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LIBRARY ROOM 5030 JUN 2,1972 TREASURY DEPARTMENT
145 10 142 C.2
TREASURY
BULLETIN
JULY-1947
LIBRARY ROOM 5030
JUN 21 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
July 1947
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td>Article section:</td><td></td></tr><tr><td>Statement by Secretary Snyder before the Ways and Means Committee of the House of Representatives</td><td>A-1</td></tr><tr><td>Assets and liabilities of commercial banks and mutual savings banks, December 31, 1939-1946</td><td>A-8</td></tr><tr><td>Individual income tax returns for 1944</td><td>A-17</td></tr><tr><td>Treasury market financing</td><td>A-24</td></tr><tr><td>Statistical section:</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>16</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>19</td></tr><tr><td>Ownership of United States Government securities</td><td>46</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>54</td></tr><tr><td>Corporations and certain other agencies of the United States Government</td><td>62</td></tr><tr><td>Internal revenue statistics</td><td>73</td></tr><tr><td>Monetary statistics</td><td>78</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>83</td></tr></table>
Note:
In those tables where figures have been rounded to a specified unit, all calculations (including pre-entries) have been made from unrounded figures. Consequently the details may not add to the totals shown.
Treasury Bulletin
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Cumulative Table of Contents
<table><tr><th></th><th colspan="7">1947</th><th colspan="7">1946</th></tr><tr><th></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><th>Sept.</th><th>Aug.</th></tr><tr><td><b>Articles</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></tr><tr><td>Statement by Secretary Snyder before the Ways and Means Committee of the House of Representative.</td><td>A-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>Statement by Secretary Snyder on H.R. 1 (tax reduction) before the Senate Finance Committee.</td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The role of savings bonds in public debt management (speech by Secretary Snyder).</td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>America's foreign economic policy (speech by Secretary Snyder).</td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spreading the public debt (speech by Under Secretary Wiggins).</td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement of Secretary Snyder on the price situation.</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>An inventory of our national situation (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>A prosperous America of tomorrow (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The role of the saving bonde program in today's economy (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The economic problems of world peace and security (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Banking and Government (speech by Under Secretary Gardner).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td></tr><tr><td>Other speeches by Treasury officials.</td><td></td><td></td><td>A-10</td><td></td><td>A-4</td><td></td><td>A-3</td><td>A-5</td><td>A-5</td><td></td><td></td><td></td></tr><tr><td>Comparison of individual income tax effective rates and liabilities - revenue acts of 1913-1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, 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>A-3</td></tr><tr><td>Assets and liabilities of all active banks in the United States: December 31, 1939-December 31, 1946. December 31, 1939-June 30, 1946.</td><td>A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td></td><td></td><td></td></tr><tr><td>Statistics of income: Individual income tax returns: Individual returns for 1944. Individual and taxable fiduciary returns for 1943.</td><td>A-17</td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns: Preliminary report for 1944. Final report for 1943.</td><td></td><td></td><td>A-11</td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-24</td><td>A-5</td><td>A-18</td><td>A-2</td><td>A-4</td><td>A-1</td><td>A-4</td><td>A-16</td><td>A-6</td><td>A-5</td><td>A-1</td><td>A-2</td></tr></table>
(Continued on following page)
July 1947
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Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="9">1947</th><th colspan="5">1946</th></tr><tr><th></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><th>Sept.</th><th>Aug.</th></tr><tr><td colspan="12">Summary of fiscal statistics</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 colspan="12">Receipts and expenditures</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>5</td><td>5</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>6</td><td>5</td></tr><tr><td>Summary by major classifications</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>7</td><td>6</td></tr><tr><td>Analysis of receipts from internal revenue</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>8</td><td>7</td></tr><tr><td>Analysis of general expenditures</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td></tr><tr><td>Analysis of expenditures for war and defense activities</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>9</td><td></td></tr><tr><td>Analysis of expenditures for transfers to trust accounts, 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></tr><tr><td>Analysis of expenditures of Government corporations (wholly owned), etc. (net)</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</td><td>8-9</td></tr><tr><td>Total budgetary receipts and expenditures by months and calendar years beginning with:</td><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>January 1938</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>11</td><td>10</td></tr><tr><td>January 1937</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>12</td><td>11</td></tr><tr><td>Trust accounts, etc., 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>Means of financing cash requirements</td><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="12">Social security program:</td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>12</td></tr><tr><td>Railroad Retirement Account</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>14</td><td>13</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>13</td></tr><tr><td>Statements of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>14</td></tr><tr><td>Railroad Retirement Account</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>14</td></tr><tr><td>Unemployment Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>14</td></tr><tr><td>Appropriations and net contract authorizations for the war activities program</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>15-16</td><td></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>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with:</td><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>January 1942</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>17</td></tr><tr><td>January 1941</td><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="12">General fund of the Treasury</td></tr><tr><td>Assets of the general fund</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>18</td><td>19</td></tr><tr><td>Balance in the general fund</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>18</td><td>19</td></tr><tr><td>Analysis of change in balance of general fund</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>19</td><td>20</td></tr><tr><td colspan="12">Public debt and guaranteed obligations of United States Government</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 1937-1946</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>21</td><td>21</td><td>22-23</td><td>23-24</td></tr><tr><td>Monthly data</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>22</td><td>22</td><td>23-24</td><td>24-25</td></tr><tr><td>Chart</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>23</td><td>23</td><td>25</td><td>26</td></tr><tr><td>Special issues</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td><td>24</td><td>26</td></tr><tr><td>Guaranteed obligations held by the Treasury</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td><td>24</td><td>27</td></tr><tr><td>Computed interest charge and computed interest rate</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>26</td><td>27</td></tr><tr><td>Statutory limitation - statement, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>27</td><td></td></tr><tr><td>July 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>August 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td></tr><tr><td>October 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>November 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td>25</td><td>25</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947</td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947</td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1947</td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1947</td><td></td><td></td><td>25</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>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>20</td><td>20</td><td>21</td></tr><tr><td>Composition of the interest-bearing public debt</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>20</td><td>20</td><td>21</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the United States</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>26-28</td><td>26-28</td><td>28-30</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28-30</td><td>29-31</td></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="13">Issue and page number</th></tr><tr><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><th>Sept.</th><th>Aug.</th></tr><tr><td colspan="14">Public debt and gueranteed obligations of United States Government (continued)</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>29</td><td>29</td><td>31</td><td>32</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness, and guaranteed securities</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>30</td><td>30</td><td>32</td><td>33</td></tr><tr><td>Offerings and maturities of Treasury bills</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>31-32</td><td>31-32</td><td>33-34</td><td>34-35</td></tr><tr><td>Sales and redemptions of United States savings bonds: Summary of sales and redemptions, by series</td><td>34</td><td>34</td><td>34</td><td>34</td><td>34</td><td>34</td><td>34</td><td>34</td><td>33</td><td>33</td><td>35</td><td>36</td></tr><tr><td>History of sales and redemptions</td><td>35-37</td><td>35-37</td><td>35-37</td><td>35-37</td><td>35-37</td><td>35-37</td><td>35-37</td><td>35-37</td><td>34-36</td><td>34-36</td><td>36-38</td><td>37-39</td></tr><tr><td>Sales by series, classified by denominations</td><td>38</td><td>38</td><td>38</td><td>38</td><td>38</td><td>38</td><td>38</td><td>38</td><td>37</td><td>37</td><td>39</td><td>40</td></tr><tr><td>Number of pieces sold, classified by denominations</td><td>39</td><td>39</td><td>39</td><td>39</td><td>39</td><td>39</td><td>39</td><td>39</td><td>38</td><td>38</td><td>40</td><td>41</td></tr><tr><td>Sales by series, classified by States</td><td>40-41</td><td>40-41</td><td>40-41</td><td>40-41</td><td>40-41</td><td>40-41</td><td>40-41</td><td>40-41</td><td>39-40</td><td>39-40</td><td>41-42</td><td>42-43</td></tr><tr><td>Redemptions of series A-E, classified by States</td><td>42</td><td>42</td><td>42</td><td>42</td><td>42</td><td>42</td><td>42</td><td>42</td><td>41</td><td>41</td><td>43</td><td>44</td></tr><tr><td>Sales and redemptions of Treasury savings notes: Summary of sales and redemptions, by series</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>42</td><td>42</td><td>44</td><td>45</td></tr><tr><td>Sales and redemptions of series C Treasury savings notes: Sales and redemptions</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>42</td><td>42</td><td>44</td><td>45</td></tr><tr><td>Sales by denomination</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>43</td><td>43</td><td>45</td><td>46</td></tr><tr><td>Sales by type of purchaser</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>43</td><td>43</td><td>45</td><td>46</td></tr><tr><td>Salee and redemptions of United States savings stamps: Summary of sales and redemptions</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>44</td><td>44</td><td>46</td><td>47</td></tr><tr><td>Sales by denominations</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>44</td><td>44</td><td>46</td><td>47</td></tr><tr><td colspan="14">Ownership of United States Government securities</td></tr><tr><td>Summary distribution by classes of holders</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>46</td><td>46</td><td>48</td><td>49</td></tr><tr><td>Estimated ownership by classes of banks and non-bank investore</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>47</td><td>47</td><td>49</td><td>50</td></tr><tr><td>Net market transactions in Government securities for Treasury investment accounts, monthly beginning: January 1939</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>47</td><td>47</td><td>49</td><td>50</td></tr><tr><td>January 1938</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Treasury survey of ownership of securities issued by the United States Government and by Federal agencies:</td></tr><tr><td>Ownership by banks and insurance companies: May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>50-54</td><td>51-55</td></tr><tr><td>June 30, 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>July 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-52</td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td>48-52</td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946</td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947</td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947</td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td>49-53</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1947</td><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 commercial banks classified by membership in Federal Reserve System: June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-58</td><td></td><td></td><td>55-59</td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-58</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>54-58</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td></td><td>54-58</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the United States Government and by Federal agencies: June 28, 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>57-59</td></tr><tr><td>July 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>61-63</td></tr><tr><td>August 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>54-56</td><td></td><td></td><td></td></tr><tr><td>October 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946</td><td></td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947</td><td></td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1947</td><td></td><td>60-62</td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1947</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yields of Treasury securities</td><td>58</td><td>63</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>63</td><td>57</td><td>57</td><td>64</td><td>60</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Revision in high-grade corporate bond average</td><td>59</td><td>60</td><td>59</td><td>59</td><td>64</td><td>59</td><td>59</td><td>64</td><td>58</td><td>58</td><td>65</td><td>61</td></tr><tr><td>Yields beginning with 1939</td><td>60</td><td>64</td><td>59</td><td>59</td><td>64</td><td>59</td><td>59</td><td>64</td><td>58</td><td>58</td><td>65</td><td>61</td></tr><tr><td>Yields beginning with 1938</td><td>61</td><td>65</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>65</td><td>59</td><td>59</td><td>66</td><td>62</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)
July 1947
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="9">Issue and page number</th><th colspan="4">1946</th></tr><tr><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><th>Sept.</th><th>Aug.</th></tr><tr><td colspan="12">Corporations and certain other agencies of the United States Government</td></tr><tr><td>Combined balance sheet:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61, 65-69</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td>62, 66-70</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td>62, 66-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td></td><td>62-65</td><td></td><td>63-65</td><td></td><td>62-64</td><td></td><td></td><td></td></tr><tr><td>April 30, 1947</td><td>63, 67-71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>63-65</td><td></td><td></td><td>62-64</td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td>61-66</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td>70-75</td><td></td><td></td></tr><tr><td>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1947</td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1947</td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td>68-73</td><td></td><td>76-81</td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td>68-73</td><td></td><td>76-81</td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td>74</td><td>71</td><td></td><td></td><td>82</td><td></td><td></td></tr><tr><td>First three months, fiscal year 1947</td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1947</td><td>72</td><td></td><td>74</td><td>71</td><td></td><td>74</td><td>71</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotes</td><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="12">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary date</td><td>74</td><td>67</td><td>76</td><td>73</td><td>67</td><td>76</td><td>73</td><td>67</td><td>61</td><td>84</td><td>69</td><td>64</td></tr><tr><td>Chart</td><td>75</td><td>68</td><td>77</td><td>74</td><td>68</td><td>77</td><td>74</td><td>68</td><td>62</td><td>85</td><td>70</td><td>65</td></tr><tr><td>Comparative details for current periods</td><td>76-77</td><td>69-70</td><td>78-79</td><td>75-76</td><td>69-70</td><td>78-79</td><td>75-76</td><td>69-70</td><td>63-64</td><td>86-87</td><td>71-72</td><td>66-67</td></tr><tr><td colspan="12">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>69-70</td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>66-67</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td>81-82</td><td></td><td>81-82</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td>78</td><td>72</td><td>83</td><td>78</td><td>72</td><td>68</td><td>89</td><td>74</td><td>71</td></tr><tr><td>December 31, 1946</td><td>79</td><td>72</td><td>83</td><td></td><td>72</td><td>83</td><td>78</td><td>72</td><td>68</td><td>89</td><td>74</td><td>71</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>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>71</td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>72</td><td></td><td>68</td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td>83</td><td></td><td>72</td><td>83</td><td>78</td><td>72</td><td>68</td><td>89</td><td>74</td><td>71</td></tr><tr><td>December 31, 1946</td><td>79</td><td>72</td><td>83</td><td>78</td><td>72</td><td>83</td><td>78</td><td>72</td><td>68</td><td>89</td><td>74</td><td>71</td></tr><tr><td>March 31, 1947</td><td>80</td><td>73</td><td>84</td><td>79</td><td>73</td><td>84</td><td>79</td><td>73</td><td>69</td><td>90</td><td>75</td><td>72</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver</td><td>80</td><td>73</td><td>84</td><td>79</td><td>73</td><td>84</td><td>79</td><td>73</td><td>69</td><td>90</td><td>75</td><td>72</td></tr><tr><td>Components of silver monetary stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>81</td><td>74</td><td>85</td><td>80</td><td>74</td><td>85</td><td>80</td><td>74</td><td>70</td><td>91</td><td>76</td><td>73</td></tr><tr><td>Seigniorage on silver</td><td>82</td><td>75</td><td>86</td><td>81</td><td>75</td><td>86</td><td>81</td><td>75</td><td>71</td><td>92</td><td>77</td><td>74</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="12">Capital movements between the United States and foreign countries and net position in foreign currencies</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>84-86</td><td>77-79</td><td>88-90</td><td>83-85</td><td>77-79</td><td>88-90</td><td>83-85</td><td>77-79</td><td>73-75</td><td>94-96</td><td>79-81</td><td>76-78</td></tr><tr><td>Summary by countries</td><td>87-94</td><td>80-87</td><td>91-98</td><td>86-93</td><td>80-87</td><td>91-98</td><td>86-93</td><td>80-87</td><td>76-83</td><td>97-102</td><td>82-87</td><td>79-84</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></td><td></td><td>85-87</td></tr><tr><td>March 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>103-105</td><td>85-90</td><td></td></tr><tr><td>April 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>May 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>84-86</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1946</td><td></td><td></td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1946</td><td></td><td></td><td></td><td></td><td></td><td>99-101</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1946</td><td></td><td></td><td></td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1946</td><td></td><td></td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 1946</td><td></td><td></td><td>99-101</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1946</td><td>95-97</td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 1947</td><td></td><td></td><td></td><td>97-103</td><td>91-97</td><td>102-108</td><td>97-103</td><td>91-97</td><td>87-93</td><td>106-112</td><td>91-97</td><td>88-94</td></tr><tr><td>Position in foreign currencies</td><td>98-104</td><td>91-97</td><td>102-108</td><td>97-103</td><td>91-97</td><td>102-108</td><td>97-103</td><td>91-97</td><td>87-93</td><td>106-112</td><td>91-97</td><td>88-94</td></tr></table>
July 1947
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Statement by Secretary Snyder before the Ways and Means Committee of the House of Representatives, May 19, 1947
I am glad to have this opportunity to appear before the Ways and Means Committee in connection with its proposed examination of the whole tax system. This approach to the tax problem is in accord with the recommendation for a comprehensive study which I made in my recent appearance before this Committee and again before the Senate Finance Committee. Only by looking at the tax system as a whole is it possible to lay a sound foundation for future legislative action. The task confronting us is one of the greatest importance, because a soundly conceived and well-balanced tax system can make a significant contribution to the maintenance of prosperity.
The first requisite of such a tax system is that it should produce adequate revenue to balance the budget and to provide a substantial payment on the public debt, in order to sustain the confidence of the public in the integrity of the Government's obligations and its financial strength. As Secretary of the Treasury, I am responsible for the management of the public debt and I am keenly aware that the Federal Government's securities are an important part of the assets of banks, insurance companies, and other financial institutions that serve the public as the repositories of its savings. Moreover, tens of millions of persons are direct owners of Federal securities. We have a great responsibility to build a tax system which will preserve the fundamental soundness of our financial system.
As a first step towards the development of a postwar tax system, facts and evidence should be assembled for the consideration of both the executive and legislative branches of the Government. This information will come from the hearings that are being initiated today and also from the continuing technical research work of the tax staffs of the Treasury Department and the Joint Committee on Internal Revenue Taxation. Later, when this necessary information is at hand a sound tax program can be developed.
By beginning early, as the Committee has, we shall have time to make a thoroughgoing study of the present tax system, to consider carefully a large number of possible revisions, and to work out a well-balanced program. A program can be
outlined first in broad terms and the final details worked out as the budgetary and economic situation grows clearer. When the time comes to draft legislation, measures already agreed upon can be taken up in the order of their priority. It is highly unlikely that the fiscal and economic situation will warrant enactment of all the ultimately desirable revisions at the same time. But advance planning and study will make it possible to proceed in an orderly fashion without prejudicing any necessary part of the program and without the danger of reducing the revenues too rapidly.
With your permission, I should like to re-state the principles that I believe should guide our studies and to call attention to a number of tax problems that need careful consideration. It is not my intention today to make recommendations on any specific tax question.
I believe that a sound tax system should meet the following essential tests. The tax system should produce adequate revenue. It should be equitable in its treatment of different groups. It should interfere as little as possible with incentives to work and to invest. It should help maintain the broad consumer markets that are essential for high-level production and employment. Taxes should be as simple to administer and as easy to comply with as possible. While the tax system should be flexible and change with changing economic conditions, it should be possible to achieve this flexibility without frequent revisions of the basic tax structure. A stable tax structure, with necessary flexibility confined largely to changes in tax rates and exemptions, will make it easier for business and Government to plan for the future.
Before going on to mention the areas that I believe need special study, I should like to repeat my firm conviction that at this time we have a unique opportunity to modernize the Federal tax system. We are nearing lower peacetime levels of Government expenditures and continuing high levels of national income and production. A period of tax reduction is approaching. But in order to take full advantage of our opportunity to modernize the tax system we must make careful
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use of the available margins of surplus. The surplus must be divided judiciously between debt retirement and tax reduction. The tax reductions should be allocated carefully among rate reductions and a large number of structural revisions. The development of a modern tax system that will serve America best will require the cooperation of the legislative and executive branches of the Government and of the taxpayers and the public generally. We need also to enlist, and I am sure we shall get, the wholehearted cooperation of the States and localities.
In my appearances before your Committee and the Senate Finance Committee, I indicated that the technical staff of the Treasury Department has under way studies on some twenty major matters that will require attention in any comprehensive revision of the tax system. These include studies on business taxes, individual income taxes, excise taxes, estates and gift taxes, and social security taxes. If the Committee should so desire, I will submit these studies to it as they are completed. I again offer your Committee the cooperation of the entire tax staff of the Treasury Department in connection with the important task of developing a sound tax system that will make a major contribution to the future progress of this country.
I wish now to comment briefly on each of the major tax items under study in the Treasury Department.
Business Taxes
Revision in the business tax field should be designed to achieve the greatest feasible uniformity of treatment of different forms of business, to promote a sound competitive system, and to eliminate any barriers to a high level of investment. Among the important business tax matters being studied are the following:
1. Corporate rates. Both the level of corporation tax rates and the method and extent of graduation need to be carefully examined. Under present law the corporate income tax begins at a rate of 21% on net incomes of less than $5,000 and is graduated to a rate of 38% on the entire income if in excess of $50,000.
The level of corporate tax rates must be considered in the light of over-all revenue requirements and action taken on other major taxes, with due regard to any revisions in the structure of the corporation tax. The present method of
graduation imposes a high rate of 53% on income in the so-called notch area between $25,000 and $50,000, to bring the effective rate on the whole income up to 38% at $50,000. One question that merits consideration is whether this method of graduation should be continued or whether the so-called notch rate should be eliminated and a system of bracket graduation similar to that used for the individual income tax substituted.
2. Taxation of dividends. Under present law a corporation pays an income tax on its entire net income and stockholders are taxed on their dividend income at the regular income tax rates. This system of taxing corporate profits has been widely criticized as involving double taxation. It is contended that this is both inequitable and damaging to investment incentives. This is a question about which there is no general agreement. An important issue in postwar tax policy relates to the extent of so-called double taxation of distributed corporate profits and the question of the desirability of reducing or eliminating any existing double taxation.
On the assumption that the corporation income tax rests at least in part on stockholders, a number of plans have been advanced for the reduction or elimination of double taxation. These plans are of three basic types. One approach would be to eliminate the corporate income tax and to tax stockholders, like partners, on their full portion of both corporate profits. A second approach would be to continue the corporate income tax but to grant corporations a tax credit or deduction for dividends paid. A third approach would be to continue the corporate income tax on both distributed and undistributed profits but to grant stockholders an allowance or credit with respect to dividends received. The Treasury Department has completed and released a technical study of a number of such plans for the taxation of corporate profits.
The taxation of corporate income raises important and exceedingly complex problems. The existing arrangements and alternative approaches need to be carefully analyzed to determine their advantages and disadvantages with respect to tax equity, economic effects, and administrative considerations.
3. Small business. The vital importance to the economic system of a vigorous and healthy group of small business enterprises makes it essential to consider carefully the impact of pre-
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ent taxes on small business. Some spokesmen for small business believe that the present tax system discriminates against smaller enterprises and imposes unnecessary impediments to their establishment and growth. Others take the position that an attempt should be made to liberalize the tax system in order to provide special advantages for new and small enterprises. Among the proposals advanced for the tax relief of small business are suggestions for tax rate revisions, tax exemption for new enterprises, tax exemption or deduction for investment in small business, and more liberal treatment for operating losses and depreciation allowances. These and other proposals for the special benefit of both incorporated and unincorporated business firms raise difficult problems which merit extensive investigation.
4. Tax-exempt organizations. Because of the continued growth of the scope and volume of activities of tax-exempt organizations, there is need for reexamination of the tax status of these organizations. It has been charged that in some instances the present treatment discriminates unfairly against taxable enterprises.
5. Elimination of discrimination among various forms of doing business. In a free competitive economy business is conducted in a variety of forms. Sole proprietorships, partnerships, and corporations can all make a significant contribution to economic progress. It is important that taxes create no unnecessary obstacles to the carrying on of business in the forms best adapted to different situations. At the present time, there are significant differences in taxes on incorporated and unincorporated businesses, depending on the size of the business income, the other income of the business owners, and the portion of the profits retained in the business. While complete uniformity of tax treatment of proprietorships, partnerships, and corporations is impracticable, the present tax system needs careful examination to determine whether existing differences in treatment are justified.
6. Business loss offsets. Opportunities for offsetting business losses against taxable income are a significant factor in determining the attractiveness of risky investment and in arriving at an equitable basis of taxing fluctuating incomes. Under present law, net operating losses sustained in any one year may be carried back and applied against the income of the two preceding years and any balance not absorbed may be carried forward as a deduction from income of
the two years immediately following the year of loss. In connection with postwar tax revisions, it is important to consider whether the present loss offset period is long enough. Another important problem is to determine whether the present system of carrybacks and carryforwards is preferable to a system which relies solely on carryforwards.
7. Depreciation. The speed and certainty of recovery of capital invested in depreciable assets have an important bearing on the risks of investment. Consequently, it is necessary to give attention to present depreciation practices and to various proposals for their modification. Some taxpayers complain that the present system of depreciation allowances is too rigid and urge that they should be given more leeway in estimating the useful lives of their depreciable assets and more freedom of choice in selecting the method of taking depreciation. They contend that the individual taxpayer is in a better position than the tax administrator to estimate the life span of a particular asset.
Some advocate a change in the law that would arbitrarily shorten the write-off period so that the capital invested in depreciable assets will be recovered over a period which is less than their probable useful life. They assert that accelerated depreciation would reduce the risks of large capital expenditures in fixed assets. To the extent, however, that it understates income during periods when a taxpayer is increasing his capital investment, it would result in postponement of tax.
8. American business abroad. American corporations and individuals doing business in foreign countries are normally subject not only to American taxes but also to those of the foreign countries. Such individuals and enterprises, therefore, may become subject to excessive tax burdens unless some allowance is made in the American tax law for taxes paid abroad. In the past, American corporations have been allowed to credit against their American tax liabilities on income derived from business abroad the taxes which they have paid to foreign countries.
In addition, a number of special relief provisions have been enacted from time to time designed to meet particular problems arising in various foreign countries and areas. For example, domestic corporations qualifying as Western Hemisphere Corporations have since 1942 been
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exempt from corporation surtax. Also, taxpayers doing business in the possessions of the United States have been exempted from Federal income taxes and a special type of exemption is provided for China Trade Act Corporations. Individuals resident abroad are allowed a complete exemption on their wages and salaries earned abroad and a partial exemption where their income is derived from operating a business.
American corporations and individuals doing business abroad should not be placed at a disadvantage in their competition with foreign firms. At the same time, so long as they are American citizens and businesses, they should bear their fair share of domestic tax burdens. It is, therefore, highly important that we analyze the combined effect of United States and foreign taxes with a view both to minimizing any existing discrimination and inequities and to ascertaining whether such taxpayers are bearing their fair share of taxes.
9. Intercorporate problems. Attention should be given to the desirability of the present 2-percent additional tax on consolidated corporate returns and the 85-percent credit for intercorporate dividends received. The special tax on consolidated returns was intended as an offset to the tax advantages accruing from the offsetting of losses of one corporation against the gains of another and the avoidance of the tax on intercorporate dividends which would otherwise have been paid on dividends received by one member of an affiliated group from another. The tax on intercorporate dividends was intended to prevent the evasion of the graduated corporate income tax by setting up a series of small corporations in order to obtain the lower rates applicable to small corporations. It is necessary to determine whether these taxes have achieved the purposes they were intended to serve and whether they should be retained in the postwar tax structure.
Individual Income Taxes
The individual income tax is, and should remain, the mainstay of the Federal revenue system. Hence, it is most important to achieve a fair and equitable distribution of the taxes while maintaining broad consumer markets and incentives to work and invest. Among the major tax problems in this field now under study in the Treasury Department are the following:
10. Individual rates. The financial de-
mands of the war forced us to raise individual income tax rates in all brackets to very high levels. The entire rate schedule should be re-constructed with a view to achieving an equitable distribution of taxes and maximum production under peacetime conditions. The rates must be re-examined to determine their effects on incentives to work and invest and their effects on living standards and purchasing power. Revision of the individual income tax rates should be coordinated with other changes in the income tax such as personal exemptions and the treatment of family income and with changes in other taxes.
ll. Personal exemptions. As a part of the war finance program, personal exemptions under the individual income tax were sharply reduced. At the present time a taxpayer is allowed an exemption of $500 for himself, for his wife, and for each of his dependents. Thus, a single person now has an exemption of $500; in 1939 his exemption was $1,000. A married couple without children now has an exemption of $1,000 as compared with $2,500 in 1939. While exemptions for single persons and married couples have been reduced, the allowance for dependents has been increased from $400 in 1939 to the present level of $500. War and postwar increases in the cost of living have further sharply reduced the real purchasing power represented by the personal exemptions.
