td>1,015</td><td>2</td><td>4</td><td>1</td><td>-</td><td>4</td><td>394</td><td>161</td></tr><tr><td>7/8% June 1946......(taxable)</td><td>4,799</td><td>725</td><td>3</td><td>39</td><td>62</td><td>9</td><td>53</td><td>192</td><td>3,778</td></tr><tr><td>7/8% August 1946......(taxable)</td><td>2,470</td><td>1,441</td><td>3</td><td>9</td><td>8</td><td>2</td><td>7</td><td>767</td><td>241</td></tr><tr><td>7/8% September 1946......(taxable)</td><td>4,336</td><td>2,161</td><td>4</td><td>19</td><td>81</td><td>64</td><td>16</td><td>1,424</td><td>648</td></tr><tr><td>7/8% October 1946......(taxable)</td><td>3,440</td><td>1,997</td><td>3</td><td>14</td><td>8</td><td>*</td><td>8</td><td>931</td><td>487</td></tr><tr><td>Total certificates of indebtedness</td><td>35,021</td><td>16,333</td><td>25</td><td>171</td><td>561</td><td>380</td><td>181</td><td>7,862</td><td>10,070</td></tr><tr><td colspan="10">Treasury notes</td></tr><tr><td>3/4% December 1945......(taxable)</td><td>531</td><td>286</td><td>*</td><td>3</td><td>29</td><td>*</td><td>29</td><td>53</td><td>159</td></tr><tr><td>.90% January 1946......(taxable)</td><td>3,416</td><td>2,215</td><td>1</td><td>12</td><td>34</td><td>26</td><td>7</td><td>583</td><td>572</td></tr><tr><td>1% March 1946......(taxable)</td><td>1,291</td><td>988</td><td>1</td><td>8</td><td>39</td><td>28</td><td>11</td><td>76</td><td>179</td></tr><tr><td>.90% July 1946......(taxable)</td><td>4,910</td><td>2,983</td><td>2</td><td>17</td><td>22</td><td>3</td><td>19</td><td>875</td><td>1,010</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,363</td><td>3</td><td>36</td><td>101</td><td>72</td><td>28</td><td>286</td><td>472</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>960</td><td>13</td><td>34</td><td>266</td><td>237</td><td>28</td><td>1</td><td>675</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>770</td><td>9</td><td>33</td><td>58</td><td>14</td><td>44</td><td>1</td><td>817</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,166</td><td>4</td><td>41</td><td>27</td><td>5</td><td>22</td><td>*</td><td>469</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,908</td><td>4</td><td>39</td><td>32</td><td>7</td><td>25</td><td>299</td><td>465</td></tr><tr><td>Total Treasury notes</td><td>23,498</td><td>15,040</td><td>38</td><td>223</td><td>607</td><td>392</td><td>215</td><td>2,173</td><td>4,817</td></tr><tr><td colspan="10">Treasury bonds</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>258</td><td>*</td><td>4</td><td>13</td><td>*</td><td>13</td><td>18</td><td>247</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>180</td><td>*</td><td>4</td><td>27</td><td>18</td><td>9</td><td>77</td><td>200</td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>523</td><td>1</td><td>6</td><td>31</td><td>11</td><td>20</td><td>207</td><td>267</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>410</td><td>*</td><td>7</td><td>13</td><td>1</td><td>13</td><td>87</td><td>301</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>295</td><td>*</td><td>8</td><td>35</td><td>11</td><td>24</td><td>81</td><td>340</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>556</td><td>*</td><td>1</td><td>26</td><td>*</td><td>25</td><td>*</td><td>118</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>770</td><td>1</td><td>65</td><td>74</td><td>65</td><td>9</td><td>41</td><td>165</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>901</td><td>1</td><td>9</td><td>37</td><td>6</td><td>31</td><td>160</td><td>115</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,308</td><td>2</td><td>85</td><td>81</td><td>49</td><td>32</td><td>26</td><td>559</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>378</td><td>*</td><td>1</td><td>12</td><td>*</td><td>11</td><td>-</td><td>60</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>466</td><td>1</td><td>1</td><td>15</td><td>*</td><td>15</td><td>44</td><td>45</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>751</td><td>1</td><td>55</td><td>111</td><td>101</td><td>10</td><td>10</td><td>85</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>1,022</td><td>1</td><td>33</td><td>121</td><td>94</td><td>27</td><td>6</td><td>111</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,573</td><td>4</td><td>62</td><td>155</td><td>133</td><td>23</td><td>7</td><td>296</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>358</td><td>1</td><td>7</td><td>34</td><td>12</td><td>22</td><td>40</td><td>53</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,288</td><td>8</td><td>7</td><td>51</td><td>3</td><td>48</td><td>223</td><td>209</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,548</td><td>5</td><td>61</td><td>182</td><td>158</td><td>25</td><td>14</td><td>162</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>3,295</td><td>8</td><td>223</td><td>404</td><td>342</td><td>62</td><td>53</td><td>956</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>975</td><td>2</td><td>10</td><td>52</td><td>2</td><td>50</td><td>112</td><td>35</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,635</td><td>1,361</td><td>2</td><td>8</td><td>10</td><td>*</td><td>9</td><td>*</td><td>1,254</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,200</td><td>8</td><td>15</td><td>78</td><td>5</td><td>73</td><td>162</td><td>164</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, November 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2. - Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 5/ to shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Bank 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,387 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Treasury bonds-(continued)</td></tr><tr><td>2 3/ September 1951-53.....(taxable)</td><td>7,986</td><td>5,081</td><td>22</td><td>505</td><td>799</td><td>669</td><td>130</td><td>118</td><td>1,460</td></tr><tr><td>3/ September 1951-55.....(partially)</td><td>755</td><td>353</td><td>*</td><td>7</td><td>50</td><td>16</td><td>33</td><td>77</td><td>268</td></tr><tr><td>2/ December 1951-55.....(taxable)</td><td>510</td><td>375</td><td>2</td><td>12</td><td>31</td><td>24</td><td>6</td><td>14</td><td>77</td></tr><tr><td>2-1/1/6 December 1951-53.....(partially)</td><td>1,118</td><td>889</td><td>2</td><td>2</td><td>35</td><td>4</td><td>31</td><td>108</td><td>82</td></tr><tr><td>2-1/2/6 March 1952-54.....(taxable)</td><td>1,024</td><td>455</td><td>1</td><td>265</td><td>68</td><td>51</td><td>17</td><td>68</td><td>167</td></tr><tr><td>2/ June 1952-54.....(taxable)</td><td>5,825</td><td>3,741</td><td>20</td><td>383</td><td>609</td><td>524</td><td>85</td><td>10</td><td>1,062</td></tr><tr><td>2/ December 1952-54.....(taxable)</td><td>8,662</td><td>4,981</td><td>25</td><td>832</td><td>884</td><td>731</td><td>154</td><td>15</td><td>1,926</td></tr><tr><td>2-1/4/6 June 1952-55.....(taxable)</td><td>1,501</td><td>845</td><td>2</td><td>210</td><td>186</td><td>163</td><td>23</td><td>74</td><td>184</td></tr><tr><td>2/ June 1953-55.....(partially)</td><td>725</td><td>633</td><td>*</td><td>2</td><td>29</td><td>2</td><td>28</td><td>14</td><td>17</td></tr><tr><td>2-1/4/6 June 1954-56.....(partially)</td><td>681</td><td>522</td><td>2</td><td>2</td><td>50</td><td>14</td><td>37</td><td>35</td><td>69</td></tr><tr><td>2-7/8/6 March 1955-60.....(partially)</td><td>2,611</td><td>1,258</td><td>32</td><td>23</td><td>161</td><td>48</td><td>113</td><td>315</td><td>822</td></tr><tr><td>2-1/2/6 March 1956-58.....(taxable)</td><td>1,449</td><td>623</td><td>9</td><td>112</td><td>448</td><td>435</td><td>13</td><td>51</td><td>206</td></tr><tr><td>2-1/4/6 September 1956-59.....(taxable)</td><td>3,823</td><td>268</td><td>18</td><td>1,236</td><td>821</td><td>711</td><td>111</td><td>132</td><td>1,319</td></tr><tr><td>2-3/4/6 September 1956-59.....(partially)</td><td>982</td><td>601</td><td>16</td><td>3</td><td>105</td><td>31</td><td>75</td><td>96</td><td>160</td></tr><tr><td>2-3/4/6 June 1958-63.....(partially)</td><td>919</td><td>605</td><td>12</td><td>7</td><td>138</td><td>60</td><td>78</td><td>52</td><td>105</td></tr><tr><td>2-1/4/6 June 1959-62.....(taxable)</td><td>5,284</td><td>-</td><td>28</td><td>1,571</td><td>704</td><td>493</td><td>211</td><td>212</td><td>2,769</td></tr><tr><td>2-1/4/6 December 1959-62.....(taxable)</td><td>621</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>621</td></tr><tr><td>2-3/4/6 December 1960-65.....(partially)</td><td>1,485</td><td>980</td><td>13</td><td>9</td><td>178</td><td>64</td><td>115</td><td>75</td><td>230</td></tr><tr><td>2-1/2/6 June 1962-67.....(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>392</td><td>1,135</td><td>1,093</td><td>41</td><td>207</td><td>381</td></tr><tr><td>2-1/2/6 December 1963-68.....(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>515</td><td>1,377</td><td>1,345</td><td>32</td><td>264</td><td>671</td></tr><tr><td>2-1/2/6 June 1964-69.....(taxable)</td><td>3,761</td><td>-</td><td>13</td><td>657</td><td>1,603</td><td>1,566</td><td>37</td><td>414</td><td>1,074</td></tr><tr><td>2-1/2/6 December 1964-69.....(taxable)</td><td>3,838</td><td>-</td><td>13</td><td>490</td><td>1,612</td><td>1,567</td><td>45</td><td>502</td><td>1,261</td></tr><tr><td>2-1/2/6 March 1965-70.....(taxable)</td><td>5,197</td><td>64</td><td>15</td><td>191</td><td>2,479</td><td>2,436</td><td>43</td><td>867</td><td>1,581</td></tr><tr><td>2-1/2/6 March 1966-71.....(taxable)</td><td>3,481</td><td>62</td><td>11</td><td>136</td><td>1,594</td><td>1,578</td><td>16</td><td>676</td><td>1,002</td></tr><tr><td>2-1/2/6 June 1967-72.....(taxable)</td><td>7,967</td><td>-</td><td>24</td><td>877</td><td>3,139</td><td>3,046</td><td>94</td><td>884</td><td>3,043</td></tr><tr><td>2-1/2/6 September 1967-72.....(taxable)</td><td>2,716</td><td>1,468</td><td>9</td><td>106</td><td>394</td><td>372</td><td>23</td><td>250</td><td>488</td></tr><tr><td>2-1/2/6 December 1967-72.....(taxable)</td><td>1,701</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,701</td></tr><tr><td>Total Treasury bonds</td><td>109,371</td><td>44,221</td><td>343</td><td>9,176</td><td>20,192</td><td>18,053</td><td>2,140</td><td>6,888</td><td>28,551</td></tr><tr><td colspan="10">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds.....(wholly)</td><td>117</td><td>13</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>68</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds.....(wholly)</td><td>29</td><td>2</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>27</td></tr><tr><td>Total postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>144</td></tr><tr><td colspan="10">Guaranteed securities 4/</td></tr><tr><td>Federal Housing Administration debentures.....(partially) (taxable)</td><td>10</td><td>13 1/</td><td>*</td><td>3 1/</td><td>14 1/</td><td>13 1/</td><td>1 1/</td><td>7 1/</td><td>3 1/</td></tr><tr><td>Total guaranteed securities</td><td>39</td><td>13</td><td>*</td><td>3</td><td>14</td><td>13</td><td>1</td><td>7</td><td>3</td></tr><tr><td>Total public marketable securities</td><td>185,151</td><td>78,528</td><td>407</td><td>9,587</td><td>21,375</td><td>18,839</td><td>2,536</td><td>29,576</td><td>45,679</td></tr></table>
Book Figures. The Treasury Survey commenced with data for March 31, 1941, and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; recalcification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943, and prior months appeared in the November 1943 issue, pages 52-53.
1/ Less than $500,000 or less than .05%.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
4/ Guaranteed securities held by the Treasury are not included.
5/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
6/ Includes an estimated amount of Federal Housing Administration debentures.
7/ Actual figures by tax status are unavailable.
February 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, November 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 3/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 5/</th></tr><tr><th></th><th></th><th>7,387 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D.................... 6/</td><td>3,534</td><td>189</td><td>*</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,329</td></tr><tr><td>Series E.................... (taxable)</td><td>30,263</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,263</td></tr><tr><td>Series F.................... (taxable)</td><td>2,720</td><td>198</td><td>1</td><td>7</td><td>34</td><td>14</td><td>20</td><td>1</td><td>2,480</td></tr><tr><td>Series G.................... (taxable)</td><td>10,955</td><td>446</td><td>5</td><td>188</td><td>223</td><td>52</td><td>141</td><td>9</td><td>10,053</td></tr><tr><td>Total United States savings bonds....................</td><td>47,473</td><td>833</td><td>6</td><td>200</td><td>268</td><td>99</td><td>169</td><td>11</td><td>46,154</td></tr><tr><td>Treasury savings notes.................... (taxable)</td><td>9,058</td><td>57</td><td>2</td><td>*</td><td>11</td><td>3</td><td>8</td><td>17</td><td>8,970</td></tr><tr><td>Depositary bonds.................... (taxable)</td><td>497</td><td>466</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td></tr><tr><td>Guaranteed securities 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.................... (taxable)</td><td>497</td><td>228</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>269</td></tr><tr><td>Total public non-marketable securities....................</td><td>57,525</td><td>1,583</td><td>9</td><td>200</td><td>279</td><td>102</td><td>177</td><td>28</td><td>55,425</td></tr></table>
1/ United States savings bonds. Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on incomes derived therefrom.
"Usually" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of prin-
c) Capital amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 
3/ Securities held in trust departments are excluded. 
4/ Includes trust companies. 
5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headings to this section. 
6/ Series A-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable. 
7/ Guaranteed securities held by the Treasury are not included.
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 5/</th></tr><tr><th></th><th></th><th>7,387 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/ January 1946-56............(wholly)</td><td>171</td><td>23</td><td>-</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>146</td></tr><tr><td>3/ May 1946-56............(wholly)</td><td>170</td><td>20</td><td>*</td><td>*</td><td>2</td><td>*</td><td>1</td><td>-</td><td>148</td></tr><tr><td>1-1/2/ October 1948-50............(taxable)</td><td>176</td><td>138</td><td>1</td><td>1</td><td>2</td><td>*</td><td>1</td><td>-</td><td>35</td></tr><tr><td>2-1/4/ February 1953-55............(taxable)</td><td>114</td><td>88</td><td>*</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>21</td></tr><tr><td>Total Federal land bank bonds............</td><td>631</td><td>269</td><td>1</td><td>3</td><td>8</td><td>3</td><td>5</td><td>-</td><td>350</td></tr><tr><td>Federal intermediate credit bank debentures....</td><td>244</td><td>153</td><td>*</td><td>*</td><td>2</td><td>-</td><td>2</td><td>-</td><td>59</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/............</td><td>876</td><td>452</td><td>1</td><td>3</td><td>10</td><td>3</td><td>7</td><td>-</td><td>409</td></tr></table>
Less than $500,000.
1/ Securities issued by the Federal home loan banks are not included in the Treasury Survey.
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "taxable" securities is subject to the imposition
of both the normal and surtax Federal income tax rates. 3/ Securities held in trust departments are excluded. 4/ Includes trust companies. 5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
February 1946
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies December 31, 1945
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from Nov. 30, 1945</th><th>Yield to maturity 3/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="11">Treasury bonds</th></tr><tr><td>$1,115</td><td>2%</td><td>3/15/48-50</td><td>102.03</td><td>102.04</td><td>102.04</td><td>+0.02</td><td>1.02%</td><td>-0.06%</td><td>1.18%</td><td>3/15/42</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.16</td><td>2/26</td><td>101.28</td><td>1/6</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>6/15/48</td><td>101.21*</td><td>101.22*</td><td>101.22</td><td>+0.02</td><td>1.05</td><td>-0.05</td><td>1.05</td><td>12/1/42</td><td>101.28</td><td>4/17/45</td><td>100.01</td><td>12/23/42</td><td>101.28</td><td>4/17</td><td>101.09</td><td>1/3</td></tr><tr><td>1,014</td><td>2%</td><td>6/15/49-51</td><td>103.02*</td><td>103.03*</td><td>103.03</td><td>+0.04</td><td>1.08</td><td>-0.06</td><td>1.41</td><td>1/15/42</td><td>103.03</td><td>12/31/45</td><td>100.06</td><td>8/15/42</td><td>103.03</td><td>12/31</td><td>101.26</td><td>1/4</td></tr><tr><td>1,292</td><td>2%</td><td>9/15/49-51</td><td>103.05*</td><td>103.06*</td><td>103.06</td><td>+0.03</td><td>1.12</td><td>-0.04</td><td>1.42</td><td>5/15/42</td><td>103.06</td><td>12/31/45</td><td>100.04</td><td>10/6/42</td><td>103.06</td><td>12/31</td><td>101.24</td><td>1/4</td></tr><tr><td>2,098</td><td>2%</td><td>12/15/49-51</td><td>103.07*</td><td>103.08*</td><td>103.08</td><td>+0.03</td><td>1.16</td><td>-0.04</td><td>1.43</td><td>7/15/42</td><td>103.08</td><td>12/31/45</td><td>100.03</td><td>8/5/42</td><td>103.08</td><td>12/31</td><td>101.20</td><td>1/2</td></tr><tr><td>1,963</td><td>2%</td><td>3/15/50-52</td><td>103.11*</td><td>103.12*</td><td>103.12</td><td>+0.04</td><td>1.17</td><td>-0.05</td><td>1.43</td><td>10/19/42</td><td>103.12</td><td>12/31/45</td><td>100.01</td><td>11/2/42</td><td>103.12</td><td>12/31</td><td>101.16</td><td>1/2</td></tr><tr><td>4,939</td><td>2%</td><td>9/15/50-52</td><td>103.16*</td><td>103.17*</td><td>103.17</td><td>+0.05</td><td>1.22</td><td>-0.05</td><td>1.45</td><td>4/15/43</td><td>103.17</td><td>12/31/45</td><td>100.08</td><td>5/3/43</td><td>103.17</td><td>12/31</td><td>101.08</td><td>1/2</td></tr><tr><td>2,635</td><td>1-1/2%</td><td>12/15/50</td><td>101.18</td><td>101.20</td><td>101.19</td><td>+0.02</td><td>1.17</td><td>-0.02</td><td>1.17</td><td>6/1/45</td><td>101.21</td><td>12/10/45</td><td>100.29</td><td>8/21/45</td><td>101.21</td><td>12/10</td><td>100.29</td><td>8/21</td></tr><tr><td>7,986</td><td>2%</td><td>9/15/51-53</td><td>104.00*</td><td>104.01*</td><td>104.01</td><td>+1.10</td><td>1.26</td><td>-0.07</td><td>1.45</td><td>9/15/43</td><td>104.02</td><td>12/29/45</td><td>100.03</td><td>11/8/43</td><td>104.02</td><td>12/29</td><td>100.26</td><td>1/4</td></tr><tr><td>510</td><td>2%</td><td>12/15/51-55</td><td>104.10</td><td>104.12</td><td>104.11</td><td>+1.26</td><td>1.24</td><td>-1.10</td><td>1.53</td><td>12/15/42</td><td>104.11</td><td>12/31/45</td><td>100.01</td><td>12/5/42</td><td>104.11</td><td>12/31</td><td>100.26</td><td>1/9</td></tr><tr><td>1,024</td><td>2-1/2%</td><td>3/15/52-54</td><td>107.00</td><td>107.02</td><td>107.01</td><td>+1.15</td><td>1.32</td><td>-0.08</td><td>1.58</td><td>3/3/41</td><td>107.01</td><td>12/31/45</td><td>101.04</td><td>3/20/41</td><td>107.01</td><td>12/31</td><td>104.00</td><td>1/9</td></tr><tr><td>5,825</td><td>2%</td><td>6/15/52-54</td><td>104.10*</td><td>104.11*</td><td>104.11</td><td>+1.11</td><td>1.30</td><td>-0.06</td><td>1.45</td><td>6/26/41</td><td>104.12</td><td>12/29/45</td><td>100.08</td><td>7/24/41</td><td>104.12</td><td>12/29</td><td>100.16</td><td>1/2</td></tr><tr><td>1,501</td><td>2-1/4%</td><td>6/15/52-55</td><td>105.20</td><td>105.22</td><td>105.21</td><td>+1.13</td><td>1.33</td><td>-0.08</td><td>1.60</td><td>2/25/42</td><td>105.21</td><td>12/31/45</td><td>100.16</td><td>2/18/42</td><td>105.21</td><td>12/31</td><td>102.04</td><td>1/2</td></tr><tr><td>8,662</td><td>2%</td><td>12/15/52-54</td><td>104.12*</td><td>104.13*</td><td>104.13</td><td>+1.13</td><td>1.33</td><td>-0.07</td><td>1.47</td><td>12/1/41</td><td>104.11</td><td>12/28/45</td><td>100.09</td><td>12/19/41</td><td>104.11</td><td>12/28</td><td>100.12</td><td>1/2</td></tr><tr><td>1,449</td><td>2-1/2%</td><td>3/15/55-58</td><td>109.27</td><td>109.29</td><td>109.28</td><td>+1.15</td><td>1.46</td><td>-1.15</td><td>1.51</td><td>6/2/42</td><td>109.28</td><td>12/31/45</td><td>101.30</td><td>12/26/41</td><td>109.28</td><td>12/31</td><td>103.23</td><td>1/2</td></tr><tr><td>3,823</td><td>2-1/4%</td><td>9/15/56-59</td><td>106.09</td><td>106.11</td><td>106.10</td><td>+2.18</td><td>1.61</td><td>-1.15</td><td>1.73</td><td>2/1/44</td><td>106.10</td><td>12/31/45</td><td>100.01</td><td>2/29/44</td><td>106.10</td><td>12/31</td><td>100.26</td><td>1/2</td></tr><tr><td>5,284</td><td>2-1/4%</td><td>6/15/59-62</td><td>100.28</td><td>100.30</td><td>100.29</td><td>+0.07</td><td>2.17</td><td>-0.02</td><td>2.18</td><td>6/1/45</td><td>101.21</td><td>7/16/45</td><td>100.16</td><td>9/12/45</td><td>101.21</td><td>7/16</td><td>100.16</td><td>9/12</td></tr><tr><td>3,298</td><td>2-1/4%</td><td>12/15/59-62</td><td>100.28</td><td>100.30</td><td>100.29</td><td>-</td><td>2.17</td><td>-</td><td>2.19</td><td>11/15/45</td><td>100.29</td><td>12/31/45</td><td>100.14</td><td>12/11/45</td><td>100.29</td><td>12/31</td><td>100.14</td><td>12/11</td></tr><tr><td>2,118</td><td>2-1/2%</td><td>6/15/62-67</td><td>103.18</td><td>103.20</td><td>103.19</td><td>+1.13</td><td>2.24</td><td>-0.04</td><td>2.29</td><td>5/5/42</td><td>103.19</td><td>12/31/45</td><td>100.00</td><td>8/17/42</td><td>103.19</td><td>12/31</td><td>100.28</td><td>1/2</td></tr><tr><td>2,851</td><td>2-1/2%</td><td>12/15/63-68</td><td>102.29</td><td>102.31</td><td>102.30</td><td>+1.17</td><td>2.30</td><td>-0.04</td><td>2.33</td><td>12/1/42</td><td>102.30</td><td>12/31/45</td><td>100.00</td><td>2/17/44</td><td>102.30</td><td>12/31</td><td>100.18</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2%</td><td>6/15/64-69</td><td>102.18</td><td>102.20</td><td>102.19</td><td>+1.16</td><td>2.33</td><td>-0.03</td><td>2.36</td><td>4/15/43</td><td>102.19</td><td>12/31/45</td><td>100.00</td><td>3/2/41</td><td>102.19</td><td>12/31</td><td>100.15</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2%</td><td>12/15/64-69</td><td>102.16</td><td>102.18</td><td>102.17</td><td>+1.17</td><td>2.33</td><td>-0.04</td><td>2.36</td><td>9/15/43</td><td>102.17</td><td>12/31/45</td><td>100.00</td><td>3/2/41</td><td>102.17</td><td>12/31</td><td>100.15</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2%</td><td>3/15/65-70</td><td>102.09</td><td>102.11</td><td>102.10</td><td>+1.14</td><td>2.35</td><td>-0.03</td><td>2.37</td><td>2/1/41</td><td>102.10</td><td>12/31/45</td><td>100.00</td><td>2/16/41</td><td>102.10</td><td>12/31</td><td>100.15</td><td>1/2</td></tr><tr><td>3,481</td><td>2-1/2%</td><td>3/15/66-71</td><td>102.06</td><td>102.08</td><td>102.07</td><td>+1.15</td><td>2.36</td><td>-0.03</td><td>2.38</td><td>12/1/41</td><td>102.07</td><td>12/31/45</td><td>100.06</td><td>12/19/41</td><td>102.07</td><td>12/31</td><td>100.15</td><td>1/2</td></tr><tr><td>7,967</td><td>2-1/2%</td><td>6/15/67-72</td><td>101.14</td><td>101.16</td><td>101.15</td><td>+1.16</td><td>2.41</td><td>-0.03</td><td>2.42</td><td>6/1/45</td><td>101.23</td><td>7/16/45</td><td>100.21</td><td>9/24/45</td><td>101.23</td><td>7/16</td><td>100.21</td><td>9/24</td></tr><tr><td>2,716</td><td>2-1/2%</td><td>9/15/67-72</td><td>108.27</td><td>108.29</td><td>108.28</td><td>+1.38</td><td>1.39</td><td>-1.11</td><td>2.07</td><td>10/20/41</td><td>108.28</td><td>12/31/45</td><td>100.01</td><td>1/2/42</td><td>108.28</td><td>12/31</td><td>100.23</td><td>1/2</td></tr><tr><td>10,617</td><td>2-1/2%</td><td>12/15/67-72</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-</td><td>2.41</td><td>-</td><td>2.43</td><td>11/15/45</td><td>101.15</td><td>12/31/45</td><td>100.24</td><td>12/11/45</td><td>101.15</td><td>12/31</td><td>100.24</td><td>12/11</td></tr><tr><th colspan="11">Treasury notes</th></tr><tr><td>3,416</td><td>.90%</td><td>1/1/46</td><td>5/6/</td><td>100.01*</td><td>100.01</td><td>.00</td><td>.84</td><td>-0.05</td><td>.84</td><td>12/1/44</td><td>.08%</td><td>12/19/45</td><td>.90%</td><td>12/29/45</td><td>.08%</td><td>12/19</td><td>.90%</td><td>12/29</td></tr><tr><td>1,291</td><td>1.5%</td><td>3/15/46</td><td>100.00*</td><td>100.01*</td><td>100.01</td><td>.00</td><td>-</td><td>-</td><td>-</td><td>11/1/42</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>4/9</td><td>100.00</td><td>12/29</td></tr><tr><td>4,910</td><td>.90%</td><td>7/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.80%</td><td>7/16/45</td><td>.86%</td><td>6/15/45</td><td>.80%</td><td>7/16</td><td>.86%</td><td>6/15</td></tr><tr><td>3,261</td><td>1-1/2%</td><td>12/15/46</td><td>100.13</td><td>100.19</td><td>100.18</td><td>-.01</td><td>.90</td><td>-0.02</td><td>.92</td><td>6/5/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/12/43</td><td>101.00</td><td>4/4</td><td>100.18</td><td>12/31</td></tr><tr><td>1,948</td><td>1-1/4%</td><td>3/15/47</td><td>100.12</td><td>100.13</td><td>100.12</td><td>.00</td><td>.93</td><td>-0.02</td><td>.93</td><td>6/26/41</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/41</td><td>100.20</td><td>3/5</td><td>100.08</td><td>1/4</td></tr><tr><td>2,707</td><td>1-1/2%</td><td>9/15/47</td><td>100.27*</td><td>100.28*</td><td>100.28</td><td>.00</td><td>.98</td><td>-0.02</td><td>.98</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.16</td><td>10/14/43</td><td>101.06</td><td>3/5</td><td>100.24</td><td>8/1</td></tr><tr><td>1,687</td><td>1-1/4%</td><td>9/15/47</td><td>100.11*</td><td>100.15*</td><td>100.15</td><td>+0.01</td><td>.97</td><td>-0.03</td><td>.97</td><td>12/1/41</td><td>100.23</td><td>3/5/45</td><td>100.06</td><td>12/27/41</td><td>100.23</td><td>3/5</td><td>100.08</td><td>1/5</td></tr><tr><td>3,748</td><td>1-1/2%</td><td>9/15/48</td><td>101.06</td><td>101.07</td><td>101.06</td><td>+0.02</td><td>1.05</td><td>-0.04</td><td>1.05</td><td>3/15/44</td><td>101.08</td><td>12/30/45</td><td>100.05</td><td>3/8/44</td><td>101.08</td><td>12/30</td><td>100.17</td><td>1/2</td></tr><tr><th colspan="11">Certificates of Indebtedness 1/</th></tr><tr><td>5,043</td><td>7/8%</td><td>A- 2/1/46</td><td>.70%</td><td>.60%</td><td>.65%</td><td>-.11%</td><td>-</td><td>-</td><td>-</td><td>2/1/45</td><td>.65%</td><td>12/31/45</td><td>.53%</td><td>1/24/45</td><td>.69%</td><td>12/31</td><td>.83%</td><td>1/24</td></tr><tr><td>4,147</td><td>7/8%</td><td>B- 3/1/46</td><td>.79%</td><td>.76%</td><td>.78%</td><td>-.02%</td><td>-</td><td>-</td><td>-</td><td>3/1/45</td><td>.74%</td><td>4/1/45</td><td>.82%</td><td>8/23/45</td><td>.74%</td><td>4/4</td><td>.82%</td><td>8/23</td></tr><tr><td>4,811</td><td>7/8%</td><td>C- 4/1/46</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.00%</td><td>-</td><td>-</td><td>-</td><td>4/1/45</td><td>.75%</td><td>4/1/45</td><td>.83%</td><td>7/21/45</td><td>.75%</td><td>4/4</td><td>.83%</td><td>7/21</td></tr><tr><td>1,579</td><td>7/8%</td><td>D- 5/1/46</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>5/1/45</td><td>.77%</td><td>7/16/45</td><td>.82%</td><td>10/8/45</td><td>.77%</td><td>7/16</td><td>.82%</td><td>10/8</td></tr><tr><td>4,799</td><td>7/8%</td><td>E- 6/1/46</td><td>.84%</td><td>.82%</td><td>.83%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.77%</td><td>7/16/45</td><td>.91%</td><td>12/29/45</td><td>.77%</td><td>7/16</td><td>.84%</td><td>12/29</td></tr><tr><td>2,470</td><td>7/8%</td><td>F- 8/1/46</td><td>.84%</td><td>.82%</td><td>.83%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>8/1/45</td><td>.80%</td><td>10/25/45</td><td>.85%</td><td>7/26/45</td><td>.80%</td><td>10/25</td><td>.85%</td><td>7/26</td></tr><tr><td>4,336</td><td>7/8%</td><td>G- 9/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>-.00%</td><td>-</td><td>-</td><td>-</td><td>9/1/45</td><td>.82%</td><td>10/26/45</td><td>.86%</td><td>8/22/45</td><td>.82%</td><td
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding ('Millions</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1945</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1945</th></tr><tr><td>$1,310</td><td>1/3/46</td><td>10/14/45</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,302</td><td>2/21/46</td><td>11/23/45</td><td>.775%</td><td>.34%</td><td>.36%</td><td>.00%</td></tr><tr><td>1,311</td><td>1/10/46</td><td>10/11/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,316</td><td>2/28/46</td><td>11/29/45</td><td>.775</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,310</td><td>1/17/46</td><td>10/18/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,303</td><td>3/7/46</td><td>1/1/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,310</td><td>1/24/46</td><td>10/25/45</td><td>.375</td><td>.30</td><td>.34</td><td>.00</td><td>1,302</td><td>3/14/46</td><td>1/13/45</td><td>.775</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,318</td><td>1/31/46</td><td>11/1/45</td><td>.375</td><td>.30</td><td>.34</td><td>.00</td><td>1,317</td><td>3/21/46</td><td>1/20/45</td><td>.775</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,317</td><td>2/7/46</td><td>11/8/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,304</td><td>3/28/46</td><td>12/27/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,317</td><td>2/14/46</td><td>11/15/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>2/</td><td>4/14/46</td><td>1/3/46</td><td>.775</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
December 31, 1945 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1/-(Continued)
PART C - TAX-EXEMPT BONDS
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov.30, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from Nov.30, 1945</th><th>Yield to maturity 3/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><td colspan="13">Treasury bonds</td></tr><tr><td>$ 489 1.036 819 759 701</td><td>3-3/4% - 3/15/46-56 3% 3-1/8% - 6/15/46-49 3-1/4% - 10/15/47-52 2%</td><td>100.19 101.00 101.02 102.13</td><td>100.21 101.04 106.07 102.15</td><td>100.20 101.03 106.06 102.14</td><td>-.08 -.06 -.08 -.02</td><td>.60% .70 .75 .74</td><td>-.03% .00 .02 .02</td><td>2.56% 2.79 3.23 .74</td><td>3/15/26 6/15/34 6/15/31 10/16/22 12/15/38</td><td>116.14 112.28 113.19 122.22 107.20</td><td>12/14/40 12/16/40 12/14/40 12/12/40 12/12/40</td><td>89.18 97.28 83.05 98.18 99.14</td><td>1/12/32 9/17/34 1/11/32 10/8/23 9/25/39</td><td>103.30 103.21 103.27 109.28 104.05</td><td>2/13 2/8 2/26 2/26</td><td>100.20 101.01 101.03 106.06 102.14</td><td>12/31 12/31 12/31 12/31 12/31</td></tr><tr><td>1,223 451 571 491 1,785</td><td>2-3/4% - 3/15/48-51 2-1/2% - 9/15/48 2% 3-1/8% - 12/15/49-52 2-1/2% - 12/15/49-53</td><td>104.07 104.15 103.13 108.24 106.09</td><td>104.09 104.17 103.15 108.26 105.11</td><td>104.08 104.16 103.14 108.25 106.10</td><td>-.02 -.02 .00 +.01</td><td>.80 .81 .82 .86 .87</td><td>-.04 -.03 -.03 -.04 -.04</td><td>1.89 .81 1.28 1.78 1.65</td><td>3/16/36 3/15/38 12/8/39 12/15/34 12/15/36</td><td>111.18 111.01 107.00 115.04 108.28</td><td>12/12/40 12/12/40 12/12/40 12/12/40 12/10/40</td><td>99.10 100.30 101.10 101.07 96.19</td><td>4/1/37 4/2/38 5/24/40 12/15/34 4/8/37</td><td>106.14 106.15 104.26 110.16 107.23</td><td>1/31 1/23 2/10 3/9 3/8</td><td>104.08 104.16 103.14 108.21 106.03</td><td>12/31 12/31 12/31 11/5 10/14</td></tr><tr><td>1,186 1,627 755 1,118 725</td><td>2-1/2% - 9/15/50-52 2-3/4% - 6/15/51-54 3% 2-1/4% - 9/15/51-55 2% 6/15/53-55</td><td>107.09 109.14 111.08 107.12 107.03</td><td>107.11 109.16 111.10 107.14 107.05</td><td>107.10 109.15 111.09 107.13 107.04</td><td>+0.01 +0.05 +0.08 +0.06 +1.15</td><td>.91 .96 .95 .97 1.01</td><td>-.03 -.05 -.07 -.04 -.07</td><td>1.35 1.55 1.73 1.27 1.20</td><td>9/15/38 6/15/36 9/15/31 12/22/39 10/7/40</td><td>108.30 110.26 113.24 108.01 107.07</td><td>12/10/40 11/12/41 12/30/40 3/10/45 4/19/45</td><td>99.15 98.16 82.08 101.08 101.19</td><td>9/25/39 4/1/37 1/11/32 5/24/40 2/15/41</td><td>108.24 110.24 112.00 108.01 107.07</td><td>3/8 3/8 3/15 3/10 4/19</td><td>106.22 108.22 110.19 106.19 105.26</td><td>8/23 8/23 9/19 9/19 1/2</td></tr><tr><td>681 2,611 982 919 1,185</td><td>2-1/4% - 6/15/54-56 2-7/8% - 3/15/55-60 2-3/4% - 9/15/56-59 2-3/4% - 6/15/58-63 2-3/4% - 12/15/60-65</td><td>109.05 114.27 115.03 115.24 117.13</td><td>109.07 114.29 115.05 115.26 117.15</td><td>109.06 114.28 115.04 115.25 117.14</td><td>+1.15 +1.19 +1.31 +1.03</td><td>1.11 1.17 1.24 1.37 1.45</td><td>-.06 -.07 -.10 -.08 -.08</td><td>1.31 1.69 1.52 1.70 1.72</td><td>7/22/40 3/15/35 9/15/36 6/15/38 12/15/38</td><td>109.06 114.28 115.04 115.25 117.14</td><td>12/31/45 12/31/45 12/31/45 12/31/45 12/31/45</td><td>102.02 98.30 98.10 99.15 99.14</td><td>7/24/40 9/20/35 4/1/37 9/25/39 9/25/39</td><td>109.06 114.28 115.04 115.25 117.14</td><td>12/31 12/31 12/31 12/31 12/31</td><td>107.25 112.21 112.04 112.04 112.16</td><td>1/2 8/22 1/2 1/2 1/2</td></tr><tr><td colspan="13">Other bonds 11/</td></tr><tr><td>16 13 50</td><td>3% Conversion - 1/1/46 3% Conversion - 1/1/47 3% Panama Canal - 6/1/61</td><td>6/ 102.20 133.00</td><td>6/ - 134.00</td><td>6/ 102.20 133.16</td><td>6/ - .07 .70</td><td>6/ .36 .00 .70</td><td>6/ .00 .70</td><td>6/ .36 .70</td><td>1/1/16/ 1/1/17/ 5/1/11/</td><td>115.00 134.00</td><td>1935 9/5/44/</td><td>75.00 75.00</td><td>1920 6/18/21/</td><td>102.16 104.29 133.24</td><td>1/13 1/13 12/1</td><td>100.00 102.20 133.00</td><td>12/29 12/31 5/9/</td></tr></table>
1/2 Includes Federal Housing Administration debentures. Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. 3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. 4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds. 5/ Quoted on a price basis at par beginning December 20, 1945. Prior
6/ Theroeto quoted on a yield basis.
7/ Not quoted on December 31, 1945.
8/ Quoted on a yield basis.
For amount of this security issued on January 1, 1946, see table on "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates" in the chapter on "Public Debt and Guaranteed Obligations of the United States Government."
9/ This security was issued on January 3, 1946, in the amount of $1,303 million.
10/ Called on November 14, 1945, for redemption on March 15, 1946.
11/ Excludes postal savings bonds.
