LIBRARY ROOM 5030
JUN 9, 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
SEPTEMBER-1946
LIBRARY ROOM 5013 SEP 2 5 1946
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
September 1946
1
Table of Contents
Page
Cumulative table of contents
Articles:
Treasury market financing A-1
Statistical section:
Summary of fiscal statistics
Receipts and expenditures and appropriations
General fund of the Treasury
Public debt and guaranteed obligations of the United States Government
Ownership of United States Government securities
Prices and yields of Government securities (including securities issued by Federal agencies)
Corporations and certain other agencies of the United States Government
Internal revenue statistics
Monetary statistics
Capital movements between the United States and foreign countries and net position in foreign currencies
Note
In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="10">Issue and page number</th></tr><tr><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th></tr><tr><td>Letter from Secretary Snyder on the financial agreement with Britain to the Chairman of the House Committee on Banking and Currency.</td><td>...</td><td>...</td><td>4-1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Leading the way to enduring peace and prosperity (speech by Secretary Vinson).</td><td>...</td><td>...</td><td>4-1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Statement by Secretary Vinson on the extension of the Price Control Act, before the Senate Committee on Banking and Currency.</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee.</td><td>...</td><td>...</td><td>...</td><td>4-5</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Looking ahead, one year after VE-Day (speech by Assistant Secretary Foley).</td><td>...</td><td>...</td><td>...</td><td>4-12</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act, before the House Banking and Currency Committee.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Statement by Secretary Vinson on the reduction of the debt limitation, before the Senate Committee on Finance.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-8</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>American property and world property are interlinked (speech by Secretary Vinson).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-7</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>What we gain from the proposed financial agreement with Britain (speech by Secretary Vinson).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>4-5</td><td>4-1</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Our system of government has stood the test (speech by Secretary Vinson).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Transition from war to peace and prosperity (speech by Secretary Vinson).</td><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 financing - some implications for the future (speech by Under Secretary Bell).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>...</td></tr><tr><td>Financial operations of the United States Government, Fiscal year 1946.</td><td>...</td><td>4-3</td><td>...</td><td>4-9</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Bank purchases of restricted Treasury bonds.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-11</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Recent trends in corporate profits.</td><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 wartime financing and growth of liquid assets.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-18</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>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-6</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>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-6</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>4-1</td><td>...</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>4-1</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>Concurrent purchases by banks.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-22</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>4-27</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Maturity of Series B bonds.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-28</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>...</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>December 31, 1939-December 31, 1945.</td><td>...</td><td>...</td><td>4-11</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-7</td><td>...</td></tr><tr><td>December 31, 1939-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>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>Individual income tax returns:</td><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>Returns for 1944 with adjusted gross income under $25,000 (sample survey).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-10</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Income and tax liability.</td><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>Marital and dependency status and number of employers.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-21</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Publication of Statistics of Income for 1942, Part I.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-21</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Corporation income and taxable excess profits tax returns:</td><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>Preliminary statistics for 1943.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-26</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Complete returns for 1942.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-1</td><td>...</td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-23</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Federal land bank bonds.</td><td>...</td><td>4-17</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>4-6</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Treasury market financing.</td><td>4-1</td><td>4-2</td><td>4-8</td><td>4-16</td><td>4-13</td><td>4-32</td><td>4-21</td><td>4-28</td><td>4-5</td><td>4-16</td><td>4-9</td><td>4-10</td></tr></table>
(Continued on following page)
September 1946
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="12">1946</th><th colspan="3">1945</th></tr><tr><th></th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Sov.</th><th>Oct.</th></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>Changes in classification of expenditures in Treasury reports effective July 1, 1946</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>Summary by major classifications</td><td>6</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>7</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>8</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>8</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 (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>9</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><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>11</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>11</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</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>12</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</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>13</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Social Security Act</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Railroad Retirement Act</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</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>15</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Statement of trust accounts:</td><td>15</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>15</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</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>15</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</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>15</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</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>15-16</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>16</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</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>16</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></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>18</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</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>19</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Public 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>Issuance and retirement of the public debt</td><td>21</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Composition of the interest-bearing public debt</td><td>21</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</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>22-23</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><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Monthly data</td><td>23</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><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>27</td><td>27</td><td>27</td><td>27</td><td>27</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>26</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Guaranteed obligations held by Treasury</td><td>26</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</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>38</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</td><td>28</td><td></td></tr><tr><td>November 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>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td>28</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946</td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</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>July 31, 1946</td><td>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 schedule of interest-bearing public marketable securities issued or guaranteed by the United States</td><td>28-30</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>31</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</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>32</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td></tr><tr><td>Offerings and maturities of Treasury bills</td><td>33-34</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">1946</th><th colspan="5">1945</th></tr><tr><th></th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th></tr><tr><td colspan="12">Public debt and guaranteed obligations of United States Government (continued)</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><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>35-36</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td></tr><tr><td>History of sales and redemptions.</td><td>39-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td><td>37-40</td></tr><tr><td>Sales by series, classified by denominations.</td><td>h1-h2</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>h1-h2</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td><td>h2-h3</td></tr><tr><td>Sales by series, classified 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>Redemptions of series A-E, classified 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>Treasury notes - tax and savings 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>Summary of sales and redemptions, by series.</td><td>44-45</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td></tr><tr><td>Sales, classified by:</td><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>Denomination.</td><td>44-45</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</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>46-47</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td></tr><tr><td>Sales, classified by denominations.</td><td>46-47</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td><td>47-48</td></tr><tr><td colspan="12">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders.</td><td>48-49</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td><td>49-50</td></tr><tr><td>Estimated ownership by various classes of banks and non-bank investors.</td><td>49-50</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>49-50</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</td><td>50-51</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>49-53</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td>49-53</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>49-53</td><td>49-53</td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>49-53</td><td>49-53</td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946.</td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946.</td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946.</td><td>50-51</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>June 30, 1946.</td><td>50-51</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>54-58</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><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td>56-60</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td>56-60</td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946.</td><td>55-59</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="12">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></td><td></td><td>55-57</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>55-57</td><td>55-57</td></tr><tr><td>September 29, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</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>55-57</td><td>60-62</td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>55-57</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>55-57</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946.</td><td></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></tr><tr><td>February 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 30, 1946.</td><td></td><td></td><td></td><td></td><td>57-59</td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946.</td><td></td><td></td><td></td><td></td><td>62-64</td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946.</td><td></td><td></td><td></td><td></td><td>57-59</td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946.</td><td>61-63</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, 1946.</td><td>61-63</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>65</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>64</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>65</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td>65</td><td>61</td><td>61</td><td>66</td><td>61</td><td>61</td><td>66</td><td>59</td><td>59</td><td>64</td><td>59</td><td>59</td></tr><tr><td>Yields beginning with 1937.</td><td>66</td><td>62</td><td>62</td><td>67</td><td>62</td><td>62</td><td>67</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td></tr><tr><td>Chart.</td><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)
September 1946
V
Cumulative Table of Contents - (Continued
<table><tr><th colspan="2">Issue and page number</th><th colspan="9">1946</th><th colspan="3">1945</th></tr><tr><th></th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th></tr><tr><td colspan="12">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>67</td><td>71-75</td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td>69,</td><td>73-77</td><td>69,</td><td>73-77</td><td></td><td>67,</td><td>71-75</td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td>69,</td><td>73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td>70-72</td><td></td><td></td><td>68-70</td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of 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>September 30, 1945.</td><td></td><td></td><td></td><td>70-72</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></td><td></td><td></td><td>70-72</td><td></td><td></td><td>70-72</td><td></td><td></td><td>68-70</td><td></td><td></td></tr><tr><td>March 31, 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>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td>62-67</td></tr><tr><td>Fiscal year 1945.</td><td></td><td></td><td></td><td>64-69</td><td></td><td></td><td></td><td></td><td>62-67</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>64-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946.</td><td></td><td></td><td>64-69</td><td></td><td></td><td></td><td>64-69</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine 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>68-73</td><td></td><td>68-73</td></tr><tr><td>Fiscal year 1945.</td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1946.</td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946.</td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946.</td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">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 data.</td><td>69</td><td>64</td><td>78</td><td>79</td><td>64</td><td>77</td><td>79</td><td>62</td><td>75</td><td>77</td><td>62</td><td>75</td></tr><tr><td>Chart.</td><td>70</td><td>65</td><td>79</td><td>80</td><td>65</td><td>78</td><td>80</td><td>63</td><td>76</td><td>78</td><td>63</td><td>76</td></tr><tr><td>Comparative details for current period.</td><td>71-72</td><td>65-67</td><td>80-81</td><td>81-82</td><td>66-67</td><td>79-80</td><td>81-82</td><td>64-65</td><td>77-78</td><td>79-80</td><td>64-65</td><td>77-78</td></tr><tr><td colspan="13">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>June 30, 1945.</td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td>57-68</td><td></td><td></td><td>67-68</td><td></td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td>74</td><td>71</td><td>83</td><td>84</td><td>71</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td></tr><tr><td>March 31, 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>Gold assets and liabilities 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>Increase 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>September 30, 1945.</td><td></td><td></td><td></td><td></td><td>71</td><td></td><td>69</td><td></td><td></td><td>69</td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td>71</td><td></td><td>84</td><td>71</td><td></td><td>84</td><td></td><td></td><td>82</td><td></td><td>80</td></tr><tr><td>March 31, 1946.</td><td>74</td><td>71</td><td>83</td><td>84</td><td>71</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td></tr><tr><td>Treasury gold receipts, for recent Quarterly periods.</td><td>75</td><td>72</td><td>84</td><td>85</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>83</td><td>70</td><td>81</td></tr><tr><td>Monetary stocks of gold and silver.</td><td>75</td><td>72</td><td>85</td><td>85</td><td>73</td><td>84</td><td>86</td><td>71</td><td>82</td><td>84</td><td>71</td><td>82</td></tr><tr><td>Components of silver monetary stock.</td><td>76</td><td>73</td><td>85</td><td>86</td><td>73</td><td>84</td><td>86</td><td>71</td><td>82</td><td>84</td><td>71</td><td>82</td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices.</td><td>76</td><td>73</td><td>85</td><td>86</td><td>73</td><td>84</td><td>86</td><td>71</td><td>82</td><td>84</td><td>71</td><td>82</td></tr><tr><td>Settlement on silver, by types.</td><td>77</td><td>74</td><td>86</td><td>87</td><td>74</td><td>85</td><td>87</td><td>72</td><td>83</td><td>85</td><td>72</td><td>83</td></tr><tr><td>Money in circulation.</td><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="13">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics.</td><td>75-81</td><td>76-78</td><td>88-89</td><td>89</td><td>76</td><td>87</td><td>89</td><td>74</td><td>85</td><td>77-75</td><td>76</td><td>82</td></tr><tr><td>Historical summary of net capital movement since 1935.</td><td>82-87</td><td>79-84</td><td>90-93</td><td>90-108</td><td>77-93</td><td>88-104</td><td>90-106</td><td>75-91</td><td>86-102</td><td>87-104</td><td>77-93</td><td></td></tr><tr><td>Summary by countries.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>91-95</td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>105-107</td><td></td><td></td></tr><tr><td>May 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>June 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>103-105</td><td></td><td></td><td></td></tr><tr><td>July 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</td><td>92-94</td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945.</td><td></td><td></td><td></td><td></td><td>105-107</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 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>October 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 1945.</td><td></td><td></td><td></td><td>107-109</td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1945.</td><td></td><td></td><td>94-99</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January-February 1946.</td><td></td><td>85-87</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 1946.</td><td>85-90</td><td></td><td></td><td></td><td>110-117</td><td>97-104</td><td>108-115</td><td>110-117</td><td>95-102</td><td>106-113</td><td>108-114</td><td>97-102</td></tr><tr><td>April 1946.</td><td></td><td></td><td>100-107</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>91-97</td><td>85-94</td><td>100-107</td><td>110-117</td><td>97-104</td><td>108-115</td><td>110-117</td><td>95-102</td><td>106-113</td><td>108-114</td><td>97-102</td><td></td></tr></table>
September 1946
A-1
Treasury Market Financing During July
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the Fifth War Loan, are published in the tables on pages 31 and 32. Details of weekly Treasury bill offerings are shown on pages 33 and 34.
Cash Payment and Refunding
On August 1, 1946, there was a maturity of 7/8% certificates of indebtedness in the amount of $2,470 million. The Secretary of the Treasury announced on July 17, 1946 that about $1,250 million of this would be paid off in cash and that a new, one-year 7/8% certificate would be offered in exchange for the remainder, par for par. Exchange subscriptions were received subject to allotment to all holders on an equal percentage basis, except that subscriptions of $25,000 and less were allotted in full. Cash subscriptions were not received.
Reports to the Treasury on the ownership of Government securities indicate that on June 30, 1946 about 82% of the $2.5 billion of maturing certificates was owned by reporting commercial banks and Federal Reserve Banks. Since such a large part of the maturing issue was owned by banks, the pay-off had the direct effect of further reducing bank ownership of the public debt. The June 30 figures on ownership are the latest available. Market transactions after that date may have resulted in some shifts in ownership between banks and nonbank investors.
The new certificates were dated August 1, 1946 and will mature August 1, 1947. Interest at the rate of 7.5% per annum is payable on February 1 and August 1, 1947 and is subject to all Federal income taxes.
The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. Subscription books remained open through July 19 except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which the books remained open through July 22.
On July 29, 1946, Secretary of the Treasury Snyder announced that subscriptions for the new issue aggregated $2,307 million. Subscriptions of $25,000 or less were allotted in full in the amount of $39 million. Subscriptions in amounts of over $25,000 were allotted 52% on a straight percentage basis, but not less than $25,000 to
any one subscriber, and with adjustments to the next highest thousand where necessary. Total allotments amounted to $1,223 million, with $1,246 million to be paid off in cash.
Net Decline in the Public Debt
With the payment in cash of $1.2 billion on the certificates maturing on August 1, 1946, the Treasury had paid off $13.5 billion on maturing and called securities since the beginning of March 1946. These cash pay-offs represented more than half of the total of $26.4 billion of securities maturing or called for payment during the period. The following table shows the amount of each issue maturing or called for payment since February 28, 1946 and the amount of cash pay-off in each case.
Cash Pay-offs on Securities Maturing or Called for Payment
(In billions of dollars)
<table><tr><th>Date maturing or called</th><th>Description of security</th><th>Total amount maturing or called</th><th>Cash pay-offs</th></tr><tr><td>Mar. 1..</td><td>7/8% Certificates of indebtedness.....</td><td>4.1</td><td>1.0</td></tr><tr><td>Mar. 15..</td><td>1% Treasury notes.....</td><td>1.3</td><td>1.3</td></tr><tr><td>Mar. 15..</td><td>3-3/4% Treasury bonds.</td><td>.5</td><td>.5</td></tr><tr><td>Apr. 1..</td><td>7/8% Certificates of indebtedness.....</td><td>4.8</td><td>2.0</td></tr><tr><td>May 1..</td><td>7/8% Certificates of indebtedness.....</td><td>1.6</td><td>1.6</td></tr><tr><td>June 1..</td><td>7/8% Certificates of indebtedness.....</td><td>4.8</td><td>2.0</td></tr><tr><td>June 15..</td><td>3% Treasury bonds.....</td><td>1.0</td><td>1.0</td></tr><tr><td>June 15..</td><td>3-1/8% Treasury bonds.</td><td>.8</td><td>.8</td></tr><tr><td>July 1..</td><td>0.90% Treasury notes.</td><td>4.9</td><td>2.0</td></tr><tr><td>Aug. 1..</td><td>7/8% Certificates of indebtedness.....</td><td>2.5</td><td>1.2</td></tr><tr><td></td><td>Total..................</td><td>26.4</td><td>13.5</td></tr></table>
By August 2, 1946 the debt had been reduced by $12.3 billion to a total of $267.5 billion from its peak of $279.8 billion on February 26, 1946. The net decline in the debt was thus about $1.2 billion less than the total of cash pay-offs. The difference was accounted for by other transactions such as the continued sale of
A-2
Treasury Bulletin
offs and the net decline in the debt from February 28, 1946 to July 31, 1946, and to August 2, 1946.
savings bonds and the sale of special issues to United States Government trust funds. The table below presents a reconciliation of the cash pay-
Composition of Gross Public Debt and Guaranteed Obligations 1/
(In billions of dollars)
<table><tr><th></th><th>Feb. 28, 1946</th><th>July 31, 1946</th><th>Aug. 2, 1946</th></tr><tr><td>Marketable interest-bearing public debt:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17.0</td><td>17.0</td><td>17.0</td></tr><tr><td>Certificates of indebtedness and 0.90% notes</td><td>46.3</td><td>37.7</td><td>36.5</td></tr><tr><td>Other Treasury notes</td><td>14.6</td><td>13.4</td><td>13.4</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td></tr><tr><td>Bank-restricted</td><td>53.4</td><td>53.5</td><td>53.5</td></tr><tr><td>Bank-eligible</td><td>68.2</td><td>65.9</td><td>65.9</td></tr><tr><td>Postal savings and other bonds</td><td>.2</td><td>.2</td><td>.2</td></tr><tr><td>Subtotal</td><td>199.8</td><td>187.6</td><td>186.3</td></tr><tr><td>Net change from February 28 (cash pay-offs)</td><td></td><td>-12.2</td><td>-13.5</td></tr><tr><td>Other public debt and guaranteed obligations: 1/</td><td></td><td></td><td></td></tr><tr><td>Savings bonds</td><td>48.7</td><td>49.3</td><td>49.3</td></tr><tr><td>Savings notes</td><td>8.0</td><td>6.7</td><td>6.7</td></tr><tr><td>Special issues</td><td>20.9</td><td>23.0</td><td>23.2</td></tr><tr><td>All other 2/</td><td>2.3</td><td>2.0</td><td>2.0</td></tr><tr><td>Subtotal</td><td>80.0</td><td>81.0</td><td>81.1</td></tr><tr><td>Net change from February 28</td><td></td><td>+1.1</td><td>+1.2</td></tr><tr><td>Total public debt and guaranteed obligations 1/</td><td>279.8</td><td>268.6</td><td>267.5</td></tr><tr><td>Net change from February 28</td><td></td><td>-11.2</td><td>-12.3</td></tr></table>
1/ Excludes guaranteed securities held by the Treasury.
2/ Includes matured debt, excess profits tax
refund bonds, monetary fund notes, guaranteed obligations, and miscellaneous bonds.
On page 49 of this issue of the "Treasury Bulletin" estimates are presented as to the ownership of the public debt by classes of investors with the latest figures for June 30, 1946. Between February 28 and June 30, 1946 the interest-bearing debt declined by $9.9 billion, and the ownership figures indicate that holdings by commercial banks and Federal Reserve Banks decreased $6.3 billion, or about 5/6 of the total
decline. Complete figures on ownership are not available through August 1, but preliminary data indicate that the results continued at least as good proportionately in reducing bank ownership of the debt. This is consistent with the Treasury policy of reducing bank ownership as much as possible to assist in the control of inflationary pressures.
September 1946
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(in millions of dollars)
<table><tr><th></th><th colspan="4">First month, fiscal years 1945 to 1947</th><th colspan="4">Complete fiscal years, 1945 to 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th>Change 1946 to 1947</th><th>Actual 1945</th><th>1946</th><th>1947 1/</th><th>Change Actual 1946 to estimated 1947 1/</th></tr><tr><td>Receipts:</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></tr><tr><td>Income and profit taxes</td><td>1,247</td><td>1,743</td><td>1,489</td><td>-254</td><td>35,173</td><td>30,885</td><td>27,445</td><td>-3,440</td></tr><tr><td>Employment taxes</td><td>56</td><td>66</td><td>67</td><td>+1</td><td>1,780</td><td>1,701</td><td>1,866</td><td>+165</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>681</td><td>718</td><td>695</td><td>-22</td><td>6,949</td><td>7,725</td><td>7,746</td><td>+21</td></tr><tr><td>Customs</td><td>28</td><td>33</td><td>44</td><td>+12</td><td>355</td><td>435</td><td>463</td><td>+28</td></tr><tr><td>Other receipts 3/</td><td>199</td><td>195</td><td>305</td><td>+110</td><td>3,483</td><td>3,493</td><td>3,398</td><td>-95</td></tr><tr><td>Total receipts</td><td>2,212</td><td>2,756</td><td>2,600</td><td>-154</td><td>47,740</td><td>44,239</td><td>40,919</td><td>-3,320</td></tr><tr><td>Less:</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>49</td><td>59</td><td>61</td><td>+2</td><td>1,285</td><td>1,201</td><td>1,329</td><td>+128</td></tr><tr><td>Net receipts</td><td>2,163</td><td>2,695</td><td>2,539</td><td>-156</td><td>46,457</td><td>43,038</td><td>39,590</td><td>-3,448</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>3,928</td><td>4,270</td><td>300</td><td>-3,970</td><td>50,337</td><td>27,800</td><td>8,000</td><td>-19,800</td></tr><tr><td>Navy Department</td><td>2,591</td><td>2,261</td><td>519</td><td>-1,742</td><td>30,047</td><td>15,161</td><td>5,150</td><td>-10,011</td></tr><tr><td>Miscellaneous war and defense activities h/</td><td>682</td><td>791</td><td>370</td><td>-424</td><td>9,645</td><td>5,561</td><td>5,828</td><td>+247</td></tr><tr><td>Total</td><td>7,201</td><td>7,325</td><td>1,190</td><td>-6,136</td><td>90,029</td><td>48,522</td><td>18,978</td><td>-29,544</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></tr><tr><td>Veterans' Administration 5/ 6/</td><td>106</td><td>208</td><td>689</td><td>+481</td><td>2,060</td><td>4,253</td><td>6,205</td><td>+1,952</td></tr><tr><td>Interest on the public debt</td><td>86</td><td>156</td><td>289</td><td>+93</td><td>3,617</td><td>4,722</td><td>5,000</td><td>+278</td></tr><tr><td>Refunds of taxes and duties 7/</td><td>86</td><td>286</td><td>361</td><td>+95</td><td>1,707</td><td>3,027</td><td>1,857</td><td>-1,170</td></tr><tr><td>Total</td><td>280</td><td>630</td><td>1,300</td><td>+670</td><td>7,384</td><td>12,002</td><td>13,062</td><td>+1,060</td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bretton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td>159</td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>3,093</td><td>+2,260</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67h</td><td></td><td></td></tr><tr><td>Export-import Bank - capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td></td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>300</td><td>+300</td><td>-</td><td></td><td></td><td></td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>833</td><td>3,093</td><td>+2,260</td></tr><tr><td>Total</td><td>-</td><td>-</td><td>300</td><td>+300</td><td>-</td><td>833</td><td></td><td></td></tr><tr><td>Aid to agriculture 5/ 8/</td><td>62</td><td>10</td><td>1,024</td><td>+1,015</td><td>762</td><td>980</td><td>5,737</td><td>+2,095</td></tr><tr><td>Social security program 5/ 8/</td><td>258</td><td>237</td><td>273</td><td>+37</td><td>815</td><td>852</td><td></td><td></td></tr><tr><td>Public works</td><td>33</td><td>31</td><td>67</td><td>+36</td><td>323</td><td>407</td><td></td><td></td></tr><tr><td>Other general expenditures 4/ 5/</td><td>275</td><td>324</td><td>360</td><td>+36</td><td>1,093</td><td>1,403</td><td></td><td></td></tr><tr><td>Expenditures from anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>160</td><td>+160</td></tr><tr><td>Government corporations (wholly-owned), etc. (net)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</td><td>47</td><td>71</td><td>43</td><td>-28</td><td>472</td><td>328</td><td></td><td></td></tr><tr><td>Other</td><td>-20</td><td>38</td><td>13</td><td>-25</td><td>-288</td><td>-23</td><td>509</td><td>+1,814</td></tr><tr><td>Commodity Credit Corporation</td><td>13</td><td>-43</td><td>-959</td><td>-917</td><td>470</td><td>-1,044</td><td></td><td></td></tr><tr><td>Other</td><td>-50</td><td>197</td><td>33</td><td>-164</td><td>-662</td><td>-566</td><td></td><td></td></tr><tr><td>Total</td><td>-10</td><td>264</td><td>-870</td><td>-1,134</td><td>-7</td><td>-1,305</td><td>509</td><td>+1,814</td></tr><tr><td>Total expenditures</td><td>8,100</td><td>8,821</td><td>3,604</td><td>-5,178</td><td>100,397</td><td>63,714</td><td>41,539</td><td>-22,175</td></tr><tr><td>Net budgetary deficit</td><td>5,937</td><td>6,126</td><td>1,105</td><td>-5,021</td><td>53,941</td><td>20,576</td><td>1,949</td><td>-18,727</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufactures' and retailers' excise taxes, and estate taxes.
3/ 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 1945, $2,001 million and fiscal year 1946, $1,053 million. These figures include so-called voluntary refunds.
4/ Classification changed to reflect expenditures of surplus property disposal agencies for the fiscal years 1946 and 1947. Prior year expenditures are included under "Other".
5/ Includes transfers to trust accounts, etc.
7/ Includes expenditures for public works undertaken by Veterans' Administration, except for the estimated fiscal year 1947, figures for which are not yet available.
1/ 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
8/ 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, which are included in "Miscellaneous war and defense activities".
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first month, fiscal years 1945 to 1947</th><th colspan="4">End of fiscal years, 1945 to 1947</th></tr><tr><th></th><th>July 31, 1944</th><th>July 31, 1945</th><th>July 31, 1946</th><th>Change July 31, 1945 to July 31, 1946</th><th>Actual June 30, 1945</th><th>Estimated 1/ June 30, 1947</th><th>Change</th><th>Actual June 30, 1946 to estimated June 30, 1947 1/</th></tr><tr><td colspan="9">Securities issued by the United States</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>144,919</td><td>183,080</td><td>187,596</td><td>+4,516</td><td>181,319</td><td>189,606</td><td></td><td></td></tr><tr><td>Non-marketable</td><td>47,237</td><td>57,143</td><td>56,399</td><td>-744</td><td>56,226</td><td>56,173</td><td></td><td></td></tr><tr><td>Total public issues</td><td>192,156</td><td>240,223</td><td>243,994</td><td>+3,772</td><td>237,545</td><td>245,779</td><td>d.a.</td><td>d.a.</td></tr><tr><td>Special issues</td><td>14,961</td><td>19,558</td><td>23,045</td><td>+3,487</td><td>18,812</td><td>22,332</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>207,117</td><td>259,781</td><td>267,039</td><td>+7,259</td><td>256,357</td><td>268,111</td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,456</td><td>2,264</td><td>1,231</td><td>-1,033</td><td>2,326</td><td>1,311</td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>208,574</td><td>262,045</td><td>268,270</td><td>+6,225</td><td>258,682</td><td>269,422</td><td>261,000</td><td>-8,422</td></tr><tr><td colspan="9">Securities guaranteed by the United States 2/</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>1,191</td><td>34</td><td>43</td><td>+8</td><td>34</td><td>43</td><td></td><td></td></tr><tr><td>Non-marketable</td><td>277</td><td>450</td><td>281</td><td>-169</td><td>375</td><td>424</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,468</td><td>484</td><td>324</td><td>-160</td><td>409</td><td>467</td><td></td><td></td></tr><tr><td>Matured debt</td><td>97</td><td>21</td><td>9</td><td>-11</td><td>24</td><td>10</td><td>n.s.</td><td>n.s.</td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,565</td><td>505</td><td>333</td><td>-171</td><td>433</td><td>476</td><td></td><td></td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>210,138</td><td>262,550</td><td>268,603</td><td>+6,054</td><td>259,115</td><td>269,898</td><td></td><td></td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon the 1947 Budget document as revised August 3, 1946. n.a. Not available. 2/ Includes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First month, fiscal years 1945 to 1947</th><th colspan="3">Complete fiscal years, 1945 to 1947</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th>Actual 1945</th><th>1946</th><th>Estimated 1/ 1947</th></tr><tr><td colspan="7">Amount required to be financed:</td></tr><tr><td>Net budgetary deficit</td><td>5,937</td><td>6,126</td><td>1,105</td><td>53,941</td><td>20,676</td><td>1,949</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>-</td><td>1,152</td><td>-</td><td>-</td><td>8,422</td></tr><tr><td>Net increase in General Fund balance</td><td>1,756</td><td>-</td><td>-</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>524</td><td>479</td></tr><tr><td>Total amount required to be financed</td><td>7,693</td><td>6,126</td><td>2,257</td><td>58,470</td><td>21,200</td><td>10,850</td></tr><tr><td colspan="7">Means of financing:</td></tr><tr><td>Net increase in public debt</td><td>7,570</td><td>3,362</td><td>-</td><td>57,679</td><td>10,740</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>2,615</td><td>2,209</td><td>-</td><td>10,460</td><td>10,850</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>123</td><td>148</td><td>48</td><td>791</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>7,693</td><td>6,126</td><td>2,257</td><td>58,470</td><td>21,200</td><td>10,850</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Comprises trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market (net), increment
on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July, 1946, a clearing account for outstanding checks.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
September 1946
5
Changes in Classification of Expenditures in Treasury Reports Effective July 1, 1946
On July 1, 1946 several changes were made in Treasury reports in order to conform with current budgetary practice, and to reclassify expenditures from a checks paid to a checks issued basis. The changes involved are as follows:
(1) Transactions of wholly owned Government corporations (other than sales and redemptions of obligations in the market) were removed from the category "Transactions in checking accounts of Government corporations, etc. (net)" under "Trust accounts, etc." and are now shown as a net item under "Budgetary expenditures." Consequently, these transactions are now reflected in the budgetary surplus or deficit.
(2) Transactions of mixed ownership Government corporations (other than sales and redemption of obligations in the market) were removed from the category "Transactions in checking accounts of Government corporations, etc. (net)" and are now included in "Special deposits and miscellaneous funds and accounts."
(3) The subcategory "Sales and redemptions of obligations of Government corporations, etc., in the market (net)" which was formerly included under "Transactions in checking accounts of Government corporations, etc. (net)," now appears as a separate classification.
(4) The category "Clearing account for outstanding checks" has been introduced under "Trust accounts, etc." This new account reflects the difference between checks issued and checks paid, in order to reconcile to the General Fund balance.
The tables on budgetary receipts and expenditures, and trust accounts, etc. receipts and expenditures contained on the following pages have been revised back through the fiscal year 1945. Prior to July 1944 the figures in these tables are still on the old basis.
The table below shows a comparison of budgetary receipts and expenditures and net receipts or expenditures of trust accounts, etc., on both the new and the old basis.
Analysis of Changes in Classification of Expenditures in Treasury Reports
Effective July 1, 1946
(in millions of dollars)
<table><tr><th>Classification</th><th colspan="4">New basis (effective July 1, 1946)</th><th colspan="4">Old basis (prior to July 1, 1946)</th></tr><tr><th></th><th colspan="2">Fiscal years</th><th colspan="2">Months</th><th colspan="2">Fiscal years</th><th colspan="2">Months</th></tr><tr><th></th><th>1945</th><th>1946</th><th>July 1945</th><th>July 1946</th><th>1945</th><th>1946</th><th>July 1945</th><th>July 1946</th></tr><tr><td>Budgetary receipts and expenditures: Net receipts</td><td>46,457</td><td>43,038</td><td>2,695</td><td>2,539</td><td>46,457</td><td>43,038</td><td>2,695</td><td>2,539</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>General</td><td>8,730</td><td>14,559</td><td>702</td><td>2,694</td><td>8,730</td><td>14,559</td><td>702</td><td>2,694</td></tr><tr><td>War and defense activities</td><td>90,029</td><td>48,542</td><td>7,325</td><td>1,190</td><td>90,029</td><td>48,542</td><td>7,325</td><td>1,190</td></tr><tr><td>Transfers to trust accounts, etc.</td><td>1,046</td><td>1,918</td><td>530</td><td>631</td><td>1,046</td><td>1,918</td><td>530</td><td>631</td></tr><tr><td>Government corporations (wholly owned), etc. (ast):</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>471</td><td>-1,044</td><td>-43</td><td>-959</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-106</td><td>-</td><td>64</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-5</td><td>-20</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>12</td><td>1</td><td>-4</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-123</td><td>-275</td><td>-26</td><td>-18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War and defense activities</td><td>472</td><td>328</td><td>71</td><td>43</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-288</td><td>-23</td><td>38</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>-1</td><td>-7</td><td>-2</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-342</td><td>-159</td><td>229</td><td>-18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Government corporations, etc.</td><td>-7</td><td>-1,305</td><td>264</td><td>-870</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expenditures</td><td>100,397</td><td>63,714</td><td>8,821</td><td>3,604</td><td>100,405</td><td>65,019</td><td>8,557</td><td>4,514</td></tr><tr><td>Net budgetary deficit</td><td>53,941</td><td>20,676</td><td>6,126</td><td>1,105</td><td>53,948</td><td>21,981</td><td>5,862</td><td>1,975</td></tr><tr><td>Trust accounts, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net receipts or expenditures [-]</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trust funds 1/</td><td>675</td><td>-30</td><td>101</td><td>18</td><td>675</td><td>-30</td><td>101</td><td>18</td></tr><tr><td>Increase on gold and seignorage on silver</td><td>-</td><td>248</td><td>35</td><td>-</td><td>-</td><td>248</td><td>35</td><td>-</td></tr><tr><td>Special deposits and miscellaneous funds and accounts 2/</td><td>1,669</td><td>-647</td><td>280</td><td>-174</td><td>1,302</td><td>-388</td><td>-29</td><td>583 3/</td></tr><tr><td>Transactions in checking accounts of Government agencies, etc. 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,178</td><td>952</td><td>-222</td><td></td></tr><tr><td>Sales and redemptions of obligations of Government corporations, etc., in the market 5/</td><td>-1,553</td><td>-95</td><td>-268</td><td>-114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Clearing account for outstanding checks 6/</td><td>-</td><td>-</td><td>-</td><td>318</td><td>-</td><td>-</td><td>-</td><td>318 1/</td></tr><tr><td>Total</td><td>791</td><td>-524</td><td>148</td><td>48</td><td>798</td><td>781</td><td>-116</td><td>918</td></tr></table>
Daily Treasury Statement.
Less than $500 thousand.
1/ Includes Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Railroad Retirement Account, Unemployment Trust Fund, etc.
2/ Beginning with July 1, 1946 this category includes transactions of mixed ownership Government corporations (other than sales and redemptions of obligations in the market).
3/ Breakdown of this amount on the old basis is not available.
4/ This classification was discontinued on July 1, 1946. It contained "Sales and redemptions of obligations in the market (net)" and "Other transactions (net)." Beginning with July 1, 1946 "Sales and redemptions of obligations of Government corporations, etc., in the market (net)" appear as a separate item (see footnote 5). "Other transactions
(b) of wholly owned Government corporations are included in "Budgetary expenditures," and "Other transactions (net)" of miscellaneous Government corporations are included in "Special deposits and miscellaneous funds and accounts" (see footnote 2). Prior to July 1, 1946 this item was a subcategory under "Transactions in checking accounts of Government agencies, etc." (see footnote 4). Since July 1, 1946 expenditures are classified primarily on the basis of checks issued, rather than checks paid which was used previously. This new classification reflects the difference between checks issued and checks paid. In order to reconcile the General Fund balance. Expenditures for July 1946 on a checks paid basis are not available, consequently this item appears as an adjustment.
6
Treasury Bulletin
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="4">Receipts</th><th rowspan="2">Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th colspan="3">Expenditures 1/</th><th rowspan="2">Government corporations (wholly-owned) etc. (net) 1/</th><th rowspan="2">Net budgetary deficit 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Total expenditures</th><th>General 3/</th><th>War and defense activities 5/</th><th>Transfers to trust accounts, etc. 6/</th></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>8,177</td><td>6,641</td><td>929</td><td>608</td><td>9/</td><td>3,199</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>187</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>9/</td><td>1,184</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>9/</td><td>3,542</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 10/</td><td>538</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>9/</td><td>3,611</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 10/</td><td>661</td><td>12,711</td><td>6,079 11/</td><td>6,301</td><td>331</td><td>9/</td><td>5,103</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>189</td><td>286 10/</td><td>869</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>9/</td><td>19,598</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>124</td><td>916 10/ 12/</td><td>1,101</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>9/</td><td>55,897</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 12/</td><td>1,260</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>9/</td><td>40,505</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 12/</td><td>1,283</td><td>100,397</td><td>8,730</td><td>90,029</td><td>1,646</td><td>-7</td><td>53,941</td></tr><tr><td>1946</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493 12/</td><td>1,201</td><td>63,714</td><td>14,559</td><td>48,542</td><td>1,918</td><td>-1,305</td><td>20,676</td></tr><tr><td>1945-July</td><td>2,754</td><td>2,527</td><td>33</td><td>195</td><td>59</td><td>8,821</td><td>702</td><td>7,325</td><td>530</td><td>264</td><td>6,126</td></tr><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>7,291</td><td>793</td><td>6,399</td><td>162</td><td>-63</td><td>4,293</td></tr><tr><td>September</td><td>5,192</td><td>4,847</td><td>30</td><td>315</td><td>2</td><td>6,687</td><td>1,210</td><td>5,367</td><td>34</td><td>75</td><td>1,497</td></tr><tr><td>October</td><td>2,581</td><td>2,340</td><td>16</td><td>205</td><td>52</td><td>5,230</td><td>787</td><td>5,126</td><td>38</td><td>-255</td><td>1,156</td></tr><tr><td>November</td><td>2,609</td><td>2,383</td><td>35</td><td>191</td><td>235</td><td>4,581</td><td>430</td><td>4,226</td><td>-</td><td>-74</td><td>2,008</td></tr><tr><td>December</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>4</td><td>5,013</td><td>1,201</td><td>4,245</td><td>-</td><td>-432</td><td>895</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,451</td><td>42</td><td>354</td><td>30</td><td>4,860</td><td>791</td><td>3,417</td><td>684</td><td>-31</td><td>1,042</td></tr><tr><td>February</td><td>3,875</td><td>3,684</td><td>33</td><td>158</td><td>196</td><td>3,475</td><td>660</td><td>2,702</td><td>148</td><td>-75</td><td>-243</td></tr><tr><td>March</td><td>5,762</td><td>5,583</td><td>42</td><td>138</td><td>15</td><td>3,845</td><td>2,028</td><td>2,550</td><td>23</td><td>-757</td><td>-1,902</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>379</td><td>57</td><td>4,268</td><td>1,490</td><td>2,560</td><td>200</td><td>18</td><td>1,591</td></tr><tr><td>May</td><td>2,998</td><td>2,308</td><td>42</td><td>690</td><td>265</td><td>3,864</td><td>1,400</td><td>2,182</td><td>95</td><td>187</td><td>1,131</td></tr><tr><td>June</td><td>4,482</td><td>4,480</td><td>15</td><td>367</td><td>3</td><td>5,352</td><td>1,066</td><td>2,442</td><td>5</td><td>-161</td><td>873</td></tr><tr><td>July</td><td>2,600</td><td>2,251</td><td>44</td><td>305</td><td>61</td><td>1,644</td><td>2,694</td><td>1,190</td><td>631</td><td>-870</td><td>1,105</td></tr></table>
10/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $119 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
11/ Removals from industrial capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $115 million.
12/ 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; fiscal year 1945, $2,041 million, and fiscal year 1946, $1,053 million. These figures include so-called voluntary return
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See page 5.
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/ For further details, see Table 6.
8/ Total expenditures less net receipts.
9/ For expenditures of Government corporations, etc. (est.) see table on "Trust Accounts, Etc. Receipts and Expenditures" showing transactions in checking accounts of Government agencies, etc. (est).
Table 2.- Analysis of Receipts from Internal Revenue
(in million of dollars)
<table><tr><th>Piece year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th>Carrier's Taxing Act of 1937 (Railroad retirement)</th><th>Micel-lanoue internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 3/</th><th>Other 3/</th><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></th></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>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,600</td><td>-</td><td>2,600</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 3/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</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></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>929</td><td>691</td><td>98</td><td>137</td><td>2,967</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>3,841</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,998</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,695</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></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>6,940</td></tr><tr><td>1946</td><td>40,310</td><td>30,885</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td></tr><tr><td>1945-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></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></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></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>689</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></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>107</td><td>2,599</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>495</td></tr><tr><td>February</td><td>3,684</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>3</td><td>584</td></tr><tr><td>March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>590</td></tr><tr><td>April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>682</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>565</td><td>842</td><td>285</td><td>269</td><td>11</td><td>5</td><td>615</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>690</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td>65</td><td>615</td></tr><tr><td>July</td><td>2,251</td><td>1,489</td><td>514</td><td>974</td><td>67</td><td>62</td><td>2</td><td>2</td><td>695</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
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/ 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. Includes less than $500 thousand in receipts from "Agricultural Adjustment taxes".
September 1946
7
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="3">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>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 1/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social security program 3/ 5/</th><th>Public works 1/</th><th>Departmental not otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></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>365</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>315</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>551</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>281</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>548</td><td>161</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>512</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>6,109</td><td>3,500</td><td>629</td><td>2,509</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>3,517</td><td>1,107</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>1946</td><td>14,559</td><td>10,620</td><td>2,871</td><td>4,722</td><td>1,027</td><td>3,938 12/</td><td>998 12/</td><td>550</td><td>407</td><td>842</td><td>14/</td><td>14/</td><td>1,141 15/</td></tr><tr><td>1945-July</td><td>702</td><td>525</td><td>103</td><td>156</td><td>266</td><td>176</td><td>28</td><td>47</td><td>31</td><td>65</td><td>14/</td><td>14/</td><td>5</td></tr><tr><td>August</td><td>793</td><td>556</td><td>110</td><td>99</td><td>347</td><td>238</td><td>46</td><td>61</td><td>34</td><td>74</td><td>14/</td><td>14/</td><td>23</td></tr><tr><td>September</td><td>1,210</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>150</td><td>26</td><td>24</td><td>29</td><td>64</td><td>15/</td><td>15/</td><td>7</td></tr><tr><td>October</td><td>787</td><td>387</td><td>133</td><td>172</td><td>82</td><td>400</td><td>35</td><td>73</td><td>37</td><td>68</td><td>14/</td><td>14/</td><td>188 15/</td></tr><tr><td>November</td><td>430</td><td>281</td><td>142</td><td>84</td><td>56</td><td>148</td><td>20</td><td>31</td><td>19</td><td>66</td><td>15/</td><td>15/</td><td>11</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178</td><td>26</td><td>37</td><td>38</td><td>67</td><td>15/</td><td>15/</td><td>10</td></tr><tr><td>1946-January</td><td>791</td><td>582</td><td>220</td><td>309</td><td>53</td><td>209</td><td>18</td><td>65</td><td>30</td><td>83</td><td>14/</td><td>14/</td><td>13</td></tr><tr><td>February</td><td>660</td><td>467</td><td>255</td><td>118</td><td>94</td><td>193</td><td>40</td><td>90</td><td>25</td><td>65</td><td>15/</td><td>15/</td><td>14</td></tr><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>646</td><td>251</td><td>813</td><td>562 13/</td><td>32</td><td>32</td><td>77</td><td>15/</td><td>15/</td><td>111 15/</td></tr><tr><td>April</td><td>1,490</td><td>1,103</td><td>406</td><td>174</td><td>523</td><td>387</td><td>98</td><td>67</td><td>36</td><td>75</td><td>14/</td><td>14/</td><td>111 15/</td></tr><tr><td>May</td><td>1,400</td><td>1,015</td><td>415</td><td>106</td><td>904</td><td>385</td><td>23</td><td>42</td><td>40</td><td>69</td><td>15/</td><td>15/</td><td>216 15/</td></tr><tr><td>June</td><td>3,066</td><td>2,407</td><td>496</td><td>1,395</td><td>516</td><td>860</td><td>77</td><td>23</td><td>56</td><td>73</td><td>15/</td><td>15/</td><td>431 15/</td></tr><tr><td>July</td><td>2,694</td><td>1,074</td><td>463</td><td>249</td><td>361</td><td>1,620</td><td>1,028 16/</td><td>98</td><td>67</td><td>118</td><td>15/</td><td>15/</td><td>311 17/</td></tr></table>
Source: 
1/ 
2/ 
3/ 
4/ 
5/ 
6/ 
7/ 
1/ 
2/ 
3/ 
4/ 
5/ 
6/ 
7/ 
1/ 
2/ 
3/ 
4/ 
5/ 
6/ 
7/
8 Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the department of Agriculture departmental expenditures. Beginning July, 1946, includes expenditures formerly classified as departmental. 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, and Disaster Loan Corporation. 11 Gross expenditures have been reduced $315 million representing the return of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, 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/ Includes $12 million for Commodity Credit Corporation - postwar price support of agriculture. 14/ Classified as miscellaneous expenditures commencing July 1, 1945. 15/ Expenditures during October 1945 include $174 million and during March and April, 1946, $100 million each for Export-Import Bank of Washington - capital stock. Expenditures for June 1946 also include $158 million for International Bank under Bretton Woods Agreements Act. 16/ Includes $921 million for restoration of capital impairment of Commodity Credit Corporation effected by cancellation of notes pursuant to the act of July 20, 1946. 17/ Includes expenditures of $300 million for credit to United Kingdom.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War and Defense Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Servicemen Department</th><th>Total miscellaneous war and defense 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 Administration</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Administration</th><th>Surplus and defense property disposal agencies</th><th>Other war and defense expenditures 2/</th></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><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><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>hh</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>hh</td><td>-</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><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,333</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>-</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>636</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>-</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>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,269</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,412</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>32,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,162</td><td>3,227</td><td>2,042</td><td>140</td><td>118</td><td>1/</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>5,581</td><td>1,008</td><td>60</td><td>91</td><td>80</td><td>52</td><td>695</td><td>694</td><td>1,367</td><td>120</td><td>664</td><td>106</td><td>611</td></tr><tr><td>1946-July</td><td>1,325</td><td>4,270</td><td>2,861</td><td>794</td><td>85</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>1</td><td>71</td></tr><tr><td>August</td><td>6,339</td><td>3,545</td><td>2,149</td><td>704</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>38</td><td>15</td><td>1</td><td>63</td></tr><tr><td>September</td><td>5,367</td><td>3,264</td><td>1,659</td><td>400</td><td>39</td><td>6</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>1</td><td>58</td></tr><tr><td>October</td><td>5,126</td><td>2,976</td><td>1,930</td><td>559</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>2</td><td>52</td></tr><tr><td>November</td><td>4,226</td><td>2,952</td><td>1,139</td><td>435</td><td>74</td><td>2</td><td>7</td><td>-1</td><td>4</td><td>57</td><td>67</td><td>150</td><td>-</td><td>13</td><td>2</td><td>59</td></tr><tr><td>December</td><td>4,245</td><td>2,876</td><td>990</td><td>778</td><td>hug h/</td><td>1</td><td>9</td><td>4</td><td>-</td><td>72</td><td>44</td><td>118</td><td>-</td><td>36</td><td>-</td><td>46</td></tr><tr><td>1946-February</td><td>3,417</td><td>1,519</td><td>1,656</td><td>331</td><td>10</td><td>3</td><td>7</td><td>-</td><td>3</td><td>50</td><td>35</td><td>112</td><td>-</td><td>60</td><td>-</td><td>50</td></tr><tr><td>March</td><td>2,702</td><td>1,588</td><td>853</td><td>231</td><td>62</td><td>2</td><td>6</td><td>-2</td><td>5</td><td>41</td><td>-73</td><td>72</td><td>2</td><td>74</td><td>3</td><td>32</td></tr><tr><td>April</td><td>2,550</td><td>1,582</td><td>734</td><td>334</td><td>29</td><td>4</td><td>5</td><td>-13</td><td>3</td><td>hh</td><td>16</td><td>78</td><td>14</td><td>118</td><td>1</td><td>36</td></tr><tr><td>May</td><td>2,560</td><td>1,420</td><td>858</td><td>282</td><td>10</td><td>5</td><td>4</td><td>48</td><td>4</td><td>37</td><td>17</td><td>63</td><td>-</td><td>57</td><td>5</td><td>31</td></tr><tr><td>June</td><td>2,182</td><td>1,242</td><td>640</td><td>300</td><td>3</td><td>4</td><td>5</td><td>-5</td><td>4</td><td>26</td><td>90</td><td>47</td><td>-</td><td>96</td><td>36</td><td>33</td></tr><tr><td>July</td><td>2,442</td><td>1,365</td><td>590</td><td>387</td><td>131</td><td>2</td><td>4</td><td>-3</td><td>3</td><td>24</td><td>4</td><td>37</td><td>-</td><td>91</td><td>53</td><td>40</td></tr><tr><td>1947</td><td>1,190</td><td>300</td><td>519</td><td>370</td><td>12</td><td>2</td><td>7</td><td>4</td><td>4</td><td>29</td><td>4</td><td>34</td><td>-</td><td>169</td><td>27</td><td>79</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Includes war public housing functions.
2/ 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.
Classification changed to reflect expenditures for the fiscal year 1946 under "war activities". Prior year expenditures are included under "General".
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 land-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' Adminis-tration 1/ 2/</th><th>Social security program 1/ 2/</th><th>Government employee retirement funds (U. S. share)</th><th>Aid to agriculture 1/ 2/</th><th>Federal contribution to District of Columbia</th></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>167</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</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>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>1946-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><tr><td>1946-January</td><td>644</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>200</td><td>162</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>95</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>631</td><td>226</td><td>174</td><td>223</td><td>-</td><td>8</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Additional transactions are shown in Table 3.
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 explanation see tables which follow on social security progress.
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.
September 1946
9
Budgetary Receipts and Expenditures - (Continued)
Table 6. - Analysis of Expenditures of Government Corporations (Wholly-owned), etc.(net)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ War and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>1945</td><td>-7</td><td>471 3/</td><td>*</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,105</td><td>-1,044 3/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1946-July</td><td>264</td><td>.43</td><td>*</td><td>1</td><td>-1</td><td>-26</td><td>71</td><td>38</td><td>-2</td><td>229</td></tr><tr><td>August</td><td>-65</td><td>137</td><td>*</td><td>4</td><td>-2</td><td>-27</td><td>63</td><td>-1</td><td>*</td><td>-229</td></tr><tr><td>September</td><td>75</td><td>54</td><td>*</td><td>-2</td><td>1</td><td>-22</td><td>57</td><td>17</td><td>1</td><td>-31</td></tr><tr><td>October</td><td>-255</td><td>-62</td><td>-1</td><td>-2</td><td>*</td><td>-23</td><td>34</td><td>-165</td><td>4</td><td>-21</td></tr><tr><td>November</td><td>-74</td><td>-17</td><td>-10</td><td>-2</td><td>-2</td><td>-21</td><td>-16</td><td>116</td><td>*</td><td>-34</td></tr><tr><td>December</td><td>-432</td><td>-394</td><td>9</td><td>5</td><td>5</td><td>-21</td><td>15</td><td>-34</td><td>1</td><td>-18</td></tr><tr><td>1946-January</td><td>-31</td><td>2</td><td>2</td><td>-2</td><td>*</td><td>-22</td><td>-4</td><td>24</td><td>3</td><td>-34</td></tr><tr><td>February</td><td>-75</td><td>-51</td><td>-9</td><td>-1</td><td>-1</td><td>-21</td><td>31</td><td>-33</td><td>-1</td><td>12</td></tr><tr><td>March</td><td>-757</td><td>-631 3/</td><td>-39</td><td>-5</td><td>9</td><td>-24</td><td>-96</td><td>28</td><td>*</td><td>2</td></tr><tr><td>April</td><td>18</td><td>-3</td><td>-11</td><td>-2</td><td>-6</td><td>-22</td><td>85</td><td>-1</td><td>-3</td><td>-21</td></tr><tr><td>May</td><td>187</td><td>146</td><td>-66</td><td>-3</td><td>-1</td><td>-22</td><td>145</td><td>-11</td><td>-1</td><td>-3</td></tr><tr><td>June</td><td>-161</td><td>-151</td><td>20</td><td>-3</td><td>3</td><td>-25</td><td>-1</td><td>-2</td><td>1</td><td>-2</td></tr><tr><td>July</td><td>-870</td><td>-959 3/</td><td>64</td><td>*</td><td>-2</td><td>-18</td><td>43</td><td>13</td><td>3</td><td>-14</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Payments of $955 million (preliminary) have been made during the fiscal year 1946 by the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with
the land-lease program and reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,182 million. Represents payment to Commodity Credit Corporation under act of February 18, 1946. The act of July 20, 1946, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $221 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly-owned), etc. (set.)
Table 7. - Total Budgetary Receipts and Expenditures by Months, Beginning with 1937
(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>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>572</td><td>5,850</td></tr><tr><td>1939</td><td>271</td><td>167</td><td>687</td><td>213</td><td>287</td><td>557</td><td>265</td><td>572</td><td>676</td><td>275</td><td>364</td><td>521</td><td>4,318</td></tr><tr><td>1940</td><td>315</td><td>184</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>731</td><td>333</td><td>362</td><td>740</td><td>5,639</td></tr><tr><td>1941</td><td>340</td><td>511</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>645</td><td>564</td><td>1,212</td><td>8,890</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,482</td><td>717</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>2,787</td><td>9,955</td><td>5,200</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>34,564</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>2,668</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,167</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>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><th colspan="14">Budgetary expenditures 2/</th></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>646</td><td>718</td><td>137</td><td>646</td><td>830</td><td>8,091</td></tr><tr><td>1939</td><td>666</td><td>612</td><td>620</td><td>730</td><td>604</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>6,895</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>867</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>5,933</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>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>97,578</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>5,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,604</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><th colspan="14">Net budgetary deficit 3/</th></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>426</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>-232</td><td>169</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>3,967</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>456</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-157</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>1,729</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>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,995</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>5,937</td><td>5,776</td><td>1,976</td><td>6,134</td><td>5,706</td><td>3,004</td><td>53,157</td></tr><tr><td>1945</td><td>4,583</td><td>3,514</td><td>2,373</td><td>4,972</td><td>6,028</td><td>3,838</td><td>6,126</td><td>4,293</td><td>1,497</td><td>3,165</td><td>2,208</td><td>895</td><td>43,594</td></tr><tr><td>1946</td><td>1,042</td><td>-243</td><td>-1,902</td><td>1,592</td><td>1,131</td><td>873</td><td>1,105</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement.
Note: Beginning with July 1, 1945 certain revisions have been made in this table. See page 5.
1/ Total receipts less net amount transferred to Federal Old-Age
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
10
Treasury Bulletin
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-1
September 1946
11
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="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">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></tr><tr><td>1937</td><td>+275</td><td>+1</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>+294</td><td>294</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>763</td><td>751</td><td>+2</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>818</td><td>817</td><td>+2</td></tr><tr><td>1940</td><td>+116</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>989</td><td>957</td><td>-2</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>1,114</td><td>1,118</td><td>+11</td></tr><tr><td>1942</td><td>-1,506</td><td>+9</td><td>040</td><td>031</td><td>+11</td><td>46</td><td>36</td><td>1,244</td><td>1,247</td><td>-</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>116</td><td>320</td><td>1,399</td><td>1,404</td><td>+4</td></tr><tr><td>1944</td><td>-1,051</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>1,567</td><td>1,564</td><td>-2</td></tr><tr><td>1945</td><td>+791</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>1,508</td><td>1,508</td><td>+1</td></tr><tr><td>1946</td><td>-524</td><td>+26</td><td>1,390</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>1,280</td><td>1,248</td><td>+3</td></tr><tr><td>1945-July</td><td>+148</td><td>+36</td><td>59</td><td>23</td><td>+10</td><td>189</td><td>199</td><td>73</td><td>50</td><td>-1</td></tr><tr><td>August</td><td>-114</td><td>+260</td><td>283</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>259</td><td>273</td><td>-</td></tr><tr><td>September</td><td>-20</td><td>-286</td><td>11</td><td>296</td><td>-48</td><td>120</td><td>169</td><td>41</td><td>35</td><td>-</td></tr><tr><td>October</td><td>+47</td><td>+27</td><td>52</td><td>25</td><td>-7</td><td>89</td><td>96</td><td>+25</td><td>13</td><td>-1</td></tr><tr><td>November</td><td>+315</td><td>+226</td><td>235</td><td>9</td><td>-1</td><td>85</td><td>86</td><td>+10</td><td>174</td><td>+2</td></tr><tr><td>December</td><td>-319</td><td>-284</td><td>11</td><td>276</td><td>+7</td><td>101</td><td>93</td><td>-30</td><td>72</td><td>+1</td></tr><tr><td>1946-January</td><td>-307</td><td>+27</td><td>15</td><td>18</td><td>+90</td><td>693</td><td>603</td><td>+11</td><td>96</td><td>-1</td></tr><tr><td>February</td><td>-36</td><td>+169</td><td>196</td><td>28</td><td>-56</td><td>194</td><td>250</td><td>+21</td><td>158</td><td>37</td></tr><tr><td>March</td><td>-295</td><td>-184</td><td>24</td><td>209</td><td>-28</td><td>102</td><td>131</td><td>-13</td><td>40</td><td>53</td></tr><tr><td>April</td><td>+272</td><td>+32</td><td>57</td><td>25</td><td>+48</td><td>223</td><td>175</td><td>+6</td><td>40</td><td>35</td></tr><tr><td>May</td><td>+48</td><td>+234</td><td>265</td><td>31</td><td>+55</td><td>135</td><td>190</td><td>+2</td><td>200</td><td>197</td></tr><tr><td>June</td><td>-265</td><td>-251</td><td>109</td><td>161</td><td>+11</td><td>174</td><td>163</td><td>-16</td><td>105</td><td>121</td></tr><tr><td>July</td><td>+48</td><td>+28</td><td>61</td><td>33</td><td>+147</td><td>277</td><td>130</td><td>+11</td><td>49</td><td>39</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-2</td><td>165</td><td>167</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>Increase on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 2/</th><th colspan="2">Transactions in checking accounts of Government agencies, etc. (net)</th><th>Clearing account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th><th></th></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-39</td><td>+40</td><td>-</td><td>+314</td><td>n a</td><td>n a</td><td>-</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>+204</td><td>n a</td><td>n a</td><td>-</td></tr><tr><td>1939</td><td>+28</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>+768</td><td>+1,036</td><td>+137</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+16</td><td>+31</td><td>+288</td><td>-254</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>+11</td><td>-218</td><td>+852</td><td>-1,069</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+39</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+241</td><td>-2,194</td><td>-694</td><td>-1,500</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>+1,403</td><td>-2,874</td><td>-1,529</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,692</td><td>1,072</td><td>*</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-1,553</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,126</td><td>2,237</td><td>*</td><td>+248</td><td>-647</td><td>-95</td><td>+95</td><td>-</td><td>-</td></tr><tr><td>1945-July</td><td>+53</td><td>355</td><td>302</td><td>*</td><td>+35</td><td>+280</td><td>-266</td><td>-268</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-311</td><td>82</td><td>391</td><td>*</td><td>+8</td><td>-325</td><td>+201</td><td>+201</td><td>-</td><td>-</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+89</td><td>-10</td><td>-10</td><td>-</td><td>-</td></tr><tr><td>October</td><td>+84</td><td>179</td><td>95</td><td>*</td><td>+37</td><td>-127</td><td>+29</td><td>+29</td><td>-</td><td>-</td></tr><tr><td>November</td><td>+81</td><td>194</td><td>113</td><td>*</td><td>+17</td><td>+4</td><td>+21</td><td>+24</td><td>-</td><td>-</td></tr><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>*</td><td>+21</td><td>-101</td><td>-10</td><td>-10</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>429</td><td>*</td><td>+43</td><td>+167</td><td>+46</td><td>+46</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-51</td><td>168</td><td>219</td><td>*</td><td>+30</td><td>-138</td><td>-11</td><td>-11</td><td>-</td><td>-</td></tr><tr><td>March</td><td>+1</td><td>58</td><td>57</td><td>*</td><td>+21</td><td>-87</td><td>-4</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>April</td><td>+3</td><td>66</td><td>63</td><td>*</td><td>+37</td><td>+151</td><td>+9</td><td>-9</td><td>-</td><td>-</td></tr><tr><td>May</td><td>*</td><td>255</td><td>255</td><td>*</td><td>-</td><td>-190</td><td>+57</td><td>+57</td><td>-</td><td>-</td></tr><tr><td>June</td><td>+121</td><td>292</td><td>171</td><td>*</td><td>*</td><td>-37</td><td>-93</td><td>-93</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-165</td><td>309</td><td>474</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>-114</td><td>-</td><td>+118</td></tr></table>
Source: Daily Treasury Statement. Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See page 5. n.a. Not available. * Less than $500 thousand. 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 constitutes net redemptions of obligations.
12
Treasury Bulletin
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="5">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th></th><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net decrease in public debt</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>1937</td><td>3,149</td><td>3,149</td><td>-</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>622</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>-</td><td>-</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>742</td><td>148</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>-</td><td>-</td><td>-</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>-</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>65,897</td><td>-</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>-</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>58,470</td><td>53,941</td><td>-</td><td>4,529</td><td>-</td><td>58,470</td><td>57,679</td><td>-</td><td>791</td></tr><tr><td>1946</td><td>21,200</td><td>20,676</td><td>-</td><td>-</td><td>524</td><td>21,200</td><td>10,740</td><td>10,460</td><td>-</td></tr><tr><td>1945-July</td><td>6,126</td><td>6,126</td><td>-</td><td>-</td><td>-</td><td>6,126</td><td>3,362</td><td>2,615</td><td>148</td></tr><tr><td>August</td><td>4,407</td><td>4,293</td><td>-</td><td>-</td><td>114</td><td>4,407</td><td>956</td><td>3,451</td><td>-</td></tr><tr><td>September</td><td>2,497</td><td>1,497</td><td>980</td><td>-</td><td>20</td><td>2,497</td><td>-</td><td>2,497</td><td>-</td></tr><tr><td>October</td><td>3,368</td><td>3,165</td><td>203</td><td>-</td><td>-</td><td>3,368</td><td>-</td><td>3,321</td><td>47</td></tr><tr><td>November</td><td>1,840</td><td>2,208</td><td>-</td><td>1,632</td><td>-</td><td>1,840</td><td>1,524</td><td>-</td><td>315</td></tr><tr><td>December</td><td>12,773</td><td>895</td><td>-</td><td>11,558</td><td>319</td><td>12,773</td><td>12,773</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>1,349</td><td>1,042</td><td>-</td><td>534</td><td>307</td><td>1,349</td><td>772</td><td>577</td><td>-</td></tr><tr><td>February</td><td>327</td><td>243</td><td>1,201</td><td>-</td><td>36</td><td>327</td><td>327</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,593</td><td>1,902</td><td>-</td><td>-</td><td>295</td><td>1,593</td><td>-</td><td>1,593</td><td>-</td></tr><tr><td>April</td><td>3,705</td><td>1,591</td><td>2,114</td><td>-</td><td>-</td><td>3,705</td><td>-</td><td>3,433</td><td>272</td></tr><tr><td>May</td><td>2,447</td><td>1,111</td><td>1,316</td><td>-</td><td>-</td><td>2,447</td><td>-</td><td>2,398</td><td>48</td></tr><tr><td>June</td><td>4,298</td><td>873</td><td>3,161</td><td>-</td><td>265</td><td>4,298</td><td>-</td><td>4,298</td><td>-</td></tr><tr><td>July</td><td>2,257</td><td>1,105</td><td>1,152</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,209</td><td>48</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See page 5. 
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and beginning with fiscal year 1945, includes Government corporations
(wholly-owned), etc. (net). 2/ Completes trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July, 1946, a clearing account for outstanding checks. Increment on gold excludes expenditures for national bank note retirements.