The level of personal exemptions determines the coverage of the individual income tax and affects in an important way the role of the tax in the revenue system as a whole. Consideration needs to be given to the question whether an adjustment should be made to take account of higher living costs. It is also necessary to reexamine the alignment of exemptions as between single persons, married couples, and dependents.
12. Family income. Under present law there are inequalities in taxation of families arising out of the fact that couples in community property States are permitted to divide their community earned and investment income for Federal income tax purposes, thereby reducing their taxes under the progressive rate schedule. There are also inequalities arising out of the fact that in all States recipients of investment income have opportunities for splitting that income among members of the family, whereas in non-community property States earned income is taxed to the earner. The tax value of income splitting varies with size of income. Couples with not more than
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$2,000 of net income after exemptions can realize no tax benefit from income splitting, whereas under the graduated rates couples with large incomes may realize substantial benefits. These tax savings have created difficult administrative problems and endless litigation in the field of family trusts, family partnerships, and various other types of property assignments.
Over a period of years the Congress and the Treasury have both considered means of eliminating or reducing the resulting tax inequalities among similarly situated families, but no adequate solution of the problem has been adopted. One limited approach that has been considered in the past would be to eliminate the tax advantages of the community property system by taxing earned income to the earner and other community property income to the spouse who exercises management and control. A more comprehensive approach to the problem, which has also received Congressional attention in the past, would be to require joint tax returns by husbands and wives. Still another approach, which has only recently been given widespread attention, would be to eliminate tax differences resulting from income splitting between husbands and wives by granting couples in all States the option to divide their combined incomes for tax purposes.
The existing inequalities in taxes on family incomes are significant and call for careful consideration of this problem. It must be recognized that the various solutions that have been suggested would have different but important effects on the revenue yield of the income tax and on the distribution of taxes among different income groups and between married and single persons. It is, therefore, desirable to consider the family income problem in connection with any comprehensive revision of the individual tax.
13. Pensions and annuities. There are now several million persons who receive various forms of pensions and annuities. With the wartime reduction in personal exemptions and the recent increases in the cost of living, the tax treatment of pensions and annuities has become an increasingly important problem. Under existing law, social security and railroad retirement benefits and certain other kinds of pensions and annuities are excluded from taxable income. These exclusions raise important problems of tax equity. With respect to taxable annuities, there should be a reexamination of the present method of allowing the tax-free recovery of the annuitant's
capital contribution. The taxation of pensions and annuities is closely related to proposals for special treatment for aged persons under the individual income tax.
14. Averaging. Under graduated tax rates, taxpayers with widely fluctuating incomes are required to pay substantially larger amounts of tax than those with stable incomes totalling the same amount over a period of years. Moreover, many taxpayers lose the full benefit of their individual income tax exemptions because in some years they do not have income equal to the allowable exemptions. Such taxpayers are also taxed more heavily over a period of years than those with stable incomes. These inequalities in taxation raise the question whether it is desirable to adopt some method of averaging income over a period of years for purposes of the individual income tax. Averaging may have a significant bearing both on tax equity and on the effects of taxation on incentives to invest in risky business ventures. The adoption of averaging would result in a substantial loss of revenue, and the effects of such a loss in revenue must be compared with the effects of other tax revisions.
15. Credit for earned income. The Federal income tax has provided a credit for earned income during the years 1924-1931 inclusive and again in the years 1934-1943 inclusive. The earned income credit, however, was comparatively small in amount, and in the Revenue Act of 1943 it was eliminated, mainly on the grounds that the credit was not large enough to justify the complications that it introduced into the tax system. There have, however, been a number of proposals for reinstituting a credit for earned income under the individual income tax. Some proponents of an earned income credit view it primarily as a means of reducing taxes on wage earners, whereas other advocates of an earned income credit are concerned primarily with its effects on the incentives of business executives.
16. Allowances for life insurance premiums and other savings. There have been proposals to allow a limited deduction under the individual income tax for life insurance premiums. Proposals have also been made to allow a deduction for a limited amount of earned income invested in Federal securities. If such allowances were granted it would probably be necessary to consider a corresponding general allowance for other forms of savings, in order to prevent unfair discrimination between individuals investing their
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savings in different ways. These proposals for special allowances for saving raise basis equity questions and economic issues as to their effect on savings, investment, and consumption.
17. Capital gains and losses. Under present law gains on capital assets held by individuals and corporations over six months are taxed at rates which do not exceed a maximum of 25%. Losses on such assets are allowed only to the extent of capital gains, except in the case of individuals such losses may be offset against ordinary income to the extent of $1,000 each year. A 5-year carryover of unabsorbed capital losses is allowed.
The tax treatment of capital gains and losses, it has been contended, has a considerable effect on the securities market and the supply of capital. A great many problems have arisen as the result of taxpayers' efforts to convert ordinary income into capital gains entitled to the lower tax rates. The basis for taxing capital gains at lower rates than other income and the limitation on the deductibility of capital losses should be reexamined.
Excises
18. Revision of excise taxes. The Federal Government now imposes excise taxes on more than 50 commodities or services, most of which were substantially increased or newly imposed to help in the financing of the war. The revision of the excise taxes raises the important policy issue of how large a portion of the total revenue should be raised from excise taxes. This question is closely related to such matters as the level of income tax exemptions. It is now appropriate to reexamine these excises with a view to fitting them together into a coherent system adaptable to our peacetime requirements. Each of the excises imposed should be carefully considered with a view to reducing or eliminating those which are extremely regressive, which enter into business costs, which are unduly burdensome on profits of particular industries, or which are unusually difficult to administer. Revisions of particular taxes will have to be studied in detail so that any changes made will be appropriate in light of the competitive conditions in the various industries.
19. Discrimination between domestic and imported goods. Last year your Committee gave consideration to the problem of making certain imported merchandise subject to the same internal revenue taxes as similar merchandise of domestic
origin and referred it for study to a group consisting of the Joint Committee on Internal Revenue Taxation, the State Department, the Tariff Commission, and the Treasury. Consideration of this problem has involved an analysis of the treatment of such imported products as beer, lubricating oil, and numerous products containing alcohol including medicinal preparations, toilet preparations, flavoring extracts, fruits and food colorings. Determining what constitutes discrimination is complicated by the nature of the tariff schedules which in some cases provide specific rates that may have been intended to compensate for the absence of excise taxes on imported products. The inter-relationship between excises and tariffs thus tends to raise questions involving this country's policies with respect to international trade agreements.
Estate and Gift Taxes
20. Revision of structure. In the estate and gift tax field there has long been a need for an intensive study and legislative revision of the basic structure, particularly with respect to the relationship between the two taxes and their mutual relationship to the income tax. For the past three years the Treasury Department, with the assistance of an Advisory Committee of prominent tax attorneys, has been exploring the problems in this field, with a view to preparing a comprehensive report for consideration by the Congress. This important task is nearing completion and the report is in the final stages of preparation. It will contain a detailed analysis of the problems involved and recommendations for a revision of the estate and gift taxes, the adoption of which, it is believed, would greatly increase the uniformity, simplicity, and equity of these taxes.
Social Security Taxes
21. Extension of coverage. The financing of social security and its coverage raises certain important problems which will need consideration in connection with the development of the postwar tax system. As a result of a request of July 27, 1946, from Mr. Doughton, then Chairman of this Committee, the Treasury Department has been carrying on a study of the problems that would be associated with the extension of coverage for old-age and survivors' insurance. Attention has been directed primarily to the difficult technical and administrative problems involved in developing feasible methods for covering self-employed persons and agricultural and domestic workers.
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The problems raised in connection with the coverage of both of these groups differ substantially from those involved in the coverage of workers in industry and commerce. At present social security taxes are imposed on wages, the employer withholding the employee tax and remitting it together with the employer tax. In the case of the self-employed, this system is not applicable because there is no employer-employee relationship giving rise to wages, and it is necessary to establish the base on which the self-employed should be taxed and how the tax should be reported to the Bureau of Internal Revenue. Both of these problems raise numerous questions, particularly with respect to the self-employed having very low incomes who are not subject to income tax. While the employer-employee relationship generally exists in the case of agricultural and domestic workers, the majority of the employers either are not accustomed to filing tax returns or are not engaged in business. Moreover, employment generally is highly irregular, prevailing wages are much lower than in industry and may be paid partly in kind. As a result, provision may need to be made for different techniques in order to achieve adequate coverage of these groups. Substantial progress has been made towards recommendations for the solution of these problems.
Technical Matters
In addition to the tax matters of broad and general importance to which I have briefly referred, there are a substantial number of needed technical adjustments of considerable significance that have accumulated during the war years. The Revenue Act of 1942 was the last piece of major legislation in which the Congress undertook to go into such problems to any great extent. Many of these matters pose policy questions of some magnitude and their proper solution will frequently involve technical problems of considerable difficulty and complexity. Among the more important of these items are such matters as the treatment of (a) war losses, which involves primarily the treatment of recoveries of properties lost during the war; (b) cancellation of indebtedness, which is a matter requiring general reconsideration and overhauling; (c) certain types of recapitalizations and reorganizations, to which there appears to be increasing resort as a method of attempting to avoid tax on corporate distributions in situations where there are accumulated corporate earnings; (d) provisions of the tax law the operation of which is affected by the termination of hostilities and of the war; (e) occupational expenses, a problem which in-
involves primarily the difficulty of drawing satisfactory lines between the non-deductible personal expenses of individuals and their deductible business outlays; (f) research and development expenses, involving the question of permitting greater flexibility in the determination of whether such costs should be capitalized or deducted as current expenses; (g) capital gains and losses, in which the problem relates primarily to use of the present provisions, such as section 117(j), in certain instances for tax avoidance purposes; and (h) a number of administrative provisions which require amendment in order to facilitate the administrative operations of the Bureau of Internal Revenue and assist taxpayers, such as elimination of oath requirements on certain return forms, correction of certain statute of limitation provisions, elimination of burden-some and unnecessary reports of small refunds, elimination of irrevocability of the election of the taxpayer with respect to the standard deduction, improvement of the enforcement of reporting and paying by employers of tax collected from their employees under the withholding system, and similar matters.
These above items are illustrative of a number of pressing technical and administrative problems which the Treasury and the taxpayers have encountered in the operation of the Code.
In conclusion I believe that we should approach the important task of postwar tax revision with an open mind. We need to study and analyze all the major matters that I have mentioned and many more that will arise upon further exploration. We should scrutinize carefully all the present sources of revenue to ascertain whether they are in proper balance. We should also explore all possible sources of new taxes which upon investigation may prove meritorious, and which may relieve pressure in other areas.
The development of a sound postwar tax system constitutes one of the most important steps towards the assurance of continuing prosperity in this country. If production is to continue to increase, if the American standard of living is to improve in the future as it has in the past, the tax system must yield the needed revenue without impeding business and work incentives, without restricting investment and without weakening consumer markets. I wish again to express my pleasure in appearing before this Committee as the work is being initiated on a fundamental revision of the American tax system.
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Treasury Bulletin
Assets and Liabilities of Commercial Banks and Mutual Savings Banks
December 31, 1939-1946
On May 8, 1947, the Comptroller of the Currency released the regular semi-annual report on assets and liabilities of all banks, commercial and mutual savings, in the United States and possessions as of December 31, 1946. The data, which cover 14,100 commercial banks and 533 mutual savings banks, were compiled from call reports of national banks and from information provided by State bank supervisory authorities on banks under their supervision. Historical data from previous semi-annual reports of the Comptroller of the Currency have been used in the preparation of this article.
The most recent report on bank assets and liabilities as of December 31, 1946 makes available data covering the first complete postwar year. During the calendar year 1946, significant changes occurred in the asset and liability structure of banks, particularly commercial banks. In 1946, the Treasury Department began a debt pay-off program as contrasted with the borrowing programs of the war period. This resulted in marked declines of commercial bank holdings of United States Government securities on the asset side of the balance sheet which were in part offset by substantial increases in commercial bank loans. Among commercial bank liabilities the debt retirement program was reflected in a sharp drop in United States Government deposits, but there were continued increases in other deposit items to partially offset this.
Mutual savings banks, on the other hand, showed almost negligible effects of the debt pay-off program, since they held only small amounts of retired securities. Changes did occur, however, in other items such as loans. This article presents a detailed discussion of the developments in bank assets and liabilities during the calendar year 1946 and the period from December 31, 1939 through 1946.
Commercial Banks
Assets
Decline in commercial bank assets during calendar year 1946 first since 1939. The data as of December 31, 1946 on bank assets and liabilities showed significant declines in commercial bank assets during 1946 after six years of sharp increases. The single most important factor leading to these declines was the Federal Government's debt pay-off program started on March 1, 1946. Oversubscriptions to the Victory Loan had built up the Treasury's cash balance, while the budgetary outlook of the Government reached a more favorable status than was expected at V-J
Day. The cash balance made available by this improved situation was used as the source of funds in the debt reduction program in 1946.
From December 31, 1945 through December 31, 1946, total assets of commercial banks declined from $161.4 billion to $150.7 billion, a decrease of $10.6 billion or 7%. This decline in total assets reflected almost completely decreases in commercial bank holdings of Government securities offset in part by increases in loans.
Treasury's debt reduction program reflected in declines in Federal security holdings. The emphasis by the Treasury in its debt pay-off program has been on reducing bank-held debt just as during the war years borrowing from nonbank investors was stressed. For the calendar year 1946, therefore, a net decline in the outstanding public debt of $19.2 billion was concentrated largely in reductions in commercial bank holdings of United States Government securities. From peak holdings of $91.2 billion on December 31, 1945, Federal securities held by commercial banks declined to $75.3 billion on December 31, 1946, a decline of $15.9 billion or 17%. 1/
The reduction in United States security holdings reflected not only direct pay-offs to commercial banks on maturing debt held by them, but also sales by commercial banks of securities in the market to meet the withdrawals of United States Government deposits and the strain on bank reserves.
Other asset items also changed materially during the first complete postwar year. The following table presents a distribution of the various asset items for commercial banks as of December 31, 1945 and 1946.
Figures in this article on commercial bank holdings of United States Government securities are at book value and therefore differ from the figures shown in the ownership section of the "Treasury Bulletin" on page 48, which are given at par.
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<table><tr><th>Commercial bank assets</th><th colspan="2">December 31</th><th colspan="2">Change</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>91.2</td><td>75.3</td><td>-15.9</td><td>-17</td></tr><tr><td>Loans and discounts</td><td>26.2</td><td>31.3</td><td>+5.1</td><td>+20</td></tr><tr><td>Other securities</td><td>7.4</td><td>8.1</td><td>+0.8</td><td>+11</td></tr><tr><td>Cash and interbank and reserve balances</td><td>35.0</td><td>34.4</td><td>-0.6</td><td>-2</td></tr><tr><td>Other assets</td><td>1.6</td><td>1.6</td><td>*</td><td>*</td></tr><tr><td>Total assets</td><td>161.4</td><td>150.7</td><td>-10.6</td><td>-7</td></tr></table>
Less than $50 million or 0.5%
Commercial bank loans increased sharply during 1946. As the table shows, the year 1946 was marked by substantial changes in loans and discounts. From December 31, 1945 through December 31, 1946 loans and discounts increased by $5.1 billion or 20%. Increases in commercial and industrial loans, real estate loans, and consumer loans to individuals of $4.6 billion, $2.5 billion, and $1.7 billion, respectively, were partially offset by a decline of $3.7 billion in loans to purchase or carry securities and loans to dealers and brokers in securities.
The increases outlined above reflected the return to more normal activity in the private sector of the economy as reconversion took place and the deferred demand for housing and other consumer goods began to be met. The decline in security loans accompanied the end of wartime Government financing when bank loans in large amounts were made in order to purchase United States Government securities during the war loans. $Billions
Other securities comprising State and local, corporate, and miscellaneous securities, which increased $0.8 billion during the calendar year 1946, continued on an upward trend which started in 1944.
Commercial bank assets rose 129% in seven years since December 31, 1939. Despite the very sharp change in trend during the calendar year 1946 when commercial bank assets began to de-
cline, the increases which had occurred since December 31, 1939, were still not substantially affected on the full seven-year basis. From December 31, 1939 through December 31, 1946 total assets of commercial banks increased by $85.0 billion on 129% from $65.7 billion at the beginning to $150.7 billion at the end of the period (Chart 1).
The table below shows the major asset items of commercial banks as of December 31, 1939 and December 31, 1946.
<table><tr><th>Commercial bank assets</th><th colspan="2">December 31</th><th colspan="2">Change</th></tr><tr><th></th><th>1939</th><th>1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>16.3</td><td>75.3</td><td>+59.0</td><td>+361</td></tr><tr><td>Loans and discounts</td><td>17.4</td><td>31.3</td><td>+13.9</td><td>+79</td></tr><tr><td>Other securities</td><td>7.2</td><td>8.1</td><td>+1.0</td><td>+14</td></tr><tr><td>Cash and interbank and reserve balances</td><td>22.6</td><td>34.4</td><td>+11.8</td><td>+52</td></tr><tr><td>Other assets</td><td>2.2</td><td>1.6</td><td>-0.6</td><td>-29</td></tr><tr><td>Total assets</td><td>65.7</td><td>150.7</td><td>+85.0</td><td>+129</td></tr></table>
Increases for seven years primarily in Government securities. The major increases during the war period occurred in commercial bank holdings of United States Government securities. For the seven years from December 31, 1939 through
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December 31, 1946, Federal securities increased from $16.3 billion to $75.3 billion (Chart 1). As a proportion of the increase of $85.0 billion in total commercial bank assets, United States Government securities accounted for more than two-thirds. In relation to total assets United States Government securities rose from 25% on December 31, 1939 to 50% on December 31, 1946. Although still the most important single asset item at the end of the seven-year period, Federal securities declined as a percent of total assets in the last year from 57% to 50%.
Other asset items followed varied trends during the seven-year period from December 31, 1939 through December 31, 1946. Loans and discounts increased by $13.9 billion or 79% with more than two-thirds of the increase occurring during 1945 and 1946. Loans and discounts accounted for 27% of total assets on December 31, 1939 and 21% on December 31, 1946.
State and local, corporate, and miscellaneous securities in commercial banks amounted to $7.2 billion on December 31, 1939 and $8.1 billion on December 31, 1946 an increase of almost $1.0 billion. They started on a slight upward trend in 1944 after having declined some in the early defense and war years.
The rise of $11.5 billion in cash for the seven years reflected primarily the growth in bank reserves during the war years.
Liabilities and capital accounts
Debt pay-off program during 1946 reflected primarily in decline of United States Government deposits. Among the liabilities of commercial banks, developments during the calendar year 1946 reflected for
the most part the Treasury's debt pay-off program. The most important change occurred in United States Government deposits in commercial banks, which from December 31, 1945 through December 31, 1946 declined from $24.8 billion to $3.2 billion. These deposits were withdrawn from commercial banks by the Federal Government to cover the costs of paying off maturing securities.
The following table presents the various liability items as of December 31, 1945 and 1946.
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<table><tr><th>Commercial bank liabilities and capital accounts</th><th colspan="2">December 31</th><th colspan="2">Change</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships and corporations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>73.9</td><td>81.3</td><td>+7.4</td><td>+10</td></tr><tr><td>Time</td><td>30.0</td><td>33.5</td><td>+3.5</td><td>+12</td></tr><tr><td>U. S. Government and postal savings deposits</td><td>24.8</td><td>3.2</td><td>-21.6</td><td>-87</td></tr><tr><td>Deposits of States and political subdivisions</td><td>5.8</td><td>6.9</td><td>+1.1</td><td>+19</td></tr><tr><td>Deposits of banks</td><td>14.1</td><td>12.7</td><td>-1.4</td><td>-10</td></tr><tr><td>Other deposits and miscellaneous liabilities</td><td>3.8</td><td>3.5</td><td>-0.3</td><td>-7</td></tr><tr><td>Total liabilities</td><td>152.3</td><td>141.1</td><td>-11.3</td><td>-7</td></tr><tr><td>Capital accounts</td><td>9.0</td><td>9.7</td><td>+0.6</td><td>+7</td></tr><tr><td>Total liabilities and capital accounts</td><td>161.4</td><td>150.7</td><td>-10.6</td><td>-7</td></tr></table>
Deposits of individuals, partnerships, and corporations continued to increase. As the table shows, the decline in United States Government deposits was to a large extent offset by the rise in demand and time deposits of individuals, partnerships, and corporations in commercial banks. The cause of decline in one - the debt pay-off program - was responsible for some part of the increase in the other, since withdrawals of Federal deposits were distributed to other investors in the form of pay-offs and redeposited with commercial banks. The primary reason for the increase, however, was the fact that the growth of loans was accompanied by a comparable growth in deposits.
Major portion of total liability increase since December 31, 1939 concentrated in deposits of individuals, partnerships, and corporations. For the seven-year period from December 31, 1939 through December 31, 1946, the major portion of the $85.0 billion increase on the liability side of the commercial bank balance sheet was concentrated in demand and time deposits of individuals, partnerships, and corporations (Chart 2). Demand deposits of individuals, partnerships, and corporations rose from $23.2 billion to $81.3 billion, an increase of $53.1 billion, while time deposits increased from $14.9 billion to $33.5 billion or by $18.6 billion.
The following table shows the major liabil-
ity items as of December 31, 1939 and 1946 and the change for the seven years.
<table><tr><th>Commercial bank liabilities and capital accounts</th><th colspan="2">December 31</th><th colspan="2">Change</th></tr><tr><th></th><th>1939</th><th>1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships and corporations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Demand............</td><td>28.2</td><td>81.3</td><td>+53.1</td><td>+188</td></tr><tr><td>Time.............</td><td>14.9</td><td>33.5</td><td>+18.6</td><td>+125</td></tr><tr><td>U. S. Government and postal savings deposits</td><td>.9</td><td>3.2</td><td>+2.3</td><td>+251</td></tr><tr><td>Deposits of States and political subdivisions</td><td>3.5</td><td>6.9</td><td>+3.4</td><td>+97</td></tr><tr><td>Deposits of banks</td><td>9.9</td><td>12.7</td><td>+2.8</td><td>+28</td></tr><tr><td>Other deposits and miscellaneous liabilities</td><td>1.3</td><td>3.5</td><td>+2.2</td><td>+167</td></tr><tr><td>Total liabilities</td><td>58.7</td><td>141.1</td><td>+82.3</td><td>+140</td></tr><tr><td>Capital accounts</td><td>7.0</td><td>9.7</td><td>+2.7</td><td>+38</td></tr><tr><td>Total liabilities and capital accounts</td><td>65.7</td><td>150.7</td><td>+85.0</td><td>+129</td></tr></table>
The change in United States Government deposits for the seven-year period as a whole naturally obscures the variation of trend during the period. Chart 3 shows the way United States Government deposits grew during the war period when the Treasury's cash balance was built up during the war loan drives and the decline during the last year resulting from the debt reduction program.
The growth in deposits of States and political subdivisions since December 31, 1939 is also presented in Chart 3. The high revenues of State and local governments during the war built up their surplus funds, since public building programs, in the same way as private, were almost completely stopped during the war years.
Capital accounts followed slow upward trend. Capital accounts of commercial banks have followed a slow upward trend from December 31, 1939 through December 31, 1946. They increased from $7.0 billion at the beginning of the period to $9.7 billion at the end, a rise of 38%. Most of the increase occurred in surplus, undivided profits, and reserves.
Accordingly, the growth in capital accounts was substantially less than the growth in total
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deposits. This is reflected in a decline in the ratio of capital accounts to total deposits - dropping from 12% at the end of 1939 to 7% as of December 31, 1946 (Chart 4, lower curve). On the other hand, there was, of course, a very sharp increase in the coverage of deposits in the form of cash and Federal securities as noted above. If the ratio is revised so as to include only deposits not covered by cash and Government securities most of the declining trend is eliminated. That is to say, capital accounts as a percentage of total deposits not covered by cash and Federal securities was 36% at the end of 1939 and 32% at the end of 1946. Chart 4 (upper curve) shows this ratio by semi-annual dates over the seven-year period.
The fluctuations over the period reflect the relative importance of the various causes of the growth of deposits. A faster relative growth for Federal securities than for other assets produces an upward tendency in the curve. A slower relative growth for holdings of Federal securities moves the curve downward. The last part of the curve shows the effect of the pay-off program in reducing Government securities while bank loans were increasing.
Table 1, at the end of the article, presents detailed data on commercial bank assets and liabilities for each year since December 31, 1939.
Mutual Savings Banks
Assets
Mutual savings bank assets continued to increase during the calendar year 1946. During the calendar year 1946, total assets of mutual savings banks continued to increase at a rate almost as high as that of the war period. Thus, for the year 1946, mutual savings bank assets increased by $1.7 billion as compared with $2.2 billion for the previous year.
The following table presents the major asset items of mutual savings banks as of December 31, 1945 and December 31, 1946.
<table><tr><th rowspan="2">Mutual savings bank assets</th><th colspan="2">December 31</th><th colspan="2">Change</th></tr><tr><th>1945</th><th>1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>10.7</td><td>11.8</td><td>+1.1</td><td>+10</td></tr><tr><td>Loans and discounts</td><td>4.3</td><td>4.5</td><td>+.2</td><td>+6</td></tr><tr><td>Other securities</td><td>1.2</td><td>1.4</td><td>+.2</td><td>+13</td></tr><tr><td>Cash and interbank and reserve balances</td><td>.6</td><td>.8</td><td>+.2</td><td>+34</td></tr><tr><td>Other assets</td><td>.2</td><td>.2</td><td>*</td><td>-13</td></tr><tr><td>Total assets</td><td>17.0</td><td>18.7</td><td>+1.7</td><td>+10</td></tr></table>
Less than $50 million.
Government securities accounted for most of the increase. The major portion of the rise in mutual savings bank assets was accounted for in their holdings of United States Government securities, which increased by $1.1 billion during 1946. The Treasury's debt pay-off program had almost no effect upon these holdings, since mutual savings banks owned very small amounts of the securities which were paid off in cash. On the other hand, they continued to buy Government securities from other investors in the market, thereby showing an increase in their holdings for the year.
The remaining $0.6 billion increase was distributed evenly between loans and discounts, other securities, and cash. The rise of $0.2
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billion in loans and discounts, which in the case of mutual savings banks means real estate loans primarily, is important as an indication of a change in trend in this item. The increase in loans during the calendar year 1946 was the first sign of a rise since 1940.
Total mutual savings bank assets rose 57% since December 31, 1939. For the seven-year period from December 31, 1939 through December 31, 1946, total assets of mutual savings banks rose from $11.9 billion to $18.7 billion, an increase of $6.8 billion or 57% (Chart 5).
The table below shows the major asset items as of December 31, 1939 and December 31, 1946, and the change over the seven-year period.
<table><tr><th rowspan="2">Mutual savings bank assets</th><th colspan="2">December 31</th><th colspan="2">Change</th></tr><tr><th>1939</th><th>1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>3.1</td><td>11.8</td><td>+8.7</td><td>+279</td></tr><tr><td>Loans and discounts</td><td>4.9</td><td>4.5</td><td>- .4</td><td>-8</td></tr><tr><td>Other securities</td><td>2.2</td><td>1.4</td><td>- .8</td><td>-36</td></tr><tr><td>Cash and interbank and reserve balances</td><td>.8</td><td>.8</td><td>*</td><td>*</td></tr><tr><td>Other assets</td><td>.8</td><td>.2</td><td>- .6</td><td>-79</td></tr><tr><td>Total assets</td><td>11.9</td><td>16.7</td><td>+6.8</td><td>+57</td></tr></table>
Less than $50 million or 0.5%
As the table shows, the increase since December 31, 1939 in mutual savings bank holdings of United States Government securities was greater than the rise in total assets. A decline of $1.3 billion in loans and discounts, other securities, cash, and other assets accounted for about one-fifth of the increase in Government securities held by mutual savings banks. In relation to total assets, Government securities accounted for 26% on December 31, 1939 and 63% on December 31, 1946.