February 1946
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
December 31, 1945 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconde)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Prices range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov.30. 1945</th><th>Yield to earliest call 2/</th><th>Change in yield from Nov.30. 1945</th><th>Yield to maturity 2/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><td></td><td colspan="10">Federal Intermediate Credit Bank debentures 3/7</td></tr><tr><td>$ 25 15 30</td><td>.90% - 1/2/46<br>.85% - 1/2/46<br>7/8% - 2/1/46</td><td>100.00</td><td>100.00</td><td>100.00</td><td>.00</td><td>.875%</td><td>.000%</td><td>.875%</td><td>100.00<br>100.00<br>100.00</td><td>12/29/45<br>12/29/45<br>12/31/45</td><td>100.00<br>100.00<br>100.00</td><td>12/29/45<br>12/29/45<br>12/31/45</td><td>100.00<br>100.00<br>100.00</td><td>12/29/45<br>12/29/45<br>12/31/45</td></tr><tr><td>20 23 25</td><td>7/8% - 3/1/46<br>.90% - 4/1/46<br>.90% - 5/1/46</td><td>100.00<br>100.00<br>100.00</td><td>100.00<br>100.00<br>100.00</td><td>.00<br>.00<br>.00</td><td>.875<br>.90<br>.90</td><td>.000<br>.00<br>.00</td><td>.875<br>.90<br>.90</td><td>9/1/45<br>7/2/45<br>8/1/45</td><td>100.00<br>100.00<br>100.00</td><td>12/31/45<br>12/31/45<br>12/31/45</td><td>100.00<br>100.00<br>100.00</td><td>12/31/45<br>12/31/45<br>12/31/45</td><td>100.00<br>100.00<br>100.00</td><td>12/31/45<br>12/31/45<br>12/31/45</td></tr><tr><td>16 17 26 34</td><td>.95% - 5/1/46<br>.90% - 6/1/46<br>.90% - 8/1/46<br>.90% - 9/3/46</td><td>100.00<br>100.00<br>100.00<br>100.00</td><td>100.00<br>100.00<br>100.00<br>100.00</td><td>.00<br>.00<br>.00<br>.00</td><td>.85<br>.90<br>.90<br>.90</td><td>.00<br>.00<br>.00<br>.00</td><td>.35<br>.90<br>.90<br>.90</td><td>11/1/45<br>10/1/45<br>11/1/45<br>12/1/45</td><td>100.00<br>100.00<br>100.00<br>100.00</td><td>12/31/45<br>12/31/45<br>12/31/45<br>12/31/45</td><td>100.00<br>100.00<br>100.00<br>100.00</td><td>12/31/45<br>12/31/45<br>12/31/45<br>12/31/45</td><td>100.00<br>100.00<br>100.00<br>100.00</td><td>12/31/45<br>12/31/45<br>12/31/45<br>12/31/45</td></tr><tr><td></td><td colspan="10">Federal Land Bank bonds 5/7</td></tr><tr><td>176 6/ 114</td><td>1-1/24-10/2/48-50<br>1-1/24- 1/1/51-53<br>2-1/4- 2/1/53-55</td><td>100.26<br>100.28<br>105.00</td><td>100.30<br>101.00<br>105.08</td><td>100.28<br>100.30<br>105.04</td><td>+0.04<br>-<br>+1.12</td><td>1.18<br>1.31<br>1.48</td><td>-.05<br>-<br>-.07</td><td>1.32<br>1.36<br>1.64</td><td>8/1/45<br>1/2/45<br>2/1/45</td><td>100.28<br>100.30<br>105.04</td><td>12/31/45<br>12/31/45<br>12/31/45</td><td>100.12<br>100.18<br>101.14</td><td>9/19/45<br>12/22/45<br>1/18/45</td><td>100.28<br>100.30<br>105.04</td><td>12/31/45<br>12/31/45<br>12/31/45</td><td>100.12<br>100.18<br>101.14</td><td>9/19/45<br>12/22/45<br>1/18/45</td></tr></table>
Tax-exempt securities
<table><tr><td rowspan="2">$171<br>170</td><td colspan="12">Federal Land Bank<br>bonde 5/</td></tr><tr><td>3/3<br>5/1/46-56</td><td>1/1/46-56</td><td>100.27</td><td>100.29</td><td>100.28</td><td>-0.08</td><td>.33%</td><td>+0.09%</td><td>2.90%</td><td>1/1/36</td><td>111.12</td><td>12/10/40</td><td>98.03</td><td>2/13/36</td><td>102.21</td><td>1/3</td><td>100.00</td><td>12/29</td></tr><tr><td></td><td>3/3<br>5/1/46-56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>103.20</td><td>1/8</td><td>100.28</td><td>12/31</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
3/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Not quoted on December 31, 1945.
5/ Excludes issues completely held by Farm Credit Administration agencies.
6/ This security was issued on January 2, 1946, in the amount of $214 million.
7/ Called on December 6, 1945, for redemption on January 1, 1946.
58
Treasury Bulletin
YIELDS OF TREASURY
SECURITIES DEC. 31, 1945
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-B
February 1946
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="12">Monthly series 3/</td></tr><tr><td>1937-Jan.</td><td>2.56</td><td>...</td><td>3.09</td><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.</td><td>2.54</td><td>...</td><td>3.24</td><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.66</td><td>...</td><td>3.36</td><td>Mar.</td><td>2.26</td><td>...</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td>...</td><td>3.43</td><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May.</td><td>2.80</td><td>...</td><td>3.36</td><td>May.</td><td>2.39</td><td>...</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>June.</td><td>2.81</td><td>...</td><td>3.31</td><td>June.</td><td>2.40</td><td>...</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>July.</td><td>2.78</td><td>...</td><td>3.27</td><td>July.</td><td>2.30</td><td>...</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.78</td><td>...</td><td>3.25</td><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.82</td><td>...</td><td>3.26</td><td>Sept.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.82</td><td>...</td><td>3.26</td><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td>...</td><td>3.22</td><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td>...</td><td>3.17</td><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>...</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>...</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>...</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>...</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.</td><td>2.56</td><td>...</td><td>3.14</td><td>May.</td><td>2.04</td><td>...</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>...</td><td>3.15</td><td>June.</td><td>2.01</td><td>...</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>...</td><td>3.12</td><td>July.</td><td>1.98</td><td>...</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>...</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td>...</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td>...</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>...</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>...</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>...</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td>...</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>...</td><td>2.58</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>...</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>...</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>...</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>...</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>...</td><td>2.86</td><td>May.</td><td>2.06</td><td>...</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>...</td><td>2.78</td><td>June.</td><td>2.04</td><td>...</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>...</td><td>2.76</td><td>July.</td><td>2.04</td><td>...</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>...</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>...</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>...</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>...</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>...</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>...</td><td>2.72</td><td>Dec.</td><td>5/</td><td>2.33</td><td>2.54</td></tr><tr><td colspan="12">Weekly series - Saturday figures 6/</td></tr><tr><td>1945-July 7.</td><td>1.62</td><td>2.34</td><td>2.52</td><td>1945-Sept. 1.</td><td>1.68</td><td>2.37</td><td>2.57</td><td>1945-Nov. 3.</td><td>1.59</td><td>2.35</td><td>2.54</td></tr><tr><td>14.</td><td>1.62</td><td>2.33</td><td>2.52</td><td>8.</td><td>1.68</td><td>2.37</td><td>2.57</td><td>10.</td><td>1.58</td><td>2.33</td><td>2.56</td></tr><tr><td>21.</td><td>1.63</td><td>2.34</td><td>2.52</td><td>15.</td><td>1.69</td><td>2.37</td><td>2.55</td><td>17.</td><td>1.56</td><td>2.33</td><td>2.55</td></tr><tr><td>28.</td><td>1.66</td><td>2.36</td><td>2.55</td><td>22.</td><td>1.69</td><td>2.37</td><td>2.56</td><td>24.</td><td>1.54</td><td>2.32</td><td>2.54</td></tr><tr><td>Aug. 4.</td><td>1.66</td><td>2.34</td><td>2.54</td><td>29.</td><td>1.66</td><td>2.36</td><td>2.56</td><td>Dec. 1.</td><td>1.53</td><td>2.33</td><td>2.55</td></tr><tr><td>11.</td><td>1.68</td><td>2.34</td><td>2.56</td><td>Oct. 6.</td><td>1.63</td><td>2.36</td><td>2.55</td><td>8.</td><td>1.51</td><td>2.32</td><td>2.55</td></tr><tr><td>18.</td><td>1.69</td><td>2.36</td><td>2.56</td><td>11.</td><td>1.62</td><td>2.35</td><td>2.55</td><td>15.</td><td>5/</td><td>2.33</td><td>2.54</td></tr><tr><td>25.</td><td>1.69</td><td>2.37</td><td>2.57</td><td>20.</td><td>1.60</td><td>2.34</td><td>2.54</td><td>22.</td><td>5/</td><td>2.34</td><td>2.52</td></tr><tr><td>26.</td><td>1.60</td><td>2.35</td><td>2.55</td><td>29.</td><td>1.60</td><td>2.35</td><td>2.55</td><td>29.</td><td>5/</td><td>2.31</td><td>2.52</td></tr><tr><td colspan="12">Daily series</td></tr><tr><td>1945-Dec. 1.</td><td>1.53</td><td>2.33</td><td>2.55</td><td>1945-Dec. 12.</td><td>1.51</td><td>2.34</td><td>2.54</td><td>1945-Dec. 21.</td><td>5/</td><td>2.34</td><td>2.53</td></tr><tr><td>3.</td><td>1.52</td><td>2.33</td><td>2.55</td><td>13.</td><td>1.51</td><td>2.34</td><td>2.54</td><td>22.</td><td>5/</td><td>2.34</td><td>2.52</td></tr><tr><td>4.</td><td>1.52</td><td>2.32</td><td>2.56</td><td>14.</td><td>1.50</td><td>2.33</td><td>2.54</td><td>24.</td><td>7/</td><td>7/</td><td>7/</td></tr><tr><td>5.</td><td>1.51</td><td>2.32</td><td>2.56</td><td>15.</td><td>5/</td><td>2.33</td><td>2.54</td><td>25.</td><td>5/</td><td>7/</td><td>7/</td></tr><tr><td>6.</td><td>1.51</td><td>2.33</td><td>2.56</td><td>17.</td><td>5/</td><td>2.33</td><td>2.54</td><td>26.</td><td>5/</td><td>2.33</td><td>2.52</td></tr><tr><td>7.</td><td>1.51</td><td>2.32</td><td>2.55</td><td>18.</td><td>5/</td><td>2.33</td><td>2.54</td><td>27.</td><td>5/</td><td>2.33</td><td>2.52</td></tr><tr><td>8.</td><td>1.51</td><td>2.32</td><td>2.55</td><td>19.</td><td>5/</td><td>2.34</td><td>2.53</td><td>28.</td><td>5/</td><td>2.31</td><td>2.52</td></tr><tr><td>10.</td><td>1.51</td><td>2.34</td><td>2.55</td><td>20.</td><td>5/</td><td>2.34</td><td>2.53</td><td>29.</td><td>5/</td><td>2.31</td><td>2.52</td></tr><tr><td>11.</td><td>1.51</td><td>2.34</td><td>2.55</td><td>31.</td><td>5/</td><td>2.30</td><td>2.51</td><td></td><td></td><td></td><td></td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell the price of the last preceding sale is used. Back Figures: Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61. 1/ Average of Treasury bonds neither due nor callables for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt
from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and sur-tax rates of the Federal income tax. 2) For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 55; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61. 3) Monthly averages of daily figures. Prior to April 1, 1938, corpo- rate bonds are averages of Saturday figures. 4) The composition of the high-grade corporate bond average was re- vised commencing with November 1, 1944. The old average for Novem- ber 1944 was 2.56%. See footnote 2. 5) Discontinued on December 15 because after that date there were no bonds outstanding due or callable after 15 years. 6) On days when the exchanges are closed, the date and prices of the previous day are used. 7) Closed. 8) Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly average of daily yields
* Discontinued, see footnote 5 accompanying table
Treasury Bulletin
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-D
60
February 1946
61
INTERNAL REVENUE STATISTICS
62
Treasury Bulletin
Summary of Internal Revenue Collecti
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,332</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,520</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1944-December</td><td>4,945,487</td><td>+679,875</td><td>4,265,612</td><td>3,669,042</td><td>327,870</td><td>3,314,922</td><td>26,849</td><td>36,981</td><td>3,104</td><td>877</td><td>33,000</td></tr><tr><td>1945-January</td><td>3,042,477</td><td>-631,287</td><td>3,673,764</td><td>3,024,164</td><td>2,617,322</td><td>401,817</td><td>5,026</td><td>102,795</td><td>71,268</td><td>30,024</td><td>1,502</td></tr><tr><td>February</td><td>3,814,557</td><td>-170,735</td><td>3,985,292</td><td>3,157,954</td><td>2,726,523</td><td>425,366</td><td>6,065</td><td>317,412</td><td>194,263</td><td>106,572</td><td>16,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+813,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,145</td><td>61,571</td><td>5,789</td><td>3,362</td><td>52,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr><tr><td>May</td><td>2,920,937</td><td>-352,957</td><td>3,273,895</td><td>2,406,326</td><td>1,989,318</td><td>407,123</td><td>9,885</td><td>296,726</td><td>256,314</td><td>10,330</td><td>30,082</td></tr><tr><td>June</td><td>5,384,393</td><td>+743,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>20,983</td><td>44,020</td><td>4,428</td><td>1,129</td><td>38,404</td></tr><tr><td>July</td><td>2,526,623</td><td>-631,609</td><td>3,158,232</td><td>2,241,907</td><td>1,587,872</td><td>646,443</td><td>7,592</td><td>125,471</td><td>117,656</td><td>5,093</td><td>2,722</td></tr><tr><td>August</td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,552,851</td><td>1,162,276</td><td>2,379,553</td><td>11,022</td><td>37,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,340,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,196</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,343</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><tr><td>December</td><td>3,948,477</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>586,112</td><td>2,142,631</td><td>12,817</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr></table>
Miscellaneous Internal Revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes &</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>533,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,357,336</td><td>380,702</td><td>511,210</td><td>1,618,015</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td><td>-</td></tr><tr><td>1944-December</td><td>558,989</td><td>311</td><td>49,690</td><td>201,461</td><td>70,604</td><td>4,893</td><td>119,542</td><td>112,488</td><td>-</td></tr><tr><td>1945-January</td><td>546,806</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,450</td><td>5,718</td><td>116,579</td><td>90,376</td><td>-</td></tr><tr><td>February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,546</td><td>104,199</td><td>116,530</td><td>-</td></tr><tr><td>April</td><td>516,871</td><td>409</td><td>75,473</td><td>171,062</td><td>67,625</td><td>5,435</td><td>96,517</td><td>100,350</td><td>-</td></tr><tr><td>May</td><td>570,842</td><td>(-67)</td><td>64,298</td><td>180,164</td><td>83,025</td><td>5,983</td><td>116,192</td><td>121,246</td><td>-</td></tr><tr><td>June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</td><td>-</td></tr><tr><td>August</td><td>824,199</td><td>208,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,767</td><td>-</td></tr><tr><td>September</td><td>531,352</td><td>6,742</td><td>33,516</td><td>198,497</td><td>100,738</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td><td>-</td></tr><tr><td>November</td><td>604,675</td><td>201</td><td>44,424</td><td>229,586</td><td>97,657</td><td>7,585</td><td>111,785</td><td>113,438</td><td>-</td></tr><tr><td>December</td><td>511,588</td><td>233</td><td>45,178</td><td>188,126</td><td>62,049</td><td>7,443</td><td>106,878</td><td>101,680</td><td>-</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profite tax, the profit limit
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
February 1946
63
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
64
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 6 months</th><th>December 1944</th><th>December 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/.</td><td>7,038,438</td><td>10,263,418</td><td>4,908,574</td><td>5,268,318</td><td>17,912</td><td>26,570</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>708</td><td>96</td><td>(-19)</td><td>25</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>10,253,831</td><td>8,567,147 1/</td><td>1,947,817 5/</td><td>2,368,013</td><td>293,556 5/</td><td>538,507</td></tr><tr><td>Back....</td><td>183,740</td><td>202,947</td><td>53,545 5/</td><td>125,179</td><td>16,421 5/</td><td>21,010</td></tr><tr><td>Total individual income taxes.</td><td>18,261,005</td><td>19,034,313</td><td>6,910,643</td><td>7,761,605</td><td>327,870</td><td>586,112</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>4,762,714</td><td>4,421,682</td><td>2,277,938</td><td>1,960,546</td><td>979,846</td><td>660,422</td></tr><tr><td>Back....</td><td>521,431</td><td>458,034</td><td>147,049</td><td>260,800</td><td>23,340</td><td>83,902</td></tr><tr><td>Excess profit taxes (Second Revenue Act of 1940, as amended).</td><td>9,345,198</td><td>11,003,520</td><td>5,628,830</td><td>4,308,385</td><td>2,311,737</td><td>1,398,307</td></tr><tr><td>Total corporation taxes.</td><td>14,629,344</td><td>15,883,235</td><td>8,053,867</td><td>6,529,731</td><td>3,314,922</td><td>2,142,631</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value.</td><td>136,980</td><td>143,798</td><td>79,557</td><td>48,295</td><td>26,787</td><td>12,828</td></tr><tr><td>Vineon Act.</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(-11)</td></tr><tr><td>Unjust enrichment.</td><td>134</td><td>180</td><td>93</td><td>13</td><td>62</td><td>-</td></tr><tr><td>Total miscellaneous profit taxes.</td><td>137,152</td><td>143,978</td><td>79,650</td><td>48,309</td><td>26,849</td><td>12,817</td></tr><tr><td>Total income and profits taxes.</td><td>33,027,802</td><td>35,061,526</td><td>15,044,161</td><td>14,339,645</td><td>3,669,642</td><td>2,741,561</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 6/.</td><td>1,290,025</td><td>1,307,931</td><td>675,953</td><td>650,371</td><td>3,104</td><td>4,455</td></tr><tr><td>Unemployment insurance 7/.</td><td>183,337</td><td>186,489</td><td>30,140</td><td>28,905</td><td>877</td><td>818</td></tr><tr><td>Total Social Security taxes.</td><td>1,473,361</td><td>1,494,420</td><td>706,092</td><td>679,277</td><td>3,981</td><td>5,273</td></tr><tr><td>Railroad retirement 8/.</td><td>265,011</td><td>284,758</td><td>144,051</td><td>142,309</td><td>33,000</td><td>33,739</td></tr><tr><td>Total employment taxes.</td><td>1,738,372</td><td>1,779,177</td><td>850,143</td><td>821,585</td><td>36,981</td><td>39,012</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax.</td><td>380,702</td><td>371,999</td><td>370,761</td><td>351,051</td><td>311</td><td>233</td></tr><tr><td>Estate tax.</td><td>473,466</td><td>596,137</td><td>260,862</td><td>279,397</td><td>48,516</td><td>43,983</td></tr><tr><td>Gift tax.</td><td>37,745</td><td>46,918</td><td>4,722</td><td>6,037</td><td>1,174</td><td>1,195</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise).</td><td>286,872</td><td>199,691</td><td>96,851</td><td>57,291</td><td>16,787</td><td>10,983</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>611,835</td><td>1,284,613</td><td>656,253</td><td>787,250</td><td>125,139</td><td>117,923</td></tr><tr><td>Distilled spirits rectification tax.</td><td>18,874</td><td>32,549</td><td>15,526</td><td>19,876</td><td>3,128</td><td>2,635</td></tr><tr><td>Vinee, cordiale, etc. (imported, excise).</td><td>4,027</td><td>2,122</td><td>1,310</td><td>1,047</td><td>210</td><td>322</td></tr><tr><td>Wines, cordiale, etc. (domestic, excise).</td><td>30,068</td><td>45,269</td><td>22,269</td><td>23,268</td><td>4,279</td><td>4,868</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>12</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufac-turers of stills (special taxes).</td><td>8,109</td><td>8,308</td><td>5,102</td><td>5,026</td><td>131</td><td>136</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>2</td><td>6</td><td>5</td><td>21</td><td>-</td><td>18</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>1,369</td><td>865</td><td>553</td><td>401</td><td>52</td><td>51</td></tr><tr><td>Container stamps.</td><td>8,516</td><td>11,213</td><td>6,118</td><td>6,225</td><td>957</td><td>1,040</td></tr><tr><td>Floor taxes.</td><td>85,834</td><td>83,343</td><td>54,101</td><td>552</td><td>4,718</td><td>(-40)</td></tr><tr><td>Fermented malt liquors.</td><td>559,152</td><td>638,582</td><td>335,810</td><td>353,047</td><td>46,016</td><td>50,139</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>3,375</td><td>3,130</td><td>2,010</td><td>1,939</td><td>43</td><td>54</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>1,618,045</td><td>2,309,854</td><td>1,195,906</td><td>1,255,963</td><td>201,461</td><td>188,126</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large).</td><td>30,152</td><td>36,593</td><td>18,029</td><td>19,543</td><td>3,364</td><td>2,825</td></tr><tr><td>Cigars (small).</td><td>107</td><td>84</td><td>45</td><td>35</td><td>5</td><td>4</td></tr><tr><td>Cigarettes (large).</td><td>88</td><td>695</td><td>173</td><td>168</td><td>14</td><td>-</td></tr><tr><td>Cigarettes (small).</td><td>903,958</td><td>836,058</td><td>422,652</td><td>523,125</td><td>62,393</td><td>56,218</td></tr><tr><td>Snuff.</td><td>7,692</td><td>7,741</td><td>3,639</td><td>3,752</td><td>622</td><td>534</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>45,269</td><td>19,574</td><td>25,017</td><td>24,083</td><td>4,061</td><td>2,247</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,164</td><td>1,390</td><td>588</td><td>1,451</td><td>114</td><td>220</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>50</td><td>8</td><td>5</td><td>2</td><td>1</td><td>-</td></tr><tr><td>Total tobacco taxes.</td><td>988,483</td><td>932,145</td><td>470,148</td><td>572,158</td><td>70,604</td><td>62,049</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of convey-ance, etc.</td><td>26,243</td><td>33,157</td><td>15,867</td><td>19,994</td><td>2,673</td><td>3,490</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>17,096</td><td>24,852</td><td>10,695</td><td>13,771</td><td>1,576</td><td>3,081</td></tr><tr><td>Playing cards.</td><td>7,414</td><td>7,493</td><td>4,079</td><td>4,787</td><td>604</td><td>861</td></tr><tr><td>Silver bullion sales or transfer.</td><td>47</td><td>25</td><td>12</td><td>109</td><td>1</td><td>10</td></tr><tr><td>Total stamp taxes.</td><td>50,800</td><td>65,538</td><td>30,653</td><td>38,661</td><td>4,893</td><td>7,443</td></tr></table>
(Continued on following page)
February 1946
65
Detailed Analysis of Internal Revenue Collections 1/ - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 6 months</th><th>December 1944</th><th>December 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In lubricating oils</td><td>52,473</td><td>92,865</td><td>39,367</td><td>43,500</td><td>8,497</td><td>4,669</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,563</td><td>203,004</td><td>222,027</td><td>39,754</td><td>28,770</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>34,163</td><td>47,085</td><td>6,403</td><td>10,033</td></tr><tr><td>Floor taxes on tires and tubee</td><td>25</td><td></td><td>*</td><td>6</td><td>*</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,847</td><td>7,674</td><td>19,700</td><td>1,972</td><td>1,871</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>1,119</td><td>3,226</td><td>262</td><td>318</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>21,609</td><td>33,225</td><td>4,431</td><td>4,997</td></tr><tr><td>Electric energy</td><td>51,239</td><td>57,004</td><td>29,842</td><td>28,400</td><td>8,891</td><td>4,154</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>5,009</td><td>8,716</td><td>901</td><td>1,872</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>5,779</td><td>8,823</td><td>1,230</td><td>1,225</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>28</td><td>38</td><td>3</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>2,324</td><td>2,700</td><td>361</td><td>970</td></tr><tr><td>Phonograph records</td><td>1,889</td><td>2,015</td><td>926</td><td>1,258</td><td>190</td><td>307</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>331</td><td>770</td><td>90</td><td>178</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,637</td><td>702</td><td>2,356</td><td>103</td><td>754</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>4,012</td><td>5,082</td><td>524</td><td>595</td></tr><tr><td>Floor taxes on matches</td><td>55</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>3,760</td><td>10,120</td><td>3,805</td><td>6,767</td><td>846</td><td>1,135</td></tr><tr><td>Pure - retailers' excises</td><td>58,726</td><td>79,418</td><td>33,350</td><td>39,730</td><td>11,706</td><td>11,840</td></tr><tr><td>Jewelry - retailers' excises</td><td>113,373</td><td>184,220</td><td>76,807</td><td>91,582</td><td>17,044</td><td>16,883</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>34,171</td><td>35,990</td><td>6,916</td><td>6,077</td></tr><tr><td>Language - manufacturers' excises (suspended as of 4/1/44)</td><td>4,777</td><td>6</td><td>6</td><td>7</td><td>1</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>4</td><td>6</td><td>1</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>7,681</td><td>9,123</td><td>1,083</td><td>1,313</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>92</td><td>59</td><td>4</td><td>35</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>1,762</td><td>3,104</td><td>377</td><td>512</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>37,846</td><td>42,102</td><td>7,593</td><td>7,766</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>32</td><td>4</td><td>4</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,061</td><td>3,132</td><td>2,038</td><td>2,096</td><td>350</td><td>593</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>2</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>20</td><td>13</td><td>10</td><td>2</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>553,484</td><td>657,491</td><td>119,542</td><td>106,878</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>1,403</td><td>35</td><td>13</td><td>23</td><td>1</td><td>7</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>40,519</td><td>30,329</td><td>6,550</td><td>4,351</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>141,275</td><td>208,018</td><td>96,460</td><td>112,877</td><td>15,037</td><td>17,613</td></tr><tr><td>Local telephone service</td><td>90,199</td><td>133,569</td><td>65,562</td><td>69,013</td><td>13,472</td><td>10,671</td></tr><tr><td>Transportation of oil by pipe line</td><td>15,851</td><td>16,286</td><td>8,306</td><td>7,700</td><td>1,473</td><td>1,205</td></tr><tr><td>Transportation of persons, eatae, berths</td><td>153,683</td><td>234,182</td><td>129,739</td><td>119,109</td><td>21,617</td><td>16,796</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>215,488</td><td>221,088</td><td>115,667</td><td>113,922</td><td>19,826</td><td>18,122</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>134,326</td><td>128,701</td><td>119,592</td><td>115,393</td><td>35</td><td>177</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>352</td><td>336</td><td>201</td><td>177</td><td>1</td><td>1</td></tr><tr><td>Lease of safe-deposit boxes</td><td>6,594</td><td>7,311</td><td>3,408</td><td>3,614</td><td>592</td><td>447</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>178,563</td><td>300,589</td><td>158,252</td><td>169,878</td><td>26,385</td><td>24,372</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>26,726</td><td>56,877</td><td>28,767</td><td>34,980</td><td>4,798</td><td>5,491</td></tr><tr><td>Club dues and initiation fees</td><td>9,182</td><td>14,160</td><td>5,813</td><td>7,928</td><td>1,011</td><td>1,147</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>2,208</td><td>4,160</td><td>3,315</td><td>3,206</td><td>71</td><td>71</td></tr><tr><td>Coin operated devices</td><td>18,475</td><td>19,100</td><td>14,891</td><td>13,581</td><td>417</td><td>393</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour 2/ and filled cheeses</td><td>18</td><td>58</td><td>18</td><td>34</td><td>1</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,084</td><td>5,503</td><td>2,820</td><td>2,620</td><td>393</td><td>310</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>779</td><td>756</td><td>302</td><td>300</td><td>41</td><td>24</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>7,190</td><td>6,208</td><td>2,823</td><td>3,123</td><td>455</td><td>479</td></tr><tr><td>National Firearms Act</td><td>16</td><td>16</td><td>10</td><td>3</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>201</td><td>180</td><td>7</td><td>6</td><td>*</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>796,485</td><td>807,816</td><td>112,488</td><td>101,680</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,634</td><td>3,683,021</td><td>3,968,574</td><td>558,989</td><td>511,558</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>19,577,325</td><td>19,129,804</td><td>4,265,612</td><td>3,292,161</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-14,875</td><td>-236,038</td><td>+679,875</td><td>+656,276</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>19,562,449</td><td>18,893,767</td><td>4,945,487</td><td>3,948,437</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Revised.
Less than $500.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was
4. Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period January 1, 1945 through April 30, 1945.
5. Revisions represent payments on 1944 estimated tax (Form 1040 ES for 1944) previously classified as back taxes, now classified as current taxes.
6. Represents collections under the Federal Insurance Contributions Act.
7. Represents collections under the Federal Unemployment Tax Act.
8. Represents collections under the Carriers' Taxing Act of 1937.
9. Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
66
Treasury Bulletin
MONETARY STATISTICS
February 1946
67
Balance Sheet of the Exchange Stabilization Fund
As of June 30, 1945 and September 30, 1945
<table><tr><th></th><th>June 30, 1945</th><th>September 30, 1945</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account</td><td>1,226,238.59</td><td>1,074,801.57</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>163,900,911.08</td><td>237,137,906.41</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>7,145.13</td><td>13,613.28</td></tr><tr><td>Total cash</td><td>$1,965,134,292.80</td><td>$2,038,226,321.86</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)</td><td>80,618,147.77</td><td>19,840,887.16</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss france</td><td>$4,439,237.32</td><td>$1,083,134.60</td></tr><tr><td>French france</td><td>17.88</td><td>17.88</td></tr><tr><td>Belgae</td><td>505.06</td><td>505.06</td></tr><tr><td>Sterling</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other</td><td>14,594,516.42</td><td>5,407,772.82</td></tr><tr><td>Foreign depositories</td><td>42,929.77</td><td>42,929.77</td></tr><tr><td>Total due from foreign banks</td><td>19,080,186.50</td><td>6,537,340.18</td></tr><tr><td>Due from the Government of the Republic of Cuba</td><td>5,011,705.27</td><td>5,012,529.65</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>20,448,723.13</td><td>20,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>82,420.95</td><td>79,771.72</td></tr><tr><td>Other accounts (deferred charges)</td><td>18.30</td><td>22.78</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets</td><td>$2,090,778,130.72</td><td>$2,090,148,232.48</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>$422.09</td><td>$11,690.39</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>1,125.15</td><td>3,144.67</td></tr><tr><td>Withholding taxes</td><td>-</td><td>21,509.33</td></tr><tr><td>Miscellaneous</td><td>5,980,011.16</td><td>6,401.93</td></tr><tr><td>Total accounts payable</td><td>$5,981,558.40</td><td>$42,746.32</td></tr><tr><td>Reserve for expense and contingancies (net)</td><td>9,459,790.24</td><td>12,676,261.99</td></tr><tr><td>Capital account</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>74,936,782.08</td><td>77,429,224.17</td></tr><tr><td>Total liabilities and capital</td><td>$2,090,778,130.72</td><td>$2,090,148,232.48</td></tr></table>
Back Figures: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury for 1940". Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule I
Location of gold held by and for account of the Exchange Stabilization Fund
<table><tr><th></th><th colspan="2">June 30, 1945</th><th colspan="2">September 30, 1945</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York.</td><td>247,635.715</td><td>$ 8,667.250.01</td><td>104,759.793</td><td>$ 3,666.592.75</td></tr><tr><td>U. S. Assay Office, New York.</td><td>2,055,739.968</td><td>71,950,897.76</td><td>462,122.702</td><td>16,171.294.41</td></tr><tr><td>Total</td><td>2,303,375.683</td><td>$30,618,147.77</td><td>566,882.495</td><td>$19,840,887.16</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
68
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1945</th><th colspan="4">September 30, 1945</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53..</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$ 9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$65,778.69</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63..</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>401.98</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65..</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>3,231.93</td></tr><tr><td>2-1/2% Treasury bonds, 1965-70..</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>72,690.22</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>10,359.12</td></tr><tr><td>Total United States Government securities.</td><td>$20,452,000</td><td>$20,448,723.13</td><td></td><td>$82,420.95</td><td>$20,452,000</td><td>$20,448,723.13</td><td></td><td>$79,771.72</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through September 30, 1945</th></tr><tr><td>Profits on British sterling transactions.</td><td>$ 310,638.09</td><td>$ 310,638.09</td></tr><tr><td>Profits on French franc transactions.</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold).</td><td>27,340,105.45</td><td>28,039,616.86</td></tr><tr><td>Profits on other gold and exchange transactions.</td><td>38,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions.</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized).</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments.</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments.</td><td>4,676,016.53</td><td>4,798,367.30</td></tr><tr><td>Miscellaneous profits.</td><td>741,549.85</td><td>744,583.05</td></tr><tr><td>Interest earned on foreign balances.</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan.</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings.</td><td>$78,120,113.31</td><td>$80,942,008.69</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1931 through June 30, 1945</th><th>January 31, 1934 through September 30, 1945</th></tr><tr><td>Salaries</td><td>$2,016,800.59</td><td>$2,141,114.12</td></tr><tr><td>Travel</td><td>90,191.56</td><td>93,005.15</td></tr><tr><td>Subsistence</td><td>83,592.40</td><td>86,310.54</td></tr><tr><td>Telephone and telegraph</td><td>420,675.64</td><td>428,539.93</td></tr><tr><td>Stationery, etc.</td><td>23,690.79</td><td>24,630.27</td></tr><tr><td>All other</td><td>548,377.25</td><td>739,184.51</td></tr><tr><td>Total administrative expenses</td><td>$3,183,331.23</td><td>$3,512,784.52</td></tr></table>
February 1946
69
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,735.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,511.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945 p.</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1944-December</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>18,436.0</td><td>156.0</td><td>1,800.0</td><td>167.7</td></tr><tr><td>February</td><td>20,506.0</td><td>18,398.3</td><td>156.0</td><td>1,800.0</td><td>151.6</td></tr><tr><td>March</td><td>20,418.7</td><td>18,313.6</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>April</td><td>20,373.6</td><td>18,259.7</td><td>156.0</td><td>1,800.0</td><td>157.8</td></tr><tr><td>May</td><td>20,270.2</td><td>18,163.8</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June</td><td>20,213.0</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr><tr><td>July</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.9</td></tr><tr><td>August</td><td>20,087.8</td><td>17,977.9</td><td>156.0</td><td>1,800.0</td><td>153.8</td></tr><tr><td>September</td><td>20,072.8</td><td>17,949.4</td><td>156.0</td><td>1,800.0</td><td>167.3</td></tr><tr><td>October</td><td>20,035.9</td><td>17,930.8</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>November</td><td>20,029.7</td><td>17,921.0</td><td>156.0</td><td>1,800.0</td><td>152.6</td></tr><tr><td>December p.</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cer
(b) the Redemption Fund - Federal Reserve notes. 2/3/ Excludes gold in active portion of Exchange Stabilization Fund
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1944-December</td><td>20,618.8</td><td>3,870.6</td><td>15.8</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>3,841.1</td><td>15.7</td></tr><tr><td>February</td><td>20,506.0</td><td>3,833.6</td><td>15.8</td></tr><tr><td>March</td><td>20,418.7</td><td>3,800.7</td><td>15.7</td></tr><tr><td>April</td><td>20,373.6</td><td>3,777.7</td><td>15.6</td></tr><tr><td>May</td><td>20,270.2</td><td>3,704.3</td><td>15.5</td></tr><tr><td>June</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>July</td><td>20,152.4</td><td>3,642.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.8</td><td>3,633.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October</td><td>20,035.9</td><td>3,565.3</td><td>15.1</td></tr><tr><td>November</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December p</td><td>20,064.9</td><td>3,520.8</td><td>14.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p. Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, December 31, 1945
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilisation Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,851,793.89</td><td>323,328.04</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,118,517.43</td><td>-</td><td>8,118,517.43</td></tr><tr><td>Total increment</td><td>$2,818,843,912.58</td><td>$2,674,786,070.31</td><td>$144,057,842.27</td></tr></table>
Treasury Bulletin
70
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificate 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>11.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945 p</td><td>1,703.9</td><td>356.8</td><td>10.9</td><td>.1</td><td>188.4</td><td>137.2</td><td>846.0</td><td>3,520.8</td></tr><tr><td>1944-December</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945-January</td><td>1,520.1</td><td>375.4</td><td>14.8</td><td>-</td><td>393.8</td><td>118.6</td><td>772.4</td><td>3,841.1</td></tr><tr><td>February</td><td>1,520.1</td><td>374.0</td><td>14.0</td><td>.2</td><td>391.0</td><td>120.0</td><td>773.3</td><td>3,833.6</td></tr><tr><td>March</td><td>1,520.1</td><td>372.1</td><td>9.9</td><td>.1</td><td>378.2</td><td>121.9</td><td>779.9</td><td>3,800.7</td></tr><tr><td>April</td><td>1,520.1</td><td>370.5</td><td>20.2</td><td>.1</td><td>354.3</td><td>123.4</td><td>786.2</td><td>3,777.7</td></tr><tr><td>May</td><td>1,520.1</td><td>368.7</td><td>27.0</td><td>.3</td><td>332.3</td><td>125.3</td><td>795.8</td><td>3,704.3</td></tr><tr><td>June</td><td>1,520.3</td><td>366.8</td><td>24.2</td><td>.2</td><td>324.5</td><td>127.1</td><td>801.6</td><td>3,685.8</td></tr><tr><td>July</td><td>1,574.6</td><td>365.1</td><td>15.1</td><td>.2</td><td>287.8</td><td>128.8</td><td>814.6</td><td>3,642.1</td></tr><tr><td>August</td><td>1,587.5</td><td>365.3</td><td>14.9</td><td>-</td><td>277.3</td><td>130.6</td><td>822.7</td><td>3,631.2</td></tr><tr><td>September</td><td>1,619.9</td><td>361.7</td><td>13.9</td><td>*</td><td>261.4</td><td>132.2</td><td>829.5</td><td>3,626.9</td></tr><tr><td>October</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td>-</td><td>228.3</td><td>133.6</td><td>833.5</td><td>3,565.3</td></tr><tr><td>November</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,552.2</td></tr><tr><td>December p</td><td>1,703.9</td><td>356.8</td><td>10.9</td><td>.1</td><td>188.4</td><td>137.2</td><td>846.0</td><td>3,520.8</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money.
p* Preliminary.
Less than $50,000.
1/ Valued at $.29 per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices 1/
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>....</td><td>....</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>....</td><td>....</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>....</td><td>....</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>....</td><td>....</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>....</td><td>....</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>1944- November</td><td>3.1</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>December</td><td>3.2</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>1945- January</td><td>2.6</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>February</td><td>2.2</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>March</td><td>2.8</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>April</td><td>2.9</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>May</td><td>3.2</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>June</td><td>1.7</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>July</td><td>2.1</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>August</td><td>2.3</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>September</td><td>2.3</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>October</td><td>2.8</td><td>....</td><td>....</td><td>....</td><td>....</td><td>-</td><td>-</td><td>....</td><td>....</td></tr><tr><td>November</td><td>2.7</td><td>.4</td><td>.3</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
* Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64+ cents per fine ounces until April 9, 1935; at
71.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.54+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939. Acquired at 50.01 cents per fine ounces. Executive Proclamation of August 9, 1934, repealed April 28, 1938. Acquired at various prices averaging approximately 51 cents per ounce.
February 1946
71
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1944-December</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945-January</td><td>365.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>697.3</td></tr><tr><td>February</td><td>367.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.5</td></tr><tr><td>March</td><td>369.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>670.9</td></tr><tr><td>April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</td></tr><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><tr><td>November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>65.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>377.6</td></tr><tr><td>December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr></table>
Source: Daily Treasury Statements. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seizureage thereon changes.