September 1946
13
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 1/</th><th rowspan="2">Set 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>1936</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>611.2</td><td>530.4</td><td>100.9</td><td>501.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>517.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>91.7</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>1,286.9</td><td>1,130.5</td><td>156.4</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>1946</td><td>1,416.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1946-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>291.9</td><td>285.8</td><td>12.1</td><td>283.3</td><td>14.5</td></tr><tr><td>September</td><td>5.5</td><td>4.7</td><td>1.8</td><td>2.3</td><td>3.2</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>265.0</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>1.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>11.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr><tr><td>March</td><td>35.9</td><td>18.4</td><td>13.6</td><td>15.1</td><td>16.9</td></tr><tr><td>April</td><td>61.8</td><td>60.8</td><td>1.0</td><td>56.9</td><td>6.9</td></tr><tr><td>May</td><td>280.1</td><td>268.9</td><td>11.2</td><td>265.1</td><td>15.0</td></tr><tr><td>June</td><td>8.1</td><td>6.6</td><td>1.4</td><td>2.8</td><td>5.3</td></tr><tr><td>July</td><td>64.6</td><td>62.3</td><td>2.2</td><td>61.3</td><td>3.2</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Expenditures</th><th rowspan="2">Office for Emergency Management War Manpower Commission (U.S. Employment Service)</th><th rowspan="2">Refund of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Administrative expense</th><th>Total</th><th colspan="4">Social Security Administration</th><th>Public Health Service</th><th>Department of Labor</th><th>Office for Emergency Management</th></tr><tr><th></th><th></th><th>$/f</th><th></th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to unemployment insurance</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th></th><th></th><th>$</th></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>3.6</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>56.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.6</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>61.2</td><td>7.1</td><td>63.0</td><td>10.8</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>69.3</td><td>8.0</td><td>70.1</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>491.3</td><td>316.9</td><td>67.3</td><td>8.5</td><td>59.1</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>311.1</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>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.1</td><td>10.3</td><td>59.6</td><td>12</td><td>6.3</td><td>4.2</td><td>1.3</td><td>-</td><td>6.2</td><td>326.1</td></tr><tr><td>1945-July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>1.7</td><td>8.8</td><td>2</td><td>1.4</td><td>1.2</td><td>1.2</td><td>-</td><td>1.6</td><td>43.3</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>1.4</td><td>1.5</td><td>1.2</td><td>-</td><td>1.5</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>1.2</td><td>2.3</td><td>-</td><td>1.4</td><td>1.2</td><td>1.2</td><td>-</td><td>1.8</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>1.2</td><td>1.1</td><td>1.2</td><td>-</td><td>1.6</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>1.5</td><td>1.2</td><td>-</td><td>1.3</td><td>1.3</td><td>1.1</td><td>-</td><td>1.5</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>1.8</td><td>1.1</td><td>-</td><td>1.9</td><td>1.6</td><td>1.1</td><td>-</td><td>1.2</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.6</td><td>1.4</td><td>9.5</td><td>-</td><td>1.7</td><td>1.5</td><td>1.2</td><td>-</td><td>1.2</td><td>48.0</td></tr><tr><td>February</td><td>49.5</td><td>3.0</td><td>45.4</td><td>34.9</td><td>5.4</td><td>1.7</td><td>2.8</td><td>-</td><td>1.8</td><td>1.7</td><td>1.1</td><td>-</td><td>1.1</td><td>40.8</td></tr><tr><td>March</td><td>31.3</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>1.6</td><td>1.0</td><td>-</td><td>1.1</td><td>1.1</td><td>1.1</td><td>-</td><td>1.5</td><td>14.4</td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.6</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td>-</td><td>1.9</td><td>1.7</td><td>1.3</td><td>-</td><td>1.4</td><td>58.5</td></tr><tr><td>May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>28.6</td><td>5.3</td><td>1.9</td><td>1.3</td><td>-</td><td>1.9</td><td>1.3</td><td>1.3</td><td>-</td><td>1.4</td><td>26.9</td></tr><tr><td>June</td><td>22.1</td><td>3.4</td><td>18.2</td><td>9.9</td><td>1.5</td><td>1.2</td><td>6.3</td><td>-</td><td>1.2</td><td>1.1</td><td>1.1</td><td>-</td><td>1.5</td><td>16.8</td></tr><tr><td>July</td><td>97.3</td><td>3.0</td><td>94.0</td><td>63.1</td><td>12.8</td><td>1.8</td><td>16.0</td><td>-</td><td>1.7</td><td>1.1</td><td>1.2</td><td>-</td><td>1.3</td><td>94.1</td></tr></table>
Part I: Summary of Transfers
1. Formerly Title VIII of the Social Security Act.
2. Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund. Initials indicate 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 Insurance Account. From 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. Amount shown as transfers represents deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
includes only expenditures from appropriations made specifically for administrative purposes, and does not include the cost of Social Security Administration, Department of Commerce, and Department of Labor; and administrative expense reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act as amended. "Primary administrative" includes also administrative expenses under the Wagner-Peyser Act. Excludes 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 Department of Security and Labor.
Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter made under provisions of the Public Health Service Act of 1946.
Covered by appropriations by Congress.
Source: Treasury Appropriation Act for Fiscal year 1938, appropriated $11 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
14
Treasury Bulletin
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taxing 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>1938</td><td>150.1</td><td>119.0</td><td>2.6</td><td>116.4</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>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.8</td></tr><tr><td>1945-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><tr><td>1946-January</td><td>5.1</td><td>37.4</td><td>.3</td><td>37.0</td><td>.1</td><td>32.3</td></tr><tr><td>February</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-3.2</td></tr><tr><td>March</td><td>54.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-64.3</td></tr><tr><td>April</td><td>1.3</td><td>39.0</td><td>.2</td><td>38.0</td><td>.8</td><td>37.7</td></tr><tr><td>May</td><td>5.3</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-5.1</td></tr><tr><td>June</td><td>65.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.0</td></tr><tr><td>July</td><td>2.3</td><td>165.5</td><td>.2</td><td>165.2</td><td>*</td><td>163.2</td></tr></table>
Source: Daily Treasury Statement. Less than $50 thousand. 1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(Io millions of dollars)
<table><tr><th>Piecial year or month</th><th>Receipts Railroad unemploy- ment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative ex- pense (Railroad Unemployment Insur- ance Administration Fund) 1/</th><th>Transfers to Rail- road Unemploy- ment Insurance Account, Unemployment Trust Fund 1/</th><th>Excess of expenditure - 2/</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>-5</td></tr><tr><td>1940</td><td>5.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1945</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>-2</td></tr><tr><td>1945-July</td><td>*</td><td>9.9</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><tr><td>1946-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>.2</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.7</td></tr><tr><td>July</td><td>*</td><td>9.7</td><td>.5</td><td>9.2</td><td>9.7</td></tr></table>
Daily Treasury Statement. Less than $50 thousand. Operated as Railroad Unemployment Insurance Administration Fund. Represents a 10% contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account. Unemployment Trust Fund (See Section 11. 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 $17.7 million and were distributed by calendar
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.
September 1946
15
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>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></th><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>Salaries, Wages, and Old-age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>Unexpended balance In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938.</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</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>1,199.5</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>-1</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>-</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>-</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>214.0</td><td>275.6</td><td>209.8</td><td>65.9</td><td>-</td><td>3,287.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943.</td><td>4,730.7</td><td>4,419.3</td><td>304.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</td><td>4,268.3</td><td>4,235.8</td><td>1.0</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>547.7</td><td>126.0</td><td>-</td><td>5,446.4</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>935.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,545.7</td><td>32.0</td><td>35.1</td></tr><tr><td>1946.</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,394.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,546.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1946-May.</td><td>8,822.7</td><td>8,292.9</td><td>569.9</td><td>1,299.3</td><td>1,072.8</td><td>186.5</td><td>-</td><td>7,963.4</td><td>7,919.4</td><td>296.0</td><td>48.0</td></tr><tr><td>June.</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,546.7</td><td>43.5</td><td>19.2</td></tr><tr><td>July.</td><td>8,998.1</td><td>8,321.8</td><td>676.3</td><td>1,328.7</td><td>1,137.3</td><td>191.3</td><td>-</td><td>7,669.4</td><td>7,546.7</td><td>64.5</td><td>56.1</td></tr></table>
Source: Daily Treasury Statement. * Less than $50 thousand. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Under provisions of the Labor-Federal Security Act, 1947, salaries for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
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>Expenditures</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<br>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2<br>1.6</td></tr><tr><td>1939</td><td>266.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2<br>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<br>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<br>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>586.1</td><td>104.8</td><td>91.5</td><td>1.6<br>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<br>12.8</td></tr><tr><td>1944</td><td>1,144.1</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<br>13.4</td></tr><tr><td>1945</td><td>1,466.2</td><td>1,425.7</td><td>40.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5<br>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9<br>17.8</td></tr><tr><td>1946-May</td><td>1,762.3</td><td>1,717.8</td><td>44.4</td><td>1,091.1</td><td>671.2</td><td>633.5</td><td>.4<br>17.3</td></tr><tr><td>June</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9<br>17.8</td></tr><tr><td>July</td><td>2,078.4</td><td>2,016.1</td><td>62.3</td><td>1,119.4</td><td>959.0</td><td>809.5</td><td>133.3<br>16.2</td></tr></table>
Source: Daily Treasury Statement.
Table 3. - Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 1/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total -</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposited by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th></th><th>With-holds by States</th><th></th><th>Benefit payments</th><th></th><th></th><th>To General budget Fund (Special Service Account) 5/</th><th>In di- rect or cer's</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>15.0</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>1,914.1</td><td>1,859.5</td><td>44.2</td><td>1.8</td><td>44.8</td><td>633.8</td><td>633.8</td><td>1.8</td><td>14.6</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td></tr><tr><td>1940</td><td>2,057.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>62.6</td><td>1,133.1</td><td>1,116.7</td><td>105.9</td><td>32.3</td><td>1,124.9</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>181.9</td><td>105.9</td><td>7.5</td><td>1,688.2</td><td>1,590.0</td><td>105.9</td><td>h1.1</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>11.4</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>h3.2</td><td>3,190.1</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>17.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>h3.2</td><td>4,372.5</td><td>4,367.0</td><td>4.6</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>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>h3.8</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>902.5</td><td>105.3</td><td>38.0</td><td>2,371.4</td><td>2,222.5</td><td>106.3</td><td>h4.6</td><td>7,519.3</td><td>7,507.2</td><td>7.8</td></tr><tr><td>1946</td><td>10,968.1</td><td>9,590.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td></tr><tr><td>1946-May.</td><td>10,851.7</td><td>9,540.3</td><td>591.1</td><td>106.7</td><td>47.6</td><td>3,424.2</td><td>3,259.9</td><td>106.7</td><td>57.7</td><td>7,439.5</td><td>7,383.2</td><td>43.8</td></tr><tr><td>June</td><td>10,968.1</td><td>9,590.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td></tr><tr><td>July</td><td>11,017.9</td><td>9,590.3</td><td>618.7</td><td>106.8</td><td>56.9</td><td>3,608.0</td><td>3,494.6</td><td>106.8</td><td>66.6</td><td>7,409.9</td><td>7,359.0</td><td>44.7</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 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 amounts 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.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
16
Treasury Bulletin
Cash Income and Outgo of the Treasury
Table 1.- Cash Income and Outgo, by Major Classification
(In millions of dollars)
<table><tr><th></th><th colspan="6">1945</th><th colspan="6">1946</th></tr><tr><th></th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</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></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>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><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><td></td></tr><tr><td>Income and profit taxes</td><td>1,713</td><td>1,665</td><td>4,208</td><td>1,593</td><td>1,524</td><td>3,366</td><td>2,755</td><td>2,750</td><td>4,838</td><td>1,603</td><td>1,407</td><td>3,392</td><td>1,439</td></tr><tr><td>Employment taxes</td><td>66</td><td>306</td><td>66</td><td>58</td><td>257</td><td>66</td><td>51</td><td>310</td><td>97</td><td>65</td><td>285</td><td>73</td><td>67</td></tr><tr><td>Miscellaneous internal revenue</td><td>718</td><td>877</td><td>573</td><td>689</td><td>602</td><td>516</td><td>645</td><td>584</td><td>649</td><td>642</td><td>615</td><td>615</td><td>696</td></tr><tr><td>Customs</td><td>33</td><td>32</td><td>30</td><td>36</td><td>35</td><td>32</td><td>42</td><td>31</td><td>42</td><td>45</td><td>42</td><td>35</td><td>44</td></tr><tr><td>Other</td><td>151</td><td>399</td><td>315</td><td>204</td><td>190</td><td>131</td><td>305</td><td>158</td><td>137</td><td>371</td><td>648</td><td>362</td><td>256</td></tr><tr><td>Subtotal</td><td>2,710</td><td>3,260</td><td>5,192</td><td>2,581</td><td>2,608</td><td>4,112</td><td>3,798</td><td>3,874</td><td>5,762</td><td>2,732</td><td>2,998</td><td>4,718</td><td>2,551</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><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>63</td><td>259</td><td>37</td><td>42</td><td>184</td><td>37</td><td>33</td><td>158</td><td>36</td><td>39</td><td>200</td><td>37</td><td>40</td></tr><tr><td>Other trust funds and accounts</td><td>239</td><td>174</td><td>369</td><td>282</td><td>295</td><td>257</td><td>162</td><td>285</td><td>153</td><td>162</td><td>294</td><td>221</td><td>112</td></tr><tr><td>Subtotal</td><td>301</td><td>433</td><td>406</td><td>324</td><td>478</td><td>295</td><td>195</td><td>403</td><td>189</td><td>201</td><td>494</td><td>259</td><td>152</td></tr><tr><td>Total cash income</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>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td>2,703</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>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><td></td></tr><tr><td>War and defense activities</td><td>7,325</td><td>6,399</td><td>5,367</td><td>5,126</td><td>4,826</td><td>4,246</td><td>3,417</td><td>2,702</td><td>2,550</td><td>2,560</td><td>2,182</td><td>2,442</td><td>1,190</td></tr><tr><td>Veterans' Administration</td><td>103</td><td>110</td><td>112</td><td>133</td><td>142</td><td>162</td><td>220</td><td>255</td><td>318</td><td>406</td><td>415</td><td>496</td><td>463</td></tr><tr><td>Public works</td><td>31</td><td>34</td><td>29</td><td>37</td><td>19</td><td>38</td><td>30</td><td>25</td><td>32</td><td>36</td><td>40</td><td>56</td><td>67</td></tr><tr><td>Aid to agriculture</td><td>78</td><td>36</td><td>26</td><td>75</td><td>20</td><td>26</td><td>46</td><td>40</td><td>62</td><td>78</td><td>75</td><td>82</td><td>103</td></tr><tr><td>Social security program</td><td>47</td><td>61</td><td>24</td><td>73</td><td>31</td><td>37</td><td>65</td><td>50</td><td>32</td><td>67</td><td>42</td><td>23</td><td>98</td></tr><tr><td>Interest on the public debt</td><td>107</td><td>67</td><td>596</td><td>142</td><td>57</td><td>756</td><td>181</td><td>87</td><td>591</td><td>143</td><td>77</td><td>911</td><td>178</td></tr><tr><td>Government corporations (wholly-owned), etc. (net):</td><td></td><td></td><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 Corporation:</td><td>71</td><td>63</td><td>57</td><td>34</td><td>-76</td><td>15</td><td>-4</td><td>32</td><td>-96</td><td>85</td><td>148</td><td>-1</td><td>43</td></tr><tr><td>War and defense activities</td><td>-5</td><td>-4</td><td>17</td><td>3</td><td>114</td><td>-34</td><td>-37</td><td>-41</td><td>-4</td><td>-1</td><td>-12</td><td>-2</td><td>-12</td></tr><tr><td>Other</td><td>-33</td><td>137</td><td>54</td><td>-62</td><td>-48</td><td>-401</td><td>2</td><td>-53</td><td>-132</td><td>-4</td><td>146</td><td>-154</td><td>-38</td></tr><tr><td>Commodity Credit Corporation</td><td>146</td><td>-249</td><td>-53</td><td>-57</td><td>-66</td><td>-31</td><td>-71</td><td>-13</td><td>74</td><td>55</td><td>101</td><td>85</td><td>28</td></tr><tr><td>Other</td><td>300</td><td>419</td><td>354</td><td>159</td><td>115</td><td>124</td><td>158</td><td>176</td><td>139</td><td>610</td><td>575</td><td>920</td><td>791</td></tr><tr><td>Subtotal</td><td>8,161</td><td>7,073</td><td>6,581</td><td>5,621</td><td>4,536</td><td>4,937</td><td>4,006</td><td>3,259</td><td>3,166</td><td>4,035</td><td>3,790</td><td>4,857</td><td>2,891</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><td></td></tr><tr><td>Unemployment Trust Fund</td><td>15</td><td>22</td><td>55</td><td>107</td><td>109</td><td>112</td><td>135</td><td>137</td><td>133</td><td>113</td><td>112</td><td>95</td><td>89</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>23</td><td>23</td><td>23</td><td>25</td><td>24</td><td>25</td><td>28</td><td>28</td><td>29</td><td>30</td><td>31</td><td>31</td><td>13</td></tr><tr><td>Railroad Retirement Account</td><td>12</td><td>12</td><td>12</td><td>13</td><td>10</td><td>12</td><td>14</td><td>13</td><td>13</td><td>12</td><td>14</td><td>13</td><td>12</td></tr><tr><td>Other</td><td>-256</td><td>711</td><td>-31</td><td>237</td><td>129</td><td>214</td><td>561</td><td>377</td><td>185</td><td>-48</td><td>420</td><td>37</td><td>-115</td></tr><tr><td>Subtotal</td><td>-205</td><td>767</td><td>60</td><td>383</td><td>272</td><td>363</td><td>739</td><td>555</td><td>360</td><td>107</td><td>577</td><td>177</td><td>22</td></tr><tr><td>Reduction of adjusted service bonds</td><td>43</td><td>14</td><td>7</td><td>5</td><td>1</td><td>3</td><td>1</td><td>94</td><td>2</td><td>27</td><td>24</td><td>1</td><td>1</td></tr><tr><td>Redemption of excess profits tax refund bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td>879</td><td>94</td><td>33</td><td>27</td><td>24</td><td>9</td><td>8</td></tr><tr><td>Total cash outgo</td><td>7,998</td><td>7,874</td><td>6,649</td><td>6,009</td><td>4,811</td><td>5,303</td><td>5,628</td><td>3,910</td><td>4,161</td><td>4,171</td><td>4,382</td><td>5,048</td><td>2,922</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,987</td><td>4,141</td><td>1,052</td><td>3,104</td><td>1,724</td><td>896</td><td>1,615</td><td>-367</td><td>-1,789</td><td>1,237</td><td>890</td><td>308</td><td>218</td></tr></table>
Note: Beginning with fiscal year 1946 certain revisions have been made in this table. See page 5.
1/ 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 in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority.
3/ Forest roads and trails, and reclamation projects. Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works. Excludes non-cash transactions.
4/ Excludes transactions under transfers to trust accounts, etc.
5/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
6/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War and defense activities" above.
1/ Beginning July, 1946, includes clearing account for outstanding checks.
Table 2.- 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>Sep.</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>1941</td><td>475</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>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,535</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>19,057</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>3,319</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>5,881</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>3,111</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,285</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>1946</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td>2,703</td><td></td><td></td><td></td><td></td><td></td><td></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>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,948</td><td>1,516</td><td>1,748</td><td>2,066</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>5,203</td><td>5,994</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</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>7,656</td><td>7,795</td><td>7,852</td><td>89,374</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>7,998</td><td>7,854</td><td>6,649</td><td>6,009</td><td>4,811</td><td>5,303</td><td>87,912</td></tr><tr><td>1946</td><td>5,628</td><td>3,910</td><td>4,161</td><td>4,171</td><td>4,382</td><td>5,044</td><td>2,922</td><td></td><td></td><td></td><td></td><td></td><td></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>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>1,828</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>2,828</td><td>5,785</td><td>5,052</td><td>3,325</td><td>4,847</td><td>4,304</td><td>2,121</td><td>5,412</td><td>5,061</td><td>2,191</td><td>51,089</td></tr><tr><td>1944</td><td>4,683</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>4,946</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>4,987</td><td>4,144</td><td>1,052</td><td>3,104</td><td>1,724</td><td>846</td><td>36,537</td></tr><tr><td>1946</td><td>1,635</td><td>-367</td><td>-1,789</td><td>1,237</td><td>890</td><td>308</td><td>218</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
September 1946
17
GENERAL FUND OF THE TREASURY
Treasury Bulletin
18
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>1937</td><td>2,709</td><td>1,853</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>176</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>10,199</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>283</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,005</td><td>12,993</td><td>305</td></tr><tr><td>1945-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>11,189</td><td>266</td></tr><tr><td>November</td><td>14,849</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><tr><td>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,090</td><td>320</td></tr><tr><td>February</td><td>26,414</td><td>499</td><td>1,209</td><td>24,447</td><td>299</td></tr><tr><td>March</td><td>24,743</td><td>464</td><td>2,160</td><td>21,776</td><td>343</td></tr><tr><td>April</td><td>21,293</td><td>414</td><td>1,124</td><td>19,502</td><td>253</td></tr><tr><td>May</td><td>18,859</td><td>407</td><td>1,230</td><td>16,949</td><td>273</td></tr><tr><td>June</td><td>14,708</td><td>404</td><td>1,005</td><td>12,993</td><td>305</td></tr><tr><td>July</td><td>12,444</td><td>404</td><td>702</td><td>10,961</td><td>377</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>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>643</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>1946</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>1945-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><tr><td>1946-January</td><td>25,851</td><td>424</td><td>25,427</td></tr><tr><td>February</td><td>26,414</td><td>457</td><td>25,961</td></tr><tr><td>March</td><td>24,743</td><td>376</td><td>24,367</td></tr><tr><td>April</td><td>21,293</td><td>359</td><td>20,935</td></tr><tr><td>May</td><td>18,859</td><td>323</td><td>18,536</td></tr><tr><td>June</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>July</td><td>12,444</td><td>415</td><td>12,029</td></tr></table>
Source: Daily Treasury Statement
September 1946
19
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Piscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations, etc. (wholly-owned) (net) £/</th><th>Public debt accounts</th><th>Total</th><th colspan="5">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Trust accounts £/</th><th>Increment on gold £/</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds £/</th><th>Checking accounts of Government agencies, etc. £/</th><th>Clearing account £/</th></tr><tr><td>1937</td><td>-128</td><td>-1,119 1/</td><td>2,746 8/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>314</td><td>204</td><td>-</td></tr><tr><td>1938</td><td>-338</td><td>-1,354</td><td>792 8/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>768</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,514</td><td>3,280 6/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>34</td><td>-</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>-218</td><td>-</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>-</td><td>-</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><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>-1,861</td><td>92</td><td>*</td><td>-</td><td>241</td><td>-2,194</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>118</td><td>*</td><td>294</td><td>304</td><td>-4,403</td><td>-</td></tr><tr><td>1945</td><td>8,529</td><td>-51,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>1,669</td><td>-1,553</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>*</td><td>288</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1945-July</td><td>-2,615</td><td>-6,126</td><td>3,362</td><td>118</td><td>101</td><td>*</td><td>75</td><td>280</td><td>-268</td><td>-</td></tr><tr><td>August</td><td>-1,451</td><td>-4,293</td><td>595</td><td>-114</td><td>2</td><td>*</td><td>8</td><td>-325</td><td>201</td><td>-</td></tr><tr><td>September</td><td>-2,497</td><td>-1,497</td><td>-980</td><td>-20</td><td>-119</td><td>*</td><td>21</td><td>89</td><td>-10</td><td>-</td></tr><tr><td>October</td><td>-1,221</td><td>-1,165</td><td>-203</td><td>47</td><td>129</td><td>*</td><td>17</td><td>-127</td><td>29</td><td>-</td></tr><tr><td>November</td><td>1,632</td><td>-2,308</td><td>3,524</td><td>315</td><td>318</td><td>*</td><td>17</td><td>4</td><td>-24</td><td>-</td></tr><tr><td>December</td><td>11,558</td><td>-895</td><td>12,773</td><td>-319</td><td>-228</td><td>*</td><td>21</td><td>-101</td><td>-10</td><td>-</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,042</td><td>772</td><td>-307</td><td>-229</td><td>*</td><td>43</td><td>-167</td><td>46</td><td>-</td></tr><tr><td>February</td><td>574</td><td>-243</td><td>327</td><td>-36</td><td>83</td><td>*</td><td>30</td><td>-138</td><td>-11</td><td>-</td></tr><tr><td>March</td><td>-1,593</td><td>1,902</td><td>-3,201</td><td>-295</td><td>-224</td><td>*</td><td>21</td><td>-87</td><td>-4</td><td>-</td></tr><tr><td>April</td><td>-3,433</td><td>-1,591</td><td>-2,111</td><td>272</td><td>91</td><td>*</td><td>37</td><td>153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,316</td><td>48</td><td>181</td><td>*</td><td>-</td><td>-190</td><td>57</td><td>-</td></tr><tr><td>June</td><td>-4,298</td><td>-873</td><td>-3,161</td><td>-265</td><td>-135</td><td>*</td><td>-</td><td>-37</td><td>-93</td><td>-</td></tr><tr><td>July</td><td>-2,209</td><td>-1,105</td><td>-1,152</td><td>48</td><td>18</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>318</td></tr></table>
Source: Daily Treasury Statement
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See page 5.
Less than $500 thousand.
1/ This is the net budgetary deficit (-) or surplus. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law and beginning with fiscal year 1945 includes Government corporations (wholly-owned) etc. (net).
2/ Congress 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 4.)
3/ 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 5.)
4/ Comprises Public Works Administration revolving fund, special de-
Debits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. In the respective years 1945, such transactions are classified in the column "Trust account." Beginning with fiscal year 1945 represents sales and redemptions of obligations of Government corporations, etc., in the market (net). Represents outstanding checks, see Note 1. Represents inactive money market funds, $1,087 million. Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as $4,157,937 million, or $1.25 per $1 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.
20
Treasury Bulletin
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
September 1946
21
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>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></th><th></th><th></th><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>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>17</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>40,140</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>2,557</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>15,166</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>46,961</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>98,961</td><td>17,911</td><td>1</td><td>-</td><td>1,482</td><td>8,318</td><td>58,358</td><td>35,674</td><td>17,911</td><td>1,482</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>54,307</td><td>153,785</td><td>123,988</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>1</td><td>6</td><td>894</td><td>34,183</td><td>21,110</td><td>121,480</td><td>77,408</td><td>1</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1945-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>24</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>2,470</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>5,954</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>3,777</td><td>180</td><td>7,643</td><td>7,596</td><td>-</td><td>3,777</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><tr><td>1946-January</td><td>278,887</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td>*</td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>107</td></tr><tr><td>February</td><td>279,214</td><td>327</td><td>11,600</td><td>6,376</td><td>-</td><td>*</td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,288</td><td>-</td><td>4,954</td><td>31</td></tr><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,643</td><td>6,138</td><td>-</td><td>*</td><td>*</td><td>3,133</td><td>372</td><td>12,844</td><td>9,578</td><td>-</td><td>3,133</td><td>133</td></tr><tr><td>April</td><td>273,898</td><td>-2,114</td><td>9,309</td><td>6,283</td><td>-</td><td>*</td><td>*</td><td>2,820</td><td>207</td><td>11,423</td><td>8,455</td><td>-</td><td>2,820</td><td>114</td></tr><tr><td>May</td><td>272,583</td><td>-1,316</td><td>7,669</td><td>7,395</td><td>-</td><td>*</td><td>-1</td><td>*</td><td>274</td><td>8,984</td><td>8,968</td><td>-</td><td>*</td><td>11</td></tr><tr><td>June</td><td>269,422</td><td>-3,161</td><td>21,024</td><td>6,067</td><td>-</td><td>*</td><td>*</td><td>2,775</td><td>12,182</td><td>24,185</td><td>10,079</td><td>-</td><td>2,775</td><td>11,331</td></tr><tr><td>July</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,371</td><td>-</td><td>*</td><td>*</td><td>2,916</td><td>776</td><td>11,214</td><td>8,236</td><td>-</td><td>2,916</td><td>63</td></tr></table>
Source: Daily Treasury Statement. • Less than $500 thousand. 1/ Excludes certificates of indebtedness, special series.
2/ Concists 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>End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th></th><th>Total</th><th colspan="3">Bonds</th><th colspan="3">Special issues</th><th>Total</th><th colspan="4">Public issues</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificate of indebtedness</th><th>Bille</th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificate of indebtedness</th><th>Bille</th></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>50.3</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>25,914</td><td>2,151</td><td>7,283</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>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,175</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>5,689</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>11.6</td><td>9.3</td><td>4.2</td><td>4.3</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>7,995</td><td>16,561</td><td>11,854</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>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,940</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>24,734</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>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>105,614</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>7.3</td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>8.3</td></tr><tr><td>1945-July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,372</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>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>34,330</td><td>17,018</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>7.7</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>7.9</td></tr><tr><td>October</td><td>259,139</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>7.9</td></tr><tr><td>November</td><td>262,249</td><td>109,565</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>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>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>7.5</td></tr><tr><td>February</td><td>277,912</td><td>121,814</td><td>49,163</td><td>19,551</td><td>8,043</td><td>41,313</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>7.5</td></tr><tr><td>March</td><td>274,748</td><td>121,357</td><td>49,184</td><td>18,261</td><td>7,365</td><td>40,399</td><td>17,047</td><td>21,335</td><td>100.0</td><td>44.2</td><td>17.9</td><td>6.6</td><td>2.7</td><td>14.7</td><td>7.7</td></tr><tr><td>April</td><td>272,711</td><td>121,357</td><td>49,264</td><td>18,261</td><td>7,144</td><td>38,808</td><td>17,054</td><td>21,284</td><td>100.0</td><td>44.5</td><td>18.1</td><td>6.7</td><td>2.6</td><td>14.1</td><td>7.5</td></tr><tr><td>May</td><td>271,440</td><td>121,357</td><td>49,345</td><td>18,261</td><td>7,127</td><td>36,828</td><td>17,041</td><td>21,181</td><td>100.0</td><td>44.7</td><td>18.2</td><td>6.7</td><td>2.6</td><td>13.6</td><td>7.9</td></tr><tr><td>June</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>8.3</td></tr><tr><td>July</td><td>267,039</td><td>119,502</td><td>49,730</td><td>13,351</td><td>6,669</td><td>37,720</td><td>17,023</td><td>23,045</td><td>100.0</td><td>44.8</td><td>18.6</td><td>5.0</td><td>2.5</td><td>14.1</td><td>8.6</td></tr></table>
Source: Daily Treasury Statement
22
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1937-1946
(In millions of dollars)
<table><tr><th></th><th>June 30, 1937</th><th>June 30, 1936</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><th>June 30, 1946</th></tr><tr><td colspan="11">Public debt and 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 debt</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><td>268,111</td></tr><tr><td>Guaranteed obligations</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><td>467</td></tr><tr><td>Total</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><td>256,766</td><td>268,578</td></tr><tr><td>Natured debt and debt bearing no interest</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><td>2,350</td><td>1,321</td></tr><tr><td>Total outstanding</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><td>259,115</td><td>269,898</td></tr><tr><td colspan="11">Public debt</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>Treasury bills</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,908</td><td>11,864</td><td>14,734</td><td>17,041</td><td>17,039</td></tr><tr><td>Certificate of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,135</td><td>34,804</td></tr><tr><td>Treasury notes</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><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>8,711</td><td>21,161</td><td>36,756</td><td>53,499</td></tr><tr><td>Treasury bonds - bank eligible</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,864</td></tr><tr><td>Postal savings and other bonds</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><td>180</td></tr><tr><td>Total marketable issues</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><td>189,606</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>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>45,566 3/</td><td>49,035 3/</td></tr><tr><td>Treasury notes - tax and savings series</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><td>6,711</td></tr><tr><td>Adjusted service bonds</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>505</td><td>427</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>226</td><td>474</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>56,173</td></tr><tr><td>Total public issues</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><td>245,779</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>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><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation</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><td>120</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trust Fund</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><td>5,910</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td><td>37</td><td>49</td></tr><tr><td>Government Life Insurance Fund</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>518</td><td>502</td><td>589</td><td>684</td></tr><tr><td>Government Retirement Funds</td><td>316</td><td>396</td><td>473</td><td>599</td><td>696</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td><td>2,177</td></tr><tr><td>National Service Life Insurance fund</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><td>5,240</td></tr><tr><td>Postal Savings System</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td><td>461</td><td>779</td></tr><tr><td>Canal Fund, Postal Savings System</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>4</td></tr><tr><td>Railroad Retirement Account</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><td>657</td></tr><tr><td>Unemployment Trust Fund</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>6,741</td><td>6,699</td></tr><tr><td>Total special issues</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><td>22,332</td></tr><tr><td>Total interest-bearing debt</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><td>268,111</td></tr><tr><td>Natured debt on which interest has ceased</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><td>176</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>213</td><td>197</td><td>178</td><td>96</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>134</td><td>1,028</td><td>58</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>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><td>584</td></tr><tr><td>Other debt bearing no interest</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><td>6</td></tr><tr><td>Total debt bearing no interest</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><td>935</td></tr><tr><td>Total public debt outstanding</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><td>269,422</td></tr></table>
(Continued on following page)
September 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States government - (Continued)
PART A - FISCAL YEARS, 1937-1946-(Continued) (In millions of dollars)
<table><tr><th></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><th>June 30, 1946</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>1,422</td><td>1,410</td><td>2,016</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>*</td><td>1</td><td>1,379</td><td>1,269</td><td>1,289</td><td>930</td><td>930</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td></td><td>1</td><td>3</td><td>8</td><td>11</td><td>21</td><td>23</td><td>24</td><td>34</td><td>43</td></tr><tr><td>Federal Public Housing Authority</td><td></td><td>114</td><td>114</td><td>214</td><td>226</td><td>114</td><td>114</td><td></td><td></td><td></td></tr><tr><td>Hone Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,607</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>255</td><td>299</td><td>820</td><td>1,098</td><td>1,741</td><td>1,219</td><td>896</td><td></td><td></td><td></td></tr><tr><td>Total marketable issues</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><td>43</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 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>68</td><td>150</td><td>375</td><td>424</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>115</td><td>176</td><td></td><td></td></tr><tr><td>Total non-marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td>183</td><td>326</td><td>375</td><td>424</td></tr><tr><td>Total interest-bearing debt</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><td>467</td></tr><tr><td>Natured debt on which interest has ceased</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><td>10</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>476</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="7">1945</th><th colspan="7">1946</th></tr><tr><th></th><th>July 31</th><th>Aug. 31</th><th>Sep. 30</th><th>Oct. 31</th><th>Nov. 30</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></tr><tr><td colspan="14">Public debt and 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><td></td><td></td><td></td></tr><tr><td>Public debt</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><td>277,456</td><td>277,912</td><td>274,748</td><td>272,721</td><td>271,440</td><td>268,211</td><td>267,079</td></tr><tr><td>Guaranteed obligations</td><td>584</td><td>519</td><td>527</td><td>541</td><td>536</td><td>553</td><td>545</td><td>539</td><td>542</td><td>533</td><td>542</td><td>467</td><td>324</td></tr><tr><td>Total</td><td>260,265</td><td>261,261</td><td>260,156</td><td>259,980</td><td>263,385</td><td>276,246</td><td>278,001</td><td>278,451</td><td>275,290</td><td>273,244</td><td>271,983</td><td>268,578</td><td>267,363</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,284</td><td>2,274</td><td>2,409</td><td>2,3956</td><td>2,5096</td><td>2,436</td><td>1,444</td><td>1,313</td><td>1,275</td><td>1,199</td><td>1,153</td><td>1,321</td><td>1,240</td></tr><tr><td>Total outstanding</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><td>279,445</td><td>279,764</td><td>276,565</td><td>274,443</td><td>273,135</td><td>269,898</td><td>268,603</td></tr><tr><td colspan="14">Public debt</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><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>17,025</td><td>17,038</td><td>17,018</td><td>17,026</td><td>17,026</td><td>17,037</td><td>17,042</td><td>17,032</td><td>17,047</td><td>17,054</td><td>17,041</td><td>17,039</td><td>17,023</td></tr><tr><td>Certificates of indebtedness</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><td>41,502</td><td>41,413</td><td>40,339</td><td>38,408</td><td>36,828</td><td>34,804</td><td>37,720</td></tr><tr><td>Treasury notes</td><td>23,496</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td><td>22,967</td><td>19,551</td><td>19,551</td><td>18,261</td><td>18,261</td><td>18,261</td><td>18,261</td><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>37,930</td><td>38,209</td><td>38,300</td><td>38,300</td><td>40,623</td><td>52,216</td><td>53,151</td><td>53,427</td><td>53,459</td><td>53,459</td><td>53,459</td><td>53,459</td><td>51,459</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,360</td><td>69,963</td><td>68,748</td><td>68,748</td><td>68,748</td><td>68,207</td><td>68,207</td><td>68,207</td><td>67,718</td><td>67,718</td><td>67,718</td><td>65,804</td><td>65,804</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>180</td><td>180</td><td>180</td><td>180</td><td>180</td><td>180</td><td>179</td></tr><tr><td>Total marketable issues</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><td>199,633</td><td>199,810</td><td>197,063</td><td>195,079</td><td>193,487</td><td>189,606</td><td>187,596</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 3/</td><td>46,508</td><td>46,715</td><td>46,741</td><td>46,786</td><td>47,173</td><td>48,183</td><td>48,588</td><td>48,692</td><td>48,733</td><td>48,828</td><td>48,917</td><td>49,035</td><td>49,120</td></tr><tr><td>Treasury notes - tax and savings series 3/</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><td>8,107</td><td>8,043</td><td>7,365</td><td>7,144</td><td>7,127</td><td>6,711</td><td>6,560</td></tr><tr><td>Depository bonds</td><td>516</td><td>516</td><td>516</td><td>510</td><td>497</td><td>497</td><td>474</td><td>471</td><td>451</td><td>436</td><td>429</td><td>427</td><td>410</td></tr><tr><td>Total non-marketable issues</td><td>57,743</td><td>57,379</td><td>56,278</td><td>56,072</td><td>57,028</td><td>56,915</td><td>57,168</td><td>57,206</td><td>56,550</td><td>56,408</td><td>56,472</td><td>56,173</td><td>56,399</td></tr><tr><td>Total public issues</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><td>256,801</td><td>257,016</td><td>253,613</td><td>251,487</td><td>249,960</td><td>245,779</td><td>243,994</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 B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="7">1945</th><th colspan="7">1946</th></tr><tr><th></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><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></tr></table>
Public
debt - (Continued)
<table><tr><td>Interest-bearing debt (continued):</td><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>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><td></td></tr><tr><td>Adjusted Service Certificate Fund............</td><td>15</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation......</td><td>132</td><td>147</td><td>152</td><td>152</td><td>152</td><td>10</td><td>65</td><td>70</td><td>85</td><td>85</td><td>85</td><td>120</td><td>174</td></tr><tr><td>Federal Old-age and Survivors Insurance</td><td></td><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>Trust Fund....................................</td><td>5,308</td><td>5,308</td><td>5,581</td><td>5,581</td><td>5,566</td><td>5,416</td><td>5,406</td><td>5,406</td><td>5,581</td><td>5,581</td><td>5,581</td><td>5,910</td></tr><tr><td>Federal Savings and Loan Insurance Corpora-tion.</td><td>38</td><td>38</td><td>39</td><td>39</td><td>40</td><td>44</td><td>45</td><td>45</td><td>46</td><td>46</td><td>47</td><td>50</td></tr><tr><td>Government Life Insurance Fund.............</td><td>592</td><td>593</td><td>599</td><td>600</td><td>602</td><td>605</td><td>606</td><td>606</td><td>612</td><td>612</td><td>612</td><td>889</td></tr><tr><td>Government Retirement Funds................</td><td>2,126</td><td>2,138</td><td>2,149</td><td>2,160</td><td>2,163</td><td>2,166</td><td>2,148</td><td>2,148</td><td>2,106</td><td>2,089</td><td>2,090</td><td>2,177</td><td>2,404</td></tr><tr><td>National Service Life Insurance Fund........</td><td>3,367</td><td>3,526</td><td>3,674</td><td>3,742</td><td>3,802</td><td>3,850</td><td>4,450</td><td>4,580</td><td>4,785</td><td>4,935</td><td>5,100</td><td>5,240</td><td>5,330</td></tr><tr><td>Postal Savings System.....................</td><td>527</td><td>576</td><td>652</td><td>695</td><td>724</td><td>452</td><td>503</td><td>527</td><td>589</td><td>604</td><td>624</td><td>719</td><td>813</td></tr><tr><td>Postal 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><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account................</td><td>669</td><td>657</td><td>644</td><td>669</td><td>657</td><td>644</td><td>658</td><td>655</td><td>642</td><td>667</td><td>654</td><td>657</td><td>810</td></tr><tr><td>Unemployment Trust Fund....................</td><td>6,782</td><td>7,033</td><td>7,013</td><td>6,923</td><td>6,988</td><td>6,798</td><td>6,748</td><td>6,748</td><td>6,658</td><td>6,588</td><td>6,673</td><td>6,699</td><td>6,649</td></tr><tr><td>Total special issues.</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,577</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,897</td><td>21,135</td><td>21,224</td><td>21,481</td><td>22,332</td><td>23,045</td></tr><tr><td>Total interest-bearing debt</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><td>277,456</td><td>277,912</td><td>274,748</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td></tr><tr><td>Prepayments on securities.</td><td>-</td><td>-</td><td>-</td><td>54</td><td>192</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>199</td><td>178</td><td>305</td><td>242</td><td>209</td><td>343</td><td>260</td><td>238</td><td>244</td><td>209</td><td>191</td><td>376</td><td>313</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><td></td><td></td></tr><tr><td>United States revenue stamps.</td><td>176</td><td>150</td><td>145</td><td>141</td><td>139</td><td>133</td><td>120</td><td>117</td><td>112</td><td>104</td><td>99</td><td>96</td><td>92</td></tr><tr><td>Excess profits tax refund bonds.</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,113</td><td>1,131</td><td>1,128</td><td>240</td><td>143</td><td>109</td><td>82</td><td>67</td><td>58</td><td>50</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><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>648</td><td>642</td><td>638</td><td>632</td><td>625</td><td>621</td><td>614</td><td>607</td><td>602</td><td>596</td><td>589</td><td>584</td><td>579</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><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest.</td><td>2,065</td><td>2,071</td><td>2,086</td><td>2,082</td><td>2,092</td><td>2,078</td><td>1,171</td><td>1,063</td><td>1,019</td><td>979</td><td>951</td><td>935</td><td>918</td></tr><tr><td>Total public debt outstanding.</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,887</td><td>279,214</td><td>276,012</td><td>273,898</td><td>272,583</td><td>269,422</td><td>268,270</td></tr></table>
ranteed obligations 1/
<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><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></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>Federal Housing Administration........</td><td>34</td><td>35</td><td>37</td><td>39</td><td>39</td><td>41</td><td>39</td><td>39</td><td>40</td><td>41</td><td>42</td><td>43</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 ½/.........</td><td>450</td><td>479</td><td>490</td><td>502</td><td>497</td><td>512</td><td>506</td><td>499</td><td>501</td><td>492</td><td>500</td><td>424</td><td>281</td></tr><tr><td>Total interest-bearing debt................</td><td>484</td><td>515</td><td>527</td><td>541</td><td>536</td><td>553</td><td>545</td><td>539</td><td>542</td><td>533</td><td>542</td><td>467</td><td>324</td></tr><tr><td>Matured debt on which interest has ceased......</td><td>21</td><td>19</td><td>18</td><td>17</td><td>16</td><td>15</td><td>13</td><td>12</td><td>11</td><td>11</td><td>10</td><td>10</td><td>9</td></tr><tr><td>Total guaranteed obligations outstanding......</td><td>505</td><td>534</td><td>545</td><td>558</td><td>553</td><td>567</td><td>558</td><td>551</td><td>553</td><td>544</td><td>552</td><td>476</td><td>333</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Guaranteed securities held by the Treasury and securities guaranteed so to interest only are not included in this table.
2/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with three exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury Bulletin" July 1946, pages A-9, A-10.)
3/ The face value of any yearly series of United States savings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4/ Demand obligations stated as of the previous month to agree with the Statement of Guaranteed Obligations in the Daily Treasury Statement.
5/ Consists of Reconstruction Finance Corporation notes, Series X-A, K-B, and X-C, which were held by United States Government corporations and credit agencies.
6/ Includes prepayments on securities.
September 1946
25
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-C
26
Treasury Bulletin
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>1937</td><td>40,465</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>2.533</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>45,136</td><td>1,119</td><td>2.544</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>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.368</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,593</td><td>3,899</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>266,766</td><td>4,969</td><td>1.935</td><td>265,357</td><td>4,964</td><td>1.938</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1945-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>260,196</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.945</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>253,980</td><td>5,052</td><td>1.943</td><td>255,439</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>262,809</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><tr><td>1946-January</td><td>278,001</td><td>5,472</td><td>1.968</td><td>277,456</td><td>5,465</td><td>1.970</td><td>545</td><td>7</td><td>1.338</td></tr><tr><td>February</td><td>278,451</td><td>5,487</td><td>1.970</td><td>277,912</td><td>5,479</td><td>1.972</td><td>539</td><td>7</td><td>1.349</td></tr><tr><td>March</td><td>275,230</td><td>5,445</td><td>1.978</td><td>274,748</td><td>5,438</td><td>1.979</td><td>542</td><td>7</td><td>1.353</td></tr><tr><td>April</td><td>273,244</td><td>5,430</td><td>1.987</td><td>272,711</td><td>5,423</td><td>1.989</td><td>533</td><td>7</td><td>1.354</td></tr><tr><td>May</td><td>271,983</td><td>5,424</td><td>1.994</td><td>271,440</td><td>5,417</td><td>1.996</td><td>542</td><td>7</td><td>1.348</td></tr><tr><td>June</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>July</td><td>267,363</td><td>5,368</td><td>2.008</td><td>267,039</td><td>5,363</td><td>2.008</td><td>324</td><td>5</td><td>1.618</td></tr></table>
Source: Daily Treasury Statement. 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%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
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>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>883</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>2,538</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>1946</td><td>11,573</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td></tr><tr><td>1945-July</td><td>12,468</td><td>1,602</td><td>336</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>1,688</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr><tr><td>November</td><td>12,154</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><tr><td>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>383</td><td>860</td><td>9,046</td><td>57</td></tr><tr><td>February</td><td>11,508</td><td>1,191</td><td>50</td><td>383</td><td>830</td><td>8,998</td><td>57</td></tr><tr><td>March</td><td>11,282</td><td>1,069</td><td>37</td><td>383</td><td>807</td><td>8,930</td><td>57</td></tr><tr><td>April</td><td>11,373</td><td>1,105</td><td>27</td><td>383</td><td>780</td><td>9,021</td><td>57</td></tr><tr><td>May</td><td>11,645</td><td>1,259</td><td>19</td><td>383</td><td>763</td><td>9,164</td><td>57</td></tr><tr><td>June</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td></tr><tr><td>July</td><td>10,871</td><td>500</td><td>6</td><td>360</td><td>713</td><td>9,235</td><td>57</td></tr></table>
Source: Daily Treasury Statement
* Less than $500 thousand.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
September 1946
27
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 $275 billion outstanding at any one time. The current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder thereof shall be considered, for the purposes of this section, to be the face amount of such obligation.
Table 1.- Condition as of July 31, 1946
(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>275,000</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>267,309</td></tr><tr><td>Guaranteed securities 2/</td><td>333</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>267,643</td></tr><tr><td>Balance issuable under such authority</td><td>1,357</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the public debt outstanding, see following 2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, July 31, 1946
(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>17,023</td><td>17,023</td></tr><tr><td>Certificates of indebtedness</td><td>37,720</td><td>37,720</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>51,459</td><td>51,459</td></tr><tr><td>Treasury bonds - bank eligible</td><td>65,864</td><td>65,864</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>179</td></tr><tr><td>Total marketable issues</td><td>187,417</td><td>187,596</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>49,320</td><td>49,320</td></tr><tr><td>Treasury savings notes</td><td>6,669</td><td>6,669</td></tr><tr><td>Depositary bonds</td><td>410</td><td>410</td></tr><tr><td>Total non-marketable issues</td><td>56,399</td><td>56,399</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>23,045</td><td>23,045</td></tr><tr><td>Total interest-bearing securities</td><td>266,860</td><td>267,039</td></tr><tr><td>Matured securities on which interest has ceased</td><td>307</td><td>313</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>92</td><td>92</td></tr><tr><td>Excess profits tax refund bonds</td><td>50</td><td>50</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>776</td></tr><tr><td>Total obligations bearing no interest</td><td>142</td><td>918</td></tr><tr><td>Total</td><td>267,309</td><td>268,270</td></tr></table>
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended. 
2/ Issues which commercial banks may not acquire prior to a speci-
3/ 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.
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
As of July 31, 1946
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classed by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1946-Aug.</td><td>Treasury bills 7/8% Certificate - 8/1/46</td><td>6,545</td><td>2,470</td><td>......</td><td>Various 8/1/45</td><td>taxable</td><td>......</td></tr><tr><td>Sept.</td><td>Treasury bills 7/8% Certificate - 9/1/46</td><td>5,239</td><td>4,336</td><td>......</td><td>Various 9/1/45</td><td>taxable</td><td>......</td></tr><tr><td>Oct.</td><td>Treasury bills 7/8% Certificate - 10/1/46</td><td>5,239</td><td>3,440</td><td>......</td><td>Various 10/1/45</td><td>taxable</td><td>......</td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/46</td><td>3,778</td><td>......</td><td>......</td><td>12/1/45</td><td>taxable</td><td>......</td></tr><tr><td>Dec.</td><td>7/8% Certificate 1-1/2% Treasury note - 12/1/46</td><td>3,768</td><td>3,261</td><td>......</td><td>12/1/45 6/15/42</td><td>taxable</td><td>......</td></tr><tr><td>Total</td><td></td><td>38,076</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond 7/8% Certificate - 1/1/47</td><td>13</td><td>3,330</td><td>......</td><td>1/1/17 1/1/46</td><td>wholly taxable</td><td>......</td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td>......</td><td>......</td><td>2/1/46</td><td>taxable</td><td>......</td></tr><tr><td>Mar.</td><td>7/8% Certificate 1-1/4% Treasury note - 3/1/47</td><td>3,133</td><td>1,948</td><td>......</td><td>3/1/46 6/26/44</td><td>taxable taxable</td><td>......</td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/47</td><td>2,820</td><td>......</td><td>......</td><td>4/1/46</td><td>taxable</td><td>......</td></tr><tr><td>June.</td><td>7/8% Certificate - 6/1/47</td><td>2,775</td><td>......</td><td>......</td><td>6/1/46</td><td>taxable</td><td>......</td></tr><tr><td>July</td><td>7/8% Certificate - 7/1/47</td><td>2,916</td><td>......</td><td>......</td><td>7/1/46</td><td>taxable</td><td>......</td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note 1-1/4% Treasury note - 9/15/47</td><td>2,707</td><td>1,687</td><td>......</td><td>7/12/43 12/1/44</td><td>taxable taxable</td><td>......</td></tr><tr><td>Oct.</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td>701</td><td>759</td><td>......</td><td>10/16/22</td><td>partially</td><td>......</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>......</td><td>......</td><td>......</td><td>12/15/38</td><td>partially</td><td>......</td></tr><tr><td>Total</td><td></td><td>26,985</td><td>759</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond 2-3/4% Treasury bond - 3/15/48-50</td><td>1,115</td><td>1,223</td><td>......</td><td>3/15/41 3/16/36</td><td>taxable partially</td><td>......</td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td>......</td><td>......</td><td>12/1/42</td><td>taxable</td><td>......</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond 1-1/2% Treasury note - 9/15/48</td><td>451</td><td>3,748</td><td>......</td><td>3/15/38 3/15/44</td><td>partially taxable</td><td>......</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>......</td><td>571</td><td>......</td><td>12/8/39</td><td>partially</td><td>......</td></tr><tr><td>Total</td><td></td><td>7,261</td><td>2,910</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1949-June.</td><td>2% Treasury bond - 6/15/49-51</td><td>......</td><td>1,014</td><td>......</td><td>1/15/42</td><td>taxable</td><td>......</td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td>......</td><td>1,292</td><td>......</td><td>5/15/42</td><td>taxable</td><td>......</td></tr><tr><td>Dec.</td><td>2% Treasury bond 1-1/8% Treasury bond 2-1/2% Treasury bond - 12/15/49-52 12/15/49-53</td><td>......</td><td>2,098 1,786</td><td>......</td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td>......</td></tr><tr><td>Total</td><td></td><td>......</td><td>6,682</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond 2% Treasury bond - 3/15/48-50 3/15/50-52</td><td>......</td><td>1,963</td><td>1,115</td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td>......</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond 2% Treasury bond - 9/15/50-52 9/15/50-52</td><td>......</td><td>1,186 1,939</td><td>......</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td>......</td></tr><tr><td>Dec.</td><td>2% Treasury bond 1-1/2% Treasury bond - 12/15/48-50 12/15/50</td><td>......</td><td>571</td><td>2,635</td><td>12/8/39 6/1/45</td><td>partially taxable</td><td>......</td></tr><tr><td>Total</td><td></td><td>......</td><td>8,088</td><td>1,687</td><td>......</td><td>......</td><td>......</td></tr></table>
(Continued on following page)
September 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of July 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond</td><td>-</td><td>3/15/49-51</td><td>1,223</td><td>3/16/36</td><td>partially</td><td>....................</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>-</td><td>6/15/49-51</td><td>1,011</td><td>1/15/42</td><td>taxable</td><td>....................</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond</td><td>-</td><td>9/15/49-51</td><td>1,627</td><td>5/15/43</td><td>partially</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>9/15/51-53</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>....................</td></tr><tr><td>34</td><td>Treasury bond</td><td>-</td><td>9/15/51-53</td><td>755</td><td>9/15/31</td><td>partially</td><td>....................</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>-</td><td>12/15/49-51</td><td>2,098</td><td>7/15/42</td><td>taxable</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>12/15/51-53</td><td>1,118</td><td>12/22/39</td><td>partially</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>12/15/51-53</td><td>510</td><td>12/15/41</td><td>taxable</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>11,996</td><td>5,628</td><td></td><td></td><td></td></tr><tr><td>1952-Mar....</td><td>2-1/2% Treasury bond</td><td>-</td><td>3/15/50-52</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td>....................</td></tr><tr><td>June....</td><td>2-1/2% Treasury bond</td><td>-</td><td>6/15/52-54</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>6/15/52-54</td><td>5,825</td><td>6/26/41</td><td>taxable</td><td>....................</td></tr><tr><td>2-1/4% Treasury bond</td><td>-</td><td>6/15/52-54</td><td>1,501</td><td>2/25/42</td><td>taxable</td><td>....................</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond</td><td>-</td><td>9/15/50-52</td><td>1,186</td><td>9/15/38</td><td>partially</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>9/15/50-52</td><td>4,339</td><td>9/15/43</td><td>taxable</td><td>....................</td></tr><tr><td>Oct....</td><td>4-1/4% Treasury bond</td><td>-</td><td>10/15/47-52</td><td>759</td><td>10/16/22</td><td>partially</td><td>....................</td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond</td><td>-</td><td>12/15/49-52</td><td>491</td><td>12/15/34</td><td>partially</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>12/15/52-54</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June....</td><td>2-3/4% Treasury bond</td><td>-</td><td>6/15/53-55</td><td>725</td><td>10/7/40</td><td>partially</td><td>....................</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond</td><td>-</td><td>9/15/51-53</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>....................</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond</td><td>-</td><td>12/15/49-53</td><td>1,786</td><td>12/15/36</td><td>partially</td><td>....................</td></tr><tr><td>2-1/4% Treasury bond</td><td>-</td><td>12/15/51-53</td><td>1,118</td><td>12/22/39</td><td>partially</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond</td><td>-</td><td>3/15/52-54</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>....................</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>-</td><td>6/15/51-53</td><td>1,627</td><td>6/15/36</td><td>partially</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>6/15/52-54</td><td>5,825</td><td>6/26/41</td><td>taxable</td><td>....................</td></tr><tr><td>2-1/4% Treasury bond</td><td>-</td><td>6/15/54-56</td><td>681</td><td>7/22/40</td><td>partially</td><td>....................</td></tr><tr><td>Dec....</td><td>2-3% Treasury bond</td><td>-</td><td>12/15/52-54</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>681</td><td>17,138</td><td></td><td></td><td></td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treasury bond</td><td>-</td><td>3/15/55-56</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>....................</td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>-</td><td>6/15/52-55</td><td>1,501</td><td>2/25/42</td><td>taxable</td><td>....................</td></tr><tr><td>24</td><td>Treasury bond</td><td>-</td><td>6/15/53-55</td><td>725</td><td>10/7/40</td><td>partially</td><td>....................</td></tr><tr><td>Sept....</td><td>3% Treasury bond</td><td>-</td><td>9/15/51-55</td><td>755</td><td>9/15/31</td><td>partially</td><td>....................</td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>-</td><td>12/15/51-55</td><td>510</td><td>12/15/42</td><td>taxable</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar....</td><td>2-1/2% Treasury bond</td><td>-</td><td>3/15/56-58</td><td>1,449</td><td>6/2/42</td><td>taxable</td><td>....................</td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>-</td><td>6/15/54-56</td><td>681</td><td>7/22/40</td><td>partially</td><td>....................</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond</td><td>-</td><td>9/15/56-59</td><td>982</td><td>9/15/36</td><td>partially</td><td>....................</td></tr><tr><td>2-1/4% Treasury bond</td><td>-</td><td>9/15/56-59</td><td>3,823</td><td>2/1/44</td><td>taxable</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>6,253</td><td>681</td><td></td><td></td><td>9/15/46</td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treasury bond</td><td>-</td><td>3/15/56-58</td><td>1,449</td><td>6/2/42</td><td>taxable</td><td>....................</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>-</td><td>6/15/58-63</td><td>919</td><td>6/15/38</td><td>partially</td><td>....................</td></tr><tr><td>Total</td><td></td><td></td><td>919</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June....</td><td>2-1/4% Treasury bond</td><td>-</td><td>6/15/59-62</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>....................</td><td>6/15/52</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond</td><td>-</td><td>9/15/56-59</td><td>982</td><td>9/15/36</td><td>partially</td><td>....................</td><td>9/15/46</td></tr><tr><td>2-1/4% Treasury bond</td><td>-</td><td>9/15/56-59</td><td>3,823</td><td>2/1/44</td><td>taxable</td><td>....................</td><td>9/15/46</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>-</td><td>12/15/59-62</td><td>3,470</td><td>11/15/45</td><td>taxable</td><td>....................</td><td>12/15/52</td></tr><tr><td>Total</td><td></td><td></td><td>8,754</td><td>4,804</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
As of July 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1960-Mar.... Dec....</td><td>2-1/8% Treasury bond - 3/15/55-60.... 2-3/4% Treasury bond - 12/15/60-65....</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35 12/15/38</td><td>partially partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>1961-June....</td><td>3% Panama Canal bond- 6/1/61............</td><td>50</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June....</td><td>2-1/4% Treasury bond - 6/15/59-62.... 2-1/2% Treasury bond - 6/15/62-67....</td><td>.....</td><td>2,118</td><td>5,284</td><td>6/1/45 5/5/42</td><td>taxable taxable</td><td>6/15/52 5/5/52</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62....</td><td>.....</td><td>.....</td><td>3,470</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td></td><td></td><td></td></tr><tr><td>1963-June....</td><td>2-3/4% Treasury bond - 6/15/58-63....</td><td>.....</td><td>.....</td><td>919</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68....</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td></td><td></td><td></td></tr><tr><td>1964-June....</td><td>2-1/2% Treasury bond - 6/15/64-69....</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69....</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td></td><td></td><td></td></tr><tr><td>1965-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70....</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65....</td><td>.....</td><td>.....</td><td>1,485</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td></td><td></td><td></td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71....</td><td>.....</td><td>3,451</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June....</td><td>2-1/2% Treasury bond - 6/15/62-67.... 2-1/2% Treasury bond - 6/15/67-72....</td><td>.....</td><td>7,967</td><td>2,118</td><td>5/5/42 6/1/45</td><td>taxable taxable</td><td>5/5/52 6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72....</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72....</td><td>.....</td><td>11,689</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>22,372</td><td>2,118</td><td></td><td></td><td></td></tr><tr><td>1968-Deo....</td><td>2-1/2% Treasury bond - 12/15/63-68....</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td>1969-June....</td><td>2-1/2% Treasury bond - 6/15/64-69....</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69....</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td></td><td></td><td></td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70....</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71....</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1972-June....</td><td>2-1/2% Treasury bond - 6/15/67-72....</td><td>.....</td><td>.....</td><td>7,967</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72....</td><td>.....</td><td>.....</td><td>2,716</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72....</td><td>.....</td><td>.....</td><td>11,689</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Includes (1) postal savings bonds and (2) Federal Housing Administration time-bond certificates, 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 given, however, are shown only once.
3/ Federal securities fell 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. "All" tax-exempt securities are subject to both normal and surtax rates. Bank restricted leases may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2. page 25.