Liabilities and capital accounts Mutual savings bank time
deposits show rate of increase similar to that of commercial banks. Liabilities of mutual savings banks are almost completely concentrated in time deposits of individuals, partnerships, and corporations, since mutual savings banks are permitted to hold time deposits only and other groups own only negligible amounts of these deposits. During the calendar year 1946, these deposits increased from $15.3 billion to $16.8 billion, an increase of $1.5 billion or 10%. This increase was at a rate similar to that of commercial banks, which for the period from the end of 1939 through 1945 had been increasing at a sharply higher rate.
For the seven years from December 31, 1939 through 1946, deposits increased from $10.5 billion to $16.8 billion, or by $6.3 billion (Chart 6). This was a percentage increase of 60% for the seven years, as compared with the increase of 125% for time deposits in commercial banks over the same period. The lag in deposit holdings of mutual savings banks reflects the geographical location of these banks in the northeastern part of the country. These States, although they expanded considerably, were nevertheless substantially less affected by wartime financial and industrial growth than other areas of the country. The data presented in the article "Geographic Distribution of Bank Deposits" in the May 1945 issue of the "Treasury
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Treasury Bulletin
"Bulletin" show the importance of location in bank deposit growth during the war years.
Capital accounts of mutual savings banks, which declined slightly in the early war years, showed a slow, upward trend since 1942. They rose from $1.3 billion to $1.8 billion for the seven-year period. Table 2 accompanying this article gives more detailed data for mutual savings banks for each year since December 31, 1939.
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Table 1.- Assets and Liabilities of All Commercial Banks1 in the United States2
December 31, 1939 - December 31, 1946
<table><tr><th></th><th>Dec. 31, 1939</th><th>Dec. 31, 1940</th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1946</th></tr><tr><td>Number of banks</td><td>14,545</td><td>14,405</td><td>14,337</td><td>14,185</td><td>14,084</td><td>14,044</td><td>14,064</td><td>14,100</td></tr><tr><td colspan="9">Assets (In millions of dollars)</td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Secured by farm land</td><td>569</td><td>4,578</td><td>566</td><td>491</td><td>463</td><td>463</td><td>521</td><td>702</td></tr><tr><td>Secured by residential properties</td><td>2,671</td><td></td><td>3,292</td><td>3,332</td><td>3,256</td><td>3,218</td><td>3,395</td><td>5,146</td></tr><tr><td>Secured by other properties</td><td>1,026</td><td></td><td>1,048</td><td>924</td><td>802</td><td>749</td><td>856</td><td>1,387</td></tr><tr><td>Total real estate loans</td><td>4,266</td><td>4,578</td><td>4,906</td><td>4,746</td><td>4,521</td><td>4,430</td><td>4,772</td><td>7,234</td></tr><tr><td>Commercial and industrial loans (including open market paper)</td><td>6,497</td><td></td><td>9,476</td><td>7,875</td><td>7,876</td><td>8,033</td><td>9,600</td><td>14,237</td></tr><tr><td>Loans to farmers directly guaranteed by Commodity Credit Corporation</td><td>1,144</td><td>14,431</td><td>1,514</td><td>777</td><td>611</td><td>820</td><td>308</td><td>105</td></tr><tr><td>Other loans to farmers</td><td>837</td><td></td><td>637</td><td>961</td><td>941</td><td>958</td><td>1,053</td><td>1,306</td></tr><tr><td>Loans to brokers and dealers in securities</td><td>814</td><td></td><td>680</td><td>615</td><td>946</td><td>2,301</td><td>3,649</td><td>1,639</td></tr><tr><td>Other loans for the purposes of purchasing or carrying stocks, bonds, and other securities</td><td>58</td><td></td><td>41</td><td>27</td><td>59</td><td>59</td><td>49</td><td>82</td></tr><tr><td>Consumer loans to individuals</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans to banks</td><td>3,835</td><td></td><td>4,681</td><td>3,374</td><td>2,817</td><td>2,856</td><td>1,168</td><td>1,074</td></tr><tr><td>All other loans (including overdrafts)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and discounts</td><td>17,450</td><td>19,009</td><td>21,934</td><td>19,307</td><td>19,200</td><td>21,739</td><td>26,195</td><td>31,308</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Government securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>12,814</td><td>13,967</td><td>17,621</td><td>38,742</td><td>57,640</td><td>77,095</td><td>91,220</td><td>75,320</td></tr><tr><td>Guaranteed obligations</td><td>3,511</td><td>3,838</td><td>4,233</td><td>2,766</td><td>2,531</td><td>998</td><td>22</td><td>15</td></tr><tr><td>Total</td><td>16,345</td><td>17,805</td><td>21,854</td><td>41,508</td><td>60,171</td><td>78,094</td><td>91,242</td><td>75,336</td></tr><tr><td>Obligations of States and political subdivisions</td><td>3,389</td><td>3,732</td><td>3,758</td><td>3,613</td><td>3,364</td><td>3,529</td><td>3,990</td><td>4,414</td></tr><tr><td>Other bonds, notes, and debentures</td><td>3,183</td><td>3,155</td><td>3,002</td><td>2,750</td><td>2,423</td><td>2,450</td><td>3,006</td><td>3,381</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>586</td><td>547</td><td>502</td><td>468</td><td>393</td><td>395</td><td>372</td><td>348</td></tr><tr><td>Total securities</td><td>23,502</td><td>25,240</td><td>29,116</td><td>48,339</td><td>66,351</td><td>84,467</td><td>98,610</td><td>83,479</td></tr><tr><td>Total loans, discounts, and securities</td><td>40,952</td><td>44,249</td><td>51,050</td><td>67,646</td><td>85,551</td><td>106,207</td><td>124,805</td><td>114,787</td></tr><tr><td>Currency and coin</td><td>1,134</td><td>1,337</td><td>1,457</td><td>1,383</td><td>1,527</td><td>1,715</td><td>1,930</td><td>2,113</td></tr><tr><td>Balances with other banks, including reserve balances 3/</td><td>21,446</td><td>25,948</td><td>25,235</td><td>26,792</td><td>26,289</td><td>28,680</td><td>33,077</td><td>32,289</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,126</td><td>1,102</td><td>1,092</td><td>1,075</td><td>1,021</td><td>964</td><td>925</td><td>925</td></tr><tr><td>Real estate owned, other than bank premises</td><td>454</td><td>376</td><td>282</td><td>213</td><td>135</td><td>72</td><td>38</td><td>26</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>151</td><td>131</td><td>116</td><td>105</td><td>87</td><td>77</td><td>70</td><td>66</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>131</td><td>104</td><td>84</td><td>46</td><td>49</td><td>68</td><td>76</td><td>134</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>110</td><td>343</td><td>121</td><td>135</td><td>182</td><td>220</td><td>257</td><td>234</td></tr><tr><td>Other assets</td><td>218</td><td></td><td>208</td><td>241</td><td>256</td><td>184</td><td>185</td><td>168</td></tr><tr><td>Total assets</td><td>65,723</td><td>73,591</td><td>79,646</td><td>97,636</td><td>115,098</td><td>138,186</td><td>161,364</td><td>150,741</td></tr><tr><td colspan="9">Liabilities</td></tr><tr><td>Demand deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations</td><td>28,209</td><td>33,635</td><td>37,802</td><td>47,365</td><td>59,379</td><td>65,309</td><td>73,324</td><td>81,318</td></tr><tr><td>U.S. Government</td><td>840</td><td>734 4/5</td><td>1,886</td><td>8,442</td><td>10,404</td><td>20,813</td><td>24,674</td><td>3,070</td></tr><tr><td>States and political subdivisions</td><td>2,962</td><td>3,389 4/5</td><td>3,780</td><td>4,086</td><td>4,489</td><td>4,648</td><td>5,225</td><td>6,114</td></tr><tr><td>Banks in the United States 3/</td><td>8,770</td><td>9,903 4/5</td><td>9,997</td><td>10,306</td><td>9,832</td><td>11,172</td><td>12,692</td><td>11,017</td></tr><tr><td>Banks in foreign countries</td><td>854</td><td>765 4/5</td><td>755</td><td>840</td><td>924</td><td>984</td><td>1,295</td><td>1,424</td></tr><tr><td>Certified and cashiers' checks, etc.</td><td>624</td><td>981</td><td>1,098</td><td>1,239</td><td>1,690</td><td>1,379</td><td>2,615</td><td>2,398</td></tr><tr><td>Total demand deposits 3/</td><td>42,259</td><td>49,429 4/5</td><td>55,317</td><td>72,878</td><td>86,718</td><td>104,305</td><td>120,425</td><td>105,341</td></tr><tr><td>Time deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations</td><td>14,887</td><td>15,416</td><td>15,537</td><td>16,070</td><td>19,017</td><td>23,890</td><td>29,951</td><td>33,471</td></tr><tr><td>U.S. Government</td><td>17</td><td>35 4/5</td><td>35</td><td>48</td><td>117</td><td>103</td><td>98</td><td>114</td></tr><tr><td>Postal savings</td><td>53 5/</td><td>36 5/</td><td>26 5/</td><td>16</td><td>10</td><td>8</td><td>6</td><td>6</td></tr><tr><td>States and political subdivisions</td><td>549</td><td>549 4/5</td><td>523</td><td>436</td><td>481</td><td>547</td><td>594</td><td>796</td></tr><tr><td>Banks in the United States</td><td>268</td><td>277 4/5</td><td>256</td><td>172</td><td>272</td><td>97</td><td>84</td><td>220</td></tr><tr><td>Banks in foreign countries</td><td>10</td><td>8</td><td>7</td><td>5</td><td>4</td><td>11</td><td>18</td><td>19</td></tr><tr><td>Total time deposits</td><td>15,783</td><td>16,321 4/5</td><td>16,383</td><td>16,747</td><td>19,901</td><td>24,655</td><td>30,750</td><td>34,626</td></tr><tr><td>Total deposits 3/</td><td>58,043</td><td>65,750</td><td>71,700</td><td>89,625</td><td>106,619</td><td>128,960</td><td>151,176</td><td>139,966</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>26</td><td>25</td><td>22</td><td>19</td><td>52</td><td>126</td><td>220</td><td>48</td></tr><tr><td>Acceptances executed by or for account of reporting banks and outstanding</td><td>150</td><td>121</td><td>101</td><td>52</td><td>60</td><td>78</td><td>87</td><td>151</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>73</td><td>584</td><td>97</td><td>58</td><td>45</td><td>47</td><td>59</td><td>103</td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>80</td><td></td><td>115</td><td>130</td><td>201</td><td>284</td><td>374</td><td>389</td></tr><tr><td>Other liabilities</td><td>367</td><td></td><td>359</td><td>384</td><td>349</td><td>373</td><td>427</td><td>430</td></tr><tr><td>Total liabilities</td><td>58,738</td><td>66,479</td><td>72,395</td><td>90,268</td><td>107,326</td><td>129,868</td><td>152,342</td><td>141,087</td></tr><tr><td colspan="9">Capital Accounts</td></tr><tr><td>Capital notes and debentures</td><td>133</td><td>116</td><td>101</td><td>93</td><td>85</td><td>77</td><td>67</td><td>63</td></tr><tr><td>Preferred stock</td><td>381</td><td>348</td><td>312</td><td>281</td><td>254</td><td>207</td><td>163</td><td>115</td></tr><tr><td>Common stock</td><td>2,603</td><td>2,600</td><td>2,614</td><td>2,606</td><td>2,668</td><td>2,764</td><td>2,952</td><td>3,116</td></tr><tr><td>Surplus</td><td>2,585</td><td>2,704</td><td>2,834</td><td>2,911</td><td>3,204</td><td>3,518</td><td>3,907</td><td>4,190</td></tr><tr><td>Undivided profits</td><td>825</td><td>875</td><td>935</td><td>1,011</td><td>1,045</td><td>1,215</td><td>1,343</td><td>1,549</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>459</td><td>469</td><td>454</td><td>467</td><td>517</td><td>537</td><td>589</td><td>621</td></tr><tr><td>Total capital accounts</td><td>6,986</td><td>7,112</td><td>7,251</td><td>7,368</td><td>7,772</td><td>8,318</td><td>9,022</td><td>9,655</td></tr><tr><td>Total liabilities and capital accounts</td><td>65,723</td><td>73,591</td><td>79,646</td><td>97,636</td><td>115,098</td><td>138,186</td><td>161,364</td><td>150,741</td></tr></table>
Note: See following page for footnotes.
A-16
Treasury Bulletin
Table 2.- Assets and Liabilities of All Mutual Savings Banks in the United States
December 31, 1939 - December 31, 1946
<table><tr><th></th><th>Dec. 31, 1939</th><th>Dec. 31, 1940</th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1946</th></tr><tr><td>Number of banks</td><td>551</td><td>551</td><td>548</td><td>537</td><td>537</td><td>535</td><td>534</td><td>533</td></tr><tr><td colspan="9">Assets</td></tr><tr><td>Loans and discounts:</td><td colspan="8">(In millions of dollars)</td></tr><tr><td>Real estate loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Secured by farm land</td><td>13</td><td></td><td>10</td><td>5</td><td>4</td><td>8</td><td>8</td><td>9</td></tr><tr><td>Secured by residential properties</td><td>4,774</td><td>4,859</td><td>4,758</td><td>4,574</td><td>4,360</td><td>4,255</td><td>4,165</td><td>4,396</td></tr><tr><td>Secured by other properties</td><td>49</td><td></td><td>44</td><td>48</td><td>56</td><td>43</td><td>35</td><td>37</td></tr><tr><td>Total real estate loans</td><td>4,836</td><td>4,859</td><td>4,812</td><td>4,627</td><td>4,420</td><td>4,306</td><td>4,208</td><td>4,442</td></tr><tr><td>All other loans (including overdrafts)</td><td>89</td><td>99</td><td>92</td><td>67</td><td>54</td><td>57</td><td>64</td><td>74</td></tr><tr><td>Total loans and discounts</td><td>4,925</td><td>4,958</td><td>4,905</td><td>4,694</td><td>4,475</td><td>4,362</td><td>4,272</td><td>4,515</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>2,612</td><td>2,822</td><td>3,449</td><td>4,443</td><td>6,050</td><td>8,315</td><td>10,659</td><td>11,754</td></tr><tr><td>Guaranteed obligations</td><td>490</td><td>402</td><td>251</td><td>108</td><td>38</td><td>6</td><td>3</td><td>4</td></tr><tr><td>Total</td><td>3,102</td><td>3,224</td><td>3,700</td><td>4,551</td><td>6,088</td><td>8,321</td><td>10,662</td><td>11,758</td></tr><tr><td>Obligations of States and political subdivisions</td><td>620</td><td>608</td><td>439</td><td>313</td><td>201</td><td>130</td><td>93</td><td>63</td></tr><tr><td>Other bonds, notes, and debentures</td><td>1,436</td><td>1,261</td><td>1,163</td><td>1,005</td><td>929</td><td>933</td><td>984</td><td>1,157</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>136</td><td>196</td><td>172</td><td>163</td><td>158</td><td>159</td><td>166</td><td>180</td></tr><tr><td>Total securities</td><td>5,294</td><td>5,289</td><td>5,473</td><td>6,033</td><td>7,375</td><td>9,544</td><td>11,905</td><td>13,157</td></tr><tr><td>Total loans, discounts, and securities</td><td>10,219</td><td>10,247</td><td>10,378</td><td>10,726</td><td>11,850</td><td>13,906</td><td>16,177</td><td>17,673</td></tr><tr><td>Currency and coin</td><td>62</td><td>70</td><td>88</td><td>81</td><td>85</td><td>86</td><td>95</td><td>109</td></tr><tr><td>Balance with other banks, including reserve balances 3/</td><td>751</td><td>898</td><td>707</td><td>580</td><td>710</td><td>496</td><td>513</td><td>707</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>126</td><td>122</td><td>118</td><td>115</td><td>107</td><td>102</td><td>95</td><td>92</td></tr><tr><td>Real estate owned, other than bank premises</td><td>602</td><td>554</td><td>424</td><td>317</td><td>197</td><td>96</td><td>35</td><td>13</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>9</td><td>13</td><td>17</td><td>17</td><td>14</td><td>9</td><td>7</td><td>5</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>40</td><td>77</td><td>42</td><td>38</td><td>38</td><td>41</td><td>39</td><td>38</td></tr><tr><td>Other assets</td><td>43</td><td></td><td>34</td><td>32</td><td>21</td><td>25</td><td>27</td><td>27</td></tr><tr><td>Total assets</td><td>11,852</td><td>11,981</td><td>11,808</td><td>11,907</td><td>13,024</td><td>14,761</td><td>16,987</td><td>18,665</td></tr><tr><td colspan="9">Liabilities</td></tr><tr><td>Deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Time deposits of individuals, partnerships, and corporations</td><td>10,519</td><td>10,656</td><td>10,526</td><td>10,634</td><td>11,708</td><td>13,339</td><td>15,341</td><td>16,817</td></tr><tr><td>Other deposits 3/</td><td>4</td><td>3</td><td>7</td><td>7</td><td>9</td><td>11</td><td>14</td><td>18</td></tr><tr><td>Total deposits 3/</td><td>10,523</td><td>10,658</td><td>10,533</td><td>10,641</td><td>11,717</td><td>13,351</td><td>15,355</td><td>16,835</td></tr><tr><td>Other liabilities</td><td>19</td><td>25</td><td>31</td><td>29</td><td>33</td><td>35</td><td>43</td><td>46</td></tr><tr><td>Total liabilities</td><td>10,543</td><td>10,683</td><td>10,564</td><td>10,670</td><td>11,750</td><td>13,386</td><td>15,397</td><td>16,882</td></tr><tr><td colspan="9">Capital Accounts</td></tr><tr><td>Capital notes and debentures</td><td>9</td><td>7</td><td>7</td><td>6</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Preferred stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Common stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Surplus</td><td>866</td><td>857</td><td>870</td><td>858</td><td>901</td><td>971</td><td>1,097</td><td>1,211</td></tr><tr><td>Undivided profits</td><td>323</td><td>312</td><td>313</td><td>312</td><td>326</td><td>360</td><td>438</td><td>501</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>112</td><td>122</td><td>54</td><td>60</td><td>42</td><td>40</td><td>50</td><td>66</td></tr><tr><td>Total capital accounts</td><td>1,309</td><td>1,298</td><td>1,244</td><td>1,237</td><td>1,274</td><td>1,375</td><td>1,590</td><td>1,783</td></tr><tr><td>Total liabilities and capital accounts</td><td>11,852</td><td>11,981</td><td>11,808</td><td>11,907</td><td>13,024</td><td>14,761</td><td>16,987</td><td>18,665</td></tr></table>
Source: 1/ Annual Reports of the Comptroller of the Currency. Comprisee national banks, State commercial banks, and private banks as classified by the Comptroller of the Currency. Excludes assets and liabilities of private banks not reporting to State bank supervisors. 2/ Includes territories and inular possessions. (Banks in Guam were excluded from December 31, 1942 through December 31, 1944 because of the war. Banks in the Philippines were excluded from December 31, 1942 through December 31, 1945 because of the war, and from then on because of the granting of independence.)
3/ Beginning with December 31, 1942 reciprocal interbank demand balances with banks in the United States have been excluded. For December 31, 1941 and prior dates, demand balances were reported gross.
4/ The Comptroller's figures did not separate demand and time deposits for these items. They were estimated on the basis of Federal Deposit Insurance Corporation data for insured commercial banks.
5/ Postal savings figures were separated from U. S. Government time deposits on the basis of data in the "Federal Reserve Bulletin," table entitled "Postal Savings System."
July 1947
A-17
Individual Income Tax Returns for 1944
Secretary of the Treasury Snyder recently made public data tabulated from individual income tax returns for the income year 1944. The complete tabulations will appear in "Statistics of Income for 1944, Part 1," which will be published at some future date. The data summarized in this article cover all returns filed in 1944 and supersede the preliminary tabulations from returns with adjusted gross income of less than $25,000 published in the March and April 1946 issues of the "Treasury Bulletin." 1/ Tabulations from individual returns for 1943 were published in the June 1947 issue of the "Treasury Bulletin."
Changes in the Internal Revenue Code
The 1944 tabulations reflect, for the first time, the changes made for purposes of simplification under the Individual Income Tax Act of 1944. This Act introduced the concept of adjusted gross income and per capita exemptions, increased the standard deduction, broadened the scope of the Supplement T tax table, and simplified the tax return forms. 2/ A description of these important new features is given below.
Adjusted gross income. The breakdown by income classes in the attached tables is made on the basis of a new concept called "adjusted gross income." This concept is defined as gross income minus allowable business deductions, expenses of travel and lodging away from home, reimbursed expenses connected with employment, and deductions attributable to rents and royalties, etc. (See item 5 of facsimile of Form 1040 attached.) For example, the adjusted gross income of a wage earner generally is his total receipts from wages subject to withholding, while that of a businessman is his total sales minus cost of goods sold and other business deductions. Adjusted gross income provides a method of placing different
1/ For more detailed tabulations, see the Secretary's press release, Treasury Department Press Service No. S-366, dated June 25, 1947.
2/ Other changes in the individual Income Tax Act of 1943 and the Revenue Act of 1943 affect the comparability of 1943 and 1944 data. For example, the definition of a dependent and the treatment of a dependent's income were simplified. A dependent was redefined as a close relative with income of less than $500 who received more than one-half of his support from the taxpayer. Each person, including minor, who had $500 or more gross income was required to file a return. A normal tax exemption of $500 was allowed as a credit against
kinds of gross income substantially on a par, so that tax liabilities may be determined directly from a tax table without determining net income. About four-fifths of the taxpayers no longer determine their net income for tax purposes and, consequently, the income distributions will henceforth be by adjusted gross income classes as compared with the net income classes used in the past.
The per capita surtax exemption. Surtax exemptions of $500 for the taxpayer, $500 for his spouse and $500 for each dependent were allowed as a credit against net income for the purpose of surtax. These per capita exemptions permitted the construction of a new simplified tax table. (See below.)
The standard deduction. To relieve more taxpayers of having to itemize personal deductions such as contributions, medical expenses, taxes, interest, and casualty losses, the standard deduction incorporated in the tax table was increased from about 6% to 10% and was made applicable to adjusted gross incomes of less than $5,000. For taxpayers with adjusted gross incomes of $5,000 or more, a flat $500 standard deduction in lieu of itemized deductions was added.
The new Supplement T tax table. The scope of the Supplement T tax table, which provides a simple method of determining final tax liability, was broadened (a) by raising the upper limit of the table from $3,000 to $5,000, (b) by extending its use to taxpayers with all types of income, and (c) by incorporating a standard deduction of about 10%. In addition, the use of the table was simplified as a consequence of the per capita exemptions.
net income for the purpose of the normal tax; however, in the case of a joint return of husband and wife, the normal tax exemption was $1,000 except that, if the adjusted gross income of one spouse was less than $500, the normal tax exemption was $500 plus the adjusted gross income of such spouse. The Victory tax and the earned income credit were repealed. The normal tax rate was reduced from 6% to 3% and the surtax rates were increased to 20% on surtax net income of less than $2,000, rising to 91% on surtax net income of $200,000 and over. A more complete description of the changes in the Internal Revenue Code is given in the Secretary's press release noted above.
Treasury Bulletin
A-18
Simplified tax forms. The old Form 1040A was discarded and a new Form 1040 was designed, which included a "short" form for persons using the tax table and a "long" form for persons making their own tax computations. In addition, wage earners with adjusted gross income of less than $5,000, derived entirely from wages subject to withholding, and not more than $100 of income from wages not subject to withholding, interest, and dividends, were permitted to elect to have their taxes computed by the collectors of internal revenue and to use their withholding receipt, Form W-2, as a final tax return. (See facsimile of Form W-2 attached.)
On the basis of these changes, the returns of taxpayers may be divided into the following three broad categories:
<table><tr><th>Form</th><th>Description</th></tr><tr><td>Form W-2</td><td>This form was filed by wage earners with adjusted gross incomes of less than $5,000 (derived entirely from wages, interest, and dividends, including not more than $100 from such sources not subject to withholding) and whose deductions were less than about 10% of adjusted gross income. These taxpayers had their final tax liabilities determined for them by the collectors of internal revenue on the basis of the Supplement T tax table.</td></tr><tr><td>Form 1040 (short)</td><td>This form was filed by taxpayers with adjusted gross incomes of less than $5,000 from any source, who desired to determine their tax from the new Supplement T tax table incorporating the 10% standard deduction.</td></tr><tr><td>Form 1040 (long)</td><td>This form was filed by two types of taxpayers who continued to make detailed tax computations:<br>(a) Those with adjusted gross incomes of $5,000 or more. These taxpayers were given the option of claiming either the $500 standard deduction or of continuing to itemize their actual deductions.<br>(b) Those with adjusted gross incomes of less than $5,000 who itemized their actual deductions.</td></tr></table>
The individual income tax returns included in the 1944 tabulations were for (1) the calendar year 1944, (2) a fiscal year ending within the period July 1944 through June 1945, and (3) a part year with the greater part of the accounting period in 1944. The returns included Forms W-2 and 1040 filed by citizens and resident aliens and Forms 1040B filed by nonresident aliens having a business within the United States. Tentative returns were not included and amended returns were used only if the original returns were excluded. Statistics were taken from the returns as filed, prior to revisions that may have been made as a result of audit.
2/ Income for 1943 is total income as tabulated in "Sta-
Number of returns, adjusted gross income and taxes
For 1944, about 47 million individual income tax returns were filed. 1/ This was an increase of 3.4 million, or 8% over the number of returns filed for 1943. A distribution of the total number of returns filed for 1944 by type of return is presented in the following table:
<table><tr><th>Type of return</th><th>Number of returns (In thousands)</th></tr><tr><td>Form W-2</td><td>18,427</td></tr><tr><td>Form 1040 (short)</td><td>18,943</td></tr><tr><td>Form 1040 (long)</td><td>9,742</td></tr><tr><td>Total</td><td>47,111</td></tr></table>
Of the 47 million returns, 42 million were taxable and, of these taxable returns, 40 million, or 94%, reported adjusted gross incomes of less than $5,000. The adjusted gross income reported on all taxable returns was $115 billion, of which the returns under $5,000 accounted for $89 billion or 77%. The total tax liability was $16 billion, and taxpayers under $5,000 paid $9 billion, or 54%. (See chart on page A-19.)
<table><tr><th></th><th>1943</th><th>1944</th><th>Number or amount</th><th>Percent</th></tr><tr><td colspan="5">(In thousands)</td></tr><tr><td>Number of returns: Taxable returns....</td><td>40,240</td><td>42,354</td><td>2,114</td><td>5</td></tr><tr><td>Nontaxable returns</td><td>3,482</td><td>4,757</td><td>1,275</td><td>37</td></tr><tr><td>Total returns.....</td><td>43,722</td><td>47,111</td><td>3,389</td><td>8</td></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Adjusted gross income: 2/ Taxable returns....</td><td>104,446</td><td>114,761</td><td>10,316</td><td>10</td></tr><tr><td>Nontaxable returns 3/......</td><td>1,416</td><td>1,704</td><td>287</td><td>20</td></tr><tr><td>Total adjusted gross income 3/.</td><td>105,862</td><td>116,465</td><td>10,603</td><td>10</td></tr><tr><td>Tax liability 4/.....</td><td>14,450</td><td>16,216</td><td>1,766</td><td>12</td></tr></table>
tistics of income for 1943" adjusted by subtracting therefrom the net loss from sales of capital assets, net lose from sales of property other than capital assets, and net losses from business, from partnership, and from rents and royalties.
3/ Adjusted gross income less adjusted gross deficit.
Tax liability after deducting tax credits relating to tax paid at source and to tax paid to a foreign country or United States possession. For 1943 the tax shown is the income and Victory tax on 1943 income and excludes additions to liability under the Current Tax Payment Act of 1943.