Treasury Bulletin
72
Money in Circulation
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,667</td><td>527</td><td>120</td></tr><tr><td>1944-December</td><td>25,307</td><td>24,151</td><td>53</td><td>1,611</td><td>1</td><td>321</td><td>21,482</td><td>560</td><td>123</td></tr><tr><td>1945-January</td><td>25,290</td><td>24,140</td><td>53</td><td>1,561</td><td>1</td><td>316</td><td>21,533</td><td>554</td><td>123</td></tr><tr><td>February</td><td>25,751</td><td>24,593</td><td>53</td><td>1,583</td><td>1</td><td>320</td><td>21,964</td><td>550</td><td>122</td></tr><tr><td>March</td><td>25,899</td><td>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,523</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July</td><td>27,108</td><td>25,885</td><td>52</td><td>1,731</td><td>1</td><td>322</td><td>23,139</td><td>521</td><td>119</td></tr><tr><td>August</td><td>27,685</td><td>26,449</td><td>52</td><td>1,754</td><td>1</td><td>322</td><td>23,635</td><td>517</td><td>119</td></tr><tr><td>September</td><td>27,826</td><td>26,982</td><td>52</td><td>1,762</td><td>1</td><td>318</td><td>23,818</td><td>513</td><td>119</td></tr><tr><td>October</td><td>28,049</td><td>26,797</td><td>51</td><td>1,796</td><td>1</td><td>316</td><td>24,008</td><td>506</td><td>118</td></tr><tr><td>November</td><td>28,211</td><td>26,948</td><td>51</td><td>1,827</td><td>1</td><td>316</td><td>24,136</td><td>499</td><td>118</td></tr><tr><td>December p</td><td>28,507</td><td>27,234</td><td>51</td><td>1,867</td><td>1</td><td>314</td><td>24,389</td><td>494</td><td>117</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1936</td><td>486</td><td>35</td><td>316</td><td>135</td><td>$ 48.60</td></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>53.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>235</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>1944-December</td><td>1,156</td><td>116</td><td>758</td><td>282</td><td>182.19</td></tr><tr><td>1945-January</td><td>1,150</td><td>117</td><td>751</td><td>282</td><td>181.95</td></tr><tr><td>February</td><td>1,158</td><td>118</td><td>757</td><td>283</td><td>185.15</td></tr><tr><td>March</td><td>1,170</td><td>120</td><td>765</td><td>285</td><td>186.11</td></tr><tr><td>April</td><td>1,180</td><td>122</td><td>772</td><td>287</td><td>188.08</td></tr><tr><td>May</td><td>1,196</td><td>123</td><td>784</td><td>290</td><td>190.41</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>194.02</td></tr><tr><td>August</td><td>1,236</td><td>129</td><td>808</td><td>299</td><td>197.99</td></tr><tr><td>September</td><td>1,243</td><td>130</td><td>812</td><td>301</td><td>198.82</td></tr><tr><td>October</td><td>1,252</td><td>132</td><td>815</td><td>303</td><td>200.24</td></tr><tr><td>November</td><td>1,263</td><td>133</td><td>825</td><td>305</td><td>201.24</td></tr><tr><td>December p</td><td>1,273</td><td>135</td><td>831</td><td>307</td><td>203.23</td></tr></table>
Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1944, pages 774-777. Preliminary. 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
February 1946
73
CAPITAL MOVEMENTS BETWEEN
THE UNITED STATES AND FOREIGN COUNTRIES
74
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,136</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>357,154</td><td>44,394</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945 (Jan. 1, 1945-Aug. 31, 1945)</td><td>887,146</td><td>925,774</td><td>2,841</td><td>-80,209</td><td>39,040</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1945)</td><td>8,363,185</td><td>6,344,021</td><td>129,125</td><td>831,623</td><td>1,058,416</td></tr><tr><td>1942-January (Jan. 1-Jan. 28)</td><td>-66,927</td><td>-74,305</td><td>1,175</td><td>4,264</td><td>1,939</td></tr><tr><td>February (Jan. 29-Feb. 25)</td><td>-94,698</td><td>-88,565</td><td>-59</td><td>-4,782</td><td>-1,292</td></tr><tr><td>March (Feb. 26-Apr. 1)</td><td>13,345 1/</td><td>19,020 1/</td><td>2,297</td><td>-1,329</td><td>-6,643</td></tr><tr><td>April (Apr. 2-Apr. 29)</td><td>227,185</td><td>232,238</td><td>-370</td><td>1,687</td><td>-6,370</td></tr><tr><td>May (Apr. 30-June 3)</td><td>103,821</td><td>100,712</td><td>640</td><td>2,458</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881 2/</td><td>81,602 2/</td><td>1,692</td><td>2,981</td><td>-4,374 2/</td></tr><tr><td>July</td><td>47,282</td><td>58,078</td><td>-2,593</td><td>1,303</td><td>-9,506</td></tr><tr><td>August</td><td>57,345</td><td>48,413</td><td>251</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,370</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,503</td><td>-9,405</td></tr><tr><td>March</td><td>132,152</td><td>61,505</td><td>2,134</td><td>9,881</td><td>58,632</td></tr><tr><td>April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>-4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,011 3/</td><td>1,903 3/</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>133,267</td><td>135,679</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341 5/</td><td>76,736 5/</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,138</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-487</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773 6a/</td><td>-229,521 6a/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405 7b/</td><td>153,895 7b/</td><td>-195</td><td>-2,808</td><td>6,513</td></tr><tr><td>February</td><td>122,225</td><td>174,973</td><td>3,840</td><td>-61,055</td><td>7,667</td></tr><tr><td>March</td><td>-16,298</td><td>11,310</td><td>521</td><td>-24,388</td><td>-3,741</td></tr><tr><td>April</td><td>58,274</td><td>41,446</td><td>-78</td><td>-18,079</td><td>31,985</td></tr><tr><td>May</td><td>60,354</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>27,338</td></tr><tr><td>June</td><td>214,213</td><td>171,687</td><td>-2,831</td><td>63,424</td><td>-19,067</td></tr><tr><td>July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>66,350</td><td>91,132</td><td>2,064</td><td>-11,570</td><td>-15,276</td></tr></table>
Footnotes appear on pages 78 and 79.
February 1946
75
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - August 1945
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-(Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+163,713</td><td>-28,521</td><td>-30,796</td><td>+37,519</td><td>-24,200</td><td>+61,117</td><td>+24,356 2c</td><td>+24,416</td><td>+26,976</td><td>+26,566</td><td>+18,306</td><td>-3,785</td><td>+31,759</td></tr><tr><td>France</td><td>-14,018</td><td>-1,473</td><td>-4,082</td><td>-2,689</td><td>-296</td><td>-1,735</td><td>+1,606</td><td>+1,924</td><td>-5,012</td><td>-614</td><td>-1,254</td><td>-3,548</td><td>+3,155</td></tr><tr><td>Belgium</td><td>+1,489</td><td>+277</td><td>+737</td><td>+311</td><td>-503</td><td>-876</td><td>-426</td><td>-1,535</td><td>-6,661</td><td>+7,482</td><td>-272</td><td>+4,520</td><td>-1,565</td></tr><tr><td>Germany</td><td>-403</td><td>+279</td><td>-1,151</td><td>+3</td><td>+4</td><td>+11</td><td>-268</td><td>-114</td><td>+7,905</td><td>-7,555</td><td>-143</td><td>+141</td><td>+485</td></tr><tr><td>Italy</td><td>-2,473</td><td>+534</td><td>+138</td><td>-4,390</td><td>-18</td><td>+570</td><td>+180</td><td>+487</td><td>+608</td><td>+116</td><td>+170</td><td>-943</td><td>+75</td></tr><tr><td>Netherlands</td><td>+9,612</td><td>-3,649</td><td>+360</td><td>-3,625</td><td>+9,729</td><td>+9,506</td><td>+1,134</td><td>-1,781</td><td>-3,884</td><td>+808</td><td>-1,010</td><td>+7</td><td>+2,017</td></tr><tr><td>Sweden</td><td>-59,296</td><td>-1,032</td><td>-21,078</td><td>-18,638</td><td>-2,764</td><td>-23,530</td><td>+2,690</td><td>+1,169</td><td>+1,151</td><td>-1,719</td><td>+1,307</td><td>+1,243</td><td>+1,905</td></tr><tr><td>Switzerland</td><td>-133,658</td><td>-35,195</td><td>-40,539</td><td>-53,475</td><td>+1,045</td><td>+1,189</td><td>-100</td><td>-7,092</td><td>+3,477</td><td>+6,956</td><td>-5,939</td><td>-3,172</td><td>-813</td></tr><tr><td>Other Europe</td><td>+16,829</td><td>+10,356</td><td>-17,732</td><td>-1,195</td><td>-2,212</td><td>+7,274</td><td>+1,888</td><td>+4,562</td><td>+3,125</td><td>+12,059</td><td>+2,706</td><td>+8,730</td><td>-12,732</td></tr><tr><td>Total Europe</td><td>-18,205</td><td>-58,424</td><td>-114,143</td><td>-46,179</td><td>-13,215</td><td>+53,526</td><td>+31,060 2c</td><td>+22,036</td><td>+27,685</td><td>+44,099</td><td>+13,871</td><td>+3,193</td><td>+24,286</td></tr><tr><td>Canada</td><td>+84,591</td><td>-3,609</td><td>-7,203</td><td>+49,285</td><td>+302</td><td>-31,519</td><td>+14,550 2a</td><td>-511</td><td>+7,536</td><td>+15,205</td><td>+16,647</td><td>+22,587</td><td>+1,321</td></tr><tr><td>Latin America</td><td>+268,291</td><td>-2,473</td><td>+21,981</td><td>+17,954</td><td>+22,244</td><td>+69,260</td><td>+32,508 2b</td><td>+32,730</td><td>+14,071</td><td>-3,871</td><td>-10,993</td><td>+48,767</td><td>+26,113</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-98</td><td>+240</td><td>+1,280</td><td>-1,295</td><td>+13</td><td>+90</td><td>-28</td><td>+233</td><td>-25</td><td>-334</td><td>-164</td><td>+205</td><td>-318</td></tr><tr><td>Other Asia</td><td>+220,082</td><td>-10,459</td><td>+6,582</td><td>-2,6871/</td><td>+212,975</td><td>+5,862</td><td>+4,472</td><td>-4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>-8,936</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,9821/</td><td>+212,988</td><td>+5,952</td><td>+4,444</td><td>-4,586</td><td>+3,365</td><td>+2,939</td><td>+11,154</td><td>-8,731</td><td>-1,202</td></tr><tr><td>All other</td><td>+49,660</td><td>+7,798</td><td>-3,195</td><td>-3,733</td><td>+10,866</td><td>+6,602</td><td>-681</td><td>-2,387</td><td>+4,688</td><td>-3,354</td><td>+9,109</td><td>+1,089</td><td>+22,858</td></tr><tr><td>Grand total</td><td>+604,321</td><td>-66,927</td><td>-94,698</td><td>+13,3451/</td><td>+227,185</td><td>+103,821</td><td>+81,881 2/</td><td>+47,282</td><td>+57,345</td><td>+55,018</td><td>+39,788</td><td>+66,905</td><td>+73,376</td></tr></table>
(Continued on following page)
76
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+419,932</td><td>-97,503</td><td>+22,178</td><td>+29,403</td><td>+54,012</td><td>+1,966</td><td>+93,548</td><td>+71,480</td><td>+77,201</td><td>+37,902</td><td>+79,211</td><td>+11,070</td><td>+39,464</td></tr><tr><td>France</td><td>+10,990</td><td>+1,733</td><td>+813</td><td>-3,003</td><td>+2,288</td><td>+4,328</td><td>+4,850</td><td>+4,493</td><td>+1,283</td><td>-2,945</td><td>-5,632</td><td>+1,189</td><td>+1,593</td></tr><tr><td>Belgium</td><td>+2,952</td><td>+1,614</td><td>+190</td><td>+526</td><td>+293</td><td>+807</td><td>-2,510</td><td>-1,718</td><td>+481</td><td>+1,416</td><td>+479</td><td>+1,097</td><td>+277</td></tr><tr><td>Denmark</td><td>-1,865</td><td>-72</td><td>+2,222</td><td>-725</td><td>-1,277</td><td>-927</td><td>+292</td><td>-603</td><td>-251</td><td>-103</td><td>-294</td><td>+449</td><td>+322</td></tr><tr><td>Finland</td><td>-1,992</td><td>+83</td><td>-339</td><td>+365</td><td>-158</td><td>+132</td><td>-845</td><td>+270</td><td>-182</td><td>+138</td><td>-168</td><td>-757</td><td>-532</td></tr><tr><td>Germany</td><td>-926</td><td>+159</td><td>-30</td><td>+59</td><td>-160</td><td>+58</td><td>+29</td><td>-139</td><td>-537</td><td>+42</td><td>-202</td><td>-150</td><td>-55</td></tr><tr><td>Greece</td><td>+4,525</td><td>+108</td><td>+99</td><td>+188</td><td>-130</td><td>-89</td><td>-73</td><td>+65</td><td>-36</td><td>-163</td><td>+492</td><td>+3,115</td><td>+949</td></tr><tr><td>Italy</td><td>+112</td><td>+513</td><td>-211</td><td>-704</td><td>-744</td><td>-625</td><td>+52</td><td>+89</td><td>+681</td><td>+367</td><td>+715</td><td>+212</td><td>-233</td></tr><tr><td>Luxembourg</td><td>+268</td><td>+278</td><td>-104</td><td>-9</td><td>+45</td><td>+96</td><td>-79</td><td>+4</td><td>+30</td><td>+249</td><td>-93</td><td>+56</td><td>-115</td></tr><tr><td>Netherlands</td><td>+13,690</td><td>+916</td><td>+1,031</td><td>+5,793</td><td>+680</td><td>+1,078</td><td>-330</td><td>+2,222</td><td>-2,020</td><td>+4,449</td><td>+3,029</td><td>-2,371</td><td>+1,045</td></tr><tr><td>Norway</td><td>+29,402</td><td>+8,321</td><td>-10</td><td>+5,846</td><td>+410</td><td>+2,187</td><td>-80</td><td>+1,734</td><td>+3,107</td><td>+2,211</td><td>-522</td><td>+3,307</td><td>+2,891</td></tr><tr><td>Portugal</td><td>+18,826</td><td>-1,993</td><td>+1,229</td><td>+1,739</td><td>-7,995</td><td>+1,353</td><td>+1,056</td><td>+1,731</td><td>+2,809</td><td>+1,693</td><td>+11,498</td><td>+1,976</td><td>+3,731</td></tr><tr><td>Romania</td><td>-116</td><td>+60</td><td>-25</td><td>+6</td><td>-6</td><td>+19</td><td>-1</td><td>-13</td><td>-5</td><td>+16</td><td>+69</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,379</td><td>+830</td><td>+2,846</td><td>-3,048</td><td>-1,867</td><td>+458</td><td>+2,497</td><td>+1,102</td><td>+4,419</td><td>-3,774</td><td>+5,120</td><td>+1,010</td><td>+4,456</td></tr><tr><td>Sweden</td><td>+20,993</td><td>-387</td><td>+2,651</td><td>+1,906</td><td>+6,390</td><td>+3,695</td><td>+609</td><td>+4,211</td><td>+3,085</td><td>-2,676</td><td>+267</td><td>+3,251</td><td>+6,412</td></tr><tr><td>Switzerland</td><td>+37,021</td><td>-581</td><td>-5,597</td><td>+10,682</td><td>+49</td><td>+995</td><td>+8,019</td><td>+2,784</td><td>+9,119</td><td>+2,840</td><td>-2,480</td><td>+11,079</td><td>+310</td></tr><tr><td>U. S. S. R.</td><td>-1,409</td><td>+2,009</td><td>+4,698</td><td>-197</td><td>+97</td><td>+2,859</td><td>-2,161</td><td>-1,943</td><td>+1,916</td><td>-4,503</td><td>+323</td><td>+1,160</td><td>-5,373</td></tr><tr><td>Ruscelavia</td><td>-7,765</td><td>+91</td><td>-41</td><td>+39</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>-4,911</td><td>-179</td><td>+131</td><td>-45</td><td>-36</td></tr><tr><td>Other Europe</td><td>+25,720</td><td>+438</td><td>+3,659</td><td>+3,658</td><td>+6,852</td><td>+3,804</td><td>+7,400</td><td>+681</td><td>+1,463</td><td>-1,206</td><td>+2,886</td><td>-428</td><td>-3,087</td></tr><tr><td><b>Total Europe</b></td><td>+584,737</td><td>-86,975</td><td>+35,259</td><td>+52,524</td><td>+58,297</td><td>+19,221</td><td>+112,612</td><td>+79,947</td><td>+97,653</td><td>+35,674</td><td>+94,419</td><td>+34,105</td><td>+52,001</td></tr><tr><td><b>Canada</b></td><td>+335,199</td><td>+164,921</td><td>+45,152</td><td>+16,669</td><td>+4,108</td><td>-15,692</td><td>+42,813</td><td>-61,487</td><td>+76,692</td><td>+16,793</td><td>+36,905</td><td>+91,404</td><td>-83,080</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-1,509</td><td>-3,145</td><td>-1,296</td><td>+1,613</td><td>-2,503</td><td>+2,398</td><td>-374</td><td>+1,498</td><td>+2,932</td><td>-1,125</td><td>+5,275</td><td>-9,488</td><td>+2,706</td></tr><tr><td>Bolivia</td><td>+3,201</td><td>+1,050</td><td>+2,694</td><td>+239</td><td>-1,126</td><td>-451</td><td>+663</td><td>-25</td><td>-155</td><td>-424</td><td>-287</td><td>-1,412</td><td>+2,445</td></tr><tr><td>Brazil</td><td>+30,152</td><td>+448</td><td>+11,291</td><td>+6,293</td><td>-7,796</td><td>+16,355</td><td>+7,678</td><td>+9,037</td><td>-1,708</td><td>-4,035</td><td>-12,191</td><td>+831</td><td>+4,845</td></tr><tr><td>Chile</td><td>+19,514</td><td>+8,253</td><td>-5,306</td><td>+2,468</td><td>+3,095</td><td>+2,922</td><td>+8,572</td><td>+236</td><td>+5,743</td><td>+1,805</td><td>+1,335</td><td>+3,590</td><td>+4,553</td></tr><tr><td>Colombia</td><td>+34,599</td><td>+3,639</td><td>+2,013</td><td>+6,510</td><td>-6,161</td><td>+3,060</td><td>+6,199</td><td>+185</td><td>-137</td><td>+1,670</td><td>+3,148</td><td>+4,037</td><td>+7,436</td></tr><tr><td>Costa Rica</td><td>-266</td><td>+1,092</td><td>+584</td><td>+734</td><td>+866</td><td>+1,102</td><td>+1,764</td><td>-5,338</td><td>+55</td><td>-615</td><td>-2</td><td>-50</td><td>-458</td></tr><tr><td>Cuba</td><td>-33,171</td><td>-4,152</td><td>-1,458</td><td>-6,353</td><td>+3,703</td><td>+3,535</td><td>-20,444</td><td>+14,111</td><td>-2,979</td><td>-2,183</td><td>-11,705</td><td>-3,370</td><td>-1,876</td></tr><tr><td>French West Indies and Guiana</td><td>-2,067</td><td>+563</td><td>-44</td><td>-587</td><td>-88</td><td>+33</td><td>-311</td><td>+191</td><td>-2,035</td><td>-17</td><td>+24</td><td>-46</td><td>+251</td></tr><tr><td>Mexico</td><td>-28,231</td><td>-21,162</td><td>-4,257</td><td>-380</td><td>+4,512</td><td>+17,708</td><td>+10,113</td><td>+9,519</td><td>-40,609</td><td>-13,706</td><td>+725</td><td>+3,250</td><td>+6,056</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>+20,403</td><td>+1,143</td><td>+659</td><td>-1,048</td><td>+91</td><td>+12,958</td><td>+1,332</td><td>-879</td><td>+643</td><td>+231</td><td>+540</td><td>+5,246</td><td>+405</td></tr><tr><td>Panama</td><td>+28,547</td><td>+2,352</td><td>+3,347</td><td>+5,001</td><td>+966</td><td>+2,826</td><td>+2,405</td><td>-1,933</td><td>+4,484</td><td>-388</td><td>+5,803</td><td>+488</td><td>+3,196</td></tr><tr><td>Peru</td><td>+1,399</td><td>-1,218</td><td>+994</td><td>-2</td><td>-1,132</td><td>+567</td><td>+2,409</td><td>+213</td><td>+1,165</td><td>-455</td><td>+1,779</td><td>-4,237</td><td>+1,316</td></tr><tr><td>Venezuela</td><td>+4,683</td><td>+192</td><td>+3</td><td>+3,123</td><td>-1,284</td><td>-1,527</td><td>+1,582</td><td>+2,744</td><td>-4,324</td><td>+706</td><td>+213</td><td>+3,398</td><td>-143</td></tr><tr><td>Other Latin America</td><td>+37,877</td><td>+5,052</td><td>+11,253</td><td>+10,389</td><td>+8,789</td><td>-232</td><td>+5,314</td><td>-6,365</td><td>-54</td><td>+931</td><td>+1,077</td><td>-151</td><td>+1,874</td></tr><tr><td><b>Total Latin America</b></td><td>+115,131</td><td>-6,789</td><td>+19,159</td><td>+23,064</td><td>+2,332</td><td>+61,254</td><td>+26,902</td><td>+23,194</td><td>-36,990</td><td>-18,215</td><td>-4,266</td><td>+2,086</td><td>+23,400</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,629</td><td>+1,797</td><td>-6,607</td><td>+28,583</td><td>+9,574</td><td>+7,096</td><td>+21,930</td><td>+13,453</td><td>+22,762</td><td>+15,526</td><td>+15,130</td><td>+24,215</td><td>+69,170</td></tr><tr><td>French Indo-China</td><td>-105</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+153</td><td>+108</td><td>+49</td><td>-55</td><td>+6</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,831</td><td>-261</td><td>-823</td><td>+750</td><td>-7,557</td><td>-32</td><td>-10,656</td><td>+487</td><td>+133</td><td>+763</td><td>-450</td><td>+32</td><td>-217</td></tr><tr><td>India, Burma, and Ceylon</td><td>+4,773</td><td>+3,130</td><td>+2,655</td><td>-2,874</td><td>-3,619</td><td>+4,466</td><td>+4,133</td><td>+7,202</td><td>-115</td><td>-728</td><td>-1,910</td><td>+1,633</td><td>+5,204</td></tr><tr><td>British Malaya</td><td>+73</td><td>-87</td><td>+60</td><td>+35</td><td>-43</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-12</td><td>+60</td><td>-162</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-774</td><td>+40</td><td>-97</td><td>-529</td><td>-44</td><td>+4</td><td>-13</td><td>+30</td><td>-16</td><td>+36</td><td>-30</td><td>-28</td><td>-127</td></tr><tr><td>Netherlands East Indies</td><td>-14,921</td><td>-2,022</td><td>-5,034</td><td>+1,979</td><td>+5,158</td><td>-14,781</td><td>+1,467</td><td>-5,844</td><td>+1,580</td><td>-4,544</td><td>+1,115</td><td>+7,650</td><td>-1,645</td></tr><tr><td>Philippine Islands</td><td>+1,469</td><td>-293</td><td>+332</td><td>+508</td><td>-255</td><td>+103</td><td>+825</td><td>-239</td><td>-229</td><td>+291</td><td>+1,346</td><td>-147</td><td>-763</td></tr><tr><td>Turkey</td><td>+4,229</td><td>-7,257</td><td>+10,399</td><td>-14,477</td><td>-3,243</td><td>+5,317</td><td>-2,730</td><td>+2,506</td><td>+720</td><td>+2,109</td><td>+1,627</td><td>+4,653</td><td>+4,605</td></tr><tr><td>Other Asia</td><td>+25,867</td><td>+3,429</td><td>+6,576</td><td>+6,722</td><td>-497</td><td>-314</td><td>-91</td><td>-270</td><td>+245</td><td>+1,048</td><td>+6,860</td><td>+2,982</td><td>-823</td></tr><tr><td><b>Total Asia</b></td><td>+225,409</td><td>-1,518</td><td>+7,100</td><td>+20,845</td><td>-527</td><td>+1,985</td><td>+15,096</td><td>+5,051</td><td>+25,208</td><td>+14,440</td><td>+23,683</td><td>+40,834</td><td>+75,411</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+4,151</td><td>+2,317</td><td>+1,239</td><td>+900</td><td>+3,947</td><td>+4,761</td><td>+6,764</td><td>+2,937</td><td>+4,483</td><td>+4,601</td><td>-15,422</td><td>+10,042</td><td>-12,896</td></tr><tr><td>New Zealand</td><td>+754</td><td>-195</td><td>+831</td><td>-212</td><td>+2,097</td><td>-1,369</td><td>+940</td><td>-967</td><td>-748</td><td>+2,719</td><td>-927</td><td>-264</td><td>-1,151</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-730</td><td>+178</td><td>+137</td><td>-21</td><td>-45</td><td>-684</td><td>+497</td><td>-82</td><td>-274</td><td>-473</td><td>+245</td><td>-185</td><td>-23</td></tr><tr><td>French Morocco</td><td>+4,366</td><td>+2,616</td><td>+174</td><td>+1,275</td><td>+9,426</td><td>+3,018</td><td>-5,571</td><td>-4,226</td><td>+2,891</td><td>-3,505</td><td>-1,329</td><td>+2,889</td><td>-3,292</td></tr><tr><td>Union of South Africa</td><td>-7,555</td><td>-2,357</td><td>-966</td><td>-877</td><td>+2,286</td><td>+3,442</td><td>+832</td><td>-1,721</td><td>+1,087</td><td>-1,099</td><td>+2,007</td><td>+417</td><td>-3,732</td></tr><tr><td>All other</td><td>+22,831</td><td>+388</td><td>-834</td><td>+18,091</td><td>-15,776</td><td>+10,574</td><td>+23,061</td><td>+8,928</td><td>+950</td><td>-5,876</td><td>-2,046</td><td>-12,528</td><td>-1,101</td></tr><tr><td><b>Total other countries</b></td><td>+23,807</td><td>+2,947</td><td>+581</td><td>+19,156</td><td>+935</td><td>+3,336</td><td>+26,523</td><td>+4,869</td><td>+8,389</td><td>-3,533</td><td>-17,472</td><td>+371</td><td>-22,195</td></tr><tr><td>Unidentified</td><td>-690</td><td>+164</td><td>-76</td><td>+94</td><td>+61</td><td>+225</td><td>-151</td><td>+18</td><td>-610</td><td>-48</td><td>-346</td><td>+179</td><td>-543</td></tr><tr><td><b>Grand total</b></td><td>+1,283,593</td><td>+72,750</td><td>+107,175</td><td>+132,152</td><td>+65,206</td><td>+70,330</td><td>+223,795</td><td>+49,592</td><td>+170,342</td><td>+45,011</td><td>+133,267</td><td>+168,979</td><td>+44,994</td></tr></table>
(Continued on following page)
February 1946
77
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-167,701</td><td>+72,758</td><td>-2,715</td><td>-37,630</td><td>+1,913</td><td>+33,490</td><td>-4,965</td><td>-59,089</td><td>-35,174</td><td>-99,312</td><td>-73,381</td><td>+25,223</td><td>+11,181</td></tr><tr><td>France</td><td>-51,178</td><td>-1,247</td><td>-5,670</td><td>+2,643</td><td>-147</td><td>+635</td><td>-1,541</td><td>+1,792</td><td>-33</td><td>+200</td><td>+1,960</td><td>-277</td><td>-49,493 6b/</td></tr><tr><td>Belgium</td><td>-5,972</td><td>+1,799</td><td>-3,652</td><td>+2,199</td><td>+169</td><td>+1,896</td><td>-11,197</td><td>-313</td><td>+1,005</td><td>+1,644</td><td>-579</td><td>+93</td><td>+664</td></tr><tr><td>Denmark</td><td>+1,082</td><td>-241</td><td>+322</td><td>+522</td><td>-242</td><td>+539</td><td>-560</td><td>-317</td><td>+177</td><td>+492</td><td>-436</td><td>+265</td><td>+1,735</td></tr><tr><td>Finland</td><td>+7,182</td><td>-215</td><td>+248</td><td>-210</td><td>+193</td><td>-513</td><td>-290</td><td>-60</td><td>+8,444</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+581</td><td>+7</td><td>+35</td><td>-45</td><td>+97</td><td>-74</td><td>-66</td><td>+52</td><td>+6</td><td>+39</td><td>+272</td><td>+69</td><td>+189</td></tr><tr><td>Greece</td><td>+4,731</td><td>-180</td><td>-139</td><td>+2,327</td><td>+38</td><td>+190</td><td>+132</td><td>+433</td><td>+191</td><td>+117</td><td>+2,429</td><td>-115</td><td>+310</td></tr><tr><td>Italy</td><td>+14,911</td><td>-251</td><td>-376</td><td>+489</td><td>+910</td><td>+755</td><td>+652</td><td>+2,608</td><td>+1,376</td><td>+1,518</td><td>+2,326</td><td>+2,989</td><td>+1,615 6a/</td></tr><tr><td>Luxembourg</td><td>+49</td><td>+39</td><td>-86</td><td>-18</td><td>+42</td><td>+37</td><td>+5</td><td>-54</td><td>-43</td><td>+21</td><td>+87</td><td>-422</td><td>+441</td></tr><tr><td>Netherlands</td><td>+18,585</td><td>+1,493</td><td>-146</td><td>+5,731</td><td>+8,86</td><td>+1,174</td><td>-43</td><td>+714</td><td>-2,457</td><td>+3,885</td><td>+5,525</td><td>-1,321</td><td>+3,544</td></tr><tr><td>Norway</td><td>+29,608</td><td>+7,722</td><td>+15,677</td><td>+1,303</td><td>+8,415</td><td>+2,883</td><td>-14,549</td><td>-8,883</td><td>+9,010</td><td>+525</td><td>+8,109</td><td>-82</td><td>-522</td></tr><tr><td>Portugal</td><td>+1,909</td><td>+6,691</td><td>+11,040</td><td>-14,393</td><td>-8,413</td><td>-9,714</td><td>-2,226</td><td>+3,906</td><td>+1,453</td><td>+5,236</td><td>-259</td><td>+4,223</td><td>+4,365</td></tr><tr><td>Rumania</td><td>+249</td><td>+15</td><td>-51</td><td>+64</td><td>+182</td><td>-269</td><td>-4</td><td>-1</td><td>-32</td><td>+39</td><td>-14</td><td>+274</td><td>+46</td></tr><tr><td>Spain</td><td>+11,435</td><td>+716</td><td>+2,087</td><td>+443</td><td>+3,375</td><td>+11,678</td><td>+397</td><td>-1,181</td><td>+1,832</td><td>-5,314</td><td>-4,332</td><td>+2,560</td><td>-826</td></tr><tr><td>Sweden</td><td>-8,976</td><td>+1,048</td><td>+129</td><td>-13,555</td><td>+264</td><td>+2,706</td><td>+1,182</td><td>-170</td><td>-7,757</td><td>+2,730</td><td>+1,404</td><td>-1,145</td><td>+4,188</td></tr><tr><td>Switzerland</td><td>+35,190</td><td>-4,028</td><td>+3,933</td><td>+5,370</td><td>+193</td><td>+10,560</td><td>+1,645</td><td>+3,057</td><td>+1,887</td><td>+1,449</td><td>-334</td><td>+1,565</td><td>+9,893</td></tr><tr><td>U. S. S. R.</td><td>+3,822</td><td>+3,328</td><td>+1,703</td><td>-569</td><td>-3,431</td><td>+1,207</td><td>+1,848</td><td>-8,177</td><td>-677</td><td>+290</td><td>+399</td><td>+4,666</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,199</td><td>-2,549</td><td>+78</td><td>-342</td><td>-18</td><td>-4</td><td>-128</td><td>+66</td><td>-172</td><td>+25</td><td>-25</td><td>-1,148</td><td>-32</td></tr><tr><td>Other Europe</td><td>-2,333</td><td>+1,172</td><td>-290</td><td>-2,177</td><td>+3,704</td><td>-91</td><td>-1,050</td><td>+68</td><td>-869</td><td>-976</td><td>-146</td><td>+561</td><td>-2,345</td></tr><tr><td>Total Europe</td><td>-111,031</td><td>+88,077</td><td>+21,483</td><td>-47,548</td><td>+7,730</td><td>+57,055</td><td>-30,758</td><td>-65,549</td><td>-22,215</td><td>-87,440</td><td>-56,856</td><td>+37,435</td><td>-12,445 6/</td></tr><tr><td>Canada</td><td>+216,056</td><td>+31,707</td><td>+86,860</td><td>+57,472</td><td>-62,657</td><td>+44,864</td><td>+3,952</td><td>+3,409</td><td>+39,179</td><td>+76,563</td><td>+62,446</td><td>+1,171</td><td>-39,222</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+54,256</td><td>+8,066</td><td>-11,170</td><td>+679</td><td>+3,491</td><td>+1,604</td><td>+8,117</td><td>+9,212</td><td>-2,380</td><td>+2,026</td><td>+8,780</td><td>+14,394</td><td>+11,437</td></tr><tr><td>Bolivia</td><td>+6,238</td><td>-605</td><td>+289</td><td>+1,940</td><td>-1,089</td><td>-339</td><td>+323</td><td>+260</td><td>+3,974</td><td>+586</td><td>+566</td><td>+1,582</td><td>-1,249</td></tr><tr><td>Brazil</td><td>+41,186</td><td>+9,235</td><td>+21,304</td><td>+12,330</td><td>-6,608</td><td>-1,230</td><td>-6,382</td><td>+9,337</td><td>+2,042</td><td>+2,453</td><td>-7,120</td><td>+7,482</td><td>-1,957</td></tr><tr><td>Chile</td><td>+10,004</td><td>-2,317</td><td>+3,506</td><td>+1,880</td><td>-235</td><td>+3,958</td><td>+14,971</td><td>-741</td><td>+1,074</td><td>-17,602</td><td>+79</td><td>+11,219</td><td>-2,588</td></tr><tr><td>Colombia</td><td>+16,567</td><td>-10,162</td><td>+3,548</td><td>+1,669</td><td>+3,878</td><td>+10,217</td><td>+3,871</td><td>+3,092</td><td>-564</td><td>+3,922</td><td>+2,907</td><td>-4,033</td><td>-1,778</td></tr><tr><td>Costa Rica</td><td>-5,519</td><td>+62</td><td>+525</td><td>+201</td><td>-2</td><td>-4,207</td><td>-570</td><td>-447</td><td>-105</td><td>-381</td><td>-147</td><td>-637</td><td>+189</td></tr><tr><td>Cuba</td><td>+42,298</td><td>-824</td><td>+3,030</td><td>+1,349</td><td>+7,934</td><td>-2,217</td><td>+39,006</td><td>+7,154</td><td>+250</td><td>-4,091</td><td>-5,852</td><td>+874</td><td>-4,315</td></tr><tr><td>French West Indies and Guiana</td><td>+1,771</td><td>-494</td><td>-52</td><td>+420</td><td>+153</td><td>+101</td><td>+375</td><td>+579</td><td>-219</td><td>+104</td><td>+226</td><td>-690</td><td>+1,268</td></tr><tr><td>Mexico</td><td>+22,540</td><td>+739</td><td>-13,400</td><td>+9,106</td><td>+13,234</td><td>+7,568</td><td>-4,140</td><td>+3,842</td><td>+6,790</td><td>+5,069</td><td>-1,566</td><td>+2,993</td><td>-7,695</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,420</td><td>-856</td><td>-504</td><td>-1,239</td><td>+2,169</td><td>+852</td><td>-2,341</td><td>+866</td><td>-2,290</td><td>-679</td><td>+619</td><td>-2,439</td><td>+422</td></tr><tr><td>Panama</td><td>+16,164</td><td>-1,601</td><td>-633</td><td>+3,335</td><td>+2,106</td><td>+3,925</td><td>-1,402</td><td>+2,313</td><td>+769</td><td>+2,151</td><td>+1,816</td><td>+1,602</td><td>+1,783</td></tr><tr><td>Peru</td><td>+10,427</td><td>+1,843</td><td>+620</td><td>-1,925</td><td>-131</td><td>+2,065</td><td>+507</td><td>-1,758</td><td>+1,281</td><td>+3,335</td><td>+1,084</td><td>+1,893</td><td>+1,613</td></tr><tr><td>Venezuela</td><td>+6,206</td><td>+1,016</td><td>-2,642</td><td>+3,938</td><td>+5,041</td><td>-8,422</td><td>-1,680</td><td>+974</td><td>+975</td><td>+7,556</td><td>+8,261</td><td>-11,481</td><td>+2,670</td></tr><tr><td>Other Latin America</td><td>+25,749</td><td>+10,902</td><td>-1,844</td><td>-972</td><td>+9,250</td><td>+969</td><td>+7,045</td><td>+801</td><td>-4,634</td><td>+2,474</td><td>-2,634</td><td>+5,313</td><td>-721</td></tr><tr><td>Total Latin America</td><td>+242,767</td><td>+15,004</td><td>-623</td><td>+32,711</td><td>+39,191</td><td>+14,844</td><td>+57,700</td><td>+36,084</td><td>+6,763</td><td>+6,923</td><td>+7,019</td><td>+28,072</td><td>-921</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+23,975</td><td>+11,113</td><td>+30,040</td><td>+25,016</td><td>-812</td><td>-424</td><td>+1,339</td><td>-16,868</td><td>-3,901</td><td>-3,962</td><td>+2,176</td><td>-10,250</td><td>-9,492</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>-47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>Hong Kong</td><td>-1,425</td><td>-675</td><td>+321</td><td>+1,047</td><td>+56</td><td>-34</td><td>-1,071</td><td>+195</td><td>+101</td><td>+46</td><td>-691</td><td>-142</td><td>-584</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,043</td><td>+877</td><td>-3,141</td><td>-6,749</td><td>+9,375</td><td>-49</td><td>-950</td><td>+8,847</td><td>+123</td><td>-3,417</td><td>+193</td><td>+14,396</td><td>-35,508</td></tr><tr><td>British Malaya</td><td>+768</td><td>+18</td><td>+113</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+38</td><td>+208</td><td>+8</td><td>-2</td><td>+68</td><td>+56</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-298</td><td>-355</td><td>+292</td><td>+47</td><td>+43</td><td>-16</td><td>-124</td><td>+107</td><td>-121</td><td>-14</td><td>-18</td><td>-57</td><td>-52</td></tr><tr><td>Netherlands East Indies</td><td>+6,564</td><td>-728</td><td>+726</td><td>+3,009</td><td>-480</td><td>-1,149</td><td>+363</td><td>+4,077</td><td>-150</td><td>-281</td><td>+2,563</td><td>+1,742</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,664</td><td>+615</td><td>-55</td><td>+637</td><td>-498</td><td>-393</td><td>-220</td><td>+765</td><td>+46</td><td>+348</td><td>+5,292</td><td>-5,128</td><td>+1,347</td></tr><tr><td>Turkey</td><td>-10,267</td><td>+2,107</td><td>+18,065</td><td>-11,688</td><td>+4,005</td><td>-17,380</td><td>+1,510</td><td>-9,607</td><td>+822</td><td>-585</td><td>-322</td><td>-152</td><td>+2,958</td></tr><tr><td>Other Asia</td><td>+1,895</td><td>-1,643</td><td>-1,552</td><td>-401</td><td>+292</td><td>-1,805</td><td>-2,025</td><td>+2,581</td><td>-227</td><td>+534</td><td>+4,230</td><td>-682</td><td>+2,593</td></tr><tr><td>Total Asia</td><td>+7,831</td><td>+11,317</td><td>+44,836</td><td>+11,346</td><td>+11,750</td><td>-21,339</td><td>-1,071</td><td>-9,912</td><td>-3,149</td><td>-7,366</td><td>+13,418</td><td>-195</td><td>-41,804</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+28,669</td><td>+7,949</td><td>-4,235</td><td>+2,687</td><td>+9,256</td><td>-3,828</td><td>-11,659</td><td>+3,685</td><td>+2,429</td><td>+3,071</td><td>+1,670</td><td>+4,655</td><td>+12,989</td></tr><tr><td>New Zealand</td><td>-1,729</td><td>+1,636</td><td>-197</td><td>-757</td><td>-37</td><td>-560</td><td>-1,011</td><td>-981</td><td>+194</td><td>+2,945</td><td>-2,315</td><td>-476</td><td>-170</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,342</td><td>-82</td><td>-991</td><td>+354</td><td>+562</td><td>+320</td><td>-1,006</td><td>+528</td><td>+184</td><td>+693</td><td>+63</td><td>+629</td><td>+88</td></tr><tr><td>French Morocco</td><td>-5,970</td><td>+833</td><td>+161</td><td>-2,608</td><td>-894</td><td>-3,006</td><td>+240</td><td>-251</td><td>+15</td><td>+160</td><td>-269</td><td>-234</td><td>-117</td></tr><tr><td>Union of South Africa</td><td>-3,810</td><td>+2,031</td><td>+1,946</td><td>+3,412</td><td>-1,753</td><td>-1,926</td><td>-855</td><td>-3,554</td><td>+1,430</td><td>-1,951</td><td>+2,469</td><td>-2,625</td><td>+4,390</td></tr><tr><td>All other</td><td>-16,809</td><td>+4,582</td><td>+3,424</td><td>-5,902</td><td>-1,560</td><td>-2,295</td><td>-15,532</td><td>+936</td><td>-8,721</td><td>-2,224</td><td>+1,317</td><td>+1,171</td><td>+24,007 6b</td></tr><tr><td>Total other countries</td><td>+1,693</td><td>+7,185</td><td>-6,740</td><td>-9,638</td><td>+5,574</td><td>-11,295</td><td>-29,823</td><td>+363</td><td>-4,469</td><td>+2,694</td><td>+2,935</td><td>+3,120</td><td>+41,187 6b</td></tr><tr><td>Unidentified</td><td>-162</td><td>+460</td><td>-194</td><td>-2</td><td>-183</td><td>+161</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,568</td></tr><tr><td>Grand total</td><td>+357,154</td><td>+154,350</td><td>+145,622</td><td>+44,341 5/</td><td>+1,405</td><td>-5,438</td><td>+764</td><td>-36,215</td><td>+17,480</td><td>-9,953</td><td>+29,275</td><td>+70,296</td><td>-54,773 6m</td></tr></table>
(Continued on following page)
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-81,430</td><td>+45,050</td><td>-41,718</td><td>-22,879</td><td>+3,278</td><td>+36,948</td><td>+8,728</td><td>-56,184</td></tr><tr><td>France</td><td>-19,035 7a/</td><td>-3,352</td><td>-51,793</td><td>-28,925</td><td>-24,513</td><td>+68,634</td><td>+20,696</td><td>-42,548</td></tr><tr><td>Belgium</td><td>-2,372</td><td>+1,774</td><td>+9,326</td><td>+5,012</td><td>+7,759</td><td>-3,157</td><td>+8,570</td><td>-979</td></tr><tr><td>Denmark</td><td>-151</td><td>-128</td><td>+610</td><td>-672</td><td>-316</td><td>+623</td><td>+49</td><td>+521</td></tr><tr><td>Finland</td><td>-101</td><td>-1403</td><td>+471</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td><td>+44</td></tr><tr><td>Germany</td><td>-151</td><td>+51</td><td>+105</td><td>+43</td><td>-219</td><td>+33</td><td>+34</td><td>+116</td></tr><tr><td>Greece</td><td>+83</td><td>+96</td><td>+1,829</td><td>+1,861</td><td>+1,096</td><td>+2,928</td><td>+3,870</td><td>+2,807</td></tr><tr><td>Italy</td><td>+3,571</td><td>+3,106</td><td>+2,281</td><td>+3,440</td><td>+2,045</td><td>+2,462</td><td>+5,189</td><td>+4,381</td></tr><tr><td>Luxembourg</td><td>-20</td><td>+22</td><td>+26</td><td>-114</td><td>+163</td><td>+270</td><td>+3,554</td><td>+72</td></tr><tr><td>Netherlands</td><td>-2,961</td><td>+3,019</td><td>-569</td><td>+591</td><td>+527</td><td>+6,169</td><td>+3,038</td><td>+2,003</td></tr><tr><td>Norway</td><td>-423</td><td>+1,631</td><td>+7,798</td><td>+5,376</td><td>-5,924</td><td>+6,933</td><td>-4,141</td><td>-7,022</td></tr><tr><td>Portugal</td><td>-12,276</td><td>-608</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td><td>+5,999</td><td>-7,371</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+199</td><td>+33</td><td>-45</td><td>-34</td><td>+31</td><td>+417</td></tr><tr><td>Spain</td><td>-1,456</td><td>+2,623</td><td>-13,924</td><td>+4,430</td><td>+5,487</td><td>-4,857</td><td>+5,114</td><td>+3,008</td></tr><tr><td>Sweden</td><td>-3,623</td><td>+3,900</td><td>+3,078</td><td>+69</td><td>+3,200</td><td>+5,290</td><td>+17,891</td><td>+9,666</td></tr><tr><td>Switzerland</td><td>-4,651</td><td>+6,748</td><td>+6,048</td><td>-2,290</td><td>+6,381</td><td>+2,564</td><td>+10,251</td><td>+5,565</td></tr><tr><td>U. S. S. R.</td><td>-3,415</td><td>+255</td><td>-4,329</td><td>+4,212</td><td>+4,703</td><td>+3,340</td><td>+1,470</td><td>+3,396</td></tr><tr><td>Tu<i>g</i>oslavia</td><td>-43</td><td>-20</td><td>+78</td><td>-46</td><td>-145</td><td>+34</td><td>-503</td><td>-56</td></tr><tr><td>Other Europe</td><td>-1,012</td><td>-3,302</td><td>-3,315</td><td>-1,095</td><td>+62</td><td>-1,133</td><td>-6,406</td><td>+1,694</td></tr><tr><td><b>Total Europe</b></td><td><b>-132,817 7a/</b></td><td><b>+54,948</b></td><td><b>-50,987</b></td><td><b>-27,081</b></td><td><b>+573</b></td><td><b>+131,071</b></td><td><b>+83,110</b></td><td><b>-80,370</b></td></tr><tr><td>Canada</td><td>+54,435</td><td>+50,532</td><td>+54,034</td><td>+59,540</td><td>+9,775</td><td>+72,034</td><td>+84,727</td><td>+80,399</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-3,466</td><td>+596</td><td>-18,457</td><td>-2,980</td><td>-1,471</td><td>+3,686</td><td>+3,369</td><td>-3,747</td></tr><tr><td>Bolivia</td><td>+2,259</td><td>-455</td><td>-1,928</td><td>+1,355</td><td>-751</td><td>+1,601</td><td>-1,639</td><td>+666</td></tr><tr><td>Brazil</td><td>+20,106</td><td>-2,583</td><td>-27,147</td><td>+3,713</td><td>+3,451</td><td>+4,453</td><td>+21,839</td><td>+1,573</td></tr><tr><td>Chile</td><td>-228</td><td>-1,335</td><td>+331</td><td>-1,700</td><td>+6,217</td><td>+13,375</td><td>-3,584</td><td>+2,089</td></tr><tr><td>Colombia</td><td>+1,542</td><td>-182</td><td>-4,244</td><td>-2,779</td><td>-1,000</td><td>-1,911</td><td>+6,748</td><td>+7,062</td></tr><tr><td>Costa Rica</td><td>-277</td><td>+8</td><td>+573</td><td>+577</td><td>+91</td><td>-820</td><td>+496</td><td>-958</td></tr><tr><td>Cuba</td><td>-1,137</td><td>-2,955</td><td>-6,118</td><td>+23,593</td><td>+27,030</td><td>+10,591</td><td>+3,269</td><td>-517</td></tr><tr><td>French West Indies and Guiana</td><td>+196</td><td>+503</td><td>+337</td><td>-245</td><td>+1,206</td><td>-158</td><td>+2,242</td><td>-1,276</td></tr><tr><td>Mexico</td><td>+15,412</td><td>+15,783</td><td>+13,982</td><td>+10,850</td><td>+19,503</td><td>+5,507</td><td>+12,035</td><td>-17,438</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-951</td><td>+364</td><td>-1,490</td><td>-373</td><td>-1,142</td><td>-3,554</td><td>+2,555</td><td>+38</td></tr><tr><td>Panama</td><td>+2,153 7b/</td><td>+2,191</td><td>+4,110</td><td>-1,578</td><td>+559</td><td>+2,337</td><td>+1,766</td><td>-2,745</td></tr><tr><td>Peru</td><td>+1,013</td><td>+743</td><td>+3,200</td><td>+711</td><td>+571</td><td>+2,766</td><td>-552</td><td>+2,723</td></tr><tr><td>Venezuela</td><td>+18,416</td><td>-1,746</td><td>+5,391</td><td>-6,776</td><td>+3,847</td><td>-7,987</td><td>+8,958</td><td>-7,041</td></tr><tr><td>Other Latin America</td><td>+1,988</td><td>+4,299</td><td>+3,505</td><td>+4,489</td><td>+3,191</td><td>-388</td><td>+310</td><td>+9,842</td></tr><tr><td><b>Total Latin America</b></td><td><b>+56,426 7b/</b></td><td><b>+12,221</b></td><td><b>-28,215</b></td><td><b>+28,857</b></td><td><b>+61,305</b></td><td><b>+29,498</b></td><td><b>+57,822</b></td><td><b>-9,529</b></td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+145,578</td><td>-15,604</td><td>-2,805</td><td>-6,899</td><td>-4,768</td><td>-6,407</td><td>-6,740</td><td>+76,809</td></tr><tr><td>French Indo-China</td><td>-</td><td>+50</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td><td>+7</td><td>+37</td></tr><tr><td>Hong Kong</td><td>+359</td><td>+164</td><td>-904</td><td>-262</td><td>+264</td><td>+219</td><td>-71</td><td>-246</td></tr><tr><td>India, Burma, and Ceylon</td><td>+6,684</td><td>+654</td><td>+284</td><td>+1,696</td><td>-4,416</td><td>+383</td><td>+3,123</td><td>+631</td></tr><tr><td>British Malaya</td><td>+30</td><td>-409</td><td>-2</td><td>+16</td><td>-53</td><td>+113</td><td>-39</td><td>+2</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+58</td><td>-167</td><td>+159</td><td>-17</td><td>-13</td><td>+69</td><td>+272</td><td>-391</td></tr><tr><td>Netherlands East Indies</td><td>+656</td><td>+2,484</td><td>+2,911</td><td>-999</td><td>+2,233</td><td>-6,470</td><td>+1,414</td><td>-3,759</td></tr><tr><td>Philippine Islands</td><td>-376</td><td>+2,790</td><td>-2,251</td><td>+3,375</td><td>+1,468</td><td>+1,530</td><td>+2,141</td><td>-11,360</td></tr><tr><td>Turkey</td><td>+13,197</td><td>+9,135</td><td>+4,423</td><td>+1,187</td><td>-1,032</td><td>+801</td><td>-861</td><td>+443</td></tr><tr><td>Other Asia</td><td>+10,050</td><td>+1,851</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>+497</td><td>+4,060</td></tr><tr><td><b>Total Asia</b></td><td><b>+178,236</b></td><td><b>+948</b></td><td><b>+5,168</b></td><td><b>-2,362</b></td><td><b>-9,080</b></td><td><b>-18,355</b></td><td><b>+43</b></td><td><b>+63,226</b></td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-18,875</td><td>+748</td><td>-219</td><td>-9</td><td>-2,773</td><td>-1,232</td><td>-1,009</td><td>+1,126</td></tr><tr><td>New Zealand</td><td>+2,101</td><td>-749</td><td>-820</td><td>-497</td><td>-41</td><td>-291</td><td>+64</td><td>+1,177</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,004</td><td>+326</td><td>+59</td><td>+743</td><td>-228</td><td>+1,562</td><td>-228</td><td>+2,685</td></tr><tr><td>French Morocco</td><td>-196</td><td>-101</td><td>-165</td><td>+243</td><td>+132</td><td>-631</td><td>+344</td><td>+754</td></tr><tr><td>Union of South Africa</td><td>+1,988</td><td>+160</td><td>-106</td><td>-444</td><td>-554</td><td>+487</td><td>-950</td><td>+1,224</td></tr><tr><td>All other</td><td>+14,888 7a/</td><td>+1,970</td><td>+4,459</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+4,115</td><td>+6,354</td></tr><tr><td><b>Total other countries</b></td><td><b>+910 7a/</b></td><td><b>+2,354</b></td><td><b>+3,208</b></td><td><b>-991</b></td><td><b>-2,086</b></td><td><b>+387</b></td><td><b>-664</b></td><td><b>+13,720</b></td></tr><tr><td>Unidentified</td><td>+215</td><td>+1,222</td><td>+494</td><td>+311</td><td>-123</td><td>-422</td><td>-125</td><td>-695</td></tr><tr><td><b>Grand total</b></td><td><b>+157,405 7b/</b></td><td><b>+122,225</b></td><td><b>-16,298</b></td><td><b>+58,274</b></td><td><b>+60,364</b></td><td><b>+214,213</b></td><td><b>+224,913</b></td><td><b>+66,350</b></td></tr></table>
1/ Adjusted for the inclusion of a foreign account of $13.9 million reported for the first time on March 11, 1942.