September 1946
31
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 colspan="2">Amount of subscriptions tendered</th><th>Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>Cash</th><th>Exchange</th><th>For each</th><th>In exchange for other securities</th><th></th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/</td><td></td><td>(In millions of dollars)</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>2-1/4% Treas. bonds- 3/15/65-70 3/ (3/1/44)</td><td>25 yr.9 m (30 yr.9 m) 5/</td><td>2,909</td><td>-</td><td>2,909 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2% Treas. bonds- 6/15/52-54 (6/26/44)</td><td>10 yr</td><td>5,625</td><td>-</td><td>5,625 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>1-1/4% Treas. note- 3/15/47 (6/26/44)</td><td>2 yr.9 m</td><td>1,948</td><td>-</td><td>1,948 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 6/1/45 (6/26/44)</td><td>11 m</td><td>4,770</td><td>-</td><td>4,770 3/</td><td>-</td><td>100</td></tr><tr><td>7/20/44</td><td>7/20/44</td><td>7/8% Certificate- 8/1/45 (8/1/44)</td><td>1 yr</td><td>-</td><td>2,811</td><td>-</td><td>2,811</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>7/8% Certificate- 9/1/45 (9/1/44)</td><td>1 yr</td><td>-</td><td>3,694</td><td>-</td><td>3,694</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>1% Treas. note- 3/15/46 5/ (11/1/41)</td><td>1 yr.6 m 1/</td><td>-</td><td>788</td><td>-</td><td>788</td><td>100</td></tr><tr><td>9/20/44</td><td>9/25/44</td><td>7/8% Certificate- 10/1/45 (10/1/44)</td><td>1 yr</td><td>-</td><td>3,492</td><td>-</td><td>3,492</td><td>100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>2-1/4% Treas. bonds- 3/15/66-71 3/ (12/1/44)</td><td>26 yr.3 m (21 yr.3 m)</td><td>3,448</td><td>-</td><td>3,448 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2% Treas. bonds-12/15/52-54 (12/1/44)</td><td>10 yr (8 yr)</td><td>1,922</td><td>-</td><td>1,922 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>1-1/4% Treas. note- 9/15/47 (12/1/44)</td><td>2 yr.9 m</td><td>1,550</td><td>-</td><td>1,550 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 12/1/45 (12/1/44)</td><td>1 yr</td><td>4,395</td><td>-</td><td>4,395 3/</td><td>-</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>90% Treas. note - 1/1/46 (12/1/44)</td><td>1 yr.1 m (21 yr.3 m) 9/</td><td>-</td><td>3,416</td><td>-</td><td>3,416</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2-1/4% Treas. bonds - 3/15/66-71 3/ (12/1/44)</td><td>26 yr.3 m (8 yr) 9/</td><td>-</td><td>740</td><td>-</td><td>740</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2% Treas. bonds - 12/15/52-54 (12/1/44)</td><td>10 yr</td><td>-</td><td>137</td><td>-</td><td>137</td><td>100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>1-1/4% Treas. bonds- 9/15/47 3/ (12/1/44)</td><td>2 yr.9 m 9/</td><td>-</td><td>5,045</td><td>-</td><td>5,045</td><td>100</td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>7/8% Certificate - 3/1/46 (3/1/45)</td><td>1 yr</td><td>-</td><td>4,147</td><td>-</td><td>4,147</td><td>100</td></tr><tr><td>3/22/45</td><td>3/22/45</td><td>7/8% Certificate - 4/1/46 (4/1/45)</td><td>1 yr</td><td>-</td><td>4,811</td><td>-</td><td>4,811</td><td>100</td></tr><tr><td>4/19/45</td><td>4/19/45</td><td>7/8% Certificate - 5/1/46 (5/1/45)</td><td>1 yr</td><td>-</td><td>1,579</td><td>-</td><td>1,579</td><td>100</td></tr><tr><td>4/11/45</td><td>5/11/45</td><td>7th War Loan securities: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>2-1/4% Treas. bonds- 6/15/67-72 3/ (6/1/45)</td><td>27 yr (22 yr)</td><td>1,967</td><td>-</td><td>1,967 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2-1/4% Treas. bonds- 6/15/59-62 3/ (6/1/45)</td><td>17 yr (14 yr)</td><td>5,284</td><td>-</td><td>5,284 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>1-1/4% Treas. bonds-12/15/50 (6/1/45)</td><td>5 yr.6 m</td><td>2,614</td><td>-</td><td>2,614</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 6/1/46 (6/1/45)</td><td>1 yr</td><td>4,799</td><td>-</td><td>4,799 3/</td><td>-</td><td>100</td></tr><tr><td>5/21/45</td><td>5/21/45</td><td>90% Treas. note - 7/1/46 (6/1/45)</td><td>1 yr.1 m</td><td>-</td><td>4,910</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>7/23/45</td><td>7/8% Certificate - 8/1/46 (6/1/45)</td><td>1 yr</td><td>-</td><td>2,470</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>8/20/45</td><td>7/8% Certificate - 9/1/46 (9/1/45)</td><td>1 yr</td><td>-</td><td>4,336</td><td>-</td><td>4,336</td><td>100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>2-1/4% Treas. bonds-12/15/67-72 3/ (11/15/45)</td><td>27 yr.1 m (22 yr.1 m)</td><td>11,689</td><td>-</td><td>11,689 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2-1/4% Treas. bonds-12/15/59-62 3/ (11/15/45)</td><td>17 yr.1 m (14 yr.1 m)</td><td>3,470</td><td>-</td><td>3,470 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 12/1/46 (12/1/45)</td><td>1 yr</td><td>3,768</td><td>-</td><td>3,768 3/</td><td>-</td><td>100</td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate - 10/1/46 (10/1/45)</td><td>1 yr</td><td>-</td><td>3,440</td><td>-</td><td>3,440</td><td>100</td></tr><tr><td>11/19/45</td><td>11/19/45</td><td>7/8% Certificate - 11/1/46 (11/1/45)</td><td>1 yr</td><td>-</td><td>3,778</td><td>-</td><td>3,778</td><td>100</td></tr><tr><td>12/17/45</td><td>12/17/45</td><td>7/8% Certificate - 1/1/47 (1/1/46)</td><td>1 yr</td><td>-</td><td>3,330</td><td>-</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>1/21/46</td><td>7/8% Certificate - 2/1/47 (2/1/46)</td><td>1 yr</td><td>-</td><td>4,954</td><td>-</td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>2/18/46</td><td>7/8% Certificate - 3/1/47 (3/1/46)</td><td>1 yr</td><td>-</td><td>4,106</td><td>-</td><td>4,106</td><td>76</td></tr><tr><td>3/20/46</td><td>3/20/46</td><td>7/8% Certificate - 4/1/47 (4/1/46)</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>4,742</td><td>99</td></tr><tr><td>5/20/46</td><td>5/20/46</td><td>7/8% Certificate - 6/1/47 (6/1/46)</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>4,168</td><td>82</td></tr><tr><td>6/14/46</td><td>6/14/46</td><td>7/8% Certificate - 7/1/47 (7/1/46)</td><td>1 yr</td><td>-</td><td>4,673</td><td>-</td><td>4,673</td><td>62</td></tr><tr><td>7/17/46</td><td>7/17/46</td><td>7/8% Certificate - 8/1/47 (8/1/46)</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>2,307</td><td>52</td></tr><tr><td>8/19/46</td><td>8/19/46</td><td>7/8% Certificate - 9/1/47 (9/1/46)</td><td>1 yr</td><td>-</td><td>8.a.</td><td>-</td><td>8.a.</td><td>8.a.</td></tr></table>
Bureau of the Public Debt. Not available. 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. Consists of all applications and subscriptions and of subscriptions by U. S. Government agencies and trust funds. 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 Treasury Invest-
Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
Reopening of previously offered security.
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.
Treasury Bulletin
32
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 outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="2">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Enhanced security offered</th><th>Re- changed</th><th>Turned in for cash</th><th>Percent ex- changed</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>8/1/44</td><td>7/8%</td><td>Certificate - 8/1/44</td><td>2,545</td><td>-</td><td>2,545</td><td>2,511</td><td>34</td><td>99</td><td>7/8% Certificate - 8/1/45</td></tr><tr><td>9/1/44</td><td>7/8%</td><td>Certificate - 9/1/44</td><td>4,122</td><td>-</td><td>4,122</td><td>3,694</td><td>428</td><td>90</td><td>7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 1/4%</td><td>Treas. note - 9/15/44</td><td>635</td><td>-</td><td>635</td><td>602</td><td>33</td><td>95</td><td>1/4% Treas. note - 3/15/46</td></tr><tr><td></td><td>1/4%</td><td>Treas. note - 9/15/44</td><td>283</td><td>-</td><td>283</td><td>185</td><td>98</td><td>66</td><td></td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 9/15/44</td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44</td><td>7/8%</td><td>Certificate - 10/1/44</td><td>3,519</td><td>-</td><td>3,519</td><td>3,492</td><td>27</td><td>99</td><td>7/8% Certificate - 10/1/45</td></tr><tr><td>12/1/44</td><td>7/8%</td><td>Certificate - 12/1/44</td><td>3,540</td><td>-</td><td>3,540</td><td>3,416</td><td>124</td><td>96</td><td>9/8% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>1/4%</td><td>Treas. bond - 12/15/44-54</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2-1/2% Treas. bond - 3/15/66-71 2/1</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CDO note</td><td>Certificate - 2/1/45</td><td>5,048</td><td>-</td><td>5,048</td><td>4,649</td><td>400</td><td>92</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td></td><td></td><td>1-1/8% CDO note - 2/15/45</td><td>412</td><td>-</td><td>412</td><td>395</td><td>17</td><td>96</td><td></td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 2/1/45</td><td>5,460</td><td>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>90% 3/4% 1-1/4%</td><td>Treas. note - 3/1/45</td><td>2,127</td><td>-</td><td>2,127</td><td>2,109</td><td>18</td><td>99</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td></td><td></td><td>Treas. note - 3/15/45</td><td>718</td><td>-</td><td>718</td><td>693</td><td>25</td><td>69</td><td></td></tr><tr><td></td><td></td><td>1-1/4% Treas. note - 3/15/45</td><td>1,606</td><td>-</td><td>1,606</td><td>1,546</td><td>60</td><td>96</td><td></td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 3/1/45</td><td>4,451</td><td>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td></td></tr><tr><td>4/1/45</td><td>7/8%</td><td>Certificate - 4/1/45</td><td>4,877</td><td>-</td><td>4,877</td><td>4,811</td><td>66</td><td>99</td><td>7/8% Certificate - 4/1/46</td></tr><tr><td>5/1/45</td><td>7/8%</td><td>Certificate - 5/1/45</td><td>1,615</td><td>-</td><td>1,615</td><td>1,579</td><td>35</td><td>98</td><td>7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% 1-1/2% HOIC bond</td><td>Certificate - 6/1/45</td><td>4,770</td><td>-</td><td>4,770</td><td>4,187</td><td>583</td><td>88</td><td>9/8% Treas. note - 7/1/46</td></tr><tr><td></td><td></td><td>1-1/2% HOIC bond - 6/1/45-47</td><td>755</td><td>-</td><td>755</td><td>723</td><td>32</td><td>96</td><td></td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 6/1/45</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</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%</td><td>Certificate - 9/1/45</td><td>3,694</td><td>-</td><td>3,694</td><td>3,429</td><td>265</td><td>93</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td></td><td></td><td>Treas. bond - 9/15/45-47</td><td>1,214</td><td>-</td><td>1,214</td><td>907</td><td>307</td><td>75</td><td></td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 9/1/45</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</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%</td><td>Certificate - 12/1/45</td><td>4,395</td><td>-</td><td>4,395</td><td>2,932</td><td>1,463</td><td>67</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td></td><td></td><td>Treas. note - 12/15/45</td><td>531</td><td>-</td><td>531</td><td>438</td><td>93</td><td>82</td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond - 12/15/45</td><td>941</td><td>-</td><td>941</td><td>408</td><td>133</td><td>75</td><td></td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 12/1/45</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3/4% Goovarloo bond</td><td>1/1/46</td><td>16</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46</td><td>90%</td><td>Treas. note - 1/1/46</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>2/1/46</td><td>7/8%</td><td>Certificate - 2/1/46</td><td>5,043</td><td>-</td><td>5,043</td><td>4,954</td><td>89</td><td>98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% 3-3/4%</td><td>Certificate - 3/1/46</td><td>4,147</td><td>-</td><td>4,147</td><td>3,133</td><td>-</td><td>3/4</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>1/4%</td><td>Treas. bond - 3/15/46-56</td><td>1,899</td><td>-</td><td>1,899</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td></td><td></td><td>Treas. note - 3/15/46</td><td>1,291</td><td>-</td><td>1,291</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/46</td><td>7/8%</td><td>Certificate - 4/1/46</td><td>1,931</td><td>-</td><td>1,931</td><td>2,820</td><td>-</td><td>3/4</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>5/1/46</td><td>7/8%</td><td>Certificate - 5/1/46</td><td>1,579</td><td>-</td><td>1,579</td><td>2,820</td><td>-</td><td>3/4</td><td></td></tr><tr><td>6/1/46</td><td>7/8% 3/4%</td><td>Certificate - 6/1/46</td><td>4,799</td><td>-</td><td>4,799</td><td>2,775</td><td>2,025</td><td>3/4</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td></td><td></td><td>Treas. bond - 6/15/46-48</td><td>1,036</td><td>-</td><td>1,036</td><td>2,775</td><td>-</td><td>-</td><td></td></tr><tr><td>6/15/46</td><td>3-1/8%</td><td>Treas. bond - 6/15/46-49</td><td>819</td><td>-</td><td>819</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>7/1/46</td><td>90%</td><td>Treas. note - 7/1/46</td><td>4,910</td><td>-</td><td>4,910</td><td>2,916</td><td>2,916</td><td>3/4</td><td>7/8% Certificate - 7/1/47</td></tr><tr><td>8/1/46</td><td>7/8%</td><td>Certificate - 8/1/46</td><td>2,470</td><td>-</td><td>2,470</td><td>1,223</td><td>1,223</td><td>3/4</td><td>7/8% Certificate - 8/1/47</td></tr><tr><td>9/1/46</td><td>7/8%</td><td>Certificate - 9/1/46</td><td>4,336</td><td>-</td><td>4,336</td><td>2,336 p</td><td>n.e.</td><td>3/4</td><td>7/8% Certificate - 9/1/47</td></tr></table>
Purpose: Bureau of the Public Debt.
p Preliminary.
n.e. Not available.
1/ Original call and maturity dates are used.
2/ Bank restricted issue.
3/ Prior to the refunding operation of March 1, 1946, maturing
issuers were either paid off in full or the holders were given the privilege to exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
September 1946
33
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>Date of issue</th><th colspan="2">Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1945-July 5</td><td>1945-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>17,035.6</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>17,031.1</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>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30</td><td>Nov. 29</td><td>91</td><td>1,986.1</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>1,253.3</td><td>57.1</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>1,312.6</td><td>17,026.5</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>53.5</td><td>1,305.5</td><td>17,028.5</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>1,990.7</td><td>1,316.7</td><td>1,273.6</td><td>43.9</td><td>1,312.5</td><td>17,024.9</td></tr><tr><td>Nov. 22</td><td>Feb. 21</td><td>90</td><td>2,118.5</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>2,163.0</td><td>1,303.5</td><td>1,264.7</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><tr><td>1946-Jan. 3</td><td>Apr. 4</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10</td><td>Apr. 11</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17</td><td>Apr. 18</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24</td><td>Apr. 25</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31</td><td>May 2</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><tr><td>Feb. 7</td><td>May 9</td><td>91</td><td>1,928.2</td><td>1,314.8</td><td>1,268.1</td><td>46.7</td><td>1,316.7</td><td>17,039.7</td></tr><tr><td>Feb. 14</td><td>May 16</td><td>91</td><td>1,987.8</td><td>1,309.0</td><td>1,257.5</td><td>51.5</td><td>1,316.7</td><td>17,032.0</td></tr><tr><td>Feb. 21</td><td>May 23</td><td>91</td><td>2,037.3</td><td>1,301.3</td><td>1,253.1</td><td>48.1</td><td>1,302.1</td><td>17,031.2</td></tr><tr><td>Feb. 28</td><td>May 31</td><td>92</td><td>2,006.1</td><td>1,316.7</td><td>1,275.1</td><td>41.6</td><td>1,316.0</td><td>17,031.8</td></tr><tr><td>Mar. 7</td><td>June 6</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14</td><td>June 13</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21</td><td>June 20</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,038.2</td></tr><tr><td>Mar. 28</td><td>June 27</td><td>91</td><td>1,984.5</td><td>1,313.4</td><td>1,268.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</td></tr><tr><td>Apr. 4</td><td>July 5</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11</td><td>July 11</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18</td><td>July 18</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25</td><td>July 25</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><tr><td>May 2</td><td>Aug. 1</td><td>91</td><td>1,850.1</td><td>1,309.2</td><td>1,265.5</td><td>43.7</td><td>1,315.9</td><td>17,047.1</td></tr><tr><td>May 9</td><td>Aug. 8</td><td>91</td><td>1,961.0</td><td>1,304.2</td><td>1,261.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16</td><td>Aug. 15</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,018.9</td></tr><tr><td>May 23</td><td>Aug. 22</td><td>91</td><td>1,927.6</td><td>1,313.7</td><td>1,274.3</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31</td><td>Aug. 29</td><td>90</td><td>1,951.2</td><td>1,312.5</td><td>1,268.0</td><td>44.5</td><td>1,316.7</td><td>17,041.1</td></tr><tr><td>June 6</td><td>Sept. 5</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13</td><td>Sept. 12</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.8</td><td>38.0</td><td>1,303.8</td><td>17,041.4</td></tr><tr><td>June 20</td><td>Sept. 19</td><td>91</td><td>1,950.6</td><td>1,310.4</td><td>1,273.5</td><td>36.8</td><td>1,315.5</td><td>17,046.4</td></tr><tr><td>June 27</td><td>Sept. 26</td><td>91</td><td>1,954.8</td><td>1,309.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,038.9</td></tr><tr><td>July 5</td><td>Oct. 3</td><td>90</td><td>1,803.5</td><td>1,307.7</td><td>1,278.1</td><td>29.7</td><td>1,312.0</td><td>17,034.7</td></tr><tr><td>July 11</td><td>Oct. 10</td><td>91</td><td>1,892.0</td><td>1,315.1</td><td>1,278.1</td><td>37.0</td><td>1,317.1</td><td>17,032.8</td></tr><tr><td>July 18</td><td>Oct. 17</td><td>91</td><td>1,895.0</td><td>1,310.6</td><td>1,270.2</td><td>40.5</td><td>1,310.3</td><td>17,033.2</td></tr><tr><td>July 25</td><td>Oct. 24</td><td>91</td><td>1,767.8</td><td>1,305.1</td><td>1,269.6</td><td>35.3</td><td>1,315.3</td><td>17,033.0</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See Annual Reports of the Secretary of the Treasury for back
Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 per hundred.
34
Treasury Bulletin
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>1945-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 2/</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><tr><td>1946-Jan. 3</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. 10</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>Jan. 17</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>Jan. 24</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>Jan. 31</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>Feb. 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>Feb. 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>Feb. 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>Feb. 28</td><td>99,904</td><td>0.375</td><td>99,908</td><td>0.360</td><td>99,904</td><td>0.376</td></tr><tr><td>Mar. 7</td><td>99,905</td><td>0.375</td><td>99,913</td><td>0.344</td><td>99,905</td><td>0.376</td></tr><tr><td>Mar. 14</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. 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>Mar. 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>Apr. 4</td><td>99,904</td><td>0.375</td><td>99,908</td><td>0.360</td><td>99,904</td><td>0.376</td></tr><tr><td>Apr. 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>Apr. 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>Apr. 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>May 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>May 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>May 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>May 23</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 31</td><td>99,906</td><td>0.376</td><td>99,908 1/</td><td>0.368</td><td>99,906</td><td>0.376</td></tr><tr><td>June 7</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>June 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>June 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>June 27</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 5</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>July 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>July 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>July 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></table>
Source: Public Debt Service.
Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis.
2/ Except $75 thousand at 99.925.
3/ Except $100 thousand at 99.925.
4/ Except $500 thousand at 99.930.
September 1946
35
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941). Series F and G bonds are available to all
subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and bonds of series B began to mature in January 1946. Matured bonds returned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series Q outstanding are quoted at par.
Summary of Sales and Redemptions, by Series, as of July 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th>(in millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Natured series: Series A</td><td>204</td><td>52</td><td>255</td><td>239</td><td>17</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B</td><td>370</td><td>90</td><td>460</td><td>265</td><td>-</td><td>195</td><td>57.67</td></tr><tr><td>Series C</td><td>1,010</td><td>201</td><td>1,211</td><td>286</td><td>-</td><td>925</td><td>23.61</td></tr><tr><td>Series D</td><td>2,365</td><td>317</td><td>2,682</td><td>457</td><td>-</td><td>2,226</td><td>17.02</td></tr><tr><td>Total, Series B, C, and D</td><td>3,745</td><td>609</td><td>4,353</td><td>1,008</td><td>-</td><td>3,146</td><td>23.15</td></tr><tr><td>Series E</td><td>42,499</td><td>898</td><td>43,397</td><td>13,048 2/</td><td>-</td><td>30,349</td><td>30.07</td></tr><tr><td>Series F</td><td>3,180</td><td>68</td><td>3,248</td><td>334</td><td>-</td><td>2,914</td><td>10.27</td></tr><tr><td>Series O</td><td>13,521</td><td>-</td><td>13,521</td><td>809</td><td>-</td><td>12,711</td><td>5.99</td></tr><tr><td>Total, Series E, F, and O</td><td>59,199</td><td>966</td><td>60,165</td><td>14,191</td><td>-</td><td>45,974</td><td>23.59</td></tr><tr><td>Total, Series B-O</td><td>62,944</td><td>1,575</td><td>64,519</td><td>15,199</td><td>-</td><td>49,320</td><td>23.56</td></tr><tr><td>Total, Series A-O</td><td>63,148</td><td>1,626</td><td>64,774</td><td>15,438</td><td>17</td><td>49,320</td><td>-</td></tr></table>
Source: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ includes unclassified redemptions which contain small amounts of Series A-D bonds.
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Redemptions 1/ Sales price</th><th>Accrued discount</th><th>Amount outstanding Matured debt</th><th>Interest-bearing debt</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>All series</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total, inception to July 31, 1946</td><td>63,148</td><td>1,626</td><td>64,774</td><td>15,435</td><td>n.a.</td><td>n.a.</td><td>17</td><td>49,320</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>1,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,998</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>n.a.</td><td>n.a.</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,149</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>11</td><td>48,183</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>1,294</td><td>56</td><td>1,351</td><td>428</td><td>421</td><td>8</td><td>-</td><td>46,508</td><td>.92</td></tr><tr><td>August</td><td>700</td><td>38</td><td>738</td><td>531</td><td>524</td><td>7</td><td>-</td><td>46,715</td><td>1.14</td></tr><tr><td>September</td><td>514</td><td>41</td><td>555</td><td>528</td><td>522</td><td>7</td><td>-</td><td>46,741</td><td>1.13</td></tr><tr><td>October</td><td>624</td><td>37</td><td>661</td><td>616</td><td>607</td><td>9</td><td>-</td><td>46,785</td><td>1.32</td></tr><tr><td>November</td><td>1,184</td><td>36</td><td>1,220</td><td>533</td><td>524</td><td>10</td><td>-</td><td>47,473</td><td>1.12</td></tr><tr><td>December</td><td>1,254</td><td>57</td><td>1,310</td><td>559</td><td>549</td><td>11</td><td>11</td><td>48,183</td><td>1.16</td></tr><tr><td>1946-January</td><td>960</td><td>64</td><td>1,023</td><td>629</td><td>613</td><td>16</td><td>30</td><td>48,588</td><td>1.25</td></tr><tr><td>February</td><td>622</td><td>44</td><td>666</td><td>555</td><td>522</td><td>13</td><td>26</td><td>48,692</td><td>1.16</td></tr><tr><td>March</td><td>626</td><td>46</td><td>672</td><td>634</td><td>n.a.</td><td>n.a.</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td>April</td><td>668</td><td>15</td><td>713</td><td>621</td><td>n.a.</td><td>n.a.</td><td>21</td><td>48,888</td><td>1.27</td></tr><tr><td>May</td><td>594</td><td>145</td><td>639</td><td>552</td><td>n.a.</td><td>n.a.</td><td>19</td><td>48,917</td><td>1.13</td></tr><tr><td>June</td><td>571</td><td>64</td><td>635</td><td>519</td><td>n.a.</td><td>n.a.</td><td>18</td><td>49,035</td><td>1.06</td></tr><tr><td>July</td><td>753</td><td>67</td><td>820</td><td>537</td><td>n.a.</td><td>n.a.</td><td>17</td><td>49,320</td><td>1.09</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to July 31, 1946</td><td>3,949</td><td>660</td><td>4,609</td><td>1,286</td><td>n.a.</td><td>n.a.</td><td>17</td><td>3,346</td><td>1.09</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>92</td><td>92</td><td>83</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>103</td><td>103</td><td>117</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>106</td><td>106</td><td>309</td><td>n.a.</td><td>n.a.</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>999</td><td>77</td><td>576</td><td>159</td><td>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>*</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>180</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>11</td><td>3,477</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>*</td><td>16</td><td>16</td><td>22</td><td>17</td><td>5</td><td>-</td><td>3,579</td><td>.62</td></tr><tr><td>August</td><td>-</td><td>9</td><td>9</td><td>16</td><td>13</td><td>3</td><td>-</td><td>3,572</td><td>.45</td></tr><tr><td>September</td><td>-</td><td>7</td><td>7</td><td>14</td><td>11</td><td>3</td><td>-</td><td>3,565</td><td>.39</td></tr><tr><td>October</td><td>-</td><td>7</td><td>7</td><td>20</td><td>16</td><td>4</td><td>-</td><td>3,551</td><td>.58</td></tr><tr><td>November</td><td>-</td><td>6</td><td>6</td><td>23</td><td>18</td><td>5</td><td>-</td><td>3,534</td><td>.64</td></tr><tr><td>December</td><td>-</td><td>9</td><td>9</td><td>25</td><td>20</td><td>5</td><td>11</td><td>3,477</td><td>.71</td></tr><tr><td>1946-January</td><td>-</td><td>16</td><td>16</td><td>42</td><td>33</td><td>9</td><td>30</td><td>3,462</td><td>1.21</td></tr><tr><td>February</td><td>-</td><td>9</td><td>9</td><td>29</td><td>22</td><td>6</td><td>26</td><td>3,446</td><td>.82</td></tr><tr><td>March</td><td>-</td><td>7</td><td>7</td><td>31</td><td>n.a.</td><td>n.a.</td><td>23</td><td>3,425</td><td>.95</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>31</td><td>n.a.</td><td>n.a.</td><td>21</td><td>3,403</td><td>.90</td></tr><tr><td>May</td><td>-</td><td>6</td><td>6</td><td>29</td><td>n.a.</td><td>n.a.</td><td>19</td><td>3,382</td><td>.84</td></tr><tr><td>June</td><td>-</td><td>9</td><td>9</td><td>28</td><td>n.a.</td><td>n.a.</td><td>18</td><td>3,365</td><td>.82</td></tr><tr><td>July</td><td>(*)</td><td>16</td><td>16</td><td>37</td><td>n.a.</td><td>n.a.</td><td>17</td><td>3,346</td><td>1.09</td></tr></table>
(Continued on following page)
September 1946
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemption to amount outstanding</th></tr><tr><th colspan="9">(In millions of dollars)</th></tr><tr><th colspan="9">Series I, F, and G</th></tr><tr><td>Total, inception to July 31, 1946...</td><td>59,199</td><td>966</td><td>60,165</td><td>14,191</td><td>n.a.</td><td>n.a.</td><td>45,974</td><td>-</td></tr><tr><th colspan="9">Fiscal years:</th></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>-</td><td>6,920</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,848</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,155</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>n.a.</td><td>n.a.</td><td>45,670</td><td>-</td></tr><tr><th colspan="9">Calendar years:</th></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>246</td><td>-</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><th colspan="9">Months:</th></tr><tr><td>1945-July</td><td>1,294</td><td>41</td><td>1,335</td><td>405</td><td>403</td><td>3</td><td>42,929</td><td>.95</td></tr><tr><td>August</td><td>700</td><td>29</td><td>729</td><td>515</td><td>511</td><td>4</td><td>43,143</td><td>1.19</td></tr><tr><td>September</td><td>514</td><td>33</td><td>548</td><td>514</td><td>510</td><td>4</td><td>43,176</td><td>1.19</td></tr><tr><td>October</td><td>624</td><td>30</td><td>654</td><td>596</td><td>591</td><td>5</td><td>43,235</td><td>1.38</td></tr><tr><td>November</td><td>1,184</td><td>30</td><td>1,214</td><td>511</td><td>506</td><td>5</td><td>43,938</td><td>1.16</td></tr><tr><td>December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>529</td><td>5</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>44</td><td>1,008</td><td>587</td><td>581</td><td>7</td><td>45,126</td><td>1.30</td></tr><tr><td>February</td><td>622</td><td>35</td><td>657</td><td>537</td><td>530</td><td>7</td><td>45,247</td><td>1.19</td></tr><tr><td>March</td><td>626</td><td>39</td><td>665</td><td>604</td><td>n.a.</td><td>n.a.</td><td>45,308</td><td>1.33</td></tr><tr><td>April</td><td>668</td><td>39</td><td>707</td><td>590</td><td>n.a.</td><td>n.a.</td><td>45,424</td><td>1.30</td></tr><tr><td>May</td><td>594</td><td>39</td><td>634</td><td>524</td><td>n.a.</td><td>n.a.</td><td>45,534</td><td>1.15</td></tr><tr><td>June</td><td>571</td><td>55</td><td>627</td><td>491</td><td>n.a.</td><td>n.a.</td><td>45,670</td><td>1.08</td></tr><tr><td>July</td><td>753</td><td>51</td><td>804</td><td>500</td><td>n.a.</td><td>n.a.</td><td>45,974</td><td>1.09</td></tr><tr><th colspan="9">Series Z</th></tr><tr><td>Total, Inception to July 31, 1946...</td><td>42,499</td><td>898</td><td>43,397</td><td>13,048</td><td>12,951</td><td>97</td><td>30,349</td><td>-</td></tr><tr><th colspan="9">Fiscal years:</th></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>-</td><td>-</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>-</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>266</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,179</td><td>434</td><td>7,173</td><td>5,912</td><td>5,848</td><td>64</td><td>30,358</td><td>-</td></tr><tr><th colspan="9">Calendar years:</th></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>-</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,180</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><th colspan="9">Months:</th></tr><tr><td>1945-July</td><td>1,032</td><td>37</td><td>1,069</td><td>375</td><td>373</td><td>3</td><td>29,791</td><td>1.26</td></tr><tr><td>August</td><td>571</td><td>28</td><td>599</td><td>485</td><td>481</td><td>4</td><td>29,905</td><td>1.62</td></tr><tr><td>September</td><td>420</td><td>31</td><td>451</td><td>487</td><td>483</td><td>4</td><td>29,869</td><td>1.63</td></tr><tr><td>October</td><td>510</td><td>28</td><td>537</td><td>562</td><td>557</td><td>5</td><td>29,444</td><td>1.88</td></tr><tr><td>November</td><td>665</td><td>28</td><td>693</td><td>474</td><td>470</td><td>5</td><td>30,853</td><td>1.57</td></tr><tr><td>December</td><td>908</td><td>45</td><td>953</td><td>490</td><td>485</td><td>5</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>535</td><td>7</td><td>30,870</td><td>1.75</td></tr><tr><td>February</td><td>367</td><td>33</td><td>400</td><td>492</td><td>486</td><td>6</td><td>30,778</td><td>1.60</td></tr><tr><td>March</td><td>371</td><td>36</td><td>407</td><td>550</td><td>544</td><td>6</td><td>30,635</td><td>1.80</td></tr><tr><td>April</td><td>388</td><td>36</td><td>424</td><td>546</td><td>539</td><td>7</td><td>30,513</td><td>1.79</td></tr><tr><td>May</td><td>345</td><td>37</td><td>381</td><td>469</td><td>463</td><td>7</td><td>30,425</td><td>1.54</td></tr><tr><td>June</td><td>321</td><td>52</td><td>373</td><td>439</td><td>433</td><td>6</td><td>30,358</td><td>1.45</td></tr><tr><td>July</td><td>386</td><td>46</td><td>433</td><td>442</td><td>435</td><td>7</td><td>30,349</td><td>1.46</td></tr></table>
(Continued on following page)
Treasury Bulletin
38
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><td colspan="9">Series P</td></tr><tr><td>Total, inception to July 31, 1946</td><td>3,180</td><td>68</td><td>3,248</td><td>334</td><td>n.e.</td><td>n.e.</td><td>2,914</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>*</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>-</td><td>435</td><td>3</td><td>1</td><td>*</td><td>439</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>11</td><td>11</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>n.a.</td><td>n.e.</td><td>2,895</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>*</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>662</td><td>2</td><td>664</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>755</td><td>4</td><td>759</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>713</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>29</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>47</td><td>3</td><td>51</td><td>8</td><td>8</td><td>*</td><td>2,067</td><td>.32</td></tr><tr><td>August</td><td>22</td><td>2</td><td>23</td><td>8</td><td>8</td><td>*</td><td>2,662</td><td>.31</td></tr><tr><td>September</td><td>18</td><td>2</td><td>20</td><td>8</td><td>8</td><td>*</td><td>2,674</td><td>.30</td></tr><tr><td>October</td><td>8</td><td>2</td><td>10</td><td>10</td><td>10</td><td>*</td><td>2,674</td><td>.37</td></tr><tr><td>November</td><td>54</td><td>2</td><td>56</td><td>10</td><td>10</td><td>*</td><td>2,720</td><td>.37</td></tr><tr><td>December</td><td>83</td><td>3</td><td>86</td><td>13</td><td>13</td><td>*</td><td>2,793</td><td>.40</td></tr><tr><td>1946-January</td><td>40</td><td>4</td><td>44</td><td>14</td><td>13</td><td>*</td><td>2,823</td><td>.48</td></tr><tr><td>February</td><td>30</td><td>2</td><td>32</td><td>12</td><td>15</td><td>*</td><td>2,841</td><td>.52</td></tr><tr><td>March</td><td>27</td><td>3</td><td>30</td><td>16</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>.57</td></tr><tr><td>April</td><td>29</td><td>3</td><td>32</td><td>13</td><td>n.e.</td><td>n.e.</td><td>2,874</td><td>.46</td></tr><tr><td>May</td><td>24</td><td>4</td><td>27</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,853</td><td>.60</td></tr><tr><td>June</td><td>24</td><td>4</td><td>28</td><td>16</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>.55</td></tr><tr><td>July</td><td>31</td><td>5</td><td>36</td><td>18</td><td>n.a.</td><td>n.a.</td><td>2,914</td><td>.60</td></tr><tr><td colspan="9">Series Q</td></tr><tr><td>Total, inception to July 31, 1946</td><td>13,521</td><td>-</td><td>13,521</td><td>809</td><td>809</td><td>-</td><td>12,711</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>*</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>*</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>*</td><td>5,219</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>*</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>*</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>*</td><td>12,416</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>*</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>*</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>*</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>*</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>*</td><td>11,186</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>215</td><td>-</td><td>215</td><td>22</td><td>22</td><td>*</td><td>10,492</td><td>.21</td></tr><tr><td>August</td><td>107</td><td>-</td><td>107</td><td>22</td><td>22</td><td>*</td><td>10,577</td><td>.21</td></tr><tr><td>September</td><td>76</td><td>-</td><td>76</td><td>20</td><td>20</td><td>*</td><td>10,633</td><td>.19</td></tr><tr><td>October</td><td>107</td><td>-</td><td>107</td><td>23</td><td>23</td><td>*</td><td>10,717</td><td>.22</td></tr><tr><td>November</td><td>265</td><td>-</td><td>265</td><td>26</td><td>26</td><td>*</td><td>10,955</td><td>.24</td></tr><tr><td>December</td><td>262</td><td>-</td><td>262</td><td>31</td><td>31</td><td>*</td><td>11,166</td><td>.28</td></tr><tr><td>1946-January</td><td>278</td><td>-</td><td>278</td><td>33</td><td>33</td><td>*</td><td>11,432</td><td>.28</td></tr><tr><td>February</td><td>225</td><td>-</td><td>225</td><td>30</td><td>30</td><td>*</td><td>11,628</td><td>.26</td></tr><tr><td>March</td><td>228</td><td>-</td><td>228</td><td>37</td><td>37</td><td>*</td><td>11,818</td><td>.31</td></tr><tr><td>April</td><td>250</td><td>-</td><td>250</td><td>31</td><td>31</td><td>*</td><td>12,038</td><td>.26</td></tr><tr><td>May</td><td>225</td><td>-</td><td>225</td><td>37</td><td>37</td><td>*</td><td>12,226</td><td>.30</td></tr><tr><td>June</td><td>226</td><td>-</td><td>226</td><td>36</td><td>36</td><td>*</td><td>12,416</td><td>.29</td></tr><tr><td>July</td><td>335</td><td>-</td><td>335</td><td>40</td><td>40</td><td>*</td><td>12,711</td><td>.32</td></tr></table>
Source: Daily Treasury Statement. a.e. Not available. * Less than $500 thousand.
1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
September 1946
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th colspan="8">Sales in millions of dollars at issue price</th><th colspan="5">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/1</th><th>$50</th><th>$100</th><th>$200 3/1</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 and $25 2/1</th><th>$50</th><th>$100 and $200 3/1</th><th>$500, $1,000, $5,000 and $10,000</th></tr></table>
Series I
<table><tr><td>Total, inception through July 31, 1946.</td><td>42,999</td><td>136</td><td>13,885</td><td>5,751</td><td>8,713</td><td>207</td><td>5,236</td><td>8,571</td><td>......</td><td>100.0</td><td>33.0</td><td>13.5</td><td>23.0</td><td>32.5</td><td>......</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><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>1941</td><td>203</td><td>......</td><td>14</td><td>13</td><td>41</td><td>......</td><td>41</td><td>93</td><td>......</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td>......</td></tr><tr><td>1942</td><td>3,526</td><td>......</td><td>616</td><td>342</td><td>813</td><td>......</td><td>637</td><td>1,119</td><td>......</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.8</td><td>......</td></tr><tr><td>1943</td><td>8,271</td><td>......</td><td>2,988</td><td>1,081</td><td>1,714</td><td>......</td><td>1,007</td><td>1,481</td><td>......</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td><td>......</td></tr><tr><td>1944</td><td>11,820</td><td>......</td><td>4,149</td><td>1,642</td><td>2,584</td><td>......</td><td>1,397</td><td>2,048</td><td>......</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td>......</td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>1,928</td><td>1,725</td><td>2,406</td><td>......</td><td>1,326</td><td>2,100</td><td>......</td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td>......</td></tr><tr><td>1946</td><td>6,779</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td>......</td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.7</td><td>35.2</td><td>......</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><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>1941</td><td>1,145</td><td>......</td><td>114</td><td>93</td><td>258</td><td>......</td><td>229</td><td>450</td><td>......</td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td>......</td></tr><tr><td>1942</td><td>5,389</td><td>......</td><td>1,769</td><td>712</td><td>1,338</td><td>......</td><td>856</td><td>1,313</td><td>......</td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td>......</td></tr><tr><td>1943</td><td>10,344</td><td>......</td><td>1,719</td><td>1,390</td><td>2,169</td><td>......</td><td>1,257</td><td>1,615</td><td>......</td><td>100.0</td><td>35.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>......</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>......</td><td>1,446</td><td>2,163</td><td>......</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>......</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td>......</td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td>......</td></tr><tr><td>Months:</td><td></td><td></td><td></td><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>1945-July</td><td>1,032</td><td>8</td><td>323</td><td>146</td><td>205</td><td>......</td><td>128</td><td>222</td><td>......</td><td>100.0</td><td>32.1</td><td>14.1</td><td>19.9</td><td>33.9</td><td>......</td></tr><tr><td>Aug.</td><td>571</td><td>8</td><td>234</td><td>96</td><td>104</td><td>......</td><td>47</td><td>82</td><td>......</td><td>100.0</td><td>42.3</td><td>16.8</td><td>18.2</td><td>22.7</td><td>......</td></tr><tr><td>Sept.</td><td>420</td><td>9</td><td>183</td><td>76</td><td>74</td><td>......</td><td>30</td><td>99</td><td>......</td><td>100.0</td><td>45.6</td><td>18.1</td><td>17.5</td><td>18.8</td><td>......</td></tr><tr><td>Oct.</td><td>510</td><td>7</td><td>314</td><td>87</td><td>91</td><td>*</td><td>41</td><td>70</td><td>......</td><td>100.0</td><td>43.2</td><td>17.0</td><td>18.0</td><td>21.8</td><td>......</td></tr><tr><td>Nov.</td><td>865</td><td>6</td><td>210</td><td>94</td><td>139</td><td>55</td><td>124</td><td>238</td><td>......</td><td>100.0</td><td>25.0</td><td>10.9</td><td>22.3</td><td>41.8</td><td>......</td></tr><tr><td>Dec.</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>126</td><td>240</td><td>......</td><td>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td><td>......</td></tr><tr><td>1946-Jan.</td><td>641</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td>......</td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td><td>......</td></tr><tr><td>Feb.</td><td>367</td><td>4</td><td>120</td><td>51</td><td>51</td><td>11</td><td>37</td><td>93</td><td>......</td><td>100.0</td><td>33.8</td><td>13.9</td><td>16.8</td><td>35.5</td><td>......</td></tr><tr><td>Mar.</td><td>371</td><td>4</td><td>117</td><td>49</td><td>54</td><td>11</td><td>39</td><td>98</td><td>......</td><td>100.0</td><td>32.5</td><td>13.1</td><td>17.7</td><td>36.7</td><td>......</td></tr><tr><td>Apr.</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td>......</td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td>......</td></tr><tr><td>May</td><td>345</td><td>2</td><td>100</td><td>42</td><td>48</td><td>10</td><td>41</td><td>101</td><td>......</td><td>100.0</td><td>29.7</td><td>12.3</td><td>16.8</td><td>41.2</td><td>......</td></tr><tr><td>June</td><td>321</td><td>2</td><td>87</td><td>36</td><td>46</td><td>8</td><td>41</td><td>100</td><td>......</td><td>100.0</td><td>28.0</td><td>11.3</td><td>16.9</td><td>43.8</td><td>......</td></tr><tr><td>July</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td>......</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td>......</td></tr></table>
Series P and Q
<table><tr><td>Total, inception through July 31, 1946.</td><td>16,700</td><td>19</td><td>491</td><td>1.129</td><td>4,998</td><td>3.195</td><td>6.868</td><td>100.0</td><td>.1</td><td>2.9</td><td>36.7</td><td>60.3</td></tr><tr><td colspan="13">Piscal years:</td></tr><tr><td>1941</td><td>461</td><td>1</td><td>6</td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</td><td>*</td><td>1.2</td><td>23.7</td><td>75.1</td></tr><tr><td>1942</td><td>2,467</td><td>1</td><td>71</td><td>141</td><td>702</td><td>498</td><td>1,095</td><td>100.0</td><td>*</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1943</td><td>3,517</td><td>4</td><td>106</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>100.0</td><td>.1</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>6</td><td>134</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>.2</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>5</td><td>109</td><td>295</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>.2</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946</td><td>2,873</td><td>2</td><td>61</td><td>179</td><td>896</td><td>555</td><td>1,179</td><td>100.0</td><td>.1</td><td>2.1</td><td>37.4</td><td>60.4</td></tr><tr><td colspan="13">Calendar years:</td></tr><tr><td>1941</td><td>1,393</td><td>1</td><td>26</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td>*</td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942</td><td>3,168</td><td>3</td><td>98</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>.1</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td>3</td><td>123</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>.1</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,604</td><td>6</td><td>131</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>.2</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>4</td><td>84</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>.1</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td colspan="13">Months:</td></tr><tr><td>1945-July</td><td>263</td><td>*</td><td>8</td><td>21</td><td>89</td><td>50</td><td>94</td><td>100.0</td><td>.2</td><td>3.0</td><td>42.0</td><td>54.8</td></tr><tr><td>Aug.</td><td>128</td><td>*</td><td>4</td><td>11</td><td>49</td><td>26</td><td>39</td><td>100.0</td><td>.1</td><td>3.2</td><td>46.4</td><td>50.3</td></tr><tr><td>Sept.</td><td>94</td><td>*</td><td>3</td><td>8</td><td>37</td><td>20</td><td>25</td><td>100.0</td><td>.2</td><td>3.6</td><td>48.2</td><td>48.0</td></tr><tr><td>Oct.</td><td>115</td><td>*</td><td>4</td><td>9</td><td>45</td><td>23</td><td>34</td><td>100.0</td><td>.1</td><td>3.2</td><td>47.3</td><td>49.4</td></tr><tr><td>Nov.</td><td>319</td><td>*</td><td>10</td><td>28</td><td>124</td><td>69</td><td>87</td><td>100.0</td><td>.1</td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec.</td><td>345</td><td>*</td><td>8</td><td>22</td><td>103</td><td>62</td><td>148</td><td>100.0</td><td>.1</td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan.</td><td>319</td><td>*</td><td>6</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>.1</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>*</td><td>4</td><td>11</td><td>61</td><td>43</td><td>115</td><td>100.0</td><td>*</td><td>1.4</td><td>29.2</td><td>69.4</td></tr><tr><td>Mar.</td><td>255</td><td>*</td><td>4</td><td>13</td><td>72</td><td>48</td><td>119</td><td>100.0</td><td>*</td><td>1.4</td><td>33.0</td><td>65.6</td></tr><tr><td>Apr.</td><td>280</td><td>*</td><td>4</td><td>14</td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>*</td><td>1.4</td><td>33.9</td><td>64.7</td></tr><tr><td>May</td><td>250</td><td>*</td><td>4</td><td>13</td><td>75</td><td>52</td><td>106</td><td>100.0</td><td>*</td><td>1.5</td><td>35.3</td><td>63.2</td></tr><tr><td>June</td><td>250</td><td>*</td><td>3</td><td>12</td><td>72</td><td>54</td><td>108</td><td>100.0</td><td>*</td><td>1.4</td><td>33.7</td><td>64.9</td></tr><tr><td>July</td><td>367</td><td>*</td><td>5</td><td>22</td><td>122</td><td>84</td><td>134</td><td>100.0</td><td>*</td><td>1.5</td><td>39.1</td><td>59.4</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
* Less than $500 thousand or less than .05 percent.
1/ Sale of $10 denomination Series E bonds was authorised beginning June 1944 for sale to the armed forces only.
2 Sale of $25 denomination Series F bonds was authorised in December 1941.
1 Sale of $200 denomination Series E bonds began in October 1945.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
(Thousands of pieces sold)
<table><tr><th>Period</th><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 1/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through July 31, 1946</td><td>1,054,938</td><td>18,070</td><td>740,550</td><td>153,366</td><td>116,168</td><td>1,383</td><td>13,964</td><td>11,427</td><td>.....</td><td>.....</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td>.....</td><td>767</td><td>353</td><td>552</td><td>.....</td><td>108</td><td>125</td><td>.....</td><td>.....</td></tr><tr><td>1942</td><td>55,957</td><td>.....</td><td>32,832</td><td>9,107</td><td>10,837</td><td>.....</td><td>1,698</td><td>1,993</td><td>.....</td><td>.....</td></tr><tr><td>1943</td><td>25,709</td><td>.....</td><td>159,369</td><td>28,828</td><td>22,851</td><td>.....</td><td>2,686</td><td>1,975</td><td>.....</td><td>.....</td></tr><tr><td>1944</td><td>305,986</td><td>.....</td><td>221,284</td><td>43,800</td><td>34,447</td><td>.....</td><td>3,725</td><td>2,730</td><td>.....</td><td>.....</td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td>.....</td><td>3,535</td><td>2,800</td><td>.....</td><td>.....</td></tr><tr><td>1946</td><td>165,039</td><td>8,505</td><td>112,072</td><td>24,274</td><td>14,693</td><td>1,311</td><td>2,065</td><td>2,121</td><td>.....</td><td>.....</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>13,219</td><td>.....</td><td>6,077</td><td>2,485</td><td>3,446</td><td>.....</td><td>612</td><td>600</td><td>.....</td><td>.....</td></tr><tr><td>1942</td><td>135,227</td><td>.....</td><td>91,354</td><td>18,999</td><td>17,882</td><td>.....</td><td>2,282</td><td>1,751</td><td>.....</td><td>.....</td></tr><tr><td>1943</td><td>270,068</td><td>.....</td><td>198,033</td><td>37,060</td><td>28,915</td><td>.....</td><td>3,340</td><td>2,420</td><td>.....</td><td>.....</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>.....</td><td>3,856</td><td>2,884</td><td>.....</td><td>.....</td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,594</td><td>769</td><td>2,984</td><td>2,669</td><td>.....</td><td>.....</td></tr><tr><td>Months:</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-July</td><td>25,582</td><td>1,116</td><td>17,209</td><td>3,885</td><td>2,724</td><td>.....</td><td>341</td><td>296</td><td>.....</td><td>.....</td></tr><tr><td>August</td><td>17,748</td><td>1,103</td><td>12,460</td><td>2,566</td><td>1,383</td><td>.....</td><td>126</td><td>109</td><td>.....</td><td>.....</td></tr><tr><td>September</td><td>14,088</td><td>1,187</td><td>9,748</td><td>2,028</td><td>981</td><td>.....</td><td>79</td><td>66</td><td>.....</td><td>.....</td></tr><tr><td>October</td><td>16,040</td><td>904</td><td>11,404</td><td>2,313</td><td>1,214</td><td>2</td><td>109</td><td>94</td><td>.....</td><td>.....</td></tr><tr><td>November</td><td>17,364</td><td>785</td><td>11,207</td><td>2,511</td><td>1,649</td><td>365</td><td>330</td><td>317</td><td>.....</td><td>.....</td></tr><tr><td>December</td><td>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>320</td><td>.....</td><td>.....</td></tr><tr><td>1946-January</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>299</td><td>.....</td><td>.....</td></tr><tr><td>February</td><td>9,255</td><td>516</td><td>6,304</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td>.....</td><td>.....</td></tr><tr><td>March</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td>.....</td><td>.....</td></tr><tr><td>April</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>763</td><td>78</td><td>111</td><td>140</td><td>.....</td><td>.....</td></tr><tr><td>May</td><td>7,130</td><td>299</td><td>5,355</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td>.....</td><td>.....</td></tr><tr><td>July</td><td>7,216</td><td>343</td><td>4,756</td><td>1,008</td><td>706</td><td>72</td><td>146</td><td>185</td><td>.....</td><td>.....</td></tr></table>
Series 7 and 8
<table><tr><td>Total, inception through July 31, 1946</td><td>15,362</td><td>1.012</td><td>5,267</td><td>2,371</td><td>5,292</td><td>685</td><td>736</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>72</td><td>60</td><td>28</td><td>100</td><td>18</td><td>26</td></tr><tr><td>1942</td><td>2,110</td><td>216</td><td>774</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,252</td><td>303</td><td>1,149</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>1,869</td><td>291</td><td>1,425</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>5,326</td><td>125</td><td>1,156</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,314</td><td></td><td>647</td><td>369</td><td>931</td><td>116</td><td>125</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>156</td><td>277</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>270</td><td>1,077</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>1,624</td><td>325</td><td>1,317</td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>224</td><td>1,394</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>8,807</td><td></td><td>899</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>253</td><td>21</td><td>84</td><td>44</td><td>94</td><td>11</td><td>10</td></tr><tr><td>August</td><td>136</td><td>10</td><td>43</td><td>22</td><td>51</td><td>5</td><td>4</td></tr><tr><td>September</td><td>112</td><td>12</td><td>36</td><td>17</td><td>39</td><td>4</td><td>3</td></tr><tr><td>October</td><td>116</td><td>6</td><td>38</td><td>19</td><td>46</td><td>5</td><td>3</td></tr><tr><td>November</td><td>343</td><td>21</td><td>109</td><td>58</td><td>131</td><td>15</td><td>9</td></tr><tr><td>December</td><td>298</td><td>22</td><td>90</td><td>47</td><td>109</td><td>13</td><td>17</td></tr><tr><td>1946-January</td><td>215</td><td>10</td><td>55</td><td>33</td><td>89</td><td>11</td><td>17</td></tr><tr><td>February</td><td>155</td><td>5</td><td>38</td><td>23</td><td>65</td><td>9</td><td>14</td></tr><tr><td>March</td><td>164</td><td>5</td><td>38</td><td>26</td><td>74</td><td>10</td><td>12</td></tr><tr><td>April</td><td>184</td><td>5</td><td>42</td><td>29</td><td>83</td><td>12</td><td>13</td></tr><tr><td>May</td><td>170</td><td>5</td><td>40</td><td>26</td><td>77</td><td>11</td><td>11</td></tr><tr><td>June</td><td>160</td><td>3</td><td>36</td><td>25</td><td>74</td><td>11</td><td>11</td></tr><tr><td>July</td><td>259</td><td>4</td><td>55</td><td>44</td><td>124</td><td>17</td><td>14</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks
1/ Sale of $10 denomination Series B bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series K bonds began in October 1945.
September 1946
41
Sales and Redemptions of United States Savings Bonds - (Continued
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inceptions through July 31, 1946</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</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></tr><tr><td>Alabama</td><td>507,391</td><td>16,476</td><td>7,821</td><td>5,763</td><td>4,574</td><td>12,029</td><td>15,701</td><td>10,848</td><td>3,604</td><td>3,658</td><td>3,586</td><td>3,327</td><td>3,558</td><td>3,858</td></tr><tr><td>Arkansas</td><td>132,657</td><td>4,483</td><td>2,045</td><td>1,653</td><td>1,297</td><td>3,314</td><td>4,924</td><td>2,662</td><td>1,215</td><td>1,239</td><td>1,227</td><td>1,006</td><td>1,323</td><td>1,224</td></tr><tr><td>California</td><td>3,430,229</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><td>54,984</td><td>28,180</td><td>29,627</td><td>28,750</td><td>25,199</td><td>28,494</td><td>29,542</td></tr><tr><td>Colorado</td><td>323,307</td><td>8,612</td><td>5,423</td><td>3,478</td><td>3,280</td><td>8,572</td><td>7,535</td><td>5,797</td><td>2,738</td><td>3,487</td><td>3,361</td><td>2,958</td><td>3,333</td><td>3,161</td></tr><tr><td>Connecticut</td><td>197,035</td><td>20,169</td><td>11,586</td><td>1,775</td><td>6,364</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,654</td><td>5,089</td><td>5,059</td><td>5,081</td></tr><tr><td>Delaware</td><td>101,784</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><td>1,938</td><td>751</td><td>1,019</td><td>710</td><td>835</td><td>961</td><td>765</td></tr><tr><td>Dist. of Columbia</td><td>57,929</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><td>8,132</td><td>6,395</td><td>8,693</td><td>11,884</td><td>7,994</td><td>10,071</td><td>7,194</td></tr><tr><td>Florida</td><td>524,078</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><td>10,335</td><td>4,580</td><td>4,997</td><td>4,811</td><td>4,505</td><td>4,856</td><td>4,470</td></tr><tr><td>Georgia</td><td>531,613</td><td>13,057</td><td>8,289</td><td>5,580</td><td>6,128</td><td>9,376</td><td>10,947</td><td>11,394</td><td>4,809</td><td>4,476</td><td>4,474</td><td>4,077</td><td>3,989</td><td>4,895</td></tr><tr><td>Hawaii</td><td>137,523</td><td>3,463</td><td>1,215</td><td>865</td><td>1,089</td><td>3,309</td><td>5,035</td><td>1,404</td><td>842</td><td>875</td><td>866</td><td>868</td><td>921</td><td>990</td></tr><tr><td>Illinois</td><td>3,043,323</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><td>58,136</td><td>33,920</td><td>34,573</td><td>33,329</td><td>29,463</td><td>29,096</td><td>30,891</td></tr><tr><td>Indiana</td><td>1,121,371</td><td>28,489</td><td>18,211</td><td>12,434</td><td>13,284</td><td>20,604</td><td>22,684</td><td>17,411</td><td>9,726</td><td>9,998</td><td>9,888</td><td>8,706</td><td>9,313</td><td>9,705</td></tr><tr><td>Iowa</td><td>933,876</td><td>22,438</td><td>8,561</td><td>6,883</td><td>6,591</td><td>27,024</td><td>28,979</td><td>16,828</td><td>7,784</td><td>10,231</td><td>9,750</td><td>6,803</td><td>9,222</td><td>10,089</td></tr><tr><td>Kansas</td><td>580,237</td><td>13,835</td><td>8,463</td><td>5,150</td><td>4,751</td><td>15,630</td><td>14,678</td><td>9,854</td><td>7,707</td><td>9,585</td><td>5,477</td><td>4,737</td><td>4,845</td><td>5,804</td></tr><tr><td>Kentucky</td><td>453,848</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><td>9,642</td><td>4,492</td><td>4,851</td><td>4,095</td><td>3,782</td><td>4,518</td><td>4,638</td></tr><tr><td>Louisiana</td><td>484,612</td><td>9,800</td><td>6,536</td><td>4,815</td><td>4,749</td><td>7,720</td><td>9,370</td><td>7,088</td><td>4,316</td><td>4,097</td><td>4,040</td><td>3,662</td><td>4,137</td><td>3,710</td></tr><tr><td>Maine</td><td>132,245</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><td>2,465</td><td>1,332</td><td>1,470</td><td>1,307</td><td>1,335</td><td>1,552</td><td>1,460</td></tr><tr><td>Maryland</td><td>566,256</td><td>14,553</td><td>8,886</td><td>6,504</td><td>6,117</td><td>9,550</td><td>9,978</td><td>13,979</td><td>4,714</td><td>4,491</td><td>5,012</td><td>4,261</td><td>4,462</td><td>4,338</td></tr><tr><td>Massachusetts</td><td>1,436,329</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><td>26,731</td><td>12,878</td><td>13,358</td><td>11,123</td><td>11,478</td><td>12,095</td><td>10,578</td></tr><tr><td>Michigan</td><td>2,287,099</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><td>28,392</td><td>14,810</td><td>15,618</td><td>15,350</td><td>12,957</td><td>14,581</td><td>14,217</td></tr><tr><td>Minnesota</td><td>881,141</td><td>19,831</td><td>10,201</td><td>7,405</td><td>7,003</td><td>23,154</td><td>22,621</td><td>12,578</td><td>7,235</td><td>7,721</td><td>7,504</td><td>7,125</td><td>7,343</td><td>8,072</td></tr><tr><td>Mississippi</td><td>295,741</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><td>4,820</td><td>2,150</td><td>2,401</td><td>2,351</td><td>2,090</td><td>1,366</td><td>2,245</td></tr><tr><td>Missouri</td><td>1,042,909</td><td>29,321</td><td>13,771</td><td>9,934</td><td>9,897</td><td>22,267</td><td>24,525</td><td>16,789</td><td>10,050</td><td>10,474</td><td>10,274</td><td>9,855</td><td>10,041</td><td>10,606</td></tr><tr><td>Montana</td><td>200,229</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><td>3,268</td><td>1,116</td><td>1,728</td><td>1,733</td><td>1,577</td><td>1,588</td><td>2,058</td></tr><tr><td>Nebraska</td><td>449,170</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><td>8,143</td><td>4,415</td><td>6,463</td><td>6,973</td><td>5,557</td><td>4,608</td><td>5,319</td></tr><tr><td>Nevada</td><td>52,048</td><td>1,510</td><td>753</td><td>511</td><td>649</td><td>1,153</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>345</td><td>395</td><td>404</td><td>388</td></tr><tr><td>New Hampshire</td><td>123,459</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><td>1,866</td><td>1,054</td><td>1,135</td><td>969</td><td>961</td><td>1,132</td><td>989</td></tr><tr><td>New Jersey</td><td>1,564,863</td><td>41,442</td><td>23,127</td><td>16,885</td><td>14,676</td><td>27,599</td><td>31,161</td><td>22,087</td><td>12,635</td><td>13,943</td><td>12,377</td><td>11,711</td><td>12,983</td><td>13,166</td></tr><tr><td>New Mexico</td><td>98,866</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><td>1,662</td><td>943</td><td>887</td><td>789</td><td>836</td><td>785</td><td>846</td></tr><tr><td>New York</td><td>5,317,798</td><td>150,744</td><td>68,497</td><td>51,310</td><td>48,303</td><td>103,318</td><td>132,671</td><td>76,489</td><td>45,439</td><td>46,233</td><td>43,972</td><td>40,701</td><td>41,369</td><td>43,376</td></tr><tr><td>North Carolina</td><td>560,768</td><td>15,624</td><td>7,126</td><td>5,571</td><td>5,244</td><td>12,569</td><td>15,838</td><td>9,046</td><td>4,784</td><td>5,476</td><td>5,101</td><td>4,338</td><td>4,894</td><td>4,652</td></tr><tr><td>North Dakota</td><td>200,716</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><td>2,641</td><td>1,729</td><td>1,509</td><td>1,546</td><td>1,434</td><td>1,785</td><td>1,904</td></tr><tr><td>Ohio</td><td>2,566,763</td><td>70,233</td><td>39,274</td><td>29,028</td><td>25,761</td><td>46,972</td><td>51,775</td><td>39,909</td><td>22,562</td><td>23,434</td><td>21,423</td><td>21,706</td><td>23,224</td><td>19,828</td></tr><tr><td>Oklahoma</td><td>486,779</td><td>15,426</td><td>6,335</td><td>4,611</td><td>4,136</td><td>11,844</td><td>15,054</td><td>10,630</td><td>4,251</td><td>4,639</td><td>3,774</td><td>4,096</td><td>4,345</td><td>4,622</td></tr><tr><td>Oregon</td><td>546,302</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><td>5,626</td><td>3,651</td><td>3,387</td><td>3,117</td><td>3,136</td><td>3,275</td><td>3,348</td></tr><tr><td>Pennsylvania</td><td>3,195,765</td><td>85,944</td><td>47,665</td><td>35,959</td><td>38,242</td><td>58,341</td><td>63,156</td><td>53,564</td><td>28,681</td><td>30,314</td><td>29,703</td><td>27,446</td><td>28,391</td><td>28,440</td></tr><tr><td>Rhode Island</td><td>281,062</td><td>6,961</td><td>2,163</td><td>1,198</td><td>2,862</td><td>3,826</td><td>4,861</td><td>4,995</td><td>1,842</td><td>1,903</td><td>1,497</td><td>1,793</td><td>1,890</td><td>1,045</td></tr><tr><td>South Carolina</td><td>279,532</td><td>8,229</td><td>3,959</td><td>3,045</td><td>3,501</td><td>5,695</td><td>5,249</td><td>6,181</td><td>2,331</td><td>2,378</td><td>2,514</td><td>2,098</td><td>2,553</td><td>2,304</td></tr><tr><td>South Dakota</td><td>186,320</td><td>5,011</td><td>1,629</td><td>1,401</td><td>1,331</td><td>7,361</td><td>5,566</td><td>2,746</td><td>1,826</td><td>2,222</td><td>2,164</td><td>2,464</td><td>2,534</td><td>2,254</td></tr><tr><td>Tennessee</td><td>523,795</td><td>15,851</td><td>8,925</td><td>5,697</td><td>5,074</td><td>8,557</td><td>11,158</td><td>9,453</td><td>4,606</td><td>4,306</td><td>4,042</td><td>3,898</td><td>3,941</td><td>4,314</td></tr><tr><td>Texas</td><td>1,699,153</td><td>48,290</td><td>22,475</td><td>18,074</td><td>16,662</td><td>33,377</td><td>35,043</td><td>34,145</td><td>13,332</td><td>13,394</td><td>12,709</td><td>12,379</td><td>12,476</td><td>13,883</td></tr><tr><td>Utah</td><td>189,946</td><td>5,186</td><td>2,439</td><td>2,342</td><td>2,122</td><td>5,098</td><td>5,612</td><td>3,044</td><td>1,709</td><td>1,436</td><td>1,863</td><td>1,284</td><td>1,754</td><td>1,493</td></tr><tr><td>Vermont</td><td>70,359</td><td>2,015</td><td>914</td><td>584</td><td>534</td><td>1,397</td><td>1,603</td><td>1,101</td><td>566</td><td>606</td><td>445</td><td>536</td><td>491</td><td>635</td></tr><tr><td>Virginia</td><td>737,511</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><td>14,656</td><td>6,283</td><td>6,717</td><td>7,303</td><td>6,364</td><td>6,561</td><td>6,398</td></tr><tr><td>Washington</td><td>868,873</td><td>26,083</td><td>11,345</td><td>8,276</td><td>9,656</td><td>17,660</td><td>16,790</td><td>12,350</td><td>6,657</td><td>5,890</td><td>6,222</td><td>5,727</td><td>6,089</td><td>5,716</td></tr><tr><td>West Virginia</td><td>352,210</td><td>10,625</td><td>6,164</td><td>4,940</td><td>4,859</td><td>1,098</td><td>8,061</td><td>1,495</td><td>2,863</td><td>3,483</td><td>3,197</td><td>3,079</td><td>3,590</td><td>4,043</td></tr><tr><td>Wisconsin</td><td>929,967</td><td>24,705</td><td>12,915</td><td>9,770</td><td>8,620</td><td>20,253</td><td>22,678</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td>7,630</td><td>8,254</td><td>8,531</td></tr><tr><td>Wyoming</td><td>85,591</td><td>2,098</td><td>1,000</td><td>1,025</td><td>766</td><td>2,228</td><td>2,158</td><td>1,350</td><td>784</td><td>784</td><td>723</td><td>694</td><td>713</td><td>735</td></tr><tr><td>Alaska</td><td>28,368</td><td>1,448</td><td>549</td><td>313</td><td>302</td><td>642</td><td>505</td><td>422</td><td>141</td><td>144</td><td>212</td><td>178</td><td>278</td><td>239</td></tr><tr><td>Canal Zone</td><td>25,191</td><td>2,133</td><td>550</td><td>448</td><td>472</td><td>425</td><td>392</td><td>300</td><td>239</td><td>257</td><td>246</td><td>258</td><td>233</td><td>221</td></tr><tr><td>Bahamas</td><td>248,479</td><td>8,673</td><td>5,411</td><td>4,940</td><td>5,000</td><td>7,000</td><td>2,570</td><td>1,824</td><td>710</td><td>985</td><td>1,363</td><td>1,303</td><td>1,015</td><td>1,163</td></tr><tr><td>Puerto Rico</td><td>35,146</td><td>890</td><td>484</td><td>655</td><td>700</td><td>743</td><td>285</td><td>653</td><td>238</td><td>266</td><td>223</td><td>305</td><td>212</td><td>122</td></tr><tr><td>Virgin Islands</td><td>1,766</td><td>7</td><td>13</td><td>4</td><td>6</td><td>15</td><td>27</td><td>20</td><td>3</td><td>3</td><td>4</td><td>3</td><td>1</td><td>
Sources: Daily Treasury Statement and reports of Federal Reserve Banks. p Preliminary.