July 1947
A-19
The total tax liability for 1944 of $16 billion was an increase of almost $2 billion over the income and Victory tax liability on 1943 incomes. The table on the preceding pages presents a summary comparison of the number of returns, income, and tax liability for 1943 and 1944. The income figures for 1943 were adjusted to make them comparable with the new 1944 adjusted gross income concept.
More detailed data are shown in the three tables accompanying this article. Table 1 presents the number of returns, sources of income, adjusted gross income, exemptions, and tax liability for all returns by adjusted gross income classes. Table 2 presents the number of returns, adjusted gross income, deductions, and tax liability for returns with itemized deductions by adjusted gross income classes. Table 3 presents the number of returns, adjusted gross income, surtax exemptions, and tax liability for returns with adjusted gross income under $5,000 and $5,000 and over, by marital status and sex.
Description of the sample
The data in this article were derived from a basic sample of the individual income tax returns, consisting of 1% of Forms W-2, 1% of Forms 1040 with adjusted gross income of less than $7,000, 10% of returns with adjusted gross income from $7,000 to $10,000, 20% of returns with adjusted gross income from $10,000 to $25,000, and 100% of returns with adjusted gross income of $25,000 and over. Since the frequencies in the attached tables are estimated from a sample, they differ from actual frequencies which would be obtained if the entire universe were tabulated. For example, frequencies of the magnitude of 1 million or more in adjusted gross income classes under $7,000 are subject to variation of less than 3%. At the other extreme, frequencies of 1,000 to 10,000 in this area are subject to a maximum variation between 100% and 30%.
1/ For a more detailed description of the sample and reliability of the data, see the Secretary's press release referred to above.
Facsimile of Form 1040
File this return with Collector of Internal Revenue on or before March 15, 1945. Any balance of tax due (Item 8, below) must be paid in full with return. See separate instructions for filling out return.
U. S. INDIVIDUAL INCOME TAX RETURN
FOR CALENDAR YEAR 1944
1944
<table><tr><td>NAME</td><td colspan="3">EMPLOYER'S NAME</td><td>WAGE, SALARY, ETC.</td><td>AMOUNT</td></tr><tr><td>ADDRESS</td><td colspan="3">PRINCIPAL EMPLOYER'S NAME</td><td>DEDUCTIONS (Gross)</td><td>AMOUNT</td></tr><tr><td>DATE OF BIRTH</td><td colspan="3">WIFE'S NAME</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>SEX</td><td colspan="3">WIFE'S ADDRESS</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>AGE</td><td colspan="3">WIFE'S DATE OF BIRTH</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>RELATIONSHIP</td><td colspan="3">WIFE'S SEX</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>NAME</td><td colspan="3">WIFE'S AGE</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>ADDRESS</td><td colspan="3">WIFE'S RELATIONSHIP</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>DATE OF BIRTH</td><td colspan="3">WIFE'S ADDRESS</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>SEX</td><td colspan="3">WIFE'S DATE OF BIRTH</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>AGE</td><td colspan="3">WIFE'S SEX</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>RELATIONSHIP</td><td colspan="3">WIFE'S AGE</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr><tr><td>NAME</td><td colspan="3">WIFE'S RELATIONSHIP</td><td>DEDUCTIONS (Net)</td><td>AMOUNT</td></tr></table><table><tr><td>1. Enter your total wages, salaries, commissions, bonuses, etc., for 1944.</td><td>$</td></tr><tr><td>2. Enter your total deductions (including social security, etc.)</td><td>$</td></tr><tr><td>3. Enter your net income for 1944.</td><td>$</td></tr><tr><td>4. Enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>5. Enter the total amount of your other income</td><td>$</td></tr><tr><td>6. Enter the total amount of your other deductions</td><td>$</td></tr><tr><td>7. Enter the total amount of your net income</td><td>$</td></tr></table><table><tr><td>If your income was less than $5,000, enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>If your income was more than $5,000, enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>If your income was less than $5,000, enter the total amount of your other income</td><td>$</td></tr><tr><td>If your income was more than $5,000, enter the total amount of your other income</td><td>$</td></tr><tr><td>If your income was less than $5,000, enter the total amount of your other deductions</td><td>$</td></tr><tr><td>If your income was more than $5,000, enter the total amount of your other deductions</td><td>$</td></tr><tr><td>If your income was less than $5,000, enter the total amount of your net income</td><td>$</td></tr><tr><td>If your income was more than $5,000, enter the total amount of your net income</td><td>$</td></tr></table><table><tr><td>1. If you are married and your wife is not, and you have a joint return, enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>2. If you are married and your wife is not, and you have a joint return, enter the total amount of your other income</td><td>$</td></tr><tr><td>3. If you are married and your wife is not, and you have a joint return, enter the total amount of your other deductions</td><td>$</td></tr><tr><td>4. If you are married and your wife is not, and you have a joint return, enter the total amount of your net income</td><td>$</td></tr><tr><td>5. If you are married and your wife is not, and you have a joint return, enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>6. If you are married and your wife is not, and you have a joint return, enter the total amount of your other income</td><td>$</td></tr><tr><td>7. If you are married and your wife is not, and you have a joint return, enter the total amount of your other deductions</td><td>$</td></tr><tr><td>8. If you are married and your wife is not, and you have a joint return, enter the total amount of your net income</td><td>$</td></tr></table><table><tr><td>1. If you are married and your wife is not, and you have a joint return, enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>2. If you are married and your wife is not, and you have a joint return, enter the total amount of your other income</td><td>$</td></tr><tr><td>3. If you are married and your wife is not, and you have a joint return, enter the total amount of your other deductions</td><td>$</td></tr><tr><td>4. If you are married and your wife is not, and you have a joint return, enter the total amount of your net income</td><td>$</td></tr><tr><td>5. If you are married and your wife is not, and you have a joint return, enter the total amount of your social security contributions</td><td>$</td></tr><tr><td>6. If you are married and your wife is not, and you have a joint return, enter the total amount of your other income</td><td>$</td></tr><tr><td>7. If you are married and your wife is not, and you have a joint return, enter the total amount of your other deductions</td><td>$</td></tr><tr><td>8. If you are married and your wife is not, and you have a joint return, enter the total amount of your net income</td><td>$</td></tr></table>
Facsimile of Form W-2
WITHHOLDING RECEIPT—1944
For Income Tax Withheld on W-444
Form W-2 (Rev. 1)
EMPLOYER BY WHOM PAID
To EMPLOYER, Change name and address if not correctly shown
To EMPLOYER
Total taxes and deductions (line 2 and 3)
Total income tax withheld
$ 
EMPLOYER TO WHOM PAID (Print full name, address, Social Security No.)
$ 
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YOUR 1944 EXEMPTIONS
(1) If you are married and your wife (or husband) had no income, or if this is a combined return (2) Married and you filed a separate return with a total of less than $500 who received a blue-inked tax return (3) You are a combined return of two (2) or (3) above (4) You are a combined return of two (3) above, but one of the returns is a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who received a blue-inked return of less than $500 who
Was your income under $500? If so, you are not required to file a return. If you are a citizen or resident alien, you may still benefit from a refund of prior year's tax. If you are a nonresident alien, you must file a return if you are a citizen or resident alien. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. You may also benefit from a refund of prior year's tax. 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A-20
Treasury Bulletin
July 1947
A-21
Individual Income Tax Returns for 1944
Table 1.- Number of Returns, Sources of Income, Adjusted Gross Income and Taxes, by Adjusted Gross Income Classes
<table><tr><th>Adjusted gross income 1/ classes</th><th>Number of returns</th><th colspan="8">Sources of income - continued below</th></tr><tr><th>(In thousands of dollars)</th><th>(In thousands)</th><th>Salaries and wages 2/</th><th>Dividends and interest 3/</th><th>Annuities and pensions 4/</th><th colspan="2">Rents and royalties 5/</th><th colspan="2">Business or profession 6/</th><th colspan="2">Partnership 7/</th><th colspan="2">Sales or exchanges of capital assets 8/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Net profit</th><th>Net loss</th><th>Net profit</th><th>Net loss</th><th>Net profit</th><th>Net loss</th><th>Net gain</th><th>Net loss</th></tr><tr><td>Taxable returns:</td><td></td><td></td><td></td><td></td><td colspan="6">(In millions of dollars)</td><td></td></tr><tr><td>Under 1......</td><td>4,996.1</td><td>3,172.3</td><td>92.1</td><td>14.7</td><td>92.2</td><td>6.8</td><td>481.3</td><td>14.7</td><td>44.8</td><td>1.9</td><td>13.5</td><td>9.4</td></tr><tr><td>1 under 2......</td><td>13,853.6</td><td>17,804.8</td><td>296.4</td><td>47.2</td><td>271.3</td><td>26.8</td><td>1,993.5</td><td>45.1</td><td>215.8</td><td>5.0</td><td>58.5</td><td>29.5</td></tr><tr><td>2 under 3......</td><td>11,301.5</td><td>25,027.9</td><td>294.3</td><td>30.9</td><td>277.0</td><td>34.9</td><td>1,896.4</td><td>40.7</td><td>342.6</td><td>7.8</td><td>85.2</td><td>31.3</td></tr><tr><td>3 under 4......</td><td>6,918.7</td><td>21,521.1</td><td>260.1</td><td>17.9</td><td>215.8</td><td>25.0</td><td>1,318.9</td><td>28.1</td><td>317.6</td><td>3.1</td><td>82.3</td><td>21.7</td></tr><tr><td>4 under 5......</td><td>2,817.0</td><td>10,730.3</td><td>226.1</td><td>12.7</td><td>138.5</td><td>12.1</td><td>916.3</td><td>14.1</td><td>280.0</td><td>4.7</td><td>71.8</td><td>16.5</td></tr><tr><td>5 under 10......</td><td>1,834.4</td><td>7,272.6</td><td>615.6</td><td>22.8</td><td>269.1</td><td>18.7</td><td>2,195.5</td><td>35.1</td><td>1,013.9</td><td>5.8</td><td>199.8</td><td>38.8</td></tr><tr><td>10 under 15.....</td><td>298.5</td><td>1,334.5</td><td>347.7</td><td>6.5</td><td>112.3</td><td>6.1</td><td>953.9</td><td>15.4</td><td>679.0</td><td>3.9</td><td>95.4</td><td>15.1</td></tr><tr><td>15 under 20.....</td><td>129.5</td><td>756.8</td><td>248.4</td><td>3.6</td><td>65.4</td><td>3.7</td><td>532.8</td><td>13.0</td><td>503.5</td><td>3.2</td><td>61.4</td><td>8.4</td></tr><tr><td>20 under 25.....</td><td>67.5</td><td>492.0</td><td>184.7</td><td>1.9</td><td>43.8</td><td>2.6</td><td>326.1</td><td>7.5</td><td>371.2</td><td>1.8</td><td>46.2</td><td>5.4</td></tr><tr><td>25 under 50.....</td><td>100.5</td><td>978.2</td><td>482.6</td><td>5.9</td><td>84.3</td><td>6.2</td><td>635.8</td><td>21.9</td><td>966.3</td><td>4.9</td><td>118.5</td><td>10.3</td></tr><tr><td>50 under 100.....</td><td>29.0</td><td>449.7</td><td>354.2</td><td>3.4</td><td>43.1</td><td>2.6</td><td>279.5</td><td>14.8</td><td>609.2</td><td>3.6</td><td>98.3</td><td>4.9</td></tr><tr><td>100 under 250....</td><td>7.1</td><td>156.1</td><td>238.5</td><td>1.7</td><td>21.5</td><td>1.0</td><td>131.2</td><td>11.5</td><td>296.1</td><td>1.7</td><td>87.4</td><td>1.2</td></tr><tr><td>250 under 500....</td><td>.8</td><td>24.9</td><td>80.2</td><td>.3</td><td>5.8</td><td>.4</td><td>29.0</td><td>2.3</td><td>66.7</td><td>.4</td><td>39.6</td><td>.2</td></tr><tr><td>500 under 1,000..</td><td>.2</td><td>6.5</td><td>58.5</td><td>.1</td><td>2.0</td><td>.3</td><td>10.6</td><td>1.8</td><td>18.9</td><td>.1</td><td>31.7</td><td>.1</td></tr><tr><td>1,000 and over....</td><td>.1</td><td>1.3</td><td>50.4</td><td>.1</td><td>2.2</td><td>.1</td><td>5.9</td><td>1.1</td><td>17.9</td><td>.1</td><td>19.8</td><td>*</td></tr><tr><td>Total taxable returns.....</td><td>42,354.5</td><td>89,729.0</td><td>3,829.8</td><td>169.7</td><td>1,644.5</td><td>147.2</td><td>11,706.7</td><td>267.1</td><td>5,743.7</td><td>48.2</td><td>1,109.3</td><td>192.7</td></tr><tr><td>Nontaxable returns: 16/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>With no adjusted gross income 17/.....</td><td>191.9</td><td>29.7</td><td>12.6</td><td>1.1</td><td>10.2</td><td>11.5</td><td>12.9</td><td>235.4</td><td>5.7</td><td>29.8</td><td>14.6</td><td>11.7</td></tr><tr><td>With adjusted gross income.....</td><td>4,565.1</td><td>1,366.1</td><td>81.3</td><td>10.7</td><td>117.7</td><td>9.6</td><td>379.6</td><td>32.7</td><td>23.0</td><td>8.5</td><td>18.1</td><td>20.0</td></tr><tr><td>Total nontaxable returns.....</td><td>4,757.0</td><td>1,395.7</td><td>93.9</td><td>11.7</td><td>127.9</td><td>21.1</td><td>392.5</td><td>268.1</td><td>28.7</td><td>38.2</td><td>32.7</td><td>31.7</td></tr><tr><td>Total all returns.....</td><td>47,111.5</td><td>91,124.7</td><td>3,923.7</td><td>181.4</td><td>1,772.4</td><td>168.3</td><td>12,099.2</td><td>535.2</td><td>5,772.4</td><td>86.4</td><td>1,142.0</td><td>224.4</td></tr><tr><td>Returns with adjusted gross income under $5,000.....</td><td>44,643.9</td><td>79,652.2</td><td>1,263.0</td><td>135.1</td><td>1,122.8</td><td>126.7</td><td>6,999.0</td><td>410.9</td><td>1,229.6</td><td>60.9</td><td>344.1</td><td>140.0</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over....</td><td>2,467.6</td><td>11,472.6</td><td>2,660.8</td><td>46.3</td><td>649.6</td><td>41.6</td><td>5,100.2</td><td>124.4</td><td>4,542.8</td><td>25.5</td><td>798.0</td><td>84.4</td></tr></table>
<table><tr><th>Adjusted gross income 1/ classes</th><th colspan="2">Sales or exchange of property other than capital assets 9/</th><th>Income from estates and trusts 10/</th><th>Miscellaneous income 11/</th><th>Adjusted gross income 12/</th><th>Amount of surtax exemption 13/</th><th>Tax liability 14/</th><th>Tax withheld</th><th>Payments on 1944 declaration of estimated tax 15/</th><th>Balance of tax due at time of filing</th><th>Overpayment (refund or credit on 1945 tax)</th></tr><tr><th>(In thousands of dollars)</th><th>Net gain</th><th>Net loss</th><th></th><th></th><th colspan="6">(In millions of dollars)</th></tr><tr><td>Taxable returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Under 1......</td><td>2.7</td><td>2.0</td><td>11.8</td><td>33.3</td><td>3,923.8</td><td>4,285.1</td><td>1,46.4</td><td>206.3</td><td>19.7</td><td>29.2</td><td>108.8</td></tr><tr><td>1 under 2......</td><td>6.3</td><td>9.5</td><td>38.5</td><td>119.8</td><td>20,736.2</td><td>14,381.9</td><td>1,611.1</td><td>1,485.9</td><td>130.9</td><td>258.3</td><td>264.0</td></tr><tr><td>2 under 3......</td><td>11.1</td><td>10.4</td><td>40.7</td><td>104.3</td><td>27,985.3</td><td>14,809.7</td><td>2,719.7</td><td>2,425.7</td><td>224.3</td><td>353.1</td><td>283.4</td></tr><tr><td>3 under 4......</td><td>11.0</td><td>5.5</td><td>39.6</td><td>72.1</td><td>23,773.0</td><td>10,377.2</td><td>2,662.2</td><td>2,355.3</td><td>241.7</td><td>283.0</td><td>217.9</td></tr><tr><td>4 under 5......</td><td>6.9</td><td>3.0</td><td>41.0</td><td>58.8</td><td>12,432.2</td><td>4,355.5</td><td>1,626.1</td><td>1,340.6</td><td>217.9</td><td>169.3</td><td>101.7</td></tr><tr><td>5 under 10......</td><td>14.2</td><td>9.6</td><td>149.4</td><td>90.3</td><td>11,735.1</td><td>2,617.4</td><td>1,997.5</td><td>1,019.9</td><td>718.0</td><td>358.6</td><td>98.9</td></tr><tr><td>10 under 15......</td><td>4.4</td><td>5.0</td><td>87.8</td><td>26.3</td><td>3,602.1</td><td>377.6</td><td>866.9</td><td>210.5</td><td>504.6</td><td>188.2</td><td>36.4</td></tr><tr><td>15 under 20......</td><td>2.1</td><td>3.4</td><td>66.0</td><td>15.7</td><td>2,224.0</td><td>161.5</td><td>647.5</td><td>125.2</td><td>419.8</td><td>129.8</td><td>27.2</td></tr><tr><td>20 under 25......</td><td>.9</td><td>2.1</td><td>47.9</td><td>9.0</td><td>1,504.3</td><td>82.5</td><td>505.5</td><td>83.2</td><td>341.6</td><td>98.9</td><td>18.2</td></tr><tr><td>25 under 50......</td><td>1.7</td><td>4.8</td><td>138.1</td><td>25.4</td><td>3,388.7</td><td>118.7</td><td>1,412.3</td><td>173.3</td><td>1,039.9</td><td>245.9</td><td>46.9</td></tr><tr><td>50 under 100......</td><td>.5</td><td>3.0</td><td>104.6</td><td>12.2</td><td>1,926.0</td><td>31.7</td><td>1,022.0</td><td>82.6</td><td>807.6</td><td>160.4</td><td>28.6</td></tr><tr><td>100 under 250......</td><td>.1</td><td>1.7</td><td>79.6</td><td>4.1</td><td>999.2</td><td>7.0</td><td>632.5</td><td>28.8</td><td>527.7</td><td>90.5</td><td>14.4</td></tr><tr><td>250 under 500......</td><td>.5</td><td>.9</td><td>29.1</td><td>1.0</td><td>272.7</td><td>.8</td><td>187.0</td><td>4.7</td><td>161.9</td><td>25.0</td><td>4.5</td></tr><tr><td>500 under 1,000......</td><td>*</td><td>.8</td><td>23.5</td><td>.2</td><td>149.0</td><td>.2</td><td>103.8</td><td>1.1</td><td>90.8</td><td>13.2</td><td>1.4</td></tr><tr><td>1,000 and over......</td><td>-</td><td>.3</td><td>13.8</td><td>.1</td><td>109.6</td><td>.1</td><td>76.1</td><td>.2</td><td>69.3</td><td>7.6</td><td>1.1</td></tr><tr><td>Total taxable returns......</td><td>62.3</td><td>62.1</td><td>911.2</td><td>572.5</td><td>114,761.4</td><td>51,606.9</td><td>16,216.4</td><td>9,543.2</td><td>5,515.7</td><td>2,410.9</td><td>1,253.4</td></tr><tr><td>Nontaxable returns: 16/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>With no adjusted gross income 17/......</td><td>2.2</td><td>56.4</td><td>2.6</td><td>3.4</td><td>-249.818/</td><td>224.0</td><td>-</td><td>2.7</td><td>7.9</td><td>-</td><td>10.6</td></tr><tr><td>With adjusted gross income......</td><td>2.0</td><td>11.1</td><td>9.0</td><td>27.7</td><td>1,953.4</td><td>3,829.7</td><td>-</td><td>86.3</td><td>12.1</td><td>-</td><td>98.3</td></tr><tr><td>Total nontaxable returns......</td><td>4.2</td><td>67.5</td><td>11.7</td><td>31.1</td><td>1,703.619/</td><td>4,053.6</td><td>-</td><td>89.0</td><td>19.9</td><td>-</td><td>108.9</td></tr><tr><td>Total all returns......</td><td>66.5</td><td>129.6</td><td>922.9</td><td>603.6</td><td>116,465.019/</td><td>55,660.5</td><td>16,216.4</td><td>9,632.2</td><td>5,535.6</td><td>2,410.9</td><td>1,362.3</td></tr><tr><td>Returns with adjusted gross income under $5,000......</td><td>42.2</td><td>97.8</td><td>183.2</td><td>419.4</td><td>90,554.119/</td><td>52,263.1</td><td>8,765.4</td><td>7,902.8</td><td>854.4</td><td>1,092.9</td><td>1,084.6</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over......</td><td>24.3</td><td>31.8</td><td>739.7</td><td>184.2</td><td>25,910.8</td><td>3,397.4</td><td>7,451.0</td><td>1,729.4</td><td>4,681.2</td><td>1,318.0</td><td>277.6</td></tr></table>
Note: See page A-23 for footnotes.
A-22
Treasury Bulletin
Individual Income Tax Returns for 1944 - (Continued)
Table 2.- Number of Returns, Adjusted Gross Income, Deductions and Tax Liability, for Returns with Itemized Deductions20/ by Adjusted Gross Income Classes
<table><tr><th>Adjusted gross income 1/ classes (In thousands of dollars)</th><th>Number of returns (In thousands)</th><th>Adjusted gross income 12/</th><th>Deductions (In millions</th><th>Amount of surtax exemption 13/ of dollars</th><th>Tax liability 14/</th></tr><tr><td>Taxable returns:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Under 1.</td><td>435.1</td><td>355.2</td><td>62.1</td><td>354.5</td><td>12.2</td></tr><tr><td>1 under 2.</td><td>1,916.3</td><td>2,922.0</td><td>540.8</td><td>1,916.6</td><td>185.7</td></tr><tr><td>2 under 3.</td><td>2,037.9</td><td>5,086.3</td><td>865.5</td><td>2,545.3</td><td>435.1</td></tr><tr><td>3 under 4.</td><td>1,454.5</td><td>5,150.5</td><td>828.0</td><td>2,178.1</td><td>521.1</td></tr><tr><td>4 under 5.</td><td>695.3</td><td>3,076.4</td><td>482.9</td><td>1,063.0</td><td>367.4</td></tr><tr><td>5 under 10.</td><td>706.7</td><td>4,678.0</td><td>678.3</td><td>1,031.7</td><td>747.8</td></tr><tr><td>10 under 15.</td><td>180.4</td><td>2,192.6</td><td>254.0</td><td>237.3</td><td>501.7</td></tr><tr><td>15 under 20.</td><td>92.6</td><td>1,595.2</td><td>164.9</td><td>119.4</td><td>447.6</td></tr><tr><td>20 under 25.</td><td>53.2</td><td>1,185.1</td><td>115.1</td><td>66.7</td><td>387.7</td></tr><tr><td>25 under 50.</td><td>86.7</td><td>2,940.2</td><td>261.1</td><td>103.5</td><td>1,208.7</td></tr><tr><td>50 under 100.</td><td>26.9</td><td>1,794.5</td><td>168.6</td><td>29.6</td><td>944.7</td></tr><tr><td>100 under 250.</td><td>6.9</td><td>967.2</td><td>105.8</td><td>6.8</td><td>609.3</td></tr><tr><td>250 under 500.</td><td>.8</td><td>267.9</td><td>33.5</td><td>.8</td><td>183.3</td></tr><tr><td>500 under 1,000.</td><td>.2</td><td>145.3</td><td>17.7</td><td>.2</td><td>101.5</td></tr><tr><td>1,000 and over.</td><td>.1</td><td>109.6</td><td>16.1</td><td>.1</td><td>76.1</td></tr><tr><td>Total taxable returns.</td><td>7,733.5</td><td>32,467.6</td><td>4,594.5</td><td>9,653.7</td><td>6,729.3</td></tr><tr><td>Nontaxable returns: 16/</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>With no adjusted gross income 17/.</td><td>191.9</td><td>-249.8 18/</td><td>8.7</td><td>224.0</td><td>-</td></tr><tr><td>With adjusted gross income.</td><td>502.9</td><td>476.3</td><td>235.2</td><td>556.3</td><td>-</td></tr><tr><td>Total nontaxable returns.</td><td>694.9</td><td>226.5 19/</td><td>243.9</td><td>780.8</td><td>-</td></tr><tr><td>Total all returns.</td><td>8,428.4</td><td>32,694.1 19/</td><td>4,838.4</td><td>10,434.5</td><td>6,729.3</td></tr><tr><td>Returns with adjusted gross income under $5,000.</td><td>7,274.0</td><td>16,816.9 19/</td><td>3,023.2</td><td>8,838.2</td><td>1,521.5</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over.</td><td>1,154.4</td><td>15,877.3</td><td>1,815.2</td><td>1,596.3</td><td>5,208.3</td></tr></table>
Note
See page A-23 for footnotes.
Table 3. - Summary of Number of Returns, Income, and Tax Liability by Marital Status and Sex
<table><tr><th></th><th>All returns</th><th>Joint returns of husbands and wives 21/</th><th colspan="2">Separate returns of husbanda and wives 22/</th><th colspan="2">Separate community property returns 23/</th><th colspan="2">Returns of single persons</th></tr><tr><th></th><th></th><th></th><th>Men</th><th>Women</th><th>Men</th><th>Women</th><th>Men</th><th>Women</th></tr><tr><td colspan="9">(In thousands)</td></tr><tr><td>Number of returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Returns with adjusted gross income under $5,000</td><td>44,643.9</td><td>22,597.3</td><td>1,540.6</td><td>1,949.6</td><td>533.2</td><td>543.7</td><td>7,326.5</td><td>10,153.1</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over</td><td>2,467.6</td><td>1,561.6</td><td>291.3</td><td>90.8</td><td>100.8</td><td>99.6</td><td>201.1</td><td>122.5</td></tr><tr><td>Total number of returns</td><td>47,111.5</td><td>24,158.8</td><td>1,831.8</td><td>2,040.4</td><td>634.0</td><td>643.2</td><td>7,527.6</td><td>10,275.6</td></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>Adjusted gross income: 12/ 19/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Returns with adjusted gross income under $5,000</td><td>90,554.1</td><td>55,269.9</td><td>4,120.4</td><td>3,162.6</td><td>1,331.0</td><td>1,320.4</td><td>11,741.6</td><td>13,608.1</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over</td><td>25,910.8</td><td>13,382.0</td><td>4,805.9</td><td>1,348.1</td><td>1,328.9</td><td>1,262.9</td><td>2,257.0</td><td>1,526.0</td></tr><tr><td>Total adjusted gross income</td><td>116,465.0</td><td>68,651.9</td><td>8,926.3</td><td>4,510.7</td><td>2,659.9</td><td>2,583.4</td><td>13,998.6</td><td>15,134.2</td></tr><tr><td>Amount of surtax exemption: 13/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Returns with adjusted gross income under $5,000</td><td>52,263.1</td><td>37,214.5</td><td>1,372.9</td><td>1,225.7</td><td>393.8</td><td>354.0</td><td>5,039.9</td><td>6,662.3</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over</td><td>3,397.4</td><td>2,649.3</td><td>288.9</td><td>60.3</td><td>87.8</td><td>72.7</td><td>156.8</td><td>81.1</td></tr><tr><td>Total surtax exemption</td><td>55,660.5</td><td>39,863.8</td><td>1,661.9</td><td>1,286.6</td><td>481.6</td><td>426.7</td><td>5,196.8</td><td>6,743.3</td></tr><tr><td>Tax liability: 14/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Returns with adjusted gross income under $5,000</td><td>8,765.4</td><td>4,526.4</td><td>559.8</td><td>402.3</td><td>188.9</td><td>195.5</td><td>1,427.3</td><td>1,465.1</td></tr><tr><td>Returns with adjusted gross income of $5,000 and over</td><td>7,451.0</td><td>3,039.9</td><td>1,822.2</td><td>494.5</td><td>446.9</td><td>420.8</td><td>719.4</td><td>507.3</td></tr><tr><td>Total tax liability</td><td>16,216.4</td><td>7,566.3</td><td>2,382.1</td><td>896.8</td><td>635.8</td><td>616.3</td><td>2,146.8</td><td>1,972.3</td></tr></table>
Note
See page A-23 for footnotes.