2/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing
(Continued on following page)
February 1946
79
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Continuation of footnotes
(a) the inclusion of $2,564 thousand representing redemptions on July 1 of Argentine securities, as well as (c) net disbursements from the United Kingdom account to domestic payees of $3,498 thousand.
Adjusted for the inclusion of accounts of (a) $2 million for France and (b) $7.8 million for Sweden previously reported as foreign and reclassified as domestic for the first time in the September report
Adjusted to cover the following transactions: (a) $6,042 thousand of banking funds previously reported under "French Morocco" now reported under "All other"; (b) $5,471 thousand of banking funds previously reported under "Other Asia" now reported under "All other"; (c) $15,346 thousand of banking funds previously reported under
"All other" now reported under "Unidentified".
5/ Adjusted to include $510 thousand of short-term banking funds which were omitted due to the elimination of several branch bank reports.
6/ Adjusted for (a) the inclusion under "Italy" of an account of $2,023 thousand which was previously classified as domestic, and (b) the transfer of $8,887 thousand from the "All other" classification to "France".
1/ Adjusted to cover the following changes: (a) $35,457 thousand transferred from the "All other" classification to "France"; (b) $6,918 thousand previously classified as domestic was reclassified for account of Panama.
80
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - August 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><th></th><th></th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+172,827</td><td>-27,915</td><td>-30,865</td><td>+39,607</td><td>-22,740</td><td>+61,817</td><td>+26,1322e</td><td>+24,592</td><td>+27,568</td><td>+26,871</td><td>+18,752</td><td>-3,296</td><td>+32,304</td></tr><tr><td>France</td><td>-21,156</td><td>-1,555</td><td>-4,392</td><td>-2,681</td><td>-516</td><td>-2,500</td><td>+1,071</td><td>+1,761</td><td>-5,833</td><td>-1,390</td><td>-538</td><td>-3,954</td><td>-625</td></tr><tr><td>Belgium</td><td>+3,230</td><td>-90</td><td>+625</td><td>+177</td><td>-247</td><td>-524</td><td>-252</td><td>-1,011</td><td>-6,339</td><td>+7,395</td><td>-312</td><td>+4,792</td><td>-984</td></tr><tr><td>Germany</td><td>+233</td><td>+279</td><td>-1,119</td><td>+21</td><td>-26</td><td>+9</td><td>-161</td><td>-17</td><td>+8,147</td><td>-7,608</td><td>+129</td><td>+145</td><td>+434</td></tr><tr><td>Italy</td><td>-2,383</td><td>+541</td><td>+127</td><td>-4,317</td><td>-118</td><td>+559</td><td>+209</td><td>+545</td><td>+573</td><td>+247</td><td>+157</td><td>-939</td><td>+33</td></tr><tr><td>Netherlands</td><td>+9,494</td><td>-3,994</td><td>+308</td><td>-3,874</td><td>+9,647</td><td>+9,250</td><td>+917</td><td>+933</td><td>-3,874</td><td>+416</td><td>-993</td><td>-94</td><td>+652</td></tr><tr><td>Sweden</td><td>-61,182</td><td>-1,095</td><td>-19,834</td><td>-18,950</td><td>-2,785</td><td>-23,813</td><td>+2,475</td><td>+219</td><td>+1,337</td><td>-1,935</td><td>+1,403</td><td>+397</td><td>+1,399</td></tr><tr><td>Switzerland</td><td>-158,719</td><td>-38,040</td><td>-41,335</td><td>-54,477</td><td>-1,457</td><td>-733</td><td>-1,808</td><td>-10,384</td><td>+1,530</td><td>+5,100</td><td>-8,829</td><td>-6,007</td><td>-2,279</td></tr><tr><td>Other Europe</td><td>+2,484</td><td>+10,481</td><td>-18,957</td><td>-1,938</td><td>-2,806</td><td>+6,619</td><td>+1,719</td><td>+4,304</td><td>+2,406</td><td>+8,362</td><td>+525</td><td>+6,795</td><td>-15,026</td></tr><tr><td>Total Europe</td><td>-55,172</td><td>-61,398</td><td>-115,442</td><td>+46,432</td><td>-21,048</td><td>+50,684</td><td>+30,3022e</td><td>+20,948</td><td>+25,515</td><td>+37,458</td><td>+10,294</td><td>-2,161</td><td>+16,108</td></tr><tr><td><b>Canada</b></td><td>+122,270</td><td>-5,091</td><td>-70</td><td>+57,962</td><td>+8,667</td><td>-24,903</td><td>+19,7982e</td><td>+16,668</td><td>+3,698</td><td>+14,432</td><td>+7,812</td><td>+25,215</td><td>-1,918</td></tr><tr><td><b>Latin America</b></td><td>+236,608</td><td>-5,156</td><td>+22,838</td><td>+15,275</td><td>+20,901</td><td>+63,100</td><td>+29,0152e</td><td>+27,725</td><td>+12,581</td><td>-5,218</td><td>-13,082</td><td>+46,489</td><td>+22,140</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-36</td><td>+189</td><td>+1,150</td><td>-1,340</td><td>+2</td><td>+1</td><td>+16</td><td>+217</td><td>-33</td><td>-79</td><td>-89</td><td>+181</td><td>-251</td></tr><tr><td>Other Asia</td><td>+209,834</td><td>-10,647</td><td>+6,430</td><td>-2,7311/</td><td>+213,142</td><td>+5,385</td><td>+3,306</td><td>-5,073</td><td>+2,186</td><td>+2,917</td><td>+9,606</td><td>-13,151</td><td>-1,586</td></tr><tr><td>Total Asia</td><td>+209,798</td><td>-10,458</td><td>+7,630</td><td>-4,0711/</td><td>+213,144</td><td>+5,386</td><td>+3,322</td><td>-4,856</td><td>+2,153</td><td>+2,838</td><td>+9,517</td><td>-12,970</td><td>-1,837</td></tr><tr><td><b>All other</b></td><td>+48,069</td><td>+7,798</td><td>-3,521</td><td>-3,714</td><td>+10,574</td><td>+6,445</td><td>-835</td><td>-2,407</td><td>+4,466</td><td>-3,389</td><td>+8,841</td><td>+965</td><td>+22,046</td></tr><tr><td><b>Grand total</b></td><td>+561,573</td><td>-74,305</td><td>-88,565</td><td>+19,0201/</td><td>+232,238</td><td>+100,712</td><td>+81,6022/</td><td>+58,078</td><td>+48,413</td><td>+46,121</td><td>+23,382</td><td>+57,538</td><td>+57,339</td></tr></table>
(Continued on following page)
February 1946
81
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - August 1945 - (Continued)
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+38,904</td><td>-97,596</td><td>+23,100</td><td>+31,745</td><td>+53,927</td><td>+3,185</td><td>+98,010</td><td>+74,589</td><td>+76,301</td><td>+40,675</td><td>+80,858</td><td>+12,939</td><td>+41,171</td></tr><tr><td>France</td><td>+9,705</td><td>+2,702</td><td>+1,038</td><td>-3,456</td><td>+1,188</td><td>+545</td><td>+4,169</td><td>+11,128</td><td>+2,934</td><td>-5,960</td><td>-6,737</td><td>+762</td><td>+1,392</td></tr><tr><td>Belgium</td><td>+1,193</td><td>+2,295</td><td>+426</td><td>+416</td><td>+989</td><td>+1,291</td><td>-2,452</td><td>+4,594</td><td>+518</td><td>+1,053</td><td>+609</td><td>+1,164</td><td>-522</td></tr><tr><td>Denmark</td><td>-3,840</td><td>-431</td><td>+2,218</td><td>-1,066</td><td>-2,673</td><td>-939</td><td>+405</td><td>-696</td><td>-220</td><td>-112</td><td>-395</td><td>-456</td><td>-525</td></tr><tr><td>Finland</td><td>-2,248</td><td>+13</td><td>-341</td><td>+250</td><td>-100</td><td>+129</td><td>-853</td><td>+262</td><td>-182</td><td>+65</td><td>-181</td><td>-768</td><td>-542</td></tr><tr><td>Germany</td><td>-875</td><td>+163</td><td>-7</td><td>+70</td><td>-189</td><td>+78</td><td>+15</td><td>-105</td><td>-535</td><td>+61</td><td>-190</td><td>-164</td><td>-72</td></tr><tr><td>Greece</td><td>+4,646</td><td>+102</td><td>+206</td><td>+222</td><td>-129</td><td>-88</td><td>-73</td><td>-69</td><td>-36</td><td>-163</td><td>+488</td><td>+3,110</td><td>+938</td></tr><tr><td>Italy</td><td>-678</td><td>+483</td><td>-189</td><td>-753</td><td>-659</td><td>-714</td><td>-417</td><td>-6</td><td>+644</td><td>+291</td><td>+701</td><td>+168</td><td>-227</td></tr><tr><td>Luxembourg</td><td>+107</td><td>+52</td><td>-29</td><td>-28</td><td>+25</td><td>+7</td><td>+6</td><td>+19</td><td>+30</td><td>+15</td><td>-56</td><td>+42</td><td>+24</td></tr><tr><td>Netherlands</td><td>+6,929</td><td>+1,923</td><td>+1,030</td><td>+5,172</td><td>-578</td><td>+85</td><td>-809</td><td>+1,676</td><td>-2,068</td><td>+4,405</td><td>+2,219</td><td>-2,384</td><td>+1,04</td></tr><tr><td>Norway</td><td>+26,568</td><td>+8,149</td><td>-746</td><td>+5,638</td><td>+348</td><td>+2,141</td><td>-134</td><td>+1,486</td><td>+2,285</td><td>+2,043</td><td>-678</td><td>+3,203</td><td>+2,833</td></tr><tr><td>Portugal</td><td>+18,679</td><td>-1,951</td><td>+1,233</td><td>+1,750</td><td>-8,034</td><td>+1,333</td><td>+828</td><td>+1,790</td><td>+2,815</td><td>+1,699</td><td>+11,416</td><td>+1,947</td><td>+3,853</td></tr><tr><td>Romania</td><td>-122</td><td>+56</td><td>-3</td><td>-13</td><td>-6</td><td>+19</td><td>-1</td><td>-12</td><td>-6</td><td>+15</td><td>+65</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,351</td><td>-816</td><td>+2,879</td><td>-3,056</td><td>-1,865</td><td>+400</td><td>+2,496</td><td>+3,094</td><td>+4,413</td><td>-3,750</td><td>+5,073</td><td>+1,016</td><td>+4,467</td></tr><tr><td>Sweden</td><td>+17,708</td><td>-637</td><td>+2,655</td><td>+1,448</td><td>+3,861</td><td>+3,836</td><td>+640</td><td>+4,285</td><td>+3,586</td><td>-2,389</td><td>+876</td><td>+1,379</td><td>+6,738</td></tr><tr><td>Switzerland</td><td>+24,934</td><td>-2,722</td><td>-4,773</td><td>+7,198</td><td>-1,735</td><td>+66</td><td>+6,393</td><td>+1,867</td><td>+10,458</td><td>-110</td><td>-2,593</td><td>+9,295</td><td>+1,590</td></tr><tr><td>U. S. S. R.</td><td>-1,936</td><td>+1,967</td><td>+4,535</td><td>+44</td><td>-264</td><td>+2,849</td><td>-2,161</td><td>-2,088</td><td>+1,846</td><td>+4,541</td><td>+202</td><td>+1,147</td><td>-5,384</td></tr><tr><td>Yugoslavia</td><td>-7,766</td><td>+89</td><td>-20</td><td>+19</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>-4,911</td><td>-179</td><td>+132</td><td>-47</td><td>-35</td></tr><tr><td>Other Europe</td><td>+22,385</td><td>+666</td><td>+3,627</td><td>+3,327</td><td>+6,669</td><td>+4,123</td><td>+7,300</td><td>+646</td><td>+1,391</td><td>-1,230</td><td>-582</td><td>-468</td><td>-3,084</td></tr><tr><td>Total Europe</td><td>+568,044</td><td>-89,369</td><td>+35,839</td><td>+48,839</td><td>+50,676</td><td>+15,373</td><td>+113,701</td><td>+84,759</td><td>+99,263</td><td>+31,888</td><td>+91,227</td><td>+31,668</td><td>+53,780</td></tr><tr><td>Canada</td><td>+301,696</td><td>+250,698</td><td>+59,671</td><td>-41,047</td><td>+9,890</td><td>-6,095</td><td>+43,509</td><td>+43,607</td><td>-30,925</td><td>-7,303</td><td>+43,812</td><td>+94,495</td><td>-71,402</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-6,313</td><td>-3,057</td><td>-606</td><td>+1,880</td><td>-1,473</td><td>+1,880</td><td>-903</td><td>+1,262</td><td>+2,266</td><td>-2,551</td><td>+4,727</td><td>-10,839</td><td>+1,101</td></tr><tr><td>Bolivia</td><td>+3,090</td><td>+1,029</td><td>+2,773</td><td>+229</td><td>-1,139</td><td>-472</td><td>+471</td><td>+127</td><td>-177</td><td>-486</td><td>-248</td><td>-1,452</td><td>+2,435</td></tr><tr><td>Brazil</td><td>+28,847</td><td>-631</td><td>+10,736</td><td>+6,612</td><td>-7,786</td><td>+16,207</td><td>+7,582</td><td>+8,812</td><td>-1,725</td><td>-4,019</td><td>-12,193</td><td>+605</td><td>+4,647</td></tr><tr><td>Chile</td><td>+18,234</td><td>+8,327</td><td>-5,116</td><td>-2,434</td><td>+3,145</td><td>+1,960</td><td>+8,688</td><td>+112</td><td>+5,986</td><td>+1,686</td><td>+1,252</td><td>+2,886</td><td>+4,886</td></tr><tr><td>Colombia</td><td>+32,137</td><td>+3,435</td><td>+1,832</td><td>+6,180</td><td>-6,190</td><td>+2,721</td><td>+5,468</td><td>+116</td><td>-169</td><td>+4,614</td><td>+3,034</td><td>+3,818</td><td>+7,278</td></tr><tr><td>Costa Rica</td><td>-196</td><td>+1,089</td><td>+600</td><td>+738</td><td>+877</td><td>+1,107</td><td>+1,795</td><td>-5,345</td><td>+56</td><td>-617</td><td>+15</td><td>-52</td><td>-459</td></tr><tr><td>Cuba</td><td>-41,627</td><td>-5,843</td><td>-5,029</td><td>-5,638</td><td>+2,919</td><td>+3,864</td><td>-20,301</td><td>+14,572</td><td>-4,182</td><td>-4,061</td><td>-12,723</td><td>-3,438</td><td>-1,747</td></tr><tr><td>French West Indies and Guiana</td><td>-2,053</td><td>+560</td><td>-41</td><td>-590</td><td>-97</td><td>+57</td><td>-313</td><td>+190</td><td>-2,038</td><td>-14</td><td>+12</td><td>-5</td><td>+226</td></tr><tr><td>Mexico</td><td>-31,709</td><td>-20,888</td><td>-4,507</td><td>-959</td><td>+5,050</td><td>+17,793</td><td>+10,062</td><td>+9,354</td><td>-41,995</td><td>-14,717</td><td>+736</td><td>+2,477</td><td>+5,885</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,363</td><td>+1,282</td><td>-642</td><td>-1,073</td><td>+465</td><td>+13,001</td><td>+1,243</td><td>-865</td><td>+646</td><td>+206</td><td>+462</td><td>+5,248</td><td>+390</td></tr><tr><td>Panama</td><td>+21,678</td><td>+2,018</td><td>+3,653</td><td>+4,281</td><td>-1,342</td><td>+2,197</td><td>+3,157</td><td>-588</td><td>+3,822</td><td>+209</td><td>+4,803</td><td>-2,000</td><td>+1,886</td></tr><tr><td>Peru</td><td>+1,078</td><td>-1,225</td><td>+807</td><td>+140</td><td>-1,029</td><td>+617</td><td>+2,432</td><td>+58</td><td>+1,047</td><td>-535</td><td>+1,776</td><td>-4,287</td><td>+1,277</td></tr><tr><td>Venezuela</td><td>+3,342</td><td>-19</td><td>-272</td><td>+2,731</td><td>-1,521</td><td>-1,674</td><td>+1,543</td><td>+2,720</td><td>-4,214</td><td>+580</td><td>+245</td><td>+3,477</td><td>-254</td></tr><tr><td>Other Latin America</td><td>+36,580</td><td>+4,885</td><td>+11,407</td><td>+10,280</td><td>+8,270</td><td>+601</td><td>+5,399</td><td>-6,281</td><td>-11</td><td>-1,589</td><td>+1,637</td><td>+764</td><td>+1,618</td></tr><tr><td>Total Latin America</td><td>+83,451</td><td>-9,038</td><td>+15,595</td><td>+22,377</td><td>+149</td><td>+59,859</td><td>+26,323</td><td>+24,244</td><td>-40,688</td><td>-25,104</td><td>-6,465</td><td>-3,198</td><td>+19,397</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,716</td><td>+1,515</td><td>-6,364</td><td>+28,203</td><td>+8,342</td><td>+8,114</td><td>+22,034</td><td>+13,589</td><td>+21,654</td><td>+15,200</td><td>+16,496</td><td>+23,950</td><td>+69,983</td></tr><tr><td>French Indo-China</td><td>-27</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+231</td><td>+108</td><td>-49</td><td>-71</td><td>+12</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,723</td><td>-262</td><td>-823</td><td>+746</td><td>-7,563</td><td>-29</td><td>-10,659</td><td>+485</td><td>+116</td><td>+780</td><td>-452</td><td>+25</td><td>-87</td></tr><tr><td>India, Burma, and Ceylon</td><td>+5,324</td><td>+3,129</td><td>+2,763</td><td>-2,854</td><td>-3,379</td><td>+4,706</td><td>+4,168</td><td>-7,107</td><td>+24</td><td>-718</td><td>-1,934</td><td>+1,645</td><td>+4,881</td></tr><tr><td>British Malaya</td><td>+77</td><td>-90</td><td>-63</td><td>+34</td><td>-42</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-7</td><td>+60</td><td>-163</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-729</td><td>+36</td><td>-89</td><td>-528</td><td>-40</td><td>+10</td><td>-13</td><td>+39</td><td>-23</td><td>+35</td><td>-32</td><td>-36</td><td>-88</td></tr><tr><td>Netherlands East Indies</td><td>-50,322</td><td>-3,123</td><td>-5,036</td><td>-6,021</td><td>+4,158</td><td>+15,781</td><td>+1,467</td><td>-20,193</td><td>+582</td><td>-12,643</td><td>+768</td><td>+7,143</td><td>-1,64</td></tr><tr><td>Philippine Islands</td><td>+1,625</td><td>-313</td><td>+252</td><td>+579</td><td>-239</td><td>-33</td><td>+881</td><td>-110</td><td>-292</td><td>+253</td><td>+1,327</td><td>-171</td><td>-209</td></tr><tr><td>Turkey</td><td>+4,049</td><td>+7,258</td><td>+10,377</td><td>+14,519</td><td>-3,241</td><td>+5,264</td><td>-2,729</td><td>+2,490</td><td>+721</td><td>+2,123</td><td>+1,636</td><td>+4,574</td><td>+4,611</td></tr><tr><td>Other Asia</td><td>+24,956</td><td>+3,508</td><td>+6,243</td><td>+6,428</td><td>-550</td><td>-433</td><td>-302</td><td>-451</td><td>+343</td><td>+1,186</td><td>+6,843</td><td>+3,027</td><td>-846</td></tr><tr><td>Total Asia</td><td>+189,946</td><td>-2,852</td><td>+7,025</td><td>+12,016</td><td>-2,555</td><td>+1,945</td><td>+15,088</td><td>-11,350</td><td>+23,253</td><td>+6,160</td><td>+24,641</td><td>+40,006</td><td>+76,569</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+2,649</td><td>+1,948</td><td>+1,209</td><td>+982</td><td>+3,531</td><td>+4,929</td><td>+6,687</td><td>+2,823</td><td>+4,323</td><td>+4,634</td><td>-15,477</td><td>+9,827</td><td>+12,905</td></tr><tr><td>New Zealand</td><td>+764</td><td>-264</td><td>+859</td><td>-155</td><td>+2,076</td><td>-1,388</td><td>+870</td><td>-1,079</td><td>-692</td><td>+2,734</td><td>-892</td><td>-144</td><td>-1,161</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-793</td><td>+118</td><td>+135</td><td>-18</td><td>-25</td><td>-716</td><td>+497</td><td>-94</td><td>-279</td><td>-476</td><td>+241</td><td>-211</td><td>+35</td></tr><tr><td>French Morocco</td><td>+4,249</td><td>+2,614</td><td>+172</td><td>+1,230</td><td>+9,397</td><td>+3,021</td><td>-5,583</td><td>-4,209</td><td>+2,902</td><td>+3,482</td><td>-1,409</td><td>+2,685</td><td>-3,289</td></tr><tr><td>Union of South Africa</td><td>-7,209</td><td>-2,358</td><td>-874</td><td>-859</td><td>+2,341</td><td>-3,442</td><td>+825</td><td>-1,685</td><td>+1,234</td><td>-1,092</td><td>+2,019</td><td>+220</td><td>-3,738</td></tr><tr><td>All other</td><td>+21,383</td><td>+150</td><td>-872</td><td>+18,046</td><td>-17,251</td><td>+10,455</td><td>+23,079</td><td>+8,915</td><td>+611</td><td>-6,007</td><td>-2,016</td><td>-12,536</td><td>-1,191</td></tr><tr><td>Total other countries</td><td>+21,043</td><td>+2,208</td><td>+629</td><td>+19,226</td><td>+69</td><td>+3,001</td><td>+26,375</td><td>+4,671</td><td>+8,099</td><td>-3,689</td><td>-17,534</td><td>+241</td><td>-22,253</td></tr><tr><td>Unidentified</td><td>-22</td><td>+162</td><td>-76</td><td>+94</td><td>+60</td><td>+228</td><td>-151</td><td>+3</td><td>+25</td><td>-49</td><td>-216</td><td>+224</td><td>-540</td></tr><tr><td>Grand total</td><td>+1,164,758</td><td>+151,809</td><td>+119,683</td><td>+61,505</td><td>+58,289</td><td>+74,311</td><td>+224,845</td><td>+56,720</td><td>+59,027</td><td>+1,903</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
Treasury Bulletin
82
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-141,117</td><td>+75,685</td><td>-1,001</td><td>-34,212</td><td>+3,688</td><td>+35,562</td><td>-1,948</td><td>-58,943</td><td>-30,397</td><td>-98,200</td><td>-72,412</td><td>+27,674</td><td>+13,387</td></tr><tr><td>France</td><td>-47,723</td><td>-720</td><td>-8,068</td><td>+15,617</td><td>-525</td><td>+1,934</td><td>-10,332</td><td>+1,492</td><td>+1,813</td><td>+10,238</td><td>-1,521</td><td>-400</td><td>-57,251.66</td></tr><tr><td>Belgium</td><td>+1,430</td><td>+2,141</td><td>-3,505</td><td>+2,083</td><td>-50</td><td>+3,501</td><td>-4,872</td><td>-313</td><td>+1,105</td><td>+1,648</td><td>-547</td><td>+152</td><td>-13</td></tr><tr><td>Denmark</td><td>+957</td><td>-215</td><td>-319</td><td>+455</td><td>-187</td><td>-531</td><td>-658</td><td>-270</td><td>+334</td><td>+452</td><td>-340</td><td>-216</td><td>+1,420</td></tr><tr><td>Poland</td><td>+7,045</td><td>-222</td><td>+247</td><td>-284</td><td>+173</td><td>-564</td><td>-306</td><td>-60</td><td>+8,446</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+361</td><td>+23</td><td>+24</td><td>-36</td><td>+89</td><td>-74</td><td>-66</td><td>+49</td><td>-2</td><td>+44</td><td>+209</td><td>-57</td><td>+158</td></tr><tr><td>Greece</td><td>+5,150</td><td>-152</td><td>-127</td><td>+2,459</td><td>+35</td><td>+184</td><td>+132</td><td>+432</td><td>-197</td><td>+116</td><td>+2,425</td><td>-116</td><td>-41</td></tr><tr><td>Italy</td><td>+13,957</td><td>-428</td><td>-457</td><td>+494</td><td>+920</td><td>+780</td><td>+582</td><td>+2,470</td><td>+1,540</td><td>+1,828</td><td>+2,227</td><td>+2,738</td><td>+1,263.66</td></tr><tr><td>Luxembourg</td><td>+134</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+34</td><td>+2</td><td>-3</td><td>+5</td><td>+17</td><td>+66</td><td>-5</td><td>+20</td></tr><tr><td>Netherlands</td><td>+15,426</td><td>+1,034</td><td>-604</td><td>+5,910</td><td>+311</td><td>+1,100</td><td>-967</td><td>+569</td><td>+1,796</td><td>+3,752</td><td>+5,872</td><td>-1,158</td><td>+2,973</td></tr><tr><td>Norway</td><td>+26,975</td><td>+7,574</td><td>+15,072</td><td>+1,204</td><td>+8,337</td><td>+2,791</td><td>-14,548</td><td>-9,239</td><td>+8,405</td><td>+261</td><td>+8,055</td><td>-97</td><td>-740</td></tr><tr><td>Portugal</td><td>+1,763</td><td>+6,658</td><td>+11,017</td><td>-14,445</td><td>-8,502</td><td>-9,701</td><td>-2,241</td><td>+3,912</td><td>+1,394</td><td>+5,220</td><td>-257</td><td>+4,228</td><td>+4,480</td></tr><tr><td>Romania</td><td>+225</td><td>+15</td><td>-52</td><td>+64</td><td>+182</td><td>-269</td><td>-5</td><td>-1</td><td>-22</td><td>+33</td><td>-10</td><td>+244</td><td>+46</td></tr><tr><td>Spain</td><td>+12,957</td><td>+727</td><td>+3,533</td><td>+416</td><td>+3,399</td><td>+11,644</td><td>+427</td><td>-1,167</td><td>+1,812</td><td>-5,313</td><td>-4,223</td><td>+2,636</td><td>-924</td></tr><tr><td>Sweden</td><td>-11,091</td><td>+1,189</td><td>+64</td><td>-13,496</td><td>+258</td><td>+3,010</td><td>+1,304</td><td>+404</td><td>-11,297</td><td>+2,815</td><td>+1,528</td><td>-1,045</td><td>+4,174</td></tr><tr><td>Switzerland</td><td>+30,397</td><td>-3,958</td><td>+3,060</td><td>+4,311</td><td>-18</td><td>+10,353</td><td>+1,756</td><td>+2,082</td><td>+1,572</td><td>+2,343</td><td>-784</td><td>+601</td><td>+8,979</td></tr><tr><td>U.S.S.R.</td><td>+3,775</td><td>+3,312</td><td>+1,697</td><td>-575</td><td>-3,436</td><td>+1,207</td><td>+1,844</td><td>-8,183</td><td>-671</td><td>+379</td><td>+309</td><td>+4,657</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,198</td><td>-2,548</td><td>+79</td><td>-342</td><td>-19</td><td>+1</td><td>-132</td><td>+66</td><td>-172</td><td>+25</td><td>+25</td><td>-1,149</td><td>-32</td></tr><tr><td>Other Europe</td><td>-24,845</td><td>+1,213</td><td>-287</td><td>-2,297</td><td>-858</td><td>-130</td><td>-16,814</td><td>+63</td><td>-986</td><td>-886</td><td>-54</td><td>+432</td><td>-4,201</td></tr><tr><td>Total Europe</td><td>-107,412</td><td>+91,388</td><td>+20,286</td><td>-32,717</td><td>+3,925</td><td>+61,894</td><td>-46,942</td><td>-66,640</td><td>-19,014</td><td>-75,575</td><td>-60,043</td><td>+39,106</td><td>-23,080.66</td></tr><tr><td>Canada</td><td>+123,623</td><td>+32,529</td><td>+93,853</td><td>+78,701</td><td>-58,677</td><td>-37,576</td><td>-24,110</td><td>-65,252</td><td>+33,179</td><td>+26,163</td><td>+65,610</td><td>+9,470</td><td>-30,257</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+36,406</td><td>+5,833</td><td>-11,756</td><td>-969</td><td>+3,138</td><td>+714</td><td>+8,232</td><td>+5,991</td><td>-3,645</td><td>-1,622</td><td>+7,890</td><td>+12,510</td><td>+10,090</td></tr><tr><td>Bolivia</td><td>+5,141</td><td>-612</td><td>+248</td><td>+1,968</td><td>-1,132</td><td>-287</td><td>+313</td><td>+221</td><td>+3,973</td><td>-322</td><td>+581</td><td>+1,485</td><td>-1,295</td></tr><tr><td>Brazil</td><td>+35,840</td><td>+8,825</td><td>+21,338</td><td>+12,542</td><td>-6,744</td><td>-2,598</td><td>-6,289</td><td>+9,714</td><td>+153</td><td>+1,788</td><td>-7,191</td><td>+7,037</td><td>-2,735</td></tr><tr><td>Chile</td><td>+8,634</td><td>-2,285</td><td>+375</td><td>+1,891</td><td>-276</td><td>+2,812</td><td>+14,886</td><td>-633</td><td>+956</td><td>-17,579</td><td>+36</td><td>+11,177</td><td>-2,726</td></tr><tr><td>Columbia</td><td>+13,318</td><td>-10,048</td><td>+3,532</td><td>+1,656</td><td>+3,853</td><td>+10,133</td><td>+3,503</td><td>+2,831</td><td>-1,028</td><td>+3,596</td><td>+1,735</td><td>-4,176</td><td>-2,269</td></tr><tr><td>Costa Rica</td><td>-5,417</td><td>+56</td><td>+531</td><td>+204</td><td>-3</td><td>-4,212</td><td>-552</td><td>-415</td><td>-86</td><td>-382</td><td>-134</td><td>-751</td><td>+327</td></tr><tr><td>Cuba</td><td>+41,597</td><td>-655</td><td>+1,453</td><td>+3,288</td><td>+7,870</td><td>-2,250</td><td>+39,067</td><td>+4,212</td><td>+1,815</td><td>-3,881</td><td>-5,680</td><td>+1,667</td><td>-5,309</td></tr><tr><td>French West Indies and Guiana</td><td>+1,784</td><td>-1443</td><td>-117</td><td>+413</td><td>+115</td><td>+116</td><td>+375</td><td>+600</td><td>-219</td><td>+104</td><td>+226</td><td>-664</td><td>+1,268</td></tr><tr><td>Mexico</td><td>+15,271</td><td>+1,152</td><td>-13,434</td><td>+8,913</td><td>+13,007</td><td>+6,538</td><td>-6,809</td><td>+1,981</td><td>+6,411</td><td>+4,699</td><td>-1,988</td><td>+3,111</td><td>-8,330</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,073</td><td>-861</td><td>-425</td><td>-1,511</td><td>+2,256</td><td>+828</td><td>-2,542</td><td>+854</td><td>-2,257</td><td>-567</td><td>+665</td><td>-1,824</td><td>+311</td></tr><tr><td>Panama</td><td>+11,799</td><td>-2,460</td><td>-1,005</td><td>+3,461</td><td>+2,054</td><td>+3,758</td><td>-646</td><td>+1,147</td><td>+221</td><td>+272</td><td>+1,628</td><td>+1,853</td><td>+1,516</td></tr><tr><td>Peru</td><td>+10,410</td><td>+1,662</td><td>+577</td><td>-2,026</td><td>-338</td><td>+2,069</td><td>+521</td><td>-1,678</td><td>+1,302</td><td>+3,353</td><td>+1,029</td><td>+1,880</td><td>+2,059</td></tr><tr><td>Venezuela</td><td>+5,977</td><td>+1,070</td><td>-2,658</td><td>+3,918</td><td>+4,924</td><td>-8,530</td><td>-1,505</td><td>+917</td><td>+890</td><td>+7,517</td><td>+8,463</td><td>-11,568</td><td>+2,540</td></tr><tr><td>Other Latin America</td><td>+21,519</td><td>+10,782</td><td>-2,854</td><td>+86</td><td>+9,265</td><td>+936</td><td>+6,459</td><td>+489</td><td>-5,163</td><td>+1,608</td><td>-2,742</td><td>+2,397</td><td>+256</td></tr><tr><td>Total Latin America</td><td>+197,206</td><td>+12,016</td><td>-4,195</td><td>+33,834</td><td>+38,019</td><td>+10,027</td><td>+55,012</td><td>+26,231</td><td>+3,323</td><td>-1,416</td><td>+4,518</td><td>+24,134</td><td>-4,297</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-146,709</td><td>+11,031</td><td>+30,050</td><td>+25,260</td><td>-18</td><td>-493</td><td>+874</td><td>-17,472</td><td>-4,134</td><td>-3,775</td><td>+2,303</td><td>-10,544</td><td>-179,791</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>-47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>Hong Kong</td><td>-845</td><td>-702</td><td>+319</td><td>+1,044</td><td>+170</td><td>-34</td><td>-1,120</td><td>+156</td><td>+59</td><td>+45</td><td>-696</td><td>-147</td><td>+61</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,505</td><td>+885</td><td>-3,207</td><td>-6,758</td><td>+9,384</td><td>-575</td><td>-984</td><td>+8,996</td><td>+53</td><td>-3,595</td><td>+190</td><td>+14,448</td><td>-35,342</td></tr><tr><td>British Malaya</td><td>+770</td><td>+18</td><td>+114</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+41</td><td>+207</td><td>+8</td><td>-2</td><td>+68</td><td>+55</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-137</td><td>-241</td><td>+294</td><td>+55</td><td>+43</td><td>+8</td><td>-125</td><td>+113</td><td>-114</td><td>-43</td><td>-17</td><td>-49</td><td>-61</td></tr><tr><td>Netherlands East Indies</td><td>+560</td><td>-716</td><td>+730</td><td>-1,996</td><td>-480</td><td>-1,150</td><td>-137</td><td>+3,570</td><td>-143</td><td>-282</td><td>+2,563</td><td>+1,729</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,593</td><td>+539</td><td>-15</td><td>+766</td><td>-509</td><td>-394</td><td>-300</td><td>+820</td><td>-76</td><td>+311</td><td>+5,340</td><td>-5,083</td><td>+1,194</td></tr><tr><td>Turkey</td><td>-10,310</td><td>+2,119</td><td>+18,067</td><td>-11,687</td><td>+3,992</td><td>-17,381</td><td>+1,507</td><td>-9,594</td><td>+806</td><td>-610</td><td>-322</td><td>-151</td><td>+2,944</td></tr><tr><td>Other Asia</td><td>+1,703</td><td>-1,800</td><td>-1,501</td><td>-439</td><td>+282</td><td>-1,863</td><td>-2,054</td><td>+2,370</td><td>-289</td><td>+377</td><td>+4,491</td><td>-534</td><td>+2,663</td></tr><tr><td>Total Asia</td><td>-166,882</td><td>+11,121</td><td>+44,872</td><td>+6,673</td><td>+12,633</td><td>-21,971</td><td>-2,192</td><td>-11,047</td><td>-3,589</td><td>-7,577</td><td>+13,847</td><td>-253</td><td>-211,199</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+27,584</td><td>+7,881</td><td>-4,527</td><td>+2,604</td><td>+9,048</td><td>-3,895</td><td>-11,412</td><td>+3,577</td><td>+2,093</td><td>+2,972</td><td>+1,449</td><td>+4,645</td><td>+13,009</td></tr><tr><td>New Zealand</td><td>+1,675</td><td>+1,626</td><td>-189</td><td>-766</td><td>+30</td><td>-578</td><td>-943</td><td>-969</td><td>+195</td><td>+2,935</td><td>-2,111</td><td>-475</td><td>-171</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,254</td><td>-73</td><td>-954</td><td>+328</td><td>+548</td><td>+303</td><td>-989</td><td>+449</td><td>+169</td><td>+691</td><td>+67</td><td>+626</td><td>+89</td></tr><tr><td>French Morocco</td><td>-5,931</td><td>+833</td><td>+161</td><td>-2,571</td><td>-920</td><td>-2,994</td><td>-230</td><td>-268</td><td>+23</td><td>+189</td><td>-275</td><td>-238</td><td>-101</td></tr><tr><td>Union of South Africa</td><td>-3,461</td><td>+2,030</td><td>+1,943</td><td>-3,409</td><td>-1,754</td><td>-1,927</td><td>+769</td><td>-3,351</td><td>+1,464</td><td>-1,973</td><td>+2,484</td><td>-2,618</td><td>+4,399</td></tr><tr><td>All other</td><td>-17,740</td><td>+4,602</td><td>-3,419</td><td>-5,999</td><td>-1,569</td><td>-2,335</td><td>-15,978</td><td>+918</td><td>-8,680</td><td>-2,372</td><td>+1,233</td><td>+1,158</td><td>+23,845.66</td></tr><tr><td>Total other countries</td><td>+11</td><td>+7,695</td><td>-6,985</td><td>-9,753</td><td>+5,323</td><td>-11,386</td><td>-29,861</td><td>+456</td><td>+4,736</td><td>+2,443</td><td>+2,647</td><td>+3,098</td><td>+41,070.66</td></tr><tr><td>Unidentified</td><td>-152</td><td>+460</td><td>-194</td><td>-2</td><td>-185</td><td>+163</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,558</td></tr><tr><td>Grand total</td><td>+44,394</td><td>+155,209</td><td>+147,637</td><td>+76,735.66</td><td>+1,038</td><td>+1,151</td><td>-47,389</td><td>-116,872</td><td>+10,534</td><td>-57,289</td><td>+26,852</td><td>+76,248</td><td>-229,521.66</td></tr></table>
(Coatlaned on following page)
February 1946
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - August 1945 - (Continued)