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by States 1/
(in thousands of dollars)
<table><tr><th>State</th><th>Total inception through July 31, 1946</th><th colspan="6">1945</th><th colspan="7">1946</th><th>July P</th></tr><tr><th></th><th></th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th></th></tr><tr><td>Alabama</td><td>125,370</td><td>2,105</td><td>1,200</td><td>612</td><td>796</td><td>2,800</td><td>2,210</td><td>2,075</td><td>1,893</td><td>1,633</td><td>1,956</td><td>1,835</td><td>2,191</td><td>1,909</td></tr><tr><td>Arizona</td><td>38,449</td><td>597</td><td>296</td><td>260</td><td>302</td><td>802</td><td>1,101</td><td>635</td><td>441</td><td>409</td><td>411</td><td>417</td><td>474</td><td>681</td></tr><tr><td>Arkansas</td><td>76,319</td><td>813</td><td>481</td><td>421</td><td>401</td><td>1,624</td><td>839</td><td>1,822</td><td>760</td><td>1,098</td><td>945</td><td>860</td><td>1,355</td><td>1,019</td></tr><tr><td>California</td><td>1,076,006</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><td>18,347</td><td>16,232</td><td>16,509</td><td>16,722</td><td>15,501</td><td>15,080</td><td>25,547</td></tr><tr><td>Colorado</td><td>134,599</td><td>1,539</td><td>1,488</td><td>637</td><td>27</td><td>4,548</td><td>2,333</td><td>2,200</td><td>1,883</td><td>2,198</td><td>2,221</td><td>1,975</td><td>2,961</td><td>3,289</td></tr><tr><td>Connecticut</td><td>334,173</td><td>4,976</td><td>2,817</td><td>2,152</td><td>1,698</td><td>4,206</td><td>4,354</td><td>7,059</td><td>6,911</td><td>5,308</td><td>5,450</td><td>4,492</td><td>3,825</td><td>4,931</td></tr><tr><td>Delaware</td><td>64,557</td><td>1,256</td><td>404</td><td>608</td><td>746</td><td>1,527</td><td>1,778</td><td>2,222</td><td>1,148</td><td>1,607</td><td>1,006</td><td>931</td><td>1,180</td><td>839</td></tr><tr><td>District of Columbia</td><td>142,190</td><td>1,712</td><td>1,379</td><td>523</td><td>1,433</td><td>2,582</td><td>2,253</td><td>2,331</td><td>1,225</td><td>2,442</td><td>2,208</td><td>1,906</td><td>2,596</td><td>2,893</td></tr><tr><td>Florida</td><td>179,412</td><td>2,996</td><td>1,895</td><td>1,201</td><td>1,361</td><td>3,314</td><td>3,216</td><td>3,511</td><td>2,871</td><td>3,158</td><td>3,900</td><td>3,762</td><td>3,244</td><td>4,465</td></tr><tr><td>Georgia</td><td>160,330</td><td>2,729</td><td>1,628</td><td>933</td><td>1,164</td><td>2,490</td><td>2,371</td><td>2,573</td><td>1,276</td><td>2,710</td><td>2,435</td><td>1,970</td><td>2,599</td><td>2,489</td></tr><tr><td>Idaho</td><td>36,501</td><td>410</td><td>206</td><td>135</td><td>239</td><td>779</td><td>557</td><td>580</td><td>265</td><td>705</td><td>859</td><td>752</td><td>629</td><td>432</td></tr><tr><td>Illinois</td><td>1,260,288</td><td>15,710</td><td>12,705</td><td>8,254</td><td>9,409</td><td>25,384</td><td>18,810</td><td>31,088</td><td>19,851</td><td>22,613</td><td>20,078</td><td>18,789</td><td>24,266</td><td>27,431</td></tr><tr><td>Indiana</td><td>370,444</td><td>6,365</td><td>3,465</td><td>2,928</td><td>3,191</td><td>9,168</td><td>6,728</td><td>8,213</td><td>5,378</td><td>7,086</td><td>6,030</td><td>5,741</td><td>8,839</td><td>8,371</td></tr><tr><td>Iowa</td><td>375,664</td><td>5,126</td><td>3,433</td><td>3,239</td><td>2,320</td><td>11,780</td><td>7,608</td><td>7,859</td><td>5,734</td><td>8,337</td><td>7,158</td><td>7,031</td><td>7,135</td><td>8,501</td></tr><tr><td>Kansas</td><td>182,125</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><td>3,623</td><td>4,105</td><td>3,876</td><td>3,061</td><td>2,529</td><td>3,573</td><td>4,046</td></tr><tr><td>Kentucky</td><td>201,404</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><td>2,845</td><td>5,014</td><td>3,331</td><td>3,705</td><td>3,693</td><td>5,281</td><td>5,536</td></tr><tr><td>Louisiana</td><td>169,183</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><td>2,158</td><td>1,981</td><td>2,635</td><td>2,083</td><td>2,048</td><td>2,791</td><td>2,912</td></tr><tr><td>Maine</td><td>101,325</td><td>2,880</td><td>672</td><td>539</td><td>442</td><td>1,859</td><td>1,541</td><td>2,301</td><td>1,843</td><td>1,206</td><td>1,744</td><td>1,559</td><td>1,527</td><td>2,114</td></tr><tr><td>Maryland</td><td>245,836</td><td>1,272</td><td>2,522</td><td>1,516</td><td>1,584</td><td>3,879</td><td>3,114</td><td>4,286</td><td>3,409</td><td>4,680</td><td>4,716</td><td>4,370</td><td>5,173</td><td>5,475</td></tr><tr><td>Massachusetts</td><td>826,226</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><td>19,876</td><td>17,079</td><td>17,912</td><td>20,792</td><td>20,107</td><td>11,425</td><td>19,858</td></tr><tr><td>Michigan</td><td>481,052</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><td>9,193</td><td>6,733</td><td>5,988</td><td>6,461</td><td>6,481</td><td>9,400</td><td>8,770</td></tr><tr><td>Minnesota</td><td>326,282</td><td>4,912</td><td>2,423</td><td>1,833</td><td>1,958</td><td>8,055</td><td>5,711</td><td>6,612</td><td>5,372</td><td>5,974</td><td>5,574</td><td>5,200</td><td>6,795</td><td>8,675</td></tr><tr><td>Mississippi</td><td>87,164</td><td>841</td><td>656</td><td>386</td><td>497</td><td>1,844</td><td>1,650</td><td>1,342</td><td>1,100</td><td>1,083</td><td>1,158</td><td>1,360</td><td>1,226</td><td>1,978</td></tr><tr><td>Missouri</td><td>442,386</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><td>9,615</td><td>6,805</td><td>7,301</td><td>7,711</td><td>7,469</td><td>10,752</td><td>10,372</td></tr><tr><td>Montana</td><td>52,994</td><td>878</td><td>343</td><td>441</td><td>501</td><td>1,800</td><td>900</td><td>937</td><td>580</td><td>1,011</td><td>935</td><td>587</td><td>706</td><td>986</td></tr><tr><td>Nebraska</td><td>162,309</td><td>2,274</td><td>1,596</td><td>1,110</td><td>1,109</td><td>5,067</td><td>4,021</td><td>3,594</td><td>2,900</td><td>4,424</td><td>3,442</td><td>3,440</td><td>2,747</td><td>3,848</td></tr><tr><td>Nevada</td><td>16,781</td><td>270</td><td>84</td><td>44</td><td>82</td><td>374</td><td>212</td><td>264</td><td>76</td><td>202</td><td>316</td><td>192</td><td>268</td><td>422</td></tr><tr><td>New Hampshire</td><td>69,453</td><td>1,157</td><td>623</td><td>329</td><td>409</td><td>1,376</td><td>824</td><td>1,298</td><td>1,643</td><td>1,570</td><td>1,231</td><td>1,305</td><td>759</td><td>1,383</td></tr><tr><td>New Jersey</td><td>526,910</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><td>9,665</td><td>7,410</td><td>7,562</td><td>7,955</td><td>8,928</td><td>9,146</td><td>10,085</td></tr><tr><td>New Mexico</td><td>32,324</td><td>287</td><td>188</td><td>117</td><td>111</td><td>992</td><td>657</td><td>199</td><td>201</td><td>285</td><td>300</td><td>202</td><td>560</td><td>410</td></tr><tr><td>New York</td><td>2,737,237</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><td>50,872</td><td>46,564</td><td>45,577</td><td>45,362</td><td>44,913</td><td>50,082</td><td>43,144</td></tr><tr><td>North Carolina</td><td>189,140</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><td>2,816</td><td>2,830</td><td>3,088</td><td>3,413</td><td>3,491</td><td>4,131</td><td>3,653</td></tr><tr><td>North Dakota</td><td>152,097</td><td>1,322</td><td>483</td><td>462</td><td>451</td><td>2,426</td><td>1,248</td><td>1,108</td><td>850</td><td>1,288</td><td>1,231</td><td>958</td><td>853</td><td>1,264</td></tr><tr><td>Ohio</td><td>909,470</td><td>16,551</td><td>7,142</td><td>6,873</td><td>9,984</td><td>16,984</td><td>15,504</td><td>24,383</td><td>13,890</td><td>15,394</td><td>17,772</td><td>15,584</td><td>20,095</td><td>23,515</td></tr><tr><td>Oklahoma</td><td>115,783</td><td>1,834</td><td>351</td><td>607</td><td>552</td><td>3,212</td><td>2,703</td><td>2,699</td><td>1,634</td><td>1,717</td><td>1,699</td><td>1,727</td><td>3,042</td><td>2,052</td></tr><tr><td>Oregon</td><td>134,497</td><td>2,781</td><td>919</td><td>707</td><td>701</td><td>2,708</td><td>2,658</td><td>1,894</td><td>1,783</td><td>1,767</td><td>1,700</td><td>1,443</td><td>1,568</td><td>2,316</td></tr><tr><td>Pennsylvania</td><td>1,340,918</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><td>20,886</td><td>19,454</td><td>25,584</td><td>27,459</td><td>35,803</td><td>27,321</td><td>33,133</td></tr><tr><td>Rhode Island</td><td>130,647</td><td>2,503</td><td>1,347</td><td>441</td><td>960</td><td>1,927</td><td>1,573</td><td>2,172</td><td>2,140</td><td>2,057</td><td>2,322</td><td>2,148</td><td>2,727</td><td>5,950</td></tr><tr><td>South Carolina</td><td>89,633</td><td>1,000</td><td>1,064</td><td>415</td><td>566</td><td>1,954</td><td>1,328</td><td>1,219</td><td>992</td><td>1,464</td><td>1,786</td><td>1,737</td><td>1,722</td><td>2,183</td></tr><tr><td>South Dakota</td><td>49,974</td><td>747</td><td>486</td><td>344</td><td>321</td><td>2,184</td><td>1,331</td><td>1,049</td><td>824</td><td>916</td><td>972</td><td>1,253</td><td>1,514</td><td>1,169</td></tr><tr><td>Tennessee</td><td>164,940</td><td>2,204</td><td>1,963</td><td>979</td><td>1,175</td><td>3,852</td><td>3,105</td><td>3,510</td><td>1,692</td><td>2,301</td><td>2,714</td><td>2,604</td><td>3,025</td><td>3,691</td></tr><tr><td>Texas</td><td>457,000</td><td>5,765</td><td>3,408</td><td>2,616</td><td>2,926</td><td>10,921</td><td>8,028</td><td>7,113</td><td>5,131</td><td>6,426</td><td>5,615</td><td>5,306</td><td>7,151</td><td>6,918</td></tr><tr><td>Utah</td><td>34,096</td><td>384</td><td>171</td><td>232</td><td>262</td><td>586</td><td>504</td><td>780</td><td>338</td><td>314</td><td>601</td><td>510</td><td>517</td><td>507</td></tr><tr><td>Vermont</td><td>37,761</td><td>925</td><td>268</td><td>249</td><td>183</td><td>807</td><td>493</td><td>990</td><td>500</td><td>563</td><td>608</td><td>786</td><td>457</td><td>1,001</td></tr><tr><td>Virginia</td><td>221,668</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><td>4,032</td><td>2,533</td><td>2,199</td><td>3,175</td><td>2,828</td><td>3,420</td><td>4,148</td></tr><tr><td>Washington</td><td>228,067</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><td>3,946</td><td>3,503</td><td>3,581</td><td>2,604</td><td>2,820</td><td>2,866</td><td>4,894</td></tr><tr><td>West Virginia</td><td>83,244</td><td>1,386</td><td>683</td><td>705</td><td>831</td><td>1,750</td><td>1,741</td><td>1,532</td><td>1,260</td><td>794</td><td>1,332</td><td>1,368</td><td>1,952</td><td>2,306</td></tr><tr><td>Wisconsin</td><td>408,240</td><td>5,851</td><td>3,872</td><td>2,977</td><td>2,638</td><td>10,717</td><td>8,610</td><td>9,203</td><td>5,962</td><td>8,125</td><td>7,656</td><td>7,003</td><td>8,539</td><td>9,161</td></tr><tr><td>Wyoming</td><td>26,623</td><td>348</td><td>253</td><td>166</td><td>220</td><td>781</td><td>634</td><td>426</td><td>347</td><td>173</td><td>316</td><td>516</td><td>385</td><td>445</td></tr><tr><td>Alaska</td><td>5,274</td><td>263</td><td>10</td><td>15</td><td>6</td><td>188</td><td>37</td><td>79</td><td>24</td><td>35</td><td>6</td><td>2</td><td>11</td><td>18</td></tr><tr><td>Canal Zone</td><td>6,147</td><td>382</td><td>38</td><td>22</td><td>26</td><td>99</td><td>51</td><td>122</td><td>13</td><td>53</td><td>6</td><td>8</td><td>9</td><td>12</td></tr><tr><td>Hawaii</td><td>52,459</td><td>853</td><td>346</td><td>304</td><td>430</td><td>517</td><td>1,018</td><td>700</td><td>1,748</td><td>543</td><td>505</td><td>422</td><td>555</td><td>901</td></tr><tr><td>Puerto Rico</td><td>13,469</td><td>548</td><td>134</td><td>90</td><td>50</td><td>500</td><td>140</td><td>126</td><td>23</td><td>4</td><td>38</td><td>76</td><td>26</td><td>2</td></tr><tr><td>Virgin Islands</td><td>812</td><td>2</td><td>20</td><td></td><td></td><td>8</td><td>20</td><td></td><td>20</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other possessions</td><td>803</td><td></td><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>12,040</td><td>38</td><td>10</td><td>25</td><td>21</td><td>16</td><td>45</td><td>2</td><td>52</td><td>38</td><td>58</td><td>19</td><td>8</td><td>308</td></tr><tr><td>Sales to commercial banks 1.</td><td>895,480</td><td>22,585</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90,703</td><td>-</td><td>-</td><td>-</td><td>-</td><
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
p Preliminary.
* Less than $500.
1/ State figures exclude sales of Series F and G bonds to commercial banks. Commercial banks were permitted to purchase Series F and G
bonds under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page A-22.)
September 1946
43
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th>Total Oct. 1945-July 1946</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</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></tr><tr><td>Alabama</td><td>137,512</td><td>5,263</td><td>8,568</td><td>7,964</td><td>7,975</td><td>6,991</td><td>7,354</td><td>7,892</td><td>8,532</td><td>7,927</td><td>7,165</td><td>6,316</td><td>5,368</td><td>5,853</td></tr><tr><td>Arizona</td><td>15,637</td><td>1,503</td><td>2,195</td><td>2,166</td><td>2,456</td><td>2,308</td><td>2,893</td><td>2,826</td><td>2,698</td><td>3,008</td><td>2,594</td><td>2,467</td><td>2,201</td><td>1,911</td></tr><tr><td>Arkansas</td><td>75,291</td><td>2,742</td><td>4,345</td><td>4,200</td><td>4,425</td><td>3,730</td><td>4,224</td><td>4,876</td><td>4,300</td><td>4,305</td><td>3,997</td><td>3,299</td><td>3,206</td><td>3,320</td></tr><tr><td>California</td><td>942,179</td><td>36,169</td><td>49,441</td><td>46,460</td><td>51,387</td><td>49,254</td><td>50,602</td><td>58,213</td><td>52,179</td><td>55,872</td><td>52,193</td><td>48,865</td><td>37,698</td><td>42,836</td></tr><tr><td>Colorado</td><td>81,658</td><td>2,990</td><td>3,327</td><td>4,230</td><td>4,894</td><td>3,987</td><td>4,128</td><td>5,316</td><td>4,880</td><td>5,532</td><td>5,137</td><td>4,596</td><td>4,357</td><td>3,964</td></tr><tr><td>Connecticut</td><td>159,835</td><td>6,258</td><td>8,563</td><td>8,922</td><td>9,536</td><td>8,282</td><td>8,661</td><td>8,578</td><td>8,212</td><td>9,625</td><td>9,440</td><td>8,604</td><td>7,336</td><td>7,506</td></tr><tr><td>Delaware</td><td>23,475</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td><td>1,110</td><td>1,285</td><td>1,181</td><td>1,372</td><td>1,329</td><td>1,222</td><td>1,141</td><td>1,160</td></tr><tr><td>District of Columbia</td><td>110,126</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><td>6,301</td><td>5,413</td><td>7,377</td><td>5,368</td><td>5,647</td><td>6,475</td><td>4,890</td></tr><tr><td>Florida</td><td>157,341</td><td>5,698</td><td>7,762</td><td>7,578</td><td>8,820</td><td>8,592</td><td>8,733</td><td>10,252</td><td>8,654</td><td>7,475</td><td>10,206</td><td>8,556</td><td>7,145</td><td>7,109</td></tr><tr><td>Georgia</td><td>138,362</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><td>8,977</td><td>7,474</td><td>8,525</td><td>6,628</td><td>4,880</td><td>7,606</td><td>7,465</td></tr><tr><td>Idaho</td><td>28,893</td><td>978</td><td>1,404</td><td>1,404</td><td>1,461</td><td>1,309</td><td>1,580</td><td>1,776</td><td>1,471</td><td>2,083</td><td>2,021</td><td>1,867</td><td>1,594</td><td>1,376</td></tr><tr><td>Illinois</td><td>733,662</td><td>30,200</td><td>40,859</td><td>36,074</td><td>39,566</td><td>35,175</td><td>36,800</td><td>41,292</td><td>38,926</td><td>38,658</td><td>39,897</td><td>38,296</td><td>35,391</td><td>35,892</td></tr><tr><td>Indiana</td><td>307,925</td><td>13,327</td><td>16,811</td><td>16,530</td><td>16,627</td><td>14,710</td><td>14,761</td><td>16,183</td><td>15,155</td><td>14,792</td><td>14,200</td><td>13,428</td><td>12,693</td><td>12,188</td></tr><tr><td>Iowa</td><td>170,676</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><td>10,119</td><td>11,811</td><td>10,785</td><td>9,271</td><td>9,925</td><td>8,490</td><td>8,011</td></tr><tr><td>Kansas</td><td>113,091</td><td>4,248</td><td>4,597</td><td>7,038</td><td>5,803</td><td>5,377</td><td>5,430</td><td>7,252</td><td>6,427</td><td>8,257</td><td>6,665</td><td>6,819</td><td>6,078</td><td>4,171</td></tr><tr><td>Kentucky</td><td>122,051</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><td>6,721</td><td>6,314</td><td>7,028</td><td>6,499</td><td>5,335</td><td>5,372</td><td>5,684</td></tr><tr><td>Louisiana</td><td>120,719</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><td>7,051</td><td>6,209</td><td>6,719</td><td>6,231</td><td>5,943</td><td>5,298</td><td>5,352</td></tr><tr><td>Maine</td><td>38,966</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><td>1,993</td><td>1,673</td><td>2,146</td><td>2,259</td><td>2,160</td><td>1,892</td><td>2,027</td></tr><tr><td>Maryland</td><td>128,253</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><td>7,124</td><td>5,940</td><td>7,378</td><td>7,369</td><td>6,578</td><td>6,581</td><td>6,155</td></tr><tr><td>Massachusetts</td><td>284,326</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><td>14,822</td><td>14,443</td><td>15,926</td><td>15,366</td><td>14,557</td><td>12,997</td><td>13,621</td></tr><tr><td>Michigan</td><td>647,232</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><td>32,316</td><td>30,106</td><td>32,634</td><td>31,513</td><td>27,307</td><td>27,839</td><td>26,900</td></tr><tr><td>Minnesota</td><td>193,173</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><td>12,120</td><td>7,237</td><td>12,244</td><td>11,812</td><td>11,370</td><td>10,272</td><td>10,211</td></tr><tr><td>Mississippi</td><td>62,813</td><td>2,239</td><td>3,013</td><td>3,534</td><td>3,615</td><td>3,292</td><td>3,521</td><td>4,102</td><td>4,135</td><td>4,421</td><td>3,505</td><td>3,312</td><td>2,535</td><td>3,422</td></tr><tr><td>Missouri</td><td>269,753</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><td>17,790</td><td>14,855</td><td>17,256</td><td>15,853</td><td>13,127</td><td>12,534</td><td>11,682</td></tr><tr><td>Montana</td><td>34,967</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><td>2,439</td><td>1,990</td><td>1,916</td><td>2,647</td><td>2,362</td><td>2,117</td><td>2,062</td></tr><tr><td>Nebraska</td><td>83,099</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><td>4,628</td><td>4,587</td><td>6,102</td><td>4,925</td><td>4,911</td><td>4,456</td><td>3,955</td></tr><tr><td>Nevada</td><td>13,902</td><td>542</td><td>782</td><td>645</td><td>738</td><td>720</td><td>766</td><td>888</td><td>777</td><td>838</td><td>772</td><td>764</td><td>465</td><td>630</td></tr><tr><td>New Hampshire</td><td>24,398</td><td>905</td><td>1,259</td><td>1,267</td><td>1,477</td><td>1,266</td><td>1,375</td><td>1,247</td><td>1,213</td><td>1,338</td><td>1,433</td><td>1,428</td><td>1,227</td><td>1,313</td></tr><tr><td>New Jersey</td><td>333,834</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><td>19,016</td><td>17,162</td><td>19,231</td><td>18,787</td><td>16,854</td><td>14,821</td><td>13,996</td></tr><tr><td>New Mexico</td><td>26,531</td><td>946</td><td>1,329</td><td>1,433</td><td>1,633</td><td>1,369</td><td>1,368</td><td>1,769</td><td>1,644</td><td>1,874</td><td>1,572</td><td>1,525</td><td>1,497</td><td>914</td></tr><tr><td>New York</td><td>952,457</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><td>61,425</td><td>52,211</td><td>53,901</td><td>54,747</td><td>51,692</td><td>44,960</td><td>39,204</td></tr><tr><td>North Carolina</td><td>131,072</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><td>8,217</td><td>7,053</td><td>9,439</td><td>7,205</td><td>6,738</td><td>6,515</td><td>5,920</td></tr><tr><td>North Dakota</td><td>25,487</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><td>1,718</td><td>927</td><td>1,807</td><td>1,807</td><td>1,781</td><td>1,690</td><td>1,649</td></tr><tr><td>Ohio</td><td>651,709</td><td>27,951</td><td>37,439</td><td>34,434</td><td>37,282</td><td>31,624</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,298</td><td>33,928</td><td>30,276</td><td>27,980</td><td>23,087</td></tr><tr><td>Oklahoma</td><td>132,008</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><td>6,550</td><td>7,724</td><td>8,466</td><td>7,024</td><td>7,152</td><td>6,373</td><td>6,382</td></tr><tr><td>Oregon</td><td>145,318</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><td>8,691</td><td>7,530</td><td>8,329</td><td>8,163</td><td>7,429</td><td>6,689</td><td>6,543</td></tr><tr><td>Pennsylvania</td><td>775,007</td><td>29,997</td><td>35,800</td><td>38,199</td><td>45,691</td><td>39,991</td><td>37,828</td><td>41,050</td><td>35,885</td><td>51,015</td><td>44,385</td><td>41,175</td><td>36,366</td><td>35,883</td></tr><tr><td>Rhode Island</td><td>52,677</td><td>2,360</td><td>2,957</td><td>2,869</td><td>3,268</td><td>2,713</td><td>2,836</td><td>2,622</td><td>2,184</td><td>2,776</td><td>2,600</td><td>2,494</td><td>2,315</td><td>2,215</td></tr><tr><td>South Carolina</td><td>65,460</td><td>2,516</td><td>3,709</td><td>3,466</td><td>4,115</td><td>3,549</td><td>3,773</td><td>3,955</td><td>3,180</td><td>4,123</td><td>3,272</td><td>2,939</td><td>2,974</td><td>2,043</td></tr><tr><td>South Dakota</td><td>26,758</td><td>961</td><td>1,243</td><td>1,178</td><td>1,329</td><td>1,338</td><td>1,302</td><td>1,773</td><td>1,307</td><td>1,901</td><td>1,844</td><td>1,697</td><td>1,588</td><td>1,418</td></tr><tr><td>Tennessee</td><td>139,456</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><td>7,679</td><td>7,262</td><td>8,021</td><td>7,309</td><td>6,495</td><td>5,386</td><td>6,934</td></tr><tr><td>Texas</td><td>447,762</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><td>28,480</td><td>26,466</td><td>29,998</td><td>24,512</td><td>22,946</td><td>21,028</td><td>18,933</td></tr><tr><td>Utah</td><td>47,042</td><td>1,571</td><td>2,299</td><td>2,361</td><td>2,610</td><td>2,483</td><td>2,505</td><td>2,651</td><td>2,764</td><td>3,117</td><td>3,176</td><td>2,787</td><td>2,505</td><td>2,403</td></tr><tr><td>Vermont</td><td>11,544</td><td>474</td><td>532</td><td>613</td><td>755</td><td>583</td><td>665</td><td>622</td><td>536</td><td>719</td><td>726</td><td>757</td><td>719</td><td>673</td></tr><tr><td>Virginia</td><td>171,394</td><td>6,631</td><td>9,447</td><td>9,551</td><td>10,185</td><td>9,085</td><td>9,170</td><td>10,421</td><td>7,823</td><td>11,345</td><td>8,168</td><td>8,104</td><td>8,990</td><td>6,651</td></tr><tr><td>Washington</td><td>205,915</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td><td>10,053</td><td>10,452</td><td>12,043</td><td>10,482</td><td>12,211</td><td>11,584</td><td>10,955</td><td>9,299</td><td>9,687</td></tr><tr><td>West Virginia</td><td>94,155</td><td>3,500</td><td>4,999</td><td>5,130</td><td>5,989</td><td>4,920</td><td>4,547</td><td>5,470</td><td>4,040</td><td>6,277</td><td>5,614</td><td>5,758</td><td>4,696</td><td>3,837</td></tr><tr><td>Wisconsin</td><td>198,209</td><td>10,750</td><td>10,225</td><td>10,225</td><td>10,796</td><td>9,324</td><td>10,315</td><td>10,859</td><td>10,050</td><td>10,591</td><td>11,125</td><td>10,729</td><td>10,054</td><td>9,658</td></tr><tr><td>Wyoming</td><td>17,569</td><td>625</td><td>777</td><td>886</td><td>947</td><td>794</td><td>832</td><td>1,153</td><td>963</td><td>1,298</td><td>1,144</td><td>1,098</td><td>1,094</td><td>820</td></tr><tr><td>Alaska</td><td>5,283</td><td>255</td><td>273</td><td>259</td><td>318</td><td>268</td><td>268</td><td>299</td><td>220</td><td>325</td><td>305</td><td>318</td><td>255</td><td>248</td></tr><tr><td>Canal Zone</td><td>1,999</td><td>1,974</td><td>1,892</td><td>3,255</td><td>3,873</td><td>3,505</td><td>3,164</td><td>3,399</td><td>3,719</td><td>2,442</td><td>2,730</td><td>2,068</td><td>1,592</td><td>1,445</td></tr><tr><td>Hawaii</td><td>94,432</td><td>304</td><td>347</td><td>456</td><td>896</td><td>593</td><td>732</td><td>694</td><td>593</td><td>1,357</td><td>785</td><td>972</td><td>796</td><td>473</td></tr><tr><td>Puerto Rico</td><td>12,757</td><td>15</td><td>16</td><td>21</td><td>12</td><td>25</td><td>37</td><td>21</td><td>15</td><td>10</td><td>19</td><td>24</td><td>10</td><td>10</td></tr><tr><td>Virgin Islands</td><td>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Note: 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 redeloced 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. Less than $500.
14
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes
Treasury savings notes were issued in three series, series A from August 1, 1941 through June 22, 1943, series B from August 1, 1941 through September 12, 1942, and series C which have been on continuous sale since September 14, 1942. All of series A and B and some of series C notes have matured.
Series C notes are sold at par, and accrue in value each month, yielding 1.07% per annum if held to maturity (3 years from date of issue). These notes may be used in payment of taxes any time after 2 months after issue, or may be redeemed for cash any time after 6 months after issue. For details concerning features, investment yields, and tax payment or redemption values, see "Treasury Bulletin" for October 1945, pages A-4 and A-5. For details concerning the features of series A
and B notes, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220.
In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes turned in for redemption (either for cash or for tax payment) are included in the figures on redemptions. Matured notes outstanding are reflected in the interest-bearing debt until all notes of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement. For sales and redemptions of series A and B notes by fiscal years and months, see "Treasury Bulletin" for February 1946, pages 42 and 43.
Table 1. Summary of Sales and Redemptions, by Series, as of July 31, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>398</td><td>63 1/2</td><td>335</td><td>9</td><td>-</td></tr><tr><td>Series B</td><td>4,918</td><td>4,912</td><td>182 1/2</td><td>4,760</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>27,342</td><td>20,665</td><td>3,795</td><td>16,870</td><td>8</td><td>6,669</td></tr><tr><td>Total</td><td>32,693</td><td>26,005</td><td>4,040</td><td>21,965</td><td>19</td><td>6,669</td></tr></table>
Source: Daily Treasury Statement 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxee</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Piecemeal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,559</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1945</td><td>8,533</td><td>7,087</td><td>750</td><td>6,337</td><td>-</td><td>9,748</td></tr><tr><td>1946</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>307</td><td>323</td><td>16</td><td>287</td><td>-</td><td>10,052</td></tr><tr><td>August</td><td>145</td><td>135</td><td>18</td><td>97</td><td>-</td><td>10,082</td></tr><tr><td>September</td><td>92</td><td>1,153</td><td>276</td><td>877</td><td>-</td><td>9,021</td></tr><tr><td>October</td><td>336</td><td>581</td><td>291</td><td>290</td><td>-</td><td>8,776</td></tr><tr><td>November</td><td>701</td><td>423</td><td>295</td><td>128</td><td>-</td><td>9,058</td></tr><tr><td>December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,235</td></tr><tr><td>1946-January</td><td>302</td><td>451</td><td>166</td><td>285</td><td>30</td><td>8,107</td></tr><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,043</td></tr><tr><td>March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,104</td></tr><tr><td>May</td><td>198</td><td>216</td><td>143</td><td>74</td><td>11</td><td>7,127</td></tr><tr><td>June</td><td>184</td><td>602</td><td>171</td><td>430</td><td>9</td><td>6,711</td></tr><tr><td>July</td><td>300</td><td>345</td><td>154</td><td>190</td><td>8</td><td>6,669</td></tr></table>
Source: Daily Treasury Statement.
September 1946
45
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3. - Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th colspan="7">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>198.5</td><td>907.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>614.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1946</td><td>3,525.5</td><td>5.4</td><td>13.8</td><td>102.7</td><td>160.3</td><td>617.4</td><td>1,120.8</td><td>588.0</td><td>917.0</td></tr><tr><td>1945-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>90.0</td><td>58.0</td><td>74.0</td></tr><tr><td>August</td><td>145.4</td><td>.2</td><td>.5</td><td>4.7</td><td>7.2</td><td>25.5</td><td>44.3</td><td>16.0</td><td>46.0</td></tr><tr><td>September</td><td>91.6</td><td>.2</td><td>.4</td><td>3.2</td><td>4.6</td><td>16.5</td><td>29.7</td><td>9.0</td><td>28.0</td></tr><tr><td>October</td><td>335.1</td><td>.4</td><td>.9</td><td>7.3</td><td>12.8</td><td>57.8</td><td>120.9</td><td>83.0</td><td>53.0</td></tr><tr><td>November</td><td>704.1</td><td>1.3</td><td>4.0</td><td>34.6</td><td>58.3</td><td>182.7</td><td>254.2</td><td>66.0</td><td>109.0</td></tr><tr><td>December</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>185.0</td><td>51.5</td><td>197.0</td></tr><tr><td>1946-January</td><td>301.8</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.6</td><td>91.3</td><td>50.0</td><td>87.0</td></tr><tr><td>February</td><td>181.0</td><td>.2</td><td>.5</td><td>3.4</td><td>4.7</td><td>22.2</td><td>49.4</td><td>33.5</td><td>67.0</td></tr><tr><td>March</td><td>178.7</td><td>.3</td><td>.6</td><td>3.8</td><td>5.3</td><td>22.4</td><td>57.4</td><td>66.0</td><td>63.0</td></tr><tr><td>April p</td><td>299.0</td><td>.4</td><td>.9</td><td>4.8</td><td>6.5</td><td>32.9</td><td>87.6</td><td>77.0</td><td>89.0</td></tr><tr><td>May p</td><td>198.4</td><td>.3</td><td>.6</td><td>3.2</td><td>4.3</td><td>21.8</td><td>58.1</td><td>51.0</td><td>59.0</td></tr><tr><td>June p</td><td>184.0</td><td>.3</td><td>.5</td><td>3.0</td><td>4.0</td><td>20.3</td><td>53.9</td><td>47.0</td><td>55.0</td></tr><tr><td>July p</td><td>300.5</td><td>.4</td><td>.9</td><td>6.4</td><td>9.0</td><td>37.6</td><td>96.5</td><td>76.5</td><td>73.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p. Preliminary.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th></tr><tr><td>1946</td><td>8,953.7</td><td>694.9</td><td>8,258.7</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>1946</td><td>3,525.5</td><td>270.7</td><td>3,254.8</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>1945-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><tr><td>1946-January</td><td>301.8</td><td>20.4</td><td>281.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td>February</td><td>181.0</td><td>9.9</td><td>171.1</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>March</td><td>178.7</td><td>13.5</td><td>165.2</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>April</td><td>299.0</td><td>19.4</td><td>279.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><tr><td>May</td><td>198.4</td><td>19.8</td><td>178.6</td><td>100.0</td><td>10.0</td><td>90.0</td></tr><tr><td>June</td><td>184.0</td><td>14.1</td><td>169.9</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>July</td><td>300.5</td><td>31.6</td><td>268.9</td><td>100.0</td><td>10.5</td><td>89.5</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
46
Treasury Bulletin
Sales of United States Savings Stamps
Table 1.- 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>Total *</th><th colspan="2">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Enhanced for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Enhanced for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4</td><td>590,268 1/2</td><td>544,647</td><td>174,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,432</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>-18,320</td><td>268,411</td><td>287,331</td><td>231,533</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1946</td><td>95,976</td><td>-81,622</td><td>109,852</td><td>191,474</td><td>130,422</td><td>61,052</td><td>100.0</td><td>68.1</td><td>31.9</td></tr><tr><td>1946-July</td><td>159,914</td><td>-21,689</td><td>16,405</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>149,615</td><td>-6,268</td><td>17,585</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.2</td><td>29.7</td></tr><tr><td>September</td><td>144,679</td><td>-4,966</td><td>8,438</td><td>13,403</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><tr><td>1946-January</td><td>120,204</td><td>-13,024</td><td>3,689</td><td>16,713</td><td>11,229</td><td>5,484</td><td>100.0</td><td>67.2</td><td>32.8</td></tr><tr><td>February</td><td>116,495</td><td>-3,350</td><td>7,873</td><td>10,623</td><td>6,751</td><td>3,873</td><td>100.0</td><td>63.2</td><td>36.8</td></tr><tr><td>March</td><td>112,335</td><td>-4,319</td><td>9,847</td><td>11,367</td><td>8,959</td><td>2,367</td><td>100.0</td><td>82.6</td><td>17.4</td></tr><tr><td>April</td><td>104,997</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>95,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.8</td><td>41.8</td></tr><tr><td>July</td><td>91,986</td><td>-3,988</td><td>3,283</td><td>7,871</td><td>4,158</td><td>3,113</td><td>100.0</td><td>57.2</td><td>42.8</td></tr></table>
Source: Daily Treasury Statement. Note: See "Treasury Bulletin", July 1946 for back figures. 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/ Net of sales loss redemptions. See footnote 1.
4/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
5/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $55 thousand for the period July 1, 1942 through October 31, 1942.
Table 2.- Sales, Classified by Denominations
<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>1943</td><td>590,268</td><td>126,327</td><td>113,691</td><td>52,508</td><td>71,693</td><td>26,018</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>h.h</td></tr><tr><td>1944</td><td>608,930</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>h.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,553</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>h.1</td></tr><tr><td>1946</td><td>109,852</td><td>22,680</td><td>56,115</td><td>9,619</td><td>15,755</td><td>5,683</td><td>100.0</td><td>20.6</td><td>51.1</td><td>8.8</td><td>11.3</td><td>5.2</td></tr><tr><td>1945-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>132</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>859</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><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>559</td><td>1,006</td><td>343</td><td>100.0</td><td>25.6</td><td>48.2</td><td>7.1</td><td>13.6</td><td>5.7</td></tr><tr><td>March</td><td>9,847</td><td>2,502</td><td>4,868</td><td>806</td><td>1,218</td><td>453</td><td>100.0</td><td>25.4</td><td>49.4</td><td>8.2</td><td>12.4</td><td>5.6</td></tr><tr><td>April</td><td>9,309</td><td>2,128</td><td>4,612</td><td>410</td><td>1,316</td><td>443</td><td>100.0</td><td>22.9</td><td>49.5</td><td>8.7</td><td>14.1</td><td>4.8</td></tr><tr><td>May</td><td>6,362</td><td>1,364</td><td>3,157</td><td>617</td><td>804</td><td>360</td><td>100.0</td><td>21.4</td><td>49.6</td><td>9.7</td><td>13.6</td><td>5.7</td></tr><tr><td>June</td><td>3,598</td><td>552</td><td>1,828</td><td>357</td><td>602</td><td>299</td><td>100.0</td><td>15.3</td><td>50.8</td><td>9.9</td><td>16.8</td><td>7.2</td></tr><tr><td>July</td><td>3,283</td><td>423</td><td>1,638</td><td>372</td><td>632</td><td>218</td><td>100.0</td><td>12.9</td><td>49.9</td><td>11.3</td><td>19.3</td><td>6.6</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: Based upon Post Office Department data.
September 1946
47
OWNERSHIP OF GOVERNMENT SECURITIES
48
Treasury Bulletin
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="3">End of fiscal year or month</th><th colspan="8">Securities issued by United States Government<br>Distribution by classes of holders</th><th colspan="4">Securities guaranteed by United States 1/<br>Distribution by classes of holders</th></tr><tr><th rowspan="2">Total amount outstanding</th><th colspan="3">U.S. Government agencies and trust funds</th><th rowspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th rowspan="2">Total amount unamortized outstanding</th><th colspan="3">U.S. Government agencies and trust funds and Federal Reserve Banks</th><th rowspan="2">Private investors 3/</th></tr><tr><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total public issues</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>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>-</td><td>2,525</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>361</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>35,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,576</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,851</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>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>33,115</td><td>29,590</td><td>3,166</td><td>5,438</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>6,130</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>26,400</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>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>120,880</td><td>101,845</td><td>1,516</td><td>14</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,334</td><td>5,105</td><td>17</td><td>18,812</td><td>21,732</td><td>209,630</td><td>151,421</td><td>56,209</td><td>467</td><td>6</td><td>409</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>199,064</td><td>56,143</td><td>-</td><td>9</td><td>-</td><td>424</td></tr><tr><td>1945-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>22,407</td><td>155,285</td><td>57,123</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug</td><td>256,746</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>262,842</td><td>27,677</td><td>6,123</td><td>29</td><td>20,710</td><td>23,472</td><td>221,541</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>27,041 r</td><td>7,012 r</td><td>29</td><td>20,000</td><td>24,262</td><td>224,390 r</td><td>167,505 r</td><td>56,886</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>226,501</td><td>169,351</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,099</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar</td><td>274,748</td><td>28,173</td><td>7,008</td><td>30</td><td>21,135</td><td>22,601</td><td>223,975</td><td>167,455</td><td>56,520</td><td>542</td><td>8</td><td>-</td><td>32</td><td>501</td></tr><tr><td>April</td><td>272,711</td><td>28,261</td><td>7,007</td><td>30</td><td>21,224</td><td>22,732</td><td>221,718</td><td>165,340</td><td>56,378</td><td>533</td><td>8</td><td>-</td><td>33</td><td>492</td></tr><tr><td>May</td><td>271,440</td><td>28,530</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,596</td><td>56,442</td><td>542</td><td>9</td><td>-</td><td>33</td><td>500</td></tr><tr><td>June</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>July</td><td>267,039</td><td>29,676 p</td><td>6,601 p</td><td>30 p</td><td>23,045</td><td>23,633</td><td>213,731 p</td><td>157,362 p</td><td>56,368 p</td><td>324</td><td>9 p</td><td>-</td><td>34 p</td><td>281</td></tr></table>
(1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks. p Preliminary. r Revised. * Less than $500 thousand.
1/ Excludes obligations held by the Treasury and matured securities.
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.
3/ Stated as of close of previous month.
September 1946
49
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding $</th><th colspan="3">Held by banks</th><th colspan="7">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks $</th><th>Federal Reserve banks</th><th>Total</th><th>Individuals $</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations $</th><th>State and local governments $</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>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>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</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><tr><td>November</td><td>263.4</td><td>109.3</td><td>85.9</td><td>23.5</td><td>154.0</td><td>62.0</td><td>22.2</td><td>9.8</td><td>27.8</td><td>5.3</td><td>26.8</td></tr><tr><td>December</td><td>276.2</td><td>114.3</td><td>90.1</td><td>24.3</td><td>161.9</td><td>63.6</td><td>24.4</td><td>10.7</td><td>29.9</td><td>6.3</td><td>27.0</td></tr><tr><td>1946-January</td><td>278.0</td><td>115.3</td><td>92.0</td><td>23.3</td><td>162.7</td><td>63.7</td><td>24.7</td><td>10.9</td><td>29.3</td><td>6.4</td><td>27.7</td></tr><tr><td>February</td><td>278.5</td><td>115.4</td><td>92.5</td><td>22.9</td><td>163.0</td><td>61.7</td><td>24.8</td><td>11.1</td><td>29.0</td><td>6.4</td><td>28.0</td></tr><tr><td>March</td><td>275.3</td><td>111.6</td><td>89.0</td><td>22.6</td><td>163.7</td><td>63.8</td><td>25.0</td><td>11.2</td><td>29.2</td><td>6.4</td><td>28.2</td></tr><tr><td>April</td><td>273.2</td><td>111.3</td><td>88.6</td><td>22.7</td><td>161.9</td><td>63.3</td><td>25.0</td><td>11.3</td><td>27.7</td><td>6.4</td><td>28.3</td></tr><tr><td>May</td><td>272.0</td><td>109.8</td><td>86.9</td><td>22.9</td><td>162.2</td><td>63.3</td><td>25.2</td><td>11.3</td><td>27.5</td><td>6.4</td><td>28.5</td></tr><tr><td>June</td><td>268.6</td><td>107.1</td><td>83.3</td><td>23.8</td><td>161.5</td><td>63.0</td><td>25.3</td><td>11.5</td><td>26.5</td><td>6.2</td><td>29.1</td></tr></table>
Preliminary.
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/ Consists 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 and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investees 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 colspan="13">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>Sep.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1936</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>-3.3</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>-45.1</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><tr><td>1946</td><td>-8.1</td><td>-7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.6</td><td>-157.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
1/ Coincide of purchases or sales made by the Treasury. Treasury investmet 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.
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, June 30, 1946
The tables in Section I present summary data as of June 30,1946 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, Federal intermediate credit bank debentures and Federal home loan bank debentures.
Section I - Securities Issued or Guaranteed by the United States Government
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">Banks 1/</th><th colspan="2">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>7,362 commercial banks 2/</th><th>314 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>Sub 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></tr><tr><td>Marketable securities</td><td>189,649</td><td>76,103</td><td>475</td><td>11,220</td><td>21,470</td><td>2,815</td><td>30,551</td><td>47,015</td></tr><tr><td>Non-marketable securities 1/</td><td>56,597</td><td>1,368</td><td>11</td><td>241</td><td>118</td><td>206</td><td>30</td><td>54,198</td></tr><tr><td>Total public securities</td><td>246,246</td><td>77,470</td><td>486</td><td>11,461</td><td>21,588</td><td>3,021</td><td>30,581</td><td>101,213</td></tr><tr><td>Special issues</td><td>22,332</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22,332</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 2/</td><td>268,578</td><td>77,470</td><td>486</td><td>11,461</td><td>21,588</td><td>3,021</td><td>52,913</td><td>101,213</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Include trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote
4/ C.C.C. demand obligations in the amount of $424 million held by all commercial banks are shown only in total amount outstanding.
5/ 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="5">Eaid by investors covered in Treasury Survey</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>7,362 commercial banks 2/</th><th>74 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="9">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></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>17,039</td><td>1,141</td><td>1</td><td>3</td><td>1</td><td>*</td><td>14,469</td><td>1,424</td></tr><tr><td>Certificates of indebtedness</td><td>34,804</td><td>16,691</td><td>25</td><td>243</td><td>412</td><td>164</td><td>6,871</td><td>10,439</td></tr><tr><td>Treasury notes</td><td>18,261</td><td>11,360</td><td>36</td><td>227</td><td>445</td><td>180</td><td>1,757</td><td>4,258</td></tr><tr><td>Treasury bonds - bank restricted 3/</td><td>53,499</td><td>1,853</td><td>216</td><td>8,396</td><td>17,070</td><td>1,170</td><td>5,208</td><td>19,738</td></tr><tr><td>Treasury bonds - bank eligible</td><td>65,854</td><td>45,260</td><td>196</td><td>2,337</td><td>3,532</td><td>1,301</td><td>2,202</td><td>11,026</td></tr><tr><td>Postal savings and other bonds</td><td>180</td><td>15</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>127</td></tr><tr><td>Guaranteed by United States 5/</td><td>43</td><td>13</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total</td><td>189,649</td><td>76,103</td><td>475</td><td>11,220</td><td>21,470</td><td>2,815</td><td>30,551</td><td>47,015</td></tr><tr><td>Call classes</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></tr><tr><td>Within 1 year</td><td>62,091</td><td>23,443</td><td>44</td><td>352</td><td>830</td><td>282</td><td>22,810</td><td>14,399</td></tr><tr><td>1 to 5 years</td><td>35,057</td><td>25,223</td><td>62</td><td>709</td><td>941</td><td>504</td><td>1,239</td><td>6,318</td></tr><tr><td>5 to 10 years</td><td>32,847</td><td>21,820</td><td>114</td><td>1,609</td><td>2,214</td><td>606</td><td>851</td><td>5,632</td></tr><tr><td>10 to 15 years</td><td>15,012</td><td>2,982</td><td>115</td><td>3,391</td><td>1,896</td><td>794</td><td>552</td><td>6,321</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>142</td><td>67</td><td>2,635</td><td>9,635</td><td>251</td><td>2,970</td><td>5,555</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,479</td><td>72</td><td>2,509</td><td>5,381</td><td>345</td><td>2,160</td><td>8,826</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>43</td><td>13</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total</td><td>189,649</td><td>76,103</td><td>475</td><td>11,220</td><td>21,470</td><td>2,815</td><td>30,551</td><td>47,015</td></tr><tr><td>Tax status: 6/</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>180</td><td>15</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>127</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>18,079</td><td>12,656</td><td>88</td><td>87</td><td>181</td><td>683</td><td>1,522</td><td>2,852</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>171,390</td><td>63,431</td><td>387</td><td>11,132</td><td>21,289</td><td>2,131</td><td>28,993</td><td>44,027</td></tr><tr><td>Total</td><td>189,649</td><td>76,103</td><td>475</td><td>11,220</td><td>21,470</td><td>2,815</td><td>30,551</td><td>47,015</td></tr></table>
(Continued on following page)
September 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1946 - (Continued)
Section
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="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,362 commercial banks 2/</th><th>14 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr></table>
Percentage distribution by classes of securities
<table><tr><td>Types of security:</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></tr><tr><td>Treasury bills</td><td>9.0</td><td>1.5</td><td>.2</td><td>*</td><td>*</td><td>*</td><td>47.4</td><td>3.0</td></tr><tr><td>Certificates of indebtedness</td><td>18.4</td><td>21.9</td><td>5.3</td><td>2.2</td><td>1.9</td><td>5.8</td><td>22.5</td><td>22.2</td></tr><tr><td>Treasury notes</td><td>9.6</td><td>14.9</td><td>7.6</td><td>2.0</td><td>2.1</td><td>6.4</td><td>5.8</td><td>9.1</td></tr><tr><td>Treasury bonds - bank restricted w/</td><td>28.2</td><td>2.2</td><td>45.4</td><td>74.8</td><td>19.5</td><td>41.6</td><td>11.0</td><td>42.0</td></tr><tr><td>Treasury bonds - bank eligible</td><td>34.7</td><td>59.5</td><td>41.3</td><td>20.9</td><td>16.5</td><td>46.2</td><td>7.2</td><td>23.5</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States 5/</td><td>*</td><td>*</td><td>.2</td><td>*</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></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>32.7</td><td>30.8</td><td>9.3</td><td>3.2</td><td>3.9</td><td>8.6</td><td>74.7</td><td>30.5</td></tr><tr><td>1 to 5 years</td><td>16.5</td><td>13.1</td><td>13.1</td><td>6.7</td><td>4.4</td><td>20.0</td><td>4.1</td><td>13.4</td></tr><tr><td>5 to 10 years</td><td>17.3</td><td>28.7</td><td>24.1</td><td>14.3</td><td>10.3</td><td>21.5</td><td>2.8</td><td>12.0</td></tr><tr><td>10 to 15 years</td><td>8.4</td><td>3.9</td><td>24.3</td><td>30.2</td><td>8.6</td><td>28.2</td><td>1.8</td><td>13.4</td></tr><tr><td>15 to 20 years</td><td>11.2</td><td>.2</td><td>14.0</td><td>23.5</td><td>44.9</td><td>9.3</td><td>9.6</td><td>11.8</td></tr><tr><td>Over 20 years</td><td>11.8</td><td>3.3</td><td>15.1</td><td>22.4</td><td>27.9</td><td>12.2</td><td>7.1</td><td>18.8</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>.2</td><td>*</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></tr><tr><td>Tax status:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Shally exempt from Federal income taxes</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>9.5</td><td>16.6</td><td>18.6</td><td>.8</td><td>.8</td><td>24.3</td><td>5.0</td><td>6.1</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>90.4</td><td>83.3</td><td>81.4</td><td>99.2</td><td>99.2</td><td>75.7</td><td>94.9</td><td>93.6</td></tr><tr><td>Total</td><td>100.0</td><td>100.9</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></tr><tr><td>Securities issued by United States</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>6.7</td><td>*</td><td>*</td><td>*</td><td>84.9</td><td>8.4</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>47.8</td><td>.1</td><td>.7</td><td>1.2</td><td>19.7</td><td>30.0</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>62.2</td><td>.2</td><td>1.2</td><td>2.4</td><td>9.6</td><td>23.3</td></tr><tr><td>Treasury bonds - bank restricted ¾</td><td>100.0</td><td>3.1</td><td>.4</td><td>15.7</td><td>31.9</td><td>9.7</td><td>36.9</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>68.7</td><td>.3</td><td>3.6</td><td>5.4</td><td>3.3</td><td>16.7</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.5</td><td>2.3</td><td>.5</td><td>.1</td><td>20.0</td><td>70.6</td></tr><tr><td>Guaranteed by United States ¾</td><td>100.0</td><td>30.0</td><td>1.3</td><td>7.8</td><td>29.7</td><td>.8</td><td>9.2</td></tr><tr><td>Total</td><td>100.0</td><td>40.1</td><td></td><td>5.9</td><td>11.3</td><td>1.5</td><td>24.8</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</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>37.8</td><td>.1</td><td>.6</td><td>1.3</td><td>36.7</td><td>23.1</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.9</td><td>.2</td><td>2.0</td><td>2.7</td><td>3.5</td><td>18.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>66.4</td><td>.3</td><td>4.9</td><td>6.7</td><td>2.6</td><td>17.1</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>18.6</td><td>.7</td><td>21.2</td><td>11.6</td><td>3.4</td><td>39.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.7</td><td>.3</td><td>12.4</td><td>45.4</td><td>1.2</td><td>26.2</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.1</td><td>.3</td><td>11.2</td><td>26.7</td><td>1.5</td><td>39.4</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>30.0</td><td>2.3</td><td>7.8</td><td>29.7</td><td>.8</td><td>20.2</td></tr><tr><td>Total</td><td>100.0</td><td>40.1</td><td>.3</td><td>5.9</td><td>11.3</td><td>1.5</td><td>24.8</td></tr><tr><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.5</td><td>*</td><td>.5</td><td>.1</td><td>20.0</td><td>70.6</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>70.0</td><td>.5</td><td>.5</td><td>1.0</td><td>3.8</td><td>15.8</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>37.0</td><td>.2</td><td>6.5</td><td>12.4</td><td>1.2</td><td>25.7</td></tr><tr><td>Total</td><td>100.0</td><td>40.1</td><td>.3</td><td>5.9</td><td>11.3</td><td>1.5</td><td>24.8</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, June 30, 1946 - (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 (Per values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 6/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</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>7,162 commercial banks 2/</th><th>34 stock earning banks</th><th>540 mutual earning banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></tr><tr><td>Treasury bills.................... (taxable)</td><td>17,039</td><td>1,141</td><td>1</td><td>3</td><td>1</td><td>*</td><td>14,469</td><td>1,424</td></tr><tr><td colspan="9">Certificates of indebtedness</td></tr><tr><td>7/8/ August 1946................. (taxable)</td><td>2,470</td><td>1,206</td><td>4</td><td>35</td><td>1</td><td>6</td><td>827</td><td>390</td></tr><tr><td>7/8/ September 1946............. (taxable)</td><td>4,335</td><td>1,768</td><td>3</td><td>50</td><td>5</td><td>13</td><td>1,624</td><td>863</td></tr><tr><td>7/8/ October 1946................. (taxable)</td><td>3,440</td><td>1,919</td><td>2</td><td>27</td><td>5</td><td>12</td><td>836</td><td>638</td></tr><tr><td>7/8/ November 1946................. (taxable)</td><td>3,778</td><td>2,047</td><td>2</td><td>30</td><td>124</td><td>27</td><td>500</td><td>1,028</td></tr><tr><td>7/8/ December 1946................. (taxable)</td><td>3,768</td><td>2,627</td><td>2</td><td>8</td><td>1</td><td>30</td><td>25</td><td>3,086</td></tr><tr><td>7/8/ January 1947................. (taxable)</td><td>3,330</td><td>2,162</td><td>2</td><td>9</td><td>135</td><td>9</td><td>344</td><td>670</td></tr><tr><td>7/8/ February 1947................. (taxable)</td><td>4,994</td><td>2,444</td><td>4</td><td>17</td><td>59</td><td>22</td><td>1,389</td><td>1,013</td></tr><tr><td>7/8/ March 1947................. (taxable)</td><td>3,133</td><td>2,111</td><td>2</td><td>11</td><td>49</td><td>23</td><td>861</td><td>653</td></tr><tr><td>7/8/ April 1947................. (taxable)</td><td>2,820</td><td>1,511</td><td>2</td><td>13</td><td>10</td><td>8</td><td>615</td><td>659</td></tr><tr><td>7/8/ June 1947................. (taxable)</td><td>2,775</td><td>853</td><td>2</td><td>28</td><td>28</td><td>23</td><td>410</td><td>1,411</td></tr><tr><td>Total certificates of indebtedness</td><td>34,804</td><td>16,651</td><td>25</td><td>243</td><td>412</td><td>164</td><td>6,871</td><td>10,439</td></tr><tr><td colspan="9">Treasury notes</td></tr><tr><td>1-90/ July 1946................. (taxable)</td><td>4,910</td><td>2,462</td><td>3</td><td>32</td><td>4</td><td>12</td><td>1,154</td><td>1,243</td></tr><tr><td>1-1/2/ December 1946............. (taxable)</td><td>3,261</td><td>2,299</td><td>3</td><td>57</td><td>138</td><td>29</td><td>277</td><td>498</td></tr><tr><td>1-1/4/ March 1947................. (taxable)</td><td>1,948</td><td>915</td><td>13</td><td>27</td><td>275</td><td>37</td><td>4</td><td>677</td></tr><tr><td>1-1/4/ September 1947............. (taxable)</td><td>1,687</td><td>818</td><td>9</td><td>37</td><td>15</td><td>39</td><td>10</td><td>759</td></tr><tr><td>1-1/2/ September 1947............. (taxable)</td><td>2,707</td><td>2,103</td><td>4</td><td>42</td><td>3</td><td>24</td><td>12</td><td>520</td></tr><tr><td>1-1/2/ September 1948............. (taxable)</td><td>3,748</td><td>2,801</td><td>5</td><td>32</td><td>8</td><td>39</td><td>301</td><td>562</td></tr><tr><td>Total Treasury notes</td><td>18,261</td><td>11,360</td><td>36</td><td>227</td><td>443</td><td>180</td><td>1,757</td><td>4,258</td></tr><tr><td colspan="9">Treasury bonds</td></tr><tr><td colspan="9">Bank restricted 3/</td></tr><tr><td>2-1/4/ September 1956-59........ (taxable)</td><td>5,823</td><td>264</td><td>18</td><td>1,090</td><td>819</td><td>154</td><td>130</td><td>1,348</td></tr><tr><td>2-1/4/ June 1959-62............. (taxable)</td><td>5,284</td><td>106</td><td>38</td><td>1,754</td><td>610</td><td>239</td><td>216</td><td>2,321</td></tr><tr><td>2-1/4/ December 1959-62........ (taxable)</td><td>3,470</td><td>304</td><td>24</td><td>524</td><td>310</td><td>201</td><td>3</td><td>2,105</td></tr><tr><td>2-1/2/ June 1962-67............. (taxable)</td><td>2,118</td><td>8</td><td>4</td><td>397</td><td>1,098</td><td>49</td><td>209</td><td>354</td></tr><tr><td>2-1/2/ December 1963-68........ (taxable)</td><td>2,851</td><td>2</td><td>3</td><td>532</td><td>1,349</td><td>55</td><td>264</td><td>626</td></tr><tr><td>2-1/2/ June 1964-69............. (taxable)</td><td>3,751</td><td>2</td><td>16</td><td>732</td><td>1,580</td><td>38</td><td>418</td><td>975</td></tr><tr><td>2-1/2/ December 1969-69........ (taxable)</td><td>3,838</td><td>5</td><td>16</td><td>507</td><td>1,581</td><td>51</td><td>504</td><td>1,175</td></tr><tr><td>2-1/2/ March 1966-71............ (taxable)</td><td>5,197</td><td>63</td><td>16</td><td>379</td><td>2,440</td><td>48</td><td>855</td><td>1,486</td></tr><tr><td>2-1/2/ March 1966-71............ (taxable)</td><td>3,481</td><td>62</td><td>11</td><td>188</td><td>1,587</td><td>22</td><td>671</td><td>939</td></tr><tr><td>2-1/2/ June 1967-72............. (taxable)</td><td>7,957</td><td>150</td><td>24</td><td>998</td><td>3,166</td><td>94</td><td>889</td><td>2,646</td></tr><tr><td>2-1/2/ December 1967-72........ (taxable)</td><td>11,689</td><td>691</td><td>46</td><td>1,395</td><td>2,528</td><td>219</td><td>1,039</td><td>5,163</td></tr><tr><td>Total bank restricted 3/</td><td>53,459</td><td>1,663</td><td>216</td><td>8,396</td><td>17,070</td><td>1,170</td><td>5,208</td><td>19,738</td></tr><tr><td colspan="9">Bank eligible</td></tr><tr><td>1-1/4/ October 1947-52........ (partially)</td><td>759</td><td>236</td><td>*</td><td>7</td><td>11</td><td>22</td><td>76</td><td>347</td></tr><tr><td>2-1/4/ December 1947............ (partially)</td><td>701</td><td>537</td><td>-</td><td>1</td><td>*</td><td>22</td><td>*</td><td>140</td></tr><tr><td>2-1/4/ March 1948-50............ (taxable)</td><td>1,115</td><td>758</td><td>1</td><td>76</td><td>42</td><td>9</td><td>40</td><td>190</td></tr><tr><td>2-1/4/ March 1948-50............ (partially)</td><td>1,223</td><td>849</td><td>1</td><td>8</td><td>5</td><td>29</td><td>155</td><td>176</td></tr><tr><td>1-1/4/ June 1948................. (taxable)</td><td>3,052</td><td>2,315</td><td>4</td><td>69</td><td>49</td><td>39</td><td>25</td><td>561</td></tr><tr><td>2-1/2/ September 1948............ (partially)</td><td>451</td><td>391</td><td>*</td><td>1</td><td>*</td><td>9</td><td>-</td><td>50</td></tr></table>
(Continued on following page)
September 1946
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1946 - (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)
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,362 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/ December 1948-50....(partially)</td><td>571</td><td>492</td><td>*</td><td>3</td><td>*</td><td>13</td><td>44</td><td>19</td></tr><tr><td>2/ June 1949-51....(taxable)</td><td>1,014</td><td>745</td><td>1</td><td>58</td><td>99</td><td>8</td><td>8</td><td>95</td></tr><tr><td>2/ September 1949-51....(taxable)</td><td>1,292</td><td>1,018</td><td>2</td><td>37</td><td>94</td><td>22</td><td>1</td><td>119</td></tr><tr><td>2/ December 1949-51....(taxable)</td><td>2,038</td><td>1,567</td><td>5</td><td>56</td><td>124</td><td>23</td><td>20</td><td>321</td></tr><tr><td>2-1/8% December 1949-52....(partially)</td><td>491</td><td>366</td><td>1</td><td>5</td><td>11</td><td>20</td><td>223</td><td>50</td></tr><tr><td>2-1/2% December 1949-52....(partially)</td><td>1,186</td><td>1,308</td><td>2</td><td>5</td><td>3</td><td>40</td><td></td><td>205</td></tr><tr><td>2/ March 1950-52....(taxable)</td><td>1,953</td><td>1,942</td><td>5</td><td>85</td><td>155</td><td>19</td><td>3</td><td>154</td></tr><tr><td>2/ September 1950-52....(taxable)</td><td>4,939</td><td>3,407</td><td>8</td><td>154</td><td>318</td><td>61</td><td>47</td><td>944</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,186</td><td>1,009</td><td>2</td><td>11</td><td>2</td><td>48</td><td>90</td><td>24</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>2,635</td><td>1,679</td><td>3</td><td>16</td><td>*</td><td>23</td><td>*</td><td>914</td></tr><tr><td>2-1/2% June 1951-53....(partially)</td><td>1,627</td><td>1,223</td><td>8</td><td>6</td><td>2</td><td>56</td><td>167</td><td>169</td></tr><tr><td>2/ September 1951-53....(taxable)</td><td>7,986</td><td>5,424</td><td>23</td><td>337</td><td>599</td><td>120</td><td>113</td><td>1,371</td></tr><tr><td>3/ September 1951-55....(partially)</td><td>755</td><td>418</td><td>*</td><td>14</td><td>1</td><td>32</td><td>71</td><td>220</td></tr><tr><td>2/ December 1951-55....(taxable)</td><td>510</td><td>330</td><td>2</td><td>10</td><td>24</td><td>6</td><td>12</td><td>66</td></tr><tr><td>2-1/2% December 1951-53....(partially)</td><td>1,118</td><td>917</td><td>2</td><td>3</td><td>3</td><td>28</td><td>98</td><td>67</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>567</td><td>*</td><td>200</td><td>42</td><td>13</td><td>61</td><td>141</td></tr><tr><td>2/ June 1952-54....(taxable)</td><td>5,825</td><td>4,083</td><td>19</td><td>254</td><td>410</td><td>77</td><td>5</td><td>978</td></tr><tr><td>2/ December 1952-54....(taxable)</td><td>8,662</td><td>5,748</td><td>23</td><td>578</td><td>599</td><td>132</td><td>11</td><td>1,571</td></tr><tr><td>2-1/2% June 1953-55....(taxable)</td><td>1,501</td><td>962</td><td>3</td><td>151</td><td>136</td><td>23</td><td>67</td><td>159</td></tr><tr><td>2/ June 1953-55....(partially)</td><td>725</td><td>647</td><td>*</td><td>1</td><td>2</td><td>26</td><td>14</td><td>34</td></tr><tr><td>2-1/2% June 1954-56....(partially)</td><td>681</td><td>546</td><td>2</td><td>1</td><td>1</td><td>32</td><td>35</td><td>63</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>2,611</td><td>1,317</td><td>31</td><td>8</td><td>22</td><td>105</td><td>310</td><td>787</td></tr><tr><td>2-1/2% March 1955-58....(taxable)</td><td>1,419</td><td>771</td><td>8</td><td>62</td><td>377</td><td>12</td><td>53</td><td>155</td></tr><tr><td>2-1/2% September 1955-59....(partially)</td><td>982</td><td>651</td><td>16</td><td>11</td><td>16</td><td>67</td><td>83</td><td>138</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>646</td><td>12</td><td>6</td><td>56</td><td>54</td><td>45</td><td>101</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>1,012</td><td>9</td><td>6</td><td>54</td><td>19</td><td>75</td><td>261</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,631</td><td>1</td><td>117</td><td>287</td><td>31</td><td>232</td><td>417</td></tr><tr><td>Total bank eligible</td><td>65,894</td><td>45,260</td><td>196</td><td>2,347</td><td>3,532</td><td>1,301</td><td>2,202</td><td>11,026</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>46,923</td><td>412</td><td>10,742</td><td>20,601</td><td>2,471</td><td>7,410</td><td>30,764</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>117</td><td>14</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>67</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>1</td><td>*</td><td>1</td><td>*</td><td>*</td><td>*</td><td>48</td></tr><tr><td>Conversion bonds....(wholly)</td><td>13</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td>180</td><td>15</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>127</td></tr><tr><td>Guaranteed securities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures 5/....(partially)</td><td>7</td><td>13</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total guaranteed securities</td><td>35</td><td>13</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total guaranteed securities</td><td>43</td><td>13</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>189,049</td><td>76,103</td><td>475</td><td>11,220</td><td>21,470</td><td>2,815</td><td>30,551</td><td>47,015</td></tr></table>
Note: The Treasury Survey commenced with date 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; reclassification 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 52-63.