July 1947
A-23
Individual Income Tax Returns for 1944 - (Continued)
Footnotes
* Less than $50,000.
1/ Adjusted gross income classes are based on the amount of adjusted gross income (see note 12), regardless of the amount of net income or net deficit when computed; returns with adjusted gross deficit are designated no adjusted gross income and the size of the deficit is disregarded.
2/ Salaries and wages include annuities, pensions, and retirement pay not reported in the schedule for annuities and pensions, but exclude wages of less than $100 per return from which no tax was withheld, reported on Form W-2. Such wages are tabulated with miscellaneous income. (See note 11.)
3/ Dividends, domestic and foreign, and interest before amortization of bond premium. This item includes both taxable and partially tax-exempt interest on Government obligations and dividends on share accounts in Federal savings and loan associations, but excludes dividends and interest not exceeding $100 per return reported on Form W-2. Such dividends and interest are tabulated with miscellaneous income. (See note 11.)
4/ Income from annuities and pensions is only the taxable portion of amounts received during the year. Amounts received to the extent of 3 percent of the total cost of the annuity are reported as income for each taxable year, until the aggregate of amounts received and excluded from gross income in this and prior years equals the total cost. Thereafter, entire amounts received are taxable and must be included in adjusted gross income. Annuities, pensions, and retirement pay upon which tax is withheld may be reported in salaries and wages.
5/ Net profit from rents and royalties is the excess of gross rents received over deductions for depreciation, repairs, interest, taxes, and other expenses attributable to rent income; and the excess of gross royalties over depletion and other royalty expenses. Conversely, net loss from those sources is the excesses of the respective expenses over gross income received.
6/ Net profit from business is the excess of gross receipts over deductions for business expenses and net operating loss deduction due to a net operating loss from business, partnership, and common trust funds for the preceding year or years. Conversely, net loss from business is the excess of business expenses and net operating loss deductions over the gross receipts from business.
7/ Partnership net profit or loss excludes partially tax-exempt interest on Government obligations, dividends on share accounts in Federal savings and loan associations issued prior to March 28, 1942, and net gain or loss from sales of capital assets. In computing partnership profit or loss, charitable contributions are not deductible nor is the net operating loss deduction allowed.
8/ Net gain from sales or exchanges of capital assets is the amount taken into account in computing adjusted gross income whether or not the alternative tax is imposed. Net loss from such sales is the amount reported as a deduction in computing adjusted gross income. Each is the result of combining net short- and long-term capital gain and loss and the net capital loss carried over from 1942 and/or 1943. Deduction for the loss, however, is limited to the amount of such loss, or to the net income (adjusted gross income if taxed under supplement T) computed without regard to gains and losses from sales of capital assets, or to $1,000, whichever is smallest. Sales of capital assets include worthless stocks, worthless bonds if they are capital assets, nonbusiness bad debts, certain distributions from employees' trust plans, and each participant's share of net short- and long-term capital gain and loss to be taken into account from partnerships and common trust funds.
9/ Net gain or loss from sales or exchanges of property other than capital assets is that from the sales of (1) property used in trade or business of a character which is subject to the allowance for depreciation, (2) obligations of the United States or any of its possessions, a State or Territory or any political subdivision thereof, or the District of Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from date of issue, and (3) real property used in trade or business.
10/ Income from estates and trusts excludes partially tax-exempt interest on Government obligations, dividends on share accounts in Federal savings and loan associations issued prior to March 28,
1942, and net gain or loss from sales or exchanges of capital assets received from common trust funds. The net operating loss deduction is allowed to estates and trusts generally and is deducted in computing the income to be distributed. However, in the case of a common trust fund the net operating loss deduction is not allowable, but each participant's share of prior year income and losses of the fund is taken into account in determining his own net operating loss deduction.
11/ Miscellaneous income includes alimony received, prizes, rewards, sweepstakes winnings, gambling profits, recoveries of bad debts for which a deduction was taken in a prior year, and health and accident insurance received as reimbursement for medical expenses for which deduction was taken in a prior year. Also tabulated in miscellaneous income is $45,873,383 of wages not subject to withholding, dividends, and interest, not exceeding in total $100 per return, reported as other income on Form W-2.
12/ Adjusted gross income means gross income minus allowable trade and business deductions, expenses of travel and lodging in connection with employment, reimbursed expenses in connection with employment, deductions attributable to rents and royalties, certain deductions of life tenants and income beneficiaries of property held in trust, and allowable losses from sales or exchanges of property. Should these allowable deductions exceed the gross income, there is an adjusted gross deficit.
13/ Surtax exemption is $500 for the taxpayer, $500 for the taxpayer's spouse if not dependent upon another person, and $500 for each dependent with respect to whom a surtax exemption may be claimed. Such dependents must have received from the taxpayer more than half their support for the year and must have had less than $500 gross income during the year. Dependents include only close relatives which are specified by law.
14/ Tax liability after deducting tax credit relating to income tax paid at source on tax-free covenant bonds and to income tax paid to a foreign country or United States possession, allowed only on returns with itemized deductions.
15/ Payments on 1944 declaration of estimated tax include (1) the total amount of estimated tax reported on Form 1040-ES and (2) the credit for prior year overpayment if no Form 1040-ES was filed. (If Form 1040-ES was filed, prior year overpayment was credited against the total estimated tax.)
16/ Nontaxable returns are those with no adjusted gross income and returns with adjusted gross income which when reduced by deductions, standard or itemized, and exemptions result in no tax liability.
17/ The no adjusted gross income classification is for returns showing other loss on line 4, page 1, facsimile of Form 1040 attached, equal to or in excess of salaries, wages, dividends, and interest.
18/ Adjusted gross deficit.
19/ Adjusted gross income less deficit.
20/ Returns with itemized deductions are long-form returns, Form 1040, on which deductions are itemized; long-form returns, Form 1040, with no deductions filed by spouses of taxpayers who itemized deductions; and returns, Form 1040, with no adjusted gross income whether or not deductions are itemized.
21/ Joint returns of husbands and wives include all combined returns of husbands and wives, Form W-2, whether community or noncommunity income is reported, even though the tax is determined on the basis of separate incomes.
22/ Separate returns of husbands and wives exclude combined returns of husbands and wives, Form W-2, even though the tax is determined on the basis of separate incomes. The unequal number of returns for men and women is the result of (1) use of a sample as the basis of estimating data, (2) insufficient data to identify such returns, and (3) deferral of filing returns by men in service.
23/ Separate community property returns of husbands and wives exclude combined returns of husbands and wives, Form W-2, showing community property divided in accordance with State laws and tax determined on the basis of divided community income. The unequal number of returns for men and women is the result of (1) use of a sample as the basis of estimating data, (2) insufficient data to identify such returns, and (3) deferral of filing returns by men in service.
Treasury Bulletin
A-24
Treasury Market Financing
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 30 and 31. Details of weekly Treasury bill offerings are shown on pages 32 and 33.
June certificate maturity
On June 1, 1947, there was a maturity of an issue of 7/8% certificates of indebtedness outstanding in the amount of $2,775 million. Secretary of the Treasury Snyder announced on May 21, 1947 an offering of a new, one-year 7/8% certificate issue in exchange, par for par, for about $1.8 billion of the maturing certificatees, with the remainder to be paid in cash. Subscriptions for the new issue were received subject to allotment to all holders on an equal percentage basis, except that subscriptions in amounts of $25,000 or less were allotted in full. Cash subscriptions were not received.
The new certificates were dated June 1, 1947 and will mature June 1, 1948. They will bear interest at the rate of 7.5% per annum which will be subject to all Federal income taxes. Interest will be payable in full with the principal at maturity. 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 were closed at the end of business on May 23, 1947. On May 26, 1947, Secretary Snyder announced that subscriptions for the new issue aggregated $2,503 million. Subscriptions in amounts of $25,000 or less were allotted in full in the amount of $59 million. Subscriptions in amounts of over $25,000 were allotted 70% on a straight percentage basis but not less than $25,000 to any one subscriber, and with adjustment to the next highest thousand where necessary. Total allotments amounted to $1,777 million, leaving $998 million to be paid in cash.
Reports to the Treasury on the ownership of the debt indicate that about $1.1 billion of the maturing certificates was owned by reporting commercial banks and the Federal Reserve Banks as of April 30, 1947. The ownership data as of April 30, are the latest available.
Treasury bill retirement in May
The retirement of maturing Treasury bills, which was started by the Treasury in the middle of April was continued at a reduced pace in May.
Bills maturing in the amount of $1.3 billion in each week in May were reduced by a total of $0.6 billion, as follows:
<table><tr><th>Bills maturing</th><th>Amount retired (In billion of dollars)</th></tr><tr><td>May 1</td><td>0.2</td></tr><tr><td>May 8</td><td>0.2</td></tr><tr><td>May 15</td><td>0.1</td></tr><tr><td>May 22</td><td>0.1</td></tr><tr><td>May 29</td><td>-</td></tr><tr><td>Total</td><td>0.6</td></tr></table>
Treasury bills, which were outstanding in the amount of $17.0 billion on April 17 when the bill retirement program began, were reduced to $16.0 billion after the reductions in May. The decline of $1.0 billion was accounted for by reductions of $0.4 billion in April and $0.6 billion in May.
Total debt retirement from March 1, 1946
From March 1, 1946, the beginning of the debt pay-off program, through June 2, 1947 cash payments on maturing securities aggregated $30.9 billion. The pay-offs in 1946 and 1947 were distributed as follows among the various types of securities:
Cash Pay-Off on Maturing Securitiee March 1, 1946-June 2, 1947
<table><tr><th></th><th>1946<br>Mar. 1-<br>Dec. 31</th><th>1947<br>Jan. 1-<br>June 2</th><th>Total</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Treasury bills.....</td><td>-</td><td>1.0</td><td>1.0</td></tr><tr><td>Certificates of indebtedness and 0.90% Treasury notes....</td><td>16.3</td><td>4.7</td><td>21.0</td></tr><tr><td>Other Treasury notes</td><td>4.6</td><td>1.9</td><td>6.5</td></tr><tr><td>Treasury bonds.....</td><td>2.3</td><td>* 1/</td><td>2.41/</td></tr><tr><td>Total.....</td><td>23.2</td><td>7.7</td><td>30.9</td></tr></table>
Less than $50 million. 1/ Includes $13 million paid in cash for conversion bond which matured January 1, 1947.
Sources of funds for debt retirement
The funds used to retire the $23.2 billion of debt in 1946 were derived from distinctly different sources from those used for retiring the $7.7 billion in 1947.
July 1947
A-25
sents the distribution of the sources of funds for the period March 1-December 31, 1946 as compared with January 1-June 2, 1947.
Sources of Funds for Debt Retirement March 1, 1946-June 2, 1947
<table><tr><th></th><th>1946<br>Mar. 1 -<br>Dec. 31</th><th>1947<br>Jan. 1 -<br>June 2</th><th>Total</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Reduction in cash balance</td><td>22.5</td><td>0.6</td><td>23.1</td></tr><tr><td>Net budgetary surplus</td><td>-1.7</td><td>0.6</td><td>-1.1</td></tr><tr><td>Net trust fund receipts</td><td>-0.5</td><td>0.7</td><td>0.2</td></tr><tr><td>Increase in other debt:</td><td></td><td></td><td></td></tr><tr><td>Savings bonds</td><td>1.1</td><td>1.4</td><td>2.6</td></tr><tr><td>Special issues</td><td>3.7</td><td>1.6</td><td>5.3</td></tr><tr><td>Other</td><td>-1.8</td><td>2.7</td><td>0.9</td></tr><tr><td>Total</td><td>23.2</td><td>7.7</td><td>30.9</td></tr></table>
As the table shows, the primary source for debt retirement in 1946 was the cash balance built up by oversubscriptions to the Victory Loan in December 1945. In 1947, on the other hand, other sources such as net surplus in budgetary and trust fund activities, and a continued growth in other public debt items provided most of the funds for debt pay-offs.
On June 2, 1947 the total public debt 1/ was outstanding in the amount of $257.6 billion. This was a net reduction of $22.2 billion from the peak of $279.8 billion on February 28, 1946, when the debt retirement program was started. The difference between the net decline in the debt and the total cash pay-offs of $30.9 billion on marketable securities is accounted for by the increases in other public debt items outlined above. A more detailed discussion of the debt reduction program since it was started was published in the May 1947 issue of the "Treasury Bulletin."
Call of 4-1/4% Treasury bonds
On June 13, 1947, Secretary of the Treasury Snyder announced that the 4-1/4% Treasury bonds of 1947-52 were called for redemption on October 15, 1947 and would be paid in cash. These bonds were dated October 16, 1922. Their final maturity date was October 15, 1952 with the option to call for redemption by the Treasury, on four months' notice, on any interest payment date from October 15, 1947 to final maturity. There are outstanding $759 million of these bonds. The issue is partially tax-exempt.
1/ Includes guaranteed obligations in the hands of the public.
July 1947
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First 11 months, fiscal years 1945 to 1947</th><th colspan="4">Complete fiscal years, 1945 to 1948</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th>Change 1946 to 1947</th><th colspan="2">Actual</th><th colspan="2">Estimated</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947</th><th>1948</th></tr><tr><th>Receipts:</th><th></th><th></th><th></th><th></th><th></th><th></th><th>January Budget document 1/</th><th>April Budget statement 2/</th><th>January Budget document 1/</th></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>30,416</td><td>27,493</td><td>26,036</td><td>-1,457</td><td>35,173</td><td>30,885</td><td>27,134</td><td>26,661</td></tr><tr><td>Employment taxes</td><td>1,723</td><td>1,627</td><td>1,903</td><td>+276</td><td>1,780</td><td>1,701</td><td>1,941</td><td>2,681</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>6,388</td><td>7,110</td><td>7,448</td><td>+338</td><td>6,949</td><td>7,725</td><td>8,013</td><td>6,847</td></tr><tr><td>Customs</td><td>321</td><td>401</td><td>459</td><td>+58</td><td>355</td><td>435</td><td>496</td><td>517</td></tr><tr><td>Other receipts 4/</td><td>2,984</td><td>3,126</td><td>3,371</td><td>+252</td><td>3,483</td><td>3,493</td><td>4,001</td><td>3,011</td></tr><tr><td>Total receipts</td><td>41,823</td><td>39,756</td><td>39,223</td><td>-533</td><td>47,740</td><td>44,239</td><td>41,585</td><td>43,950</td><td>39,717</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>1,281</td><td>1,198</td><td>1,437</td><td>+239</td><td>1,283</td><td>1,201</td><td>1,355</td><td>1,450</td><td>1,987</td></tr><tr><td>Net receipts</td><td>40,543</td><td>38,558</td><td>37,786</td><td>-772</td><td>46,457</td><td>43,038</td><td>40,230</td><td>42,500</td><td>37,730</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and related activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>45,673</td><td>26,335</td><td>6,581</td><td>-19,754</td><td>50,337</td><td>27,800</td><td>7,654</td><td>7,352</td><td>7,367</td></tr><tr><td>Naval Department</td><td>27,758</td><td>14,570</td><td>4,611</td><td>-9,960</td><td>30,047</td><td>15,161</td><td>5,116</td><td>4,900</td><td>4,420</td></tr><tr><td>Armed Forces Leave Act of 1946:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bandes</td><td>-</td><td>-</td><td>1,812</td><td>+1,812</td><td>-</td><td>-</td><td></td><td>1,900</td><td>2,130</td></tr><tr><td>Cash</td><td>-</td><td>-</td><td>139</td><td>+139</td><td>-</td><td>-</td><td></td><td></td><td>250</td></tr><tr><td>Miscellaneous war and defense activities</td><td>8,760</td><td>5,194</td><td>2,505</td><td>-2,689</td><td>9,645</td><td>5,581</td><td>3,456</td><td>2,803</td><td>1,542</td></tr><tr><td>Total</td><td>82,192</td><td>46,099</td><td>15,648</td><td>-30,451</td><td>90,029</td><td>48,542</td><td>18,126</td><td>17,185</td><td>13,579</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 5/ 6/</td><td>1,629</td><td>3,752</td><td>6,658</td><td>+2,905</td><td>2,060</td><td>4,253</td><td>7,518</td><td>7,309</td><td>7,001</td></tr><tr><td>Interest on the public debt</td><td>2,607</td><td>3,327</td><td>3,562</td><td>+235</td><td>3,617</td><td>4,722</td><td>4,950</td><td>4,950</td><td>5,000</td></tr><tr><td>Refunds of taxes and duties</td><td>1,493</td><td>2,511</td><td>2,631</td><td>+120</td><td>1,707</td><td>3,027</td><td>2,117</td><td>2,290</td><td>2,040</td></tr><tr><td>Total</td><td>5,729</td><td>9,590</td><td>12,850</td><td>+3,260</td><td>7,384</td><td>12,002</td><td>14,585</td><td>14,549</td><td>14,041</td></tr><tr><td>International finance:</td><td></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></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>476</td><td>+476</td><td>-</td><td>159</td><td>476</td><td>476</td><td>-</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>950</td><td>+950</td><td>-</td><td>-</td><td>950</td><td>950</td><td>-</td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>574</td><td>325</td><td>-249</td><td>-</td><td>674</td><td>325</td><td>325</td><td>-</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>1,750</td><td>+1,750</td><td>-</td><td>-</td><td>1,500</td><td>1,900</td><td>1,200</td></tr><tr><td>Total</td><td>-</td><td>574</td><td>3,501</td><td>+2,927</td><td>-</td><td>833</td><td>3,251</td><td>3,651</td><td>1,200</td></tr><tr><td>Aid to agriculture 5/</td><td>746</td><td>903</td><td>2,306</td><td>+1,403</td><td>762</td><td>980</td><td>1,680</td><td>1,752</td><td>1,720</td></tr><tr><td>Social security program 5/ 1/</td><td>182</td><td>829</td><td>1,029</td><td>+200</td><td>815</td><td>852</td><td>1,234</td><td>1,234</td><td>1,308</td></tr><tr><td>Public works</td><td>298</td><td>352</td><td>960</td><td>+609</td><td>323</td><td>407</td><td>1,257</td><td>1,063</td><td>1,469</td></tr><tr><td>Other general expenditures 5/</td><td>1,017</td><td>1,157</td><td>1,955</td><td>+798</td><td>1,093</td><td>1,403</td><td>2,555</td><td>2,345</td><td>3,356</td></tr><tr><td>Reserve for contingencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>25</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></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and related activities</td><td>359</td><td>329</td><td>-538</td><td>-867</td><td>472</td><td>328</td><td></td><td>161</td><td>-100</td></tr><tr><td>Other</td><td>-272</td><td>-21</td><td>97</td><td>+117</td><td>-288</td><td>-23</td><td></td><td></td><td>781</td></tr><tr><td>Commodity Credit Corporation</td><td>456</td><td>-893</td><td>-1,192</td><td>-299</td><td>470</td><td>-1,044</td><td></td><td>-790</td><td>-894</td></tr><tr><td>Other</td><td>-661</td><td>-559</td><td>349</td><td>+908</td><td>-662</td><td>-566</td><td></td><td>454</td><td>543</td></tr><tr><td>Total</td><td>-118</td><td>-1,144</td><td>-1,284</td><td>-141</td><td>-7</td><td>-1,305</td><td>-175</td><td>-539</td><td>829</td></tr><tr><td>Total expenditures</td><td>90,645</td><td>58,362</td><td>36,965</td><td>-21,397</td><td>100,397</td><td>63,714</td><td>42,523</td><td>41,250</td><td>37,528</td></tr><tr><td>Net budgetary deficit (-) or surplus (+)</td><td>-50,103</td><td>-19,803</td><td>+821</td><td>-20,624</td><td>-53,941</td><td>-20,676</td><td>-2,293</td><td>+1,250</td><td>+202</td></tr></table><p>Source: Daily Treasury Statement, except as noted.</p><p>n.a. Not available.</p><p>1/ Less than $500,000.</p><p>1/ Based upon the 1948 Budget document, Appendix 7, released in January 1947.</p><p>2/ The President released revised budget totals for the fiscal year 1947 on April 19, 1947; details for expenditures were released on April 22, 1947 by the Acting Assistant Director of the Budget in testimony before the Senate Finance Committee.</p><p>1/ Includes chiefly alcoholic beverages taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.</p><p>4/ Includes deposits resulting from the renegotiation of war contracts.</p><p>Information on the amount of each deposit is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. Deposits are estimated at $408 million for fiscal year 1947 and $193 million for fiscal year 1948. These figures include so-called voluntary returns.</p><p>5/ Includes transfers to trust accounts, etc.</p><p>5/ Includes expenditures for public works undertaken by Veterans' Administration.</p><p>1/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act.</p>
July 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 11 months, fiscal years 1945 to 1947</th><th colspan="4">End of fiscal years, 1945 to 1948</th></tr><tr><th></th><th>May 31, 1945</th><th>May 31, 1946</th><th>May 31, 1947</th><th>Change May 31, 1946 to May 31, 1947</th><th colspan="2">Actual</th><th colspan="2">Estimated</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1947 1/</th><th>June 30, 1947 2/</th><th>June 30, 1948 1/</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td rowspan="3">n.a.</td><td rowspan="3">n.a.</td><td rowspan="3">n.a.</td></tr><tr><td>Marketable</td><td>162,652</td><td>193,487</td><td>169,926</td><td>-23,561</td><td>181,319</td><td>189,606</td></tr><tr><td>Non-marketable</td><td>54,517</td><td>56,472</td><td>58,863</td><td>+2,390</td><td>56,226</td><td>56,173</td></tr><tr><td>Total public issues</td><td>217,169</td><td>249,960</td><td>228,789</td><td>-21,171</td><td>237,545</td><td>245,779</td><td></td><td></td><td></td></tr><tr><td>Special issues</td><td>18,592</td><td>21,481</td><td>26,186</td><td>+4,705</td><td>18,812</td><td>22,332</td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>235,761</td><td>271,440</td><td>254,975</td><td>-16,465</td><td>256,357</td><td>268,111</td><td></td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>3,071 3/</td><td>1,143</td><td>3,368</td><td>+2,226</td><td>2,326</td><td>1,311</td><td></td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>238,832</td><td>272,583</td><td>258,343</td><td>-14,240</td><td>258,682</td><td>269,422</td><td>260,400</td><td>n.a.</td><td>260,200</td></tr><tr><td>Securities guaranteed by the United States 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td rowspan="3">n.a.</td><td rowspan="3">n.a.</td><td rowspan="3">n.a.</td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>789</td><td>42</td><td>46</td><td>+4</td><td>34</td><td>43</td></tr><tr><td>Non-marketable</td><td>362</td><td>500</td><td>125</td><td>-376</td><td>375</td><td>424</td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,151</td><td>542</td><td>171</td><td>-371</td><td>409</td><td>467</td><td></td><td></td><td></td></tr><tr><td>Matured debt</td><td>20</td><td>10</td><td>7</td><td>-4</td><td>24</td><td>10</td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,171</td><td>552</td><td>177</td><td>-375</td><td>433</td><td>476</td><td>428</td><td>n.a.</td><td>397</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>240,003</td><td>273,135</td><td>258,521</td><td>-14,615</td><td>259,115</td><td>269,898</td><td>260,828</td><td>n.a.</td><td>260,597</td></tr></table>
Source: Daily Treasury Statement, except as noted. n.a. Not available. 1/ Based upon the 1948 Budget document, released in January 1947.
2/ President's Budget statement of April 19, 1947.
3/ Includes prepayments on securities.
4/ Excludes 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 11 months, fiscal years 1945 to 1947</th><th colspan="5">Complete fiscal years, 1945 to 1948</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th colspan="2">Actual</th><th colspan="3">Estimated</th></tr><tr><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947 1/</th><th>1947 2/</th><th>1948 1/</th></tr><tr><td><b>Amount required to be financed</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budget deficit</td><td>50,103</td><td>19,803</td><td>-</td><td>53,941</td><td>20,676</td><td>2,293</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>-</td><td>11,079</td><td>-</td><td>-</td><td>9,022</td><td>n.a.</td><td>200</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>4,529</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/</td><td>-</td><td>259</td><td>-</td><td>-</td><td>524</td><td>407</td><td>n.a.</td><td>414</td></tr><tr><td>Total amount required to be financed</td><td>50,103</td><td>20,062</td><td>11,079</td><td>58,470</td><td>21,200</td><td>11,722</td><td>n.a.</td><td>614</td></tr><tr><td><b>Means of financing</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budget surplus</td><td>-</td><td>-</td><td>821</td><td>-</td><td>-</td><td>-</td><td>1,250</td><td>202</td></tr><tr><td>Net increase in public debt</td><td>37,828</td><td>13,901</td><td>-</td><td>57,679</td><td>10,740</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>10,544</td><td>6,162</td><td>10,171</td><td>-</td><td>10,460</td><td>11,722</td><td>n.a.</td><td>411</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>1,730</td><td>-</td><td>86</td><td>791</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>50,103</td><td>20,062</td><td>11,079</td><td>58,470</td><td>21,200</td><td>11,722</td><td>n.a.</td><td>614</td></tr></table>
Source: Daily Treasury Statement except as noted. n.e. Not available. 1/ Based upon the 1948 Budget document. 2/ President's Budget statement of April 19, 1947. 3/ 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
July 1947
5
Budget Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budget surplus (+) or deficit (-) 2/</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th><th>Total expenditures</th><th>General</th><th>National defense and related activities</th><th>Transfers to trust accounts, etc.</th><th>Government corporations (wholly owned) etc. (net)</th></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>7,806</td><td>6,641</td><td>929</td><td>608</td><td>-371</td><td>-2,777</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,031</td><td>5,985</td><td>1,029</td><td>225</td><td>-208</td><td>-1,177</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>9,027</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>-3,862</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 4/</td><td>538</td><td>5,387</td><td>9,297</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>-3,910</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 5/</td><td>661</td><td>7,607</td><td>13,765</td><td>6,079 5/</td><td>6,301</td><td>331</td><td>1,054</td><td>-6,158</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 4/</td><td>869</td><td>12,799</td><td>34,290</td><td>6,005</td><td>26,011</td><td>381</td><td>1,893</td><td>-21,491</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 1/6/</td><td>1,103</td><td>22,282</td><td>79,702</td><td>5,635</td><td>72,109</td><td>435</td><td>1,523</td><td>-57,420</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 5/</td><td>1,260</td><td>44,149</td><td>95,573</td><td>6,149</td><td>87,039</td><td>556</td><td>1,829</td><td>-51,424</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 5/</td><td>1,283</td><td>46,457</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 5/</td><td>1,201</td><td>43,038</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>1946-May</td><td>2,998</td><td>2,308</td><td>42</td><td>649</td><td>265</td><td>2,733</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>4,080</td><td>35</td><td>367</td><td>3</td><td>4,479</td><td>5,352</td><td>3,066</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>2,539</td><td>3,644</td><td>2,694</td><td>1,190</td><td>631</td><td>-870</td><td>-1,105</td></tr><tr><td>August</td><td>2,717</td><td>2,494</td><td>40</td><td>183</td><td>283</td><td>2,434</td><td>2,932</td><td>1,274</td><td>1,509</td><td>13</td><td>136</td><td>-499</td></tr><tr><td>September</td><td>4,481</td><td>4,291</td><td>42</td><td>147</td><td>3</td><td>4,478</td><td>2,755</td><td>1,718</td><td>1,100</td><td>32</td><td>-96</td><td>+1,723</td></tr><tr><td>October</td><td>2,617</td><td>2,230</td><td>45</td><td>341</td><td>73</td><td>2,544</td><td>2,965</td><td>1,494</td><td>1,481</td><td>48</td><td>-59</td><td>-420</td></tr><tr><td>November</td><td>2,639</td><td>2,403</td><td>45</td><td>192</td><td>275</td><td>2,364</td><td>2,529</td><td>1,094</td><td>1,436</td><td>27</td><td>-28</td><td>-165</td></tr><tr><td>December</td><td>4,113</td><td>3,693</td><td>43</td><td>377</td><td>6</td><td>4,107</td><td>3,662</td><td>2,017</td><td>1,580</td><td>21</td><td>45</td><td>+445</td></tr><tr><td>1947-January</td><td>3,860</td><td>3,415</td><td>47</td><td>398</td><td>40</td><td>3,820</td><td>3,113</td><td>1,523</td><td>1,412</td><td>71</td><td>108</td><td>+706</td></tr><tr><td>February</td><td>4,643</td><td>4,274</td><td>36</td><td>333</td><td>264</td><td>4,378</td><td>3,914</td><td>2,473</td><td>1,457</td><td>16</td><td>-32</td><td>+464</td></tr><tr><td>March</td><td>5,724</td><td>5,446</td><td>39</td><td>239</td><td>24</td><td>5,701</td><td>3,598</td><td>2,063</td><td>1,428</td><td>1</td><td>106</td><td>+2,102</td></tr><tr><td>April</td><td>2,624</td><td>2,309</td><td>41</td><td>274</td><td>68</td><td>2,556</td><td>4,001</td><td>2,206</td><td>1,728</td><td>46</td><td>20</td><td>-1,445</td></tr><tr><td>May</td><td>3,204</td><td>2,578</td><td>37</td><td>589</td><td>339</td><td>2,865</td><td>3,851</td><td>2,706</td><td>1,327</td><td>432</td><td>-614</td><td>-987</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ For explanation see tables which follow entitled "Social Security Program."