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td colspan="9">Europe</td></tr><tr><td>United Kingdom</td><td>-77,816</td><td>+48,948</td><td>+127</td><td>-16,524</td><td>+7,064</td><td>+32,373</td><td>+13,177</td><td>-54,769</td></tr><tr><td>France</td><td>-17,795 1a/</td><td>-9,243</td><td>-43,194</td><td>-28,051</td><td>-23,190</td><td>+57,169</td><td>+26,721</td><td>-42,284</td></tr><tr><td>Belgium</td><td>-2,473</td><td>+1,605</td><td>+10,143</td><td>+6,015</td><td>+7,589</td><td>-5,125</td><td>+8,406</td><td>-579</td></tr><tr><td>Danmark</td><td>-421</td><td>-237</td><td>+215</td><td>-713</td><td>-293</td><td>+290</td><td>+5</td><td>+736</td></tr><tr><td>Finland</td><td>-101</td><td>-425</td><td>+469</td><td>-54</td><td>-175</td><td>-172</td><td>-32</td><td>+45</td></tr><tr><td>Germany</td><td>-29</td><td>+46</td><td>+88</td><td>+52</td><td>-246</td><td>-5</td><td>+26</td><td>+99</td></tr><tr><td>Greece</td><td>+93</td><td>-96</td><td>+1,978</td><td>+1,846</td><td>+1,182</td><td>+2,928</td><td>+3,925</td><td>+2,664</td></tr><tr><td>Italy</td><td>+3,661</td><td>+2,781</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td><td>+5,599</td><td>+4,401</td></tr><tr><td>Luxembourg</td><td>-24</td><td>+35</td><td>-2</td><td>-111</td><td>+637</td><td>+246</td><td>+3,509</td><td>+85</td></tr><tr><td>Netherlands</td><td>-3,101</td><td>+2,691</td><td>-503</td><td>-132</td><td>+554</td><td>+3,767</td><td>+2,844</td><td>+2,030</td></tr><tr><td>Norway</td><td>-384</td><td>+1,738</td><td>+7,522</td><td>+5,279</td><td>-5,922</td><td>+6,589</td><td>-4,332</td><td>-9,116</td></tr><tr><td>Portugal</td><td>-12,388</td><td>-631</td><td>-5,868</td><td>+3,927</td><td>-2,766</td><td>+4,186</td><td>+5,985</td><td>-7,385</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+186</td><td>+36</td><td>-47</td><td>-34</td><td>+30</td><td>+401</td></tr><tr><td>Spain</td><td>-4,298</td><td>+2,630</td><td>-13,936</td><td>+4,669</td><td>+5,397</td><td>-5,099</td><td>+5,058</td><td>+2,927</td></tr><tr><td>Sweden</td><td>-3,529</td><td>+3,666</td><td>+5,430</td><td>+297</td><td>+2,162</td><td>+5,176</td><td>+17,921</td><td>+9,796</td></tr><tr><td>Switzerland</td><td>-2,176</td><td>+8,375</td><td>+7,279</td><td>-375</td><td>+6,042</td><td>-1,463</td><td>+9,127</td><td>+6,931</td></tr><tr><td>U. S. S. R.</td><td>-3,406</td><td>+243</td><td>-4,330</td><td>+4,212</td><td>+4,703</td><td>+3,339</td><td>+1,470</td><td>+3,388</td></tr><tr><td>Yugoslavia</td><td>-43</td><td>-21</td><td>+78</td><td>+32</td><td>-145</td><td>+33</td><td>-503</td><td>-57</td></tr><tr><td>Other Europe</td><td>-1,079</td><td>-2,336</td><td>+4,231</td><td>-1,186</td><td>+112</td><td>-1,304</td><td>-5,221</td><td>+1,754</td></tr><tr><td>Total Europe</td><td>-125,340 1a/</td><td>+59,457</td><td>-27,801</td><td>-17,391</td><td>+6,047</td><td>+103,967</td><td>+93,675</td><td>-78,933</td></tr><tr><td>Canada</td><td>+46,534</td><td>+100,510</td><td>+59,763</td><td>+36,540</td><td>-6,083</td><td>+77,813</td><td>+91,099</td><td>+103,786</td></tr><tr><td colspan="9">Latin America</td></tr><tr><td>Argentina</td><td>-4,342</td><td>+562</td><td>-19,163</td><td>-3,440</td><td>-2,140</td><td>+2,559</td><td>+3,484</td><td>-4,318</td></tr><tr><td>Bolivia</td><td>+2,273</td><td>-462</td><td>-1,936</td><td>+1,325</td><td>-764</td><td>+1,633</td><td>-2,089</td><td>+875</td></tr><tr><td>Brasil</td><td>+19,875</td><td>-2,375</td><td>-27,524</td><td>+3,715</td><td>+4,061</td><td>+2,306</td><td>+21,836</td><td>+1,165</td></tr><tr><td>Chile</td><td>-98</td><td>-1,303</td><td>-354</td><td>-1,675</td><td>+3,876</td><td>+13,346</td><td>-3,640</td><td>+1,945</td></tr><tr><td>Colombia</td><td>+1,374</td><td>-266</td><td>-3,834</td><td>-2,902</td><td>-1,020</td><td>-2,104</td><td>+6,552</td><td>+7,097</td></tr><tr><td>Costa Rica</td><td>-278</td><td>-14</td><td>+568</td><td>+585</td><td>-103</td><td>-814</td><td>+491</td><td>-999</td></tr><tr><td>Cuba</td><td>-2,018</td><td>-3,340</td><td>-6,227</td><td>+22,850</td><td>+27,337</td><td>+10,205</td><td>+2,867</td><td>-1,121</td></tr><tr><td>French West Indies and Guiana</td><td>+156</td><td>+545</td><td>+327</td><td>-244</td><td>+1,136</td><td>-77</td><td>+2,242</td><td>-1,229</td></tr><tr><td>Mexico</td><td>+15,602</td><td>+15,829</td><td>+14,014</td><td>+11,365</td><td>+18,508</td><td>+5,198</td><td>+12,043</td><td>-16,949</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-898</td><td>+377</td><td>-1,278</td><td>-558</td><td>-1,145</td><td>-3,352</td><td>+2,389</td><td>+160</td></tr><tr><td>Panama</td><td>+230 7b/</td><td>+2,254</td><td>+3,783</td><td>-633</td><td>+1,409</td><td>+2,911</td><td>+3,354</td><td>-1,563</td></tr><tr><td>Peru</td><td>+1,004</td><td>+797</td><td>+3,117</td><td>+1,123</td><td>+35</td><td>+1,559</td><td>-77</td><td>+2,809</td></tr><tr><td>Venezuela</td><td>+18,524</td><td>+4,701</td><td>+5,184</td><td>+7,040</td><td>+4,052</td><td>+6,532</td><td>+8,904</td><td>-6,946</td></tr><tr><td>Other Latin America</td><td>+1,655</td><td>+3,456</td><td>+3,597</td><td>+4,029</td><td>+3,230</td><td>-1,639</td><td>+158</td><td>+8,976</td></tr><tr><td>Total Latin America</td><td>+53,059 7b/</td><td>+11,387</td><td>-29,726</td><td>+28,530</td><td>+58,678</td><td>+25,229</td><td>+58,514</td><td>-10,098</td></tr><tr><td colspan="9">Asia</td></tr><tr><td>China</td><td>+146,459</td><td>-16,524</td><td>-2,644</td><td>-7,466</td><td>-4,992</td><td>-22,220</td><td>-18,344</td><td>+77,528</td></tr><tr><td>French Indo-China</td><td>-</td><td>+50</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td><td>+7</td><td>+43</td></tr><tr><td>Hong Kong</td><td>-292</td><td>+164</td><td>-916</td><td>-274</td><td>+252</td><td>+224</td><td>-78</td><td>-214</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,626</td><td>+660</td><td>+390</td><td>+1,985</td><td>-4,205</td><td>-836</td><td>+3,203</td><td>+641</td></tr><tr><td>British Malaya</td><td>+30</td><td>-411</td><td>-3</td><td>+16</td><td>-53</td><td>+113</td><td>-39</td><td>+2</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+61</td><td>-168</td><td>+162</td><td>-17</td><td>-14</td><td>+66</td><td>+272</td><td>-391</td></tr><tr><td>Netherlands East Indies</td><td>+655</td><td>+2,484</td><td>+2,911</td><td>-999</td><td>+2,202</td><td>-6,414</td><td>+1,414</td><td>-3,871</td></tr><tr><td>Philippine Islands</td><td>-332</td><td>+2,614</td><td>-2,409</td><td>+3,375</td><td>+1,504</td><td>+4,612</td><td>+2,573</td><td>-14,184</td></tr><tr><td>Turkey</td><td>+3,198</td><td>+9,119</td><td>+4,393</td><td>+1,186</td><td>-1,032</td><td>+804</td><td>-862</td><td>+442</td></tr><tr><td>Other Asia</td><td>+10,105</td><td>+1,940</td><td>+3,529</td><td>-463</td><td>-2,879</td><td>-11,545</td><td>+436</td><td>+4,053</td></tr><tr><td>Total Asia</td><td>+178,510</td><td>-71</td><td>+5,412</td><td>-2,641</td><td>-9,142</td><td>-35,218</td><td>-11,428</td><td>+64,049</td></tr><tr><td colspan="9">Other countries</td></tr><tr><td>Australia</td><td>-18,916</td><td>+698</td><td>-287</td><td>-132</td><td>-2,677</td><td>-1,274</td><td>-4,029</td><td>+825</td></tr><tr><td>New Zealand</td><td>+2,097</td><td>+750</td><td>-819</td><td>+491</td><td>-416</td><td>-290</td><td>+73</td><td>+1,179</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+996</td><td>+324</td><td>+123</td><td>+782</td><td>-227</td><td>+1,593</td><td>-207</td><td>+2,693</td></tr><tr><td>French Morocco</td><td>-175</td><td>-69</td><td>-198</td><td>+245</td><td>+128</td><td>-638</td><td>+339</td><td>+765</td></tr><tr><td>Union of South Africa</td><td>+2,021</td><td>+165</td><td>-64</td><td>-323</td><td>-521</td><td>+468</td><td>-844</td><td>+1,226</td></tr><tr><td>All other</td><td>+14,895 7a/</td><td>+2,099</td><td>+4,413</td><td>-989</td><td>+1,264</td><td>+459</td><td>+4,042</td><td>+6,336</td></tr><tr><td>Total other countries</td><td>+918 7a/</td><td>+2,467</td><td>+3,168</td><td>-908</td><td>-2,079</td><td>+328</td><td>-627</td><td>+13,024</td></tr><tr><td>Unidentified</td><td>+214</td><td>+1,223</td><td>+494</td><td>+316</td><td>-116</td><td>-422</td><td>-178</td><td>-696</td></tr><tr><td>Grand total</td><td>+153,895 7b/</td><td>+174,973</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+171,687</td><td>+231,025</td><td>+91,132</td></tr></table>
Footnotes appear on pages 78 and 79.
Treasury Bulletin
84
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - August 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 1)</th><th>June (June 2-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+572</td><td>+46</td><td>-76</td><td>+270</td><td>+143</td><td>-5</td><td>+336</td><td>-268</td><td>-75</td><td>+203</td><td>-90</td><td>-17</td><td>+105</td></tr><tr><td>France</td><td>+811</td><td>-97</td><td>-55</td><td>+593</td><td>-130</td><td>+25</td><td>+254</td><td>-183</td><td>+18</td><td>+395</td><td>-332</td><td>+8</td><td>+315</td></tr><tr><td>Belgium</td><td>-121</td><td>+29</td><td>-2</td><td>-35</td><td>-98</td><td>-51</td><td>-21</td><td>+9</td><td>-4</td><td>+74</td><td>+64</td><td>+91</td><td>-177</td></tr><tr><td>Germany</td><td>+75</td><td>+10</td><td>-11</td><td>+1</td><td>+5</td><td>-3</td><td>+3</td><td>+38</td><td>-1</td><td>+138</td><td>-115</td><td>-1</td><td>+11</td></tr><tr><td>Italy</td><td>+23</td><td>-3</td><td>+17</td><td>+8</td><td>-1</td><td>+6</td><td>-21</td><td>+7</td><td>+66</td><td>+44</td><td>-6</td><td>+17</td><td>-23</td></tr><tr><td>Netherlands</td><td>-139</td><td>+420</td><td>+51</td><td>+245</td><td>+108</td><td>+312</td><td>+288</td><td>-2,902</td><td>-2</td><td>+380</td><td>+40</td><td>+147</td><td>+774</td></tr><tr><td>Sweden</td><td>+95</td><td>+45</td><td>+12</td><td>+13</td><td>+67</td><td>-25</td><td>-16</td><td>+10</td><td>-5</td><td>+25</td><td>-15</td><td>-11</td><td>-5</td></tr><tr><td>Switzerland</td><td>+275</td><td>-211</td><td>-22</td><td>+1,091</td><td>-354</td><td>+177</td><td>-114</td><td>+631</td><td>-83</td><td>+96</td><td>-530</td><td>-571</td><td>+165</td></tr><tr><td>Other Europe</td><td>+738</td><td>-439</td><td>-25</td><td>+375</td><td>+174</td><td>+278</td><td>+10</td><td>-20</td><td>+142</td><td>+143</td><td>-200</td><td>+84</td><td>+216</td></tr><tr><td>Total Europe</td><td>+2,329</td><td>-200</td><td>-111</td><td>+2,561</td><td>-86</td><td>+714</td><td>+719</td><td>-2,678</td><td>+56</td><td>+1,410</td><td>-1,164</td><td>-253</td><td>+1,351</td></tr><tr><td>Canada</td><td>+1,072</td><td>+212</td><td>+291</td><td>-59</td><td>-76</td><td>-130</td><td>+268</td><td>-181</td><td>+109</td><td>+682</td><td>-382</td><td>+30</td><td>+308</td></tr><tr><td>Latino America</td><td>+261</td><td>+1,124</td><td>-300</td><td>+111</td><td>-252</td><td>+73</td><td>+534</td><td>+250</td><td>+52</td><td>+1,168</td><td>-1,481</td><td>+133</td><td>-1,151</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-27</td><td>-5</td><td>+1</td><td>+12</td><td>-3</td><td>-</td><td>-39</td><td>+14</td><td>+6</td><td>+77</td><td>-82</td><td>+21</td><td>-39</td></tr><tr><td>Other Asia</td><td>-264</td><td>+99</td><td>+44</td><td>-279</td><td>+1</td><td>+10</td><td>+42</td><td>-13</td><td>+5</td><td>+183</td><td>-180</td><td>-116</td><td>+28</td></tr><tr><td>Total Asia</td><td>-293</td><td>+94</td><td>+43</td><td>-267</td><td>-2</td><td>+10</td><td>+13</td><td>+1</td><td>+11</td><td>+260</td><td>-262</td><td>-95</td><td>-11</td></tr><tr><td>All other</td><td>+142</td><td>-55</td><td>+104</td><td>+49</td><td>+46</td><td>-27</td><td>+158</td><td>+15</td><td>+23</td><td>+54</td><td>-22</td><td>+95</td><td>-200</td></tr><tr><td>Grand total</td><td>+3,513</td><td>+1,175</td><td>-59</td><td>+2,297</td><td>-370</td><td>+640</td><td>+1,692</td><td>-2,593</td><td>+252</td><td>+3,574</td><td>-3,331</td><td>-90</td><td>+327</td></tr></table>
(Continued on following page)
February 1946
85
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+1,463</td><td>+204</td><td>-209</td><td>-1,041</td><td>+1,716</td><td>+191</td><td>+1,055</td><td>-406</td><td>-311</td><td>+41</td><td>-439</td><td>+72</td><td>+590</td></tr><tr><td>France</td><td>+821</td><td>-74</td><td>-318</td><td>+701</td><td>-58</td><td>-230</td><td>+546</td><td>-139</td><td>+243</td><td>-218</td><td>+91</td><td>+166</td><td>+111</td></tr><tr><td>Belgium</td><td>+224</td><td>+91</td><td>-316</td><td>+270</td><td>+46</td><td>-36</td><td>+9</td><td>+35</td><td>-51</td><td>+158</td><td>-97</td><td>+46</td><td>+69</td></tr><tr><td>Danmark</td><td>+14</td><td>-8</td><td>+1</td><td>-34</td><td>+1</td><td>-17</td><td>-18</td><td>+82</td><td>-43</td><td>-</td><td>+36</td><td>+11</td><td>+3</td></tr><tr><td>Filand</td><td>-8</td><td>+68</td><td>-</td><td>+1</td><td>-72</td><td>-</td><td>-</td><td>-2</td><td>+2</td><td>+2</td><td>-8</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-33</td><td>-12</td><td>+6</td><td>+8</td><td>+6</td><td>-18</td><td>+41</td><td>-4</td><td>-7</td><td>-67</td><td>-9</td><td>+10</td><td>+13</td></tr><tr><td>Greece</td><td>+16</td><td>+10</td><td>+1</td><td>-6</td><td>-5</td><td>-1</td><td>-2</td><td>+6</td><td>-4</td><td>+3</td><td>-2</td><td>+5</td><td>+11</td></tr><tr><td>Italy</td><td>+110</td><td>+32</td><td>-2</td><td>+10</td><td>+5</td><td>+2</td><td>+6</td><td>+5</td><td>-15</td><td>+33</td><td>+1</td><td>+60</td><td>-33</td></tr><tr><td>Luxembourg</td><td>+272</td><td>+210</td><td>-90</td><td>-24</td><td>-86</td><td>+80</td><td>+39</td><td>-33</td><td>+6</td><td>+275</td><td>-51</td><td>+15</td><td>-69</td></tr><tr><td>Netherlande</td><td>+2,387</td><td>+148</td><td>-413</td><td>+560</td><td>+131</td><td>-113</td><td>+266</td><td>+397</td><td>+204</td><td>-85</td><td>+216</td><td>+5</td><td>+1,071</td></tr><tr><td>Norway</td><td>+474</td><td>+178</td><td>+34</td><td>+49</td><td>+3</td><td>-</td><td>+20</td><td>+42</td><td>+7</td><td>+15</td><td>+85</td><td>+26</td><td>+15</td></tr><tr><td>Portugal</td><td>+146</td><td>+3</td><td>-1</td><td>-2</td><td>+3</td><td>-2</td><td>+93</td><td>-77</td><td>+4</td><td>-7</td><td>+73</td><td>+61</td><td>-2</td></tr><tr><td>Rumania</td><td>+6</td><td>+4</td><td>-22</td><td>+19</td><td>-</td><td>+4</td><td>-</td><td>-1</td><td>+1</td><td>+1</td><td>+4</td><td>-</td><td>-</td></tr><tr><td>Spaio</td><td>+4</td><td>-15</td><td>+7</td><td>+5</td><td>-1</td><td>+4</td><td>-1</td><td>+4</td><td>-2</td><td>-</td><td>+4</td><td>-5</td><td>+41</td></tr><tr><td>Sweden</td><td>-71</td><td>-19</td><td>+34</td><td>+38</td><td>+114</td><td>-67</td><td>-7</td><td>+44</td><td>+67</td><td>-148</td><td>-108</td><td>+260</td><td>-279</td></tr><tr><td>Switzerland</td><td>+5,556</td><td>-239</td><td>-2,627</td><td>+3,453</td><td>-382</td><td>+797</td><td>+1,376</td><td>+1,274</td><td>+913</td><td>+643</td><td>+11</td><td>+82</td><td>+255</td></tr><tr><td>U. S. S. R.</td><td>+4</td><td>-</td><td>-21</td><td>-167</td><td>+167</td><td>-</td><td>-</td><td>+1</td><td>+68</td><td>-69</td><td>-</td><td>-</td><td>+4</td></tr><tr><td>Yugoslavie</td><td>+1</td><td>+2</td><td>-</td><td>+20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-2</td><td>+2</td><td>-1</td></tr><tr><td>Other Europe</td><td>-347</td><td>-274</td><td>-98</td><td>+195</td><td>+140</td><td>-323</td><td>+57</td><td>-29</td><td>+54</td><td>+17</td><td>-148</td><td>+44</td><td>+18</td></tr><tr><td>Total Europe</td><td>+11,039</td><td>+309</td><td>-4,034</td><td>+4,055</td><td>+1,728</td><td>+267</td><td>+3,480</td><td>+1,199</td><td>+1,136</td><td>+595</td><td>-337</td><td>+860</td><td>+1,781</td></tr><tr><td>Canada</td><td>+2,433</td><td>+743</td><td>+715</td><td>+228</td><td>-600</td><td>+132</td><td>+610</td><td>-571</td><td>+156</td><td>+145</td><td>+507</td><td>-242</td><td>+610</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-807</td><td>+163</td><td>-72</td><td>+481</td><td>-553</td><td>-510</td><td>-34</td><td>-150</td><td>+4</td><td>-560</td><td>-728</td><td>+1,185</td><td>-33</td></tr><tr><td>Bolivia</td><td>+12</td><td>+2</td><td>+4</td><td>-</td><td>+4</td><td>-6</td><td>+156</td><td>-152</td><td>-</td><td>+38</td><td>-39</td><td>-7</td><td>+12</td></tr><tr><td>Brazil</td><td>-215</td><td>-142</td><td>+281</td><td>-578</td><td>-6</td><td>+77</td><td>+7</td><td>+143</td><td>-58</td><td>+31</td><td>-8</td><td>-8</td><td>+46</td></tr><tr><td>Chile</td><td>-104</td><td>-52</td><td>-156</td><td>+234</td><td>+206</td><td>-117</td><td>-38</td><td>+98</td><td>-43</td><td>-208</td><td>-6</td><td>-14</td><td>-8</td></tr><tr><td>Colombia</td><td>-22</td><td>-15</td><td>+19</td><td>-15</td><td>-68</td><td>+29</td><td>+55</td><td>+116</td><td>+6</td><td>-62</td><td>-155</td><td>+90</td><td>+22</td></tr><tr><td>Costa Rica</td><td>+36</td><td>+18</td><td>-2</td><td>+12</td><td>-27</td><td>+1</td><td>+8</td><td>+5</td><td>-10</td><td>+2</td><td>+3</td><td>-10</td><td>+36</td></tr><tr><td>Cuba</td><td>-431</td><td>+529</td><td>+2,587</td><td>-2,474</td><td>-152</td><td>-369</td><td>-312</td><td>-103</td><td>-965</td><td>+355</td><td>+838</td><td>-170</td><td>-195</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>+3</td><td>-3</td><td>+3</td><td>+15</td><td>-20</td><td>+2</td><td>+4</td><td>-1</td><td>-3</td><td>+12</td><td>-41</td><td>+29</td></tr><tr><td>Mexico</td><td>-255</td><td>-209</td><td>+237</td><td>+166</td><td>-412</td><td>-327</td><td>-65</td><td>-</td><td>+154</td><td>+60</td><td>-151</td><td>+342</td><td>-50</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>+4</td><td>-67</td><td>+13</td><td>-</td><td>-21</td><td>+10</td><td>+22</td><td>+10</td><td>+73</td><td>-18</td><td>-16</td><td>+10</td></tr><tr><td>Panama</td><td>+1,902</td><td>+373</td><td>+192</td><td>+351</td><td>+462</td><td>+494</td><td>-303</td><td>-183</td><td>+1,027</td><td>-201</td><td>+107</td><td>-321</td><td>-96</td></tr><tr><td>Peru</td><td>+244</td><td>+15</td><td>+104</td><td>-164</td><td>+23</td><td>+36</td><td>-169</td><td>-35</td><td>+414</td><td>-3</td><td>-30</td><td>+42</td><td>+12</td></tr><tr><td>Venezuela</td><td>-24</td><td>-52</td><td>-64</td><td>+168</td><td>+24</td><td>-44</td><td>-60</td><td>-55</td><td>-286</td><td>-34</td><td>-119</td><td>+185</td><td>+313</td></tr><tr><td>Other Latino America</td><td>-831</td><td>+240</td><td>-130</td><td>+248</td><td>+520</td><td>-711</td><td>+142</td><td>-104</td><td>+91</td><td>+311</td><td>-536</td><td>-604</td><td>-298</td></tr><tr><td>Total Latino America</td><td>-431</td><td>+877</td><td>+2,930</td><td>-1,555</td><td>+36</td><td>-1,488</td><td>-601</td><td>-395</td><td>+343</td><td>-201</td><td>-830</td><td>+653</td><td>-200</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-154</td><td>+293</td><td>-107</td><td>-328</td><td>-250</td><td>-53</td><td>+42</td><td>-135</td><td>+46</td><td>+42</td><td>-30</td><td>+205</td><td>+121</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-</td></tr><tr><td>Hong Kong</td><td>+47</td><td>+1</td><td>-</td><td>+4</td><td>+6</td><td>-3</td><td>+3</td><td>+2</td><td>+17</td><td>+3</td><td>+2</td><td>+7</td><td>+5</td></tr><tr><td>India, Burma, and Ceylon</td><td>+20</td><td>+11</td><td>-</td><td>+32</td><td>-38</td><td>+10</td><td>+5</td><td>+4</td><td>-3</td><td>+1</td><td>-5</td><td>-1</td><td>+4</td></tr><tr><td>British Malaya</td><td>+1</td><td>+3</td><td>-3</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-17</td><td>+4</td><td>-1</td><td>+6</td><td>+3</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-8</td><td>+8</td><td>-28</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>+2</td><td>-3</td><td>+7</td><td>-2</td></tr><tr><td>Philippine Islands</td><td>+88</td><td>+40</td><td>+35</td><td>-26</td><td>+6</td><td>-</td><td>+1</td><td>+5</td><td>-44</td><td>+65</td><td>-9</td><td>+15</td><td>-</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+4</td><td>-4</td></tr><tr><td>Other Asia</td><td>-79</td><td>-115</td><td>-19</td><td>-3</td><td>-11</td><td>+13</td><td>+13</td><td>+83</td><td>-77</td><td>+1</td><td>-</td><td>+5</td><td>+31</td></tr><tr><td>Total Asia</td><td>-93</td><td>+238</td><td>-96</td><td>-314</td><td>-285</td><td>-36</td><td>+64</td><td>-42</td><td>-63</td><td>+116</td><td>-47</td><td>+245</td><td>+127</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+120</td><td>+125</td><td>-54</td><td>-162</td><td>+23</td><td>+51</td><td>+18</td><td>+84</td><td>+91</td><td>-61</td><td>-27</td><td>+70</td><td>-34</td></tr><tr><td>New Zealand</td><td>-5</td><td>+61</td><td>-31</td><td>-50</td><td>+21</td><td>+13</td><td>+70</td><td>+112</td><td>-43</td><td>-15</td><td>-28</td><td>-120</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+113</td><td>+55</td><td>-1</td><td>+1</td><td>+3</td><td>-4</td><td>+2</td><td>+3</td><td>+12</td><td>-2</td><td>+1</td><td>+31</td><td>+9</td></tr><tr><td>French Morocco</td><td>+31</td><td>+2</td><td>-</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+60</td><td>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>-21</td><td>+5</td><td>-29</td><td>+2</td><td>-8</td><td>+5</td><td>-</td><td>-</td><td>+1</td><td>-1</td><td>-</td><td>+2</td><td>+2</td></tr><tr><td>All other</td><td>+187</td><td>+241</td><td>-</td><td>-41</td><td>+3</td><td>+36</td><td>+19</td><td>+30</td><td>+61</td><td>-12</td><td>-45</td><td>-196</td><td>+91</td></tr><tr><td>Total other countries</td><td>+425</td><td>+489</td><td>-115</td><td>-280</td><td>+42</td><td>+101</td><td>+109</td><td>+229</td><td>+122</td><td>-91</td><td>-39</td><td>-210</td><td>+68</td></tr><tr><td>Uidentified</td><td>-1</td><td>+2</td><td>-</td><td>-</td><td>+1</td><td>-3</td><td>-</td><td>-</td><td>+4</td><td>+1</td><td>-1</td><td>-2</td><td>-3</td></tr><tr><td>Grand total</td><td>+13,372</td><td>+2,658</td><td>-600</td><td>+2,134</td><td>+922</td><td>-1,027</td><td>+3,662</td><td>+420</td><td>+1,698</td><td>+565</td><td>-747</td><td>+1,304</td><td>+2,383</td></tr></table>
(Continued on following page)
Treasury Bulletin
86
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4. - Net Movement in Brokerage Balances, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-310</td><td>-83</td><td>+121</td><td>-366</td><td>-154</td><td>-180</td><td>+154</td><td>+345</td><td>-282</td><td>+462</td><td>+150</td><td>-769</td><td>+291</td></tr><tr><td>France</td><td>+1,539</td><td>-119</td><td>+26</td><td>+296</td><td>-328</td><td>+283</td><td>+318</td><td>+128</td><td>+107</td><td>+159</td><td>+191</td><td>+87</td><td>+391</td></tr><tr><td>Belgium</td><td>+108</td><td>+9</td><td>-69</td><td>+21</td><td>+51</td><td>-31</td><td>-4</td><td>+166</td><td>-79</td><td>+27</td><td>+12</td><td>-47</td><td>+52</td></tr><tr><td>Denmark</td><td>+39</td><td>-31</td><td>+32</td><td>+9</td><td>+4</td><td>+3</td><td>+9</td><td>-6</td><td>-3</td><td>+41</td><td>+2</td><td>-</td><td>-3</td></tr><tr><td>Finland</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+154</td><td>-7</td><td>+12</td><td>-9</td><td>+3</td><td>-15</td><td>+7</td><td>-1</td><td>-1</td><td>+2</td><td>+35</td><td>+100</td><td>+28</td></tr><tr><td>Greece</td><td>+1</td><td>-</td><td>-</td><td>+2</td><td>-1</td><td>+4</td><td>-8</td><td>+4</td><td>+6</td><td>+1</td><td>+4</td><td>+1</td><td>-4</td></tr><tr><td>Italy</td><td>+25</td><td>-65</td><td>+5</td><td>-</td><td>-</td><td>-7</td><td>+6</td><td>+56</td><td>-55</td><td>+3</td><td>+23</td><td>+1</td><td>+8</td></tr><tr><td>Luxembourg</td><td>+633</td><td>-4</td><td>-24</td><td>+44</td><td>+4</td><td>+1</td><td>+11</td><td>-48</td><td>+502</td><td>-</td><td>+129</td><td>-391</td><td>+409</td></tr><tr><td>Netherlands</td><td>+2,423</td><td>-107</td><td>+425</td><td>+103</td><td>+294</td><td>+33</td><td>+208</td><td>+318</td><td>-308</td><td>+47</td><td>+311</td><td>+157</td><td>+942</td></tr><tr><td>Norway</td><td>+285</td><td>-29</td><td>+31</td><td>+13</td><td>+30</td><td>+14</td><td>-228</td><td>+205</td><td>+31</td><td>+110</td><td>+3</td><td>-52</td><td>+157</td></tr><tr><td>Portugal</td><td>-116</td><td>+17</td><td>-25</td><td>+1</td><td>+8</td><td>+2</td><td>+4</td><td>+6</td><td>+8</td><td>-5</td><td>+3</td><td>-10</td><td>-125</td></tr><tr><td>Romania</td><td>-6</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-10</td><td>+6</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+88</td><td>-16</td><td>+9</td><td>+11</td><td>-19</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>+19</td><td>-82</td><td>+163</td></tr><tr><td>Sweden</td><td>+90</td><td>-5</td><td>+78</td><td>+88</td><td>+66</td><td>-162</td><td>-47</td><td>+57</td><td>-10</td><td>+33</td><td>-9</td><td>+39</td><td>-38</td></tr><tr><td>Switzerland</td><td>+3,758</td><td>+761</td><td>-1,245</td><td>+909</td><td>-523</td><td>+716</td><td>-506</td><td>+1,098</td><td>+318</td><td>+653</td><td>+1,001</td><td>-881</td><td>+1,457</td></tr><tr><td>U. S. S. R.</td><td>-4</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-90</td><td>+90</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>+3</td><td>-1</td><td>-1</td><td>-</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td></tr><tr><td>Other Europe</td><td>-79</td><td>-26</td><td>-30</td><td>+83</td><td>-12</td><td>+35</td><td>-127</td><td>+18</td><td>+139</td><td>-29</td><td>-24</td><td>+44</td><td>-150</td></tr><tr><td>Total Europe</td><td>+8,582</td><td>+290</td><td>-654</td><td>+1,188</td><td>-576</td><td>+696</td><td>-201</td><td>+2,347</td><td>+358</td><td>+1,420</td><td>+1,938</td><td>-1,802</td><td>+3,578</td></tr><tr><td>Canada</td><td>-1,417</td><td>-494</td><td>+273</td><td>+396</td><td>+300</td><td>-931</td><td>+345</td><td>-912</td><td>-320</td><td>-272</td><td>+2,196</td><td>-1,440</td><td>-558</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+1,141</td><td>-67</td><td>+299</td><td>+1,206</td><td>-138</td><td>+141</td><td>-341</td><td>+288</td><td>+225</td><td>-414</td><td>+145</td><td>+226</td><td>-429</td></tr><tr><td>Bolivia</td><td>+39</td><td>+4</td><td>+18</td><td>-17</td><td>+22</td><td>-2</td><td>+13</td><td>+12</td><td>-2</td><td>-9</td><td>-</td><td>-11</td><td>+11</td></tr><tr><td>Brazil</td><td>+1,252</td><td>+318</td><td>+41</td><td>+14</td><td>-47</td><td>+1,428</td><td>-53</td><td>-446</td><td>+217</td><td>+381</td><td>-228</td><td>-119</td><td>-254</td></tr><tr><td>Chile</td><td>+246</td><td>+132</td><td>-55</td><td>+51</td><td>-19</td><td>-7</td><td>+99</td><td>-13</td><td>-29</td><td>-105</td><td>+129</td><td>-3</td><td>+66</td></tr><tr><td>Colombia</td><td>+316</td><td>+136</td><td>-27</td><td>-1</td><td>-18</td><td>+46</td><td>+64</td><td>+45</td><td>-71</td><td>+17</td><td>+80</td><td>-121</td><td>+166</td></tr><tr><td>Costa Rica</td><td>-32</td><td>-3</td><td>-2</td><td>+13</td><td>-6</td><td>-9</td><td>-5</td><td>+20</td><td>-11</td><td>-10</td><td>-19</td><td>+119</td><td>-119</td></tr><tr><td>Cuba</td><td>-1,121</td><td>-185</td><td>+1,213</td><td>-1,208</td><td>-181</td><td>+37</td><td>-34</td><td>-387</td><td>+131</td><td>-253</td><td>-127</td><td>-131</td><td>+4</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-51</td><td>+51</td><td>+7</td><td>+9</td><td>-16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>+1,105</td><td>-208</td><td>-81</td><td>+332</td><td>-73</td><td>-140</td><td>+151</td><td>-78</td><td>+332</td><td>-108</td><td>+462</td><td>+237</td><td>+279</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+302</td><td>-8</td><td>+9</td><td>+370</td><td>-80</td><td>+45</td><td>+29</td><td>-6</td><td>-11</td><td>+13</td><td>-35</td><td>-14</td><td>-10</td></tr><tr><td>Panama</td><td>+255</td><td>-459</td><td>+177</td><td>-219</td><td>+134</td><td>-63</td><td>-34</td><td>-49</td><td>-280</td><td>+816</td><td>+562</td><td>-1,319</td><td>+989</td></tr><tr><td>Peru</td><td>-498</td><td>-41</td><td>-5</td><td>+3</td><td>+19</td><td>+60</td><td>-68</td><td>-</td><td>-36</td><td>-11</td><td>+4</td><td>+42</td><td>-465</td></tr><tr><td>Venezuela</td><td>-179</td><td>-175</td><td>-163</td><td>+36</td><td>+105</td><td>-19</td><td>+48</td><td>+33</td><td>-299</td><td>+132</td><td>-189</td><td>-145</td><td>+457</td></tr><tr><td>Other Latin America</td><td>-1,517</td><td>+56</td><td>+790</td><td>-1,346</td><td>-141</td><td>-199</td><td>-177</td><td>-167</td><td>+29</td><td>+339</td><td>-58</td><td>+1,389</td><td>-2,032</td></tr><tr><td>Total Latin America</td><td>+1,309</td><td>-551</td><td>+2,265</td><td>-759</td><td>-414</td><td>+1,302</td><td>-308</td><td>-748</td><td>+195</td><td>+788</td><td>+726</td><td>+150</td><td>-1,337</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+246</td><td>+52</td><td>-15</td><td>-237</td><td>-182</td><td>+116</td><td>-153</td><td>-520</td><td>-6</td><td>-89</td><td>+116</td><td>+893</td><td>+271</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bong Kong</td><td>-649</td><td>-3</td><td>-</td><td>+3</td><td>+2</td><td>-33</td><td>-32</td><td>+35</td><td>+32</td><td>+6</td><td>-4</td><td>+4</td><td>-659</td></tr><tr><td>India, Burma, and Ceylon</td><td>+35</td><td>-4</td><td>+4</td><td>-5</td><td>-464</td><td>+447</td><td>-10</td><td>-89</td><td>+89</td><td>+6</td><td>+55</td><td>-</td><td>+6</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-4</td><td>-4</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-1</td><td>+3</td><td>+1</td></tr><tr><td>Netherlands East Indies</td><td>+2</td><td>-</td><td>-4</td><td>+5</td><td>-</td><td>+1</td><td>-</td><td>+7</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-6</td><td>+8</td><td>+6</td><td>+18</td><td>-15</td><td>+10</td><td>-54</td><td>+1</td><td>-6</td><td>-14</td><td>+22</td><td>-9</td><td>+27</td></tr><tr><td>Turkey</td><td>+3</td><td>-14</td><td>+3</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-1</td><td>-</td></tr><tr><td>Other Asia</td><td>-29</td><td>-14</td><td>-20</td><td>-5</td><td>+23</td><td>-</td><td>+18</td><td>-71</td><td>+27</td><td>+156</td><td>-145</td><td>+60</td><td>-58</td></tr><tr><td>Total Asia</td><td>-402</td><td>+35</td><td>-28</td><td>-221</td><td>-637</td><td>+542</td><td>-234</td><td>-638</td><td>+131</td><td>+66</td><td>+43</td><td>+950</td><td>-411</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-254</td><td>+29</td><td>+13</td><td>+26</td><td>+6</td><td>-32</td><td>-271</td><td>-12</td><td>-</td><td>+11</td><td>-3</td><td>-15</td><td>-6</td></tr><tr><td>New Zealand</td><td>-33</td><td>+10</td><td>+1</td><td>+9</td><td>-1</td><td>+18</td><td>-67</td><td>-5</td><td>+1</td><td>-</td><td>+1</td><td>-1</td><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+3</td><td>-7</td><td>-30</td><td>+1</td><td>+14</td><td>+17</td><td>-20</td><td>+1</td><td>+16</td><td>+3</td><td>-4</td><td>+11</td><td>+1</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>+2</td><td>-1</td><td>+2</td><td>+1</td><td>-7</td><td>+1</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>+5</td><td>-</td><td>-3</td><td>-</td><td>-1</td><td>-1</td><td>+2</td><td>+8</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td></tr><tr><td>All other</td><td>+746</td><td>-25</td><td>-9</td><td>+43</td><td>+15</td><td>+8</td><td>+9</td><td>+83</td><td>+268</td><td>+296</td><td>+14</td><td>+7</td><td>+37</td></tr><tr><td>Total other countries</td><td>+467</td><td>+7</td><td>-25</td><td>+79</td><td>+36</td><td>+9</td><td>-348</td><td>+70</td><td>+286</td><td>+311</td><td>+8</td><td>+1</td><td>+33</td></tr><tr><td>Unidentified</td><td>-10</td><td>-</td><td>-</td><td>+1</td><td>+2</td><td>-2</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td></tr><tr><td>Grand total</td><td>+8,529</td><td>-713</td><td>+1,831</td><td>+684</td><td>-1,289</td><td>+1,615</td><td>-747</td><td>+119</td><td>+650</td><td>+2,313</td><td>+4,911</td><td>-2,141</td><td>+1,295</td></tr></table>
(Continued on following page)
February 1946
87
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-12</td><td>+51</td><td>-15</td><td>-130</td><td>+663</td><td>+2,538</td><td>-3,128</td><td>-290</td></tr><tr><td>France</td><td>-1,168</td><td>+970</td><td>+229</td><td>+30</td><td>-552</td><td>+254</td><td>-23</td><td>+293</td></tr><tr><td>Belgium</td><td>+170</td><td>+93</td><td>-78</td><td>+46</td><td>+74</td><td>-54</td><td>+246</td><td>-205</td></tr><tr><td>Denmark</td><td>+5</td><td>+8</td><td>-3</td><td>-</td><td>-15</td><td>+5</td><td>+30</td><td>-110</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>+5</td><td>-</td></tr><tr><td>Germany</td><td>-128</td><td>-1</td><td>+20</td><td>+6</td><td>-13</td><td>+1</td><td>+1</td><td>+9</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>+1</td></tr><tr><td>Italy</td><td>+1</td><td>+2</td><td>+10</td><td>+9</td><td>-8</td><td>+14</td><td>+14</td><td>+5</td></tr><tr><td>Luxembourg</td><td>+21</td><td>-4</td><td>+29</td><td>+38</td><td>-118</td><td>+5</td><td>-5</td><td>+300</td></tr><tr><td>Netherlande</td><td>+134</td><td>+251</td><td>-78</td><td>+424</td><td>+95</td><td>+411</td><td>+677</td><td>+173</td></tr><tr><td>Norway</td><td>-37</td><td>-121</td><td>+97</td><td>+6</td><td>+31</td><td>+117</td><td>-46</td><td>+205</td></tr><tr><td>Portugal</td><td>+146</td><td>-5</td><td>+1</td><td>-24</td><td>-9</td><td>+2</td><td>+6</td><td>+16</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>+13</td><td>-3</td><td>+2</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Spain</td><td>-152</td><td>+1</td><td>+7</td><td>-3</td><td>+8</td><td>+2</td><td>+5</td><td>-3</td></tr><tr><td>Sweden</td><td>+23</td><td>+44</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>+42</td><td>-38</td></tr><tr><td>Switzerland</td><td>-112</td><td>+1,014</td><td>+521</td><td>+240</td><td>+1,117</td><td>+187</td><td>+381</td><td>+225</td></tr><tr><td>U. S. S. R.</td><td>-9</td><td>+9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td></tr><tr><td>Rugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>-3</td><td>+142</td><td>-413</td><td>+4</td><td>-17</td><td>+42</td><td>-158</td><td>+43</td></tr><tr><td>Total Europe</td><td>-1,121</td><td>+2,454</td><td>+353</td><td>+664</td><td>+1,072</td><td>+3,674</td><td>-2,024</td><td>+626</td></tr><tr><td>Canada</td><td>+557</td><td>+305</td><td>-36</td><td>+80</td><td>+2,256</td><td>-1,367</td><td>-611</td><td>+866</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+620</td><td>-14</td><td>+741</td><td>+479</td><td>-965</td><td>-558</td><td>+341</td><td>+332</td></tr><tr><td>Bolivia</td><td>+3</td><td>-7</td><td>+3</td><td>+10</td><td>+11</td><td>+14</td><td>+1</td><td>+22</td></tr><tr><td>Brazil</td><td>-63</td><td>-303</td><td>-272</td><td>-235</td><td>-940</td><td>+961</td><td>-367</td><td>+36</td></tr><tr><td>Chile</td><td>-3</td><td>+40</td><td>+34</td><td>+64</td><td>-112</td><td>-235</td><td>+33</td><td>+239</td></tr><tr><td>Colombia</td><td>+123</td><td>-27</td><td>-53</td><td>+14</td><td>-94</td><td>-122</td><td>-34</td><td>-30</td></tr><tr><td>Costa Rica</td><td>+4</td><td>-19</td><td>+65</td><td>-11</td><td>-1</td><td>-29</td><td>+24</td><td>+48</td></tr><tr><td>Cuba</td><td>+115</td><td>+186</td><td>-59</td><td>+262</td><td>-192</td><td>-355</td><td>-317</td><td>-275</td></tr><tr><td>French West Indies and Guiana</td><td>+40</td><td>-37</td><td>-</td><td>+2</td><td>+70</td><td>-72</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>+77</td><td>-36</td><td>-293</td><td>-501</td><td>+1,313</td><td>+333</td><td>-297</td><td>-562</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+29</td><td>+39</td><td>-183</td><td>+145</td><td>-2</td><td>-365</td><td>+104</td><td>+66</td></tr><tr><td>Panama</td><td>+31</td><td>+670</td><td>+372</td><td>+398</td><td>+1,222</td><td>-1,408</td><td>+376</td><td>+134</td></tr><tr><td>Peru</td><td>-57</td><td>-25</td><td>-132</td><td>-494</td><td>+254</td><td>+590</td><td>-586</td><td>-18</td></tr><tr><td>Venezuela</td><td>+145</td><td>+72</td><td>+100</td><td>+197</td><td>+174</td><td>-1,475</td><td>-295</td><td>-212</td></tr><tr><td>Other Latin America</td><td>+79</td><td>+405</td><td>-14</td><td>-64</td><td>-244</td><td>-607</td><td>-21</td><td>-51</td></tr><tr><td>Total Latin America</td><td>+1,163</td><td>+944</td><td>+300</td><td>-530</td><td>+494</td><td>-3,328</td><td>-1,792</td><td>+4</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-1,461</td><td>-23</td><td>-134</td><td>-320</td><td>-561</td><td>-728</td><td>-233</td><td>+381</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td></tr><tr><td>Bong Kong</td><td>+658</td><td>+1</td><td>+11</td><td>+18</td><td>+1</td><td>+5</td><td>+5</td><td>+2</td></tr><tr><td>India, Burma, and Ceylon</td><td>-57</td><td>+67</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td><td>-68</td><td>+23</td></tr><tr><td>British Malaya</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-3</td><td>+1</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+56</td><td>-56</td><td>-</td><td>+112</td></tr><tr><td>Philippines Islands</td><td>+6</td><td>-1</td><td>+65</td><td>+34</td><td>-72</td><td>+14</td><td>-28</td><td>-39</td></tr><tr><td>Turkey</td><td>-</td><td>+14</td><td>+4</td><td>-3</td><td>-6</td><td>-3</td><td>+1</td><td>-</td></tr><tr><td>Other Asia</td><td>+21</td><td>+4</td><td>-14</td><td>+16</td><td>+10</td><td>+4</td><td>+16</td><td>+26</td></tr><tr><td>Total Asia</td><td>-835</td><td>+62</td><td>-79</td><td>-263</td><td>-580</td><td>-633</td><td>-307</td><td>+499</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+4</td><td>+17</td><td>+5</td><td>+22</td><td>-33</td><td>-1</td><td>+22</td><td>+17</td></tr><tr><td>New Zealand</td><td>-1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>+10</td><td>-9</td><td>-31</td><td>-2</td><td>+10</td><td>-25</td><td>+3</td></tr><tr><td>French Morocco</td><td>+3</td><td>+3</td><td>-2</td><td>-</td><td>-</td><td>+10</td><td>-9</td><td>+1</td></tr><tr><td>Union of South Africa</td><td>+3</td><td>+34</td><td>-11</td><td>-34</td><td>-3</td><td>+4</td><td>-</td><td>+33</td></tr><tr><td>All other</td><td>+18</td><td>+14</td><td>+51</td><td>+16</td><td>+12</td><td>+4</td><td>+6</td><td>+14</td></tr><tr><td>Total other countries</td><td>+27</td><td>+79</td><td>+33</td><td>-27</td><td>-26</td><td>+23</td><td>-9</td><td>+69</td></tr><tr><td>Unidentified</td><td>+14</td><td>-4</td><td>-</td><td>-2</td><td>-7</td><td>-</td><td>+54</td><td>-</td></tr><tr><td><b>Grand total</b></td><td>-195</td><td>+3,840</td><td>+521</td><td>-78</td><td>+3,209</td><td>-1,831</td><td>-4,689</td><td>+2,064</td></tr></table>