* Less than $500 thousand or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head note to this section.
4/ Issues which commercial banks may not acquire prior to a specified
5/ Date (with minor exceptions). See footnote 2, page 25. Guaranteed securities held by the Treasury are not included. 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 securities with a savings bond, interest derived from $5 thousand 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. 1/ Includes an estimated amount of Federal Housing Administration debt. 8/ Actual figures by tax status are available only for total amount outstanding.
Treasury Bulletin
54
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1946 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th>Item (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,352 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>614 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.................... (6/)</td><td>3,365</td><td>175</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,173</td></tr><tr><td>Series E.................... (taxable)</td><td>30,358</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,357</td></tr><tr><td>Series F.................... (taxable)</td><td>2,895</td><td>218</td><td>1</td><td>9</td><td>16</td><td>24</td><td>1</td><td>2,625</td></tr><tr><td>Series O.................... (taxable)</td><td>12,416</td><td>478</td><td>6</td><td>227</td><td>98</td><td>168</td><td>11</td><td>11,428</td></tr><tr><td>Total United States savings bonds</td><td>49,035</td><td>871</td><td>8</td><td>241</td><td>118</td><td>200</td><td>13</td><td>47,584</td></tr><tr><td>Treasury savings notes.................... (taxable)</td><td>6,711</td><td>101</td><td>3</td><td>*</td><td>*</td><td>6</td><td>17</td><td>6,583</td></tr><tr><td>Depository bonds.................... (taxable)</td><td>427</td><td>396</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>31</td></tr><tr><td>Guaranteed securities 1/</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>424</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities</td><td>56,597</td><td>1,368</td><td>11</td><td>241</td><td>118</td><td>206</td><td>30</td><td>54,198</td></tr></table>
Less than $500 thousand.
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Normal" 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 thousand 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.
Securities held in trust departments are excluded.
Include trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
5/ Uninsured state banks, Series B-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.
5/ Series B-D savings bonds sold prior to March 1, 1941 are partially taxable and the cold bonds sold since that date are taxable.
1/ Guaranteed securities held by the Treasury are not included.
1/ C.C.C. demand obligations in the amount of $428 million held by all commercial banks are shown only in total amount outstanding.
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<br>(Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</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 3/</th></tr><tr><th></th><th></th><th>7,362 commercial banks 2/</th><th>34 stock savings banks</th><th>940 mutual savings banks</th><th>312 life insurance companies</th><th>600 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></tr><tr><td>1-1/2§ October 1948-50.........(taxable)</td><td>176</td><td>149</td><td>1</td><td>*</td><td>*</td><td>1</td><td>-</td><td>25</td></tr><tr><td>1-1/4§ May 1950-52.........(taxable)</td><td>215</td><td>143</td><td>-</td><td>4</td><td>*</td><td>*</td><td>-</td><td>68</td></tr><tr><td>1-1/2§ January 1951-53.........(taxable)</td><td>214</td><td>178</td><td>-</td><td>*</td><td>*</td><td>1</td><td>-</td><td>34</td></tr><tr><td>2-1/4§ February 1953-55.........(taxable)</td><td>114</td><td>92</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>19</td></tr><tr><td>Total Federal land bank bonds</td><td>719</td><td>562</td><td>1</td><td>7</td><td>1</td><td>3</td><td>-</td><td>146</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>307</td><td>274</td><td>-</td><td>*</td><td>-</td><td>3</td><td>-</td><td>30</td></tr><tr><td>Federal home loan bank debentures</td><td>67</td><td>57</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>10</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,093</td><td>893</td><td>1</td><td>7</td><td>1</td><td>6</td><td>-</td><td>145</td></tr></table>
Less than $500 thousand. 1/ 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.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
September 1946
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 7,362 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,591 nonmember commercial banks</th></tr><tr><th>Total 4,771 member commercial banks</th><th colspan="4">Central Reserve City banks</th></tr><tr><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>344 Reserve City banks</th><th>4,378 country banks</th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>76,103</td><td>67,881</td><td>18,778</td><td>15,386</td><td>3,432</td><td>25,837</td><td>23,266</td><td>6,221</td></tr><tr><td>Non-marketable securities</td><td>1,368</td><td>1,057</td><td>93</td><td>69</td><td>24</td><td>229</td><td>136</td><td>310</td></tr><tr><td>Total public securities</td><td>77,470</td><td>68,939</td><td>18,871</td><td>15,415</td><td>3,455</td><td>26,066</td><td>24,002</td><td>6,531</td></tr></table>
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>Classification</th><th>Total 7,362 commercial banks 1/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,591 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="2">Central Reserve City banks</th><th>12 Chicago banks</th><th>344 Reserve City banks</th><th>4,378 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total by Central Reserve City banks</th><th>37 New York City banks</th><th></th><th></th><th></th><th></th></tr><tr><td colspan="8">Par values - in millions of dollars</td></tr><tr><th>Types of security:</th><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></tr><tr><td>Treasury bills</td><td>1,141</td><td>985</td><td>215</td><td>201</td><td>14</td><td>406</td><td>304</td><td>157</td></tr><tr><td>Certificates of indebtedness</td><td>16,651</td><td>14,715</td><td>4,062</td><td>3,020</td><td>1,042</td><td>6,018</td><td>4,536</td><td>2,935</td></tr><tr><td>Treasury notes</td><td>11,360</td><td>10,121</td><td>2,704</td><td>2,189</td><td>515</td><td>4,005</td><td>3,512</td><td>1,239</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1,663</td><td>1,233</td><td>29</td><td>23</td><td>6</td><td>199</td><td>1,006</td><td>450</td></tr><tr><td>Treasury bonds - bank eligible</td><td>45,260</td><td>40,805</td><td>11,761</td><td>9,912</td><td>1,055</td><td>15,200</td><td>13,851</td><td>4,855</td></tr><tr><td>Postal earnings and other bonds</td><td>15</td><td>11</td><td>1</td><td>1</td><td>-</td><td>3</td><td>8</td><td>1</td></tr><tr><td>Guaranteed by United States 3/</td><td>13</td><td>12</td><td>1</td><td>1</td><td>-</td><td>6</td><td>4</td><td>1</td></tr><tr><td>Total</td><td>76,103</td><td>67,881</td><td>18,778</td><td>15,346</td><td>3,432</td><td>25,837</td><td>23,266</td><td>8,221</td></tr><tr><th>Call classes:</th><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></tr><tr><td>Within 1 year</td><td>23,147</td><td>20,825</td><td>5,870</td><td>4,499</td><td>1,331</td><td>8,559</td><td>6,436</td><td>2,618</td></tr><tr><td>1 to 5 years</td><td>25,223</td><td>22,800</td><td>6,886</td><td>5,736</td><td>1,150</td><td>8,614</td><td>7,301</td><td>2,423</td></tr><tr><td>5 to 10 years</td><td>21,820</td><td>19,458</td><td>5,187</td><td>4,604</td><td>583</td><td>7,016</td><td>7,255</td><td>2,362</td></tr><tr><td>10 to 15 years</td><td>2,982</td><td>2,639</td><td>686</td><td>377</td><td>308</td><td>1,058</td><td>895</td><td>344</td></tr><tr><td>15 to 20 years</td><td>142</td><td>100</td><td>3</td><td>2</td><td>1</td><td>10</td><td>87</td><td>42</td></tr><tr><td>Over 20 years</td><td>2,479</td><td>2,048</td><td>185</td><td>126</td><td>59</td><td>575</td><td>1,288</td><td>431</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>13</td><td>12</td><td>1</td><td>1</td><td>-</td><td>6</td><td>4</td><td>1</td></tr><tr><td>Total</td><td>76,103</td><td>67,881</td><td>18,778</td><td>15,346</td><td>3,432</td><td>25,837</td><td>23,266</td><td>8,221</td></tr><tr><th>Tax status:</th><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>15</td><td>11</td><td>4</td><td>3</td><td>1</td><td>3</td><td>8</td><td>4</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>12,696</td><td>11,979</td><td>4,346</td><td>3,488</td><td>951</td><td>5,215</td><td>2,328</td><td>678</td></tr><tr><td>Subject to Federal income taxes 3/</td><td>63,451</td><td>55,892</td><td>14,342</td><td>11,852</td><td>2,480</td><td>20,613</td><td>20,331</td><td>7,539</td></tr><tr><td>Total</td><td>76,103</td><td>67,881</td><td>18,778</td><td>15,346</td><td>3,432</td><td>25,837</td><td>23,266</td><td>8,221</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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 7,360 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,591 nonmember commercial banks</th></tr><tr><th>Total 4,171 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>344 Reserve City banks</th><th>4,378 country banks</th></tr><tr><td></td><td></td><td>49 Central Reserve City banks</td><td>37 New York City banks</td><td>12 Chicago banks</td><td></td><td></td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</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></tr><tr><td>Treasury bills</td><td>1.5</td><td>1.5</td><td>1.1</td><td>1.3</td><td>.4</td><td>1.6</td><td>1.6</td><td>1.9</td></tr><tr><td>Certificates of indebtedness</td><td>21.9</td><td>21.7</td><td>21.6</td><td>19.7</td><td>30.4</td><td>23.3</td><td>19.9</td><td>23.5</td></tr><tr><td>Treasury notes</td><td>14.9</td><td>14.9</td><td>14.4</td><td>14.3</td><td>15.0</td><td>15.5</td><td>14.7</td><td>15.1</td></tr><tr><td>Treasury bonds - bank restricted</td><td>2.2</td><td>1.8</td><td>.2</td><td>.1</td><td>.2</td><td>.8</td><td>4.3</td><td>5.2</td></tr><tr><td>Treasury bonds - bank eligible</td><td>59.5</td><td>60.1</td><td>62.7</td><td>64.6</td><td>54.1</td><td>58.8</td><td>59.5</td><td>54.2</td></tr><tr><td>Postal savings and other bonds</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</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></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></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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></tr><tr><td>Within 1 year</td><td>30.8</td><td>30.7</td><td>31.0</td><td>29.3</td><td>38.8</td><td>33.1</td><td>27.7</td><td>31.8</td></tr><tr><td>1 to 5 years</td><td>33.1</td><td>33.6</td><td>36.7</td><td>37.4</td><td>33.5</td><td>33.3</td><td>31.4</td><td>29.5</td></tr><tr><td>5 to 10 years</td><td>28.7</td><td>28.7</td><td>27.6</td><td>30.0</td><td>17.0</td><td>27.2</td><td>31.2</td><td>28.7</td></tr><tr><td>10 to 15 years</td><td>3.9</td><td>3.9</td><td>3.7</td><td>2.5</td><td>9.0</td><td>4.1</td><td>3.8</td><td>4.2</td></tr><tr><td>15 to 20 years</td><td>.2</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.4</td><td>.5</td></tr><tr><td>Over 20 years</td><td>3.3</td><td>3.0</td><td>1.0</td><td>.8</td><td>1.7</td><td>2.2</td><td>5.5</td><td>5.2</td></tr><tr><td>Various (Federal Housing Administration debentures)</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></tr><tr><th>Tax status: %</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from federal income taxes</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>16.6</td><td>17.6</td><td>23.6</td><td>22.7</td><td>21.7</td><td>20.2</td><td>10.0</td><td>8.2</td></tr><tr><td>Subject to Federal income taxes</td><td>83.3</td><td>82.3</td><td>76.4</td><td>77.3</td><td>72.3</td><td>79.8</td><td>90.0</td><td>91.7</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></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></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>100.0</td><td>86.3</td><td>18.8</td><td>17.6</td><td>1.2</td><td>35.6</td><td>31.9</td><td>13.7</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>88.4</td><td>24.4</td><td>18.1</td><td>6.3</td><td>35.1</td><td>27.8</td><td>11.6</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>89.1</td><td>23.8</td><td>19.3</td><td>4.5</td><td>35.3</td><td>30.0</td><td>10.9</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>100.0</td><td>74.1</td><td>1.7</td><td>1.4</td><td>4</td><td>11.9</td><td>60.5</td><td>25.9</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>90.2</td><td>26.0</td><td>21.9</td><td>4.1</td><td>33.6</td><td>30.6</td><td>9.8</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>71.0</td><td>2.4</td><td>-</td><td>2.4</td><td>16.8</td><td>49.9</td><td>29.0</td></tr><tr><td>Guaranteed by United States 3/</td><td>100.0</td><td>92.6</td><td>8.9</td><td>8.9</td><td>-</td><td>49.5</td><td>34.2</td><td>7.4</td></tr><tr><td>Total</td><td>100.0</td><td>89.2</td><td>24.7</td><td>20.2</td><td>4.5</td><td>34.0</td><td>30.6</td><td>10.8</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>100.0</td><td>88.8</td><td>24.9</td><td>19.2</td><td>5.7</td><td>36.5</td><td>27.5</td><td>11.2</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>90.4</td><td>27.3</td><td>22.7</td><td>4.6</td><td>34.1</td><td>28.9</td><td>9.6</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.2</td><td>23.6</td><td>21.1</td><td>2.7</td><td>32.2</td><td>33.2</td><td>10.8</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>86.5</td><td>23.0</td><td>12.7</td><td>10.3</td><td>35.5</td><td>30.0</td><td>11.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>70.6</td><td>2.0</td><td>1.5</td><td>-5</td><td>1.1</td><td>61.5</td><td>29.4</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>82.6</td><td>7.5</td><td>5.1</td><td>2.4</td><td>23.2</td><td>52.0</td><td>17.4</td></tr><tr><td>Various (Federal Housing Administra-tion deobturs)</td><td>100.0</td><td>92.6</td><td>8.9</td><td>8.9</td><td>-</td><td>49.5</td><td>34.2</td><td>7.4</td></tr><tr><td>Total</td><td>100.0</td><td>89.2</td><td>24.7</td><td>20.2</td><td>4.5</td><td>34.0</td><td>30.6</td><td>10.8</td></tr><tr><td>Tax status: 4/</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>71.0</td><td>2.4</td><td>-</td><td>2.4</td><td>18.8</td><td>49.9</td><td>29.0</td></tr><tr><td>Partially exempt from Federal income taxes 2/</td><td>100.0</td><td>94.6</td><td>35.0</td><td>27.5</td><td>7.5</td><td>41.2</td><td>18.4</td><td>5.8</td></tr><tr><td>Subject to Federal income taxes 3/</td><td>100.0</td><td>88.1</td><td>22.6</td><td>18.7</td><td>3.9</td><td>32.5</td><td>33.0</td><td>11.9</td></tr><tr><td>Total</td><td>100.0</td><td>89.2</td><td>24.7</td><td>20.2</td><td>4.5</td><td>34.0</td><td>30.6</td><td>10.8</td></tr></table>
(Continued on following page)
September 1946
57
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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
<table><tr><th colspan="2">Issue</th><th>Total 7,362 commercial banks 1/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,591 nonmember commercial banks</th></tr><tr><th>(Tax status is shown in parentheses)</th><th></th><th></th><th></th><th>Total 19 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>346 Reserve City banks</th><th>4,318 country banks</th><th></th></tr><tr><td>Treasury bills</td><td>(taxable)</td><td>1,141</td><td>985</td><td>215</td><td>201</td><td>14</td><td>406</td><td>364</td><td>157</td></tr><tr><td colspan="10">Certificates of indebtedness</td></tr><tr><td>7/85</td><td>August 1946</td><td>(taxable)</td><td>1,206</td><td>1,065</td><td>266</td><td>202</td><td>64</td><td>415</td><td>384</td><td>141</td></tr><tr><td>7/85</td><td>September 1946</td><td>(taxable)</td><td>1,768</td><td>1,568</td><td>551</td><td>446</td><td>103</td><td>596</td><td>422</td><td>200</td></tr><tr><td>7/85</td><td>October 1946</td><td>(taxable)</td><td>1,919</td><td>1,700</td><td>483</td><td>311</td><td>172</td><td>650</td><td>567</td><td>219</td></tr><tr><td>7/85</td><td>November 1946</td><td>(taxable)</td><td>2,047</td><td>1,865</td><td>607</td><td>423</td><td>184</td><td>740</td><td>517</td><td>182</td></tr><tr><td>7/85</td><td>December 1946</td><td>(taxable)</td><td>627</td><td>534</td><td>160</td><td>145</td><td>16</td><td>156</td><td>218</td><td>94</td></tr><tr><td>7/85</td><td>January 1947</td><td>(taxable)</td><td>2,162</td><td>1,956</td><td>423</td><td>320</td><td>103</td><td>930</td><td>603</td><td>276</td></tr><tr><td>7/85</td><td>February 1947</td><td>(taxable)</td><td>2,444</td><td>2,183</td><td>595</td><td>425</td><td>170</td><td>967</td><td>621</td><td>261</td></tr><tr><td>7/85</td><td>March 1947</td><td>(taxable)</td><td>2,114</td><td>1,811</td><td>403</td><td>274</td><td>132</td><td>764</td><td>644</td><td>303</td></tr><tr><td>7/85</td><td>April 1947</td><td>(taxable)</td><td>1,511</td><td>1,292</td><td>302</td><td>254</td><td>49</td><td>518</td><td>471</td><td>219</td></tr><tr><td>7/85</td><td>June 1947</td><td>(taxable)</td><td>853</td><td>746</td><td>271</td><td>222</td><td>49</td><td>282</td><td>189</td><td>111</td></tr><tr><td>Total certificates of indebtedness</td><td></td><td>16,651</td><td>14,715</td><td>4,062</td><td>3,020</td><td>1,042</td><td>6,018</td><td>4,636</td><td>1,935</td></tr><tr><td colspan="10">Treasury notes</td></tr><tr><td>1-30/4</td><td>July 1946</td><td>(taxable)</td><td>2,462</td><td>2,236</td><td>738</td><td>627</td><td>111</td><td>952</td><td>546</td><td>226</td></tr><tr><td>1-1/4</td><td>December 1946</td><td>(taxable)</td><td>2,259</td><td>2,082</td><td>698</td><td>599</td><td>100</td><td>828</td><td>556</td><td>177</td></tr><tr><td>1-1/4</td><td>March 1947</td><td>(taxable)</td><td>915</td><td>796</td><td>117</td><td>53</td><td>64</td><td>352</td><td>327</td><td>119</td></tr><tr><td>1-1/4</td><td>September 1947</td><td>(taxable)</td><td>818</td><td>667</td><td>107</td><td>72</td><td>36</td><td>250</td><td>309</td><td>152</td></tr><tr><td>1-1/2</td><td>September 1947</td><td>(taxable)</td><td>2,103</td><td>1,884</td><td>483</td><td>165</td><td>117</td><td>754</td><td>647</td><td>220</td></tr><tr><td>1-1/2</td><td>September 1948</td><td>(taxable)</td><td>2,801</td><td>2,456</td><td>561</td><td>474</td><td>87</td><td>868</td><td>1,026</td><td>346</td></tr><tr><td>Total Treasury notes</td><td></td><td>11,360</td><td>10,121</td><td>2,704</td><td>2,189</td><td>515</td><td>4,005</td><td>3,412</td><td>1,239</td></tr><tr><td colspan="10">Treasury bonds</td></tr><tr><td>Bank restricted 2/</td><td>2-1/4</td><td>September 1956-59</td><td>(taxable)</td><td>264</td><td>199</td><td>8</td><td>7</td><td>1</td><td>35</td><td>156</td><td>65</td></tr><tr><td>2-1/4</td><td>June 1959-62</td><td>(taxable)</td><td>106</td><td>67</td><td>3</td><td>2</td><td>1</td><td>12</td><td>53</td><td>38</td></tr><tr><td>2-1/4</td><td>December 1959-62</td><td>(taxable)</td><td>304</td><td>223</td><td>4</td><td>3</td><td>1</td><td>42</td><td>178</td><td>81</td></tr><tr><td>2-1/2</td><td>June 1962-61</td><td>(taxable)</td><td>8</td><td>5</td><td></td><td></td><td></td><td></td><td>5</td><td>3</td></tr><tr><td>2-1/2</td><td>December 1961-68</td><td>(taxable)</td><td>2</td><td>1</td><td>1</td><td>1</td><td></td><td></td><td>1</td><td>1</td></tr><tr><td>2-1/2</td><td>June 1964-69</td><td>(taxable)</td><td>2</td><td>1</td><td>1</td><td>1</td><td></td><td></td><td>1</td><td>1</td></tr><tr><td>2-1/2</td><td>December 1964-69</td><td>(taxable)</td><td>5</td><td>3</td><td>1</td><td>1</td><td></td><td></td><td>1</td><td>2</td></tr><tr><td>2-1/2</td><td>March 1965-70</td><td>(taxable)</td><td>63</td><td>44</td><td>1</td><td>1</td><td>1</td><td>3</td><td>41</td><td>19</td></tr><tr><td>2-1/2</td><td>March 1966-71</td><td>(taxable)</td><td>62</td><td>46</td><td>1</td><td>1</td><td>1</td><td>6</td><td>39</td><td>16</td></tr><tr><td>2-1/2</td><td>June 1967-72</td><td>(taxable)</td><td>150</td><td>109</td><td>2</td><td>2</td><td>1</td><td>8</td><td>98</td><td>41</td></tr><tr><td>2-1/2</td><td>December 1967-72</td><td>(taxable)</td><td>698</td><td>535</td><td>10</td><td>7</td><td>3</td><td>91</td><td>434</td><td>163</td></tr><tr><td>Total bank restricted</td><td></td><td>1,663</td><td>1,233</td><td>29</td><td>23</td><td>6</td><td>199</td><td>1,006</td><td>430</td></tr><tr><td colspan="10">Bank eligible</td></tr><tr><td>4-1/4</td><td>October 1947-52</td><td>(partially)</td><td>296</td><td>290</td><td>189</td><td>163</td><td>26</td><td>67</td><td>34</td><td>6</td></tr><tr><td>2</td><td>December 1947</td><td>(partially)</td><td>537</td><td>512</td><td>187</td><td>145</td><td>43</td><td>229</td><td>96</td><td>25</td></tr><tr><td>2</td><td>March 1948-50</td><td>(taxable)</td><td>758</td><td>698</td><td>274</td><td>270</td><td>4</td><td>246</td><td>178</td><td>59</td></tr><tr><td>2-1/4</td><td>March 1948-51</td><td>(partially)</td><td>849</td><td>818</td><td>361</td><td>314</td><td>27</td><td>350</td><td>108</td><td>31</td></tr><tr><td>1-3/4</td><td>June 1948</td><td>(taxable)</td><td>2,315</td><td>2,087</td><td>644</td><td>437</td><td>206</td><td>737</td><td>705</td><td>228</td></tr><tr><td>2-1/2</td><td>September 1948</td><td>(partially)</td><td>391</td><td>373</td><td>159</td><td>139</td><td>20</td><td>142</td><td>72</td><td>18</td></tr><tr><td>2</td><td>December 1948-50</td><td>(partially)</td><td>492</td><td>468</td><td>192</td><td>141</td><td>51</td><td>263</td><td>73</td><td>24</td></tr><tr><td>2</td><td>June 1949-51</td><td>(taxable)</td><td>745</td><td>676</td><td>191</td><td>176</td><td>16</td><td>232</td><td>253</td><td>69</td></tr><tr><td>2</td><td>September 1949-51</td><td>(taxable)</td><td>1,018</td><td>939</td><td>320</td><td>200</td><td>120</td><td>353</td><td>266</td><td>79</td></tr></table>
(Continued on following page)
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, June 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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)
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses)</th><th>Total 7,362 commercial banks 1/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,591 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>344 Reserve City banks</th><th>4,378 country banks</th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/8 December 1949-51...(taxable)</td><td>1,567</td><td>1,414</td><td>321</td><td>241</td><td>80</td><td>566</td><td>527</td><td>153</td></tr><tr><td>2-1/8 December 1949-52...(partially)</td><td>366</td><td>353</td><td>150</td><td>121</td><td>30</td><td>165</td><td>37</td><td>13</td></tr><tr><td>2-1/2/8 December 1949-53...(partially)</td><td>1,308</td><td>1,253</td><td>436</td><td>402</td><td>34</td><td>609</td><td>208</td><td>96</td></tr><tr><td>2/8 March 1950-52...(taxable)</td><td>1,512</td><td>1,363</td><td>365</td><td>303</td><td>61</td><td>531</td><td>486</td><td>179</td></tr><tr><td>2/8 September 1950-52...(taxable)</td><td>3,407</td><td>3,093</td><td>1,008</td><td>911</td><td>97</td><td>1,000</td><td>1,044</td><td>351</td></tr><tr><td>2-1/2/8 September 1950-52...(partially)</td><td>1,009</td><td>938</td><td>343</td><td>303</td><td>41</td><td>391</td><td>204</td><td>71</td></tr><tr><td>1-1/2/8 December 1950...(taxable)</td><td>1,679</td><td>1,381</td><td>82</td><td>54</td><td>28</td><td>474</td><td>826</td><td>297</td></tr><tr><td>2-3/8 June 1951-54...(partially)</td><td>1,223</td><td>1,180</td><td>533</td><td>486</td><td>47</td><td>447</td><td>201</td><td>13</td></tr><tr><td>2/8 September 1951-53...(taxable)</td><td>5,424</td><td>4,779</td><td>1,385</td><td>1,281</td><td>103</td><td>1,596</td><td>1,838</td><td>645</td></tr><tr><td>2/8 September 1951-55...(partially)</td><td>418</td><td>394</td><td>165</td><td>129</td><td>36</td><td>126</td><td>103</td><td>24</td></tr><tr><td>2/8 December 1951-55...(taxable)</td><td>390</td><td>329</td><td>66</td><td>61</td><td>5</td><td>79</td><td>184</td><td>62</td></tr><tr><td>2-1/2/8 December 1951-53...(partially)</td><td>917</td><td>871</td><td>242</td><td>168</td><td>73</td><td>444</td><td>185</td><td>46</td></tr><tr><td>2-1/2/8 March 1952-54...(taxable)</td><td>567</td><td>511</td><td>173</td><td>142</td><td>31</td><td>146</td><td>192</td><td>55</td></tr><tr><td>2/8 June 1952-54...(taxable)</td><td>4,083</td><td>3,608</td><td>878</td><td>857</td><td>21</td><td>1,261</td><td>1,468</td><td>475</td></tr><tr><td>2/8 December 1952-54...(taxable)</td><td>5,748</td><td>5,063</td><td>1,085</td><td>1,029</td><td>55</td><td>1,869</td><td>2,109</td><td>685</td></tr><tr><td>2-1/4/8 June 1953-55...(taxable)</td><td>962</td><td>839</td><td>196</td><td>194</td><td>32</td><td>273</td><td>370</td><td>123</td></tr><tr><td>2/8 June 1953-55...(partially)</td><td>647</td><td>604</td><td>190</td><td>174</td><td>15</td><td>294</td><td>160</td><td>44</td></tr><tr><td>2-1/4/8 June 1954-56...(partially)</td><td>546</td><td>505</td><td>135</td><td>96</td><td>39</td><td>245</td><td>125</td><td>41</td></tr><tr><td>2-7/8 March 1955-56...(partially)</td><td>1,347</td><td>1,271</td><td>522</td><td>417</td><td>105</td><td>534</td><td>215</td><td>76</td></tr><tr><td>2-1/2/8 March 1955-58...(taxable)</td><td>771</td><td>685</td><td>191</td><td>195</td><td>7</td><td>187</td><td>307</td><td>85</td></tr><tr><td>2-3/8 September 1956-59...(partially)</td><td>651</td><td>593</td><td>230</td><td>113</td><td>108</td><td>246</td><td>126</td><td>58</td></tr><tr><td>- 2-3/8 June 1958-63...(partially)</td><td>646</td><td>604</td><td>194</td><td>113</td><td>80</td><td>258</td><td>113</td><td>41</td></tr><tr><td>2-3/8 December 1958-65...(partially)</td><td>1,012</td><td>951</td><td>257</td><td>140</td><td>117</td><td>454</td><td>240</td><td>60</td></tr><tr><td>2-1/2/8 September 1967-72...(taxable)</td><td>1,631</td><td>1,404</td><td>173</td><td>117</td><td>56</td><td>475</td><td>759</td><td>227</td></tr><tr><td>Total bank eligible</td><td>45,260</td><td>40,805</td><td>11,767</td><td>9,912</td><td>1,855</td><td>15,200</td><td>13,837</td><td>4,455</td></tr><tr><td>Total Treasury bonds</td><td>46,923</td><td>42,038</td><td>11,796</td><td>9,935</td><td>1,861</td><td>15,399</td><td>14,843</td><td>4,885</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds...(wholly)</td><td>14</td><td>9</td><td>*</td><td>-</td><td>*</td><td>2</td><td>7</td><td>4</td></tr><tr><td>Panama Canal bonds...(wholly)</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion bonds...(wholly)</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total postal savings and other bonds</td><td>15</td><td>11</td><td>*</td><td>-</td><td>*</td><td>3</td><td>8</td><td>4</td></tr><tr><td>Guaranteed securities 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures</td><td>13</td><td>12</td><td>1</td><td>1</td><td>-</td><td>6</td><td>4</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>13</td><td>12</td><td>1</td><td>1</td><td>-</td><td>6</td><td>4</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>76,103</td><td>67,881</td><td>18,778</td><td>15,346</td><td>3,432</td><td>25,837</td><td>23,266</td><td>8,221</td></tr></table>
* Less than $500 thousand or less than .05%.
1/ Includes trust companies but excludes securities held in trust departments.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25.
3/ Guaranteed securities held by the Treasury are not included.
4/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes or income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and
"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. Includes an estimated amount of Federal Housing Administration debentures. Actual figures by tax status are unavailable.
September 1946
59
Treasury Survey of Ownership of Securities Issued by the United States
overnment and by Federal Agencies, June 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - S
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 rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total 7,352 commercial banks 3/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,591 nonmember commercial banks</th></tr><tr><th>Total 4,171 member commercial banks</th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>341 Reserve City banks</th><th>4,378 country banks</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></tr><tr><td>Series B-D.................... (1)</td><td>175</td><td>117</td><td>1</td><td>*</td><td>*</td><td>7</td><td>109</td><td>58</td></tr><tr><td>Series F.................... (taxable)</td><td>218</td><td>141</td><td>1</td><td>*</td><td>1</td><td>13</td><td>128</td><td>77</td></tr><tr><td>Series O.................... (taxable)</td><td>478</td><td>344</td><td>3</td><td>1</td><td>2</td><td>26</td><td>315</td><td>134</td></tr><tr><td>Total United States savings bonds</td><td>871</td><td>603</td><td>4</td><td>2</td><td>3</td><td>47</td><td>552</td><td>268</td></tr><tr><td>Treasury savings notes.................... (taxable)</td><td>101</td><td>85</td><td>55</td><td>41</td><td>14</td><td>13</td><td>17</td><td>15</td></tr><tr><td>Depository bonds.................... (taxable)</td><td>396</td><td>369</td><td>33</td><td>27</td><td>7</td><td>169</td><td>167</td><td>26</td></tr><tr><td>Total public non-marketable securities</td><td>1,368</td><td>1,057</td><td>93</td><td>69</td><td>24</td><td>229</td><td>736</td><td>310</td></tr></table>
1 Less than $500 thousand.
United States savings bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by the bank except if 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 an 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.
3/ Includes trust companies but excludes securities held in trust departments.
4/ Series B-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par value - millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,362 commercial banks 2/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,591 commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total by Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>318 Reserve City banks</th><th>4,378 country banks</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></tr><tr><td>1-1/2% October 1946-50....... (taxable)</td><td>149</td><td>135</td><td>16</td><td>13</td><td>3</td><td>55</td><td>64</td><td>14</td></tr><tr><td>1-1/4% May 1950-52....... (taxable)</td><td>143</td><td>121</td><td>14</td><td>8</td><td>5</td><td>46</td><td>61</td><td>21</td></tr><tr><td>1-1/2% January 1951-53....... (taxable)</td><td>118</td><td>160</td><td>30</td><td>25</td><td>5</td><td>71</td><td>59</td><td>16</td></tr><tr><td>2-1/4% February 1953-55....... (taxable)</td><td>92</td><td>78</td><td>10</td><td>5</td><td>5</td><td>29</td><td>39</td><td>14</td></tr><tr><td>Total Federal land bank bonds</td><td>562</td><td>495</td><td>70</td><td>52</td><td>18</td><td>202</td><td>223</td><td>68</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>274</td><td>204</td><td>92</td><td>75</td><td>16</td><td>127</td><td>45</td><td>10</td></tr><tr><td>Federal home loan bank debentures</td><td>57</td><td>55</td><td>20</td><td>13</td><td>7</td><td>27</td><td>8</td><td>3</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>893</td><td>813</td><td>181</td><td>141</td><td>40</td><td>355</td><td>276</td><td>81</td></tr></table>
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
2/ of both the normal and surtax Federal income tax rates. Includes trust companies but excludes securities held in trust departments.
60
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
September 1946
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
July 31, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (mil-lions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="3">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="3">1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 28, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from June 28, 1946 3/</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="14">Treasury bonds - bank eligible</td></tr><tr><td>$1.115</td><td>3/15/48-50</td><td>101.21</td><td>101.23</td><td>101.22</td><td>-.02</td><td>.95%</td><td>-.01%</td><td>1.52%</td><td>3/15/44</td><td>104.05</td><td>8/2/44</td><td>100.22</td><td>2/25/41</td><td>102.12</td><td>3/11</td><td>101.19</td><td>7/15</td></tr><tr><td>3,062</td><td>1-3/4% - 6/15/48</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.01</td><td>.97</td><td>-.02</td><td>.97</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/23/42</td><td>102.02</td><td>3/2</td><td>101.10</td><td>7/15</td></tr><tr><td>1,034</td><td>2/15/49-51</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.09</td><td>1.10</td><td>+.07</td><td>1.16</td><td>1/15/42</td><td>103.22</td><td>3/1/46</td><td>100.05</td><td>8/5/42</td><td>103.22</td><td>3/7</td><td>102.15</td><td>7/15</td></tr><tr><td>1,292</td><td>2/15/49-51</td><td>102.42</td><td>102.24</td><td>102.33</td><td>-.06</td><td>1.11</td><td>-.05</td><td>1.15</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>3/2</td><td>102.18</td><td>5/13</td></tr><tr><td>2,098</td><td>12/15/49-51</td><td>102.27</td><td>102.29</td><td>102.28</td><td>-.05</td><td>1.13</td><td>+.03</td><td>1.14</td><td>7/15/42</td><td>104.00</td><td>3/2/46</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>3/2</td><td>102.20</td><td>5/13</td></tr><tr><td>1,963</td><td>3/15/50-52</td><td>102.31</td><td>103.01</td><td>103.00</td><td>-.06</td><td>1.15</td><td>+.03</td><td>1.14</td><td>10/19/42</td><td>104.01</td><td>3/11/46</td><td>100.01</td><td>11/2/42</td><td>104.01</td><td>3/11</td><td>102.20</td><td>5/13</td></tr><tr><td>4,339</td><td>3/15/50-52</td><td>103.06</td><td>103.08</td><td>103.07</td><td>-.07</td><td>1.20</td><td>-.04</td><td>1.16</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11</td><td>102.23</td><td>5/13</td></tr><tr><td>2,639</td><td>12/15/50</td><td>101.19</td><td>101.21</td><td>101.20</td><td>-.01</td><td>1.12</td><td>-.00</td><td>1.12</td><td>6/1/43</td><td>102.15</td><td>3/1/46</td><td>100.29</td><td>8/21/43</td><td>102.15</td><td>3/11</td><td>101.08</td><td>5/13</td></tr><tr><td>7,987</td><td>9/15/51-53</td><td>103.14</td><td>103.16</td><td>103.15</td><td>-.07</td><td>1.30</td><td>-.03</td><td>1.27</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/8/43</td><td>104.18</td><td>3/11</td><td>103.00</td><td>5/13</td></tr><tr><td>510</td><td>12/15/51-55</td><td>103.18</td><td>103.20</td><td>103.19</td><td>-.06</td><td>1.31</td><td>-.03</td><td>1.28</td><td>12/15/43</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/43</td><td>104.26</td><td>3/11</td><td>103.09</td><td>5/13</td></tr><tr><td>1,024</td><td>2-1/2% - 3/15/52-54</td><td>106.06</td><td>106.08</td><td>106.07</td><td>-.01</td><td>1.35</td><td>-.01</td><td>1.34</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>107.14</td><td>3/11</td><td>105.23</td><td>5/13</td></tr><tr><td>5,825</td><td>2/1/4% - 6/15/52-54</td><td>103.28</td><td>103.26</td><td>103.27</td><td>-.05</td><td>1.33</td><td>-.01</td><td>1.32</td><td>6/25/41</td><td>104.27</td><td>2/29/46</td><td>100.16</td><td>2/18/41</td><td>104.27</td><td>2/9</td><td>104.14</td><td>5/13</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-54</td><td>104.28</td><td>104.30</td><td>104.29</td><td>-.06</td><td>1.38</td><td>+.02</td><td>1.36</td><td>2/25/42</td><td>105.08</td><td>2/29/46</td><td>100.16</td><td>2/18/42</td><td>105.08</td><td>2/9</td><td>104.14</td><td>5/13</td></tr><tr><td>8,662</td><td>12/15/52-54</td><td>103.25</td><td>103.27</td><td>103.26</td><td>-.05</td><td>1.37</td><td>-.01</td><td>1.36</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/13/44</td><td>105.00</td><td>3/11</td><td>103.09</td><td>5/13</td></tr><tr><td>1,446</td><td>2-1/2% - 3/15/56-58</td><td>107.25</td><td>107.27</td><td>107.26</td><td>-.19</td><td>1.62</td><td>-.06</td><td>1.56</td><td>5/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/25/41</td><td>110.22</td><td>2/8</td><td>107.21</td><td>5/13</td></tr><tr><td>2,716</td><td>9/15/67-72 1/2</td><td>106.27</td><td>106.29</td><td>106.28</td><td>-.21</td><td>2.10</td><td>-.04</td><td>2.15</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>109.18</td><td>4/6</td><td>106.19</td><td>5/27</td></tr><tr><td colspan="14">Treasury bonds - bank restricted 5/</td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>105.00</td><td>105.02</td><td>105.01</td><td>-.26</td><td>1.71</td><td>-.08</td><td>1.82</td><td>2/3/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>107.16</td><td>4/6</td><td>104.22</td><td>5/13</td></tr><tr><td>5,284</td><td>2-1/4% - 6/15/59-62</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-.19</td><td>2.05</td><td>-.05</td><td>2.09</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.16</td><td>9/12/45</td><td>104.20</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>3,470</td><td>2-1/4% - 12/15/59-62</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-.19</td><td>2.00</td><td>-.05</td><td>2.09</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.11</td><td>12/11/45</td><td>104.21</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2% - 6/15/62-67 1/2</td><td>105.02</td><td>105.04</td><td>105.03</td><td>-.28</td><td>2.12</td><td>-.06</td><td>2.19</td><td>5/5/45</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/45</td><td>108.12</td><td>4/6</td><td>103.24</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/2% - 12/15/63-68</td><td>104.14</td><td>104.16</td><td>104.15</td><td>-.13</td><td>2.19</td><td>-.07</td><td>2.25</td><td>12/2/45</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/46</td><td>108.03</td><td>4/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2% - 6/15/64-69 1/2</td><td>104.02</td><td>104.04</td><td>104.03</td><td>-.03</td><td>2.22</td><td>-.07</td><td>2.27</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.25</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2% - 12/15/64-69 1/2</td><td>104.00</td><td>104.02</td><td>104.01</td><td>-.04</td><td>2.23</td><td>-.07</td><td>2.28</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.24</td><td>4/6</td><td>102.21</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2% - 3/15/65-70 1/2</td><td>103.29</td><td>103.31</td><td>103.30</td><td>-.01</td><td>2.24</td><td>-.06</td><td>2.38</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/16/44</td><td>107.23</td><td>4/6</td><td>102.13</td><td>1/2</td></tr><tr><td>3,481</td><td>2-1/2% - 3/15/66-71 1/2</td><td>103.26</td><td>103.28</td><td>103.27</td><td>-.03</td><td>2.26</td><td>-.07</td><td>2.29</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>107.22</td><td>4/6</td><td>102.10</td><td>1/2</td></tr><tr><td>1,967</td><td>2-1/2% - 6/15/67-72 1/2</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.05</td><td>2.33</td><td>-.07</td><td>2.35</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.06</td><td>9/27/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td>11,689</td><td>2-1/2% - 12/15/67-72 1/2</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.05</td><td>2.33</td><td>-.06</td><td>2.36</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.24</td><td>12/11/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td colspan="14">Treasury notes</td></tr><tr><td>3,261</td><td>1-1/2% 8-12/15/46</td><td>100.07</td><td>100.08</td><td>100.08</td><td>-.01</td><td>.82</td><td>-.06</td><td>.82</td><td>6/5/42</td><td>101.00</td><td>1/4/46</td><td>100.01</td><td>1/2/43</td><td>100.20</td><td>2/25</td><td>100.08</td><td>7/31</td></tr><tr><td>1,948</td><td>1-1/4% 3/15/47</td><td>100.07</td><td>100.08</td><td>100.08</td><td>.00</td><td>.85</td><td>-.04</td><td>.85</td><td>6/25/44</td><td>100.20</td><td>3/5/46</td><td>100.07</td><td>1/15/46</td><td>100.17</td><td>2/18</td><td>100.07</td><td>7/15</td></tr><tr><td>2,707</td><td>1-1/2% 9/15/47</td><td>100.21</td><td>100.22</td><td>100.22</td><td>-.02</td><td>.88</td><td>-.01</td><td>.88</td><td>7/17/43</td><td>101.06</td><td>3/5/46</td><td>100.16</td><td>10/14/43</td><td>101.02</td><td>3/1</td><td>100.20</td><td>7/17</td></tr><tr><td>1,687</td><td>1-1/4% 9/15/47</td><td>100.13</td><td>100.15</td><td>100.14</td><td>-.00</td><td>.86</td><td>-.02</td><td>.86</td><td>12/1/43</td><td>102.23</td><td>2/16/46</td><td>100.05</td><td>12/27/43</td><td>102.23</td><td>2/16</td><td>100.12</td><td>7/18</td></tr><tr><td>3,748</td><td>1-1/2% 9/15/48</td><td>101.02</td><td>101.03</td><td>101.03</td><td>-.01</td><td>.98</td><td>.00</td><td>.98</td><td>3/15/44</td><td>101.22</td><td>3/2/46</td><td>100.05</td><td>3/8/44</td><td>101.22</td><td>3/2</td><td>101.00</td><td>5/15</td></tr><tr><td colspan="14">Certificates of indebtedness 5/</td></tr><tr><td>2,470</td><td>7/8% 8-1/16/46 1/</td><td>87.5%</td><td>87.5%</td><td>87.5%</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>8/1/45</td><td>.60%</td><td>7/17/46</td><td>.67%</td><td>7/30/46</td><td>.60%</td><td>7/17</td><td>.67%</td><td>7/15</td></tr><tr><td>4,336</td><td>7/8% 9/1/46</td><td>85.8%</td><td>85.8%</td><td>85.8%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>9/1/45</td><td>.70%</td><td>3/1/46</td><td>.65%</td><td>8/22/45</td><td>.70%</td><td>3/4</td><td>.64%</td><td>7/11</td></tr><tr><td>3,440</td><td>7/8% 10/1/46</td><td>85.9%</td><td>85.9%</td><td>85.9%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>10/1/45</td><td>.72%</td><td>3/1/46</td><td>.66%</td><td>10/1/45</td><td>.72%</td><td>3/4</td><td>.64%</td><td>7/11</td></tr><tr><td>3,775</td><td>7/8% 11/1/46</td><td>85.9%</td><td>85.9%</td><td>85.9%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>12/1/45</td><td>.73%</td><td>2/25/46</td><td>.65%</td><td>12/1/45</td><td>.73%</td><td>2/25</td><td>.64%</td><td>7/31</td></tr><tr><td>3,758</td><td>7/8% 12/1/46</td><td>85.9%</td><td>85.9%</td><td>85.9%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>12/1/45</td><td>.73%</td><td>2/21/46</td><td>.64%</td><td>7/31/46</td><td>.73%</td><td>2/21</td><td>.54%</td><td>7/31</td></tr><tr><td>3,330</td><td>7/8% A- 1/1/47</td><td>85.8%</td><td>85.8%</td><td>85.8%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>1/1/46</td><td>.76%</td><td>3/1/46</td><td>.69%</td><td>12/29/46</td><td>.76%</td><td>3/4</td><td>.64%</td><td>7/31</td></tr><tr><td>4,554</td><td>7/8% B- 2/1/47</td><td>85.8%</td><td>85.8%</td><td>85.8%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>2/1/46</td><td>.76%</td><td>3/1/46</td><td>.69%</td><td>7/31/46</td><td>.77%</td><td>3/4</td><td>.64%</td><td>7/31</td></tr><tr><td>3,133</td><td>7/8% C- 3/1/47</td><td>85.8%</td><td>85.8%</td><td>85.8%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>3/1/46</td><td>.77%</td><td>3/1/46</td><td>.61%</td><td>7/31/46</td><td>.77%</td><td>3/4</td><td>.64%</td><td>7/31</td></tr><tr><td>2,820</td><td>7/8% D- 4/1/47</td><td>85.8%</td><td>85.8%</td><td>85.8%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>4/1/46</td><td>.80%</td><td>4/22/46</td><td>.63%</td><td>7/31/46</td><td>.80%</td><td>4/22</td><td>.64%</td><td>7/31</td></tr><tr><td>2,775</td><td>7/8% E- 6/1/47</td><td>85.8%</td><td>85.8%</td><td>85.8%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>6/1/46</td><td>.82%</td><td>6/20/46</td><td>.61%</td><td>
(Continued on following page)
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
July 31, 1946 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1/-(Continued)
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 June 28, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 28, 1946</th></tr><tr><td>$1,309<br>1,308<br>1,301</td><td>8/1/46<br>8/8/46<br>8/15/46</td><td>5/2/46<br>5/9/46<br>5/16/46</td><td>.9/<br>.375<br>.375</td><td>.2/<br>.20%<br>.25</td><td>.3/<br>.29%<br>.31</td><td>.9/<br>-.05%<br>-.04</td><td>$1,310<br>1,306<br>1,308</td><td>9/19/46<br>9/26/46<br>10/3/46</td><td>6/20/46<br>6/27/46<br>7/5/46</td><td>.375/<br>.375<br>.375</td><td>.32%<br>.32<br>.34</td><td>.35%<br>.35<br>.36</td><td>-.01$<br>-.01<br>-</td></tr><tr><td>1,314<br>1,313<br>1,313<br>1,310</td><td>8/22/46<br>8/29/46<br>9/5/46<br>9/12/46</td><td>5/23/46<br>5/31/46<br>6/6/46<br>6/13/46</td><td>.375<br>.375<br>.375<br>.375</td><td>.25<br>.25<br>.30<br>.30</td><td>.31<br>.31<br>.34<br>.34</td><td>-.04<br>-.05<br>-.02<br>-.02</td><td>1,315<br>1,311<br>1,305<br>10/</td><td>10/10/46<br>10/17/46<br>10/24/46<br>10/31/46</td><td>7/11/46<br>7/18/46<br>7/25/46<br>8/1/46</td><td>.375<br>.375<br>.375<br>.375</td><td>.34<br>.35<br>.35<br>.35</td><td>.36<br>.36<br>.36<br>.36</td><td>-<br>-<br>-<br>-</td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</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">1946 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 June 28, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from June 28, 1946</th><th>Yield to maturity 3/</th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="17">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% - 10/15/47-52</td><td>104.06</td><td>104.08</td><td>104.07</td><td>-.14</td><td>.73%</td><td>.11%</td><td>3.49%</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>106.12</td><td>1/24</td><td>104.07</td><td>7/31</td></tr><tr><td>701</td><td>2-1/2% - 12/15/47</td><td>101.22</td><td>101.24</td><td>101.23</td><td>-.06</td><td>.74%</td><td>.06%</td><td>.74</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>102.22</td><td>1/30</td><td>101.23</td><td>7/31</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>103.04</td><td>103.06</td><td>103.05</td><td>-.09</td><td>.79%</td><td>.07%</td><td>2.03</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>104.13</td><td>1/29</td><td>103.05</td><td>7/31</td></tr><tr><td>551</td><td>2-1/2% - 9/15/48</td><td>103.19</td><td>103.21</td><td>103.20</td><td>-.07</td><td>.77%</td><td>.03%</td><td>.77</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>104.24</td><td>3/11</td><td>103.20</td><td>7/31</td></tr><tr><td>571</td><td>2-1/2% - 12/15/48-50</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.05</td><td>.80%</td><td>.02%</td><td>1.34</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/25/40</td><td>103.24</td><td>3/11</td><td>102.23</td><td>7/17</td></tr><tr><td>991</td><td>3-1/8% - 12/15/49-52</td><td>107.10</td><td>107.12</td><td>107.11</td><td>-.09</td><td>.91%</td><td>.03%</td><td>1.90</td><td>12/15/39</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>108.30</td><td>1/28</td><td>107.11</td><td>7/31</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>105.08</td><td>105.10</td><td>105.09</td><td>-.07</td><td>.91%</td><td>.03%</td><td>1.73</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>106.18</td><td>3/12</td><td>105.68</td><td>7/30</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>106.08</td><td>106.10</td><td>106.09</td><td>-.07</td><td>.94%</td><td>.02%</td><td>1.43</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>107.18</td><td>5/11</td><td>106.09</td><td>7/30</td></tr><tr><td>1,627</td><td>2-1/4% - 6/15/51-54</td><td>108.03</td><td>108.05</td><td>108.04</td><td>-.11</td><td>1.04%</td><td>.05%</td><td>1.06</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.27</td><td>1/28</td><td>108.02</td><td>7/30</td></tr><tr><td>755</td><td>3-1/4% - 9/15/51-53</td><td>109.21</td><td>109.23</td><td>109.22</td><td>-.12</td><td>1.05%</td><td>.04%</td><td>1.84</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>111.21</td><td>1/15</td><td>109.20</td><td>7/30</td></tr><tr><td>1,118</td><td>2-1/4% - 12/15/51-53</td><td>106.13</td><td>106.15</td><td>106.14</td><td>-.08</td><td>1.02%</td><td>.03%</td><td>1.33</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>107.25</td><td>3/12</td><td>106.04</td><td>5/13</td></tr><tr><td>725</td><td>2-1/2% - 6/15/52-55</td><td>106.13</td><td>106.15</td><td>106.14</td><td>-.08</td><td>1.03%</td><td>.00%</td><td>1.23</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>107.25</td><td>1/12</td><td>105.16</td><td>5/13</td></tr><tr><td>681</td><td>2-1/4% - 6/15/54-56</td><td>108.15</td><td>108.17</td><td>108.16</td><td>-.10</td><td>1.12%</td><td>.03%</td><td>1.33</td><td>7/22/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/24/40</td><td>109.29</td><td>3/12</td><td>108.09</td><td>5/14</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>113.02</td><td>113.04</td><td>113.03</td><td>-.29</td><td>1.27%</td><td>.09%</td><td>1.79</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>116.02</td><td>1/12</td><td>112.26</td><td>5/13</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>113.13</td><td>113.15</td><td>113.14</td><td>-.20</td><td>1.33%</td><td>.05%</td><td>1.61</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>116.13</td><td>1/26</td><td>113.08</td><td>5/13</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>114.13</td><td>114.15</td><td>114.14</td><td>-.13</td><td>1.42%</td><td>.02%</td><td>1.76</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>117.04</td><td>1/15</td><td>114.05</td><td>5/13</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65</td><td>116.03</td><td>116.05</td><td>116.04</td><td>-.20</td><td>1.50%</td><td>.04%</td><td>1.76</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td><td>119.00</td><td>1/25</td><td>116.03</td><td>7/30</td></tr><tr><td colspan="17">Other bonds 11/</td></tr><tr><td>13</td><td>3% Conversion - 1/1/47</td><td>101.00</td><td>101.00</td><td>101.00</td><td>-.08</td><td>.59%</td><td>.09%</td><td>.59</td><td>1/1/17</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.20</td><td>1/5</td><td>101.00</td><td>7/31</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>130.08</td><td>131.24</td><td>131.00</td><td>.00</td><td>.79%</td><td>-.01%</td><td>.79</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>3/13</td><td>131.00</td><td>7/31</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ 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 from October 1, 1953, to October 31, 1954, 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/ Issues which commercial banks may not acquire prior to a specified
data (with minor exceptions). See footnote 2, page 25. Quoted on a yield basis. Not quoted on July 31, 1966; quoted on a price basis at par from July 19 through July 30, 1966; prior thereto quoted on a yield basis. For a report of this security issued on August 1, 1966, see table entitled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the section on the "Public Debt and Guaranteed obligations of the United States Government". Not quoted on July 31, 1966. This security was issued on August 1, 1966, in the amount of $1,306 million. Excludes postal savings bonds.
September 1946
63
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
July 31, 1946 - (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 date (Price decimals are thirty—seconds)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty—seconds)</th><th colspan="4">1946 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 June 25, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from June 25, 1946</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><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th colspan="2">Price Date</th><th colspan="2">Price Date</th><th colspan="2">Price Date</th><th colspan="2">Price Date</th></tr></table>
Taxable securities
<table><tr><td>67</td><td>90% B- 10/15/46</td><td>1.10%</td><td>-</td><td>1.10%</td><td>+.25%</td><td>-</td><td>-</td><td>4/15/46</td><td>.85%</td><td>7/22/46</td><td>1.10%</td><td>7/31/46</td><td>.85%</td><td>7/22</td><td>1.10%</td><td>7/31</td></tr><tr><td colspan="17">Federal Home Loan Bank debentures 3/</td></tr><tr><td>26</td><td>90% - 8/1/46</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>11/1/45</td><td>100.00</td><td>7/30/46</td><td>100.00</td><td>7/30/46</td><td>100.00</td><td>7/30</td><td>100.00</td><td>7/30</td></tr><tr><td>44</td><td>90% - 9/3/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00%</td><td>12/1/45</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>43</td><td>90% - 10/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.90</td><td>5/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>31</td><td>7/6% - 11/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>2/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>38</td><td>8.25% - 12/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.825</td><td>.000</td><td>3/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>39</td><td>7/8% - 1/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.875</td><td>4/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>22</td><td>90% - 2/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>5/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>24</td><td>90% - 3/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.90</td><td>6/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>50</td><td>95% - 4/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>-.95</td><td>-.95</td><td>-.95</td><td>7/1/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31/46</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td colspan="17">Federal Intermediate Credit Bank debentures 4/</td></tr><tr><td colspan="17">Federal Land Bank bonds 6/</td></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.18</td><td>100.22</td><td>100.20</td><td>.00</td><td>1.21</td><td>-.01</td><td>1.35</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.12</td><td>9/10/45</td><td>101.10</td><td>7/6</td><td>100.17</td><td>7/18</td></tr><tr><td>215</td><td>1-1/4% - 5/1/50-52</td><td>99.24</td><td>99.28</td><td>99.26</td><td>-.01</td><td>1.30</td><td>-.01</td><td>1.28</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.23</td><td>7/17/46</td><td>100.02</td><td>4/17</td><td>99.23</td><td>7/17</td></tr><tr><td>214</td><td>1-1/2% - 1/1/51-53</td><td>100.12</td><td>100.16</td><td>100.14</td><td>+.02</td><td>1.40</td><td>-.01</td><td>1.43</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>100.08</td><td>5/15/46</td><td>101.22</td><td>3/11</td><td>100.08</td><td>5/15</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>104.10</td><td>104.14</td><td>104.12</td><td>+.04</td><td>1.54</td><td>-.03</td><td>1.70</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/18/45</td><td>105.31</td><td>3/12</td><td>104.08</td><td>7/2</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 high and low, in case of recurrences, 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 actu-
rity as more significant when an issue is selling at or below par. Quoted on a yield basis. Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. Not quoted on July 31, 1946. Exclude issues completely held by Farm Credit Administration agencies.
64
Treasury Bulletin
YIELDS OF TREASURY SECURITIES JULY 31 1946
Based on Mean of Closing Bid and Asked Quotations
Explanation: The paints 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 paints 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-C
September 1946
65
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></table>
Monthly series 3/
<table><tr><td>1938-Jan</td><td>2.69</td><td>3.17</td><td>1941-Jan</td><td>2.12</td><td>2.57</td><td>1944-Jan</td><td>1.95</td><td>2.49</td><td>2.59</td></tr><tr><td>Feb</td><td>2.68</td><td>3.15</td><td>Feb</td><td>2.22</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>3.16</td><td>Mar.</td><td>2.12</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>3.25</td><td>Apr.</td><td>2.07</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>3.14</td><td>May</td><td>2.04</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>3.15</td><td>June</td><td>2.01</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>3.12</td><td>July</td><td>1.98</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>3.10</td><td>Aug.</td><td>2.01</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>3.12</td><td>Sept.</td><td>2.02</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>3.06</td><td>Oct.</td><td>1.98</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>3.04</td><td>Nov</td><td>1.95</td><td>2.54</td><td>Nov</td><td>1.90</td><td>2.48</td><td>2.62</td></tr><tr><td>Dec.</td><td>2.56</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.68</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>2.95</td><td>1942-Jan</td><td>2.10</td><td>2.45</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>2.90</td><td>Feb</td><td>2.17</td><td>2.48</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>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</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>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</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>2.85</td><td>May</td><td>2.06</td><td>2.45</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>2.78</td><td>June</td><td>2.04</td><td>2.43</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>2.75</td><td>July</td><td>2.04</td><td>2.46</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>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.57</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.49</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>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</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>2.93</td><td>Nov</td><td>2.10</td><td>2.47</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>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>Dec.</td><td>2.33</td><td>2.54</td><td></td></tr><tr><td>1940-Jan</td><td>2.30</td><td>2.81</td><td>1945-Jan</td><td>2.11</td><td>2.46</td><td>1946-Jan</td><td>2.21</td><td>2.43</td><td></td></tr><tr><td>Feb</td><td>2.32</td><td>2.79</td><td>Feb</td><td>2.11</td><td>2.46</td><td>Feb</td><td>2.12</td><td>2.36</td><td></td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>Mar.</td><td>2.09</td><td>2.35</td><td></td></tr><tr><td>Apr.</td><td>2.26</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>Apr.</td><td>2.08</td><td>2.37</td><td></td></tr><tr><td>May</td><td>2.39</td><td>2.87</td><td>May</td><td>1.96</td><td>2.46</td><td>May</td><td>2.19</td><td>2.44</td><td></td></tr><tr><td>June</td><td>2.40</td><td>2.93</td><td>June</td><td>1.91</td><td>2.45</td><td>June</td><td>2.16</td><td>2.42</td><td></td></tr><tr><td>July</td><td>2.30</td><td>2.85</td><td>July</td><td>1.91</td><td>2.45</td><td>July</td><td>2.18</td><td>2.41</td><td></td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov</td><td>2.09</td><td>2.65</td><td>Nov</td><td>1.94</td><td>2.48</td><td>2.60</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1946-Feb.</td><td>2......</td><td>...</td><td>2.17</td><td>2.38</td><td>1946-Apr.</td><td>6......</td><td>...</td><td>2.01</td><td>2.37</td><td>1946-June</td><td>7......</td><td>...</td><td>2.17</td><td>2.44</td></tr><tr><td>9......</td><td>...</td><td>2.10</td><td>2.36</td><td>13......</td><td>...</td><td>2.05</td><td>2.36</td><td>14......</td><td>...</td><td>2.15</td><td>2.42</td></tr><tr><td>16......</td><td>...</td><td>2.09</td><td>2.35</td><td>20......</td><td>...</td><td>2.10</td><td>2.37</td><td>21......</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>21......</td><td>...</td><td>2.10</td><td>2.36</td><td>27......</td><td>...</td><td>2.15</td><td>2.39</td><td>28......</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>Mar.</td><td>2......</td><td>...</td><td>2.10</td><td>2.35</td><td>May</td><td>1......</td><td>...</td><td>2.18</td><td>2.44</td><td>July</td><td>5......</td><td>...</td><td>2.14</td><td>2.40</td></tr><tr><td>9......</td><td>...</td><td>2.09</td><td>2.35</td><td>11......</td><td>...</td><td>2.20</td><td>2.43</td><td>12......</td><td>...</td><td>2.17</td><td>2.41</td></tr><tr><td>16......</td><td>...</td><td>2.09</td><td>2.35</td><td>18......</td><td>...</td><td>2.17</td><td>2.45</td><td>19......</td><td>...</td><td>2.19</td><td>2.42</td></tr><tr><td>23......</td><td>...</td><td>2.09</td><td>2.34</td><td>24......</td><td>...</td><td>2.19</td><td>2.44</td><td>26......</td><td>...</td><td>2.21</td><td>2.42</td></tr><tr><td>30......</td><td>...</td><td>2.07</td><td>2.34</td><td>31......</td><td>...</td><td>2.17</td><td>2.44</td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1946-July</td><td>1</td><td>...</td><td>2.16</td><td>2.40</td><td>1946-July 11</td><td>...</td><td>2.16</td><td>2.41</td><td>1946-July 22</td><td>...</td><td>2.19</td><td>2.41</td></tr><tr><td></td><td>2</td><td>...</td><td>2.16</td><td>2.40</td><td>12</td><td>...</td><td>2.17</td><td>2.41</td><td>23</td><td>...</td><td>2.20</td><td>2.41</td></tr><tr><td></td><td>3</td><td>...</td><td>2.15</td><td>2.40</td><td>13</td><td>...</td><td>1/</td><td>1/</td><td>24</td><td>...</td><td>2.20</td><td>2.41</td></tr><tr><td></td><td>4</td><td>...</td><td>6/</td><td>6/</td><td>14</td><td>...</td><td>2.20</td><td>2.41</td><td>25</td><td>...</td><td>2.20</td><td>2.41</td></tr><tr><td></td><td>5</td><td>...</td><td>2.14</td><td>2.40</td><td>15</td><td>...</td><td>2.21</td><td>2.41</td><td>26</td><td>...</td><td>2.21</td><td>2.42</td></tr><tr><td></td><td>6</td><td>...</td><td>1/</td><td>1/</td><td>16</td><td>...</td><td>2.20</td><td>2.41</td><td>27</td><td>...</td><td>1/</td><td>1/</td></tr><tr><td></td><td>7</td><td>...</td><td>2.14</td><td>2.40</td><td>17</td><td>...</td><td>2.20</td><td>2.42</td><td>28</td><td>...</td><td>2.23</td><td>2.42</td></tr><tr><td></td><td>8</td><td>...</td><td>2.15</td><td>2.40</td><td>18</td><td>...</td><td>2.19</td><td>2.42</td><td>29</td><td>...</td><td>2.24</td><td>2.42</td></tr><tr><td></td><td>9</td><td>...</td><td>2.15</td><td>2.40</td><td>19</td><td>...</td><td>2.19</td><td>2.42</td><td>30</td><td>...</td><td>2.24</td><td>2.43</td></tr><tr><td></td><td>10</td><td>...</td><td>2.15</td><td>2.41</td><td>20</td><td>...</td><td>1/</td><td>1/</td><td>31</td><td>...</td><td>2.22</td><td>2.43</td></tr></table>
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, 1981; previously, closing prices on the New York Stock Exchange. For Treasury bonds, the closing bid price on the exchanges 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. 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 preceding day's last published bid, asked, and mean daily and weekly date for the period January 1933 through March 1981 appeared in the "Treasury Bulletin" for April 1984, pages 57-61. 1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see Treasury Bulletin of March 1, 1984, page 43. Treasury bonds outstanding as of December 15, 1985 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, exempt 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 surtax rates of the Federal income tax. For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1945, page 56. Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures. The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2. On days when the exchanges are closed, the date and prices of the previous day are used. 5/ Holiday. 6/ Market closed.