3/ Net receipts less total expenditures.
1/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
5) Receipts from reductions in capital stock and paid-in surplus available to be reissued under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
6) 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, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th>Total</th><th colspan="3">Employment taxes</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th><th>Miscellaneous internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers 2/</th><th>Other 2/</th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></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>•</td><td>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td></td><td>150</td><td>2,279 2/</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></td><td>109</td><td>2,332</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></td><td>121</td><td>2,3,5</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td></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></td><td>170</td><td>3,847</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td></td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td></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></td><td>285</td><td>6,949</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></td><td>283</td><td>7,725</td></tr><tr><td>1946-May</td><td>2,308</td><td>1,407</td><td>966</td><td>442</td><td>285</td><td>269</td><td>11</td><td></td><td>5</td><td>615</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>650</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td></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></td><td>2</td><td>695</td></tr><tr><td>August</td><td>2,494</td><td>1,513</td><td>1,070</td><td>443</td><td>302</td><td>284</td><td>10</td><td></td><td>8</td><td>679</td></tr><tr><td>September</td><td>4,291</td><td>3,550</td><td>705</td><td>2,845</td><td>85</td><td>8</td><td>1</td><td></td><td>76</td><td>656</td></tr><tr><td>October</td><td>2,230</td><td>1,404</td><td>557</td><td>847</td><td>74</td><td>70</td><td>2</td><td></td><td>2</td><td>752</td></tr><tr><td>November</td><td>2,403</td><td>1,444</td><td>1,111</td><td>332</td><td>290</td><td>276</td><td>9</td><td></td><td>5</td><td>669</td></tr><tr><td>December</td><td>3,693</td><td>2,886</td><td>766</td><td>2,120</td><td>86</td><td>7</td><td>1</td><td></td><td>78</td><td>722</td></tr><tr><td>1947-January</td><td>3,415</td><td>2,664</td><td>546</td><td>2,117</td><td>58</td><td>42</td><td>14</td><td></td><td>1</td><td>693</td></tr><tr><td>February</td><td>4,274</td><td>3,222</td><td>1,376</td><td>1,845</td><td>387</td><td>266</td><td>116</td><td></td><td>5</td><td>666</td></tr><tr><td>March</td><td>5,446</td><td>4,650</td><td>785</td><td>3,865</td><td>114</td><td>25</td><td>12</td><td></td><td>77</td><td>682</td></tr><tr><td>April</td><td>2,309</td><td>1,597</td><td>584</td><td>1,012</td><td>75</td><td>69</td><td>4</td><td></td><td>3</td><td>638</td></tr><tr><td>May</td><td>2,578</td><td>1,619</td><td>1,218</td><td>400</td><td>364</td><td>340</td><td>12</td><td></td><td>12</td><td>595</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ For further details, see chapter entitled "Internal Revenue Statistics."
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profit taxes.
3/ Includes unpaid enrichment tax.
4/ For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
5/ Includes less than $500,000 in receipts from "Agricultural Adjustment taxes."
Treasury Bulletin
Budget Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Piecet year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 1/</th><th>Total</th><th>Aid to agriculture 3/2/</th><th>Social Security program 3/5/</th><th>Public works 1/</th><th>International Finance 8/</th><th>Civilian Conservation Corps 2/</th><th>Direct and work relief 9/</th><th>Other 3/</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>-</td><td>386</td><td>1,895</td><td>678</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>335</td><td>804</td><td>-</td><td>326</td><td>1,476</td><td>622</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>-</td><td>290</td><td>2,242</td><td>642</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>-</td><td>283</td><td>1,573</td><td>685</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 10/</td><td>847</td><td>457</td><td>738</td><td>-</td><td>257</td><td>1,374</td><td>654</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>-</td><td>163</td><td>970</td><td>673</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>-</td><td>18</td><td>299</td><td>712</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>-</td><td>*</td><td>17</td><td>758</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472</td><td>763 2/</td><td>497</td><td>323</td><td>-</td><td>*</td><td>*</td><td>890</td></tr><tr><td>1946</td><td>14,559</td><td>10,620</td><td>2,871</td><td>4,722</td><td>3,027</td><td>3,938</td><td>998 11/</td><td>550</td><td>407</td><td>833</td><td>-</td><td>-</td><td>1,151</td></tr><tr><td>1946-May</td><td>1,400</td><td>1,015</td><td>415</td><td>106</td><td>494</td><td>385</td><td>23</td><td>42</td><td>40</td><td>200</td><td>-</td><td>-</td><td>81</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>660</td><td>77</td><td>23</td><td>56</td><td>258</td><td>-</td><td>-</td><td>246</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>1,024 5/</td><td>98</td><td>67</td><td>300</td><td>-</td><td>-</td><td>130</td></tr><tr><td>August</td><td>1,274</td><td>823</td><td>512</td><td>122</td><td>189</td><td>451</td><td>58</td><td>46</td><td>101</td><td>100</td><td>-</td><td>-</td><td>146</td></tr><tr><td>September</td><td>1,718</td><td>1,227</td><td>484</td><td>648</td><td>95</td><td>492</td><td>29</td><td>46</td><td>96</td><td>200</td><td>-</td><td>-</td><td>121</td></tr><tr><td>October</td><td>1,494</td><td>785</td><td>518</td><td>160</td><td>108</td><td>709</td><td>48</td><td>71</td><td>139</td><td>325</td><td>-</td><td>-</td><td>127</td></tr><tr><td>November</td><td>1,094</td><td>649</td><td>488</td><td>105</td><td>55</td><td>446</td><td>37</td><td>64</td><td>68</td><td>159</td><td>-</td><td>-</td><td>118</td></tr><tr><td>December</td><td>2,017</td><td>1,561</td><td>560</td><td>952</td><td>49</td><td>456</td><td>39</td><td>48</td><td>114</td><td>-</td><td>-</td><td>-</td><td>255</td></tr><tr><td>1947-January</td><td>1,523</td><td>960</td><td>549</td><td>343</td><td>68</td><td>563</td><td>65</td><td>69</td><td>98</td><td>200</td><td>-</td><td>-</td><td>130</td></tr><tr><td>February</td><td>2,473</td><td>850</td><td>542</td><td>124</td><td>181</td><td>1,623</td><td>74</td><td>81</td><td>70</td><td>1,209</td><td>-</td><td>-</td><td>190</td></tr><tr><td>March</td><td>2,063</td><td>1,552</td><td>565</td><td>626</td><td>361</td><td>512</td><td>86</td><td>26</td><td>65</td><td>200</td><td>-</td><td>-</td><td>135</td></tr><tr><td>April</td><td>2,206</td><td>1,329</td><td>594</td><td>141</td><td>593</td><td>877</td><td>97</td><td>16</td><td>72</td><td>450</td><td>-</td><td>-</td><td>241</td></tr><tr><td>May</td><td>2,706</td><td>1,244</td><td>581</td><td>92</td><td>571</td><td>1,463</td><td>748 2/</td><td>156</td><td>69</td><td>359</td><td>-</td><td>-</td><td>131</td></tr></table>
Source: Daily Treasury Statement.
* Lees than $500,000.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government." Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and treble which are included in Public works. Amounts for restoration of capital impairment of Commodity Credit Corporation are as follows: Fiscal year 1945, $257 million; July 1946, $921 million and May 1947, $642 million.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow on the Social security program.
7/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Consists of payments under Bretton Woods Agreements Act - International Bank; credit to United Kingdom; and Export-Import Bank of Washington - capital stock.
9/ Classified as Other expenditures commencing July 1, 1945. For additional information on Direct and work relief, see "Treasury Bulletin" for August 1945, page 6.
10/ Grows expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
July 1947
7
Budget Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Nezv Department</th><th>Armed Forces Leave Act of 1946 1/</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 2/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation</th><th>Surplus property disposal agencies</th><th>Other defense and related activities expenditures 3/</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>Bonds</td><td>Cash</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>-</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</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>-</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>2,313</td><td>-</td><td>-</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>-</td><td>-</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>-</td><td>-</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>-</td><td>-</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>-</td><td>-</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>-</td><td>-</td><td>1,041</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-May</td><td>2,182</td><td>1,242</td><td>640</td><td>-</td><td>-</td><td>3</td><td>4</td><td>5</td><td>-5</td><td>4</td><td>26</td><td>50</td><td>47</td><td>-</td><td>96</td><td>36</td><td>33</td></tr><tr><td>June</td><td>2,442</td><td>1,465</td><td>590</td><td>-</td><td>-</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>July</td><td>1,190</td><td>300</td><td>519</td><td>-</td><td>-</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><tr><td>August</td><td>1,509</td><td>675</td><td>551</td><td>-</td><td>-</td><td>4</td><td>4</td><td>5</td><td>4</td><td>3</td><td>35</td><td>-3</td><td>40</td><td>-</td><td>169</td><td>23</td><td>°</td></tr><tr><td>September</td><td>1,100</td><td>384</td><td>486</td><td>-</td><td>2</td><td>3</td><td>2</td><td>3</td><td>3</td><td>4</td><td>6</td><td>18</td><td>5/</td><td>-</td><td>108</td><td>29</td><td>53</td></tr><tr><td>October</td><td>1,481</td><td>616</td><td>485</td><td>70</td><td>7</td><td>3</td><td>1</td><td>4</td><td>4</td><td>3</td><td>17</td><td>22</td><td>5/</td><td>-</td><td>198</td><td>26</td><td>24</td></tr><tr><td>November</td><td>1,436</td><td>669</td><td>314</td><td>240</td><td>5</td><td>5</td><td>2</td><td>4</td><td>28</td><td>3</td><td>10</td><td>38</td><td>5/</td><td>-</td><td>87</td><td>24</td><td>7</td></tr><tr><td>December</td><td>1,580</td><td>665</td><td>419</td><td>293</td><td>28</td><td>-39</td><td>1</td><td>-1</td><td>5</td><td>3</td><td>4</td><td>28</td><td>5/</td><td>-</td><td>91</td><td>40</td><td>42</td></tr><tr><td>1947-January</td><td>1,412</td><td>644</td><td>353</td><td>278</td><td>20</td><td>-98</td><td>1</td><td>2</td><td>33</td><td>2</td><td>5</td><td>°</td><td>5/</td><td>-</td><td>102</td><td>45</td><td>25</td></tr><tr><td>February</td><td>1,457</td><td>574</td><td>351</td><td>269</td><td>23</td><td>-14</td><td>1</td><td>2</td><td>4</td><td>3</td><td>20</td><td>47</td><td>5/</td><td>-</td><td>103</td><td>63</td><td>12</td></tr><tr><td>March</td><td>1,428</td><td>611</td><td>359</td><td>303</td><td>23</td><td>2</td><td>1</td><td>2</td><td>4</td><td>2</td><td>12</td><td>7</td><td>5/</td><td>-</td><td>52</td><td>34</td><td>15</td></tr><tr><td>April</td><td>1,728</td><td>735</td><td>415</td><td>267</td><td>21</td><td>13</td><td>1</td><td>4</td><td>4</td><td>2</td><td>-9</td><td>31</td><td>5/</td><td>-</td><td>189</td><td>35</td><td>20</td></tr><tr><td>May</td><td>1,327</td><td>707</td><td>358</td><td>91</td><td>10</td><td>-38</td><td>1</td><td>5</td><td>3</td><td>2</td><td>-3</td><td>30</td><td>5/</td><td>-</td><td>101</td><td>45</td><td>16</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Administrative expenses in carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments. 2/ Includes war public housing functions. 3/ Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter
4/ 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."
5/ Effective September 1, 1946, expenditures of the War Shipping Administration are included with the expenditures of the U. S. Maritime Commission to which all functions were transferred for the purpose of liquidation by December 31, 1946, pursuant to Sec. 202, public law 492, approved July 8, 1946.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Social security program 1/ 3/</th><th>Government employees' retirement fund (U. S. share)</th><th>Aid to agriculture 1/ 4/</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>3</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>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-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><tr><td>August</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>32</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>48</td><td>4</td><td>44</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>27</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>71</td><td>27</td><td>44</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>46</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>432</td><td>432</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
Less than $500,000.
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 program. 4/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budget 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/ National defense and related activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other 2/</th></tr><tr><td>1937</td><td>-371</td><td>-112</td><td>-3</td><td></td><td>*</td><td>40</td><td>3/</td><td>-329</td><td>2</td><td>30</td></tr><tr><td>1938</td><td>-208</td><td>-184</td><td>-1</td><td>-</td><td>1</td><td>-43</td><td>3/</td><td>-9</td><td>34</td><td>-5</td></tr><tr><td>1939</td><td>320</td><td>136</td><td>2</td><td>-</td><td>55</td><td>-60</td><td>3/</td><td>247</td><td>3/</td><td>-59</td></tr><tr><td>1940</td><td>299</td><td>210</td><td>3</td><td>-5</td><td>17</td><td>-40</td><td>3/</td><td>42</td><td>-1</td><td>75</td></tr><tr><td>1941</td><td>1,054</td><td>347</td><td>3</td><td>-8</td><td>233</td><td>-239</td><td>3/</td><td>725</td><td>-1</td><td>-3</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>3</td><td>-5</td><td>46</td><td>-256</td><td>3/</td><td>1,936</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>3</td><td>-6</td><td>-3</td><td>-163</td><td>3/</td><td>2,462</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>3</td><td>-2</td><td>15</td><td>-396</td><td>3/</td><td>2,435</td><td>-1</td><td>-146</td></tr><tr><td>1945</td><td>-7</td><td>471 1/</td><td>3</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>-1,305</td><td>-1,044 1/</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-May</td><td>187</td><td>146</td><td>-66</td><td>-3</td><td>-1</td><td>-22</td><td>148</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 5/</td><td>64</td><td>3</td><td>-2</td><td>-18</td><td>43</td><td>13</td><td>3</td><td>-14</td></tr><tr><td>August</td><td>136</td><td>145</td><td>-15</td><td>11</td><td>2</td><td>-22</td><td>54</td><td>-34</td><td>-2</td><td>-4</td></tr><tr><td>September</td><td>-96</td><td>54</td><td>-30</td><td>-3</td><td>1</td><td>-16</td><td>-110</td><td>7</td><td>2</td><td>-2</td></tr><tr><td>October</td><td>-59</td><td>13</td><td>-54</td><td>-2</td><td>3</td><td>-18</td><td>3</td><td>8</td><td>3</td><td>-12</td></tr><tr><td>November</td><td>-28</td><td>-52</td><td>53</td><td>4</td><td>4</td><td>-16</td><td>-18</td><td>21</td><td>-2</td><td>-17</td></tr><tr><td>December</td><td>45</td><td>128</td><td>107</td><td>-2</td><td>4</td><td>-15</td><td>-194</td><td>26</td><td>3</td><td>-10</td></tr><tr><td>1947-January</td><td>108</td><td>101</td><td>78</td><td>3</td><td>-1</td><td>-19</td><td>-102</td><td>41</td><td>1</td><td>8</td></tr><tr><td>February</td><td>-32</td><td>-39</td><td>70</td><td>-2</td><td>1</td><td>-16</td><td>-73</td><td>17</td><td>-2</td><td>11</td></tr><tr><td>March</td><td>106</td><td>-21</td><td>103</td><td>-3</td><td>-9</td><td>-16</td><td>3</td><td>50</td><td>1</td><td>-3</td></tr><tr><td>April</td><td>20</td><td>28</td><td>73</td><td>3</td><td>6</td><td>-15</td><td>-87</td><td>-35</td><td>-5</td><td>55</td></tr><tr><td>May</td><td>-614</td><td>-590 6/</td><td>83</td><td>-1</td><td>3</td><td>-13</td><td>-59</td><td>-18</td><td>7</td><td>-23</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
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/ Includes Federal Crop Insurance Corporation, Farm Security Administration, Federal Farm Mortgage Corporation, Federal Savings and Loan Insurance Corporation, Federal Intermediate Credit Banks - Production Credit Corporations, and Tennessee Valley Authority.
3/ Division between expenditures for National defense and related activities and other not available.
4/ Payments of $957 million 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.
5/ The act of July 20, 1946, authorised the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $921 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. (net).
6/ The act of May 26, 1947, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $642 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. (net).
July 1947
9
Budget Receipts and Expenditures - (Continued)
Table 7.- Total Budget Receipts and Expenditures by Months, Beginning with 1938
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budget receipts 1/</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>304</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>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>2,434</td><td>4,478</td><td>2,544</td><td>2,364</td><td>4,107</td><td>41,601</td></tr><tr><td>1947</td><td>3,820</td><td>4,378</td><td>5,701</td><td>2,556</td><td>2,865</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budget expenditures 2/</td></tr><tr><td colspan="14">A. Excluding net expenditures of Government corporations (wholly owned), etc.</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,958</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td>5,513</td><td>4,514</td><td>2,796</td><td>2,851</td><td>3,023</td><td>2,557</td><td>3,618</td><td>45,804</td></tr><tr><td>1947</td><td>3,005</td><td>3,946</td><td>3,492</td><td>3,981</td><td>4,466</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">B. Including net expenditures of Government corporations (wholly owned), etc. 3/</td></tr><tr><td>1944</td><td>-</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</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>89,640</td></tr><tr><td>1945</td><td>8,239</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,955</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1946</td><td>4,860</td><td></td><td>3,598</td><td>4,001</td><td>3,851</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947</td><td>3,113</td><td>3,914</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budget surplus (+) or deficit (-) 4/</td></tr><tr><td colspan="14">A. Excluding net expenditures of Government corporations (wholly owned), etc.</td></tr><tr><td>1938</td><td>-198</td><td>-166</td><td>+212</td><td>-369</td><td>-193</td><td>-156</td><td>-451</td><td>-195</td><td>-410</td><td>-437</td><td>-296</td><td>-157</td><td>-2,447</td></tr><tr><td>1939</td><td>-385</td><td>-215</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>-455</td><td>-432</td><td>-3,823</td></tr><tr><td>1941</td><td>-771</td><td>-534</td><td>+167</td><td>-750</td><td>-747</td><td>-252</td><td>-1,185</td><td>-1,133</td><td>-739</td><td>-1,637</td><td>-1,294</td><td>-1,329</td><td>-10,204</td></tr><tr><td>1942</td><td>-2,050</td><td>-1,871</td><td>+126</td><td>-3,058</td><td>-3,391</td><td>-2,037</td><td>-4,413</td><td>-4,628</td><td>-3,404</td><td>-5,331</td><td>-5,761</td><td>-3,799</td><td>-39,618</td></tr><tr><td>1943</td><td>-5,584</td><td>-5,164</td><td>-2,147</td><td>-5,952</td><td>-5,955</td><td>-3,758</td><td>-5,105</td><td>-4,896</td><td>-2,087</td><td>-5,426</td><td>-5,740</td><td>-1,716</td><td>-53,530</td></tr><tr><td>1944</td><td>-1,823</td><td>-5,359</td><td>-1,952</td><td>-4,772</td><td>-5,342</td><td>-2,378</td><td>-5,947</td><td>-5,551</td><td>-2,004</td><td>-6,023</td><td>-5,587</td><td>-2,999</td><td>-52,737</td></tr><tr><td>1945</td><td>-4,645</td><td>-3,693</td><td>-2,540</td><td>-5,040</td><td>-6,190</td><td>-3,727</td><td>-5,862</td><td>-4,357</td><td>-1,422</td><td>-3,420</td><td>-2,282</td><td>-1,327</td><td>-44,505</td></tr><tr><td>1946</td><td>-1,073</td><td>+168</td><td>+1,146</td><td>-1,573</td><td>-944</td><td>-1,034</td><td>-1,975</td><td>-363</td><td>+1,627</td><td>-479</td><td>-193</td><td>+490</td><td>-4,204</td></tr><tr><td>1947</td><td>+814</td><td>+432</td><td>+2,209</td><td>-1,424</td><td>-1,601</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">B. Including net expenditures of Government corporations (wholly owned), etc. 3/</td></tr><tr><td>1944</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</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>-</td></tr><tr><td>1945</td><td>-1,042</td><td>+243</td><td>+1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>+1,723</td><td>-420</td><td>-165</td><td>+445</td><td>-2,512</td></tr><tr><td>1946</td><td>+706</td><td>+464</td><td>+2,102</td><td>-1,445</td><td>-987</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947</td><td></td><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>
Source: Daily Treasury Statement. 1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund. 2/ Excludes public debt retirements.
3/ Monthly figures for the period January 1938 through June 1944 are not presently available. 4/ Net receipts less total expenditures.
10
Treasury Bulletin
Trust Accounts, Etc., Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>-96</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+46</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+435</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>+906</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-1,613</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-2,222</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+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</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1946</td><td>-524</td><td>+26</td><td>1,349</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>+32</td><td>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>1946 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><td>*</td><td>*</td><td>1</td></tr><tr><td>June</td><td>-265</td><td>-251</td><td>109</td><td>361</td><td>+11</td><td>174</td><td>163</td><td>-16</td><td>105</td><td>121</td><td>+1</td><td>18</td><td>17</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><td>-2</td><td>165</td><td>167</td></tr><tr><td>August</td><td>+234</td><td>+246</td><td>283</td><td>37</td><td>-161</td><td>53</td><td>214</td><td>-10</td><td>209</td><td>218</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>September</td><td>-114</td><td>-313</td><td>13</td><td>325</td><td>+4</td><td>74</td><td>70</td><td>-15</td><td>44</td><td>59</td><td>*</td><td>*</td><td>*</td></tr><tr><td>October</td><td>+156</td><td>+46</td><td>73</td><td>26</td><td>-1</td><td>44</td><td>45</td><td>+1</td><td>42</td><td>41</td><td>*</td><td>44</td><td>44</td></tr><tr><td>November</td><td>+15</td><td>+239</td><td>275</td><td>36</td><td>-12</td><td>58</td><td>70</td><td>*</td><td>155</td><td>155</td><td>*</td><td>*</td><td>*</td></tr><tr><td>December</td><td>-480</td><td>-269</td><td>17</td><td>286</td><td>+11</td><td>63</td><td>52</td><td>-7</td><td>53</td><td>60</td><td>*</td><td>*</td><td>*</td></tr><tr><td>1947 January</td><td>-125</td><td>+38</td><td>74</td><td>36</td><td>-2</td><td>70</td><td>72</td><td>+9</td><td>101</td><td>91</td><td>+1</td><td>44</td><td>43</td></tr><tr><td>February</td><td>+317</td><td>+227</td><td>264</td><td>38</td><td>+6</td><td>65</td><td>60</td><td>+5</td><td>175</td><td>171</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>March</td><td>-33</td><td>-246</td><td>33</td><td>279</td><td>-2</td><td>47</td><td>48</td><td>-6</td><td>50</td><td>55</td><td>*</td><td>*</td><td>*</td></tr><tr><td>April</td><td>269</td><td>+26</td><td>68</td><td>41</td><td>+5</td><td>53</td><td>48</td><td>-8</td><td>43</td><td>51</td><td>*</td><td>46</td><td>46</td></tr><tr><td>May</td><td>+99</td><td>+298</td><td>339</td><td>41</td><td>-15</td><td>473</td><td>488</td><td>+6</td><td>251</td><td>245</td><td>*</td><td>*</td><td>*</td></tr></table>
Trust Accounts, Etc., Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th rowspan="2">Sales and redemptions of obligations of Government corporations, etc., in the market (net) 3/</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-57</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>-16</td><td>+1,106</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+61</td><td>+288</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>-4</td><td>+852</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,135</td><td>2,245</td><td>*</td><td>+248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1946-May</td><td>*</td><td>255</td><td>255</td><td>*</td><td>-</td><td>-190</td><td>+57</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>-</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>+318</td></tr><tr><td>August</td><td>-5</td><td>55</td><td>60</td><td>*</td><td>-</td><td>+94</td><td>+42</td><td>+27</td></tr><tr><td>September</td><td>-164</td><td>141</td><td>306</td><td>*</td><td>-</td><td>+102</td><td>+19</td><td>-48</td></tr><tr><td>October</td><td>-3</td><td>111</td><td>114</td><td>*</td><td>-</td><td>+55</td><td>+22</td><td>+36</td></tr><tr><td>November</td><td>-68</td><td>69</td><td>136</td><td>*</td><td>-</td><td>-119</td><td>-22</td><td>-4</td></tr><tr><td>December</td><td>-16</td><td>62</td><td>78</td><td>*</td><td>-</td><td>-227</td><td>-6</td><td>+34</td></tr><tr><td>1947-January</td><td>+5</td><td>53</td><td>48</td><td>*</td><td>-</td><td>-44</td><td>-75</td><td>-56</td></tr><tr><td>February</td><td>+237</td><td>296</td><td>59</td><td>*</td><td>-</td><td>-146</td><td>-113</td><td>+102</td></tr><tr><td>March</td><td>+118</td><td>160</td><td>42</td><td>*</td><td>-</td><td>+71</td><td>-8</td><td>+33</td></tr><tr><td>April</td><td>+85</td><td>144</td><td>59</td><td>*</td><td>-</td><td>+101</td><td>-7</td><td>+67</td></tr><tr><td>May</td><td>-185</td><td>-146</td><td>40</td><td>*</td><td>-</td><td>-39</td><td>-3</td><td>+37</td></tr></table>
Source: Daily Treasury Statement. * Lees than $500,000. 1/ Includes Government Retirement funds, etc. (See footnote 2) 2/ Comprises Public Works Administration revolving fund, special deposite (net), and, during the fiscal years 1940 through 1945,
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts." 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
July 1947
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budget surplus (+) or 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>2,777</td><td>-2,777</td><td>-</td><td>-</td><td>-</td><td>2,777</td><td>2,646</td><td>128</td><td>3</td></tr><tr><td>1938</td><td>1,177</td><td>-1,177</td><td>-</td><td>-</td><td>-</td><td>1,177</td><td>740</td><td>338</td><td>98</td></tr><tr><td>1939</td><td>4,484</td><td>-3,862</td><td>-</td><td>622</td><td>-</td><td>4,484</td><td>3,275</td><td>-</td><td>1,210</td></tr><tr><td>1940</td><td>3,910</td><td>-3,910</td><td>-</td><td>-</td><td>-</td><td>3,910</td><td>2,528</td><td>947</td><td>435</td></tr><tr><td>1941</td><td>6,900</td><td>-6,158</td><td>-</td><td>742</td><td>-</td><td>6,900</td><td>5,994</td><td>-</td><td>906</td></tr><tr><td>1942</td><td>23,461</td><td>-21,491</td><td>-</td><td>358</td><td>1,613</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>-57,420</td><td>-</td><td>6,515</td><td>338</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>-51,424</td><td>-</td><td>10,662</td><td>2,222</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>1946-May</td><td>2,447</td><td>-1,131</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><tr><td>August</td><td>1,223</td><td>-499</td><td>724</td><td>-</td><td>-</td><td>1,223</td><td>-</td><td>983</td><td>234</td></tr><tr><td>September</td><td>868</td><td>+1,723</td><td>2,177</td><td>-</td><td>414</td><td>868</td><td>-</td><td>868</td><td>-</td></tr><tr><td>October</td><td>2,257</td><td>-420</td><td>1,837</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,101</td><td>156</td></tr><tr><td>November</td><td>1,420</td><td>-165</td><td>1,255</td><td>-</td><td>-</td><td>1,420</td><td>-</td><td>1,405</td><td>15</td></tr><tr><td>December</td><td>3,163</td><td>+445</td><td>3,128</td><td>-</td><td>480</td><td>3,163</td><td>-</td><td>3,163</td><td>-</td></tr><tr><td>1947-January</td><td>628</td><td>+706</td><td>-</td><td>1,210</td><td>125</td><td>628</td><td>628</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,958</td><td>+464</td><td>-</td><td>2,422</td><td>-</td><td>1,958</td><td>1,642</td><td>-</td><td>317</td></tr><tr><td>March</td><td>224</td><td>+2,102</td><td>2,294</td><td>-</td><td>33</td><td>224</td><td>-</td><td>224</td><td>-</td></tr><tr><td>April</td><td>2,867</td><td>-1,445</td><td>1,423</td><td>-</td><td>-</td><td>2,867</td><td>-</td><td>2,598</td><td>269</td></tr><tr><td>May</td><td>987</td><td>-987</td><td>-</td><td>-</td><td>-</td><td>987</td><td>612</td><td>245</td><td>99</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and includes Government corporations (wholly owned), etc. (net). 2/ Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market, 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.