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><th></th><th></th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-9,686</td><td>-652</td><td>+1145</td><td>-2,358</td><td>-1,603</td><td>-695</td><td>-2,112</td><td>+92</td><td>-517</td><td>-508</td><td>-356</td><td>-472</td><td>-650</td></tr><tr><td>France</td><td>+6,327</td><td>+189</td><td>+365</td><td>-601</td><td>+350</td><td>+740</td><td>+281</td><td>+340</td><td>+803</td><td>+381</td><td>-384</td><td>+398</td><td>+3,465</td></tr><tr><td>Belgium</td><td>-1,620</td><td>+338</td><td>+114</td><td>+169</td><td>-158</td><td>-301</td><td>-153</td><td>-533</td><td>-318</td><td>+13</td><td>-24</td><td>-363</td><td>-404</td></tr><tr><td>Germany</td><td>-711</td><td>-10</td><td>-21</td><td>-19</td><td>+25</td><td>+5</td><td>-110</td><td>-135</td><td>-241</td><td>-85</td><td>-157</td><td>-3</td><td>+40</td></tr><tr><td>Italy</td><td>-113</td><td>-4</td><td>-6</td><td>-81</td><td>+101</td><td>+5</td><td>-8</td><td>-65</td><td>-31</td><td>-87</td><td>+19</td><td>-21</td><td>+65</td></tr><tr><td>Netherlands</td><td>+257</td><td>-75</td><td>+1</td><td>+4</td><td>-26</td><td>-56</td><td>-71</td><td>+188</td><td>-8</td><td>+12</td><td>-57</td><td>+46</td><td>+391</td></tr><tr><td>Sweden</td><td>+1,791</td><td>+18</td><td>-1,256</td><td>+299</td><td>-46</td><td>+308</td><td>+231</td><td>+940</td><td>-181</td><td>+191</td><td>-81</td><td>+857</td><td>+511</td></tr><tr><td>Switzerland</td><td>+24,786</td><td>+3,056</td><td>+818</td><td>-89</td><td>+2,856</td><td>+1,745</td><td>+1,822</td><td>+2,661</td><td>+2,030</td><td>+1,760</td><td>+3,420</td><td>+3,406</td><td>+1,301</td></tr><tr><td>Other Europe</td><td>+13,607</td><td>+314</td><td>+1,250</td><td>+368</td><td>+420</td><td>+377</td><td>+159</td><td>+278</td><td>+577</td><td>+3,554</td><td>+2,381</td><td>+1,851</td><td>+2,078</td></tr><tr><td>Total Europe</td><td>+34,638</td><td>+3,174</td><td>+1,410</td><td>-2,308</td><td>+1,919</td><td>+2,128</td><td>+39</td><td>+3,766</td><td>+2,114</td><td>+5,231</td><td>+4,761</td><td>+5,607</td><td>+6,797</td></tr><tr><td>Canada</td><td>-38,751</td><td>+1,270</td><td>-7,424</td><td>-8,618</td><td>-8,289</td><td>-6,486</td><td>-5,516</td><td>-16,998</td><td>+3,729</td><td>+91</td><td>+9,217</td><td>-2,658</td><td>+2,931</td></tr><tr><td>Latin America</td><td>+31,422</td><td>+1,559</td><td>-557</td><td>+2,568</td><td>+1,595</td><td>+6,087</td><td>+2,959</td><td>+4,755</td><td>+1,438</td><td>+179</td><td>+3,570</td><td>+2,145</td><td>+5,124</td></tr><tr><td>Asia (including Korea and Manchuria)</td><td>-35</td><td>+56</td><td>+129</td><td>+33</td><td>+14</td><td>+89</td><td>-15</td><td>+7</td><td>+2</td><td>-332</td><td>+7</td><td>+3</td><td>-28</td></tr><tr><td>Other Asia</td><td>+10,512</td><td>+89</td><td>+146</td><td>+323</td><td>-168</td><td>+467</td><td>+1,124</td><td>+262</td><td>+1,199</td><td>+173</td><td>+1,892</td><td>+4,331</td><td>+674</td></tr><tr><td>Total Asia</td><td>+10,477</td><td>+145</td><td>+275</td><td>+356</td><td>-154</td><td>+556</td><td>+1,109</td><td>+269</td><td>+1,201</td><td>-159</td><td>+1,899</td><td>+4,334</td><td>+646</td></tr><tr><td>All other</td><td>+1,449</td><td>+55</td><td>+222</td><td>+30</td><td>+246</td><td>+184</td><td>-4</td><td>+5</td><td>+199</td><td>-19</td><td>+290</td><td>+29</td><td>+218</td></tr><tr><td>Grand total</td><td>+39,235</td><td>+6,203</td><td>-6,074</td><td>-7,972</td><td>-4,683</td><td>+2,469</td><td>-1,413</td><td>-8,203</td><td>+8,681</td><td>+5,323</td><td>+19,737</td><td>+9,457</td><td>+15,710</td></tr></table>
(Continued on following page)
February 1946
89
Cap1
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-20,435</td><td>-111</td><td>-713</td><td>-1,301</td><td>-1,631</td><td>-1,410</td><td>-5,517</td><td>-2,703</td><td>+1,211</td><td>-2,814</td><td>-1,208</td><td>-1,941</td><td>-2,297</td></tr><tr><td>France</td><td>+4,644</td><td>-895</td><td>+93</td><td>-248</td><td>+1,158</td><td>+4,013</td><td>+135</td><td>-6,496</td><td>-1,894</td><td>+3,233</td><td>+1,014</td><td>+261</td><td>+90</td></tr><tr><td>Belgium</td><td>+1,535</td><td>-772</td><td>+80</td><td>-160</td><td>-742</td><td>-448</td><td>-67</td><td>+2,841</td><td>+114</td><td>+205</td><td>-33</td><td>-113</td><td>+730</td></tr><tr><td>Denmark</td><td>+1,961</td><td>+367</td><td>+3</td><td>+375</td><td>+1,395</td><td>+29</td><td>+95</td><td>+11</td><td>+12</td><td>+9</td><td>+65</td><td>+4</td><td>-206</td></tr><tr><td>Finland</td><td>+264</td><td>+2</td><td>+2</td><td>+114</td><td>+14</td><td>+3</td><td>+8</td><td>+10</td><td>-2</td><td>+71</td><td>+21</td><td>+11</td><td>+10</td></tr><tr><td>Germany</td><td>-18</td><td>+8</td><td>-29</td><td>-19</td><td>+23</td><td>-2</td><td>-27</td><td>-30</td><td>+5</td><td>+48</td><td>-3</td><td>+4</td><td>+1</td></tr><tr><td>Greece</td><td>-137</td><td>+4</td><td>-108</td><td>-28</td><td>+4</td><td>-</td><td>+2</td><td>-10</td><td>+4</td><td>-3</td><td>+6</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>+680</td><td>-2</td><td>-20</td><td>+39</td><td>-90</td><td>+87</td><td>+463</td><td>+90</td><td>+52</td><td>+43</td><td>+7</td><td>-16</td><td>+27</td></tr><tr><td>Luxembourg</td><td>-111</td><td>+16</td><td>+15</td><td>+43</td><td>+16</td><td>+9</td><td>-124</td><td>+18</td><td>-6</td><td>-41</td><td>+14</td><td>-1</td><td>-70</td></tr><tr><td>Netherlands</td><td>+4,374</td><td>+859</td><td>+414</td><td>+61</td><td>+1,127</td><td>+1,106</td><td>+213</td><td>+149</td><td>-156</td><td>+129</td><td>+594</td><td>+8</td><td>-130</td></tr><tr><td>Norway</td><td>+2,360</td><td>-6</td><td>+702</td><td>+159</td><td>+59</td><td>+46</td><td>+34</td><td>+206</td><td>+815</td><td>+153</td><td>+71</td><td>+78</td><td>+43</td></tr><tr><td>Portugal</td><td>+1</td><td>-15</td><td>-3</td><td>-9</td><td>+35</td><td>+22</td><td>+135</td><td>+18</td><td>-10</td><td>+1</td><td>+9</td><td>-32</td><td>-150</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+24</td><td>+1</td><td>-10</td><td>+3</td><td>-1</td><td>+54</td><td>+2</td><td>+41</td><td>+8</td><td>-24</td><td>+33</td><td>-1</td><td>-15</td></tr><tr><td>Sweden</td><td>+3,356</td><td>+269</td><td>+38</td><td>+420</td><td>+2,415</td><td>-74</td><td>-24</td><td>+30</td><td>-567</td><td>-139</td><td>-501</td><td>+1,612</td><td>-147</td></tr><tr><td>Switzerland</td><td>+6,531</td><td>+2,880</td><td>+1,803</td><td>+31</td><td>+2,068</td><td>+132</td><td>+250</td><td>-357</td><td>-2,252</td><td>+2,307</td><td>+102</td><td>+1,702</td><td>-1,535</td></tr><tr><td>U. S. S. R.</td><td>+523</td><td>+42</td><td>+163</td><td>+14</td><td>-</td><td>+10</td><td>-</td><td>+144</td><td>+2</td><td>+7</td><td>+121</td><td>+13</td><td>+7</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+3,682</td><td>+46</td><td>+130</td><td>+136</td><td>+43</td><td>+4</td><td>+43</td><td>+64</td><td>+18</td><td>+7</td><td>+1,216</td><td>-1</td><td>-21</td></tr><tr><td>Total Europe</td><td>+5,054</td><td>+2,085</td><td>+2,454</td><td>-370</td><td>+5,893</td><td>+3,581</td><td>-4,569</td><td>-6,011</td><td>-2,746</td><td>+3,191</td><td>+3,529</td><td>+1,577</td><td>-3,560</td></tr><tr><td>Canada</td><td>+31,070</td><td>-86,520</td><td>-15,234</td><td>+57,488</td><td>-5,182</td><td>-9,729</td><td>-1,306</td><td>-17,309</td><td>+107,461</td><td>+23,951</td><td>-7,413</td><td>-2,849</td><td>-12,288</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+5,611</td><td>-251</td><td>-618</td><td>-748</td><td>-477</td><td>+1,028</td><td>+563</td><td>+386</td><td>+662</td><td>+1,986</td><td>+1,276</td><td>+166</td><td>+1,638</td></tr><tr><td>Bolivia</td><td>+99</td><td>+19</td><td>-83</td><td>+10</td><td>+9</td><td>+27</td><td>+36</td><td>-</td><td>+12</td><td>+24</td><td>-</td><td>+47</td><td>-2</td></tr><tr><td>Brazil</td><td>+1,520</td><td>+325</td><td>+274</td><td>+259</td><td>-4</td><td>+71</td><td>+89</td><td>+82</td><td>+75</td><td>-47</td><td>+10</td><td>+234</td><td>+152</td></tr><tr><td>Chile</td><td>+1,384</td><td>-22</td><td>-34</td><td>-268</td><td>-256</td><td>+1,079</td><td>-78</td><td>+26</td><td>-200</td><td>+89</td><td>+89</td><td>+718</td><td>+241</td></tr><tr><td>Colombia</td><td>+2,440</td><td>+219</td><td>+162</td><td>+345</td><td>+97</td><td>+310</td><td>+676</td><td>-47</td><td>+26</td><td>+118</td><td>+269</td><td>+129</td><td>+136</td></tr><tr><td>Costa Rica</td><td>-106</td><td>-15</td><td>-14</td><td>-16</td><td>+16</td><td>-6</td><td>-39</td><td>+2</td><td>+9</td><td>-</td><td>-20</td><td>+12</td><td>-35</td></tr><tr><td>Cuba</td><td>+8,887</td><td>+1,162</td><td>+984</td><td>+1,759</td><td>+936</td><td>+40</td><td>+169</td><td>-358</td><td>+2,168</td><td>+1,543</td><td>+180</td><td>+238</td><td>+66</td></tr><tr><td>French West Indies and Guiana</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-4</td><td>-</td><td>-3</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Mexico</td><td>+3,733</td><td>-65</td><td>+13</td><td>+413</td><td>-126</td><td>+242</td><td>+116</td><td>+165</td><td>+1,232</td><td>+951</td><td>+140</td><td>+431</td><td>+221</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>-143</td><td>+50</td><td>+12</td><td>+26</td><td>-22</td><td>+79</td><td>-36</td><td>-13</td><td>-48</td><td>+96</td><td>+14</td><td>+5</td></tr><tr><td>Panama</td><td>+4,967</td><td>-39</td><td>-498</td><td>+369</td><td>+1,846</td><td>+135</td><td>-449</td><td>-1,162</td><td>-365</td><td>+22</td><td>+893</td><td>+2,809</td><td>+1,406</td></tr><tr><td>Peru</td><td>+77</td><td>-8</td><td>+83</td><td>+22</td><td>-126</td><td>-36</td><td>+146</td><td>+191</td><td>-296</td><td>+83</td><td>+33</td><td>+8</td><td>+27</td></tr><tr><td>Voosuela</td><td>+1,365</td><td>+263</td><td>+339</td><td>+224</td><td>+213</td><td>+191</td><td>+99</td><td>+79</td><td>+176</td><td>+160</td><td>+87</td><td>-264</td><td>-202</td></tr><tr><td>Other Latino America</td><td>+2,128</td><td>-73</td><td>-24</td><td>-139</td><td>-1</td><td>-122</td><td>-227</td><td>+20</td><td>-134</td><td>+2,209</td><td>-24</td><td>+89</td><td>+54</td></tr><tr><td>Total Latino America</td><td>+32,111</td><td>+1,372</td><td>+634</td><td>+2,242</td><td>+2,147</td><td>+2,883</td><td>+1,180</td><td>-655</td><td>+3,355</td><td>+7,090</td><td>+3,029</td><td>+4,631</td><td>+4,203</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+67</td><td>-11</td><td>-136</td><td>+708</td><td>+1,482</td><td>-965</td><td>-146</td><td>-1</td><td>+1,062</td><td>+284</td><td>-1,336</td><td>+60</td><td>-934</td></tr><tr><td>French Indo-China</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-78</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>-135</td></tr><tr><td>Hong Kong</td><td>-155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>-571</td><td>-10</td><td>-108</td><td>-52</td><td>-202</td><td>-250</td><td>-40</td><td>-99</td><td>-136</td><td>-11</td><td>+29</td><td>-11</td><td>+319</td></tr><tr><td>British Malaya</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-28</td><td>-</td><td>-7</td><td>-7</td><td>-7</td><td>-3</td><td>-</td><td>-9</td><td>+7</td><td>-1</td><td>+10</td><td>-</td><td>-11</td></tr><tr><td>Netherlands East Indies</td><td>+35,400</td><td>+1,100</td><td>+3</td><td>+8,000</td><td>+1,000</td><td>+1,000</td><td>+14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-244</td><td>-20</td><td>+45</td><td>-45</td><td>-22</td><td>+136</td><td>-67</td><td>+166</td><td>+107</td><td>-27</td><td>+28</td><td>+9</td><td>-554</td></tr><tr><td>Turkey</td><td>+180</td><td>+1</td><td>+22</td><td>+42</td><td>-2</td><td>+53</td><td>-1</td><td>+16</td><td>-1</td><td>-14</td><td>-9</td><td>+15</td><td>-2</td></tr><tr><td>Other Asia</td><td>+990</td><td>+36</td><td>+352</td><td>+297</td><td>+44</td><td>+106</td><td>+198</td><td>+98</td><td>-21</td><td>-139</td><td>+17</td><td>-50</td><td>+32</td></tr><tr><td>Total Asia</td><td>+35,556</td><td>+1,096</td><td>+171</td><td>+8,943</td><td>+2,313</td><td>+77</td><td>-56</td><td>+14,443</td><td>+2,018</td><td>+8,164</td><td>-911</td><td>+583</td><td>-1,285</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,382</td><td>+244</td><td>+84</td><td>+80</td><td>+393</td><td>+117</td><td>+59</td><td>+30</td><td>+69</td><td>+28</td><td>+82</td><td>+145</td><td>+51</td></tr><tr><td>New Zealand</td><td>-5</td><td>+8</td><td>+3</td><td>-7</td><td>-</td><td>+6</td><td>-</td><td>-</td><td>-13</td><td>-</td><td>-7</td><td>-</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-50</td><td>+5</td><td>+3</td><td>-4</td><td>-23</td><td>+36</td><td>-2</td><td>+9</td><td>-7</td><td>+5</td><td>+3</td><td>-8</td><td>-61</td></tr><tr><td>French Morocco</td><td>+86</td><td>-</td><td>+2</td><td>+75</td><td>+29</td><td>-3</td><td>+12</td><td>-17</td><td>-11</td><td>-23</td><td>+20</td><td>+4</td><td>-2</td></tr><tr><td>Union of South Africa</td><td>-335</td><td>-4</td><td>-63</td><td>-20</td><td>-17</td><td>-5</td><td>+7</td><td>-36</td><td>-1148</td><td>-6</td><td>-12</td><td>-5</td><td>+4</td></tr><tr><td>All other</td><td>+1,261</td><td>-3</td><td>+38</td><td>+86</td><td>+472</td><td>+83</td><td>-37</td><td>-17</td><td>+278</td><td>+143</td><td>+15</td><td>+204</td><td>-1</td></tr><tr><td>Total other countries</td><td>+2,339</td><td>+250</td><td>+67</td><td>+210</td><td>+824</td><td>+234</td><td>+39</td><td>-31</td><td>+168</td><td>+147</td><td>+101</td><td>+340</td><td>-10</td></tr><tr><td>Unidentified</td><td>-667</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-15</td><td>-639</td><td>-</td><td>-</td><td>-43</td><td>-</td></tr><tr><td>Grand total</td><td>+105,463</td><td>-81,717</td><td>-11,908</td><td>+68,513</td><td>+5,995</td><td>-2,954</td><td>-4,712</td><td>-9,548</td><td>+109,617</td><td>+42,543</td><td>-1,665</td><td>+4,239</td><td>-12,940</td></tr></table>
(Continued on following page)
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-26,274</td><td>-2,844</td><td>-1,835</td><td>-3,052</td><td>-1,621</td><td>-1,892</td><td>-3,171</td><td>-492</td><td>-4,495</td><td>-1,574</td><td>-1,119</td><td>-1,682</td><td>-2,497</td></tr><tr><td>France</td><td>-4,994</td><td>-408</td><td>+2,372</td><td>-13,270</td><td>+706</td><td>-1,582</td><td>+8,473</td><td>+172</td><td>-1,953</td><td>-10,197</td><td>+3,290</td><td>+36</td><td>+7,367</td></tr><tr><td>Belgium</td><td>-7,510</td><td>-351</td><td>-78</td><td>+395</td><td>+68</td><td>-1,574</td><td>-6,321</td><td>-166</td><td>-21</td><td>-31</td><td>-44</td><td>-12</td><td>+625</td></tr><tr><td>Denmark</td><td>+86</td><td>+5</td><td>-5</td><td>+76</td><td>-59</td><td>+5</td><td>+89</td><td>-41</td><td>-154</td><td>-1</td><td>-98</td><td>-49</td><td>+318</td></tr><tr><td>Finland</td><td>+136</td><td>+7</td><td>+1</td><td>+73</td><td>+20</td><td>+21</td><td>+16</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+66</td><td>-9</td><td>-1</td><td>-</td><td>+5</td><td>+15</td><td>-7</td><td>+4</td><td>+9</td><td>-7</td><td>+28</td><td>+26</td><td>+1</td></tr><tr><td>Greece</td><td>-420</td><td>-28</td><td>-12</td><td>-134</td><td>+4</td><td>+2</td><td>+8</td><td>+5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-265</td></tr><tr><td>Italy</td><td>+979</td><td>+242</td><td>+76</td><td>-5</td><td>-10</td><td>-18</td><td>+64</td><td>+82</td><td>-109</td><td>-13</td><td>+76</td><td>+250</td><td>+344</td></tr><tr><td>Luxembourg</td><td>-718</td><td>-17</td><td>-5</td><td>-19</td><td>-</td><td>+2</td><td>-8</td><td>-3</td><td>-550</td><td>+4</td><td>-108</td><td>-26</td><td>+12</td></tr><tr><td>Netherlands</td><td>-264</td><td>+566</td><td>+33</td><td>-282</td><td>-149</td><td>+1</td><td>+716</td><td>-173</td><td>-353</td><td>+86</td><td>-58</td><td>-320</td><td>-371</td></tr><tr><td>Norway</td><td>+2,348</td><td>+177</td><td>+574</td><td>+86</td><td>+48</td><td>+78</td><td>+327</td><td>+151</td><td>+574</td><td>+154</td><td>+51</td><td>+67</td><td>+61</td></tr><tr><td>Portugal</td><td>+262</td><td>+16</td><td>+48</td><td>+51</td><td>+81</td><td>-15</td><td>+11</td><td>-12</td><td>+51</td><td>+21</td><td>-5</td><td>+5</td><td>+10</td></tr><tr><td>Rumania</td><td>+30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+30</td><td>-</td></tr><tr><td>Spain</td><td>-1,620</td><td>+5</td><td>-1,455</td><td>+16</td><td>-5</td><td>+34</td><td>-30</td><td>-16</td><td>+19</td><td>-1</td><td>-128</td><td>+6</td><td>-65</td></tr><tr><td>Sweden</td><td>+2,025</td><td>-136</td><td>-13</td><td>-147</td><td>-60</td><td>-142</td><td>-75</td><td>-631</td><td>+3,550</td><td>-119</td><td>-115</td><td>-139</td><td>+52</td></tr><tr><td>Switzerland</td><td>+1,035</td><td>-831</td><td>+2,118</td><td>+150</td><td>+734</td><td>-509</td><td>+395</td><td>-123</td><td>-103</td><td>-1,547</td><td>-551</td><td>+1,845</td><td>-543</td></tr><tr><td>U. S. S. R.</td><td>+51</td><td>+20</td><td>+6</td><td>+6</td><td>+5</td><td>-5</td><td>+4</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+9</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+22,585</td><td>-15</td><td>+27</td><td>+37</td><td>+4,614</td><td>+4</td><td>+15,891</td><td>-13</td><td>-22</td><td>-61</td><td>+32</td><td>+85</td><td>+2,006</td></tr><tr><td>Total Europe</td><td>-12,201</td><td>-3,601</td><td>+1,851</td><td>-16,019</td><td>+4,381</td><td>-5,535</td><td>+16,385</td><td>-1,256</td><td>-3,559</td><td>-13,285</td><td>+1,249</td><td>+131</td><td>+7,057</td></tr><tr><td>Canada</td><td>+93,850</td><td>-328</td><td>-7,266</td><td>-21,625</td><td>-4,280</td><td>-6,357</td><td>+27,717</td><td>+69,583</td><td>+6,320</td><td>+50,672</td><td>-5,320</td><td>-6,859</td><td>-8,407</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+16,709</td><td>+2,300</td><td>+287</td><td>+442</td><td>+491</td><td>+749</td><td>+226</td><td>+2,933</td><td>+1,040</td><td>+4,062</td><td>+745</td><td>+1,658</td><td>+1,776</td></tr><tr><td>Bolivia</td><td>+1,058</td><td>+3</td><td>+23</td><td>-11</td><td>+21</td><td>-50</td><td>-3</td><td>+27</td><td>+3</td><td>+917</td><td>-15</td><td>+108</td><td>+35</td></tr><tr><td>Brazil</td><td>+4,394</td><td>+92</td><td>-75</td><td>-226</td><td>+183</td><td>-60</td><td>-40</td><td>+669</td><td>+1,672</td><td>+284</td><td>+299</td><td>+564</td><td>+1,032</td></tr><tr><td>Chile</td><td>+1,124</td><td>-164</td><td>-14</td><td>-62</td><td>+60</td><td>+1,153</td><td>-14</td><td>-95</td><td>+147</td><td>+82</td><td>-86</td><td>+45</td><td>+72</td></tr><tr><td>Colombia</td><td>+2,933</td><td>-250</td><td>+43</td><td>+14</td><td>+43</td><td>+38</td><td>+304</td><td>+216</td><td>+535</td><td>+309</td><td>+1,092</td><td>+264</td><td>+725</td></tr><tr><td>Costa Rica</td><td>-70</td><td>+9</td><td>-4</td><td>-16</td><td>+7</td><td>+14</td><td>-13</td><td>-52</td><td>-8</td><td>+11</td><td>+6</td><td>-5</td><td>-19</td></tr><tr><td>Cuba</td><td>+1,822</td><td>+16</td><td>+364</td><td>-731</td><td>+245</td><td>-4</td><td>-27</td><td>+3,329</td><td>-1,696</td><td>+43</td><td>-45</td><td>-662</td><td>+990</td></tr><tr><td>French West Indies and Guiana</td><td>-13</td><td>-</td><td>+14</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td></tr><tr><td>Mexico</td><td>+6,164</td><td>-205</td><td>+115</td><td>-139</td><td>+300</td><td>+1,170</td><td>+2,518</td><td>+1,939</td><td>+47</td><td>+478</td><td>-40</td><td>-375</td><td>+356</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-649</td><td>+13</td><td>-88</td><td>-98</td><td>-7</td><td>-21</td><td>+172</td><td>+18</td><td>-22</td><td>-125</td><td>-11</td><td>-601</td><td>+121</td></tr><tr><td>Panama</td><td>+4,110</td><td>+1,318</td><td>+195</td><td>+93</td><td>-82</td><td>+230</td><td>-722</td><td>+1,215</td><td>+828</td><td>+1,063</td><td>-374</td><td>+1,068</td><td>-722</td></tr><tr><td>Paru</td><td>+515</td><td>+222</td><td>+48</td><td>+98</td><td>+188</td><td>+64</td><td>+54</td><td>-80</td><td>+15</td><td>-7</td><td>+51</td><td>-29</td><td>+19</td></tr><tr><td>Venezuela</td><td>+408</td><td>+121</td><td>+179</td><td>-16</td><td>+12</td><td>+127</td><td>-222</td><td>+24</td><td>+384</td><td>-93</td><td>-13</td><td>+232</td><td>-327</td></tr><tr><td>Other Latin America</td><td>+5,747</td><td>+64</td><td>+220</td><td>+288</td><td>+126</td><td>+232</td><td>+763</td><td>+479</td><td>+300</td><td>+527</td><td>+166</td><td>+1,527</td><td>+1,055</td></tr><tr><td>Total Latin America</td><td>+44,252</td><td>+3,539</td><td>+1,307</td><td>-364</td><td>+1,586</td><td>+3,515</td><td>+2,996</td><td>+10,601</td><td>+3,245</td><td>+7,551</td><td>+1,775</td><td>+3,788</td><td>+4,713</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+170,438</td><td>+30</td><td>+5</td><td>-7</td><td>-612</td><td>-47</td><td>+618</td><td>+1,124</td><td>+239</td><td>-98</td><td>-243</td><td>-599</td><td>+170,028</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>+69</td><td>+30</td><td>+8</td><td>-</td><td>-116</td><td>+33</td><td>+81</td><td>+4</td><td>+10</td><td>-5</td><td>+9</td><td>+1</td><td>+14</td></tr><tr><td>India, Burma, and Ceylon</td><td>+427</td><td>-4</td><td>+62</td><td>+14</td><td>+455</td><td>+79</td><td>+4</td><td>-60</td><td>-19</td><td>+172</td><td>-52</td><td>-52</td><td>-172</td></tr><tr><td>British Malaya</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-157</td><td>-110</td><td>-1</td><td>-8</td><td>-</td><td>-24</td><td>+4</td><td>-6</td><td>-8</td><td>-1</td><td>-</td><td>-11</td><td>+8</td></tr><tr><td>Netherlands East Indies</td><td>+6,002</td><td>-12</td><td>-46</td><td>+5,000</td><td>+26</td><td>-9</td><td>+500</td><td>+500</td><td>+36</td><td>+51</td><td>-70</td><td>+13</td><td>-36</td><td>+126</td></tr><tr><td>Philippine Islands</td><td>+77</td><td>+68</td><td>-46</td><td>-147</td><td>+26</td><td>-9</td><td>+134</td><td>-56</td><td>+16</td><td>+24</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>+40</td><td>-12</td><td>-5</td><td>-1</td><td>+14</td><td>-</td><td>+3</td><td>-13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+14</td></tr><tr><td>Other Asia</td><td>+221</td><td>+171</td><td>-31</td><td>+43</td><td>-13</td><td>+58</td><td>+11</td><td>+282</td><td>+35</td><td>+1</td><td>-116</td><td>-208</td><td>-12</td></tr><tr><td>Total Asia</td><td>+177,115</td><td>+161</td><td>-8</td><td>+4,894</td><td>-246</td><td>+90</td><td>+1,355</td><td>+1,773</td><td>+309</td><td>+145</td><td>-472</td><td>-892</td><td>+170,006</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,339</td><td>+39</td><td>+279</td><td>+57</td><td>+202</td><td>+59</td><td>+24</td><td>+20</td><td>+336</td><td>+88</td><td>+224</td><td>+25</td><td>-14</td></tr><tr><td>New Zealand</td><td>-21</td><td>-</td><td>-9</td><td>-</td><td>-6</td><td>-</td><td>-1</td><td>-7</td><td>-2</td><td>+9</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+85</td><td>-2</td><td>-7</td><td>+25</td><td>-</td><td>-</td><td>+3</td><td>+78</td><td>-1</td><td>-1</td><td>-</td><td>-8</td><td>-2</td></tr><tr><td>French Morocco</td><td>-39</td><td>-</td><td>-3</td><td>-37</td><td>+24</td><td>-11</td><td>+8</td><td>+16</td><td>-1</td><td>-30</td><td>+6</td><td>+4</td><td>-15</td></tr><tr><td>Union of South Africa</td><td>-334</td><td>+1</td><td>+6</td><td>-3</td><td>+1</td><td>+2</td><td>-85</td><td>-205</td><td>-42</td><td>+22</td><td>-15</td><td>-6</td><td>-10</td></tr><tr><td>All other</td><td>+185</td><td>+45</td><td>+4</td><td>-6</td><td>-6</td><td>+32</td><td>+437</td><td>-65</td><td>-309</td><td>-148</td><td>+70</td><td>+6</td><td>+125</td></tr><tr><td>Total other countries</td><td>+1,215</td><td>+83</td><td>+270</td><td>+36</td><td>+215</td><td>+82</td><td>+386</td><td>-163</td><td>-19</td><td>-60</td><td>+280</td><td>+21</td><td>+84</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>+304,231</td><td>-146</td><td>-3,846</td><td>-33,079</td><td>+1,656</td><td>-8,205</td><td>+48,840</td><td>+80,538</td><td>+6,296</td><td>+45,023</td><td>-2,488</td><td>-3,811</td><td>+173,453</td></tr></table>
(Continued on following page)
February 1946
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-3,602</td><td>-3,949</td><td>-4,830</td><td>-6,235</td><td>-4,469</td><td>+2,037</td><td>-1,321</td><td>-1,125</td></tr><tr><td>France</td><td>-72</td><td>-89</td><td>-8,828</td><td>-904</td><td>-771</td><td>+11,211</td><td>-6,002</td><td>-557</td></tr><tr><td>Belgium</td><td>-69</td><td>+76</td><td>-739</td><td>-1,049</td><td>+96</td><td>+2,022</td><td>-82</td><td>-195</td></tr><tr><td>Denmark</td><td>-35</td><td>+101</td><td>+398</td><td>+41</td><td>-38</td><td>+328</td><td>+14</td><td>-105</td></tr><tr><td>Finland</td><td>-</td><td>+22</td><td>+1</td><td>+4</td><td>+1</td><td>-</td><td>+3</td><td>-1</td></tr><tr><td>Germany</td><td>+6</td><td>+6</td><td>-3</td><td>-14</td><td>+10</td><td>+37</td><td>+7</td><td>+8</td></tr><tr><td>Greece</td><td>-10</td><td>-</td><td>-150</td><td>+15</td><td>-86</td><td>-</td><td>-57</td><td>+142</td></tr><tr><td>Italy</td><td>-111</td><td>+323</td><td>-5</td><td>+10</td><td>-1,366</td><td>+1,376</td><td>-354</td><td>-25</td></tr><tr><td>Luxembourg</td><td>-17</td><td>-9</td><td>-1</td><td>-11</td><td>-56</td><td>+19</td><td>+90</td><td>-33</td></tr><tr><td>Netherlands</td><td>+6</td><td>+77</td><td>+12</td><td>+298</td><td>-122</td><td>+1,991</td><td>-183</td><td>-300</td></tr><tr><td>Norway</td><td>-2</td><td>+14</td><td>+169</td><td>+91</td><td>-3</td><td>+227</td><td>-63</td><td>+1,889</td></tr><tr><td>Portugal</td><td>-34</td><td>+28</td><td>+79</td><td>+20</td><td>+13</td><td>+6</td><td>+8</td><td>-2</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td></tr><tr><td>Spain</td><td>-6</td><td>-8</td><td>+5</td><td>-236</td><td>+82</td><td>+210</td><td>+51</td><td>+84</td></tr><tr><td>Sweden</td><td>-117</td><td>+190</td><td>-2,363</td><td>-239</td><td>+914</td><td>-34</td><td>+12</td><td>-92</td></tr><tr><td>Switzerland</td><td>-2,353</td><td>-2,641</td><td>-1,152</td><td>-2,155</td><td>-778</td><td>+3,840</td><td>+713</td><td>-1,491</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>+3</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+6</td></tr><tr><td>Yugoslavia</td><td>-</td><td>+1</td><td>-</td><td>-77</td><td>-</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Other Europe</td><td>+70</td><td>-1,108</td><td>-6,133</td><td>+87</td><td>-33</td><td>+129</td><td>-1,027</td><td>-103</td></tr><tr><td><b>Total Europe</b></td><td><b>-6,356</b></td><td><b>-6,963</b></td><td><b>-23,539</b></td><td><b>-10,354</b></td><td><b>-6,546</b></td><td><b>+23,470</b></td><td><b>-8,541</b></td><td><b>-2,063</b></td></tr><tr><td><b>Canada</b></td><td><b>+7,314</b></td><td><b>-50,283</b></td><td><b>-5,643</b></td><td><b>+22,920</b></td><td><b>+13,602</b></td><td><b>-4,412</b></td><td><b>-5,721</b></td><td><b>-24,253</b></td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+256</td><td>+18</td><td>-35</td><td>-19</td><td>+1,634</td><td>+1,685</td><td>-456</td><td>+240</td></tr><tr><td>Bolivia</td><td>-17</td><td>+14</td><td>+5</td><td>+20</td><td>+2</td><td>-46</td><td>+451</td><td>+13</td></tr><tr><td>Brazil</td><td>+294</td><td>+95</td><td>+349</td><td>+233</td><td>+333</td><td>+1,186</td><td>+370</td><td>+372</td></tr><tr><td>Chile</td><td>-127</td><td>-72</td><td>+651</td><td>-89</td><td>+2,453</td><td>+264</td><td>+23</td><td>-95</td></tr><tr><td>Colombia</td><td>+45</td><td>+111</td><td>-347</td><td>+109</td><td>+114</td><td>+315</td><td>+230</td><td>-5</td></tr><tr><td>Costa Rica</td><td>-3</td><td>+13</td><td>-60</td><td>+3</td><td>-11</td><td>+23</td><td>-19</td><td>-7</td></tr><tr><td>Cuba</td><td>+166</td><td>+189</td><td>+168</td><td>+481</td><td>-115</td><td>+741</td><td>+719</td><td>+879</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-5</td><td>+10</td><td>-3</td><td>-</td><td>-9</td><td>-</td><td>-17</td></tr><tr><td>Mexico</td><td>-267</td><td>-10</td><td>+261</td><td>-14</td><td>-318</td><td>-24</td><td>+289</td><td>+73</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>-82</td><td>-52</td><td>+11</td><td>+10</td><td>+5</td><td>+163</td><td>+72</td><td>-208</td></tr><tr><td>Panama</td><td>+1,892</td><td>-733</td><td>+45</td><td>+547</td><td>-2,072</td><td>+804</td><td>-1,212</td><td>-1,616</td></tr><tr><td>Peru</td><td>+46</td><td>-29</td><td>+214</td><td>+82</td><td>+282</td><td>+617</td><td>+111</td><td>-68</td></tr><tr><td>Venezuela</td><td>-253</td><td>-117</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td><td>+349</td><td>+117</td></tr><tr><td>Other Latin America</td><td>+254</td><td>+438</td><td>-78</td><td>+524</td><td>+205</td><td>+1,858</td><td>+173</td><td>+917</td></tr><tr><td><b>Total Latin America</b></td><td><b>+2,204</b></td><td><b>-110</b></td><td><b>+1,211</b></td><td><b>+857</b></td><td><b>+2,173</b></td><td><b>+7,597</b></td><td><b>+1,100</b></td><td><b>+555</b></td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+580</td><td>+943</td><td>-27</td><td>+887</td><td>+765</td><td>+16,541</td><td>+11,837</td><td>-1,100</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-7</td><td>-1</td><td>+1</td><td>-6</td><td>+11</td><td>-10</td><td>+2</td><td>-34</td></tr><tr><td>India, Burma, and Ceylon</td><td>+115</td><td>-73</td><td>-97</td><td>-282</td><td>-208</td><td>+1,230</td><td>-12</td><td>-33</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td></tr><tr><td>Netherlande East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-25</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-50</td><td>+180</td><td>+93</td><td>-34</td><td>+12</td><td>-38</td><td>-104</td><td>-137</td></tr><tr><td>Turkey</td><td>-1</td><td>+2</td><td>+26</td><td>+41</td><td>+7</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Other Asia</td><td>-76</td><td>-94</td><td>-161</td><td>-28</td><td>+29</td><td>-30</td><td>+15</td><td>-19</td></tr><tr><td><b>Total Asia</b></td><td><b>+561</b></td><td><b>+957</b></td><td><b>-165</b></td><td><b>+542</b></td><td><b>+641</b></td><td><b>+17,696</b></td><td><b>+11,768</b></td><td><b>-1,722</b></td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+37</td><td>+33</td><td>+63</td><td>+101</td><td>-63</td><td>+46</td><td>-2</td><td>+284</td></tr><tr><td>New Zealand</td><td>+5</td><td>-</td><td>-</td><td>-6</td><td>+5</td><td>-</td><td>-6</td><td>-3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+8</td><td>-8</td><td>-55</td><td>-8</td><td>+1</td><td>-41</td><td>+4</td><td>-11</td></tr><tr><td>French Morocco</td><td>-24</td><td>-35</td><td>+35</td><td>-2</td><td>+4</td><td>-3</td><td>+14</td><td>-12</td></tr><tr><td>Union of South Africa</td><td>-36</td><td>-39</td><td>-71</td><td>-87</td><td>-30</td><td>+15</td><td>-106</td><td>-35</td></tr><tr><td>All other</td><td>-25</td><td>-143</td><td>-5</td><td>-54</td><td>+102</td><td>+29</td><td>+66</td><td>+4</td></tr><tr><td><b>Total other countries</b></td><td><b>-35</b></td><td><b>-192</b></td><td><b>+7</b></td><td><b>-56</b></td><td><b>+19</b></td><td><b>+46</b></td><td><b>-28</b></td><td><b>+227</b></td></tr><tr><td><b>Unidentified</b></td><td><b>-13</b></td><td><b>+3</b></td><td><b>-</b></td><td><b>-3</b></td><td><b>-</b></td><td><b>-</b></td><td><b>-1</b></td><td><b>-</b></td></tr><tr><td><b>Grand total</b></td><td><b>+3,705</b></td><td><b>-56,588</b></td><td><b>-28,129</b></td><td><b>+13,906</b></td><td><b>+9,849</b></td><td><b>+44,357</b></td><td><b>-1,423</b></td><td><b>-26,846</b></td></tr></table>
1/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing sales of Canadian long-term securities, and (b) the inclu-
eion of $2,564 thousand representing redemptions on July 1 of Argentine securities.
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of August 1945