Treasury Bulletin
66
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-0
September 1946
67
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
NOTICE
In order to allow time to clear transactions affecting the fiscal year, the quarterly financial statements pertaining to Government corporations and certain other agencies as of June 30, 1946, due to be published in this issue, will be published in the issue of October 1946.
68
Treasury Bulletin
INTERNAL REVENUE STATISTICS
September 1946
69
Summary of Internal Revenue Collections
(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 profit 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 license and profits taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1937.</td><td>4,597,140</td><td>-37,168</td><td>4,560,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,765</td><td>201,339</td><td>58,119</td><td>287</td></tr><tr><td>1938.</td><td>5,674,318</td><td>+30,470</td><td>5,633,848</td><td>2,629,030</td><td>1,285,312</td><td>1,299,332</td><td>42,786</td><td>742,660</td><td>502,516</td><td>90,261</td><td>139,416</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>1,122,542</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>505,350</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>12,933,118</td><td>-36,797</td><td>13,029,925</td><td>8,005,884</td><td>3,262,800</td><td>4,687,162</td><td>56,621</td><td>1,185,352</td><td>895,336</td><td>119,517</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>9,984,725</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>40,119,510</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>43,800,334</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>163,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946.</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1946-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>666,143</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>310,598</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>3,552,852</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>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,956,041</td><td>1,466,568</td><td>383,255</td><td>6,149</td><td>283,343</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><tr><td>December.</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>985,112</td><td>2,116,551</td><td>12,017</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January.</td><td>3,451,384</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>876,516</td><td>6,156</td><td>92,718</td><td>61,849</td><td>28,172</td><td>2,698</td></tr><tr><td>February.</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,879,049</td><td>363,553</td><td>3,672</td><td>299,140</td><td>183,229</td><td>98,737</td><td>17,175</td></tr><tr><td>March.</td><td>5,582,943</td><td>+599,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,992</td><td>8,783</td><td>64,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr><tr><td>April.</td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,586</td><td>481,232</td><td>5,295</td><td>98,277</td><td>93,532</td><td>3,268</td><td>1,477</td></tr><tr><td>May.</td><td>2,307,793</td><td>-266,165</td><td>2,573,957</td><td>1,662,967</td><td>1,140,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td>21,271</td></tr><tr><td>June.</td><td>4,080,492</td><td>+578,679</td><td>3,501,813</td><td>2,836,577</td><td>1,081,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td>49,690</td></tr><tr><td>July.</td><td>2,290,898</td><td>-330,568</td><td>2,581,465</td><td>1,757,352</td><td>1,232,143</td><td>521,114</td><td>4,095</td><td>115,696</td><td>109,960</td><td>3,269</td><td>2,467</td></tr></table>
<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>Manufac-turers' and retailers' excise taxes</th><th>Miscel-laneous taxes §/</th><th>Agricultural adjustment taxes</th></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,588</td><td>593,811</td><td>551,923</td><td>69,919</td><td>149,894</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,212,158</td><td>139,169</td><td>616,874</td><td>567,669</td><td>587,717</td><td>46,233</td><td>416,854</td><td>127,922</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>573,784</td><td>41,083</td><td>396,891</td><td>113,940</td><td>-</td></tr><tr><td>1940</td><td>2,359,041</td><td>132,739</td><td>360,071</td><td>624,004</td><td>608,073</td><td>38,581</td><td>447,068</td><td>118,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>607,058</td><td>819,869</td><td>697,712</td><td>39,097</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>4,571,311</td><td>328,702</td><td>517,496</td><td>1,823,480</td><td>927,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>389,725</td><td>511,210</td><td>1,618,045</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>2,309,854</td><td>932,145</td><td>65,528</td><td>1,206,516</td><td>1,430,428</td><td>-</td></tr><tr><td>1946</td><td>7,712,953</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,155,519</td><td>87,676</td><td>1,141,717</td><td>1,489,925</td><td>-</td></tr><tr><td>1945-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>208,336</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,757</td><td>-</td></tr><tr><td>September</td><td>531,352</td><td>6,742</td><td>53,516</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><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,793</td><td>221,156</td><td>95,736</td><td>7,952</td><td>135,859</td><td>130,821</td><td>-</td></tr><tr><td>February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>93,306</td><td>-</td></tr><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,858</td><td>113,798</td><td>119,953</td><td>-</td></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,468</td><td>7,771</td><td>111,281</td><td>118,553</td><td>-</td></tr><tr><td>May</td><td>641,121</td><td>-742</td><td>63,980</td><td>214,151</td><td>112,601</td><td>8,486</td><td>123,387</td><td>119,260</td><td>-</td></tr><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,194</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</td><td>-</td></tr><tr><td>July</td><td>708,417</td><td>236</td><td>74,257</td><td>238,881</td><td>96,264</td><td>7,215</td><td>148,437</td><td>113,126</td><td>-</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (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 collections of taxes withheld by employee 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 profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits 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.
1/ Represents collections under the Carriere 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.
70
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-G
September 1946
71
Detailed Analysis of Internal Revenue Collections
(in thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>July 1945</th><th>July 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/............</td><td>10,263,418</td><td>9,857,466</td><td>1,249,298</td><td>857,522</td></tr><tr><td>Revenue Act of 1942.....................</td><td>602</td><td>123</td><td>961</td><td>1</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/....................</td><td>8,557,147 1/</td><td>8,430,377</td><td>318,390</td><td>341,182</td></tr><tr><td>Back....................</td><td>202,917</td><td>415,571</td><td>19,223</td><td>33,438</td></tr><tr><td>Total individual income taxes............</td><td>19,034,313</td><td>18,704,535</td><td>1,587,872</td><td>1,232,143</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/....................</td><td>4,421,682</td><td>3,901,917</td><td>160,954</td><td>159,151</td></tr><tr><td>Back....................</td><td>458,034</td><td>738,032</td><td>56,040</td><td>32,356</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, am amended).</td><td>11,003,520</td><td>7,822,188</td><td>429,419</td><td>329,607</td></tr><tr><td>Total corporation taxes....................</td><td>15,883,235</td><td>12,462,137</td><td>646,413</td><td>521,114</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value....................</td><td>143,798</td><td>91,130</td><td>7,590</td><td>4,093</td></tr><tr><td>Vison Act....................</td><td>180</td><td>35</td><td>1</td><td>2</td></tr><tr><td>Unjust enrichment....................</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total miscellaneous profit taxes............</td><td>143,978</td><td>91,165</td><td>7,592</td><td>4,095</td></tr><tr><td>Total income and profits taxes............</td><td>35,061,526</td><td>31,258,138</td><td>2,241,907</td><td>1,757,352</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 1/....................</td><td>1,307,931</td><td>1,237,825</td><td>117,656</td><td>109,950</td></tr><tr><td>Unemployment insurance 2/....................</td><td>186,489</td><td>178,245</td><td>5,093</td><td>3,269</td></tr><tr><td>Total Social Security taxes............</td><td>1,494,420</td><td>1,415,570</td><td>122,749</td><td>113,229</td></tr><tr><td>Railroad retirement 1/....................</td><td>284,758</td><td>284,258</td><td>2,722</td><td>2,467</td></tr><tr><td>Total employment taxes....................</td><td>1,779,177</td><td>1,700,828</td><td>125,471</td><td>115,696</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax....................</td><td>371,999</td><td>352,121</td><td>104,924</td><td>236</td></tr><tr><td>Estate tax....................</td><td>595,137</td><td>629,601</td><td>48,095</td><td>73,396</td></tr><tr><td>Gift tax....................</td><td>46,918</td><td>47,232</td><td>1,229</td><td>861</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)............</td><td>199,691</td><td>143,080</td><td>9,711</td><td>13,802</td></tr><tr><td>Distilled spirits (domestic, excise)............</td><td>1,284,513</td><td>1,603,497</td><td>115,628</td><td>148,507</td></tr><tr><td>Distilled spirits rectification tax............</td><td>32,519</td><td>41,880</td><td>2,611</td><td>3,822</td></tr><tr><td>Wines, cordials, etc. (imported, excise)............</td><td>2,122</td><td>2,591</td><td>27</td><td>414</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)............</td><td>45,269</td><td>58,250</td><td>2,813</td><td>5,762</td></tr><tr><td>Brandy used for fortifying; sweet wine (repealed as of July 1, 1940)............</td><td>51</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)............</td><td>8,308</td><td>8,061</td><td>3,305</td><td>3,935</td></tr><tr><td>Stamps for distilled spirits intended for export............</td><td>6</td><td>25</td><td>1</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond............</td><td>885</td><td>840</td><td>70</td><td>74</td></tr><tr><td>Container stamps....................</td><td>11,213</td><td>13,309</td><td>815</td><td>1,111</td></tr><tr><td>Floor taxes....................</td><td>83,315</td><td>696</td><td>115</td><td>50</td></tr><tr><td>Fermented malt liquors....................</td><td>638,682</td><td>650,824</td><td>61,335</td><td>59,956</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)............</td><td>3,130</td><td>3,106</td><td>1,237</td><td>1,137</td></tr><tr><td>Total alcoholic beverage taxes............</td><td>2,303,864</td><td>2,526,162</td><td>198,335</td><td>238,861</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)....................</td><td>36,593</td><td>41,384</td><td>2,588</td><td>3,431</td></tr><tr><td>Cigars (small)....................</td><td>84</td><td>70</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)....................</td><td>695</td><td>172</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)....................</td><td>836,058</td><td>1,072,799</td><td>76,354</td><td>89,013</td></tr><tr><td>Snuff....................</td><td>7,741</td><td>7,373</td><td>574</td><td>496</td></tr><tr><td>Tobacco (chewing and smoking)............</td><td>49,574</td><td>41,961</td><td>3,833</td><td>3,275</td></tr><tr><td>Cigarette papers and tubes....................</td><td>1,390</td><td>1,757</td><td>201</td><td>12</td></tr><tr><td>Leaf dealer penalties, etc....................</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes............</td><td>8</td><td>3</td><td>1</td><td>1</td></tr><tr><td>Total tobacco taxes....................</td><td>932,145</td><td>1,165,319</td><td>83,658</td><td>96,264</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc....................</td><td>33,151</td><td>47,393</td><td>2,788</td><td>4,638</td></tr><tr><td>Transfers of capital stock and similar interest............</td><td>24,852</td><td>30,359</td><td>2,556</td><td>1,582</td></tr><tr><td>Playing cards....................</td><td>7,493</td><td>9,766</td><td>524</td><td>683</td></tr><tr><td>Silver bullion sales or transfers............</td><td>25</td><td>149</td><td>1</td><td>13</td></tr><tr><td>Total stamp taxes....................</td><td>65,528</td><td>87,676</td><td>5,870</td><td>7,215</td></tr></table>
(Continued on following page)
72
Treasury Bulletin
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>July 1945</th><th>July 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</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></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>13,644</td><td>9,071</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>39,518</td><td>36,622</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>8,925</td><td>17,193</td></tr><tr><td>Floor taxes on tires and tubes</td><td>4</td><td>19</td><td>*</td><td>*</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,114</td><td>4,087</td><td>1,378</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>778</td><td>11,176</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>5,909</td><td>1,305</td></tr><tr><td>Electrical energy</td><td>57,004</td><td>59,112</td><td>4,142</td><td>5,044</td></tr><tr><td>Electric gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>1,572</td><td>4,248</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>764</td><td>1,749</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>3</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>361</td><td>2,800</td></tr><tr><td>Photograph records</td><td>2,015</td><td>3,902</td><td>197</td><td>614</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>103</td><td>492</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>208</td><td>2,827</td></tr><tr><td>Matches</td><td>9,140</td><td>10,247</td><td>750</td><td>274</td></tr><tr><td>Floor taxes on matches</td><td>4</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>1,248</td><td>2,142</td></tr><tr><td>Furs - retailers' excise</td><td>79,118</td><td>91,706</td><td>2,940</td><td>3,179</td></tr><tr><td>Jewelry - retailers' excise (effective 1/1/44)</td><td>184,220</td><td>223,342</td><td>16,780</td><td>19,295</td></tr><tr><td>Luggage - retailers' excise (effective 1/1/44)</td><td>73,851</td><td>81,423</td><td>6,764</td><td>7,705</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 1/1/44)</td><td>6</td><td>15</td><td>7</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>1</td><td>*</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>3,681</td><td>3,096</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>135</td><td>*</td><td>1</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>512</td><td>1,325</td></tr><tr><td>Toilet preparations - retailers' excise, leased</td><td>86,615</td><td>95,574</td><td>7,810</td><td>8,065</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>4</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Firearms, shells and cartridges</td><td>3,132</td><td>5,232</td><td>233</td><td>867</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>*</td><td>15</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>*</td><td>*</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>120,739</td><td>148,437</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Sitluminous Coal Act of 1937</td><td>35</td><td>34</td><td>*</td><td>*</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>6,123</td><td>5,034</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>wires, etc.</td><td>208,118</td><td>234,393</td><td>21,197</td><td>22,724</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>145,589</td><td>13,584</td><td>16,728</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,286</td><td>14,824</td><td>1,328</td><td>1,393</td></tr><tr><td>Transportation of persons, seats, berths</td><td>234,182</td><td>226,750</td><td>20,068</td><td>20,421</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>223,088</td><td>220,121</td><td>20,690</td><td>21,850</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>128,701</td><td>115,960</td><td>98,174</td><td>194</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>316</td><td>182</td><td>132</td><td>*</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>733</td><td>682</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>27,517</td><td>35,117</td></tr><tr><td>Admissions to cabares, roof gardens, etc.</td><td>56,277</td><td>72,077</td><td>5,815</td><td>6,131</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>1,391</td><td>1,917</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>1,199</td><td>1,588</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>7,408</td><td>8,185</td></tr><tr><td>Adulterated and processed or renovated butter</td><td>58</td><td>44</td><td>9</td><td>2</td></tr><tr><td>mixed flour 8/ and filled cheese</td><td>5,501</td><td>4,912</td><td>1,018</td><td>1,196</td></tr><tr><td>Oleomargarine, including special taxes</td><td>756</td><td>694</td><td>150</td><td>183</td></tr><tr><td> Narcotics, including marijuana and special taxes</td><td>6,208</td><td>6,268</td><td>148</td><td>775</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>16</td><td>6</td><td>2</td><td>1</td></tr><tr><td>National Firearms Act</td><td></td><td></td><td></td><td></td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>*</td><td>4</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>228,004</td><td>143,126</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,112,953</td><td>790,854</td><td>708,417</td></tr><tr><td>Total internal revenue collections</td><td>43,800,738</td><td>40,671,919</td><td>3,158,232</td><td>2,581,465</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-631,609</td><td>-330,568</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>2,526,623</td><td>2,250,898</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collection made by collectors of internal revenue. Less than $500. Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. Collections on the books of the District Act of 1933 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this act as shown in Daily Treasury Statements consist of withholding taxes 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 filed.
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforfeited portion of 1942 tax, due March 15, 1945, of $108,505 thousand for the period, January 1, 1945 through April 30, 1945.
5/ Represents collections under the Federal Insurance Contributions Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Carriers' Testing Act 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
September 1946
73
MONETARY STATISTICS
74
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold aseate</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>1,391.6</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>21,996.5</td><td>19,625.4</td><td>156.0</td><td>1,800.0</td><td>212.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>25.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</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>20,618.4</td><td>18,997.4</td><td>156.0</td><td>1,800.0</td><td>165.1</td></tr><tr><td>1945</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>1945-July</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>167.9</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>151.8</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>167.1</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</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>1946-January</td><td>20,156.0</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>165.9</td></tr><tr><td>February</td><td>20,232.2</td><td>18,099.7</td><td>156.0</td><td>1,800.0</td><td>176.5</td></tr><tr><td>March</td><td>20,256.1</td><td>18,125.7</td><td>156.0</td><td>1,800.0</td><td>174.4</td></tr><tr><td>April</td><td>20,250.9</td><td>18,147.2</td><td>156.0</td><td>1,800.0</td><td>147.7</td></tr><tr><td>May</td><td>20,241.9</td><td>18,142.5</td><td>156.0</td><td>1,800.0</td><td>141.3</td></tr><tr><td>June</td><td>20,269.9</td><td>18,153.3</td><td>156.0</td><td>1,800.0</td><td>160.6</td></tr><tr><td>July p</td><td>20,267.0</td><td>18,155.6</td><td>156.0</td><td>1,800.0</td><td>155.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. 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 Cen
(a) Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. 2/3/1 Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1941 - Jan.-Mar....</td><td>19.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June....</td><td>30.91</td><td>228.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>75.11</td><td>3.27</td><td>135.43</td></tr><tr><td>Oct.-Dec....</td><td>19.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June....</td><td>30.03</td><td>11.62</td><td>1.13</td><td>40.78</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar....</td><td>1.28</td><td>-152.80</td><td>.69</td><td>-150.51</td></tr><tr><td>Apr.-June....</td><td>-3.01</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept....</td><td>5.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec....</td><td>-3.23</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar....</td><td>-3.61</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June....</td><td>-7.11</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept....</td><td>6.66</td><td>-341.20</td><td>.67</td><td>-334.90</td></tr><tr><td>Oct.-Dec....</td><td>-12.70</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar....</td><td>-17.89</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June....</td><td>-18.48</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept....</td><td>-14.70</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec....</td><td>-18.90</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar....</td><td>-24.15</td><td>213.88</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June....</td><td>-31.56</td><td>44.77</td><td>.59</td><td>13.80</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($25 per fine ounce)</th><th>Silver ($1.25 per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,582.1</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>19,961.1</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>1946</td><td>20,269.6</td><td>3,508.8</td><td>14.8</td></tr><tr><td>1945-July</td><td>20,152.4</td><td>3,682.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.8</td><td>3,631.2</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</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February</td><td>20,232.2</td><td>3,508.3</td><td>14.8</td></tr><tr><td>March</td><td>20,256.1</td><td>3,508.4</td><td>14.8</td></tr><tr><td>April</td><td>20,250.9</td><td>3,508.5</td><td>14.8</td></tr><tr><td>May</td><td>20,241.9</td><td>3,508.7</td><td>14.8</td></tr><tr><td>June</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>July p.</td><td>20,267.0</td><td>3,508.9</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
September 1946
75
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 1/</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>h3.4</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>575.3</td><td>h4.4</td><td>372.8</td><td>3,246.8</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>h5.1</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>494.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>h93.5</td><td>h,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>h,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>591.5</td><td>96.6</td><td>684.7</td><td>h,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</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1945-July</td><td>1,574.6</td><td>365.1</td><td>15.1</td><td>-</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>363.3</td><td>14.9</td><td>-</td><td>271.3</td><td>130.6</td><td>822.7</td><td>3,633.2</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>809.5</td><td>3,636.9</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>673.5</td><td>3,569.3</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</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January</td><td>1,771.7</td><td>355.8</td><td>13.4</td><td>-</td><td>157.7</td><td>138.2</td><td>848.6</td><td>3,508.3</td></tr><tr><td>February</td><td>1,818.5</td><td>355.3</td><td>17.0</td><td>.1</td><td>139.4</td><td>138.7</td><td>848.9</td><td>3,508.3</td></tr><tr><td>March</td><td>1,850.8</td><td>354.5</td><td>17.7</td><td>.3</td><td>127.1</td><td>139.4</td><td>850.1</td><td>3,508.4</td></tr><tr><td>April</td><td>1,909.0</td><td>353.6</td><td>17.0</td><td>.1</td><td>105.7</td><td>140.3</td><td>852.3</td><td>3,508.5</td></tr><tr><td>May</td><td>1,909.0</td><td>352.1</td><td>15.2</td><td>.6</td><td>104.5</td><td>141.8</td><td>857.5</td><td>3,508.7</td></tr><tr><td>June</td><td>1,909.1</td><td>350.9</td><td>13.3</td><td>.6</td><td>102.3</td><td>142.7</td><td>865.6</td><td>3,508.4</td></tr><tr><td>July p</td><td>1,909.1</td><td>349.7</td><td>11.7</td><td>.6</td><td>101.2</td><td>143.9</td><td>871.1</td><td>3,508.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. 1 Less than $50 thousand. 1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
1/ 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
(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 mines and assay offices</th></tr><tr><th colspan="2">Newly mixed domestic silver 2/</th><th colspan="2">Nationalised 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>195.4</td><td>156.9</td><td>257.1</td><td>199.3</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>5</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1945-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>2.5</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><tr><td>December</td><td>2.0</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>1946-January</td><td>2.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.2</td></tr><tr><td>February</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>March</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>April</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>May</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>June</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</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.
n.a. Not available.
* Less than 50,000 ounces or $50 thousand.
1/ For information on silver production in other countries from 1913 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 68.64* cents per fine ounce 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 64.60* cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11* cents since July 1, 1939. 3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 3/ Acquired at various prices averaging approximately 51 cents per ounce.
76
Treasury Bulletin
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 colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Mine. silver (incl. silver bullion held June 1st, 1934)</th><th>Heavily-mined silver (Proc. Dec. 21, 1933)</th><th>Heavily-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalised silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></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>301.1</td><td>34.7</td><td>422.1</td><td>397.3</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.1</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>457.1</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>936.1</td><td>333.2</td></tr><tr><td>1945-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>409.3</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>936.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>851.3</td><td>273.2</td></tr><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr><tr><td>March</td><td>438.2</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.8</td><td>224.7</td></tr><tr><td>April</td><td>441.3</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>186.9</td></tr><tr><td>May</td><td>446.4</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>184.9</td></tr><tr><td>June</td><td>453.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>180.9</td></tr><tr><td>July</td><td>457.8</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>178.8</td></tr></table>
Source: Daily Treasury Statement. 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 seigniorage thereon changes.
September 1946
77
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 moneys</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>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>6,932</td><td>63</td><td>1,711</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>190</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>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1945-July</td><td>27,108</td><td>25,855</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>23,685</td><td>517</td><td>119</td></tr><tr><td>September</td><td>27,826</td><td>26,582</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>26,918</td><td>51</td><td>1,827</td><td>1</td><td>316</td><td>24,135</td><td>499</td><td>118</td></tr><tr><td>December</td><td>28,515</td><td>27,240</td><td>51</td><td>1,872</td><td>1</td><td>316</td><td>24,388</td><td>494</td><td>117</td></tr><tr><td>1946-January</td><td>27,917</td><td>26,657</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,857</td><td>487</td><td>117</td></tr><tr><td>February</td><td>27,954</td><td>26,691</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,868</td><td>484</td><td>116</td></tr><tr><td>March</td><td>27,879</td><td>26,609</td><td>51</td><td>1,916</td><td>1</td><td>306</td><td>23,741</td><td>479</td><td>115</td></tr><tr><td>April</td><td>27,835</td><td>26,605</td><td>51</td><td>1,978</td><td>1</td><td>303</td><td>23,685</td><td>473</td><td>115</td></tr><tr><td>May</td><td>28,120</td><td>26,829</td><td>50</td><td>2,018</td><td>1</td><td>317</td><td>23,861</td><td>468</td><td>114</td></tr><tr><td>June</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>July p</td><td>28,246</td><td>26,936</td><td>50</td><td>1,996</td><td>1</td><td>314</td><td>24,003</td><td>458</td><td>113</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th>Money in circulation per capita (in dollars)</th></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>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>351</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>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.96</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.57</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.34</td></tr><tr><td>1945-July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>193.95 r</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>818</td><td>303</td><td>200.24</td></tr><tr><td>November</td><td>1,253</td><td>133</td><td>825</td><td>305</td><td>201.24</td></tr><tr><td>December</td><td>1,274</td><td>136</td><td>832</td><td>307</td><td>203.29</td></tr><tr><td>1946-January</td><td>1,261</td><td>136</td><td>819</td><td>306</td><td>198.58</td></tr><tr><td>February</td><td>1,264</td><td>136</td><td>820</td><td>307</td><td>198.83</td></tr><tr><td>March</td><td>1,269</td><td>137</td><td>824</td><td>309</td><td>198.16</td></tr><tr><td>April</td><td>1,280</td><td>138</td><td>830</td><td>312</td><td>198.08</td></tr><tr><td>May</td><td>1,291</td><td>139</td><td>837</td><td>315</td><td>199.61</td></tr><tr><td>June</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.34</td></tr><tr><td>July p</td><td>1,310</td><td>141</td><td>849</td><td>320</td><td>200.17</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. p r 1/ Reviewed. 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.
78
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
September 1946
79
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available.
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I.- Historical Summary
Table 1.- Net Capital Movement
(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>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>1,440,685</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,198</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</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>673,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>261,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,996</td><td>328,968</td><td>34</td><td>57,196</td><td>26,798</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,609</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,398</td><td>-245,052</td><td>78,196</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>625,121</td><td>183,373</td><td>3,513</td><td>46,599</td><td>-1,306</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,098</td><td>13,372</td><td>27,151</td><td>77,166</td></tr><tr><td>1944</td><td>461,394</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Apr. 30, 1946)</td><td>-197,017</td><td>-130,002</td><td>-2,393</td><td>-167,996</td><td>103,374</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1946)</td><td>8,605,797</td><td>6,797,248</td><td>141,689</td><td>630,731</td><td>1,076,133</td></tr><tr><td>1945-April</td><td>55,874</td><td>44,446</td><td>-78</td><td>-18,079</td><td>28,985</td></tr><tr><td>May</td><td>52,304</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>19,338</td></tr><tr><td>June</td><td>212,479</td><td>171,687</td><td>-1,831</td><td>63,424</td><td>-20,801</td></tr><tr><td>July</td><td>224,513</td><td>231,025</td><td>-1,689</td><td>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>56,390</td><td>81,132</td><td>2,094</td><td>-11,570</td><td>-15,276</td></tr><tr><td>September</td><td>116,732</td><td>125,994</td><td>5,169</td><td>-13,202</td><td>-1,529</td></tr><tr><td>October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,358</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,826</td><td>4,636</td><td>-15,985</td><td>36,455</td></tr><tr><td>December</td><td>4,837</td><td>-9,691</td><td>5,075</td><td>19,699</td><td>-10,206</td></tr><tr><td>1946-February</td><td>20,049</td><td>76,683</td><td>-4,932</td><td>-172,787</td><td>135,095</td></tr><tr><td>February</td><td>-88,934</td><td>-103,494</td><td>-1,210</td><td>46,447</td><td>-30,687</td></tr><tr><td>March</td><td>-96,680</td><td>-83,128</td><td>5,996</td><td>-27,330</td><td>5,822</td></tr><tr><td>April</td><td>-29,452</td><td>-20,073</td><td>1,793</td><td>-14,326</td><td>3,154</td></tr></table>
80
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or death</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th>Net short-term liabilities</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,196,496</td><td>46,795</td><td>97,851</td><td>582,561</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,126</td><td>435,577</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,994</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,571,141</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>387,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,234</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,177</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,329</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,901</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,621</td><td>169,610</td><td>5,596,175</td><td>4,356,501</td><td>1,218,633</td><td>23,642</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1945-April</td><td>290,787</td><td>44,055</td><td>117,974</td><td>128,758</td><td>6,028,010</td><td>4,627,034</td><td>1,380,491</td><td>20,485</td><td>5,737,623</td></tr><tr><td>May</td><td>289,821</td><td>53,834</td><td>111,907</td><td>124,080</td><td>6,013,950</td><td>4,688,650</td><td>1,352,969</td><td>22,331</td><td>5,784,139</td></tr><tr><td>June</td><td>375,038</td><td>60,723</td><td>126,013</td><td>188,302</td><td>6,409,354</td><td>4,875,373</td><td>1,515,620</td><td>18,561</td><td>6,034,516</td></tr><tr><td>July</td><td>325,243</td><td>49,859</td><td>96,020</td><td>179,364</td><td>6,584,784</td><td>4,804,741</td><td>1,761,008</td><td>19,035</td><td>6,259,561</td></tr><tr><td>August</td><td>306,460</td><td>50,727</td><td>120,218</td><td>135,515</td><td>6,660,933</td><td>4,853,683</td><td>1,777,064</td><td>20,186</td><td>6,354,873</td></tr><tr><td>September</td><td>270,226</td><td>39,772</td><td>93,815</td><td>136,639</td><td>6,780,693</td><td>4,894,102</td><td>1,864,814</td><td>21,777</td><td>6,510,467</td></tr><tr><td>October</td><td>259,952</td><td>42,606</td><td>95,742</td><td>121,604</td><td>6,952,466</td><td>4,997,303</td><td>1,930,594</td><td>24,619</td><td>6,662,534</td></tr><tr><td>November</td><td>331,320</td><td>43,596</td><td>90,437</td><td>197,287</td><td>6,861,428</td><td>4,938,255</td><td>1,895,283</td><td>27,890</td><td>6,530,108</td></tr><tr><td>December</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,396</td><td>247,766</td><td>6,973,271</td><td>5,007,098</td><td>1,944,872</td><td>21,301</td><td>6,966,982</td></tr><tr><td>February</td><td>406,802</td><td>49,218</td><td>109,516</td><td>255,315</td><td>6,870,302</td><td>4,903,606</td><td>1,943,274</td><td>25,922</td><td>6,460,302</td></tr><tr><td>March</td><td>431,930</td><td>53,333</td><td>112,076</td><td>266,521</td><td>6,812,303</td><td>4,894,205</td><td>1,943,576</td><td>24,522</td><td>6,380,373</td></tr><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,531</td><td>270,667</td><td>6,794,570</td><td>4,839,453</td><td>1,926,596</td><td>28,521</td><td>6,360,300</td></tr></table><p>Note: Amounts to include Philippine Government currency with the U.S. Treasury.</p>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 89 for details.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable to foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars to foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>-361,360</td><td>-228,132</td><td>3,552</td><td>-136,780</td><td>631,469</td><td>587,326</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>-70,119</td><td>-11,788</td><td>-11,868</td><td>-51,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>426,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>-17,624</td><td>11,526</td><td>20,191</td><td>-49,341</td><td>269,770</td><td>143,622</td><td>113,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>-28,948</td><td>-2,393</td><td>48,604</td><td>-75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>-117,340</td><td>-83,299</td><td>7,171</td><td>-41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,883</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>-128,724</td><td>-19,268</td><td>-58,120</td><td>-47,336</td><td>116,904</td><td>760,993</td><td>-24,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>-16,192</td><td>-409</td><td>3,515</td><td>-19,298</td><td>-259,714</td><td>-433,959</td><td>185,637</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>-97,503</td><td>-15,933</td><td>-20,671</td><td>-60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,773</td></tr><tr><td>1943</td><td>-11,256</td><td>1,471</td><td>14,130</td><td>-6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>71,155</td><td>20,216</td><td>19,047</td><td>32,506</td><td>220,359</td><td>220,516</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>63,012</td><td>-7,114</td><td>-5,154</td><td>75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946 (Jan. 1, 1946-Apr. 30, 1946)</td><td>41,504</td><td>14,583</td><td>1,264</td><td>25,657</td><td>-88,498</td><td>-107,171</td><td>15,698</td><td>2,975</td><td>-130,002</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1946)</td><td>-846,213</td><td>-291,964</td><td>2,403</td><td>-356,652</td><td>6,111,035</td><td>4,229,102</td><td>1,909,949</td><td>-28,016</td><td>6,757,248</td></tr><tr><td>1945-April</td><td>3,847</td><td>49</td><td>-1,567</td><td>5,365</td><td>70,093</td><td>89,563</td><td>-21,319</td><td>1,749</td><td>66,246</td></tr><tr><td>May</td><td>-966</td><td>9,779</td><td>-6,061</td><td>-4,678</td><td>45,940</td><td>61,616</td><td>-17,522</td><td>1,846</td><td>46,906</td></tr><tr><td>June</td><td>85,217</td><td>6,889</td><td>14,106</td><td>68,222</td><td>335,604</td><td>186,723</td><td>152,651</td><td>-3,770</td><td>250,387</td></tr><tr><td>July</td><td>-49,795</td><td>-10,804</td><td>-29,993</td><td>-8,938</td><td>175,230</td><td>-70,532</td><td>245,388</td><td>474</td><td>225,025</td></tr><tr><td>August</td><td>-18,783</td><td>858</td><td>24,198</td><td>-43,849</td><td>76,149</td><td>58,942</td><td>16,056</td><td>1,251</td><td>94,932</td></tr><tr><td>September</td><td>-36,234</td><td>-10,955</td><td>-26,403</td><td>1,124</td><td>119,760</td><td>30,819</td><td>87,750</td><td>1,591</td><td>155,994</td></tr><tr><td>October</td><td>-10,274</td><td>2,834</td><td>1,927</td><td>-15,035</td><td>171,793</td><td>103,201</td><td>65,750</td><td>2,842</td><td>182,067</td></tr><tr><td>November</td><td>71,358</td><td>3,990</td><td>-5,305</td><td>75,683</td><td>-91,558</td><td>-59,048</td><td>-35,681</td><td>3,271</td><td>-168,506</td></tr><tr><td>December</td><td>61,446</td><td>3,893</td><td>3,830</td><td>47,753</td><td>21,580</td><td>8,369</td><td>15,615</td><td>-2,394</td><td>-39,806</td></tr><tr><td>1946-January</td><td>13,520</td><td>2,635</td><td>8,129</td><td>2,756</td><td>90,203</td><td>60,474</td><td>33,974</td><td>-4,245</td><td>76,683</td></tr><tr><td>February</td><td>515</td><td>-906</td><td>-6,128</td><td>7,549</td><td>-102,969</td><td>-103,192</td><td>-1,598</td><td>2,121</td><td>-103,984</td></tr><tr><td>March</td><td>25,129</td><td>4,115</td><td>9,808</td><td>11,206</td><td>-57,999</td><td>-59,401</td><td>302</td><td>1,100</td><td>-83,128</td></tr><tr><td>April</td><td>2,340</td><td>8,739</td><td>-10,545</td><td>4,145</td><td>-17,733</td><td>-4,752</td><td>-16,980</td><td>3,999</td><td>-20,073</td></tr></table>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 89 for details.
September 1946
81
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total Purchase</th><th>Total Sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,098</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,813,381</td><td>2,028,755</td><td>284,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 1, 1940-Dec. 31, 1940)</td><td>284,806</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>116,039</td><td>358,958</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>328,991</td><td>582,966</td><td>-253,975</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>168,218</td><td>138,514</td><td>29,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,839</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,204</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945 (Jan. 1, 1945-Apr. 30, 1946)</td><td>260,223</td><td>357,695</td><td>-97,472</td><td>377,711</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946 (Jan. 1, 1945-Apr. 30, 1946)</td><td>143,937</td><td>180,763</td><td>-36,826</td><td>201,389</td><td>332,559</td><td>-131,170</td><td>345,326</td><td>513,322</td><td>-167,996</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>11,609,282</td><td>10,978,551</td><td>630,731</td></tr><tr><td>1945-April</td><td>17,227</td><td>22,389</td><td>-5,162</td><td>12,111</td><td>25,028</td><td>-12,917</td><td>29,338</td><td>47,417</td><td>-18,079</td></tr><tr><td>May</td><td>20,439</td><td>27,064</td><td>-6,625</td><td>6,716</td><td>17,580</td><td>-10,864</td><td>27,155</td><td>44,644</td><td>-17,489</td></tr><tr><td>June</td><td>26,752</td><td>28,085</td><td>-1,333</td><td>85,985</td><td>21,228</td><td>64,757</td><td>112,737</td><td>49,313</td><td>63,424</td></tr><tr><td>July</td><td>17,830</td><td>21,632</td><td>-3,802</td><td>21,896</td><td>26,338</td><td>-4,442</td><td>42,726</td><td>47,970</td><td>-5,244</td></tr><tr><td>August</td><td>12,919</td><td>19,691</td><td>-6,782</td><td>19,624</td><td>24,412</td><td>-4,788</td><td>32,539</td><td>44,109</td><td>-11,570</td></tr><tr><td>September</td><td>20,404</td><td>29,529</td><td>-9,125</td><td>23,451</td><td>27,528</td><td>-4,077</td><td>43,855</td><td>57,057</td><td>-13,202</td></tr><tr><td>October</td><td>26,324</td><td>43,024</td><td>-16,700</td><td>31,019</td><td>37,587</td><td>-6,668</td><td>57,343</td><td>80,711</td><td>-23,368</td></tr><tr><td>November</td><td>33,084</td><td>47,522</td><td>-14,538</td><td>29,318</td><td>30,709</td><td>-1,447</td><td>62,402</td><td>78,381</td><td>-15,985</td></tr><tr><td>December</td><td>30,180</td><td>41,969</td><td>-11,389</td><td>61,925</td><td>30,877</td><td>31,048</td><td>92,105</td><td>72,446</td><td>19,659</td></tr><tr><td>1946-January</td><td>47,558</td><td>54,782</td><td>-7,224</td><td>49,320</td><td>214,853</td><td>-165,563</td><td>96,878</td><td>269,665</td><td>-172,787</td></tr><tr><td>February</td><td>38,842</td><td>42,780</td><td>-3,938</td><td>69,777</td><td>19,392</td><td>50,385</td><td>108,619</td><td>62,172</td><td>46,447</td></tr><tr><td>March</td><td>23,384</td><td>39,077</td><td>-15,093</td><td>41,946</td><td>54,183</td><td>-12,237</td><td>65,330</td><td>93,260</td><td>-27,930</td></tr><tr><td>April</td><td>33,553</td><td>44,124</td><td>-10,571</td><td>40,346</td><td>44,101</td><td>-3,755</td><td>73,899</td><td>88,225</td><td>-14,326</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total Purchases</th><th>Total Sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Jan. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>656,149</td><td>705,013</td><td>191,016</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>458,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,947</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>230,233 1/</td><td>227,891 2/</td><td>-1,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>465,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>5,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Apr. 30, 1946)</td><td>20,868</td><td>28,235</td><td>-7,367</td><td>264,074</td><td>153,333</td><td>110,741</td><td>284,942</td><td>181,568</td><td>103,374</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>5,679,612</td><td>4,603,479</td><td>1,076,133</td></tr><tr><td>1945-April</td><td>1,925</td><td>2,257</td><td>-332</td><td>42,299</td><td>12,982</td><td>29,317</td><td>44,224</td><td>15,239</td><td>28,985</td></tr><tr><td>May</td><td>3,254</td><td>4,510</td><td>-1,256</td><td>45,615</td><td>25,021</td><td>20,594</td><td>48,869</td><td>29,531</td><td>19,338</td></tr><tr><td>June</td><td>3,975</td><td>7,489</td><td>-3,514</td><td>16,194</td><td>33,481</td><td>-17,287</td><td>20,169</td><td>40,970</td><td>-20,801</td></tr><tr><td>July</td><td>2,303</td><td>2,040</td><td>263</td><td>30,921</td><td>27,363</td><td>3,558</td><td>33,224</td><td>29,403</td><td>3,821</td></tr><tr><td>August</td><td>2,605</td><td>2,182</td><td>423</td><td>11,169</td><td>26,886</td><td>-15,699</td><td>13,774</td><td>29,050</td><td>-15,276</td></tr><tr><td>September</td><td>2,421</td><td>2,094</td><td>327</td><td>13,562</td><td>15,418</td><td>-1,856</td><td>15,983</td><td>17,512</td><td>-1,529</td></tr><tr><td>October</td><td>4,533</td><td>4,331</td><td>-800</td><td>13,482</td><td>64,361</td><td>-50,879</td><td>17,015</td><td>68,694</td><td>-51,679</td></tr><tr><td>November</td><td>4,397</td><td>8,216</td><td>-3,819</td><td>63,464</td><td>23,190</td><td>40,274</td><td>67,861</td><td>31,406</td><td>36,455</td></tr><tr><td>December</td><td>5,354</td><td>11,150</td><td>-5,796</td><td>17,584</td><td>21,994</td><td>-4,410</td><td>22,938</td><td>33,144</td><td>-10,206</td></tr><tr><td>1946-January</td><td>6,788</td><td>9,781</td><td>-2,993</td><td>161,145</td><td>33,067</td><td>128,078</td><td>167,933</td><td>42,848</td><td>125,085</td></tr><tr><td>February</td><td>5,525</td><td>7,831</td><td>-2,306</td><td>25,446</td><td>53,877</td><td>-28,431</td><td>31,011</td><td>61,158</td><td>-30,147</td></tr><tr><td>March</td><td>3,928</td><td>5,919</td><td>-1,991</td><td>29,247</td><td>23,144</td><td>7,613</td><td>33,175</td><td>27,353</td><td>5,822</td></tr><tr><td>April</td><td>4,527</td><td>4,654</td><td>-127</td><td>48,236</td><td>44,955</td><td>3,281</td><td>52,763</td><td>49,609</td><td>3,154</td></tr></table>
1/ Adjusted for the inclusion on July 1 of $14,787 thousand representing the sale of Province of Ontario Roads.
2/ Adjusted for the inclusion of $2,564 thousand representing redemption on July 1 of Province of Cordoba Bonds.
82
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
(Continued)
Section II - Summary by Countries
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>-22,879</td><td>3,278</td><td>36,948</td><td>8,728</td><td>-56,184</td><td>-72,093</td><td>-8,936</td><td>-49,063</td><td>3,809</td><td>-34,226</td><td>-53,553</td><td>-85,679</td><td>-9,572</td></tr><tr><td>France</td><td>-28,925</td><td>-24,513</td><td>68,634</td><td>20,696</td><td>-42,548</td><td>-35,906</td><td>46,934</td><td>-41,088</td><td>-5,580</td><td>89,394</td><td>-21,942</td><td>-16,533</td><td>-61,858</td></tr><tr><td>Belgium</td><td>5,012</td><td>7,759</td><td>-3,157</td><td>8,570</td><td>-979</td><td>69,123</td><td>-22,522</td><td>-12,135</td><td>2,672</td><td>-1,616</td><td>-18,227</td><td>-2,496</td><td>8,643</td></tr><tr><td>Denmark</td><td>-672</td><td>-346</td><td>603</td><td>149</td><td>521</td><td>2,324</td><td>1,785</td><td>4,227</td><td>3,361</td><td>13,082</td><td>1,369</td><td>2,554</td><td>3,117</td></tr><tr><td>Finland</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td><td>114</td><td>1,168</td><td>-437</td><td>-466</td><td>-550</td><td>-189</td><td>4,030</td><td>694</td><td>-578</td></tr><tr><td>Germany</td><td>43</td><td>-219</td><td>33</td><td>34</td><td>116</td><td>173</td><td>163</td><td>-86</td><td>289</td><td>-93</td><td>-156</td><td>-171</td><td>20</td></tr><tr><td>Greece</td><td>1,861</td><td>1,096</td><td>2,928</td><td>3,870</td><td>2,807</td><td>2,930</td><td>2,505</td><td>3,456</td><td>-234</td><td>-845</td><td>-210</td><td>5,205</td><td>526</td></tr><tr><td>Italy</td><td>3,440</td><td>2,045</td><td>2,462</td><td>5,189</td><td>4,381</td><td>4,600</td><td>3,839</td><td>2,612</td><td>5,672</td><td>772</td><td>1,223</td><td>2,705</td><td>27,681</td></tr><tr><td>Luxembourg</td><td>-114</td><td>163</td><td>270</td><td>3,554</td><td>72</td><td>114</td><td>-84</td><td>186</td><td>367</td><td>-22</td><td>194</td><td>143</td><td>-350</td></tr><tr><td>Netherlands</td><td>591</td><td>527</td><td>5,169</td><td>3,038</td><td>2,003</td><td>31</td><td>5,754</td><td>2,334</td><td>13,472</td><td>-1,240</td><td>-12,628</td><td>10,765</td><td>-8,371</td></tr><tr><td>Norway</td><td>5,376</td><td>-5,924</td><td>6,933</td><td>-4,441</td><td>-7,022</td><td>-2,786</td><td>-1,785</td><td>299</td><td>1,714</td><td>-8,677</td><td>-4,930</td><td>-2,715</td><td>-8,526</td></tr><tr><td>Portugal</td><td>3,923</td><td>-2,762</td><td>4,194</td><td>5,999</td><td>-7,371</td><td>6,479</td><td>-319</td><td>3,240</td><td>-687</td><td>-328</td><td>-2,292</td><td>131</td><td>4,199</td></tr><tr><td>Romania</td><td>33</td><td>-45</td><td>-34</td><td>31</td><td>417</td><td>-455</td><td>15</td><td>20</td><td>36</td><td>-1</td><td>-78</td><td>6</td><td>692</td></tr><tr><td>Spain</td><td>4,490</td><td>5,487</td><td>-4,857</td><td>5,114</td><td>3,008</td><td>-7,280</td><td>-8,251</td><td>6,914</td><td>1,896</td><td>5,095</td><td>781</td><td>-2,129</td><td>990</td></tr><tr><td>Sweden</td><td>69</td><td>3,200</td><td>5,290</td><td>17,891</td><td>9,666</td><td>5,881</td><td>14,167</td><td>2,925</td><td>-7,246</td><td>498</td><td>1,461</td><td>-7,615</td><td>-6,388</td></tr><tr><td>Switzerland</td><td>-2,290</td><td>6,381</td><td>2,564</td><td>10,251</td><td>5,665</td><td>2,775</td><td>6,809</td><td>4,611</td><td>12,512</td><td>6,269</td><td>2,524</td><td>-2,252</td><td>1,555</td></tr><tr><td>U. S. S. R.</td><td>4,212</td><td>4,703</td><td>3,340</td><td>1,470</td><td>3,396</td><td>-374</td><td>-965</td><td>401</td><td>3,230</td><td>1,737</td><td>-1,271</td><td>-3,943</td><td>19,965</td></tr><tr><td>Yugoslavia</td><td>-46</td><td>-145</td><td>34</td><td>-903</td><td>-56</td><td>106</td><td>14</td><td>199</td><td>350</td><td>578</td><td>195</td><td>217</td><td>852</td></tr><tr><td>Other Europe</td><td>-1,095</td><td>62</td><td>-1,133</td><td>-6,406</td><td>1,694</td><td>-2,219</td><td>-240</td><td>479</td><td>-625</td><td>1,534</td><td>1,509</td><td>801</td><td>124</td></tr><tr><td>Total Europe</td><td>-27,081</td><td>573</td><td>131,071</td><td>83,110</td><td>-80,370</td><td>-25,439</td><td>38,445</td><td>-70,635</td><td>34,438</td><td>71,622</td><td>-102,001</td><td>-99,922</td><td>-27,229</td></tr><tr><td>Canada</td><td>56,540</td><td>1,775</td><td>70,300</td><td>84,721</td><td>80,399</td><td>28,035</td><td>7,997</td><td>15,177</td><td>-38,599</td><td>-53,142</td><td>14,396</td><td>13,474</td><td>-22,784</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>-2,980</td><td>-1,471</td><td>3,686</td><td>3,369</td><td>-3,747</td><td>1,747</td><td>809</td><td>8,384</td><td>-4,648</td><td>14,251</td><td>-7,130</td><td>-1,991</td><td>2,268</td></tr><tr><td>Bolivia</td><td>1,355</td><td>-751</td><td>1,601</td><td>-1,639</td><td>866</td><td>-25</td><td>-628</td><td>-1,988</td><td>-1,296</td><td>-1,401</td><td>165</td><td>-1,004</td><td>-1,020</td></tr><tr><td>Brazil</td><td>3,713</td><td>3,454</td><td>4,453</td><td>21,639</td><td>1,573</td><td>21,356</td><td>2,411</td><td>2,262</td><td>7,098</td><td>-4,857</td><td>5,081</td><td>11,176</td><td>-5,016</td></tr><tr><td>Chile</td><td>-1,700</td><td>6,217</td><td>13,375</td><td>-3,584</td><td>2,089</td><td>-2,623</td><td>1,413</td><td>8,685</td><td>-4,076</td><td>457</td><td>-681</td><td>-1,820</td><td>-3,551</td></tr><tr><td>Colombia</td><td>-2,779</td><td>-1,000</td><td>-1,911</td><td>6,748</td><td>7,062</td><td>3,460</td><td>-7,149</td><td>-3,629</td><td>-1,993</td><td>2,961</td><td>-2,108</td><td>-4,896</td><td>-1,785</td></tr><tr><td>Costa Rica</td><td>577</td><td>91</td><td>-820</td><td>496</td><td>-958</td><td>-1,159</td><td>471</td><td>720</td><td>-305</td><td>-1,039</td><td>-332</td><td>687</td><td>-271</td></tr><tr><td>Cuba</td><td>23,593</td><td>27,030</td><td>10,591</td><td>3,269</td><td>-517</td><td>-6,205</td><td>-8,284</td><td>-19,077</td><td>-12,850</td><td>-6,409</td><td>147</td><td>16,126</td><td>27,101</td></tr><tr><td>French West Indies and Guiana</td><td>-245</td><td>1,206</td><td>-158</td><td>2,242</td><td>-1,276</td><td>364</td><td>-308</td><td>-690</td><td>428</td><td>47</td><td>-54</td><td>-576</td><td>34</td></tr><tr><td>Mexico</td><td>10,850</td><td>19,503</td><td>5,507</td><td>12,035</td><td>-17,438</td><td>5,223</td><td>-5,253</td><td>-54,311</td><td>3,024</td><td>14,564</td><td>5,229</td><td>16,898</td><td>-16,156</td></tr><tr><td>Other 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>Netherlands East Indies and Surinam</td><td>-373</td><td>-1,142</td><td>-3,554</td><td>2,565</td><td>38</td><td>1,204</td><td>1,073</td><td>-2,024</td><td>-3,669</td><td>-7,285</td><td>1,958</td><td>-2,338</td><td>1,133</td></tr><tr><td>Peru</td><td>-1,578</td><td>559</td><td>2,337</td><td>1,766</td><td>-2,745</td><td>918</td><td>-1,003</td><td>-221</td><td>1,065</td><td>623</td><td>-3,685</td><td>3,233</td><td>5,132</td></tr><tr><td>Paraguay</td><td>711</td><td>571</td><td>2,766</td><td>-552</td><td>2,723</td><td>812</td><td>3,959</td><td>3,129</td><td>-2,123</td><td>-1,878</td><td>1,948</td><td>-3,296</td><td>-1,590</td></tr><tr><td>Venezuela</td><td>-6,776</td><td>3,847</td><td>-7,987</td><td>8,958</td><td>-7,041</td><td>1,500</td><td>2,600</td><td>-8,524</td><td>11,446</td><td>-13,320</td><td>5,505</td><td>-1,564</td><td>8,964</td></tr><tr><td>Other Latin America</td><td>4,449</td><td>3,191</td><td>-388</td><td>310</td><td>-158</td><td>-4,958</td><td>794</td><td>-922</td><td>9,821</td><td>9,993</td><td>4,402</td><td>10,098</td><td>-2,835</td></tr><tr><td>Total Latin America</td><td>28,857</td><td>61,305</td><td>29,498</td><td>57,822</td><td>-19,529</td><td>21,644</td><td>-9,095</td><td>-68,206</td><td>1,922</td><td>6,697</td><td>5,641</td><td>40,733</td><td>9,408</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>-6,899</td><td>-4,768</td><td>-6,407</td><td>-6,740</td><td>76,809</td><td>9,619</td><td>6,793</td><td>-10,935</td><td>-9,970</td><td>-9,854</td><td>-20,916</td><td>-20,080</td><td>-20,767</td></tr><tr><td>French Indo-China</td><td>16</td><td>76</td><td>-22</td><td>7</td><td>37</td><td>53</td><td>-77</td><td>-220</td><td>725</td><td>410</td><td>6,336</td><td>3,222</td><td>220</td></tr><tr><td>Hong Kong</td><td>-262</td><td>264</td><td>219</td><td>-71</td><td>-246</td><td>149</td><td>-143</td><td>-124</td><td>5,221</td><td>2,747</td><td>1,616</td><td>2,175</td><td>1,512</td></tr><tr><td>India, Burma, and Ceylon</td><td>1,696</td><td>-4,416</td><td>383</td><td>3,123</td><td>631</td><td>10,539</td><td>5,232</td><td>1,426</td><td>-1,667</td><td>-4,477</td><td>8,547</td><td>-10,868</td><td>8,589</td></tr><tr><td>British Malaya</td><td>16</td><td>-53</td><td>113</td><td>-39</td><td>2</td><td>4</td><td>67</td><td>46</td><td>173</td><td>112</td><td>-197</td><td>-77</td><td>189</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-17</td><td>-13</td><td>69</td><td>272</td><td>-391</td><td>261</td><td>-53</td><td>-150</td><td>45</td><td>73</td><td>-147</td><td>-45</td><td>-141</td></tr><tr><td>Netherlands East Indies</td><td>-999</td><td>2,233</td><td>-6,470</td><td>1,414</td><td>-3,753</td><td>-9,621</td><td>-3,924</td><td>-1,836</td><td>9,975</td><td>-4,110</td><td>-9,329</td><td>-1,255</td><td>2,884</td></tr><tr><td>Philippine Islands</td><td>3,375</td><td>1,468</td><td>4,530</td><td>2,340</td><td>-14,360</td><td>54,137</td><td>-2,213</td><td>18,419</td><td>-1,175</td><td>8,128</td><td>-9,357</td><td>-32,774</td><td>17,768</td></tr><tr><td>Turkey</td><td>1,187</td><td>-1,031</td><td>801</td><td>-851</td><td>443</td><td>-928</td><td>698</td><td>-3,284</td><td>4,923</td><td>5,752</td><td>4,809</td><td>3,965</td><td>1,117</td></tr><tr><td>Other Asia</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>491</td><td>4,060</td><td>13,315</td><td>-1,299</td><td>-1,318</td><td>4,314</td><td>-2,707</td><td>2,985</td><td>7,429</td><td>-4,828</td></tr><tr><td>Total Asia</td><td>-2,362</td><td>-9,080</td><td>-18,355</td><td>13</td><td>63,226</td><td>77,528</td><td>5,011</td><td>2,572</td><td>12,964</td><td>-3,596</td><td>-15,653</td><td>-48,309</td><td>6,513</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>-9</td><td>-2,773</td><td>-1,232</td><td>-4,009</td><td>1,126</td><td>1,758</td><td>645</td><td>1,053</td><td>-2,014</td><td>205</td><td>-3,083</td><td>-1,532</td><td>2,275</td></tr><tr><td>New Zealand</td><td>-497</td><td>-41</td><td>-291</td><td>64</td><td>1,177</td><td>-1,432</td><td>398</td><td>467</td><td>12</td><td>-190</td><td>-221</td><td>-160</td><td>196</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>743</td><td>228</td><td>1,562</td><td>-228</td><td>2,685</td><td>89</td><td>3,971</td><td>2,263</td><td>-806</td><td>591</td><td>159</td><td>-579</td><td>-1,021</td></tr><tr><td>Persian Morocco</td><td>283</td><td>132</td><td>-611</td><td>343</td><td>754</td><td>966</td><td>1,903</td><td>1,474</td><td>341</td><td>-284</td><td>417</td><td>175</td><td>711</td></tr><tr><td>Union of South Africa</td><td>-1,011</td><td>-554</td><td>487</td><td>-950</td><td>1,224</td><td>3,116</td><td>-1,586</td><td>727</td><td>-1,471</td><td>-312</td><td>2,466</td><td>-153</td><td>-1,453</td></tr><tr><td>All other</td><td>-1,027</td><td>1,378</td><td>492</td><td>4,115</td><td>6,354</td><td>10,327</td><td>23,043</td><td>-17,565</td><td>-622</td><td>-1,059</td><td>7,858</td><td>-2,836</td><td>920</td></tr><tr><td>Total other countries</td><td>-991</td><td>-2,086</td><td>387</td><td>-664</td><td>13,320</td><td>14,224</td><td>28,374</td><td>-11,581</td><td>-4,560</td><td>-1,049</td><td>7,616</td><td>-5,085</td><td>1,622</td></tr><tr><td>Unidentified</td><td>311</td><td>-123</td><td>-422</td><td>-125</td><td>-696</td><td>739</td><td>461</td><td>553</td><td>-928</td><td>-483</td><td>1,057</td><td>429</td><td>2,986</td></tr><tr><td>Grand total</td><td>75,274</td><td>52,364</td><td>212,479</td><td>224,913</td><td>56,350</td><td>116,732</td><td>71,193</td><td>-132,120</td><td>4,837</td><td>20,049</td><td>-88,934</td><td>-98,680</td><td>-29,452</td></tr></table>
September 1946
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>-16,524</td><td>7,064</td><td>32,373</td><td>13,177</td><td>-54,769</td><td>-71,054</td><td>-2,565</td><td>-45,051</td><td>8,585</td><td>-29,060</td><td>-49,021</td><td>-79,000</td><td>-3,387</td></tr><tr><td>France</td><td>-28,051</td><td>-23,190</td><td>57,169</td><td>26,721</td><td>-42,284</td><td>-43,280</td><td>h7,152</td><td>-33,141</td><td>-17,196</td><td>88,551</td><td>-17,529</td><td>-16,282</td><td>-58,802</td></tr><tr><td>Belgium</td><td>6,015</td><td>7,589</td><td>-5,125</td><td>8,406</td><td>-579</td><td>68,884</td><td>-23,011</td><td>-12,678</td><td>2,003</td><td>-1,314</td><td>-18,119</td><td>-2,284</td><td>9,170</td></tr><tr><td>Denmark</td><td>-713</td><td>-293</td><td>290</td><td>5</td><td>736</td><td>2,405</td><td>1,731</td><td>4,259</td><td>3,092</td><td>13,151</td><td>1,466</td><td>2,658</td><td>1,111</td></tr><tr><td>Finland</td><td>-54</td><td>-175</td><td>-171</td><td>-32</td><td>145</td><td>1,482</td><td>-1,473</td><td>-1487</td><td>-662</td><td>-1,151</td><td>1,005</td><td>679</td><td>-956</td></tr><tr><td>Germany</td><td>51</td><td>-246</td><td>-5</td><td>26</td><td>99</td><td>13</td><td>191</td><td>-167</td><td>80</td><td>-57</td><td>-138</td><td>-158</td><td>21</td></tr><tr><td>Greece</td><td>1,846</td><td>1,182</td><td>2,928</td><td>3,925</td><td>2,664</td><td>2,926</td><td>2,584</td><td>2,304</td><td>-246</td><td>-857</td><td>-346</td><td>5,238</td><td>518</td></tr><tr><td>Italy</td><td>3,391</td><td>3,919</td><td>1,072</td><td>5,599</td><td>4,401</td><td>4,591</td><td>3,728</td><td>3,160</td><td>5,021</td><td>742</td><td>1,299</td><td>2,993</td><td>27,663</td></tr><tr><td>Luxembourg</td><td>-111</td><td>637</td><td>246</td><td>3,593</td><td>85</td><td>-42</td><td>-43</td><td>170</td><td>-745</td><td>30</td><td>35</td><td>-4</td><td>-301</td></tr><tr><td>Netherlands</td><td>-131</td><td>554</td><td>3,757</td><td>2,804</td><td>2,030</td><td>2,166</td><td>7,1429</td><td>5,773</td><td>12,085</td><td>12,949</td><td>-12,092</td><td>13,101</td><td>-7,613</td></tr><tr><td>Norway</td><td>5,279</td><td>-5,952</td><td>6,589</td><td>-4,332</td><td>-9,116</td><td>-2,758</td><td>-1,700</td><td>257</td><td>1,629</td><td>-8,086</td><td>-5,628</td><td>-2,979</td><td>-8,693</td></tr><tr><td>Portugal</td><td>3,927</td><td>-2,766</td><td>4,186</td><td>5,985</td><td>-7,385</td><td>6,450</td><td>-258</td><td>3,157</td><td>-693</td><td>-343</td><td>-2,228</td><td>102</td><td>11,324</td></tr><tr><td>Romania</td><td>36</td><td>-47</td><td>-34</td><td>30</td><td>401</td><td>-455</td><td></td><td>14</td><td>36</td><td>17</td><td>-78</td><td></td><td>692</td></tr><tr><td>Spain</td><td>4,669</td><td>5,397</td><td>-5,099</td><td>5,058</td><td>2,927</td><td>-7,292</td><td>-8,216</td><td>6,913</td><td>-234</td><td>5,177</td><td>708</td><td>-2,114</td><td>913</td></tr><tr><td>Sweden</td><td>297</td><td>2,162</td><td>5,176</td><td>17,921</td><td>9,796</td><td>5,891</td><td>14,203</td><td>3,251</td><td>-6,955</td><td>3,596</td><td>-1,048</td><td>-7,894</td><td>-6,312</td></tr><tr><td>Switzerland</td><td>-375</td><td>6,042</td><td>-1,463</td><td>9,127</td><td>6,931</td><td>3,153</td><td>6,426</td><td>6,937</td><td>12,981</td><td>7,951</td><td>2,034</td><td>4,295</td><td>2,336</td></tr><tr><td>U. S. S. R.</td><td>4,212</td><td>4,703</td><td>3,339</td><td>1,470</td><td>3,388</td><td>-374</td><td>-965</td><td>393</td><td>5,230</td><td>1,136</td><td>-1,271</td><td>-3,056</td><td>20,056</td></tr><tr><td>Yugoslavia</td><td>31</td><td>-145</td><td>33</td><td>-403</td><td>-57</td><td>103</td><td>14</td><td>218</td><td>295</td><td>614</td><td>196</td><td>214</td><td>914</td></tr><tr><td>Other Europe</td><td>-1,186</td><td>112</td><td>-1,304</td><td>-5,221</td><td>1,754</td><td>-2,174</td><td>-361</td><td>-66</td><td>-432</td><td>2,651</td><td>1,873</td><td>2,836</td><td>2,220</td></tr><tr><td>Total Europe</td><td>-17,391</td><td>6,047</td><td>103,967</td><td>93,675</td><td>-78,933</td><td>-30,075</td><td>45,862</td><td>-54,817</td><td>21,872</td><td>97,260</td><td>-95,882</td><td>-82,258</td><td>-13,736</td></tr><tr><td>Canada</td><td>36,540</td><td>-6,083</td><td>77,813</td><td>91,059</td><td>103,786</td><td>44,155</td><td>67,142</td><td>-11,925</td><td>-38,891</td><td>-192,445</td><td>2,033</td><td>18,423</td><td>-17,354</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>-3,410</td><td>-2,140</td><td>2,599</td><td>3,384</td><td>-4,318</td><td>1,183</td><td>1,118</td><td>-4,504</td><td>-5,404</td><td>14,235</td><td>-8,610</td><td>-2,797</td><td>-1,838</td></tr><tr><td>Bolivia</td><td>1,325</td><td>-764</td><td>1,613</td><td>-2,089</td><td>875</td><td>-72</td><td>-637</td><td>-1,691</td><td>-1,240</td><td>-1,234</td><td>-2</td><td>-1,074</td><td>-1,011</td></tr><tr><td>Brazil</td><td>3,715</td><td>4,061</td><td>2,306</td><td>21,876</td><td>1,185</td><td>21,155</td><td>1,202</td><td>2,595</td><td>6,913</td><td>-5,035</td><td>4,502</td><td>10,700</td><td>-5,701</td></tr><tr><td>Chile</td><td>-1,675</td><td>3,876</td><td>13,346</td><td>3,640</td><td>1,985</td><td>-2,418</td><td>1,027</td><td>7,472</td><td>-4,541</td><td>-1,38</td><td>-1,130</td><td>-1,612</td><td>-3,525</td></tr><tr><td>Colombia</td><td>-2,902</td><td>-1,020</td><td>-2,104</td><td>6,552</td><td>7,097</td><td>3,476</td><td>-7,675</td><td>-3,778</td><td>-2,713</td><td>2,579</td><td>-2,405</td><td>-5,108</td><td>-4,969</td></tr><tr><td>Costa Rica</td><td>585</td><td>103</td><td>-814</td><td>491</td><td>-999</td><td>-1,093</td><td>484</td><td>680</td><td>-244</td><td>-1,081</td><td>-347</td><td>652</td><td>-230</td></tr><tr><td>Cuba</td><td>22,850</td><td>27,337</td><td>10,205</td><td>2,867</td><td>-1,121</td><td>-6,272</td><td>-7,792</td><td>-19,166</td><td>-14,237</td><td>-6,621</td><td>-805</td><td>14,797</td><td>27,439</td></tr><tr><td>French West Indies and Guiana</td><td>-284</td><td>1,136</td><td>-77</td><td>2,242</td><td>-1,229</td><td>304</td><td>-308</td><td>-690</td><td>444</td><td>52</td><td>-65</td><td>-524</td><td>38</td></tr><tr><td>Mexico</td><td>11,365</td><td>18,508</td><td>5,198</td><td>12,043</td><td>-16,949</td><td>5,412</td><td>-798</td><td>-53,424</td><td>4,194</td><td>9,970</td><td>-932</td><td>12,073</td><td>-18,271</td></tr><tr><td>Sotherlands West Indies and Burinam</td><td>-558</td><td>-1,145</td><td>-3,352</td><td>2,389</td><td>160</td><td>1,221</td><td>630</td><td>-2,581</td><td>-2,867</td><td>-7,214</td><td>1,898</td><td>-2,321</td><td>1,124</td></tr><tr><td>Panama</td><td>-533</td><td>1,409</td><td>2,941</td><td>3,354</td><td>-1,563</td><td>1,335</td><td>1,330</td><td>115</td><td>-2,108</td><td>-1,137</td><td>-2,821</td><td>3,619</td><td>884</td></tr><tr><td>Peru</td><td>1,123</td><td>35</td><td>1,599</td><td>2,809</td><td>656</td><td>3,803</td><td>2,941</td><td>-2,281</td><td>-1,881</td><td>1,413</td><td>-3,443</td><td>-1,938</td><td></td></tr><tr><td>Venezuela</td><td>-7,040</td><td>4,052</td><td>-6,532</td><td>6,904</td><td>-6,946</td><td>1,286</td><td>3,679</td><td>-10,516</td><td>11,371</td><td>-14,257</td><td>6,133</td><td>-1,908</td><td>8,480</td></tr><tr><td>Other Latin America</td><td>4,029</td><td>3,230</td><td>-1,539</td><td>158</td><td>-1,028</td><td>-7,016</td><td>-1,883</td><td>-1,655</td><td>351</td><td>9,446</td><td>-751</td><td>10,158</td><td>-4,398</td></tr><tr><td>Total Latin America</td><td>28,530</td><td>58,678</td><td>25,229</td><td>58,511</td><td>-20,098</td><td>19,217</td><td>-5,820</td><td>-84,262</td><td>-12,389</td><td>-1,315</td><td>-3,912</td><td>33,212</td><td>-3,916</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>-7,466</td><td>-4,992</td><td>-22,220</td><td>-18,344</td><td>77,528</td><td>9,784</td><td>3,125</td><td>-10,831</td><td>1,516</td><td>167,271</td><td>-20,339</td><td>-18,983</td><td>-17,623</td></tr><tr><td>French Indo-China</td><td>15</td><td>75</td><td>-22</td><td>7</td><td>113</td><td>117</td><td>-84</td><td>-212</td><td>725</td><td>160</td><td>6,336</td><td>3,221</td><td>220</td></tr><tr><td>Hong Kong</td><td>-274</td><td>252</td><td>224</td><td>-78</td><td>-214</td><td>144</td><td>-151</td><td>396</td><td>5,218</td><td>2,824</td><td>1,682</td><td>2,316</td><td>1,528</td></tr><tr><td>India, Burma, and Ceylon</td><td>1,985</td><td>-4,205</td><td>-836</td><td>3,203</td><td>611</td><td>10,581</td><td>5,278</td><td>1,422</td><td>-1,619</td><td>-4,462</td><td>8,344</td><td>-10,931</td><td>8,563</td></tr><tr><td>British Malaya</td><td>16</td><td>-53</td><td>113</td><td>-39</td><td>2</td><td>4</td><td>67</td><td>85</td><td>173</td><td>442</td><td>-197</td><td>-75</td><td>191</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-17</td><td>-14</td><td>66</td><td>272</td><td>-391</td><td>265</td><td>-49</td><td>-81</td><td>63</td><td>70</td><td>-130</td><td>-48</td><td>-141</td></tr><tr><td>Netherlands East Indies</td><td>-999</td><td>2,202</td><td>-6,414</td><td>1,114</td><td>-3,871</td><td>-9,494</td><td>5,155</td><td>-680</td><td>9,975</td><td>-3,712</td><td>-9,270</td><td>-1,717</td><td>3,076</td></tr><tr><td>Philippine Islands</td><td>3,375</td><td>1,504</td><td>4,612</td><td>2,573</td><td>-14,184</td><td>54,120</td><td>-1,761</td><td>18,883</td><td>-647</td><td>9,010</td><td>-8,725</td><td>-33,199</td><td>16,475</td></tr><tr><td>Turkey</td><td>1,186</td><td>-1,032</td><td>804</td><td>-652</td><td>442</td><td>-935</td><td>659</td><td>-3,328</td><td>4,958</td><td>5,787</td><td>4,814</td><td>3,920</td><td>1,068</td></tr><tr><td>Other Asia</td><td>-463</td><td>-2,879</td><td>-11,545</td><td>436</td><td>4,053</td><td>13,249</td><td>-1,482</td><td>-1,311</td><td>4,300</td><td>-2,662</td><td>2,907</td><td>7,452</td><td>-5,004</td></tr><tr><td>Total Asia</td><td>-2,641</td><td>-9,141</td><td>-35,218</td><td>-11,418</td><td>64,049</td><td>77,755</td><td>10,757</td><td>1,304</td><td>24,752</td><td>174,728</td><td>-14,578</td><td>-48,004</td><td>10,153</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>-132</td><td>-2,677</td><td>-1,274</td><td>-4,029</td><td>825</td><td>1,176</td><td>512</td><td>980</td><td>-1,985</td><td>245</td><td>-3,216</td><td>-1,285</td><td>8,113</td></tr><tr><td>New Zealand</td><td>-491</td><td>-16</td><td>-290</td><td>73</td><td>1,179</td><td>-1,436</td><td>399</td><td>466</td><td>12</td><td>-197</td><td>-150</td><td>-1,652</td><td>112</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>782</td><td>-227</td><td>1,593</td><td>-207</td><td>2,693</td><td>32</td><td>3,859</td><td>2,270</td><td>-831</td><td>582</td><td>173</td><td>-621</td><td>-1,033</td></tr><tr><td>French Morocco</td><td>245</td><td>128</td><td>-638</td><td>339</td><td>755</td><td>1,028</td><td>1,910</td><td>1,651</td><td>587</td><td>-286</td><td>442</td><td>202</td><td>921</td></tr><tr><td>Union of South Africa</td><td>-323</td><td>-521</td><td>468</td><td>-844</td><td>1,226</td><td>3,114</td><td>-1,581</td><td>748</td><td>-1,136</td><td>-279</td><td>2,446</td><td>-139</td><td>-1,362</td></tr><tr><td>All other</td><td>-589</td><td>1,264</td><td>559</td><td>4,041</td><td>6,336</td><td>10,276</td><td>22,969</td><td>-11,194</td><td>-464</td><td>-1,119</td><td>8,089</td><td>-2,923</td><td>530</td></tr><tr><td>Total other countries</td><td>-908</td><td>-2,079</td><td>318</td><td>-627</td><td>13,024</td><td>14,190</td><td>28,056</td><td>-11,079</td><td>-4,117</td><td>-1,054</td><td>7,784</td><td>-4,928</td><td>1,807</td></tr><tr><td>Unidentified</td><td>316</td><td>-116</td><td>-422</td><td>-178</td><td>-696</td><td>742</td><td>458</td><td>553</td><td>-928</td><td>-491</td><td>1,071</td><td>427</td><td>2,973</td></tr><tr><td>Grand total</td><td>44,446</td><td>47,306</td><td>171,687</td><td>231,025</td><td>81,132</td><td>125,994</td><td>146,457</td><td>-157,226</td><td>-9,591</td><td>76,683</td><td>-103,484</td><td>-83,126</td><td>-20,073</td></tr></table>
84
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Net Movement in Brokerage Balances
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="8">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>-120</td><td>683</td><td>2,538</td><td>-3,128</td><td>-290</td><td>823</td><td>28</td><td>250</td><td>497</td><td>1,848</td><td>-587</td><td>-697</td><td>-804</td></tr><tr><td>France</td><td>30</td><td>-952</td><td>254</td><td>-23</td><td>293</td><td>-53</td><td>129</td><td>-126</td><td>360</td><td>781</td><td>677</td><td>-595</td><td>174</td></tr><tr><td>Belgium</td><td>46</td><td>74</td><td>-54</td><td>-246</td><td>-205</td><td>101</td><td>-115</td><td>-199</td><td>255</td><td>91</td><td>-100</td><td>-17</td><td>88</td></tr><tr><td>Denmark</td><td>-</td><td>-15</td><td>5</td><td>30</td><td>-110</td><td>71</td><td>52</td><td>-78</td><td>131</td><td>-150</td><td>18</td><td>-75</td><td>26</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>1</td><td>5</td><td>-</td><td>1</td><td>1</td><td>-5</td><td>13</td><td>46</td><td>-16</td><td>-20</td><td>-31</td></tr><tr><td>Germany</td><td>6</td><td>-13</td><td>1</td><td>1</td><td>9</td><td>139</td><td>-26</td><td>17</td><td>18</td><td>-15</td><td>-16</td><td>-15</td><td>22</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>14</td><td>12</td><td>1</td><td>-10</td><td>11</td><td>3</td><td>33</td><td>9</td><td>-2</td><td>-39</td><td>-</td></tr><tr><td>Italy</td><td>9</td><td>-8</td><td>5</td><td>5</td><td>5</td><td>1</td><td>11</td><td>1</td><td>44</td><td>12</td><td>-2</td><td>10</td><td>62</td></tr><tr><td>Luxembourg</td><td>38</td><td>-418</td><td>5</td><td>-5</td><td>300</td><td>78</td><td>22</td><td>76</td><td>38</td><td>-95</td><td>18</td><td>76</td><td>-131</td></tr><tr><td>Netherlands</td><td>424</td><td>95</td><td>411</td><td>677</td><td>173</td><td>385</td><td>452</td><td>-1,067</td><td>1,904</td><td>-9,847</td><td>-14</td><td>-30</td><td>-480</td></tr><tr><td>Norway</td><td>6</td><td>31</td><td>117</td><td>-446</td><td>205</td><td>94</td><td>-35</td><td>131</td><td>555</td><td>-390</td><td>64</td><td>13</td><td>-42</td></tr><tr><td>Portugal</td><td>-24</td><td>-9</td><td>2</td><td>6</td><td>16</td><td>-14</td><td>-11</td><td>-19</td><td>-1</td><td>56</td><td>-76</td><td>50</td><td>-74</td></tr><tr><td>Rumania</td><td>-3</td><td>2</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Spain</td><td>-3</td><td>8</td><td>2</td><td>5</td><td>-3</td><td>18</td><td>2</td><td>3</td><td>35</td><td>34</td><td>39</td><td>-37</td><td>-14</td></tr><tr><td>Sweden</td><td>11</td><td>94</td><td>148</td><td>-42</td><td>-38</td><td>-67</td><td>-33</td><td>99</td><td>92</td><td>77</td><td>-134</td><td>263</td><td>-14</td></tr><tr><td>Switzerland</td><td>240</td><td>1,117</td><td>187</td><td>381</td><td>225</td><td>1,195</td><td>-514</td><td>861</td><td>2,145</td><td>-1</td><td>558</td><td>1,196</td><td>-49</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-19</td><td>20</td><td>1</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>4</td><td>-17</td><td>42</td><td>-158</td><td>43</td><td>1</td><td>336</td><td>1,100</td><td>-35</td><td>-109</td><td>119</td><td>2</td><td>41</td></tr><tr><td>Total Europe</td><td>664</td><td>1,072</td><td>3,674</td><td>-2,024</td><td>626</td><td>2,761</td><td>309</td><td>1,038</td><td>6,105</td><td>-7,992</td><td>345</td><td>87</td><td>-1,228</td></tr><tr><td>Canada</td><td>80</td><td>2,256</td><td>-1,367</td><td>-611</td><td>866</td><td>368</td><td>-923</td><td>1,168</td><td>738</td><td>-523</td><td>-107</td><td>1,008</td><td>-471</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>479</td><td>-965</td><td>-558</td><td>341</td><td>331</td><td>460</td><td>-321</td><td>875</td><td>-773</td><td>-7</td><td>192</td><td>684</td><td>883</td></tr><tr><td>Bolivia</td><td>10</td><td>11</td><td>14</td><td>-1</td><td>-22</td><td>-7</td><td>10</td><td>-49</td><td>61</td><td>-166</td><td>118</td><td>39</td><td>-13</td></tr><tr><td>Brazil</td><td>-235</td><td>-940</td><td>961</td><td>-367</td><td>36</td><td>-7</td><td>1,096</td><td>-186</td><td>-76</td><td>-167</td><td>-211</td><td>-60</td><td>-76</td></tr><tr><td>Chile</td><td>64</td><td>-112</td><td>-235</td><td>33</td><td>239</td><td>-148</td><td>-15</td><td>-100</td><td>18</td><td>-110</td><td>-9</td><td>-235</td><td>-518</td></tr><tr><td>Colombia</td><td>14</td><td>-94</td><td>-122</td><td>-34</td><td>-30</td><td>-70</td><td>118</td><td>5</td><td>41</td><td>142</td><td>-41</td><td>-1</td><td>70</td></tr><tr><td>Costa Rica</td><td>-11</td><td>-1</td><td>-29</td><td>24</td><td>48</td><td>-49</td><td>6</td><td>9</td><td>-36</td><td>21</td><td>6</td><td>38</td><td>-22</td></tr><tr><td>Cuba</td><td>262</td><td>-192</td><td>-355</td><td>-317</td><td>-275</td><td>498</td><td>-442</td><td>35</td><td>-579</td><td>278</td><td>-665</td><td>1,408</td><td>-195</td></tr><tr><td>French West Indies and Guiana</td><td>2</td><td>70</td><td>-72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-52</td><td>-5</td></tr><tr><td>Mexico</td><td>-501</td><td>1,313</td><td>333</td><td>-297</td><td>-562</td><td>504</td><td>-404</td><td>-295</td><td>-12</td><td>-290</td><td>323</td><td>1,326</td><td>2,072</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>145</td><td>-2</td><td>-365</td><td>104</td><td>86</td><td>52</td><td>454</td><td>12</td><td>-609</td><td>-3</td><td>44</td><td>-8</td><td>-11</td></tr><tr><td>Panama</td><td>-398</td><td>1,222</td><td>-1,408</td><td>-376</td><td>434</td><td>441</td><td>334</td><td>249</td><td>939</td><td>237</td><td>132</td><td>-143</td><td>511</td></tr><tr><td>Peru</td><td>-494</td><td>254</td><td>590</td><td>-585</td><td>-18</td><td>-9</td><td>172</td><td>-23</td><td>55</td><td>207</td><td>379</td><td>-32</td><td>253</td></tr><tr><td>Venezuela</td><td>197</td><td>174</td><td>-1,475</td><td>-295</td><td>-212</td><td>482</td><td>-957</td><td>1,518</td><td>-907</td><td>877</td><td>-1,284</td><td>219</td><td>512</td></tr><tr><td>Other Latin America</td><td>-64</td><td>-244</td><td>-607</td><td>-21</td><td>-51</td><td>40</td><td>-86</td><td>368</td><td>894</td><td>-1,457</td><td>-545</td><td>1,060</td><td>-356</td></tr><tr><td>Total Latin America</td><td>-530</td><td>494</td><td>-3,328</td><td>-1,792</td><td>4</td><td>2,187</td><td>-35</td><td>2,418</td><td>-984</td><td>-438</td><td>-1,590</td><td>4,243</td><td>3,105</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>-320</td><td>-561</td><td>-728</td><td>-233</td><td>381</td><td>-75</td><td>428</td><td>-278</td><td>258</td><td>-20</td><td>-76</td><td>-345</td><td>550</td></tr><tr><td>French Indo-China</td><td>-</td><td>1</td><td>5</td><td>5</td><td>-6</td><td>6</td><td>8</td><td>-8</td><td>6</td><td>3</td><td>65</td><td>-38</td><td>78</td></tr><tr><td>Hong Kong</td><td>18</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-13</td><td>72</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>-8</td><td>-3</td><td>-11</td><td>-68</td><td>23</td><td>-2</td><td>-7</td><td>6</td><td>-6</td><td>-81</td><td>23</td><td>48</td><td>-4</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></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>5</td><td>-9</td><td>1</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>56</td><td>-56</td><td>-</td><td>112</td><td>-112</td><td>153</td><td>-152</td><td>-</td><td>1</td><td>-1</td><td>2</td><td>3</td></tr><tr><td>Philippine Islands</td><td>34</td><td>-78</td><td>44</td><td>-28</td><td>-39</td><td>80</td><td>-169</td><td>251</td><td>39</td><td>-60</td><td>222</td><td>837</td><td>-339</td></tr><tr><td>Turkey</td><td>-3</td><td>-6</td><td>-3</td><td>1</td><td>1</td><td>1</td><td>1</td><td>49</td><td>-54</td><td>-4</td><td>-1</td><td>-1</td><td>-</td></tr><tr><td>Other Asia</td><td>16</td><td>10</td><td>4</td><td>16</td><td>26</td><td>53</td><td>-36</td><td>-48</td><td>31</td><td>-6</td><td>76</td><td>53</td><td>66</td></tr><tr><td>Total Asia</td><td>-263</td><td>-580</td><td>-833</td><td>-307</td><td>499</td><td>-62</td><td>445</td><td>-175</td><td>335</td><td>-162</td><td>300</td><td>557</td><td>354</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>22</td><td>-33</td><td>-4</td><td>22</td><td>17</td><td>-35</td><td>9</td><td>7</td><td>11</td><td>29</td><td>22</td><td>11</td><td>-31</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-1</td><td>-3</td><td>1</td><td>-2</td><td>-1</td><td>1</td><td>25</td><td>1</td><td>-2</td><td>-1</td><td>11</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-31</td><td>-2</td><td>10</td><td>-25</td><td>3</td><td>1</td><td>2</td><td>-4</td><td>13</td><td>5</td><td>-10</td><td>35</td><td>31</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>10</td><td>-9</td><td>1</td><td>-</td><td>-</td><td>3</td><td>-3</td><td>-</td><td>2</td><td>5</td><td>-2</td></tr><tr><td>Union of South Africa</td><td>-34</td><td>-3</td><td>4</td><td>5</td><td>33</td><td>2</td><td>-1</td><td>-11</td><td>-6</td><td>4</td><td>13</td><td>-13</td><td>1</td></tr><tr><td>All other</td><td>16</td><td>12</td><td>4</td><td>6</td><td>14</td><td>251</td><td>-35</td><td>191</td><td>-1,165</td><td>130</td><td>-225</td><td>23</td><td>9</td></tr><tr><td>Total other countries</td><td>-27</td><td>-26</td><td>23</td><td>-9</td><td>69</td><td>217</td><td>-26</td><td>187</td><td>-1,119</td><td>175</td><td>-200</td><td>60</td><td>18</td></tr><tr><td>Unidentified</td><td>-2</td><td>-7</td><td>-</td><td>24</td><td>-</td><td>-2</td><td>3</td><td>-</td><td>-</td><td>8</td><td>2</td><td>1</td><td>15</td></tr><tr><td>Grand total</td><td>-78</td><td>3,209</td><td>-1,831</td><td>-4,689</td><td>2,004</td><td>5,469</td><td>-227</td><td>4,636</td><td>5,075</td><td>-8,332</td><td>-1,210</td><td>5,956</td><td>1,793</td></tr></table>
September 1946
85
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(in thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th colspan="8">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>-6,235</td><td>-4,469</td><td>2,037</td><td>-1,321</td><td>-1,125</td><td>-1,852</td><td>-6,399</td><td>-4,262</td><td>-5,273</td><td>-6,650</td><td>-3,945</td><td>-5,982</td><td>-5,381</td></tr><tr><td>France</td><td>-904</td><td>-771</td><td>11,211</td><td>-6,002</td><td>-557</td><td>7,427</td><td>-347</td><td>-7,821</td><td>11,256</td><td>62</td><td>-4,890</td><td>344</td><td>-3,210</td></tr><tr><td>Belgium</td><td>-1,049</td><td>96</td><td>2,022</td><td>-82</td><td>-195</td><td>138</td><td>604</td><td>742</td><td>413</td><td>-393</td><td>-8</td><td>-195</td><td>-615</td></tr><tr><td>Denmark</td><td>41</td><td>-38</td><td>328</td><td>14</td><td>-105</td><td>-142</td><td>2</td><td>46</td><td>140</td><td>78</td><td>-115</td><td>-39</td><td>10</td></tr><tr><td>Finland</td><td>4</td><td>1</td><td>37</td><td>3</td><td>-1</td><td>685</td><td>36</td><td>12</td><td>89</td><td>-44</td><td>41</td><td>35</td><td>11</td></tr><tr><td>Germany</td><td>-14</td><td>40</td><td>37</td><td>7</td><td>8</td><td>21</td><td>-2</td><td>64</td><td>191</td><td>-21</td><td>-2</td><td>2</td><td>-23</td></tr><tr><td>Greece</td><td>15</td><td>-86</td><td>-67</td><td>142</td><td>14</td><td>-90</td><td>1,149</td><td>-21</td><td>3</td><td>138</td><td>6</td><td>8</td><td>64</td></tr><tr><td>Italy</td><td>40</td><td>-1,366</td><td>1,376</td><td>-384</td><td>-25</td><td>8</td><td>104</td><td>-343</td><td>607</td><td>18</td><td>-74</td><td>-298</td><td>-646</td></tr><tr><td>Ixenbourg</td><td>-41</td><td>-56</td><td>19</td><td>50</td><td>-313</td><td>78</td><td>-63</td><td>-60</td><td>1,074</td><td>3</td><td>141</td><td>71</td><td>82</td></tr><tr><td>Netherlands</td><td>298</td><td>-122</td><td>1,991</td><td>-483</td><td>-200</td><td>-2,820</td><td>-2,127</td><td>-2,233</td><td>-517</td><td>-4,442</td><td>-522</td><td>-2,306</td><td>-248</td></tr><tr><td>Norway</td><td>91</td><td>-3</td><td>227</td><td>-63</td><td>1,889</td><td>-122</td><td>-51</td><td>-85</td><td>-470</td><td>-201</td><td>634</td><td>251</td><td>209</td></tr><tr><td>Portugal</td><td>20</td><td>13</td><td>6</td><td>8</td><td>-2</td><td>3</td><td>-50</td><td>102</td><td>1</td><td>-41</td><td>12</td><td>-21</td><td>-51</td></tr><tr><td>Romania</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>6</td><td></td><td>-2</td><td>31</td><td></td><td></td></tr><tr><td>Spain</td><td>-236</td><td>82</td><td>240</td><td>51</td><td>16</td><td>-6</td><td>15</td><td>-2</td><td>2,085</td><td>-116</td><td>52</td><td>91</td><td>91</td></tr><tr><td>Sweden</td><td>-239</td><td>944</td><td>-34</td><td>12</td><td>-92</td><td>57</td><td>-3</td><td>-425</td><td>-383</td><td>-3,175</td><td>2,643</td><td>16</td><td>-62</td></tr><tr><td>Switzerland</td><td>-2,155</td><td>-778</td><td>3,840</td><td>743</td><td>-1,491</td><td>-1,573</td><td>897</td><td>-3,187</td><td>-2,614</td><td>-1,681</td><td>-68</td><td>-7,753</td><td>-732</td></tr><tr><td>U. S. S. R.</td><td></td><td></td><td>1</td><td>6</td><td>2</td><td>2</td><td></td><td>2</td><td></td><td>1</td><td></td><td>100</td><td>-91</td></tr><tr><td>Yugoslavia</td><td>-77</td><td></td><td></td><td></td><td>1</td><td>3</td><td></td><td></td><td>35</td><td>-37</td><td></td><td>3</td><td>-62</td></tr><tr><td>Other Europe</td><td>87</td><td>-33</td><td>129</td><td>-1,027</td><td>-103</td><td>-46</td><td>-215</td><td>-555</td><td>-158</td><td>-1,008</td><td>-483</td><td>-2,037</td><td>-2,137</td></tr><tr><td>Total Europe</td><td>-10,354</td><td>-6,946</td><td>23,430</td><td>-8,541</td><td>-2,063</td><td>1,875</td><td>-7,726</td><td>-16,856</td><td>6,461</td><td>-17,646</td><td>-6,404</td><td>-17,751</td><td>-12,265</td></tr><tr><td>Canada</td><td>19,920</td><td>5,602</td><td>-6,146</td><td>-5,721</td><td>-24,253</td><td>-16,487</td><td>-58,222</td><td>25,934</td><td>-446</td><td>139,826</td><td>12,470</td><td>-5,957</td><td>4,959</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>-49</td><td>1,634</td><td>1,685</td><td>-456</td><td>240</td><td>104</td><td>12</td><td>12,073</td><td>1,529</td><td>22</td><td>1,288</td><td>122</td><td>3,223</td></tr><tr><td>Bolivia</td><td>20</td><td>2</td><td>146</td><td>451</td><td>13</td><td>-16</td><td>13</td><td>-117</td><td>-211</td><td>19</td><td>1</td><td>161</td><td>1</td></tr><tr><td>Brazil</td><td>233</td><td>333</td><td>1,186</td><td>370</td><td>372</td><td>208</td><td>113</td><td>-147</td><td>261</td><td>335</td><td>790</td><td>536</td><td>761</td></tr><tr><td>Chile</td><td>-89</td><td>2,453</td><td>264</td><td>23</td><td>-95</td><td>-57</td><td>401</td><td>1,313</td><td>447</td><td>705</td><td>448</td><td>27</td><td>492</td></tr><tr><td>Colombia</td><td>109</td><td>114</td><td>315</td><td>230</td><td>-5</td><td>54</td><td>408</td><td>144</td><td>709</td><td>240</td><td>338</td><td>213</td><td>114</td></tr><tr><td>Costa Rica</td><td>3</td><td>-11</td><td>23</td><td>-19</td><td>-7</td><td>-17</td><td>-19</td><td>31</td><td>-25</td><td>21</td><td>9</td><td>-3</td><td>-19</td></tr><tr><td>Cuba</td><td>481</td><td>-115</td><td>741</td><td>719</td><td>879</td><td>-431</td><td>-50</td><td>54</td><td>1,966</td><td>-66</td><td>1,617</td><td>-79</td><td>-143</td></tr><tr><td>French West Indies and Guiana</td><td></td><td></td><td></td><td></td><td>-47</td><td></td><td></td><td></td><td>-16</td><td>-5</td><td></td><td></td><td>1</td></tr><tr><td>Mexico</td><td>-14</td><td>-318</td><td>-24</td><td>289</td><td>73</td><td>-693</td><td>-4,051</td><td>-592</td><td>-1,118</td><td>4,884</td><td>5,838</td><td>3,499</td><td>43</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>40</td><td>5</td><td>163</td><td>72</td><td>-208</td><td>-69</td><td>-11</td><td>545</td><td>-193</td><td>-68</td><td>16</td><td>-9</td><td>20</td></tr><tr><td>Peru</td><td>-547</td><td>-2,072</td><td>804</td><td>-1,212</td><td>-1,616</td><td>-858</td><td>-2,667</td><td>-585</td><td>2,234</td><td>523</td><td>-996</td><td>-243</td><td>3,737</td></tr><tr><td>Paraguay</td><td>82</td><td>282</td><td>617</td><td>111</td><td>-68</td><td>155</td><td>-16</td><td>211</td><td>63</td><td>-204</td><td>156</td><td>179</td><td>95</td></tr><tr><td>Venezuela</td><td>57</td><td>-379</td><td>20</td><td>349</td><td>117</td><td>-268</td><td>-122</td><td>474</td><td>982</td><td>50</td><td>656</td><td>125</td><td>-28</td></tr><tr><td>Other Latin America</td><td>524</td><td>205</td><td>1,858</td><td>173</td><td>917</td><td>2,118</td><td>2,763</td><td>365</td><td>8,573</td><td>2,004</td><td>894</td><td>-1,120</td><td>1,919</td></tr><tr><td>Total Latin America</td><td>857</td><td>2,133</td><td>7,597</td><td>1,100</td><td>565</td><td>240</td><td>-3,240</td><td>13,638</td><td>15,295</td><td>8,450</td><td>11,103</td><td>3,278</td><td>10,219</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>887</td><td>785</td><td>16,541</td><td>11,837</td><td>-1,100</td><td>-90</td><td>3,244</td><td>174</td><td>-11,844</td><td>-171,105</td><td>-501</td><td>-752</td><td>-3,494</td></tr><tr><td>French Indo-China</td><td></td><td></td><td></td><td></td><td></td><td>-1</td><td>-2</td><td></td><td></td><td>250</td><td>1</td><td></td><td></td></tr><tr><td>Hong Kong</td><td>-6</td><td>11</td><td>-10</td><td>2</td><td>-34</td><td>18</td><td>-64</td><td>23</td><td>-3</td><td>-80</td><td>-131</td><td>-103</td><td>-94</td></tr><tr><td>India, Burma, and Ceylon</td><td>-281</td><td>-208</td><td>1,230</td><td>-12</td><td>-33</td><td>-40</td><td>-39</td><td>-2</td><td>-42</td><td>66</td><td>180</td><td>15</td><td>30</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>-2</td><td>-2</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td></td><td></td><td>3</td><td></td><td></td><td>-4</td><td>-4</td><td>-69</td><td>-19</td><td>-2</td><td>-8</td><td>2</td><td></td></tr><tr><td>Netherlands East Indies</td><td></td><td>-25</td><td></td><td></td><td></td><td>-15</td><td>-9,232</td><td>-1,004</td><td></td><td>-399</td><td>-58</td><td>459</td><td>-125</td></tr><tr><td>Philippine Islands</td><td>-34</td><td>42</td><td>-38</td><td>-104</td><td>-137</td><td>-63</td><td>-313</td><td>-715</td><td>-627</td><td>-822</td><td>-854</td><td>-452</td><td>-368</td></tr><tr><td>Turkey</td><td>4</td><td>7</td><td></td><td></td><td>1</td><td>6</td><td>-1</td><td>-5</td><td>19</td><td>-31</td><td>-5</td><td>46</td><td>49</td></tr><tr><td>Other Asia</td><td>-28</td><td>29</td><td>-30</td><td>45</td><td>-19</td><td>13</td><td>219</td><td>41</td><td>-17</td><td>-39</td><td>2</td><td>-76</td><td>110</td></tr><tr><td>Total Asia</td><td>542</td><td>641</td><td>17,696</td><td>11,758</td><td>-1,327</td><td>-175</td><td>-6,191</td><td>-1,557</td><td>-12,533</td><td>-178,162</td><td>-1,375</td><td>-862</td><td>-3,964</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>101</td><td>-63</td><td>46</td><td>-2</td><td>284</td><td>17</td><td>124</td><td>66</td><td>-40</td><td>-69</td><td>111</td><td>-258</td><td>125</td></tr><tr><td>New Zealand</td><td>-6</td><td>5</td><td></td><td>-6</td><td>-3</td><td>6</td><td></td><td>-</td><td>-25</td><td></td><td>-69</td><td>3</td><td>11</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-8</td><td>1</td><td>-41</td><td>4</td><td>-11</td><td>56</td><td>110</td><td>-3</td><td>12</td><td>4</td><td>-4</td><td>7</td><td>-25</td></tr><tr><td>French Morocco</td><td>-2</td><td>4</td><td>-3</td><td>14</td><td>-12</td><td>-62</td><td>-7</td><td>-180</td><td>-249</td><td>2</td><td>-7</td><td>-32</td><td>-211</td></tr><tr><td>Union of South Africa</td><td>-57</td><td>-30</td><td>15</td><td>-106</td><td>-35</td><td>-4</td><td>-10</td><td>-29</td><td>-37</td><td>7</td><td>-1</td><td>-81</td><td></td></tr><tr><td>All other</td><td>-54</td><td>102</td><td>29</td><td>68</td><td>4</td><td>-200</td><td>109</td><td>-562</td><td>1,001</td><td>-70</td><td>-6</td><td>64</td><td>-19</td></tr><tr><td>Total other countries</td><td>-56</td><td>19</td><td>46</td><td>-28</td><td>227</td><td>-183</td><td>332</td><td>683</td><td>676</td><td>-170</td><td>32</td><td>-217</td><td>-203</td></tr><tr><td>Unidentified</td><td>-3</td><td></td><td></td><td>-1</td><td></td><td>-1</td><td></td><td></td><td></td><td></td><td>-6</td><td>1</td><td></td></tr><tr><td>Grand total</td><td>10,905</td><td>1,849</td><td>42,623</td><td>-1,423</td><td>-26,846</td><td>-14,731</td><td>-75,047</td><td>20,470</td><td>9,453</td><td>-47,702</td><td>15,760</td><td>-21,508</td><td>-11,172</td></tr></table>
86
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 5.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>25,375</td><td>30,510</td><td>27,892</td><td>21,833</td><td>31,602</td><td>24,871</td><td>21,500</td><td>25,917</td><td>25,439</td><td>25,850</td><td>26,325</td><td>28,585</td><td>31,633</td></tr><tr><td>France</td><td>1,441</td><td>1,280</td><td>1,286</td><td>1,230</td><td>1,234</td><td>1,247</td><td>999</td><td>1,075</td><td>1,055</td><td>757</td><td>660</td><td>728</td><td>859</td></tr><tr><td>Belgium</td><td>770</td><td>759</td><td>759</td><td>759</td><td>708</td><td>531</td><td>529</td><td>602</td><td>631</td><td>1,781</td><td>2,593</td><td>3,582</td><td>4,591</td></tr><tr><td>Denmark</td><td>8</td><td>6</td><td>8</td><td>8</td><td>9</td><td>9</td><td>1,523</td><td>1,521</td><td>25</td><td>1,033</td><td>1,039</td><td>1,059</td><td>1,080</td></tr><tr><td>Finland</td><td>2</td><td>5</td><td>3</td><td>4</td><td>3</td><td>3</td><td>2</td><td>8</td><td>6</td><td>1,265</td><td>1,391</td><td>1,219</td><td>617</td></tr><tr><td>Germany</td><td>33,867</td><td>33,866</td><td>33,866</td><td>33,866</td><td>33,866</td><td>33,850</td><td>33,854</td><td>33,854</td><td>33,853</td><td>33,854</td><td>33,855</td><td>33,856</td><td>33,862</td></tr><tr><td>Greece</td><td>611</td><td>611</td><td>612</td><td>610</td><td>610</td><td>610</td><td>628</td><td>632</td><td>691</td><td>722</td><td>770</td><td>798</td><td>2,025</td></tr><tr><td>Italy</td><td>311</td><td>313</td><td>311</td><td>315</td><td>311</td><td>311</td><td>123</td><td>313</td><td>333</td><td>328</td><td>401</td><td>435</td><td>575</td></tr><tr><td>Luxembourg</td><td>70</td><td>75</td><td>70</td><td>69</td><td>69</td><td>69</td><td>69</td><td>69</td><td>68</td><td>72</td><td>85</td><td>72</td><td>72</td></tr><tr><td>Netherlands</td><td>477</td><td>445</td><td>660</td><td>317</td><td>448</td><td>571</td><td>636</td><td>36,493</td><td>36,333</td><td>35,731</td><td>36,091</td><td>35,767</td><td>43,360</td></tr><tr><td>Norway</td><td>61</td><td>71</td><td>10,091</td><td>10,462</td><td>61</td><td>63</td><td>74</td><td>84</td><td>31,590</td><td>61</td><td>4,235</td><td>6,228</td><td>195</td></tr><tr><td>Portugal</td><td>617</td><td>604</td><td>488</td><td>242</td><td>282</td><td>295</td><td>216</td><td>390</td><td>467</td><td>410</td><td>411</td><td>433</td><td>398</td></tr><tr><td>Romania</td><td>28</td><td>27</td><td>32</td><td>28</td><td>28</td><td>37</td><td>28</td><td>27</td><td>64</td><td>25</td><td>30</td><td>30</td><td>115</td></tr><tr><td>Spain</td><td>864</td><td>1,498</td><td>894</td><td>922</td><td>1,317</td><td>942</td><td>1,012</td><td>864</td><td>1,602</td><td>1,830</td><td>1,360</td><td>1,512</td><td>1,441</td></tr><tr><td>Sweden</td><td>248</td><td>290</td><td>326</td><td>660</td><td>1,498</td><td>331</td><td>532</td><td>1,011</td><td>915</td><td>1,133</td><td>1,102</td><td>1,280</td><td>2,419</td></tr><tr><td>Switzerland</td><td>871</td><td>832</td><td>5,435</td><td>3,648</td><td>1,976</td><td>2,720</td><td>3,036</td><td>1,615</td><td>2,926</td><td>6,204</td><td>4,931</td><td>5,573</td><td>6,496</td></tr><tr><td>U. S. S. R.</td><td>5</td><td>6</td><td>15</td><td>20</td><td>18</td><td>72</td><td>6</td><td>82</td><td>16</td><td>11</td><td>18</td><td>11</td><td>8</td></tr><tr><td>Yugoslavia</td><td>15</td><td>14</td><td>13</td><td>15</td><td>15</td><td>15</td><td>14</td><td>8</td><td>7</td><td>7</td><td>17</td><td>18</td><td>9</td></tr><tr><td>Other Europe</td><td>5,114</td><td>4,887</td><td>4,811</td><td>4,910</td><td>4,907</td><td>5,110</td><td>4,982</td><td>4,903</td><td>4,693</td><td>4,765</td><td>4,878</td><td>4,875</td><td>5,001</td></tr><tr><td>Total Europe</td><td>70,818</td><td>76,159</td><td>117,638</td><td>112,978</td><td>79,145</td><td>71,681</td><td>69,763</td><td>109,558</td><td>140,714</td><td>115,842</td><td>120,192</td><td>126,057</td><td>134,796</td></tr><tr><td>Canada</td><td>22,991</td><td>25,614</td><td>53,770</td><td>45,199</td><td>41,529</td><td>39,581</td><td>32,156</td><td>38,024</td><td>53,337</td><td>74,345</td><td>71,130</td><td>62,883</td><td>64,663</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>8,651</td><td>7,728</td><td>8,343</td><td>11,149</td><td>11,008</td><td>12,804</td><td>10,844</td><td>20,525</td><td>20,956</td><td>24,156</td><td>17,981</td><td>24,732</td><td>26,768</td></tr><tr><td>Bolivia</td><td>1,408</td><td>1,299</td><td>1,215</td><td>1,247</td><td>1,253</td><td>1,138</td><td>1,796</td><td>1,249</td><td>1,346</td><td>1,678</td><td>1,855</td><td>2,729</td><td>2,862</td></tr><tr><td>Brazil</td><td>24,051</td><td>25,451</td><td>30,558</td><td>26,896</td><td>24,352</td><td>21,790</td><td>18,181</td><td>22,032</td><td>24,654</td><td>26,803</td><td>29,571</td><td>29,380</td><td>31,877</td></tr><tr><td>Chile</td><td>8,698</td><td>8,388</td><td>6,988</td><td>8,359</td><td>6,336</td><td>7,475</td><td>6,797</td><td>7,179</td><td>6,590</td><td>6,999</td><td>6,197</td><td>7,062</td><td>7,017</td></tr><tr><td>Colombia</td><td>14,658</td><td>15,108</td><td>16,794</td><td>16,337</td><td>17,106</td><td>16,688</td><td>14,194</td><td>19,402</td><td>16,823</td><td>17,504</td><td>18,067</td><td>20,110</td><td>19,953</td></tr><tr><td>Costa Rica</td><td>1,049</td><td>1,081</td><td>1,104</td><td>1,225</td><td>1,206</td><td>1,514</td><td>1,415</td><td>1,183</td><td>1,237</td><td>1,382</td><td>1,469</td><td>1,421</td><td>1,359</td></tr><tr><td>Cuba</td><td>57,075</td><td>39,130</td><td>49,667</td><td>10,328</td><td>14,491</td><td>18,303</td><td>16,993</td><td>27,246</td><td>33,315</td><td>33,865</td><td>32,936</td><td>37,124</td><td>22,904</td></tr><tr><td>French West Indies and Guiana</td><td>29</td><td>26</td><td>114</td><td>133</td><td>91</td><td>212</td><td>29</td><td>24</td><td>66</td><td>128</td><td>57</td><td>65</td><td>72</td></tr><tr><td>Mexico</td><td>8,822</td><td>8,671</td><td>8,857</td><td>10,238</td><td>8,698</td><td>9,015</td><td>9,670</td><td>10,606</td><td>11,002</td><td>10,545</td><td>13,883</td><td>14,252</td><td>14,111</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>353</td><td>354</td><td>390</td><td>305</td><td>308</td><td>314</td><td>363</td><td>336</td><td>451</td><td>341</td><td>375</td><td>500</td><td>446</td></tr><tr><td>Panama</td><td>953</td><td>891</td><td>1,042</td><td>1,080</td><td>840</td><td>764</td><td>823</td><td>979</td><td>1,076</td><td>1,927</td><td>2,789</td><td>2,875</td><td>1,135</td></tr><tr><td>Peru</td><td>1,392</td><td>1,378</td><td>1,442</td><td>1,735</td><td>1,946</td><td>1,317</td><td>1,342</td><td>1,680</td><td>1,943</td><td>3,319</td><td>3,504</td><td>3,803</td><td>3,646</td></tr><tr><td>Venezuela</td><td>4,893</td><td>5,802</td><td>5,624</td><td>5,450</td><td>5,224</td><td>5,224</td><td>5,670</td><td>6,057</td><td>6,051</td><td>6,570</td><td>6,861</td><td>7,699</td><td>7,392</td></tr><tr><td>Other Latin America</td><td>12,976</td><td>12,564</td><td>12,335</td><td>12,355</td><td>23,720</td><td>24,072</td><td>25,446</td><td>27,330</td><td>33,406</td><td>29,512</td><td>25,935</td><td>26,089</td><td>26,580</td></tr><tr><td>Total Latin America</td><td>145,028</td><td>127,891</td><td>144,537</td><td>109,847</td><td>116,578</td><td>120,570</td><td>113,563</td><td>145,828</td><td>158,916</td><td>164,729</td><td>161,190</td><td>178,441</td><td>166,122</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>1,316</td><td>1,099</td><td>1,199</td><td>1,042</td><td>1,066</td><td>1,077</td><td>1,176</td><td>1,702</td><td>982</td><td>7,693</td><td>9,741</td><td>22,848</td><td>25,610</td></tr><tr><td>French Indo-China</td><td>1</td><td>2</td><td>1</td><td>2</td><td>1</td><td>1</td><td>1</td><td>190</td><td>1</td><td>1</td><td>19</td><td>176</td><td>19</td></tr><tr><td>Hong Kong</td><td>872</td><td>858</td><td>810</td><td>813</td><td>817</td><td>817</td><td>817</td><td>805</td><td>827</td><td>1,115</td><td>794</td><td>1,451</td><td>1,548</td></tr><tr><td>India, Burma, and Ceylon</td><td>12,061</td><td>19,403</td><td>16,847</td><td>14,511</td><td>15,021</td><td>8,047</td><td>7,155</td><td>7,051</td><td>7,489</td><td>7,938</td><td>6,956</td><td>6,812</td><td>7,215</td></tr><tr><td>British Malaya (including Japan and Manchuria)</td><td>118</td><td>148</td><td>141</td><td>140</td><td>142</td><td>140</td><td>140</td><td>139</td><td>135</td><td>149</td><td>333</td><td>235</td><td>190</td></tr><tr><td>Japan (including Korea)</td><td>539</td><td>539</td><td>537</td><td>521</td><td>531</td><td>539</td><td>532</td><td>532</td><td>529</td><td>305</td><td>305</td><td>305</td><td>302</td></tr><tr><td>Netherlands East Indies</td><td>1,401</td><td>1,400</td><td>1,423</td><td>1,398</td><td>1,398</td><td>1,413</td><td>1,409</td><td>1,400</td><td>1,393</td><td>1,392</td><td>1,394</td><td>1,394</td><td>1,374</td></tr><tr><td>Philippines Islands</td><td>13,942</td><td>13,891</td><td>13,646</td><td>13,943</td><td>26,022</td><td>13,577</td><td>13,024</td><td>13,658</td><td>13,847</td><td>18,459</td><td>20,080</td><td>15,967</td><td>16,089</td></tr><tr><td>Turkey</td><td>1,886</td><td>2,009</td><td>2,007</td><td>2,166</td><td>2,059</td><td>2,301</td><td>1,631</td><td>1,681</td><td>2,014</td><td>1,025</td><td>1,120</td><td>1,083</td><td>866</td></tr><tr><td>Other Asia</td><td>10,452</td><td>11,769</td><td>12,547</td><td>13,335</td><td>13,604</td><td>2,885</td><td>11,423</td><td>1,990</td><td>2,552</td><td>2,474</td><td>2,833</td><td>3,332</td><td>3,924</td></tr><tr><td>Total Asia</td><td>42,617</td><td>51,128</td><td>49,158</td><td>47,671</td><td>60,711</td><td>30,797</td><td>37,314</td><td>29,148</td><td>29,869</td><td>40,551</td><td>43,575</td><td>53,599</td><td>57,133</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>752</td><td>972</td><td>874</td><td>2,073</td><td>980</td><td>741</td><td>738</td><td>907</td><td>1,682</td><td>2,086</td><td>1,787</td><td>1,317</td><td>1,443</td></tr><tr><td>New Zealand</td><td>378</td><td>336</td><td>422</td><td>350</td><td>413</td><td>347</td><td>615</td><td>715</td><td>696</td><td>638</td><td>710</td><td>674</td><td>583</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>367</td><td>358</td><td>210</td><td>287</td><td>348</td><td>328</td><td>152</td><td>217</td><td>316</td><td>198</td><td>251</td><td>210</td><td>198</td></tr><tr><td>French Morocco</td><td>7</td><td>7</td><td>6</td><td>11</td><td>6</td><td>29</td><td>6</td><td>39</td><td>62</td><td>61</td><td>50</td><td>72</td><td>62</td></tr><tr><td>Union of South Africa</td><td>6,669</td><td>6,127</td><td>6,002</td><td>5,193</td><td>4,998</td><td>4,922</td><td>4,119</td><td>5,001</td><td>4,743</td><td>4,959</td><td>5,119</td><td>5,821</td><td>6,650</td></tr><tr><td>All other</td><td>1,048</td><td>1,058</td><td>2,151</td><td>1,378</td><td>1,484</td><td>1,352</td><td>1,214</td><td>1,676</td><td>2,243</td><td>2,618</td><td>2,198</td><td>2,514</td><td>2,397</td></tr><tr><td>Total other countries</td><td>9,221</td><td>8,858</td><td>9,685</td><td>9,292</td><td>8,229</td><td>7,319</td><td>6,874</td><td>8,555</td><td>9,702</td><td>10,560</td><td>10,315</td><td>10,508</td><td>11,315</td></tr><tr><td>Unidentified</td><td>112</td><td>171</td><td>250</td><td>256</td><td>268</td><td>278</td><td>282</td><td>207</td><td>228</td><td>259</td><td>199</td><td>142</td><td>211</td></tr><tr><td>Grand total</td><td>290,787</td><td>289,821</td><td>375,038</td><td>325,243</td><td>306,460</td><td>270,226</td><td>259,952</td><td>331,320</td><td>392,766</td><td>406,286</td><td>406,801</td><td>431,930</td><td>434,270</td></tr></table>
September 1946
87
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>819,880</td><td>832,079</td><td>861,814</td><td>871,952</td><td>823,952</td><td>746,157</td><td>790,221</td><td>699,617</td><td>707,694</td><td>679,045</td><td>630,499</td><td>553,759</td><td>553,420</td></tr><tr><td>France</td><td>338,475</td><td>315,124</td><td>372,299</td><td>398,904</td><td>356,684</td><td>313,417</td><td>360,321</td><td>327,256</td><td>310,040</td><td>398,293</td><td>380,667</td><td>364,473</td><td>305,782</td></tr><tr><td>Belgium</td><td>139,679</td><td>147,257</td><td>142,132</td><td>150,538</td><td>149,908</td><td>218,615</td><td>195,602</td><td>182,997</td><td>185,029</td><td>184,865</td><td>167,558</td><td>166,263</td><td>176,442</td></tr><tr><td>Denmark</td><td>13,581</td><td>13,366</td><td>13,675</td><td>13,683</td><td>14,420</td><td>16,825</td><td>20,070</td><td>24,327</td><td>25,921</td><td>40,083</td><td>41,555</td><td>44,243</td><td>47,375</td></tr><tr><td>Finland</td><td>7,003</td><td>6,831</td><td>5,658</td><td>6,627</td><td>6,671</td><td>7,153</td><td>6,679</td><td>6,202</td><td>5,538</td><td>6,606</td><td>10,737</td><td>11,204</td><td>10,116</td></tr><tr><td>Germany</td><td>6,986</td><td>6,739</td><td>6,734</td><td>6,760</td><td>6,859</td><td>6,856</td><td>7,052</td><td>6,884</td><td>6,953</td><td>6,907</td><td>6,770</td><td>6,613</td><td>6,625</td></tr><tr><td>Greece</td><td>52,473</td><td>53,655</td><td>56,584</td><td>60,507</td><td>63,171</td><td>66,097</td><td>68,659</td><td>70,977</td><td>70,790</td><td>69,904</td><td>69,666</td><td>74,932</td><td>76,679</td></tr><tr><td>Italy</td><td>39,475</td><td>42,853</td><td>43,925</td><td>49,486</td><td>53,866</td><td>58,479</td><td>61,980</td><td>65,360</td><td>70,371</td><td>71,108</td><td>72,460</td><td>75,507</td><td>103,335</td></tr><tr><td>Irenembourg</td><td>18,462</td><td>19,104</td><td>19,345</td><td>22,853</td><td>22,938</td><td>22,896</td><td>22,853</td><td>23,023</td><td>22,277</td><td>22,311</td><td>22,359</td><td>22,342</td><td>22,041</td></tr><tr><td>Netherlands</td><td>208,802</td><td>209,324</td><td>213,306</td><td>215,807</td><td>217,968</td><td>220,553</td><td>228,051</td><td>269,642</td><td>281,567</td><td>253,914</td><td>282,132</td><td>294,959</td><td>294,909</td></tr><tr><td>Norway</td><td>199,929</td><td>193,987</td><td>240,598</td><td>236,535</td><td>187,118</td><td>184,364</td><td>182,573</td><td>182,936</td><td>216,071</td><td>176,459</td><td>175,002</td><td>174,016</td><td>159,290</td></tr><tr><td>Portugal</td><td>39,355</td><td>36,576</td><td>40,646</td><td>46,385</td><td>39,040</td><td>45,464</td><td>45,186</td><td>46,497</td><td>47,881</td><td>47,481</td><td>45,294</td><td>45,378</td><td>45,667</td></tr><tr><td>Rumania</td><td>9,332</td><td>9,284</td><td>9,255</td><td>9,281</td><td>9,682</td><td>9,236</td><td>9,227</td><td>9,280</td><td>9,313</td><td>9,291</td><td>9,218</td><td>9,222</td><td>10,029</td></tr><tr><td>Spain</td><td>31,520</td><td>37,551</td><td>31,848</td><td>36,934</td><td>40,376</td><td>32,589</td><td>26,443</td><td>31,208</td><td>31,712</td><td>37,117</td><td>37,355</td><td>35,363</td><td>36,205</td></tr><tr><td>Sweden</td><td>158,033</td><td>160,257</td><td>165,449</td><td>183,704</td><td>194,338</td><td>199,062</td><td>213,466</td><td>217,196</td><td>210,145</td><td>213,959</td><td>212,880</td><td>205,184</td><td>199,991</td></tr><tr><td>Switzerland</td><td>252,039</td><td>258,042</td><td>261,182</td><td>268,522</td><td>273,781</td><td>277,668</td><td>284,420</td><td>289,966</td><td>304,228</td><td>315,457</td><td>316,218</td><td>321,155</td><td>324,411</td></tr><tr><td>U.S.S.R.</td><td>12,811</td><td>17,515</td><td>20,853</td><td>22,338</td><td>25,724</td><td>25,404</td><td>24,373</td><td>24,848</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td></tr><tr><td>Rugoslavia</td><td>5,785</td><td>5,639</td><td>5,671</td><td>5,133</td><td>5,113</td><td>5,216</td><td>5,229</td><td>5,441</td><td>5,735</td><td>6,349</td><td>6,555</td><td>6,766</td><td>7,675</td></tr><tr><td>Other Europe</td><td>51,788</td><td>51,673</td><td>50,293</td><td>45,171</td><td>46,922</td><td>44,951</td><td>44,462</td><td>44,317</td><td>43,675</td><td>46,398</td><td>48,384</td><td>51,217</td><td>53,563</td></tr><tr><td>Total Europe</td><td>2,405,468</td><td>2,416,856</td><td>2,562,302</td><td>2,651,317</td><td>2,538,551</td><td>2,501,012</td><td>2,544,956</td><td>2,529,934</td><td>2,582,962</td><td>2,655,150</td><td>2,563,818</td><td>2,487,425</td><td>2,482,428</td></tr><tr><td>Canada</td><td>1,104,753</td><td>1,161,293</td><td>1,267,262</td><td>1,349,750</td><td>1,449,866</td><td>1,492,073</td><td>1,551,790</td><td>1,545,733</td><td>1,582,158</td><td>1,350,718</td><td>1,349,735</td><td>1,359,712</td><td>1,344,138</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>73,109</td><td>70,046</td><td>73,220</td><td>82,510</td><td>75,051</td><td>78,030</td><td>77,188</td><td>82,305</td><td>77,332</td><td>94,768</td><td>79,983</td><td>83,337</td><td>84,135</td></tr><tr><td>Bolivia</td><td>18,945</td><td>17,672</td><td>29,219</td><td>27,164</td><td>21,045</td><td>21,858</td><td>21,679</td><td>15,041</td><td>14,498</td><td>13,596</td><td>13,351</td><td>13,571</td><td>12,693</td></tr><tr><td>Brasil</td><td>133,302</td><td>138,763</td><td>146,202</td><td>164,350</td><td>162,971</td><td>181,504</td><td>179,157</td><td>185,603</td><td>195,138</td><td>192,252</td><td>199,622</td><td>210,631</td><td>206,827</td></tr><tr><td>Chile</td><td>51,322</td><td>54,888</td><td>66,834</td><td>64,556</td><td>64,487</td><td>63,208</td><td>63,557</td><td>71,411</td><td>66,281</td><td>66,552</td><td>64,630</td><td>63,883</td><td>60,313</td></tr><tr><td>Colombia</td><td>77,216</td><td>76,646</td><td>76,228</td><td>82,323</td><td>90,188</td><td>93,247</td><td>83,078</td><td>84,508</td><td>79,186</td><td>82,446</td><td>80,604</td><td>77,539</td><td>72,413</td></tr><tr><td>Costa Rica</td><td>8,093</td><td>8,228</td><td>7,477</td><td>8,049</td><td>7,031</td><td>6,246</td><td>6,631</td><td>7,079</td><td>6,889</td><td>5,953</td><td>5,693</td><td>6,297</td><td>6,005</td></tr><tr><td>Oahu</td><td>160,232</td><td>169,604</td><td>190,366</td><td>153,894</td><td>156,936</td><td>154,476</td><td>145,374</td><td>136,461</td><td>128,293</td><td>122,222</td><td>120,468</td><td>139,473</td><td>152,692</td></tr><tr><td>French West Indies and Guiana</td><td>5,201</td><td>6,334</td><td>6,345</td><td>8,606</td><td>7,335</td><td>7,820</td><td>7,329</td><td>6,634</td><td>7,120</td><td>7,234</td><td>7,098</td><td>6,582</td><td>6,627</td></tr><tr><td>Mexico</td><td>140,064</td><td>158,401</td><td>163,785</td><td>177,209</td><td>158,720</td><td>164,449</td><td>164,306</td><td>111,818</td><td>116,368</td><td>125,881</td><td>128,287</td><td>140,729</td><td>122,317</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>33,685</td><td>32,941</td><td>29,225</td><td>31,529</td><td>31,692</td><td>32,919</td><td>33,598</td><td>30,990</td><td>28,238</td><td>20,914</td><td>22,846</td><td>20,690</td><td>21,720</td></tr><tr><td>Panama</td><td>81,785</td><td>83,132</td><td>86,224</td><td>89,616</td><td>87,813</td><td>89,072</td><td>90,461</td><td>90,732</td><td>88,721</td><td>89,435</td><td>87,476</td><td>91,181</td><td>90,325</td></tr><tr><td>Peru</td><td>33,890</td><td>33,911</td><td>35,534</td><td>35,750</td><td>38,770</td><td>38,797</td><td>42,625</td><td>45,904</td><td>43,926</td><td>43,421</td><td>45,019</td><td>41,875</td><td>39,780</td></tr><tr><td>Venezuela</td><td>43,232</td><td>48,193</td><td>41,483</td><td>50,213</td><td>43,041</td><td>44,327</td><td>44,452</td><td>38,323</td><td>49,688</td><td>35,950</td><td>42,374</td><td>41,304</td><td>49,477</td></tr><tr><td>Other Latin America</td><td>133,809</td><td>136,047</td><td>134,759</td><td>134,947</td><td>145,278</td><td>138,614</td><td>138,105</td><td>138,334</td><td>144,704</td><td>150,316</td><td>145,988</td><td>156,300</td><td>152,393</td></tr><tr><td>Total Latin America</td><td>993,485</td><td>1,035,026</td><td>1,076,901</td><td>1,100,725</td><td>1,087,358</td><td>1,110,567</td><td>1,097,740</td><td>1,045,743</td><td>1,046,442</td><td>1,050,940</td><td>1,043,489</td><td>1,093,952</td><td>1,077,717</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>546,046</td><td>541,735</td><td>519,615</td><td>501,114</td><td>578,666</td><td>588,461</td><td>591,685</td><td>581,180</td><td>582,276</td><td>756,268</td><td>737,957</td><td>732,087</td><td>717,030</td></tr><tr><td>French Indo-China</td><td>27,456</td><td>27,533</td><td>27,510</td><td>27,518</td><td>27,560</td><td>27,607</td><td>27,523</td><td>27,500</td><td>28,036</td><td>28,196</td><td>31,590</td><td>37,928</td><td>37,992</td></tr><tr><td>Hong Kong</td><td>21,608</td><td>21,857</td><td>22,023</td><td>21,948</td><td>23,138</td><td>21,852</td><td>21,731</td><td>22,115</td><td>27,355</td><td>30,467</td><td>31,828</td><td>34,801</td><td>36,426</td></tr><tr><td>India, Burma, and Ceylon</td><td>23,487</td><td>26,624</td><td>23,232</td><td>24,099</td><td>25,250</td><td>28,857</td><td>33,243</td><td>34,561</td><td>33,380</td><td>29,357</td><td>36,729</td><td>25,654</td><td>34,520</td></tr><tr><td>British Malaya</td><td>901</td><td>848</td><td>954</td><td>914</td><td>918</td><td>920</td><td>987</td><td>1,032</td><td>1,201</td><td>1,657</td><td>1,644</td><td>1,471</td><td>1,617</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,016</td><td>4,002</td><td>4,066</td><td>4,322</td><td>3,941</td><td>4,214</td><td>4,158</td><td>4,077</td><td>4,137</td><td>3,983</td><td>3,853</td><td>3,805</td><td>3,661</td></tr><tr><td>Netherlands East Indies</td><td>115,447</td><td>117,048</td><td>111,257</td><td>112,046</td><td>108,775</td><td>99,296</td><td>104,447</td><td>103,758</td><td>113,726</td><td>110,013</td><td>100,745</td><td>99,028</td><td>102,084</td></tr><tr><td>Philippine Islands</td><td>447,785</td><td>448,838</td><td>531,905</td><td>528,775</td><td>540,470</td><td>612,145</td><td>645,431</td><td>659,748</td><td>629,175</td><td>642,797</td><td>635,693</td><td>598,421</td><td>627,014</td></tr><tr><td>Turkey</td><td>51,643</td><td>50,734</td><td>51,535</td><td>50,833</td><td>51,178</td><td>50,475</td><td>50,464</td><td>47,186</td><td>52,477</td><td>57,275</td><td>62,184</td><td>66,057</td><td>66,918</td></tr><tr><td>Other Asia</td><td>80,938</td><td>79,376</td><td>68,609</td><td>69,633</td><td>74,195</td><td>76,685</td><td>83,747</td><td>72,997</td><td>77,359</td><td>75,119</td><td>78,385</td><td>86,336</td><td>81,924</td></tr><tr><td>Total Asia</td><td>1,320,225</td><td>1,319,195</td><td>1,350,707</td><td>1,341,802</td><td>1,432,691</td><td>1,510,542</td><td>1,563,416</td><td>1,554,354</td><td>1,549,722</td><td>1,735,132</td><td>1,723,578</td><td>1,685,598</td><td>1,699,285</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>34,466</td><td>32,029</td><td>30,657</td><td>27,827</td><td>27,559</td><td>28,436</td><td>29,005</td><td>30,154</td><td>28,944</td><td>29,593</td><td>26,078</td><td>24,323</td><td>26,042</td></tr><tr><td>New Zealand</td><td>3,621</td><td>3,533</td><td>3,329</td><td>3,330</td><td>4,572</td><td>3,070</td><td>3,737</td><td>4,303</td><td>4,256</td><td>4,041</td><td>3,953</td><td>3,765</td><td>3,341</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>9,704</td><td>9,528</td><td>10,973</td><td>10,843</td><td>13,597</td><td>13,609</td><td>17,
2/ Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin", July 1946, page 89 for details.