Table 1.- Short-Term Claims on Foreigners as of August 31, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>31,602</td><td>16,435</td><td>9,776</td><td>647</td><td>6,012</td><td>15,167</td><td>13,225</td><td>1,218</td><td>724</td></tr><tr><td>France</td><td>1,234</td><td>114</td><td>47</td><td>40</td><td>27</td><td>1,120</td><td>604</td><td>-</td><td>516</td></tr><tr><td>Belgium</td><td>708</td><td>23</td><td>8</td><td>11</td><td>4</td><td>685</td><td>552</td><td>-</td><td>133</td></tr><tr><td>Denmark</td><td>9</td><td>3</td><td>3</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Finland</td><td>3</td><td>2</td><td>1</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>33,866</td><td>70</td><td>7</td><td>45</td><td>18</td><td>33,796</td><td>20,556</td><td>67</td><td>13,173</td></tr><tr><td>Greece</td><td>640</td><td>20</td><td>-</td><td>8</td><td>12</td><td>620</td><td>-</td><td>-</td><td>620</td></tr><tr><td>Italy</td><td>344</td><td>245</td><td>25</td><td>209</td><td>11</td><td>29</td><td>-</td><td>-</td><td>29</td></tr><tr><td>Luxembourg</td><td>69</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69</td><td>-</td><td>-</td><td>69</td></tr><tr><td>Netherlande</td><td>448</td><td>92</td><td>43</td><td>49</td><td>-</td><td>356</td><td>140</td><td>-</td><td>216</td></tr><tr><td>Norway</td><td>61</td><td>32</td><td>4</td><td>-</td><td>28</td><td>29</td><td>-</td><td>-</td><td>29</td></tr><tr><td>Portugal</td><td>282</td><td>47</td><td>44</td><td>2</td><td>1</td><td>235</td><td>34</td><td>-</td><td>201</td></tr><tr><td>Rumandie</td><td>28</td><td>4</td><td>1</td><td>3</td><td>-</td><td>24</td><td>1</td><td>-</td><td>23</td></tr><tr><td>Spain</td><td>1,437</td><td>155</td><td>3</td><td>42</td><td>110</td><td>1,282</td><td>893</td><td>-</td><td>384</td></tr><tr><td>Sweden</td><td>1,498</td><td>138</td><td>108</td><td>23</td><td>7</td><td>1,360</td><td>1,219</td><td>-</td><td>141</td></tr><tr><td>Switzerland</td><td>1,976</td><td>1,206</td><td>60</td><td>1,140</td><td>6</td><td>770</td><td>128</td><td>-</td><td>642</td></tr><tr><td>U. S. S. R.</td><td>18</td><td>15</td><td>16</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Yugoslavia</td><td>15</td><td>6</td><td>-</td><td>-</td><td>6</td><td>9</td><td>4</td><td>-</td><td>5</td></tr><tr><td>Other Europe</td><td>4,907</td><td>191</td><td>115</td><td>60</td><td>16</td><td>4,716</td><td>1,339</td><td>-</td><td>3,377</td></tr><tr><td>Total Europe</td><td>79,145</td><td>15,799</td><td>10,261</td><td>2,279</td><td>6,259</td><td>60,346</td><td>38,700</td><td>1,285</td><td>20,361</td></tr><tr><td>Canada</td><td>41,529</td><td>17,451</td><td>13,508</td><td>3,625</td><td>318</td><td>24,078</td><td>3,814</td><td>1,816</td><td>18,448</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>11,008</td><td>889</td><td>179</td><td>669</td><td>41</td><td>10,119</td><td>8,205</td><td>76</td><td>1,838</td></tr><tr><td>Bolivia</td><td>1,253</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1,252</td><td>470</td><td>-</td><td>782</td></tr><tr><td>Brazil</td><td>24,352</td><td>40</td><td>23</td><td>-</td><td>17</td><td>24,312</td><td>5,772</td><td>463</td><td>18,077</td></tr><tr><td>Chile</td><td>6,336</td><td>3</td><td>1</td><td>-</td><td>2</td><td>6,333</td><td>61</td><td>452</td><td>5,820</td></tr><tr><td>Colombia</td><td>17,105</td><td>12</td><td>-</td><td>12</td><td>-</td><td>17,093</td><td>5,444</td><td>1,820</td><td>9,829</td></tr><tr><td>Costa Rica</td><td>1,205</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,206</td><td>161</td><td>175</td><td>870</td></tr><tr><td>Cuba</td><td>14,491</td><td>130</td><td>129</td><td>-</td><td>1</td><td>14,361</td><td>2,123</td><td>4,445</td><td>7,793</td></tr><tr><td>French West Indies and Guiana</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td><td>91</td><td>-</td><td>-</td><td>91</td></tr><tr><td>Mexico</td><td>8,698</td><td>1,370</td><td>1,142</td><td>172</td><td>56</td><td>7,328</td><td>1,083</td><td>497</td><td>5,748</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>308</td><td>3</td><td>-</td><td>-</td><td>3</td><td>305</td><td>-</td><td>-</td><td>305</td></tr><tr><td>Panama</td><td>840</td><td>6</td><td>-</td><td>-</td><td>6</td><td>834</td><td>3</td><td>1</td><td>830</td></tr><tr><td>Peru</td><td>1,946</td><td>26</td><td>13</td><td>-</td><td>13</td><td>1,920</td><td>2</td><td>16</td><td>1,902</td></tr><tr><td>Venezuela</td><td>5,224</td><td>210</td><td>206</td><td>-</td><td>4</td><td>5,014</td><td>1,345</td><td>140</td><td>3,529</td></tr><tr><td>Other Latin America</td><td>13,720</td><td>62</td><td>56</td><td>-</td><td>6</td><td>13,658</td><td>3,625</td><td>193</td><td>9,840</td></tr><tr><td>Total Latin America</td><td>106,578</td><td>2,752</td><td>1,749</td><td>854</td><td>149</td><td>103,826</td><td>28,294</td><td>8,278</td><td>67,254</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>1,066</td><td>22</td><td>5</td><td>4</td><td>13</td><td>1,044</td><td>75</td><td>155</td><td>814</td></tr><tr><td>French Indo-China</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>817</td><td>307</td><td>172</td><td>129</td><td>6</td><td>510</td><td>192</td><td>63</td><td>255</td></tr><tr><td>Indie, Burma, and Ceylon</td><td>15,021</td><td>10,782</td><td>145</td><td>10,632</td><td>5</td><td>4,339</td><td>2,557</td><td>922</td><td>760</td></tr><tr><td>British Malaya</td><td>142</td><td>14</td><td>-</td><td>-</td><td>14</td><td>128</td><td>2</td><td>36</td><td>90</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>531</td><td>3</td><td>2</td><td>1</td><td>-</td><td>528</td><td>512</td><td>-</td><td>16</td></tr><tr><td>Netherlands East Indies</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,398</td><td>-</td><td>1,325</td><td>73</td></tr><tr><td>Philippine Islands</td><td>26,022</td><td>178</td><td>38</td><td>1</td><td>139</td><td>25,844</td><td>22,439</td><td>568</td><td>2,839</td></tr><tr><td>Turkey</td><td>2,059</td><td>7</td><td>-</td><td>1</td><td>6</td><td>2,062</td><td>1,493</td><td>-</td><td>569</td></tr><tr><td>Other Asia</td><td>13,944</td><td>80</td><td>67</td><td>-</td><td>13</td><td>13,504</td><td>11,923</td><td>-</td><td>1,641</td></tr><tr><td>Total Asia</td><td>60,711</td><td>11,394</td><td>429</td><td>10,769</td><td>196</td><td>49,317</td><td>39,193</td><td>3,067</td><td>7,057</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>980</td><td>86</td><td>31</td><td>-</td><td>55</td><td>894</td><td>43</td><td>186</td><td>665</td></tr><tr><td>New Zealand</td><td>413</td><td>35</td><td>6</td><td>-</td><td>29</td><td>378</td><td>-</td><td>30</td><td>348</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>348</td><td>1</td><td>-</td><td>1</td><td>-</td><td>347</td><td>72</td><td>-</td><td>275</td></tr><tr><td>French Morocco</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Union of South Africa</td><td>4,998</td><td>87</td><td>74</td><td>-</td><td>13</td><td>4,911</td><td>-</td><td>4,911</td><td>4,911</td></tr><tr><td>All Other</td><td>1,484</td><td>122</td><td>6</td><td>116</td><td>116</td><td>1,362</td><td>102</td><td>45</td><td>1,215</td></tr><tr><td>Total other countries</td><td>8,229</td><td>331</td><td>43</td><td>75</td><td>213</td><td>7,898</td><td>217</td><td>261</td><td>7,420</td></tr><tr><td>Unidentified</td><td>268</td><td>-</td><td>-</td><td>-</td><td>-</td><td>268</td><td>-</td><td>-</td><td>268</td></tr><tr><td>Grand total</td><td>296,460</td><td>50,727</td><td>25,990</td><td>17,602</td><td>7,135</td><td>245,733</td><td>110,218</td><td>14,707</td><td>120,508</td></tr></table>
February 1946
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of August 1945 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as of August 31, 1945 as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>823,952</td><td>816,741</td><td>802,570</td><td>2,360</td><td>6,060</td><td>5,751</td><td>7,211</td><td>177</td><td>410</td><td>6,624</td></tr><tr><td>France</td><td>356,684</td><td>356,368</td><td>308,823</td><td>116</td><td>47,133</td><td>296</td><td>316</td><td>180</td><td>94</td><td>12</td></tr><tr><td>Belgium</td><td>149,908</td><td>149,610</td><td>145,310</td><td>206</td><td>4,089</td><td>5</td><td>298</td><td>187</td><td>-</td><td>111</td></tr><tr><td>Denmark</td><td>14,420</td><td>14,414</td><td>12,958</td><td>13</td><td>1,410</td><td>33</td><td>6</td><td>5</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>6,671</td><td>6,663</td><td>6,661</td><td>2</td><td>-</td><td>-</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,859</td><td>6,846</td><td>6,671</td><td>18</td><td>116</td><td>41</td><td>13</td><td>12</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>63,171</td><td>63,096</td><td>62,382</td><td>224</td><td>485</td><td>5</td><td>75</td><td>49</td><td>-</td><td>26</td></tr><tr><td>Italy</td><td>53,886</td><td>53,872</td><td>53,512</td><td>29</td><td>200</td><td>131</td><td>14</td><td>9</td><td>-</td><td>5</td></tr><tr><td>Lausembourg</td><td>22,938</td><td>22,938</td><td>22,895</td><td>13</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>217,968</td><td>217,010</td><td>201,490</td><td>56</td><td>15,459</td><td>5</td><td>958</td><td>815</td><td>113</td><td>30</td></tr><tr><td>Norway</td><td>187,118</td><td>187,104</td><td>60,079</td><td>18</td><td>126,960</td><td>47</td><td>14</td><td>3</td><td>-</td><td>11</td></tr><tr><td>Portugal</td><td>39,040</td><td>38,565</td><td>37,877</td><td>562</td><td>-</td><td>126</td><td>475</td><td>6</td><td>-</td><td>469</td></tr><tr><td>Rumania</td><td>9,682</td><td>9,682</td><td>9,653</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>40,376</td><td>40,295</td><td>39,705</td><td>387</td><td>160</td><td>43</td><td>81</td><td>69</td><td>-</td><td>12</td></tr><tr><td>Sweden</td><td>194,338</td><td>194,302</td><td>74,505</td><td>6,545</td><td>113,850</td><td>2</td><td>36</td><td>33</td><td>-</td><td>3</td></tr><tr><td>Switzerland</td><td>273,781</td><td>272,998</td><td>256,667</td><td>5,062</td><td>11,056</td><td>213</td><td>783</td><td>180</td><td>-</td><td>603</td></tr><tr><td>U.S.S.R.</td><td>25,724</td><td>25,724</td><td>25,711</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,113</td><td>5,113</td><td>5,067</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>46,922</td><td>46,914</td><td>40,617</td><td>54</td><td>6,192</td><td>51</td><td>8</td><td>3</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,538,551</td><td>2,528,255</td><td>2,173,153</td><td>15,708</td><td>332,045</td><td>6,749</td><td>10,296</td><td>1,736</td><td>617</td><td>7,943</td></tr><tr><td>Canada</td><td>1,449,866</td><td>1,447,287</td><td>367,545</td><td>768</td><td>1,078,818</td><td>156</td><td>2,579</td><td>705</td><td>6</td><td>1,868</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>75,051</td><td>75,013</td><td>67,358</td><td>3,659</td><td>3,995</td><td>1</td><td>38</td><td>17</td><td>11</td><td>10</td></tr><tr><td>Bolivia</td><td>18,045</td><td>18,045</td><td>16,126</td><td>19</td><td>1,900</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>162,971</td><td>162,887</td><td>151,696</td><td>10,345</td><td>-</td><td>846</td><td>84</td><td>77</td><td>-</td><td>7</td></tr><tr><td>Chile</td><td>64,487</td><td>64,482</td><td>63,665</td><td>437</td><td>350</td><td>30</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>90,183</td><td>90,187</td><td>89,799</td><td>388</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,031</td><td>7,031</td><td>6,851</td><td>177</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>156,936</td><td>156,917</td><td>153,493</td><td>2,976</td><td>401</td><td>47</td><td>19</td><td>-</td><td>19</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,335</td><td>7,334</td><td>7,334</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Mexico</td><td>158,720</td><td>158,653</td><td>140,553</td><td>439</td><td>17,580</td><td>81</td><td>67</td><td>18</td><td>-</td><td>49</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>31,692</td><td>31,692</td><td>26,357</td><td>1</td><td>5,333</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>87,813</td><td>87,813</td><td>78,036</td><td>2</td><td>9,775</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>38,770</td><td>38,721</td><td>38,388</td><td>231</td><td>100</td><td>2</td><td>49</td><td>49</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>43,041</td><td>43,041</td><td>41,888</td><td>243</td><td>10</td><td>900</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>145,278</td><td>144,545</td><td>125,852</td><td>2,024</td><td>16,060</td><td>599</td><td>733</td><td>323</td><td>2</td><td>408</td></tr><tr><td>Total Latin America</td><td>1,087,358</td><td>1,086,361</td><td>1,007,406</td><td>20,941</td><td>55,504</td><td>2,510</td><td>997</td><td>490</td><td>32</td><td>475</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>578,666</td><td>576,970</td><td>424,219</td><td>229</td><td>152,387</td><td>135</td><td>1,696</td><td>415</td><td>-</td><td>1,281</td></tr><tr><td>French Indo-China</td><td>27,560</td><td>27,548</td><td>27,473</td><td>-</td><td>50</td><td>25</td><td>12</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>21,738</td><td>18,806</td><td>18,762</td><td>5</td><td>-</td><td>39</td><td>2,932</td><td>2,932</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>25,250</td><td>25,162</td><td>23,832</td><td>619</td><td>656</td><td>55</td><td>88</td><td>64</td><td>-</td><td>24</td></tr><tr><td>British Malaya</td><td>918</td><td>915</td><td>900</td><td>-</td><td>-</td><td>15</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3,941</td><td>3,904</td><td>3,412</td><td>465</td><td>-</td><td>27</td><td>37</td><td>25</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>108,775</td><td>108,773</td><td>41,786</td><td>233</td><td>66,742</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>50,370</td><td>50,274</td><td>47,396</td><td>27</td><td>1,065</td><td>1,786</td><td>96</td><td>96</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>51,178</td><td>51,127</td><td>40,758</td><td>317</td><td>10,000</td><td>52</td><td>51</td><td>10</td><td>-</td><td>51</td></tr><tr><td>Other Asia</td><td>74,195</td><td>74,185</td><td>51,736</td><td>158</td><td>22,012</td><td>279</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>942,591</td><td>937,664</td><td>680,274</td><td>2,053</td><td>252,912</td><td>2,425</td><td>4,927</td><td>3,557</td><td>-</td><td>1,370</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>27,559</td><td>27,043</td><td>23,771</td><td>2,938</td><td>266</td><td>68</td><td>516</td><td>45</td><td>-</td><td>471</td></tr><tr><td>New Zealand</td><td>4,572</td><td>4,540</td><td>4,372</td><td>168</td><td>-</td><td>-</td><td>32</td><td>22</td><td>10</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>13,597</td><td>13,263</td><td>12,105</td><td>558</td><td>-</td><td>600</td><td>334</td><td>-</td><td>-</td><td>334</td></tr><tr><td>French Morocco</td><td>4,741</td><td>4,727</td><td>4,606</td><td>3</td><td>-</td><td>118</td><td>14</td><td>-</td><td>-</td><td>14</td></tr><tr><td>Union of South Africa</td><td>5,704</td><td>5,634</td><td>5,623</td><td>6</td><td>5</td><td>-</td><td>130</td><td>-</td><td>-</td><td>130</td></tr><tr><td>All other</td><td>79,838</td><td>79,477</td><td>78,335</td><td>162</td><td>925</td><td>55</td><td>361</td><td>317</td><td>-</td><td>44</td></tr><tr><td>Total other countries</td><td>136,071</td><td>134,684</td><td>128,812</td><td>3,835</td><td>1,196</td><td>841</td><td>1,387</td><td>384</td><td>10</td><td>993</td></tr><tr><td>Unidentified</td><td>16,396</td><td>16,396</td><td>16,393</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,170,833</td><td>6,150,047</td><td>4,373,583</td><td>43,308</td><td>1,721,075</td><td>12,681</td><td>20,186</td><td>6,872</td><td>665</td><td>12,049</td></tr></table>
Treasury Bulletin
94
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of August 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During August 1945, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,190</td><td>733</td><td>452</td><td>281</td><td>457</td><td>203</td><td>254</td><td>2,315</td><td>1,918</td><td>1,118</td><td>800</td><td>397</td><td>104</td><td>293</td></tr><tr><td>France</td><td>1,161</td><td>1,144</td><td>666</td><td>478</td><td>17</td><td>1</td><td>17</td><td>1,718</td><td>1,665</td><td>1,232</td><td>433</td><td>53</td><td>1</td><td>52</td></tr><tr><td>Belgium</td><td>184</td><td>136</td><td>118</td><td>18</td><td>43</td><td>1</td><td>47</td><td>379</td><td>379</td><td>152</td><td>227</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>113</td><td>113</td><td>68</td><td>45</td><td>-</td><td>-</td><td>-</td><td>218</td><td>218</td><td>160</td><td>58</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Holland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>106</td><td>105</td><td>44</td><td>61</td><td>1</td><td>-</td><td>1</td><td>98</td><td>98</td><td>9</td><td>89</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>166</td><td>166</td><td>62</td><td>104</td><td>-</td><td>-</td><td>-</td><td>24</td><td>24</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>40</td><td>36</td><td>7</td><td>29</td><td>4</td><td>-</td><td>4</td><td>65</td><td>60</td><td>32</td><td>28</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Luxembourg</td><td>109</td><td>78</td><td>78</td><td>-</td><td>31</td><td>-</td><td>31</td><td>422</td><td>422</td><td>205</td><td>217</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>195</td><td>195</td><td>192</td><td>3</td><td>-</td><td>-</td><td>-</td><td>395</td><td>394</td><td>371</td><td>23</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Norway</td><td>2,040</td><td>2,034</td><td>27</td><td>2,007</td><td>6</td><td>-</td><td>6</td><td>151</td><td>110</td><td>110</td><td>-</td><td>41</td><td>41</td><td>-</td></tr><tr><td>Portugal</td><td>33</td><td>33</td><td>28</td><td>5</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>144</td><td>134</td><td>81</td><td>53</td><td>10</td><td>-</td><td>10</td><td>60</td><td>41</td><td>37</td><td>4</td><td>19</td><td>18</td><td>1</td></tr><tr><td>Sweden</td><td>41</td><td>23</td><td>23</td><td>-</td><td>18</td><td>18</td><td>-</td><td>133</td><td>119</td><td>115</td><td>4</td><td>14</td><td>1</td><td>13</td></tr><tr><td>Switzerland</td><td>2,826</td><td>2,625</td><td>2,192</td><td>433</td><td>201</td><td>85</td><td>116</td><td>4,317</td><td>4,113</td><td>3,563</td><td>550</td><td>204</td><td>67</td><td>137</td></tr><tr><td>U. S. S. R.</td><td>6</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>6</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>22</td><td>22</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>21</td><td>21</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>105</td><td>102</td><td>74</td><td>28</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Total Europe</td><td>8,394</td><td>7,595</td><td>4,055</td><td>3,540</td><td>799</td><td>307</td><td>492</td><td>10,457</td><td>9,720</td><td>7,237</td><td>2,483</td><td>737</td><td>232</td><td>505</td></tr><tr><td>Canada</td><td>27,052</td><td>17,233</td><td>3,093</td><td>14,200</td><td>9,759</td><td>1,615</td><td>8,144</td><td>51,305</td><td>24,126</td><td>4,621</td><td>19,505</td><td>27,179</td><td>1,701</td><td>25,478</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>2,396</td><td>1,201</td><td>1,158</td><td>43</td><td>1,195</td><td>347</td><td>848</td><td>2,156</td><td>1,850</td><td>1,632</td><td>218</td><td>306</td><td>55</td><td>251</td></tr><tr><td>Bolivia</td><td>26</td><td>21</td><td>21</td><td>-</td><td>5</td><td>-</td><td>5</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>797</td><td>361</td><td>291</td><td>70</td><td>436</td><td>24</td><td>412</td><td>425</td><td>355</td><td>328</td><td>27</td><td>70</td><td>43</td><td>27</td></tr><tr><td>Chile</td><td>203</td><td>154</td><td>145</td><td>9</td><td>49</td><td>5</td><td>44</td><td>238</td><td>191</td><td>186</td><td>5</td><td>107</td><td>7</td><td>100</td></tr><tr><td>Colombia</td><td>207</td><td>125</td><td>125</td><td>-</td><td>82</td><td>30</td><td>52</td><td>212</td><td>207</td><td>145</td><td>162</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Costa Rica</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>20</td><td>20</td><td>-</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Cuba</td><td>2,369</td><td>1,799</td><td>823</td><td>976</td><td>570</td><td>112</td><td>458</td><td>1,490</td><td>1,317</td><td>750</td><td>567</td><td>173</td><td>76</td><td>97</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47</td><td>47</td><td>-</td><td>47</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>824</td><td>725</td><td>653</td><td>72</td><td>99</td><td>-</td><td>99</td><td>751</td><td>631</td><td>552</td><td>79</td><td>120</td><td>5</td><td>115</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>54</td><td>54</td><td>54</td><td>-</td><td>-</td><td>-</td><td>-</td><td>262</td><td>262</td><td>242</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>554</td><td>495</td><td>474</td><td>21</td><td>59</td><td>-</td><td>59</td><td>2,170</td><td>2,170</td><td>1,995</td><td>175</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>79</td><td>57</td><td>53</td><td>4</td><td>22</td><td>22</td><td>-</td><td>147</td><td>142</td><td>130</td><td>12</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Venezuela</td><td>381</td><td>376</td><td>299</td><td>77</td><td>5</td><td>5</td><td>5</td><td>264</td><td>262</td><td>236</td><td>26</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Other Latin America</td><td>2,010</td><td>1,816</td><td>1,227</td><td>589</td><td>194</td><td>118</td><td>76</td><td>1,093</td><td>875</td><td>758</td><td>117</td><td>218</td><td>52</td><td>166</td></tr><tr><td>Total Latin America</td><td>9,917</td><td>7,201</td><td>5,340</td><td>1,861</td><td>2,716</td><td>663</td><td>2,053</td><td>9,352</td><td>8,342</td><td>6,887</td><td>1,455</td><td>1,010</td><td>240</td><td>770</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>252</td><td>244</td><td>243</td><td>1</td><td>8</td><td>-</td><td>8</td><td>1,352</td><td>1,334</td><td>486</td><td>848</td><td>18</td><td>-</td><td>18</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>44</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>7</td><td>7</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>40</td><td>34</td><td>34</td><td>-</td><td>6</td><td>-</td><td>6</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>148</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>6</td><td>6</td><td>-</td><td>6</td><td>6</td><td>-</td><td>6</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>233</td><td>148</td><td>134</td><td>14</td><td>85</td><td>20</td><td>65</td><td>252</td><td>164</td><td>74</td><td>90</td><td>88</td><td>2</td><td>86</td></tr><tr><td>Total Asia</td><td>519</td><td>420</td><td>398</td><td>22</td><td>99</td><td>20</td><td>79</td><td>1,842</td><td>1,729</td><td>791</td><td>938</td><td>112</td><td>2</td><td>110</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>409</td><td>10</td><td>9</td><td>1</td><td>399</td><td>-</td><td>399</td><td>125</td><td>118</td><td>115</td><td>3</td><td>7</td><td>7</td><td>-</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>9</td><td>7</td><td>7</td><td>-</td><td>2</td><td>-</td><td>2</td><td>20</td><td>18</td><td>7</td><td>11</td><td>2</td><td>-</td><td>2</td></tr><tr><td>French Morocco</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>20</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</td><td>28</td><td>7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>431</td><td>30</td><td>29</td><td>1</td><td>401</td><td>-</td><td>401</td><td>204</td><td>192</td><td>161</td><td>31</td><td>12</td><td>7</td><td>5</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>46,723</td><td>32,539</td><td>12,915</td><td>19,624</td><td>13,774</td><td>2,605</td><td>11,169</td><td>73,159</td><td>44,109</td><td>19,697</td><td>24,412</td><td>29,050</td><td>2,182</td><td>26,868</td></tr></table>
February 1946
95
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - August 1943
(in thousands of dollars; negative figures indicate short position)
<table><tr><th>Position at end of month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>-3,066</td><td>-1,651</td><td>+966</td><td>-390</td><td>-518</td><td>-35</td><td>-105</td><td>-1,271</td><td>1/</td><td>1/</td><td>-97</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>-2,411</td><td>-1,254</td><td>+1,208</td><td>-365</td><td>-516</td><td>-35</td><td>-103</td><td>-1,269</td><td>1/</td><td>1/</td><td>+2</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>-1,424</td><td>-1,488</td><td>+1,018</td><td>-387</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-74</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>-2,105</td><td>-1,391</td><td>+1,221</td><td>-395</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-95</td></tr><tr><td>May (Apr.30-June 3)</td><td>-3,622</td><td>-1,987</td><td>+555</td><td>-393</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-30</td></tr><tr><td>June (June 4-July 1)</td><td>-3,261</td><td>-1,516</td><td>+915</td><td>-347</td><td>-515</td><td>-37</td><td>-105</td><td>-1,264</td><td>1/</td><td>1/</td><td>+5</td></tr><tr><td>July</td><td>-3,442</td><td>-1,870</td><td>+629</td><td>-365</td><td>-516</td><td>-37</td><td>-102</td><td>-1,266</td><td>1/</td><td>1/</td><td>-4</td></tr><tr><td>August</td><td>-1,210</td><td>-712</td><td>+1,785</td><td>-369</td><td>-516</td><td>-31</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+24</td></tr><tr><td>September</td><td>-1,058</td><td>-582</td><td>+1,808</td><td>-358</td><td>-516</td><td>-30</td><td>-104</td><td>-1,266</td><td>1/</td><td>1/</td><td>+38</td></tr><tr><td>October</td><td>-1,275</td><td>-303</td><td>+2,149</td><td>-366</td><td>-516</td><td>-29</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+45</td></tr><tr><td>November</td><td>-884</td><td>-61</td><td>+2,422</td><td>-392</td><td>-479</td><td>-26</td><td>-103</td><td>-1,255</td><td>1/</td><td>1/</td><td>-</td></tr><tr><td>December</td><td>-663</td><td>+430</td><td>+2,740</td><td>-383</td><td>-516</td><td>-30</td><td>-103</td><td>-1,259</td><td>1/</td><td>1/</td><td>+44</td></tr><tr><td>1943-January</td><td>-402</td><td>+1,011</td><td>+3,373</td><td>-383</td><td>-516</td><td>-30</td><td>-105</td><td>-1,259</td><td>+14</td><td>-84</td><td>+34</td></tr><tr><td>February</td><td>+577</td><td>+1,939</td><td>+4,399</td><td>-389</td><td>-519</td><td>-30</td><td>-106</td><td>-1,258</td><td>+15</td><td>-84</td><td>-14</td></tr><tr><td>March</td><td>+108</td><td>+1,615</td><td>+4,131</td><td>-388</td><td>-522</td><td>-29</td><td>-106</td><td>-1,419</td><td>-1</td><td>-84</td><td>+63</td></tr><tr><td>April</td><td>+1,963</td><td>+1,127</td><td>+3,727</td><td>-390</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+12</td><td>-83</td><td>+35</td></tr><tr><td>May</td><td>+2,222</td><td>+1,447</td><td>+4,035</td><td>-384</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+11</td><td>-76</td><td>+31</td></tr><tr><td>June</td><td>+1,025</td><td>+857</td><td>+3,490</td><td>-418</td><td>-496</td><td>-30</td><td>-106</td><td>-1,419</td><td>+10</td><td>-68</td><td>-4</td></tr><tr><td>July</td><td>+157</td><td>+505</td><td>+2,953</td><td>-215</td><td>-530</td><td>-27</td><td>-109</td><td>-1,419</td><td>+45</td><td>-69</td><td>+22</td></tr><tr><td>August</td><td>+394</td><td>+239</td><td>+2,722</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>-17</td><td>-72</td><td>-2</td></tr><tr><td>September</td><td>+4,382</td><td>+2,024</td><td>+4,482</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>+29</td><td>-71</td><td>+51</td></tr><tr><td>October</td><td>+4,983</td><td>+1,566</td><td>+4,162</td><td>-218</td><td>-539</td><td>-29</td><td>-109</td><td>-1,419</td><td>+39</td><td>-71</td><td>+52</td></tr><tr><td>November</td><td>+5,675</td><td>+2,105</td><td>+4,620</td><td>-218</td><td>-539</td><td>-30</td><td>-108</td><td>-1,419</td><td>+128</td><td>-70</td><td>+30</td></tr><tr><td>December</td><td>+4,069</td><td>+2,442</td><td>+5,022</td><td>-219</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+124</td><td>-72</td><td>-44</td></tr><tr><td>1944-January</td><td>+5,774</td><td>+4,310</td><td>+6,881</td><td>-215</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+137</td><td>-82</td><td>+27</td></tr><tr><td>February</td><td>+6,262</td><td>+3,107</td><td>+5,759</td><td>-202</td><td>-542</td><td>-29</td><td>-102</td><td>-1,389</td><td>+99</td><td>-77</td><td>-19</td></tr><tr><td>March</td><td>+7,803</td><td>+4,499</td><td>+6,927</td><td>-202</td><td>-541</td><td>-29</td><td>-102</td><td>-1,417</td><td>+92</td><td>-80</td><td>-32</td></tr><tr><td>April</td><td>+5,108</td><td>+3,621</td><td>+6,145</td><td>-205</td><td>-542</td><td>-30</td><td>-103</td><td>-1,423</td><td>+77</td><td>-82</td><td>-61</td></tr><tr><td>May</td><td>+2,112</td><td>+2,533</td><td>+4,908</td><td>-198</td><td>-536</td><td>-27</td><td>-102</td><td>-1,387</td><td>+76</td><td>-75</td><td>-6</td></tr><tr><td>June</td><td>+5,716</td><td>+3,420</td><td>+5,861</td><td>-196</td><td>-538</td><td>-27</td><td>-102</td><td>-1,388</td><td>-</td><td>-89</td><td>+5</td></tr><tr><td>July</td><td>+8,541</td><td>+6,140</td><td>+8,503</td><td>-194</td><td>-538</td><td>-27</td><td>-56</td><td>-1,388</td><td>+16</td><td>-90</td><td>+4</td></tr><tr><td>August</td><td>+9,260</td><td>+5,705</td><td>+8,019</td><td>-195</td><td>-538</td><td>-28</td><td>-56</td><td>-1,388</td><td>+17</td><td>-88</td><td>+15</td></tr><tr><td>September</td><td>+7,569</td><td>+4,630</td><td>+6,894</td><td>-195</td><td>-491</td><td>-28</td><td>-59</td><td>-1,383</td><td>-10</td><td>-86</td><td>+29</td></tr><tr><td>October</td><td>+4,305</td><td>+2,691</td><td>+4,933</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+1</td><td>-86</td><td>+36</td></tr><tr><td>November</td><td>+4,117</td><td>+2,796</td><td>+4,950</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+14</td><td>-90</td><td>+189</td></tr><tr><td>December</td><td>+5,500</td><td>+3,936</td><td>+6,207</td><td>-185</td><td>-493</td><td>-28</td><td>-58</td><td>-1,381</td><td>-15</td><td>-95</td><td>+26</td></tr><tr><td>1945-January</td><td>+6,830</td><td>+4,520</td><td>+6,783</td><td>-193</td><td>-493</td><td>-29</td><td>-58</td><td>-1,381</td><td>+5</td><td>-88</td><td>+13</td></tr><tr><td>February</td><td>+3,559</td><td>+3,509</td><td>+5,778</td><td>-193</td><td>-493</td><td>-29</td><td>-59</td><td>-1,381</td><td>+2</td><td>-88</td><td>+41</td></tr><tr><td>March</td><td>+7,124</td><td>+4,777</td><td>+6,499</td><td>-195</td><td>-479</td><td>-29</td><td>-59</td><td>-853</td><td>+21</td><td>-86</td><td>+23</td></tr><tr><td>April</td><td>+6,357</td><td>+5,325</td><td>+6,985</td><td>-179</td><td>-475</td><td>-29</td><td>-59</td><td>-864</td><td>+26</td><td>-88</td><td>+46</td></tr><tr><td>May</td><td>+6,279</td><td>+5,794</td><td>+7,212</td><td>-168</td><td>-333</td><td>-27</td><td>-59</td><td>-863</td><td>+50</td><td>-87</td><td>+99</td></tr><tr><td>June</td><td>+9,961</td><td>+7,314</td><td>+8,534</td><td>-170</td><td>-285</td><td>-28</td><td>-61</td><td>-646</td><td>+41</td><td>-86</td><td>+81</td></tr><tr><td>July</td><td>+5,890</td><td>+2,489</td><td>+3,542</td><td>-171</td><td>-331</td><td>-</td><td>-19</td><td>-808</td><td>-11</td><td>-90</td><td>+356</td></tr><tr><td>August</td><td>+9,061</td><td>+5,448</td><td>+6,993</td><td>-170</td><td>-351</td><td>-28</td><td>-62</td><td>-771</td><td>-3</td><td>-92</td><td>-8</td></tr></table>
(Continued on following page)
96
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued
Section I - Net Position, January 1942 - August 1945 - (Continued)