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of April 1946 - (Continued)
Table 1.- Short-Term Claims on Foreigners 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="3">Short-term claims payable to 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 foreingers</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreingers on acceptances made for their account</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>31,533</td><td>28,352</td><td>20,488</td><td>573</td><td>7,291</td><td>3,281</td><td>2,039</td><td>150</td><td>1,092</td></tr><tr><td>France</td><td>859</td><td>280</td><td>102</td><td>43</td><td>95</td><td>619</td><td>100</td><td>-</td><td>519</td></tr><tr><td>Belgium</td><td>4,591</td><td>101</td><td>63</td><td>10</td><td>28</td><td>4,490</td><td>4</td><td>2,415</td><td>2,071</td></tr><tr><td>Denmark</td><td>1,080</td><td>35</td><td>16</td><td>5</td><td>14</td><td>1,045</td><td>6</td><td>3</td><td>1,036</td></tr><tr><td>Finland</td><td>647</td><td>18</td><td>1</td><td>-</td><td>17</td><td>629</td><td>183</td><td>319</td><td>127</td></tr><tr><td>Germany</td><td>33,842</td><td>38</td><td>9</td><td>28</td><td>1</td><td>33,804</td><td>20,556</td><td>67</td><td>13,181</td></tr><tr><td>Greece</td><td>2,025</td><td>18</td><td>-</td><td>8</td><td>10</td><td>2,007</td><td>1,186</td><td>-</td><td>821</td></tr><tr><td>Italy</td><td>575</td><td>234</td><td>23</td><td>209</td><td>2</td><td>341</td><td>4</td><td>-</td><td>337</td></tr><tr><td>Luxembourg</td><td>72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72</td><td>-</td><td>-</td><td>72</td></tr><tr><td>Netherlands</td><td>43,360</td><td>132</td><td>75</td><td>42</td><td>15</td><td>43,228</td><td>4,261</td><td>43</td><td>38,924</td></tr><tr><td>Norway</td><td>195</td><td>81</td><td>24</td><td>1</td><td>16</td><td>154</td><td>-</td><td>-</td><td>154</td></tr><tr><td>Portugal</td><td>398</td><td>86</td><td>83</td><td>3</td><td>-</td><td>312</td><td>89</td><td>-</td><td>223</td></tr><tr><td>Rumanie</td><td>145</td><td>116</td><td>1</td><td>24</td><td>91</td><td>29</td><td>5</td><td>-</td><td>24</td></tr><tr><td>Spain</td><td>1,441</td><td>18</td><td>11</td><td>6</td><td>1</td><td>1,423</td><td>645</td><td>-</td><td>778</td></tr><tr><td>Sweden</td><td>2,419</td><td>405</td><td>279</td><td>125</td><td>1</td><td>2,014</td><td>37</td><td>1,104</td><td>873</td></tr><tr><td>Switzerland</td><td>6,496</td><td>1,021</td><td>288</td><td>726</td><td>7</td><td>5,475</td><td>527</td><td>-</td><td>4,948</td></tr><tr><td>U. S. S. R.</td><td>8</td><td>7</td><td>6</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>9</td><td>6</td><td>-</td><td>-</td><td>6</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>5,001</td><td>172</td><td>121</td><td>34</td><td>17</td><td>4,829</td><td>1,429</td><td>-</td><td>3,400</td></tr><tr><td>Total Europe</td><td>134,796</td><td>31,040</td><td>21,590</td><td>1,837</td><td>7,513</td><td>103,756</td><td>31,072</td><td>4,101</td><td>68,583</td></tr><tr><td>Canada</td><td>64,663</td><td>22,397</td><td>17,686</td><td>3,155</td><td>1,556</td><td>42,266</td><td>5,702</td><td>2,388</td><td>34,176</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>26,768</td><td>901</td><td>167</td><td>689</td><td>45</td><td>25,857</td><td>10,636</td><td>207</td><td>15,024</td></tr><tr><td>Bolivia</td><td>2,862</td><td>-</td><td>43</td><td>5</td><td>-</td><td>2,862</td><td>643</td><td>-</td><td>2,219</td></tr><tr><td>Brazil</td><td>31,877</td><td>48</td><td>1</td><td>5</td><td>-</td><td>31,829</td><td>3,879</td><td>1,143</td><td>26,807</td></tr><tr><td>Chile</td><td>7,017</td><td>3</td><td>1</td><td>82</td><td>2</td><td>7,014</td><td>53</td><td>813</td><td>6,148</td></tr><tr><td>Colombia</td><td>19,953</td><td>99</td><td>16</td><td>82</td><td>1</td><td>19,854</td><td>6,771</td><td>2,043</td><td>11,040</td></tr><tr><td>Costa Rica</td><td>1,359</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,359</td><td>127</td><td>62</td><td>1,170</td></tr><tr><td>Cuba</td><td>22,904</td><td>59</td><td>57</td><td>-</td><td>2</td><td>22,845</td><td>14,551</td><td>3,679</td><td>4,615</td></tr><tr><td>French West Indies and Guiana</td><td>72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72</td><td>-</td><td>-</td><td>72</td></tr><tr><td>Mexico</td><td>14,111</td><td>1,073</td><td>832</td><td>159</td><td>82</td><td>13,038</td><td>2,571</td><td>1,282</td><td>9,185</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>446</td><td>3</td><td>-</td><td>-</td><td>3</td><td>443</td><td>-</td><td>-</td><td>443</td></tr><tr><td>Panama</td><td>1,135</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,134</td><td>-</td><td>18</td><td>1,116</td></tr><tr><td>Peru</td><td>3,646</td><td>18</td><td>2</td><td>-</td><td>16</td><td>3,628</td><td>4</td><td>8</td><td>3,616</td></tr><tr><td>Venezuela</td><td>7,352</td><td>83</td><td>64</td><td>2</td><td>17</td><td>7,309</td><td>2,573</td><td>170</td><td>4,666</td></tr><tr><td>Other Latin America</td><td>26,580</td><td>80</td><td>72</td><td>-</td><td>8</td><td>26,500</td><td>7,699</td><td>1,445</td><td>17,396</td></tr><tr><td>Total Latin America</td><td>166,122</td><td>2,368</td><td>1,254</td><td>937</td><td>177</td><td>161,754</td><td>49,607</td><td>10,870</td><td>103,277</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>Orion</td><td>25,610</td><td>223</td><td>206</td><td>4</td><td>13</td><td>25,387</td><td>5,594</td><td>303</td><td>19,490</td></tr><tr><td>French Indo-China</td><td>19</td><td>1</td><td>-</td><td>-</td><td>1</td><td>18</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Hong Kong</td><td>1,548</td><td>320</td><td>189</td><td>128</td><td>3</td><td>1,228</td><td>228</td><td>204</td><td>796</td></tr><tr><td>Iodica, Burma, and Ceylon</td><td>7,215</td><td>4,884</td><td>763</td><td>4,112</td><td>9</td><td>2,331</td><td>239</td><td>848</td><td>1,244</td></tr><tr><td>British Malaya</td><td>190</td><td>14</td><td>14</td><td>-</td><td>-</td><td>176</td><td>110</td><td>42</td><td>24</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>302</td><td>3</td><td>2</td><td>1</td><td>-</td><td>299</td><td>285</td><td>-</td><td>14</td></tr><tr><td>Netherlands East Indies</td><td>1,374</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,374</td><td>-</td><td>1,315</td><td>59</td></tr><tr><td>Philippine Islands</td><td>16,085</td><td>188</td><td>58</td><td>9</td><td>130</td><td>15,897</td><td>7,777</td><td>1,733</td><td>6,387</td></tr><tr><td>Turkey</td><td>866</td><td>12</td><td>3</td><td>9</td><td>-</td><td>854</td><td>193</td><td>-</td><td>661</td></tr><tr><td>Other Asia</td><td>3,924</td><td>281</td><td>272</td><td>-</td><td>9</td><td>3,643</td><td>289</td><td>-</td><td>3,354</td></tr><tr><td>Total Asia</td><td>57,133</td><td>5,926</td><td>1,507</td><td>4,254</td><td>165</td><td>51,207</td><td>14,715</td><td>4,445</td><td>32,047</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>1,453</td><td>204</td><td>124</td><td>-</td><td>62</td><td>1,249</td><td>3</td><td>614</td><td>632</td></tr><tr><td>New Zealand</td><td>585</td><td>11</td><td>5</td><td>-</td><td>6</td><td>574</td><td>-</td><td>11</td><td>563</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>198</td><td>-</td><td>-</td><td>198</td></tr><tr><td>French Morocco</td><td>62</td><td>1</td><td>1</td><td>-</td><td>-</td><td>61</td><td>-</td><td>-</td><td>61</td></tr><tr><td>Union of South Africa</td><td>6,650</td><td>98</td><td>22</td><td>69</td><td>7</td><td>6,552</td><td>132</td><td>180</td><td>6,372</td></tr><tr><td>All other</td><td>2,337</td><td>27</td><td>15</td><td>-</td><td>12</td><td>2,370</td><td>432</td><td>-</td><td>1,938</td></tr><tr><td>Total other countries</td><td>11,345</td><td>341</td><td>185</td><td>69</td><td>87</td><td>11,004</td><td>435</td><td>805</td><td>9,754</td></tr><tr><td>Unidentified</td><td>211</td><td>-</td><td>-</td><td>-</td><td>-</td><td>211</td><td>-</td><td>-</td><td>211</td></tr><tr><td>Grand total</td><td>434,270</td><td>62,072</td><td>42,222</td><td>10,252</td><td>9,598</td><td>372,198</td><td>101,531</td><td>22,609</td><td>248,058</td></tr></table>
September 1946
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of April 1946 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Portion at end of month in thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="5">Short-term liabilities payable in foreign currencies</th></tr><tr><th>Total</th><th>Deposits of foreigners</th><th> Bills 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>553,420</td><td>540,853</td><td>525,965</td><td>2,481</td><td>9,878</td><td>2,529</td><td>12,567</td><td>13</td><td>7,501</td><td>5,053</td></tr><tr><td>France</td><td>305,782</td><td>309,437</td><td>253,631</td><td>516</td><td>50,101</td><td>1,189</td><td>345</td><td>109</td><td>226</td><td>10</td></tr><tr><td>Belgium</td><td>176,442</td><td>176,368</td><td>168,957</td><td>153</td><td>7,221</td><td>37</td><td>74</td><td>64</td><td>2</td><td>8</td></tr><tr><td>Denmark</td><td>47,375</td><td>47,372</td><td>46,601</td><td>4</td><td>612</td><td>155</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>10,116</td><td>10,113</td><td>9,447</td><td>-</td><td>16</td><td>666</td><td>3</td><td>3</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>6,620</td><td>6,605</td><td>6,477</td><td>70</td><td>16</td><td>42</td><td>15</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>76,677</td><td>76,608</td><td>75,052</td><td>124</td><td>402</td><td>730</td><td>69</td><td>47</td><td>-</td><td>22</td></tr><tr><td>Italy</td><td>101,350</td><td>103,313</td><td>102,242</td><td>119</td><td>700</td><td>258</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,041</td><td>22,041</td><td>21,996</td><td>15</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>294,909</td><td>294,112</td><td>280,920</td><td>37</td><td>13,147</td><td>8</td><td>797</td><td>53</td><td>-</td><td>744</td></tr><tr><td>Belgium</td><td>159,290</td><td>159,287</td><td>147,681</td><td>26</td><td>63,580</td><td>800</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>49,667</td><td>49,180</td><td>47,964</td><td>669</td><td>38</td><td>509</td><td>467</td><td>21</td><td>-</td><td>466</td></tr><tr><td>Rumania</td><td>10,029</td><td>10,002</td><td>9,973</td><td>29</td><td>-</td><td>-</td><td>27</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>36,205</td><td>36,126</td><td>35,640</td><td>374</td><td>100</td><td>12</td><td>79</td><td>17</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>199,931</td><td>199,789</td><td>82,743</td><td>7,965</td><td>109,000</td><td>81</td><td>202</td><td>171</td><td>-</td><td>31</td></tr><tr><td>Switzerland</td><td>324,414</td><td>323,909</td><td>304,858</td><td>4,169</td><td>14,301</td><td>581</td><td>505</td><td>187</td><td>-</td><td>318</td></tr><tr><td>U.S.S.R.</td><td>44,882</td><td>44,882</td><td>44,855</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Roumania</td><td>7,675</td><td>7,675</td><td>7,654</td><td>1</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Other Europe</td><td>53,553</td><td>53,535</td><td>53,180</td><td>56</td><td>160</td><td>139</td><td>28</td><td>22</td><td>-</td><td>6</td></tr><tr><td>Total Europe</td><td>2,482,428</td><td>2,467,423</td><td>2,153,036</td><td>17,139</td><td>289,306</td><td>7,736</td><td>15,215</td><td>823</td><td>7,729</td><td>6,663</td></tr><tr><td>Canada</td><td>1,344,138</td><td>1,341,431</td><td>374,182</td><td>1,426</td><td>965,650</td><td>173</td><td>2,107</td><td>546</td><td>6</td><td>2,155</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>84,135</td><td>84,069</td><td>77,423</td><td>2,747</td><td>3,895</td><td>4</td><td>66</td><td>30</td><td>-</td><td>36</td></tr><tr><td>Bolivia</td><td>12,693</td><td>12,693</td><td>12,691</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>206,827</td><td>206,702</td><td>189,129</td><td>14,992</td><td>-</td><td>2,581</td><td>125</td><td>122</td><td>-</td><td>3</td></tr><tr><td>Chile</td><td>50,313</td><td>50,307</td><td>59,104</td><td>857</td><td>300</td><td>46</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>72,413</td><td>72,410</td><td>72,182</td><td>228</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,005</td><td>6,005</td><td>5,516</td><td>489</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Oahu</td><td>158,692</td><td>152,692</td><td>148,885</td><td>3,215</td><td>579</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies</td><td>6,627</td><td>6,627</td><td>6,627</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Ouiana</td><td>122,317</td><td>122,229</td><td>119,250</td><td>2,362</td><td>575</td><td>42</td><td>88</td><td>62</td><td>-</td><td>26</td></tr><tr><td>Mexico</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 West Indies</td><td>21,720</td><td>21,720</td><td>19,364</td><td>-</td><td>2,356</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>and Surinam</td><td>90,325</td><td>90,324</td><td>72,744</td><td>7</td><td>17,573</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Panama</td><td>39,780</td><td>38,997</td><td>37,104</td><td>851</td><td>1,040</td><td>2</td><td>783</td><td>783</td><td>-</td><td>-</td></tr><tr><td>Paru</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>49,477</td><td>49,422</td><td>47,726</td><td>828</td><td>7</td><td>861</td><td>55</td><td>55</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>152,393</td><td>152,067</td><td>134,150</td><td>1,054</td><td>15,360</td><td>903</td><td>326</td><td>325</td><td>-</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,077,717</td><td>1,076,264</td><td>1,001,895</td><td>28,232</td><td>41,685</td><td>4,452</td><td>1,453</td><td>1,386</td><td>-</td><td>67</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>717,030</td><td>714,588</td><td>274,358</td><td>1,131</td><td>436,706</td><td>2,393</td><td>2,442</td><td>552</td><td>-</td><td>1,890</td></tr><tr><td>French Indo-China</td><td>37,991</td><td>37,991</td><td>26,567</td><td>-</td><td>11,400</td><td>24</td><td>24</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>36,426</td><td>31,588</td><td>30,840</td><td>128</td><td>580</td><td>40</td><td>4,838</td><td>4,838</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>34,620</td><td>34,319</td><td>32,170</td><td>2,006</td><td>50</td><td>93</td><td>301</td><td>15</td><td>252</td><td>34</td></tr><tr><td>British Malaya</td><td>1,617</td><td>1,587</td><td>1,153</td><td>-</td><td>426</td><td>8</td><td>30</td><td>30</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3,661</td><td>3,625</td><td>2,912</td><td>456</td><td>22</td><td>235</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>102,084</td><td>102,082</td><td>27,811</td><td>311</td><td>73,948</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>617,014</td><td>616,684</td><td>598,395</td><td>15,573</td><td>433</td><td>2,473</td><td>330</td><td>269</td><td>-</td><td>65</td></tr><tr><td>Turkey</td><td>66,918</td><td>66,918</td><td>64,977</td><td>335</td><td>-</td><td>1,606</td><td>136</td><td>136</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>81,924</td><td>81,806</td><td>73,565</td><td>172</td><td>7,460</td><td>609</td><td>118</td><td>118</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,699,285</td><td>1,691,189</td><td>1,132,658</td><td>20,012</td><td>531,025</td><td>7,493</td><td>8,097</td><td>5,844</td><td>252</td><td>2,001</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>26,642</td><td>26,497</td><td>24,340</td><td>1,498</td><td>507</td><td>152</td><td>145</td><td>3</td><td>4</td><td>116</td></tr><tr><td>New Zealand</td><td>3,841</td><td>3,811</td><td>3,795</td><td>16</td><td>-</td><td>-</td><td>30</td><td>28</td><td>-</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>17,878</td><td>17,878</td><td>14,832</td><td>382</td><td>-</td><td>2,604</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>11,255</td><td>11,255</td><td>9,961</td><td>122</td><td>-</td><td>1,172</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>8,927</td><td>8,283</td><td>8,249</td><td>3</td><td>15</td><td>16</td><td>604</td><td>537</td><td>-</td><td>107</td></tr><tr><td>All other</td><td>101,315</td><td>101,085</td><td>95,364</td><td>184</td><td>5,325</td><td>212</td><td>230</td><td>83</td><td>-</td><td>147</td></tr><tr><td>Total other countries</td><td>169,858</td><td>168,809</td><td>156,541</td><td>2,205</td><td>5,847</td><td>4,216</td><td>1,049</td><td>651</td><td>4</td><td>394</td></tr><tr><td>Unidentified</td><td>21,144</td><td>21,144</td><td>21,141</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,794,570</td><td>6,766,049</td><td>4,839,453</td><td>69,013</td><td>1,833,513</td><td>24,070</td><td>28,521</td><td>9,250</td><td>7,391</td><td>11,280</td></tr></table>
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of April 1946 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners 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>1,959</td><td>1,044</td><td>803</td><td>241</td><td>915</td><td>513</td><td>402</td><td>7,340</td><td>4,861</td><td>3,128</td><td>1,733</td><td>2,479</td><td>619</td><td>1,860</td></tr><tr><td>France</td><td>15,704</td><td>15,670</td><td>1,215</td><td>14,455</td><td>124</td><td>75</td><td>49</td><td>19,004</td><td>18,919</td><td>2,969</td><td>15,950</td><td>85</td><td>82</td><td>3</td></tr><tr><td>Belgium</td><td>260</td><td>188</td><td>155</td><td>33</td><td>52</td><td>3</td><td>49</td><td>855</td><td>804</td><td>475</td><td>329</td><td>51</td><td>6</td><td>45</td></tr><tr><td>Denmark</td><td>98</td><td>49</td><td>13</td><td>36</td><td>49</td><td>21</td><td>28</td><td>88</td><td>54</td><td>45</td><td>9</td><td>34</td><td>-</td><td>34</td></tr><tr><td>Finland</td><td>11</td><td>-</td><td>-</td><td>11</td><td>-</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>17</td><td>17</td><td>13</td><td>4</td><td>11</td><td>-</td><td>11</td><td>40</td><td>40</td><td>22</td><td>18</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Greece</td><td>73</td><td>73</td><td>72</td><td>73</td><td>2</td><td>-</td><td>2</td><td>68</td><td>53</td><td>57</td><td>6</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>149</td><td>147</td><td>72</td><td>75</td><td>2</td><td>-</td><td>2</td><td>213</td><td>208</td><td>113</td><td>69</td><td>5</td><td>-</td><td>5</td></tr><tr><td> Luxembourg</td><td>242</td><td>242</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>160</td><td>160</td><td>158</td><td>2</td><td>158</td><td>2</td><td>-</td></tr><tr><td>Netherlands</td><td>1,459</td><td>1,343</td><td>1,249</td><td>94</td><td>116</td><td>3</td><td>113</td><td>1,707</td><td>1,671</td><td>1,613</td><td>58</td><td>36</td><td>8</td><td>28</td></tr><tr><td>Norway</td><td>711</td><td>243</td><td>199</td><td>42</td><td>668</td><td>2</td><td>466</td><td>502</td><td>340</td><td>294</td><td>46</td><td>162</td><td>5</td><td>157</td></tr><tr><td>Portugal</td><td>46</td><td>46</td><td>45</td><td>3</td><td>-</td><td>-</td><td>-</td><td>97</td><td>95</td><td>55</td><td>-</td><td>42</td><td>-</td><td>42</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><td>-</td></tr><tr><td>Spain</td><td>139</td><td>135</td><td>28</td><td>107</td><td>4</td><td>-</td><td>4</td><td>48</td><td>48</td><td>48</td><td>10</td><td>98</td><td>-</td><td>98</td></tr><tr><td>Sweden</td><td>118</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>180</td><td>82</td><td>72</td><td>10</td><td>98</td><td>-</td><td>98</td></tr><tr><td>Switzerland</td><td>12,853</td><td>12,219</td><td>6,795</td><td>5,424</td><td>644</td><td>164</td><td>480</td><td>13,595</td><td>13,077</td><td>7,277</td><td>5,800</td><td>518</td><td>162</td><td>355</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>91</td><td>91</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>62</td><td>61</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>162</td><td>161</td><td>140</td><td>21</td><td>1</td><td>-</td><td>1</td><td>2,999</td><td>2,999</td><td>2,911</td><td>2,068</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>34,081</td><td>31,691</td><td>11,081</td><td>20,610</td><td>2,390</td><td>781</td><td>1,609</td><td>46,346</td><td>42,834</td><td>16,715</td><td>26,119</td><td>3,512</td><td>842</td><td>2,670</td></tr><tr><td>Canada</td><td>65,733</td><td>23,214</td><td>8,714</td><td>14,500</td><td>42,529</td><td>2,759</td><td>39,760</td><td>70,692</td><td>26,043</td><td>11,421</td><td>15,422</td><td>43,849</td><td>3,027</td><td>40,822</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>5,826</td><td>2,812</td><td>2,708</td><td>104</td><td>3,014</td><td>95</td><td>2,919</td><td>2,603</td><td>1,941</td><td>1,902</td><td>39</td><td>662</td><td>111</td><td>551</td></tr><tr><td>Bolivia</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>5</td><td>4</td><td>-</td><td>10</td><td>16</td></tr><tr><td>Brazil</td><td>1,358</td><td>525</td><td>624</td><td>1</td><td>733</td><td>41</td><td>692</td><td>597</td><td>571</td><td>526</td><td>45</td><td>26</td><td>-</td><td>16</td></tr><tr><td>Chile</td><td>910</td><td>316</td><td>307</td><td>9</td><td>594</td><td>12</td><td>594</td><td>418</td><td>404</td><td>401</td><td>3</td><td>14</td><td>5</td><td>9</td></tr><tr><td>Colombia</td><td>177</td><td>74</td><td>66</td><td>6</td><td>103</td><td>12</td><td>91</td><td>60</td><td>60</td><td>55</td><td>4</td><td>3</td><td>3</td><td>2</td></tr><tr><td>Costa Rica</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>18</td><td>18</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,045</td><td>2,583</td><td>2,472</td><td>111</td><td>462</td><td>93</td><td>369</td><td>3,186</td><td>3,061</td><td>2,104</td><td>957</td><td>127</td><td>46</td><td>81</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>1</td><td>1</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>Mexico</td><td>1,686</td><td>1,249</td><td>1,185</td><td>64</td><td>437</td><td>33</td><td>404</td><td>1,043</td><td>1,612</td><td>1,346</td><td>204</td><td>31</td><td>13</td><td>18</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>142</td><td>134</td><td>129</td><td>5</td><td>8</td><td>8</td><td>30</td><td>122</td><td>118</td><td>117</td><td>1</td><td>4</td><td>4</td><td>19</td></tr><tr><td>Panama</td><td>5,310</td><td>4,955</td><td>1,235</td><td>3,719</td><td>355</td><td>148</td><td>207</td><td>1,573</td><td>1,468</td><td>1,406</td><td>60</td><td>105</td><td>86</td><td>175</td></tr><tr><td>Peru</td><td>546</td><td>535</td><td>340</td><td>195</td><td>11</td><td>4</td><td>7</td><td>451</td><td>270</td><td>266</td><td>4</td><td>181</td><td>6</td><td>175</td></tr><tr><td>Venezuela</td><td>532</td><td>532</td><td>505</td><td>7</td><td>7</td><td>7</td><td>-</td><td>560</td><td>329</td><td>323</td><td>6</td><td>231</td><td>231</td><td>62</td></tr><tr><td>Other Latin America</td><td>4,929</td><td>3,347</td><td>2,710</td><td>677</td><td>1,542</td><td>515</td><td>1,027</td><td>3,010</td><td>2,818</td><td>2,090</td><td>728</td><td>192</td><td>130</td><td>62</td></tr><tr><td>Total Latin America</td><td>24,472</td><td>17,213</td><td>12,315</td><td>4,698</td><td>7,759</td><td>949</td><td>6,310</td><td>14,251</td><td>12,675</td><td>10,560</td><td>2,115</td><td>1,578</td><td>645</td><td>933</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>1,193</td><td>1,156</td><td>921</td><td>235</td><td>37</td><td>7</td><td>30</td><td>4,687</td><td>4,316</td><td>4,046</td><td>270</td><td>371</td><td>91</td><td>280</td></tr><tr><td>French Indo-China</td><td>14</td><td>14</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td><td>108</td><td>108</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>14</td><td>14</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>46</td><td>46</td><td>8</td><td>38</td><td>-</td><td>38</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>76</td><td>76</td><td>75</td><td>1</td><td>-</td><td>-</td><td>-</td><td>86</td><td>8</td><td>2</td><td>38</td><td>-</td><td>38</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</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>105</td><td>104</td><td>104</td><td>-</td><td>1</td><td>1</td><td>1</td><td>195</td><td>195</td><td>84</td><td>111</td><td>-</td><td>44</td><td>114</td></tr><tr><td>Philippine Islands</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>473</td><td>315</td><td>307</td><td>8</td><td>156</td><td>44</td><td>114</td></tr><tr><td>Turkey</td><td>350</td><td>212</td><td>154</td><td>58</td><td>134</td><td>30</td><td>106</td><td>240</td><td>158</td><td>160</td><td>28</td><td>52</td><td>3</td><td>49</td></tr><tr><td>Other Asia</td><td>1,787</td><td>1,611</td><td>1,317</td><td>294</td><td>175</td><td>38</td><td>138</td><td>5,751</td><td>5,132</td><td>4,715</td><td>417</td><td>619</td><td>138</td><td>481</td></tr><tr><td>Total Asia</td><td>1,787</td><td>1,611</td><td>1,317</td><td>294</td><td>175</td><td>38</td><td>138</td><td>5,751</td><td>5,132</td><td>4,715</td><td>417</td><td>619</td><td>138</td><td>481</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>462</td><td>77</td><td>76</td><td>1</td><td>385</td><td>-</td><td>385</td><td>533</td><td>324</td><td>306</td><td>18</td><td>9</td><td>-</td><td>3</td></tr><tr><td>New Zealand</td><td>36</td><td>36</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>39</td><td>34</td><td>5</td><td>2</td><td>2</td><td>-</td></tr><tr><td>French Morocco</td><td>21</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>232</td><td>198</td><td>198</td><td>4</td><td>34</td><td>-</td><td>34</td></tr><tr><td>Union of South Africa</td><td>27</td><td>14</td><td>7</td><td>7</td><td>13</td><td>-</td><td>13</td><td>114</td><td>114</td><td>113</td><td>1</td><td>-</td><td>6</td><td>6</td></tr><tr><td>All other</td><td>27</td><td>6</td><td>6</td><td>21</td><td>21</td><td>21</td><td>-</td><td>46</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>589</td><td>170</td><td>126</td><td>44</td><td>419</td><td>419</td><td>792</td><td>741</td><td>713</td><td>28</td><td>51</td><td>2</td><td>49</td><td>49</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>126,662</td><td>73,899</td><td>33,553</td><td>40,346</td><td>52,763</td><td>4,527</td><td>46,236</td><td>137,834</td><td>88,225</td><td>44,124</td><td>44,101</td><td>9,609</td><td>4,654</td><td>44,955</td></tr></table>
September 1946
91
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1. Net Position by Countries
(in thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th colspan="8">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>January</th><th>February</th><th>March</th><th>April</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>6,985</td><td>7,212</td><td>8,534</td><td>3,542</td><td>6,993</td><td>930</td><td>-396</td><td>-1,082</td><td>429</td><td>-1,131</td><td>-2,771</td><td>-2,201</td><td>-727</td></tr><tr><td>France</td><td>-179</td><td>-168</td><td>-170</td><td>-171</td><td>-170</td><td>-168</td><td>-164</td><td>-182</td><td>-90</td><td>-40</td><td>-56</td><td>-43</td><td>-54</td></tr><tr><td>Belgium</td><td>-475</td><td>-333</td><td>-285</td><td>-331</td><td>-351</td><td>-352</td><td>-334</td><td>-231</td><td>-205</td><td>-251</td><td>-165</td><td>-72</td><td>-99</td></tr><tr><td>Germany</td><td>-29</td><td>-27</td><td>-28</td><td>-19</td><td>-28</td><td>-28</td><td>-29</td><td>-28</td><td>-28</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td></tr><tr><td>Italy</td><td>-59</td><td>-59</td><td>-61</td><td>-19</td><td>-62</td><td>-60</td><td>-61</td><td>-61</td><td>-61</td><td>-64</td><td>-64</td><td>-64</td><td>-54</td></tr><tr><td>Netherlands</td><td>-864</td><td>-863</td><td>-646</td><td>-808</td><td>-771</td><td>-801</td><td>-769</td><td>-613</td><td>-677</td><td>-756</td><td>-310</td><td>-6</td><td>8</td></tr><tr><td>Portugal</td><td>26</td><td>50</td><td>41</td><td>11</td><td>-3</td><td>5</td><td>-4</td><td>32</td><td>-33</td><td>21</td><td>56</td><td>19</td><td>8</td></tr><tr><td>Spain</td><td>-88</td><td>-87</td><td>-86</td><td>-90</td><td>-92</td><td>-94</td><td>-99</td><td>-103</td><td>-96</td><td>-88</td><td>-93</td><td>-94</td><td>-111</td></tr><tr><td>Sweden</td><td>46</td><td>99</td><td>81</td><td>356</td><td>-8</td><td>-2</td><td>-273</td><td>-285</td><td>-114</td><td>-35</td><td>-81</td><td>56</td><td>87</td></tr><tr><td>Switzerland</td><td>51</td><td>14</td><td>-53</td><td>-24</td><td>-45</td><td>39</td><td>24</td><td>359</td><td>56</td><td>228</td><td>88</td><td>264</td><td>118</td></tr><tr><td>Other Europe</td><td>-89</td><td>-44</td><td>-13</td><td>23</td><td>-15</td><td>-50</td><td>-57</td><td>-54</td><td>231</td><td>-41</td><td>1</td><td>-52</td><td>-</td></tr><tr><td>Total Europe</td><td>5,325</td><td>5,794</td><td>7,314</td><td>2,489</td><td>5,448</td><td>-581</td><td>-2,162</td><td>-2,248</td><td>-588</td><td>-1,784</td><td>-3,424</td><td>-2,220</td><td>-835</td></tr><tr><td>Canada</td><td>2,034</td><td>1,423</td><td>4,023</td><td>4,788</td><td>5,242</td><td>4,342</td><td>3,800</td><td>3,080</td><td>6,016</td><td>5,590</td><td>4,809</td><td>5,445</td><td>5,054</td></tr><tr><td>Latin America</td><td>1,028</td><td>908</td><td>698</td><td>677</td><td>481</td><td>672</td><td>446</td><td>224</td><td>-144</td><td>-79</td><td>283</td><td>237</td><td>565</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>-41</td><td>-51</td><td>-51</td><td>-51</td><td>-51</td><td>-51</td><td>-53</td><td>-53</td><td>-53</td><td>-30</td><td>118</td><td>-153</td><td>-363</td></tr><tr><td>Hong Kong</td><td>-2,123</td><td>-2,123</td><td>-2,123</td><td>-2,123</td><td>-2,122</td><td>-2,122</td><td>-2,120</td><td>-2,138</td><td>-2,536</td><td>-3,297</td><td>-4,537</td><td>-4,515</td><td>-3,681</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-15</td><td>-15</td><td>-15</td></tr><tr><td>Other Asia</td><td>77</td><td>74</td><td>166</td><td>91</td><td>-85</td><td>-81</td><td>-206</td><td>-225</td><td>-243</td><td>-637</td><td>-859</td><td>-707</td><td>-1,632</td></tr><tr><td>Total Asia</td><td>-2,114</td><td>-2,127</td><td>-2,103</td><td>-2,110</td><td>-2,285</td><td>-2,281</td><td>-2,406</td><td>-2,443</td><td>-2,859</td><td>-3,391</td><td>-5,291</td><td>-5,390</td><td>-5,693</td></tr><tr><td>All other</td><td>84</td><td>281</td><td>-39</td><td>46</td><td>175</td><td>31</td><td>62</td><td>116</td><td>88</td><td>115</td><td>158</td><td>74</td><td>246</td></tr><tr><td>Grand total</td><td>6,357</td><td>6,279</td><td>9,961</td><td>5,890</td><td>9,061</td><td>2,181</td><td>-260</td><td>-1,271</td><td>2,513</td><td>-149</td><td>-3,467</td><td>-1,854</td><td>-663</td></tr></table>
92
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</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 colspan="12">Currency of: Europe (continued on following page)</td></tr><tr><td colspan="12">Purchase contracts</td></tr><tr><td>Total:</td><td>5,661</td><td>763</td><td>316</td><td>3</td><td>188</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-May</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>6,088</td><td>2,844</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>19,421</td><td>12,901</td><td>12,800</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>17</td></tr><tr><td>November</td><td>18,343</td><td>12,391</td><td>12,190</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>December</td><td>19,946</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>1946-January</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>February</td><td>20,433</td><td>14,653</td><td>14,856</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>March</td><td>23,397</td><td>17,866</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>From foreign customers:</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>1945-May</td><td>3,540</td><td>302</td><td>80</td><td>3</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>2,817</td><td>383</td><td>161</td><td>3</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>2,149</td><td>68</td><td>68</td><td>3</td><td>-</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>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2,575</td><td>911</td><td>721</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,139</td><td>619</td><td>619</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>November</td><td>2,043</td><td>822</td><td>712</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>December</td><td>2,367</td><td>990</td><td>840</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>2,221</td><td>1453</td><td>1433</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,550</td><td>1480</td><td>1480</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,072</td><td>313</td><td>313</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,302</td><td>191</td><td>112</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>From domestic customers:</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>1945-May</td><td>2,121</td><td>461</td><td>236</td><td>3</td><td>122</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,577</td><td>332</td><td>215</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</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>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>5,388</td><td>4,662</td><td>4,563</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>10,701</td><td>9,486</td><td>9,386</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>17,082</td><td>12,282</td><td>12,181</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>17</td></tr><tr><td>November</td><td>19,951</td><td>12,783</td><td>12,653</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>1</td><td>-</td><td>-</td></tr><tr><td>December</td><td>16,676</td><td>11,441</td><td>11,350</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>1</td><td>-</td><td>45</td></tr><tr><td>1946-January</td><td>17,719</td><td>10,991</td><td>10,740</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>February</td><td>18,640</td><td>12,301</td><td>12,109</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>19,361</td><td>14,350</td><td>14,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>22,695</td><td>17,275</td><td>17,267</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="12">Sales contracts</td></tr><tr><td>Total:</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>1945-May</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>5</td><td>1</td><td>-</td></tr><tr><td>June</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>July</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><td>August</td><td>16,983</td><td>11,531</td><td>10,832</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>September</td><td>24,769</td><td>16,661</td><td>15,758</td><td>2</td><td>59</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>350</td></tr><tr><td>October</td><td>28,402</td><td>19,585</td><td>18,989</td><td>2</td><td>51</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>354</td></tr><tr><td>November</td><td>29,285</td><td>19,668</td><td>18,967</td><td>2</td><td>51</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>51</td></tr><tr><td>December</td><td>37,204</td><td>23,613</td><td>22,843</td><td>6</td><td>51</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td><td>150</td></tr><tr><td>1946-January</td><td>41,309</td><td>30,695</td><td>29,526</td><td>-</td><td>51</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>75</td></tr><tr><td>February</td><td>43,387</td><td>36,158</td><td>36,036</td><td>-</td><td>53</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>20</td></tr><tr><td>March</td><td>49,539</td><td>40,864</td><td>40,221</td><td>9</td><td>52</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>120</td></tr><tr><td>To foreign customers:</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>1945-May</td><td>911</td><td>693</td><td>503</td><td>-</td><td>180</td><td>-</td><td>10</td><td>210</td><td>-</td><td>1</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>10</td><td>-</td><td>-</td><td>1</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>10</td><td>-</td><td>-</td><td>1</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>10</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>1,958</td><td>1,562</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>October</td><td>2,000</td><td>1,645</td><td>1,269</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>366</td></tr><tr><td>November</td><td>2,384</td><td>1,594</td><td>1,198</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>36</td></tr><tr><td>December</td><td>2,599</td><td>1,017</td><td>916</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>51</td></tr><tr><td>1946-January</td><td>2,327</td><td>1,115</td><td>941</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>124</td></tr><tr><td>February</td><td>1,636</td><td>554</td><td>431</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>73</td></tr><tr><td>March</td><td>926</td><td>773</td><td>703</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>20</td></tr><tr><td>April</td><td>1,034</td><td>1,002</td><td>832</td><td>-</td><td>50</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>120</td></tr><tr><td>To domestic customers:</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>1945-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>1,073</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>8,350</td><td>2,950</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>9,903</td><td>5,117</td><td>4,859</td><td>32</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>15,025</td><td>9,969</td><td>9,320</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>4</td></tr><tr><td>October</td><td>22,769</td><td>15,016</td><td>14,509</td><td>2</td><td>9</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>8</td></tr><tr><td>November</td><td>26,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>8</td></tr><tr><td>December</td><td>26,533</td><td>18,651</td><td>18,051</td><td>2</td><td>1</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>-</td></tr><tr><td>1946-January</td><td>34,914</td><td>22,408</td><td>21,902</td><td>6</td><td>1</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td><td>26</td></tr><tr><td>February</td><td>40,661</td><td>29,611</td><td>29,095</td><td>-</td><td>1</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td></tr><tr><td>March</td><td>42,661</td><td>35,385</td><td>35,333</td><td>3</td><td>1</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td></tr><tr><td>April</td><td>48,505</td><td>39,462</td><td>39,389</td><td>9</td><td>2</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>-</td></tr></table>
(Continued on following page)
September 1946
93
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchurie)</th><th>Other Asia</th><th>All other</th></tr><tr><th></th><th>Switzerland</th><th>Other Europe</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td colspan="11">Currency of:</td></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</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>1945-May</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>June</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>109</td><td>-</td></tr><tr><td>July</td><td>-</td><td>2</td><td>1,858</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>August</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</td></tr><tr><td>September</td><td>-</td><td>4</td><td>5,156</td><td>3</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>131</td></tr><tr><td>October</td><td>-</td><td>6</td><td>5,618</td><td>1,514</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>35</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>103</td></tr><tr><td>December</td><td>-</td><td>9</td><td>4,903</td><td>1,531</td><td>1,204</td><td>380</td><td>990</td><td>-</td><td>527</td><td>65</td></tr><tr><td>1946-January</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,125</td><td>380</td><td>389</td><td>-</td><td>556</td><td>65</td></tr><tr><td>February</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td>-</td><td>663</td><td>52</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,567</td><td>938</td><td>1,974</td><td>-</td><td>1,595</td><td>-</td><td>379</td><td>52</td></tr><tr><td>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-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>995</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>87</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>517</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>87</td><td>-</td></tr><tr><td>September</td><td>190</td><td>-</td><td>235</td><td>-</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>129</td></tr><tr><td>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>17</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>65</td></tr><tr><td>December</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,174</td><td>380</td><td>854</td><td>-</td><td>530</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>73</td><td>-</td><td>997</td><td>380</td><td>61</td><td>-</td><td>596</td><td>52</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>-</td><td>703</td><td>380</td><td>182</td><td>-</td><td>521</td><td>52</td></tr><tr><td>April</td><td>-</td><td>-</td><td>105</td><td>-</td><td>954</td><td>-</td><td>675</td><td>-</td><td>279</td><td>52</td></tr><tr><td>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-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>1,283</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>3</td><td>1,321</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>September</td><td>-</td><td>3</td><td>1,192</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>October</td><td>-</td><td>4</td><td>4,666</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,601</td><td>1,514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>3</td><td>3,562</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td>-</td><td>126</td><td>-</td><td>97</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,415</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>-</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>988</td><td>923</td><td>2</td><td>779</td><td>-</td><td>142</td><td>-</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,462</td><td>938</td><td>1,020</td><td>-</td><td>920</td><td>-</td><td>100</td><td>-</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td>30</td><td>2</td><td>3,211</td><td>815</td><td>250</td><td>15</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>1945-May</td><td>30</td><td>2</td><td>6,926</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>June</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>July</td><td>30</td><td>2</td><td>3,974</td><td>591</td><td>294</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>August</td><td>220</td><td>3</td><td>4,729</td><td>392</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>September</td><td>30</td><td>4</td><td>7,565</td><td>325</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>October</td><td>30</td><td>6</td><td>8,077</td><td>666</td><td>55</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>November</td><td>30</td><td>6</td><td>8,569</td><td>827</td><td>527</td><td>19</td><td>-</td><td>4</td><td>37</td><td>74</td></tr><tr><td>December</td><td>-</td><td>9</td><td>10,669</td><td>1,444</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>1946-January</td><td>-</td><td>1</td><td>8,967</td><td>652</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>February</td><td>-</td><td>7</td><td>4,508</td><td>582</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,692</td><td>85</td></tr><tr><td>March</td><td>-</td><td>7</td><td>5,987</td><td>171</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>To 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-May</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>160</td><td>-</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>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>9</td><td>355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>228</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td></tr><tr><td>November</td><td>-</td><td>-</td><td>840</td><td>718</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>840</td><td>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>840</td><td>242</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>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To 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-May</td><td>30</td><td>2</td><td>3,193</td><td>815</td><td>250</td><td>19</td><td>-</td><td>4</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>4</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>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>30</td><td>2</td><td>3,974</td><td>156</td><td>294</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>-</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>55</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>7,759</td><td>109</td><td>50</td><td>19</td><td>-</td><td>4</td><td>37</td><td>84</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>9,829</td><td>1,072</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,127</td><td>420</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>429</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,692</td><td>85</td></tr><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>139</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr></table>
94
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
<table><tr><th>Transactions during month</th><th>Grand total</th><th colspan="7">Currencу 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></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1945-May</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>Spot.........</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>Forward.........</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>June</td><td>1,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</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>Forward.........</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>Forward.........</td><td>72,184</td><td>35,986</td><td>33,449</td><td>117</td><td>267</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>August</td><td>7,306</td><td>5,809</td><td>5,809</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Spot.........</td><td>75,149</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>Forward.........</td><td>13,432</td><td>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>Spot.........</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Forward.........</td><td>98,936</td><td>54,562</td><td>42,821</td><td>546</td><td>363</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>October</td><td>9,527</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>1946-January</td><td>11,118</td><td>5,177</td><td>5,698</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>105,117</td><td>66,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>3</td><td>315</td><td>409</td><td>335</td></tr><tr><td>Forward.........</td><td>9,492</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>-</td><td>20</td><td>573</td><td>821</td><td>356</td></tr><tr><td>March</td><td>15,833</td><td>8,960</td><td>8,943</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Spot.........</td><td>138,241</td><td>69,819</td><td>57,369</td><td>1,113</td><td>654</td><td>-</td><td>25</td><td>163</td><td>1,732</td><td>329</td></tr><tr><td>Forward.........</td><td>13,002</td><td>8,536</td><td>8,457</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1945-May</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>Spot.........</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>Forward.........</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>June</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>Spot.........</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>Forward.........</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>August</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>Spot.........</td><td>36,594</td><td>19,576</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>Forward.........</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td></tr><tr><td>September</td><td>48,043</td><td>25,846</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>56,188</td><td>37,813</td><td>29,233</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>Forward.........</td><td>7,141</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>November</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>December</td><td>6,115</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>65,161</td><td>39,315</td><td>29,490</td><td>859</td><td>537</td><td>-</td><td>-</td><td>368</td><td>543</td><td>453</td></tr><tr><td>Spot.........</td><td>7,229</td><td>2,783</td><td>2,704</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward.........</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>506</td><td>-</td><td>1</td><td>224</td><td>407</td><td>320</td></tr><tr><td>February</td><td>7,102</td><td>4,400</td><td>4,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>95,259</td><td>55,383</td><td>43,121</td><td>661</td><td>742</td><td>-</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>Forward.........</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>March</td><td>85,799</td><td>45,379</td><td>33,624</td><td>1,012</td><td>519</td><td>-</td><td>4</td><td>163</td><td>1,706</td><td>302</td></tr><tr><td>Spot.........</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</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="11">Purchases from others:</td></tr><tr><td>1945-May</td><td>24,647</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>June</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>Forward.........</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>July</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>August</td><td>26,460</td><td>13,787</td><td>13,770</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>Forward.........</td><td>35,590</td><td>20,390</td><td>20,120</td><td>1</td><td>12</td><td>-</td><td>-</td><td>-</td><td>3</td><td>5</td></tr><tr><td>September</td><td>2,523</td><td>2,060</td><td>2,060</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>31,106</td><td>12,210</td><td>11,439</td><td>84</td><td>55</td><td>-</td><td>-</td><td>-</td><td>40</td><td>29</td></tr><tr><td>Spot.........</td><td>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>27,934</td><td>12,274</td><td>11,144</td><td>83</td><td>210</td><td>-</td><td>-</td><td>5</td><td>29</td><td>38</td></tr><tr><td>December</td><td>7,409</td><td>1,033</td><td>1,033</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>-</td><td>2</td><td>2</td><td>4</td></tr><tr><td>Forward.........</td><td>3,412</td><td>2,214</td><td>2,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>42,947</td><td>18,839</td><td>18,140</td><td>49</td><td>26</td><td>-</td><td>-</td><td>3</td><td>44</td><td>56</td></tr><tr><td>Spot.........</td><td>3,889</td><td>2,994</td><td>2,994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>32,133</td><td>13,998</td><td>13,548</td><td>54</td><td>93</td><td>-</td><td>2</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Spot.........</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>Spot.........</td><td>5,765</td><td>3,888</td><td>3,888</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>-</td><td>21</td><td>-</td><td>26</td><td>27</td></tr><tr><td>Spot.........</td><td>6,788</td><td>5,129</td><td>5,129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
September 1946
95
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>Japan (in- cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Purchase</td></tr><tr><td>Total purchases: 1945-May</td><td>530</td><td>4,613</td><td>175</td><td>21,338</td><td>4,597</td><td>909</td><td>-</td><td>909</td><td>3,902</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>3,999</td><td>956</td><td>114</td><td>-</td><td>114</td><td>-</td></tr><tr><td>Forward</td><td>81</td><td>4,821</td><td>176</td><td>32,636</td><td>4,023</td><td>1,056</td><td>-</td><td>1,056</td><td>1,038</td></tr><tr><td>June</td><td>1,042</td><td>5,066</td><td>218</td><td>18,945</td><td>4,015</td><td>738</td><td>-</td><td>738</td><td>3,618</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,551</td><td>-</td><td>865</td><td>-</td><td>865</td><td>15</td></tr><tr><td>Forward</td><td>957</td><td>6,195</td><td>162</td><td>17,742</td><td>2,622</td><td>96</td><td>-</td><td>96</td><td>1,101</td></tr><tr><td>July</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>1,305</td><td>-</td><td>1,305</td><td>4,395</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>1,254</td><td>-</td><td>1,254</td><td>141</td></tr><tr><td>Forward</td><td>1,826</td><td>5,564</td><td>174</td><td>31,505</td><td>3,130</td><td>1,188</td><td>-</td><td>1,188</td><td>5,204</td></tr><tr><td>August</td><td>1,322</td><td>6,053</td><td>260</td><td>23,914</td><td>3,155</td><td>1,188</td><td>-</td><td>1,188</td><td>5,778</td></tr><tr><td>Spot</td><td>17</td><td>-</td><td>-</td><td>1,123</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>1,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,514</td></tr><tr><td>September</td><td>1,859</td><td>5,553</td><td>174</td><td>33,603</td><td>5,352</td><td>3,875</td><td>-</td><td>3,875</td><td>6,624</td></tr><tr><td>October</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>9</td><td>5,029</td><td>6,786</td></tr><tr><td>November</td><td>75</td><td>-</td><td>-</td><td>1,421</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>December</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>7,223</td><td>-</td><td>7,223</td><td>8,275</td></tr><tr><td>1946-January</td><td>2,209</td><td>5,590</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,886</td></tr><tr><td>Spot</td><td>78</td><td>-</td><td>-</td><td>3,581</td><td>248</td><td>637</td><td>-</td><td>637</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></tr><tr><td>Purchases from banks: 1945-May</td><td>473</td><td>4,588</td><td>118</td><td>10,348</td><td>3,880</td><td>909</td><td>-</td><td>909</td><td>1,655</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>3,695</td><td>956</td><td>80</td><td>-</td><td>80</td><td>-</td></tr><tr><td>Forward</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td>June</td><td>588</td><td>5,030</td><td>129</td><td>9,195</td><td>2,970</td><td>737</td><td>-</td><td>737</td><td>1,785</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,301</td><td>-</td><td>768</td><td>-</td><td>768</td><td>15</td></tr><tr><td>Forward</td><td>919</td><td>5,967</td><td>71</td><td>8,351</td><td>1,767</td><td>768</td><td>-</td><td>768</td><td>1,771</td></tr><tr><td>July</td><td>539</td><td>4,539</td><td>36</td><td>11,916</td><td>2,037</td><td>1,270</td><td>-</td><td>1,270</td><td>1,795</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>60</td></tr><tr><td>Forward</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td>August</td><td>1,222</td><td>5,480</td><td>168</td><td>13,852</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,336</td></tr><tr><td>Spot</td><td>17</td><td>-</td><td>-</td><td>2,278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,275</td><td>5,273</td><td>1,832</td><td>15,201</td><td>2,681</td><td>2,353</td><td>-</td><td>2,353</td><td>1,320</td></tr><tr><td>September</td><td>1,570</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,633</td><td>-</td><td>3,633</td><td>1,821</td></tr><tr><td>October</td><td>1,850</td><td>4,487</td><td>174</td><td>3,602</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td>November</td><td>2,219</td><td>6,702</td><td>543</td><td>28,038</td><td>3,365</td><td>6,580</td><td>-</td><td>6,580</td><td>1,893</td></tr><tr><td>December</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td>1946-January</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>Spot</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></tr><tr><td>Purchases from others: 1945-May</td><td>57</td><td>25</td><td>57</td><td>10,990</td><td>717</td><td>-</td><td>-</td><td>-</td><td>2,247</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>304</td><td>-</td><td>34</td><td>-</td><td>34</td><td>-</td></tr><tr><td>Forward</td><td>38</td><td>33</td><td>70</td><td>11,639</td><td>638</td><td>25</td><td>-</td><td>25</td><td>2,430</td></tr><tr><td>June</td><td>454</td><td>36</td><td>89</td><td>9,750</td><td>1,045</td><td>1</td><td>-</td><td>1</td><td>1,833</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Forward</td><td>38</td><td>228</td><td>91</td><td>9,391</td><td>855</td><td>97</td><td>-</td><td>97</td><td>2,310</td></tr><tr><td>July</td><td>126</td><td>37</td><td>66</td><td>11,981</td><td>702</td><td>35</td><td>-</td><td>35</td><td>2,640</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>359</td><td>3</td><td>101</td><td>-</td><td>101</td><td>-</td></tr><tr><td>Forward</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,868</td></tr><tr><td>August</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>10</td><td>-</td><td>10</td><td>4,462</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,845</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr><tr><td>September</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>242</td><td>-</td><td>242</td><td>4,803</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>732</td><td>-</td><td>732</td><td>4,983</td></tr><tr><td>October</td><td>262</td><td>229</td><td>73</td><td>15,341</td><td>966</td><td>643</td><td>-</td><td>643</td><td>6,382</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,641</td><td>236</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,254</td></tr><tr><td>November</td><td>1946-January</td><td>-</td><td>-</td><td>1,811</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</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)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (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 (contd. 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>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-May</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>Spot</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>Forward</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>June</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>Spot</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>Forward</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>Forward</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>August</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Spot</td><td>18,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Forward</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>September</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>Spot</td><td>17,175</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Forward</td><td>85,433</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>October</td><td>19,340</td><td>7,964</td><td>7,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Spot</td><td>96,696</td><td>53,247</td><td>43,181</td><td>867</td><td>583</td><td>-</td><td>2</td><td>49</td><td>575</td><td>504</td></tr><tr><td>Forward</td><td>23,782</td><td>13,154</td><td>13,051</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>98,862</td><td>64,521</td><td>55,681</td><td>598</td><td>517</td><td>-</td><td>4</td><td>272</td><td>373</td><td>335</td></tr><tr><td>Spot</td><td>19,294</td><td>12,200</td><td>12,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>-</td><td>21</td><td>264</td><td>863</td><td>358</td></tr><tr><td>December</td><td>23,695</td><td>14,958</td><td>14,937</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>130,055</td><td>66,797</td><td>54,299</td><td>1,118</td><td>680</td><td>-</td><td>26</td><td>155</td><td>1,738</td><td>347</td></tr><tr><td>Forward</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td colspan="11">Sales to banks: 1945-May</td></tr><tr><td>Spot</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>Forward</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>June</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>Spot</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>Forward</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>August</td><td>4,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>Spot</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>2</td><td>438</td><td>431</td><td>-</td></tr><tr><td>September</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>-</td><td>3</td><td>136</td><td>433</td><td>-</td></tr><tr><td>Forward</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>34,999</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>313</td><td>520</td><td>-</td></tr><tr><td>Spot</td><td>8,259</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>37,088</td><td>19,137</td><td>16,195</td><td>82</td><td>17</td><td>-</td><td>27</td><td>228</td><td>329</td><td>-</td></tr><tr><td>November</td><td>6,220</td><td>3,877</td><td>3,877</td><td>8</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>36,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>-</td><td>1</td><td>67</td><td>229</td><td>-</td></tr><tr><td>Forward</td><td>7,939</td><td>6,110</td><td>6,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>-</td><td>5</td><td>590</td><td>215</td><td>-</td></tr><tr><td>Spot</td><td>13,510</td><td>8,470</td><td>8,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>56,515</td><td>29,545</td><td>25,028</td><td>447</td><td>179</td><td>-</td><td>-</td><td>1,473</td><td>249</td><td>-</td></tr><tr><td>1945-January</td><td>10,219</td><td>7,161</td><td>7,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>32,827</td><td>13,952</td><td>8,566</td><td>380</td><td>116</td><td>-</td><td>-</td><td>279</td><td>144</td><td>-</td></tr><tr><td>Forward</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>February</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>-</td><td>264</td><td>225</td><td>-</td></tr><tr><td>Spot</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>31,752</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>176</td><td>288</td><td>27</td><td>-</td></tr><tr><td>March</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>2</td><td>307</td><td>64</td><td>-</td></tr><tr><td>Forward</td><td>4,118</td><td>1,415</td><td>1,358</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>-</td><td>362</td><td>49</td><td>-</td></tr><tr><td>Spot</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>44,018</td><td>22,220</td><td>15,840</td><td>188</td><td>43</td><td>-</td><td>15</td><td>359</td><td>81</td><td>-</td></tr><tr><td>1945-June</td><td>7,178</td><td>3,682</td><td>3,675</td><td>12</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>50,384</td><td>31,778</td><td>25,224</td><td>268</td><td>135</td><td>-</td><td>135</td><td>416</td><td>208</td><td>-</td></tr><tr><td>Forward</td><td>9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>-</td><td>1</td><td>124</td><td>-</td><td>-</td></tr><tr><td>July</td><td>50,934</td><td>32,935</td><td>25,641</td><td>226</td><td>289</td><td>-</td><td>64</td><td>302</td><td>75</td><td>-</td></tr><tr><td>Spot</td><td>11,551</td><td>2,432</td><td>2,489</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>59,608</td><td>34,110</td><td>27,123</td><td>785</td><td>566</td><td>-</td><td>2</td><td>347</td><td>175</td><td>-</td></tr><tr><td>August</td><td>17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>4</td><td>271</td><td>106</td><td>-</td></tr><tr><td>Spot</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>-</td><td>306</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>11,375</td><td>6,090</td><td>6,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>75,283</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>-</td><td>21</td><td>259</td><td>143</td><td>-</td></tr><tr><td>Spot</td><td>10,185</td><td>6,488</td><td>6,486</td><td>-</td><td>2</td><td>-</td><td>-</td><td>273</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>73,440</td><td>37,252</td><td>29,271</td><td>671</td><td>501</td><td>-</td><td>26</td><td>265</td><td>98</td><td>-</td></tr><tr><td>October</td><td>9,380</td><td>4,980</td><td>4,999</td><td>9</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Spot</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></table>
(Continued on following page)
September 1946
97
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(in thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th colspan="2">Currency of:</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>Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales: 1945-May</td><td>Spot............</td><td>4,79</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>855</td><td>3,359</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>1,750</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>15,233</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>September</td><td>Spot............</td><td>661</td><td>4,489</td><td>147</td><td>21,644</td><td>2,417</td><td>1,274</td><td>-</td><td>1,274</td><td>3,771</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>4,052</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>October</td><td>Spot............</td><td>1,746</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>1,331</td><td>4,635</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td>November</td><td>Spot............</td><td>1,347</td><td>5,723</td><td>264</td><td>24,287</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td></td><td>Forward.........</td><td>8</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot............</td><td>1,132</td><td>5,725</td><td>1,654</td><td>23,472</td><td>3,645</td><td>2,800</td><td>-</td><td>2,800</td><td>3,859</td></tr><tr><td></td><td>Forward.........</td><td>52</td><td>-</td><td>662</td><td>10,174</td><td>1,015</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td>1946-January</td><td>Spot............</td><td>1,751</td><td>5,384</td><td>214</td><td>29,616</td><td>4,510</td><td>1,795</td><td>-</td><td>4,795</td><td>4,528</td></tr><tr><td></td><td>Forward.........</td><td>99</td><td>-</td><td>-</td><td>8,373</td><td>969</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot............</td><td>1,982</td><td>4,663</td><td>194</td><td>18,683</td><td>5,100</td><td>6,281</td><td>9</td><td>6,272</td><td>4,177</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>530</td><td>2,008</td><td>-</td><td>2,008</td><td>19</td></tr><tr><td>March</td><td>Spot............</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,187</td><td>8,445</td><td>-</td><td>8,445</td><td>5,170</td></tr><tr><td></td><td>Forward.........</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>1,752</td><td>-</td></tr><tr><td>April</td><td>Spot............</td><td>2,145</td><td>5,704</td><td>585</td><td>44,875</td><td>4,827</td><td>1,372</td><td>-</td><td>1,372</td><td>6,184</td></tr><tr><td></td><td>Forward.........</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td colspan="10">Sales to banks: 1945-May</td></tr><tr><td></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>795</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>September</td><td>Spot............</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>901</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>Spot............</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>-</td><td>218</td><td>2,112</td></tr><tr><td></td><td>Forward.........</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>November</td><td>Spot............</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td></td><td>Forward.........</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot............</td><td>667</td><td>1,018</td><td>488</td><td>12,456</td><td>593</td><td>250</td><td>-</td><td>250</td><td>2,278</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>Spot............</td><td>899</td><td>1,311</td><td>49</td><td>13,775</td><td>877</td><td>608</td><td>-</td><td>608</td><td>2,691</td></tr><tr><td></td><td>Forward.........</td><td>99</td><td>-</td><td>-</td><td>2,058</td><td>182</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot............</td><td>1,076</td><td>1,046</td><td>36</td><td>7,838</td><td>614</td><td>1,577</td><td>-</td><td>1,577</td><td>2,403</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>431</td><td>-</td><td>431</td><td>-</td></tr><tr><td>March</td><td>Spot............</td><td>1,076</td><td>1,781</td><td>67</td><td>20,114</td><td>522</td><td>1,400</td><td>-</td><td>1,400</td><td>3,065</td></tr><tr><td></td><td>Forward.........</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>530</td><td>-</td></tr><tr><td>April</td><td>Spot............</td><td>976</td><td>1,081</td><td>112</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>654</td><td>4,110</td></tr><tr><td></td><td>Forward.........</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Sales to others: 1945-May</td></tr><tr><td></td><td>Spot............</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,802</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>8,582</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><tr><td>September</td><td>Spot............</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,104</td><td>1,817</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>47</td><td>68</td><td>-</td><td>68</td><td>20</td></tr><tr><td>October</td><td>Spot............</td><td>996</td><td>4,556</td><td>136</td><td>15,403</td><td>2,759</td><td>1,113</td><td>-</td><td>1,113</td><td>2,523</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>-</td><td>56</td><td>-</td></tr><tr><td>November</td><td>Spot............</td><td>658</td><td>4,523</td><td>200</td><td>11,625</td><td>4,178</td><td>1,057</td><td>-</td><td>1,057</td><td>1,746</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot............</td><td>465</td><td>4,707</td><td>1,166</td><td>11,016</td><td>2,852</td><td>2,550</td><td>-</td><td>2,550</td><td>1,581</td></tr><tr><td></td><td>Forward.........</td><td>52</td><td>-</td><td>270</td><td>7,032</td><td>1,010</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td>1946-January</td><td>Spot............</td><td>852</td><td>4,073</td><td>165</td><td>15,641</td><td>3,633</td><td>4,187</td><td>-</td><td>4,187</td><td>1,837</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>8,315</td><td>787</td><td>1,262</td><td>-</td><td>1,262</td><td>21</td></tr><tr><td>February</td><td>Spot............</td><td>906</td><td>3,617</td><td>158</td><td>10,845</td><td>4,486</td><td>4,704</td><td>9</td><td>4,695</td><td>1,774</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>3,059</td><td>630</td><td>1,577</td><td>-</td><td>1,577</td><td>19</td></tr><tr><td>March</td><td>Spot............</td><td>1,283</td><td>4,978</td><td>603</td><td>21,338</td><td>3,865</td><td>7,045</td><td>-</td><td>7,045</td><td>2,105</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>428</td><td>1,222</td><td>-</td><td>1,222</td><td>-</td></tr><tr><td>April</td><td>Spot............</td><td>1,169</td><td>4,623</td><td>473</td><td>23,201</td><td>4,195</td><td>6,718</td><td>-</td><td>6,718</td><td>2,074</td></tr><tr><td></td><td>Forward.........</td><td>-</td><td>-</td><td>-</td><td>2,212</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr></table>
<table><tr><td>Treas. HJ 10</td><td>U.S. Treasury Dept.</td></tr><tr><td>.A2 1946 c.2</td><td>Treasury Bulletin</td></tr></table>