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>+25</td><td>-226</td><td>+966</td><td>+79</td><td>-2,438</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,273</td><td>-22</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>+58</td><td>-234</td><td>+1,165</td><td>+119</td><td>-2,414</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,249</td><td>-27</td></tr><tr><td>Mar. (Feb.26-Apr.1)</td><td>+109</td><td>-229</td><td>+2,458</td><td>+115</td><td>-2,434</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,318</td><td>-25</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>+15</td><td>-212</td><td>+1,412</td><td>+291</td><td>-2,430</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,264</td><td>+13</td></tr><tr><td>May (Apr.30-June 3)</td><td>+32</td><td>-226</td><td>+777</td><td>-15</td><td>-2,409</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,241</td><td>+12</td></tr><tr><td>June (June 4-July 1)</td><td>+43</td><td>-211</td><td>+498</td><td>+114</td><td>-2,397</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,229</td><td>+40</td></tr><tr><td>July</td><td>-27</td><td>-182</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/1</td><td>1/1</td><td>-68</td><td>-2,245</td><td>-89</td></tr><tr><td>August</td><td>-25</td><td>-211</td><td>+1,341</td><td>+475</td><td>-2,209</td><td>1/1</td><td>1/1</td><td>-71</td><td>-2,138</td><td>-105</td></tr><tr><td>September</td><td>+77</td><td>-231</td><td>+1,543</td><td>+304</td><td>-2,279</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,207</td><td>-144</td></tr><tr><td>October</td><td>+14</td><td>-231</td><td>+1,426</td><td>-144</td><td>-2,326</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,254</td><td>-28</td></tr><tr><td>November</td><td>-24</td><td>-204</td><td>+1,242</td><td>+269</td><td>-2,192</td><td>1/1</td><td>1/1</td><td>-51</td><td>-2,141</td><td>-142</td></tr><tr><td>December</td><td>+134</td><td>-197</td><td>+1,055</td><td>+319</td><td>-2,293</td><td>1/1</td><td>1/1</td><td>-71</td><td>-2,222</td><td>-174</td></tr><tr><td>1943-January</td><td>+78</td><td>-111</td><td>+371</td><td>+508</td><td>-2,153</td><td>-53</td><td>-2,118</td><td>-71</td><td>+89</td><td>-139</td></tr><tr><td>February</td><td>+45</td><td>-120</td><td>+518</td><td>+405</td><td>-2,144</td><td>-53</td><td>-2,116</td><td>-71</td><td>+96</td><td>-141</td></tr><tr><td>March</td><td>+94</td><td>-124</td><td>+371</td><td>+304</td><td>-2,150</td><td>-53</td><td>-2,111</td><td>-50</td><td>+64</td><td>-32</td></tr><tr><td>April</td><td>+32</td><td>-121</td><td>+2,022</td><td>+1,004</td><td>-2,177</td><td>-53</td><td>-2,117</td><td>-50</td><td>+43</td><td>-13</td></tr><tr><td>May</td><td>+31</td><td>-116</td><td>+2,032</td><td>+903</td><td>-2,235</td><td>-53</td><td>-2,113</td><td>-50</td><td>-19</td><td>+75</td></tr><tr><td>June</td><td>+9</td><td>-111</td><td>+1,335</td><td>+946</td><td>-2,227</td><td>-53</td><td>-2,111</td><td>-50</td><td>-13</td><td>+114</td></tr><tr><td>July</td><td>-32</td><td>-114</td><td>+1,350</td><td>+712</td><td>-2,245</td><td>-53</td><td>-2,110</td><td>-50</td><td>-32</td><td>-165</td></tr><tr><td>August</td><td>+14</td><td>-93</td><td>+1,512</td><td>+713</td><td>-2,158</td><td>-53</td><td>-2,105</td><td>-50</td><td>+51</td><td>+88</td></tr><tr><td>September</td><td>-54</td><td>-100</td><td>+3,858</td><td>+551</td><td>-2,131</td><td>-53</td><td>-2,106</td><td>-50</td><td>+78</td><td>+80</td></tr><tr><td>October</td><td>-209</td><td>-93</td><td>+5,243</td><td>+541</td><td>-2,143</td><td>-53</td><td>-2,104</td><td>-50</td><td>+64</td><td>-224</td></tr><tr><td>November</td><td>-174</td><td>-115</td><td>+5,086</td><td>+564</td><td>-2,140</td><td>-53</td><td>-2,102</td><td>-50</td><td>+65</td><td>+60</td></tr><tr><td>December</td><td>-213</td><td>-59</td><td>+2,779</td><td>+722</td><td>-2,013</td><td>-53</td><td>-2,161</td><td>-50</td><td>+251</td><td>+139</td></tr><tr><td>1944-January</td><td>-250</td><td>-91</td><td>+2,662</td><td>+760</td><td>-2,053</td><td>-65</td><td>-2,149</td><td>-50</td><td>+211</td><td>-105</td></tr><tr><td>February</td><td>-162</td><td>-229</td><td>+1,175</td><td>+898</td><td>-2,048</td><td>-65</td><td>-2,148</td><td>-50</td><td>+215</td><td>+130</td></tr><tr><td>March</td><td>-29</td><td>-88</td><td>+1,456</td><td>+856</td><td>-2,146</td><td>-65</td><td>-2,148</td><td>-50</td><td>+117</td><td>+138</td></tr><tr><td>April</td><td>-77</td><td>-78</td><td>+2,557</td><td>+827</td><td>-2,138</td><td>-140</td><td>-2,148</td><td>-50</td><td>+100</td><td>+231</td></tr><tr><td>May</td><td>-25</td><td>-95</td><td>+836</td><td>+798</td><td>-2,205</td><td>-140</td><td>-2,147</td><td>-50</td><td>+32</td><td>+150</td></tr><tr><td>June</td><td>-26</td><td>-80</td><td>+3,196</td><td>+955</td><td>-2,238</td><td>-38</td><td>-2,140</td><td>-50</td><td>-10</td><td>+383</td></tr><tr><td>July</td><td>+12</td><td>-102</td><td>+3,849</td><td>+648</td><td>-2,318</td><td>-38</td><td>-2,140</td><td>-50</td><td>-90</td><td>+222</td></tr><tr><td>August</td><td>+36</td><td>-89</td><td>+4,942</td><td>+617</td><td>-2,249</td><td>-38</td><td>-2,138</td><td>-50</td><td>-23</td><td>+245</td></tr><tr><td>September</td><td>+57</td><td>-98</td><td>+4,537</td><td>+516</td><td>-2,231</td><td>-50</td><td>-2,135</td><td>-27</td><td>-19</td><td>+117</td></tr><tr><td>October</td><td>+49</td><td>-89</td><td>+2,921</td><td>+597</td><td>-2,142</td><td>-41</td><td>-2,135</td><td>-28</td><td>+62</td><td>+238</td></tr><tr><td>November</td><td>+52</td><td>-126</td><td>+2,657</td><td>+451</td><td>-2,079</td><td>-41</td><td>-2,135</td><td>-27</td><td>+124</td><td>+292</td></tr><tr><td>December</td><td>+11</td><td>-53</td><td>+2,968</td><td>+568</td><td>-2,149</td><td>-41</td><td>-2,135</td><td>-27</td><td>+54</td><td>+177</td></tr><tr><td>1945-January</td><td>+38</td><td>-77</td><td>+2,374</td><td>+1,698</td><td>-2,042</td><td>-41</td><td>-2,124</td><td>-27</td><td>+150</td><td>+280</td></tr><tr><td>February</td><td>+30</td><td>-99</td><td>+1,321</td><td>+533</td><td>-2,089</td><td>-40</td><td>-2,124</td><td>-27</td><td>+102</td><td>+285</td></tr><tr><td>March</td><td>+24</td><td>-89</td><td>+3,858</td><td>+721</td><td>-2,195</td><td>-40</td><td>-2,124</td><td>-27</td><td>-4</td><td>-37</td></tr><tr><td>April</td><td>+51</td><td>-89</td><td>+2,034</td><td>+1,028</td><td>-2,114</td><td>-41</td><td>-2,123</td><td>-27</td><td>+77</td><td>+84</td></tr><tr><td>May</td><td>+14</td><td>-44</td><td>+1,483</td><td>+908</td><td>-2,127</td><td>-51</td><td>-2,123</td><td>-27</td><td>+74</td><td>+281</td></tr><tr><td>June</td><td>-53</td><td>-13</td><td>+4,023</td><td>+698</td><td>-2,035</td><td>-51</td><td>-2,123</td><td>-27</td><td>+166</td><td>-39</td></tr><tr><td>July</td><td>-24</td><td>+23</td><td>+4,788</td><td>+677</td><td>-2,110</td><td>-51</td><td>-2,123</td><td>-27</td><td>+91</td><td>+46</td></tr><tr><td>August</td><td>-45</td><td>-15</td><td>+5,242</td><td>+481</td><td>-2,285</td><td>-51</td><td>-2,122</td><td>-27</td><td>-85</td><td>+175</td></tr></table>
1/ Not available
February 1946
97
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January-August 1945
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of<br>Europe<br>(continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr></table>
<table><tr><th colspan="10">Purchase contracts</th></tr><tr><td>Total purchase contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>3,851</td><td>1,437</td><td>649</td><td>3</td><td>519</td><td>-</td><td>248</td><td>-</td><td>-</td></tr><tr><td>February</td><td>3,897</td><td>1,308</td><td>519</td><td>3</td><td>519</td><td>-</td><td>248</td><td>-</td><td>-</td></tr><tr><td>March</td><td>3,684</td><td>1,005</td><td>452</td><td>3</td><td>283</td><td>-</td><td>248</td><td>-</td><td>-</td></tr><tr><td>April</td><td>3,397</td><td>912</td><td>410</td><td>3</td><td>237</td><td>-</td><td>237</td><td>-</td><td>-</td></tr><tr><td>May</td><td>5,661</td><td>763</td><td>316</td><td>3</td><td>188</td><td>-</td><td>237</td><td>-</td><td>-</td></tr><tr><td>June</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>237</td><td>-</td><td>-</td></tr><tr><td>July</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>August</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>Contracts for purchases from foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>2,130</td><td>590</td><td>126</td><td>-</td><td>297</td><td>-</td><td>167</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,313</td><td>570</td><td>105</td><td>-</td><td>297</td><td>-</td><td>167</td><td>-</td><td>-</td></tr><tr><td>March</td><td>2,273</td><td>403</td><td>124</td><td>-</td><td>112</td><td>-</td><td>167</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,634</td><td>337</td><td>115</td><td>-</td><td>66</td><td>-</td><td>156</td><td>-</td><td>-</td></tr><tr><td>May</td><td>3,540</td><td>302</td><td>80</td><td>-</td><td>66</td><td>-</td><td>156</td><td>-</td><td>-</td></tr><tr><td>June</td><td>2,817</td><td>383</td><td>161</td><td>-</td><td>66</td><td>-</td><td>156</td><td>-</td><td>-</td></tr><tr><td>July</td><td>2,149</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,406</td><td>443</td><td>443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Contracts for purchases from domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>1,721</td><td>847</td><td>523</td><td>3</td><td>222</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,584</td><td>738</td><td>414</td><td>3</td><td>222</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,411</td><td>602</td><td>328</td><td>3</td><td>171</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,763</td><td>575</td><td>295</td><td>3</td><td>171</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>May</td><td>2,121</td><td>461</td><td>236</td><td>3</td><td>122</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>July</td><td>3,939</td><td>2,386</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>August</td><td>5,988</td><td>4,662</td><td>4,563</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr></table>
Sales contracts
<table><tr><th>Total sales contracts:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>5,820</td><td>3,868</td><td>1,972</td><td>2</td><td>679</td><td>-</td><td>10</td><td>1,150</td><td>-</td><td>1</td><td>-</td></tr><tr><td>February</td><td>5,974</td><td>4,035</td><td>2,139</td><td>2</td><td>679</td><td>-</td><td>10</td><td>1,150</td><td>-</td><td>1</td><td>-</td></tr><tr><td>March</td><td>5,617</td><td>2,921</td><td>1,814</td><td>2</td><td>489</td><td>-</td><td>10</td><td>622</td><td>11</td><td>1</td><td>-</td></tr><tr><td>April</td><td>4,859</td><td>2,491</td><td>1,354</td><td>82</td><td>379</td><td>-</td><td>10</td><td>622</td><td>5</td><td>1</td><td>-</td></tr><tr><td>May</td><td>7,521</td><td>3,157</td><td>2,285</td><td>2</td><td>200</td><td>-</td><td>10</td><td>622</td><td>5</td><td>1</td><td>-</td></tr><tr><td>June</td><td>11,199</td><td>1,719</td><td>1,211</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>July</td><td>9,000</td><td>3,527</td><td>3,019</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>August</td><td>10,494</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><th>Contracts for sales to foreign customers:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>2,254</td><td>2,254</td><td>906</td><td>-</td><td>610</td><td>-</td><td>-</td><td>738</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,254</td><td>2,254</td><td>906</td><td>-</td><td>610</td><td>-</td><td>-</td><td>738</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,485</td><td>1,476</td><td>906</td><td>-</td><td>360</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,062</td><td>988</td><td>468</td><td>-</td><td>310</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>911</td><td>893</td><td>503</td><td>-</td><td>180</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,138</td><td>678</td><td>628</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>640</td><td>567</td><td>517</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>991</td><td>556</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th>Contracts for sales to domestic customers:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>3,566</td><td>1,614</td><td>1,066</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>February</td><td>3,720</td><td>1,781</td><td>1,233</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>March</td><td>4,132</td><td>1,445</td><td>908</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>11</td><td>1</td><td>-</td></tr><tr><td>April</td><td>3,797</td><td>1,503</td><td>886</td><td>82</td><td>69</td><td>-</td><td>10</td><td>412</td><td>5</td><td>1</td><td>-</td></tr><tr><td>May</td><td>6,610</td><td>2,264</td><td>1,782</td><td>2</td><td>20</td><td>-</td><td>10</td><td>412</td><td>5</td><td>1</td><td>-</td></tr><tr><td>June</td><td>10,061</td><td>1,041</td><td>583</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>July</td><td>8,360</td><td>2,960</td><td>2,502</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>August</td><td>9,503</td><td>5,117</td><td>4,659</td><td>32</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr></table>
(Continued on following page)
98
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January-August 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="9">Currency of:</th></tr><tr><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</th></tr></table>
<table><tr><th colspan="10">Purchase contracts</th></tr><tr><td>Total purchase contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>17</td><td>1</td><td>777</td><td>336</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>4</td></tr><tr><td>February</td><td>17</td><td>2</td><td>1,291</td><td>-</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>1</td></tr><tr><td>March</td><td>17</td><td>2</td><td>1,404</td><td>-</td><td>1,253</td><td>380</td><td>824</td><td>-</td><td>49</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,136</td><td>6</td><td>1,301</td><td>380</td><td>824</td><td>-</td><td>97</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>2,843</td><td>750</td><td>1,305</td><td>380</td><td>824</td><td>-</td><td>101</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>5</td></tr><tr><td>Contracts for purchases from foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>336</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>1</td><td>538</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>1</td></tr><tr><td>March</td><td>-</td><td>-</td><td>666</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>60</td><td>-</td><td>1,237</td><td>380</td><td>824</td><td>-</td><td>33</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>1,205</td><td>750</td><td>1,283</td><td>380</td><td>824</td><td>-</td><td>79</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>996</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>665</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>547</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>Contracts for purchasee from domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>17</td><td>1</td><td>777</td><td>-</td><td>93</td><td>-</td><td>-</td><td>-</td><td>93</td><td>4</td></tr><tr><td>February</td><td>17</td><td>1</td><td>753</td><td>-</td><td>93</td><td>-</td><td>-</td><td>-</td><td>93</td><td>-</td></tr><tr><td>March</td><td>17</td><td>2</td><td>738</td><td>-</td><td>49</td><td>-</td><td>-</td><td>-</td><td>49</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,076</td><td>6</td><td>64</td><td>-</td><td>-</td><td>-</td><td>64</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>1,638</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>1,223</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>1,531</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,321</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr></table>
<table><tr><th colspan="10">Sales contracts</th></tr><tr><td>Total sales contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,357</td><td>108</td><td>93</td><td>19</td><td>-</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,890</td><td>88</td><td>309</td><td>19</td><td>-</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,211</td><td>845</td><td>250</td><td>19</td><td>-</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,926</td><td>206</td><td>289</td><td>19</td><td>-</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>591</td><td>254</td><td>19</td><td>-</td><td>231</td><td>2</td></tr><tr><td>Contracts for sales to foreign cuatomere:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Contracts for sales to domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,348</td><td>108</td><td>93</td><td>19</td><td>-</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,816</td><td>88</td><td>309</td><td>19</td><td>-</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,193</td><td>845</td><td>250</td><td>19</td><td>-</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,466</td><td>206</td><td>289</td><td>19</td><td>-</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td>-</td><td>231</td><td>2</td></tr></table>
February 1946
99
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward), January - August 1945
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>46,852</td><td>21,692</td><td>16,932</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>338</td><td>726</td></tr><tr><td>Spot</td><td>1,540</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>18,289</td><td>18,066</td><td>13,728</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>317</td><td>326</td></tr><tr><td>February</td><td>1,819</td><td>275</td><td>275</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>51,533</td><td>24,022</td><td>16,235</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>518</td></tr><tr><td>Forward</td><td>1,930</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>45,759</td><td>19,884</td><td>14,713</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Spot</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>55,879</td><td>25,133</td><td>18,162</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>April</td><td>5,226</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Spot</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>54,160</td><td>26,844</td><td>19,098</td><td>106</td><td>531</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>June</td><td>3,958</td><td>2,392</td><td>2,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>58,112</td><td>32,782</td><td>23,868</td><td>268</td><td>365</td><td>-</td><td>-</td><td>-</td><td>629</td><td>338</td></tr><tr><td>Spot</td><td>4,985</td><td>3,103</td><td>3,103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-January</td><td>27,614</td><td>13,100</td><td>8,628</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>330</td><td>661</td></tr><tr><td>Spot</td><td>1,271</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>24,580</td><td>12,048</td><td>7,965</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>316</td><td>284</td></tr><tr><td>February</td><td>1,474</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>31,229</td><td>16,404</td><td>9,011</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>349</td></tr><tr><td>Forward</td><td>1,511</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>27,016</td><td>12,138</td><td>7,388</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>Spot</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>31,232</td><td>14,440</td><td>7,811</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>Forward</td><td>4,873</td><td>142</td><td>142</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>Spot</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>32,816</td><td>18,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>-</td><td>20</td><td>446</td><td>259</td></tr><tr><td>Spot</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>31,652</td><td>18,995</td><td>10,498</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Spot</td><td>2,896</td><td>1,674</td><td>1,674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="10">Purchases from customers other than banks:</td></tr><tr><td>1945-January</td><td>19,238</td><td>8,592</td><td>8,304</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>65</td></tr><tr><td>Spot</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>13,709</td><td>6,018</td><td>5,763</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>42</td></tr><tr><td>February</td><td>345</td><td>58</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>20,304</td><td>7,618</td><td>7,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>169</td></tr><tr><td>Forward</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>18,743</td><td>7,746</td><td>7,355</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>33</td></tr><tr><td>Spot</td><td>567</td><td>61</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>24,047</td><td>10,693</td><td>10,351</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>Spot</td><td>353</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td>Spot</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>21,344</td><td>8,715</td><td>7,966</td><td>9</td><td>103</td><td>-</td><td>-</td><td>-</td><td>58</td><td>-</td></tr><tr><td>Spot</td><td>1,422</td><td>1,172</td><td>1,172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>26,460</td><td>13,787</td><td>13,370</td><td>2</td><td>26</td><td>-</td><td>-</td><td>-</td><td>21</td><td>11</td></tr><tr><td>Spot</td><td>2,089</td><td>1,429</td><td>1,429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
100
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward), January - August 1945 - (Continued) (In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3"></th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th colspan="2">Asia</th><th>Other Asia</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th></th><td></td></tr></table>
Purchased
<table><tr><td>Total purchases:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot Forward</td><td>653 -</td><td>2,985 -</td><td>52 -</td><td>14,732 1,319</td><td>5,098 -</td><td>1,024 -</td><td>-</td><td>1,024 -</td><td>4,306 4</td></tr><tr><td>February</td><td>Spot Forward</td><td>327 -</td><td>3,298 -</td><td>56 -</td><td>11,959 1,544</td><td>3,674 -</td><td>667 -</td><td>-</td><td>667 -</td><td>3,923 -</td></tr><tr><td>March</td><td>Spot Forward</td><td>460 -</td><td>5,384 -</td><td>153 -</td><td>19,079 1,751</td><td>3,976 41</td><td>760 -</td><td>-</td><td>760 -</td><td>3,696 17</td></tr><tr><td>April</td><td>Spot Forward</td><td>328 -</td><td>3,687 -</td><td>126 -</td><td>17,493 1,748</td><td>4,074 21</td><td>940 49</td><td>-</td><td>940 49</td><td>3,368 -</td></tr><tr><td>May</td><td>Spot Forward</td><td>530 -</td><td>4,613 -</td><td>175 -</td><td>21,338 3,999</td><td>4,597 956</td><td>909 114</td><td>-</td><td>909 114</td><td>3,902 -</td></tr><tr><td>June</td><td>Spot Forward</td><td>814 -</td><td>4,821 -</td><td>176 -</td><td>32,636 3,417</td><td>4,023 -</td><td>1,056 59</td><td>-</td><td>1,056 59</td><td>4,038 -</td></tr><tr><td>July</td><td>Spot Forward</td><td>1,042 -</td><td>5,066 -</td><td>218 -</td><td>18,945 1,551</td><td>4,015 -</td><td>738 -</td><td>-</td><td>738 -</td><td>3,618 15</td></tr><tr><td>August</td><td>Spot Forward</td><td>957 -</td><td>6,195 -</td><td>162 -</td><td>17,742 1,836</td><td>2,622 -</td><td>865 46</td><td>-</td><td>865 46</td><td>4,101 -</td></tr><tr><td>Purchases from banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot Forward</td><td>577 -</td><td>2,887 -</td><td>17 -</td><td>8,151 1,050</td><td>3,261 -</td><td>1,003 -</td><td>-</td><td>1,003 -</td><td>2,099 4</td></tr><tr><td>February</td><td>Spot Forward</td><td>249 -</td><td>3,207 -</td><td>26 -</td><td>6,709 1,257</td><td>3,132 -</td><td>646 -</td><td>-</td><td>646 -</td><td>2,045 -</td></tr><tr><td>March</td><td>Spot Forward</td><td>400 -</td><td>5,297 -</td><td>75 -</td><td>9,194 1,373</td><td>3,242 -</td><td>759 -</td><td>-</td><td>759 -</td><td>1,630 17</td></tr><tr><td>April</td><td>Spot Forward</td><td>287 -</td><td>3,481 -</td><td>48 -</td><td>9,279 1,263</td><td>3,292 -</td><td>933 49</td><td>-</td><td>933 49</td><td>1,374 -</td></tr><tr><td>May</td><td>Spot Forward</td><td>473 -</td><td>4,588 -</td><td>118 -</td><td>10,348 3,695</td><td>3,880 956</td><td>909 80</td><td>-</td><td>909 80</td><td>1,655 -</td></tr><tr><td>June</td><td>Spot Forward</td><td>776 -</td><td>4,788 -</td><td>106 -</td><td>20,997 3,179</td><td>3,385 -</td><td>1,031 59</td><td>-</td><td>1,031 59</td><td>1,608 -</td></tr><tr><td>July</td><td>Spot Forward</td><td>588 -</td><td>5,030 -</td><td>129 -</td><td>9,195 1,301</td><td>2,970 -</td><td>737 -</td><td>-</td><td>737 -</td><td>1,785 15</td></tr><tr><td>August</td><td>Spot Forward</td><td>919 -</td><td>5,967 -</td><td>71 -</td><td>8,351 1,176</td><td>1,767 -</td><td>768 46</td><td>-</td><td>768 46</td><td>1,771 -</td></tr><tr><td>Purchases from customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot Forward</td><td>76 -</td><td>99 -</td><td>35 -</td><td>6,581 269</td><td>1,837 -</td><td>21 -</td><td>-</td><td>21 -</td><td>2,207 -</td></tr><tr><td>February</td><td>Spot Forward</td><td>78 -</td><td>91 -</td><td>30 -</td><td>5,250 287</td><td>542 -</td><td>21 -</td><td>-</td><td>21 -</td><td>1,878 -</td></tr><tr><td>March</td><td>Spot Forward</td><td>60 -</td><td>87 -</td><td>78 -</td><td>9,885 378</td><td>734 41</td><td>1 -</td><td>-</td><td>1 -</td><td>2,066 -</td></tr><tr><td>April</td><td>Spot Forward</td><td>41 -</td><td>206 -</td><td>78 -</td><td>8,214 485</td><td>782 21</td><td>7 -</td><td>-</td><td>7 -</td><td>1,994 -</td></tr><tr><td>May</td><td>Spot Forward</td><td>57 -</td><td>25 -</td><td>57 -</td><td>10,990 304</td><td>717 -</td><td>34 -</td><td>-</td><td>34 -</td><td>2,247 -</td></tr><tr><td>June</td><td>Spot Forward</td><td>38 -</td><td>33 -</td><td>70 -</td><td>11,639 238</td><td>638 -</td><td>25 -</td><td>-</td><td>25 -</td><td>2,430 -</td></tr><tr><td>July</td><td>Spot Forward</td><td>454 -</td><td>36 -</td><td>89 -</td><td>9,750 250</td><td>1,045 -</td><td>1 -</td><td>-</td><td>1 -</td><td>1,833 -</td></tr><tr><td>August</td><td>Spot Forward</td><td>38 -</td><td>228 -</td><td>91 -</td><td>9,391 660</td><td>855 -</td><td>97 -</td><td>-</td><td>97 -</td><td>2,330 -</td></tr></table>
(Continued on following page)
February 1946
101
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward), January - August 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>44,883</td><td>21,401</td><td>16,651</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td>Spot</td><td>2,099</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>40,392</td><td>19,153</td><td>14,809</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td>February</td><td>3,128</td><td>479</td><td>479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>45,449</td><td>22,555</td><td>15,328</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>438</td><td>518</td></tr><tr><td>Forward</td><td>3,824</td><td>149</td><td>138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>March</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td>Spot</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>53,964</td><td>23,561</td><td>16,825</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td>April</td><td>6,441</td><td>1,506</td><td>1,506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>Spot</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>Spot</td><td>7,342</td><td>2,592</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>Spot</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="10">Sales to banks:</td></tr><tr><td>1945-January</td><td>19,704</td><td>9,517</td><td>8,155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>565</td></tr><tr><td>Spot</td><td>1,051</td><td>141</td><td>141</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>15,492</td><td>6,895</td><td>5,998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>158</td></tr><tr><td>February</td><td>1,030</td><td>242</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>17,477</td><td>7,324</td><td>6,140</td><td>1</td><td>186</td><td>-</td><td>-</td><td>-</td><td>184</td><td>184</td></tr><tr><td>March</td><td>927</td><td>101</td><td>101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>18,000</td><td>7,532</td><td>6,639</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231</td><td>118</td></tr><tr><td>April</td><td>1,031</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>21,137</td><td>9,599</td><td>8,259</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133</td><td>204</td></tr><tr><td>May</td><td>1,325</td><td>282</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>22,715</td><td>10,895</td><td>9,432</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td>June</td><td>2,132</td><td>319</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>22,851</td><td>14,465</td><td>12,590</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>July</td><td>2,889</td><td>1,399</td><td>1,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>August</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="10">Sales to customers other than banks:</td></tr><tr><td>1945-January</td><td>25,179</td><td>11,884</td><td>8,496</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>260</td><td>157</td></tr><tr><td>Spot</td><td>1,048</td><td>150</td><td>150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>24,900</td><td>12,258</td><td>8,811</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172</td><td>169</td></tr><tr><td>Spot</td><td>2,098</td><td>237</td><td>237</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,972</td><td>15,231</td><td>9,188</td><td>24</td><td>50</td><td>-</td><td>-</td><td>-</td><td>254</td><td>334</td></tr><tr><td>March</td><td>2,897</td><td>48</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>Spot</td><td>27,854</td><td>12,535</td><td>8,495</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248</td><td>105</td></tr><tr><td>April</td><td>2,142</td><td>83</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>32,827</td><td>13,962</td><td>8,566</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279</td><td>144</td></tr><tr><td>May</td><td>5,116</td><td>1,224</td><td>1,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264</td><td>225</td></tr><tr><td>June</td><td>8,888</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>31,762</td><td>17,351</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td>July</td><td>4,453</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>August</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
102
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward) January - August 1945 - (Continued)
(in thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Canada</th><th colspan="3">Latin America</th><th colspan="2">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th colspan="2">Canada</th><th colspan="2">Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr></table>
Sales
<table><tr><td>Total salee:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>665</td><td>2,962</td><td>74</td><td>14,940</td><td>3,923</td><td>897</td><td>-</td><td>897</td><td>3,722</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,739</td><td>-</td><td>18</td><td>-</td><td>18</td><td>51</td></tr><tr><td>February</td><td>Spot</td><td>297</td><td>3,306</td><td>79</td><td>12,143</td><td>4,747</td><td>708</td><td>-</td><td>708</td><td>3,041</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,503</td><td>73</td><td>3</td><td>-</td><td>3</td><td>70</td></tr><tr><td>March</td><td>Spot</td><td>475</td><td>5,393</td><td>142</td><td>14,637</td><td>3,725</td><td>861</td><td>-</td><td>861</td><td>3,671</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,575</td><td>54</td><td>2</td><td>-</td><td>2</td><td>44</td></tr><tr><td>April</td><td>Spot</td><td>303</td><td>3,509</td><td>126</td><td>18,293</td><td>3,972</td><td>769</td><td>-</td><td>769</td><td>2,753</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</td><td>-</td><td>143</td><td>28</td></tr><tr><td>May</td><td>Spot</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>865</td><td>3,399</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>168</td><td>-</td><td>168</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>833</td><td>4,888</td><td>144</td><td>23,853</td><td>4,088</td><td>933</td><td>-</td><td>933</td><td>3,750</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>10,394</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>768</td><td>5,047</td><td>207</td><td>15,078</td><td>3,591</td><td>815</td><td>-</td><td>815</td><td>3,303</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,233</td><td>487</td><td>-</td><td>-</td><td>-</td><td>30</td></tr><tr><td>August</td><td>Spot</td><td>1,315</td><td>6,189</td><td>169</td><td>15,987</td><td>2,728</td><td>985</td><td>-</td><td>985</td><td>3,358</td></tr><tr><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,991</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Salee to banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>392</td><td>323</td><td>20</td><td>8,023</td><td>555</td><td>74</td><td>-</td><td>74</td><td>1,535</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>February</td><td>Spot</td><td>183</td><td>396</td><td>11</td><td>6,269</td><td>886</td><td>35</td><td>-</td><td>35</td><td>1,407</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>64</td><td>541</td><td>24</td><td>8,284</td><td>288</td><td>24</td><td>-</td><td>24</td><td>1,557</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>785</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>79</td><td>411</td><td>17</td><td>8,752</td><td>423</td><td>29</td><td>-</td><td>29</td><td>1,264</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>868</td><td>21</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>May</td><td>Spot</td><td>148</td><td>611</td><td>26</td><td>9,614</td><td>235</td><td>82</td><td>-</td><td>82</td><td>1,607</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,009</td><td>-</td><td>34</td><td>-</td><td>34</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>250</td><td>796</td><td>36</td><td>9,822</td><td>316</td><td>132</td><td>-</td><td>132</td><td>1,550</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>-</td><td>126</td><td>1,216</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>783</td><td>882</td><td>50</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>439</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Salee to customere other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>273</td><td>2,639</td><td>54</td><td>6,917</td><td>3,368</td><td>823</td><td>-</td><td>823</td><td>2,187</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>862</td><td>-</td><td>18</td><td>-</td><td>18</td><td>18</td></tr><tr><td>February</td><td>Spot</td><td>114</td><td>2,910</td><td>68</td><td>5,874</td><td>3,861</td><td>673</td><td>-</td><td>673</td><td>2,234</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,732</td><td>56</td><td>3</td><td>-</td><td>3</td><td>70</td></tr><tr><td>March</td><td>Spot</td><td>411</td><td>4,852</td><td>118</td><td>6,353</td><td>3,437</td><td>837</td><td>-</td><td>837</td><td>2,114</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,790</td><td>13</td><td>2</td><td>-</td><td>2</td><td>44</td></tr><tr><td>April</td><td>Spot</td><td>224</td><td>3,098</td><td>109</td><td>9,541</td><td>3,549</td><td>740</td><td>-</td><td>740</td><td>1,489</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,907</td><td>8</td><td>143</td><td>-</td><td>143</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,202</td><td>783</td><td>-</td><td>783</td><td>1,792</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,782</td><td>976</td><td>134</td><td>-</td><td>134</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>583</td><td>4,092</td><td>108</td><td>14,031</td><td>3,772</td><td>801</td><td>-</td><td>801</td><td>2,200</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>-</td><td>689</td><td>2,087</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>532</td><td>5,307</td><td>119</td><td>8,632</td><td>2,417</td><td>776</td><td>-</td><td>776</td><td>1,907</td></tr><tr><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,552</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr></table>
COPY No.2
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1946</td><td></td></tr><tr><td>c.2</td><td></td></tr></table>
U.S. TREASURY LIBRARY
1 0031943