12
Treasury Bulletin
Social Security Program: Section I - Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Loss amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,299.5</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>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1946-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><tr><td>August</td><td>294.3</td><td>284.3</td><td>10.0</td><td>283.4</td><td>11.0</td></tr><tr><td>September</td><td>9.5</td><td>8.3</td><td>1.1</td><td>3.5</td><td>6.0</td></tr><tr><td>October</td><td>72.2</td><td>70.0</td><td>2.2</td><td>72.6</td><td>-.4 4/</td></tr><tr><td>November</td><td>285.5</td><td>276.2</td><td>9.3</td><td>274.9</td><td>10.6</td></tr><tr><td>December</td><td>8.0</td><td>7.2</td><td>.8</td><td>5.9</td><td>2.0</td></tr><tr><td>1947-January</td><td>36.7</td><td>42.3</td><td>14.4</td><td>40.4</td><td>16.2</td></tr><tr><td>February</td><td>382.0</td><td>266.2</td><td>115.8</td><td>264.4</td><td>117.7</td></tr><tr><td>March</td><td>37.4</td><td>25.4</td><td>12.0</td><td>23.6</td><td>13.9</td></tr><tr><td>April</td><td>72.6</td><td>69.0</td><td>3.5</td><td>67.8</td><td>4.7</td></tr><tr><td>May</td><td>332.3</td><td>340.4</td><td>11.9</td><td>339.2</td><td>13.1</td></tr></table>
Expenditures
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expense 2/</th><th colspan="4">Social Security Administration</th><th colspan="2">Public Health Service</th><th colspan="2">Children's Bureau 1/</th><th rowspan="2">Department of Labor U. S. Employment Service 3/</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work 5/</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th></tr><tr><td>1938</td><td>338.5</td><td>80.0</td><td>271.5</td><td>182.8</td><td>25.3</td><td>5.2</td><td>42.9</td><td>8.9</td><td>3.8</td><td>8.7</td><td>1.4</td><td>41.0</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>81.1</td><td>320.3</td><td>208.8</td><td>31.0</td><td>2.1</td><td>58.9</td><td>8.0</td><td>1.7</td><td>3.0</td><td>1.3</td><td>1.8</td><td>815.1</td></tr><tr><td>1940</td><td>385.8</td><td>85.3</td><td>356.3</td><td>227.6</td><td>15.4</td><td>6.2</td><td>58.1</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>8.5</td><td>809.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>425.2</td><td>260.1</td><td>63.8</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>8.6</td><td>382.5</td></tr><tr><td>1942</td><td>504.1</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>3.2</td><td>197.8</td></tr><tr><td>1943</td><td>287.9</td><td>31.5</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>384.8</td><td>32.1</td><td>488.0</td><td>360.6</td><td>97.0</td><td>10.1</td><td>16.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>32.1</td><td>521.9</td><td>323.6</td><td>97.8</td><td>10.0</td><td>34.8</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>7.4</td><td>879.8</td></tr><tr><td>1946</td><td>543.9</td><td>38.8</td><td>498.4</td><td>361.8</td><td>99.1</td><td>10.1</td><td>35.6</td><td>1.2</td><td>6.3</td><td>1.2</td><td>1.3</td><td>6.2</td><td>385.1</td></tr><tr><td>1946-May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>88.6</td><td>5.3</td><td>.9</td><td>1.3</td><td>-</td><td>.9</td><td>.3</td><td>-</td><td>.4</td><td>86.1</td></tr><tr><td>June</td><td>82.1</td><td>3.4</td><td>18.2</td><td>9.9</td><td>1.9</td><td>.8</td><td>6.3</td><td>-</td><td>.8</td><td>.1</td><td>-</td><td>.3</td><td>16.8</td></tr><tr><td>July</td><td>97.1</td><td>3.0</td><td>94.0</td><td>63.1</td><td>18.8</td><td>1.8</td><td>16.0</td><td>-</td><td>-</td><td>.2</td><td>.2</td><td>.3</td><td>94.1</td></tr><tr><td>August</td><td>49.3</td><td>2.0</td><td>48.8</td><td>31.7</td><td>6.3</td><td>1.0</td><td>1.1</td><td>-</td><td>.8</td><td>.8</td><td>.0</td><td>.4</td><td>34.3</td></tr><tr><td>September</td><td>49.8</td><td>1.7</td><td>43.8</td><td>33.7</td><td>6.7</td><td>1.0</td><td>1.8</td><td>-</td><td>.9</td><td>.1</td><td>-</td><td>1.0</td><td>39.8</td></tr><tr><td>October</td><td>70.3</td><td>1.9</td><td>66.9</td><td>41.9</td><td>11.0</td><td>1.4</td><td>11.0</td><td>-</td><td>.6</td><td>.6</td><td>.4</td><td>1.5</td><td>70.7</td></tr><tr><td>November</td><td>61.8</td><td>1.5</td><td>61.1</td><td>47.6</td><td>10.3</td><td>1.3</td><td>1.1</td><td>-</td><td>.5</td><td>.2</td><td>.0</td><td>.6</td><td>28.7</td></tr><tr><td>December</td><td>46.9</td><td>1.9</td><td>44.3</td><td>33.4</td><td>7.8</td><td>.9</td><td>8.0</td><td>-</td><td>.8</td><td>.2</td><td>.0</td><td>.7</td><td>44.8</td></tr><tr><td>1947-January</td><td>68.4</td><td>2.2</td><td>69.2</td><td>46.7</td><td>9.8</td><td>1.9</td><td>5.9</td><td>-</td><td>.8</td><td>.6</td><td>.3</td><td>1.0</td><td>28.8</td></tr><tr><td>February</td><td>80.7</td><td>2.3</td><td>77.6</td><td>52.9</td><td>18.8</td><td>1.9</td><td>9.0</td><td>-</td><td>1.7</td><td>.7</td><td>.0</td><td>.8</td><td>16.9</td></tr><tr><td>March</td><td>84.6</td><td>2.3</td><td>81.6</td><td>43.8</td><td>8.3</td><td>.5</td><td>3.8</td><td>-</td><td>1.0</td><td>.0</td><td>.1</td><td>.7</td><td>10.7</td></tr><tr><td>April</td><td>19.9</td><td>2.1</td><td>12.8</td><td>7.7</td><td>1.7</td><td>.1</td><td>-.7</td><td>-</td><td>1.9</td><td>1.6</td><td>.5</td><td>.5</td><td>10.8</td></tr><tr><td>May</td><td>155.7</td><td>1.9</td><td>153.3</td><td>111.6</td><td>86.8</td><td>3.3</td><td>10.3</td><td>-</td><td>1.8</td><td>.8</td><td>-</td><td>.2</td><td>148.6</td></tr></table>
Bourne
Daily Treasury Statement
Less than $50,000. Formerly Title VIII of the Social Security Act. Formerly Title XI of the Social Security Act. Include amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfer" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I. Includes an adjustment of $3,879,000 on account of overstatement of reimbursements to General Fund in September. Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Social Security Act; namely, Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the National Defense Act.
five Expenses under the Wagner-Reiger Act. Allocate administrative expense 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
6 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 1948.
1/ Includes expenditures under Social Security Act by the Department of Labor through July 31, 1945.
3/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
9/ Covered by appropriations by Congress.
10/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $11 million for refunding to certain States portions of Federal Employers' tax for 1936 collected under the Social Security Act.
July 1947
13
Social Security Program - (Continued)
Section 1 - Budget 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>Administrative expense 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>3.5</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>12.3</td></tr><tr><td>1946-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><tr><td>August</td><td>7.6</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-7.4</td></tr><tr><td>September</td><td>75.5</td><td>.4</td><td>.3</td><td>-</td><td></td><td>-75.2</td></tr><tr><td>October</td><td>2.1</td><td>44.3</td><td>.3</td><td>44.0</td><td></td><td>42.1</td></tr><tr><td>November</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-4.5</td></tr><tr><td>December</td><td>77.8</td><td>.5</td><td>.5</td><td>-</td><td></td><td>-77.3</td></tr><tr><td>1947-January</td><td>1.5</td><td>44.4</td><td>.4</td><td>44.0</td><td></td><td>42.9</td></tr><tr><td>February</td><td>4.9</td><td></td><td>.4</td><td>-</td><td></td><td>-4.8</td></tr><tr><td>March</td><td>76.8</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-76.6</td></tr><tr><td>April</td><td>2.6</td><td>45.5</td><td>.3</td><td>45.2</td><td></td><td>42.9</td></tr><tr><td>May</td><td>12.2</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-12.0</td></tr></table>
Source: Daily Treasury Statement. Less than $50,000. 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
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Admistration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.5</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1946</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>1946-May</td><td>1.1</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><tr><td>August</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>September</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>-3.3</td></tr><tr><td>October</td><td>-</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>November</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.4</td></tr><tr><td>December</td><td>3.5</td><td>.4</td><td>.4</td><td>-</td><td>-3.1</td></tr><tr><td>1947-January</td><td>-</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.4</td><td>.8</td><td>.8</td><td>-</td><td>-2.6</td></tr><tr><td>April</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>May</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.4</td></tr></table>
Daily Treasury Statement.
Less than $50,000.
Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
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="4">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 expense 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total 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>1,199.6</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>1.1</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>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>-</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</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>936.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,546.3</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>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947-March</td><td>10,041.4</td><td>9,301.7</td><td>739.7</td><td>1,633.6</td><td>1,413.1</td><td>202.5</td><td>18.0</td><td>8,407.8</td><td>8,318.7</td><td>40.8</td><td>48.3</td></tr><tr><td>April</td><td>10,110.4</td><td>9,370.7</td><td>739.7</td><td>1,676.2</td><td>1,451.9</td><td>203.6</td><td>20.6</td><td>8,434.2</td><td>8,318.7</td><td>68.6</td><td>46.9</td></tr><tr><td>May</td><td>10,450.8</td><td>9,711.1</td><td>739.7</td><td>1,718.2</td><td>1,490.6</td><td>204.8</td><td>22.7</td><td>8,732.6</td><td>8,318.7</td><td>360.6</td><td>53.3</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes transactions effected under the predecessor Old-Age Reserve Account.
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
3/ 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 Act
(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>268.4</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>546.1</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>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5<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>1947-March</td><td>2,079.8</td><td>2,016.1</td><td>63.7</td><td>1,229.8</td><td>850.0</td><td>787.0</td><td>45.5<br>17.5</td></tr><tr><td>April</td><td>2,080.2</td><td>2,016.1</td><td>64.1</td><td>1,245.4</td><td>834.8</td><td>817.0</td><td>.5<br>17.2</td></tr><tr><td>May</td><td>2,080.6</td><td>2,016.1</td><td>64.5</td><td>1,261.2</td><td>819.4</td><td>801.0</td><td>.6<br>17.9</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</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 Account 1/ Benefit payments</th><th>Total investments</th><th>Unexpended balance</th><th>In General Fund (Special Deposit Account) 5/</th><th>In die-bureling officer's account</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</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>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</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>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</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>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>645.1</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><td>8.4</td></tr><tr><td>1947-March</td><td>11,846.7</td><td>10,246.0</td><td>715.4</td><td>107.1</td><td>56.9</td><td>721.4</td><td>4,163.3</td><td>3,954.8</td><td>107.1</td><td>101.4</td><td>7,683.5</td><td>7,654.0</td><td>22.2</td><td>7.3</td></tr><tr><td>April</td><td>11,889.9</td><td>10,288.6</td><td>715.7</td><td>107.1</td><td>56.9</td><td>721.7</td><td>4,239.7</td><td>4,025.9</td><td>107.1</td><td>106.8</td><td>7,650.1</td><td>7,629.0</td><td>14.1</td><td>7.0</td></tr><tr><td>May</td><td>12,140.5</td><td>10,537.8</td><td>717.0</td><td>107.2</td><td>56.9</td><td>721.7</td><td>4,309.4</td><td>4,091.6</td><td>107.2</td><td>110.6</td><td>7,831.2</td><td>7,804.0</td><td>22.0</td><td>5.2</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 1, 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.
July 1947
15
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="8">1946</th><th colspan="5">1947</th></tr><tr><th></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>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</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>Budget:</td><td></td><td></td><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 profits taxes</td><td>1,407</td><td>3,392</td><td>1,489</td><td>1,513</td><td>3,550</td><td>1,404</td><td>1,444</td><td>2,886</td><td>2,664</td><td>3,222</td><td>4,650</td><td>1,597</td><td>1,619</td></tr><tr><td>Employment taxes</td><td>285</td><td>73</td><td>67</td><td>302</td><td>85</td><td>74</td><td>290</td><td>86</td><td>58</td><td>387</td><td>114</td><td>75</td><td>364</td></tr><tr><td>Miscellaneous internal revenue</td><td>615</td><td>615</td><td>695</td><td>679</td><td>656</td><td>752</td><td>669</td><td>722</td><td>693</td><td>666</td><td>682</td><td>638</td><td>595</td></tr><tr><td>Customs</td><td>42</td><td>35</td><td>44</td><td>40</td><td>42</td><td>45</td><td>45</td><td>43</td><td>47</td><td>36</td><td>39</td><td>41</td><td>37</td></tr><tr><td>Other</td><td>648</td><td>362</td><td>256</td><td>182</td><td>147</td><td>341</td><td>191</td><td>370</td><td>353</td><td>333</td><td>239</td><td>273</td><td>587</td></tr><tr><td>Subtotal</td><td>2,998</td><td>4,478</td><td>2,551</td><td>2,717</td><td>4,481</td><td>2,617</td><td>2,539</td><td>4,107</td><td>3,815</td><td>4,643</td><td>5,724</td><td>2,623</td><td>3,203</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 (deposite by States and Railroad Retirement Board)</td><td>200</td><td>37</td><td>40</td><td>209</td><td>40</td><td>42</td><td>155</td><td>48</td><td>37</td><td>175</td><td>46</td><td>43</td><td>251</td></tr><tr><td>Other trust funds and accounts</td><td>294</td><td>221</td><td>112</td><td>91</td><td>177</td><td>144</td><td>97</td><td>102</td><td>95</td><td>346</td><td>206</td><td>196</td><td>-105</td></tr><tr><td>Subtotal</td><td>494</td><td>259</td><td>152</td><td>300</td><td>217</td><td>186</td><td>253</td><td>150</td><td>133</td><td>521</td><td>251</td><td>239</td><td>146</td></tr><tr><td>Total cash income</td><td>3,492</td><td>4,736</td><td>2,703</td><td>3,016</td><td>4,698</td><td>2,803</td><td>2,892</td><td>4,257</td><td>3,948</td><td>5,163</td><td>5,975</td><td>2,862</td><td>3,349</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>Budget:</td><td></td><td></td><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>National defense and related activities 2/.</td><td>2,182</td><td>2,442</td><td>1,190</td><td>1,509</td><td>1,100</td><td>1,411</td><td>1,196</td><td>1,286</td><td>1,134</td><td>1,188</td><td>1,124</td><td>1,461</td><td>1,236</td></tr><tr><td>Veterans' Administration</td><td>415</td><td>496</td><td>463</td><td>512</td><td>484</td><td>518</td><td>488</td><td>560</td><td>549</td><td>545</td><td>565</td><td>594</td><td>581</td></tr><tr><td>Public works 3/.</td><td>40</td><td>56</td><td>67</td><td>101</td><td>96</td><td>139</td><td>68</td><td>114</td><td>98</td><td>70</td><td>65</td><td>72</td><td>69</td></tr><tr><td>Aid to agriculture 4/.</td><td>75</td><td>82</td><td>103</td><td>58</td><td>35</td><td>55</td><td>43</td><td>45</td><td>72</td><td>79</td><td>94</td><td>100</td><td>90</td></tr><tr><td>Social security program</td><td>42</td><td>23</td><td>98</td><td>46</td><td>45</td><td>71</td><td>64</td><td>48</td><td>69</td><td>81</td><td>26</td><td>16</td><td>156</td></tr><tr><td>Interest on the public debt 5/.</td><td>75</td><td>913</td><td>178</td><td>85</td><td>587</td><td>119</td><td>66</td><td>876</td><td>188</td><td>84</td><td>577</td><td>123</td><td>60</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></td><td></td><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>148</td><td>-1</td><td>43</td><td>54</td><td>-110</td><td>3</td><td>-18</td><td>26</td><td>-102</td><td>-73</td><td>3</td><td>-87</td><td>-59</td></tr><tr><td>Other</td><td>-11</td><td>-2</td><td>-32</td><td>-34</td><td>7</td><td>8</td><td>20</td><td>-194</td><td>-4</td><td>17</td><td>50</td><td>-35</td><td>-18</td></tr><tr><td>Commodity Credit Corporation</td><td>146</td><td>-154</td><td>-38</td><td>145</td><td>54</td><td>13</td><td>-52</td><td>128</td><td>101</td><td>-39</td><td>-21</td><td>28</td><td>51</td></tr><tr><td>Other</td><td>101</td><td>85</td><td>28</td><td>56</td><td>46</td><td>34</td><td>10</td><td>71</td><td>59</td><td>57</td><td>65</td><td>106</td><td>67</td></tr><tr><td>Other 6/.</td><td>577</td><td>921</td><td>791</td><td>335</td><td>317</td><td>435</td><td>83</td><td>304</td><td>398</td><td>471</td><td>696</td><td>1,284</td><td>902</td></tr><tr><td>Subtotal</td><td>3,790</td><td>4,860</td><td>2,892</td><td>2,868</td><td>2,661</td><td>2,805</td><td>1,969</td><td>3,265</td><td>2,564</td><td>2,481</td><td>3,244</td><td>3,664</td><td>3,136</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>112</td><td>95</td><td>89</td><td>83</td><td>64</td><td>66</td><td>55</td><td>60</td><td>76</td><td>71</td><td>80</td><td>76</td><td>70</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><td>31</td><td>31</td><td>33</td><td>37</td><td>35</td><td>36</td><td>36</td><td>36</td><td>36</td><td>38</td><td>39</td><td>41</td><td>41</td></tr><tr><td>Trust Fund</td><td>14</td><td>13</td><td>15</td><td>14</td><td>14</td><td>14</td><td>13</td><td>13</td><td>13</td><td>14</td><td>15</td><td>16</td><td>16</td></tr><tr><td>Railroad Retirement Account</td><td>420</td><td>37</td><td>-115</td><td>-81</td><td>210</td><td>-76</td><td>200</td><td>262</td><td>128</td><td>112</td><td>-37</td><td>-122</td><td>11</td></tr><tr><td>Other</td><td>577</td><td>177</td><td>22</td><td>53</td><td>322</td><td>40</td><td>304</td><td>371</td><td>254</td><td>234</td><td>97</td><td>11</td><td>138</td></tr><tr><td>Subtotal</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>*</td></tr><tr><td>Redemption of adjusted service bonds</td><td>14</td><td>9</td><td>8</td><td>6</td><td>4</td><td>4</td><td>3</td><td>3</td><td>3</td><td>2</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Redemption of excess profit tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>6</td><td>10</td><td>9</td><td>11</td><td>8</td></tr><tr><td>Redemption of Armed forces leave bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>953</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Payments to International Monetary Fund</td><td>4,383</td><td>5,046</td><td>2,923</td><td>2,928</td><td>2,988</td><td>2,850</td><td>2,276</td><td>3,643</td><td>2,827</td><td>3,690</td><td>3,352</td><td>3,687</td><td>3,283</td></tr><tr><td>Total cash outgo</td><td>891</td><td>310</td><td>219</td><td>-88</td><td>-1,710</td><td>47</td><td>-616</td><td>-614</td><td>-1,121</td><td>-1,474</td><td>-2,623</td><td>825</td><td>-66</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></table>
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/ Beginning October 1946, excludes bonds issued under Armed Forces Leave Act of 1946.
3/ Comprises Public Buildings Administration, Public Roads Administra-
tion, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
4/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works.
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.
Total Cash Income and Outgo by Months, Beginning with 1942
(in millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,831</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>5,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>51,376</td></tr><tr><td>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>3,016</td><td>4,698</td><td>2,803</td><td>2,892</td><td>4,257</td><td>45,751</td></tr><tr><td>1947</td><td>3,948</td><td>5,163</td><td>5,975</td><td>2,862</td><td>3,349</td><td></td><td></td><td></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>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,149</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,454</td><td>8,967</td><td>7,998</td><td>7,854</td><td>6,948</td><td>6,009</td><td>4,811</td><td>5,303</td><td>87,912</td></tr><tr><td>1946</td><td>5,630</td><td>3,921</td><td>4,169</td><td>4,171</td><td>4,383</td><td>5,046</td><td>2,923</td><td>2,928</td><td>2,988</td><td>2,850</td><td>2,276</td><td>3,643</td><td>44,925</td></tr><tr><td>1947</td><td>2,827</td><td>3,690</td><td>3,352</td><td>3,687</td><td>3,283</td><td></td><td></td><td></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>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,114</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,987</td><td>4,141</td><td>1,051</td><td>3,104</td><td>1,724</td><td>896</td><td>36,537</td></tr><tr><td>1946</td><td>1,637</td><td>-356</td><td>-1,782</td><td>1,237</td><td>891</td><td>310</td><td>219</td><td>-88</td><td>-1,710</td><td>47</td><td>-616</td><td>-614</td><td>-827</td></tr><tr><td>1947</td><td>-1,121</td><td>-1,474</td><td>-2,627</td><td>825</td><td>-66</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
16
Treasury Bulletin
GENERAL FUND OF THE TREASURY
July 1947
17
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</th><th>Other deposits and collections</th></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>1946-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>1,006</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><tr><td>August</td><td>11,431</td><td>416</td><td>872</td><td>9,842</td><td>301</td></tr><tr><td>September</td><td>10,524</td><td>429</td><td>1,445</td><td>8,377</td><td>273</td></tr><tr><td>October</td><td>8,393</td><td>422</td><td>773</td><td>6,936</td><td>262</td></tr><tr><td>November</td><td>6,965</td><td>416</td><td>824</td><td>5,487</td><td>239</td></tr><tr><td>December</td><td>3,920</td><td>408</td><td>682</td><td>2,570</td><td>260</td></tr><tr><td>1947-January</td><td>5,102</td><td>393</td><td>1,620</td><td>2,736</td><td>353</td></tr><tr><td>February</td><td>7,478</td><td>1,277</td><td>2,561</td><td>3,363</td><td>276</td></tr><tr><td>March</td><td>7,233</td><td>1,274</td><td>2,369</td><td>3,292</td><td>297</td></tr><tr><td>April</td><td>4,707</td><td>1,263</td><td>842</td><td>2,317</td><td>286</td></tr><tr><td>May</td><td>4,402</td><td>1,312</td><td>989</td><td>1,807</td><td>295</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>16,708</td><td>470</td><td>16,238</td></tr><tr><td>1946-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><tr><td>August.</td><td>11,431</td><td>391</td><td>11,040</td></tr><tr><td>September.</td><td>10,524</td><td>353</td><td>10,171</td></tr><tr><td>October.</td><td>8,393</td><td>323</td><td>8,070</td></tr><tr><td>November.</td><td>6,965</td><td>300</td><td>6,665</td></tr><tr><td>December.</td><td>3,920</td><td>418</td><td>3,502</td></tr><tr><td>1947-January.</td><td>5,102</td><td>391</td><td>4,711</td></tr><tr><td>February.</td><td>7,478</td><td>344</td><td>7,134</td></tr><tr><td>March.</td><td>7,233</td><td>323</td><td>6,909</td></tr><tr><td>April.</td><td>4,707</td><td>395</td><td>4,312</td></tr><tr><td>May.</td><td>4,402</td><td>336</td><td>4,066</td></tr></table>
Source: Daily Treasury Statement.
18
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations, (wholly owned), etc.(net) 1/</th><th>Public debt accounts</th><th colspan="6">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increase on gold 3/</th><th>Seignorage on silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Checking accounts of Government agencies, etc. 5/</th><th>Clerking account 6/</th></tr><tr><td>1937</td><td>-128</td><td>-2,778 1/</td><td>2,746 8/</td><td>-96</td><td>19</td><td>-99</td><td>40</td><td>-57</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-338</td><td>-1,176</td><td>792 8/</td><td>46</td><td>11</td><td>-51</td><td>90</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,852</td><td>3,280 8/</td><td>1,204</td><td>29</td><td>-5</td><td>90</td><td>-16</td><td>1,106</td><td>-</td></tr><tr><td>1940</td><td>-947</td><td>-3,910</td><td>2,528</td><td>435</td><td>37</td><td>*</td><td>49</td><td>61</td><td>288</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>-6,158</td><td>5,994</td><td>906</td><td>37</td><td>*</td><td>20</td><td>-4</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-21,491</td><td>23,461</td><td>-1,613</td><td>66</td><td>*</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-57,420</td><td>64,274</td><td>-338</td><td>92</td><td>*</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-51,424</td><td>61,307</td><td>-2,222</td><td>148</td><td>*</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</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>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1946-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><tr><td>August</td><td>-989</td><td>-199</td><td>-724</td><td>234</td><td>70</td><td>*</td><td>-</td><td>94</td><td>42</td><td>27</td></tr><tr><td>September</td><td>-868</td><td>1,723</td><td>-2,177</td><td>-414</td><td>-487</td><td>*</td><td>-</td><td>102</td><td>19</td><td>-48</td></tr><tr><td>October</td><td>-2,101</td><td>-120</td><td>-1,837</td><td>156</td><td>44</td><td>*</td><td>-</td><td>55</td><td>22</td><td>36</td></tr><tr><td>November</td><td>-1,405</td><td>-165</td><td>-1,255</td><td>15</td><td>160</td><td>*</td><td>-</td><td>-119</td><td>-22</td><td>-4</td></tr><tr><td>December</td><td>-3,163</td><td>145</td><td>-3,128</td><td>-480</td><td>-281</td><td>*</td><td>-</td><td>-227</td><td>-6</td><td>34</td></tr><tr><td>1947-January</td><td>1,210</td><td>706</td><td>628</td><td>-125</td><td>51</td><td>*</td><td>-</td><td>-44</td><td>-75</td><td>-56</td></tr><tr><td>February</td><td>2,422</td><td>464</td><td>1,642</td><td>317</td><td>473</td><td>*</td><td>-</td><td>-146</td><td>-113</td><td>102</td></tr><tr><td>March</td><td>-224</td><td>2,102</td><td>-2,294</td><td>-33</td><td>-136</td><td>*</td><td>-</td><td>71</td><td>-8</td><td>39</td></tr><tr><td>April</td><td>-2,598</td><td>-1,445</td><td>-1,423</td><td>269</td><td>108</td><td>*</td><td>-</td><td>101</td><td>-7</td><td>67</td></tr><tr><td>May</td><td>-245</td><td>-987</td><td>642</td><td>99</td><td>105</td><td>*</td><td>-</td><td>-39</td><td>-3</td><td>37</td></tr></table>
Source: Note: 
1/ 
2/ 
3/ 
4/
Daily Treasury Statement.
Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5. Less than $500,000.
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). Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 8.) Comprises Public Works Administration revolving fund, special de-
5/ Beginning with fiscal year 1945 represents sales and redemptions of obligations of Government corporations, etc., in the market (net). 
6/ Represents outstanding checks, see Note. 
7/ Includes inactive gold in the amount of $1,087 million. 
8/ 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 follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
July 1947
19
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
20
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, 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">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>42,375</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,533</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>Matured 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>1,957</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></table>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,961</td><td>28,822</td><td>34,136</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>832</td><td>8,711</td><td>21,161</td><td>36,756</td><td>53,459</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>65,854</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>1,858</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,586 3/4</td><td>49,035 3/4</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>-</td><td>-</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</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>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>Matured 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>376</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>
Guaranteed obligations
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</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></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,553</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,781</td><td>1,219</td><td>896</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></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></tr><tr><td>Commodity Credit Corporation h/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finanças Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</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></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>5</td><td>107</td><td>24</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></tr></table>
(Continued on following page)
July 1947
21
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART B - MONTHLY DATA
(in millions of dollars)
<table><tr><th></th><th colspan="7">1946</th><th colspan="5">1947</th></tr><tr><th></th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug.31</th><th>Sept.30</th><th>Oct.31</th><th>Nov.30</th><th>Dec.31</th><th>Jan.31</th><th>Feb.28</th><th>Mar.31</th><th>Apr.30</th><th>May 31</th></tr><tr><td colspan="13">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>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,415</td><td>260,925</td><td>257,649</td><td>258,378</td><td>258,113</td><td>255,800</td><td>254,427</td><td>254,975</td></tr><tr><td>Guaranteed obligations</td><td>542</td><td>467</td><td>324</td><td>370</td><td>391</td><td>378</td><td>362</td><td>331</td><td>262</td><td>181</td><td>175</td><td>171</td><td>171</td></tr><tr><td>Total</td><td>271,983</td><td>268,578</td><td>267,363</td><td>266,729</td><td>264,608</td><td>262,792</td><td>261,286</td><td>257,980</td><td>258,640</td><td>258,294</td><td>255,976</td><td>254,598</td><td>255,146</td></tr><tr><td>Matured debt and debt bearing no interest.</td><td>1,153</td><td>1,321</td><td>1,240</td><td>1,196</td><td>1,160</td><td>1,125</td><td>1,360</td><td>1,507</td><td>1,406</td><td>3,312</td><td>3,331</td><td>3,281</td><td>3,375</td></tr><tr><td>Total outstanding</td><td>273,135</td><td>269,898</td><td>268,603</td><td>267,924</td><td>265,768</td><td>263,918</td><td>262,646</td><td>259,487</td><td>260,046</td><td>261,606</td><td>259,306</td><td>257,880</td><td>258,521</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>17,041</td><td>17,039</td><td>17,023</td><td>17,024</td><td>17,007</td><td>16,987</td><td>17,000</td><td>17,033</td><td>17,074</td><td>17,048</td><td>17,038</td><td>16,610</td><td>16,002</td></tr><tr><td>Certificates of indebtedness</td><td>36,828</td><td>34,804</td><td>37,120</td><td>36,473</td><td>34,478</td><td>32,478</td><td>30,475</td><td>29,987</td><td>29,791</td><td>28,784</td><td>27,792</td><td>26,294</td><td>26,294</td></tr><tr><td>Treasury notes</td><td>18,261</td><td>18,261</td><td>13,351</td><td>13,351</td><td>13,351</td><td>13,351</td><td>13,351</td><td>10,090</td><td>10,090</td><td>10,090</td><td>8,142</td><td>8,142</td><td>8,142</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>53,459</td><td>53,459</td><td>53,459</td><td>53,459</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</td><td>67,713</td><td>65,864</td><td>65,864</td><td>65,864</td><td>69,686</td><td>69,686</td><td>69,686</td><td>69,686</td><td>69,686</td><td>69,686</td><td>69,686</td><td>69,686</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>180</td><td>180</td><td>179</td><td>179</td><td>179</td><td>179</td><td>179</td><td>179</td><td>166</td><td>166</td><td>166</td><td>166</td><td>166</td></tr><tr><td>Total marketable issues</td><td>193,487</td><td>189,606</td><td>187,596</td><td>186,350</td><td>184,338</td><td>182,318</td><td>180,328</td><td>176,613</td><td>176,444</td><td>175,410</td><td>178,462</td><td>170,535</td><td>169,926</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>48,917</td><td>49,035</td><td>49,320</td><td>49,477</td><td>49,545</td><td>49,624</td><td>49,709</td><td>49,776</td><td>50,343</td><td>50,717</td><td>50,945</td><td>51,117</td><td>51,240</td></tr><tr><td>Treasury notes - savings series 3/</td><td>7,127</td><td>6,711</td><td>6,669</td><td>6,688</td><td>6,096</td><td>6,003</td><td>5,978</td><td>5,725</td><td>5,590</td><td>5,570</td><td>5,443</td><td>5,477</td><td>5,525</td></tr><tr><td>Depository bonds</td><td>429</td><td>427</td><td>410</td><td>400</td><td>385</td><td>383</td><td>345</td><td>349</td><td>351</td><td>346</td><td>342</td><td>335</td><td>333</td></tr><tr><td>Armed forces leave bonds</td><td></td><td></td><td></td><td></td><td></td><td>70</td><td>311</td><td>602</td><td>873</td><td>1,132</td><td>1,426</td><td>1,683</td><td>1,765</td></tr><tr><td>Total non-marketable issues</td><td>56,472</td><td>56,173</td><td>56,399</td><td>56,566</td><td>56,025</td><td>56,081</td><td>56,343</td><td>56,451</td><td>57,157</td><td>57,765</td><td>58,156</td><td>58,612</td><td>58,863</td></tr><tr><td>Total public issues</td><td>249,960</td><td>245,779</td><td>243,994</td><td>242,916</td><td>240,364</td><td>238,400</td><td>236,671</td><td>233,064</td><td>233,601</td><td>233,176</td><td>230,618</td><td>229,147</td><td>228,789</td></tr><tr><td>Special issues</td><td>21,481</td><td>22,332</td><td>23,045</td><td>23,443</td><td>23,854</td><td>24,015</td><td>24,254</td><td>24,585</td><td>24,777</td><td>24,938</td><td>25,183</td><td>25,280</td><td>26,186</td></tr><tr><td>Total interest-bearing debt</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,415</td><td>260,925</td><td>257,649</td><td>258,378</td><td>258,113</td><td>255,800</td><td>254,427</td><td>254,975</td></tr><tr><td>Matured debt on which interest has ceased</td><td>191</td><td>376</td><td>313</td><td>285</td><td>262</td><td>241</td><td>236</td><td>395</td><td>307</td><td>281</td><td>308</td><td>267</td><td>241</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 savings stamps</td><td>99</td><td>96</td><td>92</td><td>88</td><td>85</td><td>83</td><td>82</td><td>79</td><td>76</td><td>74</td><td>72</td><td>71</td><td>71</td></tr><tr><td>Excess profit tax refund bonds</td><td>67</td><td>58</td><td>50</td><td>44</td><td>39</td><td>35</td><td>32</td><td>29</td><td>26</td><td>24</td><td>23</td><td>21</td><td>20</td></tr><tr><td>Special notes of 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><td></td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>248</td><td>248</td><td>248</td><td>407</td><td>407</td><td>407</td><td>566</td></tr><tr><td>International Monetary Fund series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,782</td><td>1,782</td><td>1,782</td><td>1,749</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>589</td><td>584</td><td>579</td><td>574</td><td>569</td><td>562</td><td>557</td><td>552</td><td>545</td><td>540</td><td>535</td><td>530</td><td>525</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>951</td><td>935</td><td>918</td><td>902</td><td>890</td><td>876</td><td>1,116</td><td>1,105</td><td>1,092</td><td>3,024</td><td>3,016</td><td>3,008</td><td>3,127</td></tr><tr><td>Total public debt outstanding</td><td>272,583</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,369</td><td>263,532</td><td>262,277</td><td>259,149</td><td>259,776</td><td>261,418</td><td>259,124</td><td>257,701</td><td>258,343</td></tr></table>
Guaranteed 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>42</td><td>43</td><td>43</td><td>43</td><td>44</td><td>44</td><td>45</td><td>45</td><td>46</td><td>46</td><td>46</td><td>46</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 4/...</td><td>500</td><td>424</td><td>281</td><td>326</td><td>347</td><td>334</td><td>317</td><td>286</td><td>217</td><td>135</td><td>130</td><td>126</td><td>125</td></tr><tr><td>Total interest-bearing debt......</td><td>542</td><td>467</td><td>324</td><td>370</td><td>391</td><td>378</td><td>362</td><td>331</td><td>262</td><td>181</td><td>175</td><td>171</td><td>171</td></tr><tr><td>Matured debt on which interest has censed...</td><td>10</td><td>10</td><td>9</td><td>9</td><td>9</td><td>8</td><td>8</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Total guaranteed obligations outstanding...</td><td>552</td><td>476</td><td>333</td><td>379</td><td>400</td><td>386</td><td>370</td><td>339</td><td>270</td><td>188</td><td>182</td><td>178</td><td>177</td></tr></table>
Source: Dally Treasury Statement.
1/ Guaranteed securities held by the Treasury and securities guaranteed as 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 forefeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See
1/ "Treasury Bulletin" July 1946, A-9, A-10.) 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.
2/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
3/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
22
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
B-462-C
July 1947
27
Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
<table><tr><th>Outstanding at end of fiscal year or month</th><th>Total</th><th>Federal Deposit Insurance Corporation</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government Life Insurance Fund</th><th>Government retirement funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Adjusted Service Certificate Fund</th><th>Mutual Mortgage Insurance and War Bonding Insurance Funds</th></tr><tr><td>1937</td><td>1,558</td><td>95</td><td>267</td><td>-</td><td>500</td><td>316</td><td>-</td><td>30</td><td>-</td><td>312</td><td>38</td><td>-</td></tr><tr><td>1938</td><td>2,676</td><td>85</td><td>662</td><td>-</td><td>523</td><td>396</td><td>-</td><td>45</td><td>66</td><td>872</td><td>26</td><td>-</td></tr><tr><td>1939</td><td>3,770</td><td>101</td><td>1,177</td><td>-</td><td>537</td><td>473</td><td>-</td><td>128</td><td>67</td><td>1,267</td><td>20</td><td>-</td></tr><tr><td>1940</td><td>4,775</td><td>56</td><td>1,738</td><td>-</td><td>524</td><td>559</td><td>-</td><td>97</td><td>79</td><td>1,710</td><td>11</td><td>-</td></tr><tr><td>1941</td><td>6,120</td><td>90</td><td>2,381</td><td>5</td><td>531</td><td>656</td><td>3</td><td>85</td><td>74</td><td>2,273</td><td>19</td><td>-</td></tr><tr><td>1942</td><td>7,885</td><td>95</td><td>3,133</td><td>5</td><td>537</td><td>796</td><td>39</td><td>56</td><td>92</td><td>3,114</td><td>18</td><td>-</td></tr><tr><td>1943</td><td>10,871</td><td>103</td><td>4,044</td><td>106</td><td>538</td><td>1,076</td><td>352</td><td>199</td><td>178</td><td>4,257</td><td>18</td><td>-</td></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>4,766</td><td>27</td><td>502</td><td>1,469</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td><td>-</td></tr><tr><td>1945</td><td>18,812</td><td>97</td><td>5,308</td><td>37</td><td>589</td><td>1,868</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td><td>14</td><td>-</td></tr><tr><td>1946</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td><td>-</td></tr><tr><td>1946-May</td><td>21,481</td><td>85</td><td>5,581</td><td>47</td><td>612</td><td>2,090</td><td>5,100</td><td>628</td><td>654</td><td>6,673</td><td>12</td><td>-</td></tr><tr><td>June</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td><td>-</td></tr><tr><td>July</td><td>23,045</td><td>174</td><td>5,910</td><td>50</td><td>889</td><td>2,404</td><td>5,330</td><td>816</td><td>810</td><td>6,649</td><td>12</td><td>-</td></tr><tr><td>August</td><td>23,443</td><td>174</td><td>5,910</td><td>50</td><td>939</td><td>2,399</td><td>5,520</td><td>844</td><td>796</td><td>6,784</td><td>12</td><td>14</td></tr><tr><td>September</td><td>23,854</td><td>174</td><td>6,200</td><td>52</td><td>1,012</td><td>2,388</td><td>5,570</td><td>870</td><td>782</td><td>6,779</td><td>12</td><td>14</td></tr><tr><td>October</td><td>24,015</td><td>179</td><td>6,190</td><td>53</td><td>1,135</td><td>2,379</td><td>5,595</td><td>890</td><td>812</td><td>6,754</td><td>12</td><td>14</td></tr><tr><td>November</td><td>24,254</td><td>179</td><td>6,190</td><td>54</td><td>1,207</td><td>2,387</td><td>5,645</td><td>908</td><td>799</td><td>6,854</td><td>12</td><td>18</td></tr><tr><td>December</td><td>24,585</td><td>189</td><td>6,440</td><td>56</td><td>1,236</td><td>2,381</td><td>5,675</td><td>938</td><td>785</td><td>6,854</td><td>12</td><td>18</td></tr><tr><td>1947-January</td><td>24,777</td><td>238</td><td>6,440</td><td>57</td><td>1,236</td><td>2,375</td><td>5,725</td><td>990</td><td>815</td><td>6,869</td><td>12</td><td>18</td></tr><tr><td>February</td><td>24,938</td><td>248</td><td>6,440</td><td>58</td><td>1,236</td><td>2,376</td><td>5,765</td><td>1,014</td><td>802</td><td>6,969</td><td>12</td><td>18</td></tr><tr><td>March</td><td>25,183</td><td>248</td><td>6,680</td><td>59</td><td>1,236</td><td>2,369</td><td>5,789</td><td>1,040</td><td>787</td><td>6,944</td><td>12</td><td>18</td></tr><tr><td>April</td><td>25,280</td><td>277</td><td>6,680</td><td>59</td><td>1,236</td><td>2,377</td><td>5,813</td><td>1,066</td><td>817</td><td>6,919</td><td>12</td><td>22</td></tr><tr><td>May</td><td>26,186</td><td>339</td><td>6,680</td><td>60</td><td>1,231</td><td>2,373</td><td>6,278</td><td>1,294</td><td>801</td><td>7,094</td><td>12</td><td>22</td></tr></table>
Source: Daily Treasury Statement. 1/ Those securities are included in the detailed statement of the 2/ includes Postal Savings System of the Canal Zone.
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>Bone Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th><th>Export-Import Bank of Washington</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><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><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><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><td>-</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><td>-</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td><td>-</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><td>-</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><td>-</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><td>-</td></tr><tr><td>1946</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><td>-</td></tr><tr><td>1946-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><td>-</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><td>-</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><td>-</td></tr><tr><td>August</td><td>10,826</td><td>500</td><td>-</td><td>360</td><td>694</td><td>9,215</td><td>57</td><td>-</td></tr><tr><td>September</td><td>10,721</td><td>500</td><td>-</td><td>360</td><td>675</td><td>9,129</td><td>57</td><td>-</td></tr><tr><td>October</td><td>10,709</td><td>504</td><td>-</td><td>360</td><td>656</td><td>9,132</td><td>57</td><td>-</td></tr><tr><td>November</td><td>10,685</td><td>500</td><td>-</td><td>360</td><td>642</td><td>9,126</td><td>57</td><td>-</td></tr><tr><td>December</td><td>10,693</td><td>652</td><td>-</td><td>360</td><td>622</td><td>8,976</td><td>56</td><td>26</td></tr><tr><td>1947-January</td><td>10,828</td><td>820</td><td>-</td><td>360</td><td>607</td><td>8,887</td><td>56</td><td>97</td></tr><tr><td>February</td><td>10,891</td><td>866</td><td>-</td><td>360</td><td>590</td><td>8,839</td><td>56</td><td>179</td></tr><tr><td>March</td><td>10,985</td><td>830</td><td>-</td><td>350</td><td>574</td><td>8,902</td><td>56</td><td>272</td></tr><tr><td>April</td><td>10,946</td><td>865</td><td>-</td><td>350</td><td>559</td><td>8,769</td><td>56</td><td>346</td></tr><tr><td>May</td><td>10,473</td><td>284</td><td>-</td><td>350</td><td>546</td><td>8,807</td><td>56</td><td>429</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
24
Treasury Bulletin
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
<table><tr><th rowspan="2">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>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</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>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>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>1946-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><tr><td>August</td><td>266,729</td><td>5,371</td><td>2.014</td><td>266,359</td><td>5,366</td><td>2.015</td><td>370</td><td>6</td><td>1.517</td></tr><tr><td>September</td><td>264,608</td><td>5,358</td><td>2.025</td><td>264,217</td><td>5,353</td><td>2.026</td><td>391</td><td>6</td><td>1.473</td></tr><tr><td>October</td><td>262,792</td><td>5,349</td><td>2.035</td><td>262,415</td><td>5,343</td><td>2.036</td><td>378</td><td>6</td><td>1.497</td></tr><tr><td>November</td><td>261,286</td><td>5,344</td><td>2.046</td><td>260,925</td><td>5,339</td><td>2.046</td><td>362</td><td>5</td><td>1.520</td></tr><tr><td>December</td><td>257,980</td><td>5,304</td><td>2.056</td><td>257,649</td><td>5,299</td><td>2.057</td><td>331</td><td>5</td><td>1.580</td></tr><tr><td>1947-January</td><td>258,640</td><td>5,327</td><td>2.059</td><td>258,378</td><td>5,322</td><td>2.060</td><td>262</td><td>4</td><td>1.642</td></tr><tr><td>February</td><td>258,294</td><td>5,336</td><td>2.066</td><td>258,113</td><td>5,332</td><td>2.066</td><td>181</td><td>3</td><td>1.758</td></tr><tr><td>March</td><td>255,976</td><td>5,319</td><td>2.078</td><td>255,800</td><td>5,316</td><td>2.078</td><td>175</td><td>3</td><td>1.783</td></tr><tr><td>April</td><td>254,598</td><td>5,318</td><td>2.089</td><td>254,427</td><td>5,315</td><td>2.089</td><td>171</td><td>3</td><td>1.718</td></tr><tr><td>May</td><td>255,146</td><td>5,344</td><td>2.094</td><td>254,975</td><td>5,341</td><td>2.095</td><td>171</td><td>3</td><td>1.706</td></tr></table>
Source: 1/ Daily Treasury Statement. 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.
July 1947
25
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 guaranteed obligations held by the Secretary of the Treasury), shall not ex-
ceed in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Condition as of May 31, 1947
(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>Amount of securities outstanding subject to such statutory debt limitation 1/:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended</td><td>257,451</td></tr><tr><td>Guaranteed securities 2/</td><td>177</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>257,628</td></tr><tr><td>Balance leesuable under such authority</td><td>17,372</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the total public debt and guaranteed securities 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, May 31, 1947
(In millions of dollars)
<table><tr><th></th><th colspan="3">Public debt and guaranteed obligations outstanding</th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td>Public debt and guaranteed obligations outstanding:</td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,002</td><td>-</td><td>16,002</td></tr><tr><td>Certificate of indebtedness</td><td>26,294</td><td>-</td><td>26,294</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>-</td><td>8,142</td></tr><tr><td>Treasury bonds - bank restricted 1/.</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>-</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>166</td><td>166</td></tr><tr><td>Total marketable issues</td><td>169,761</td><td>166</td><td>169,926</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>51,240</td><td>-</td><td>51,240</td></tr><tr><td>Treasury savings notes</td><td>5,525</td><td>-</td><td>5,525</td></tr><tr><td>Depository bonds</td><td>333</td><td>-</td><td>333</td></tr><tr><td>Armed forces leave bonds</td><td>1,765</td><td>-</td><td>1,765</td></tr><tr><td>Total non-marketable issues</td><td>58,863</td><td>-</td><td>58,863</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>26,186</td><td>-</td><td>26,186</td></tr><tr><td>Total interest-bearing securities</td><td>254,809</td><td>166</td><td>254,975</td></tr><tr><td>Matured securities on which interest has ceased</td><td>236</td><td>-</td><td>236</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>71</td><td>-</td><td>71</td></tr><tr><td>Excess profits tax refund bonds</td><td>20</td><td>-</td><td>20</td></tr><tr><td>Special notes of the United States:</td><td></td><td></td><td></td></tr><tr><td>International Monetary Fund Series</td><td>1,749</td><td>-</td><td>1,749</td></tr><tr><td>International Bank for Reconstructinn and Development series</td><td>566</td><td>-</td><td>566</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>727</td><td>727</td></tr><tr><td>Total obligations bearing no interest</td><td>2,406</td><td>727</td><td>3,133</td></tr><tr><td>Total public debt</td><td>257,451</td><td>892</td><td>258,343</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>171</td><td>-</td><td>171</td></tr><tr><td>Matured debt</td><td>7</td><td>-</td><td>7</td></tr><tr><td>Total guaranteed securities</td><td>177</td><td>-</td><td>177</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>257,628</td><td>892</td><td>258,521</td></tr></table>
Source: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21. 2/ Consists of United States notes (less gold reserves); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest. 3/ Excludes guaranteed securities held by the Treasury.
26
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="7">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profits tax refund bonds</th><th>Ex-changes</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>-</td><td>-</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</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>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</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>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>-</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>-</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>-</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>-</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>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>-</td><td>31,036</td><td>12,744</td></tr><tr><td>1946-May</td><td>272,583</td><td>-1,316</td><td>7,669</td><td>7,395</td><td>-</td><td>-</td><td>-</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>17</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>-</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>-</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><tr><td>Aug.</td><td>267,546</td><td>-724</td><td>9,019</td><td>7,374</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,223</td><td>422</td><td>9,743</td><td>8,496</td><td>-</td><td>1,223</td><td>24</td></tr><tr><td>Sept.</td><td>265,369</td><td>-2,177</td><td>8,818</td><td>6,024</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>2,341</td><td>455</td><td>10,995</td><td>8,610</td><td>-</td><td>2,341</td><td>44</td></tr><tr><td>Oct.</td><td>263,532</td><td>-1,837</td><td>9,025</td><td>7,283</td><td>-</td><td>-</td><td>70</td><td>-</td><td>-</td><td>-</td><td>1,440</td><td>232</td><td>10,862</td><td>9,351</td><td>-</td><td>1,440</td><td>71</td></tr><tr><td>Nov.</td><td>262,277</td><td>-1,255</td><td>8,441</td><td>5,925</td><td>-</td><td>-</td><td>240</td><td>248</td><td>-</td><td>-</td><td>1,775</td><td>252</td><td>9,696</td><td>7,908</td><td>-</td><td>1,775</td><td>14</td></tr><tr><td>Dec.</td><td>259,149</td><td>-3,128</td><td>10,200</td><td>6,271</td><td>-</td><td>-</td><td>293</td><td>-</td><td>-</td><td>-</td><td>3,281</td><td>355</td><td>13,328</td><td>10,023</td><td>-</td><td>3,281</td><td>24</td></tr><tr><td>1947-Jan.</td><td>259,776</td><td>628</td><td>11,486</td><td>7,817</td><td>-</td><td>-</td><td>278</td><td>-</td><td>-</td><td>-</td><td>3,134</td><td>257</td><td>10,859</td><td>7,659</td><td>-</td><td>3,134</td><td>65</td></tr><tr><td>Feb.</td><td>261,118</td><td>1,642</td><td>12,536</td><td>6,201</td><td>-</td><td>-</td><td>269</td><td>159</td><td>1,782</td><td>-</td><td>3,947</td><td>178</td><td>10,894</td><td>6,930</td><td>-</td><td>3,947</td><td>18</td></tr><tr><td>Mar.</td><td>259,124</td><td>-2,294</td><td>8,936</td><td>6,196</td><td>-</td><td>-</td><td>303</td><td>-</td><td>-</td><td>-</td><td>2,142</td><td>295</td><td>11,231</td><td>9,038</td><td>-</td><td>2,142</td><td>50</td></tr><tr><td>Apr.</td><td>257,701</td><td>-1,423</td><td>7,373</td><td>5,627</td><td>-</td><td>-</td><td>267</td><td>-</td><td>-</td><td>-</td><td>1,321</td><td>157</td><td>8,795</td><td>7,414</td><td>-</td><td>1,321</td><td>60</td></tr><tr><td>May</td><td>258,343</td><td>642</td><td>7,819</td><td>3,102</td><td>-</td><td>-</td><td>91</td><td>159</td><td>-</td><td>-</td><td>3,533</td><td>934</td><td>7,177</td><td>3,616</td><td>-</td><td>3,533</td><td>28</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th colspan="4">Public issues</th><th colspan="2">Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificates of indebtedness</th><th>Bills</th></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,186</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>9,187</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>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>6.4</td><td>8.3</td></tr><tr><td>1946-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>21,481</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>6.3</td><td>7.9</td></tr><tr><td>June</td><td>268,111</td><td>119,502</td><td>49,162</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>6.4</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>6.4</td><td>8.6</td></tr><tr><td>August</td><td>266,359</td><td>119,502</td><td>49,878</td><td>13,351</td><td>6,688</td><td>36,473</td><td>17,024</td><td>23,443</td><td>100.0</td><td>44.9</td><td>18.7</td><td>5.0</td><td>2.5</td><td>13.7</td><td>6.4</td><td>8.8</td></tr><tr><td>September</td><td>264,217</td><td>119,502</td><td>49,930</td><td>13,351</td><td>6,096</td><td>34,478</td><td>17,007</td><td>23,854</td><td>100.0</td><td>45.2</td><td>19.0</td><td>5.1</td><td>2.3</td><td>13.0</td><td>6.4</td><td>9.0</td></tr><tr><td>October</td><td>262,815</td><td>119,502</td><td>50,078</td><td>13,351</td><td>6,003</td><td>32,478</td><td>16,987</td><td>24,015</td><td>100.0</td><td>45.5</td><td>19.1</td><td>5.1</td><td>2.3</td><td>12.4</td><td>6.5</td><td>9.1</td></tr><tr><td>November</td><td>260,925</td><td>119,502</td><td>50,365</td><td>13,351</td><td>5,978</td><td>30,475</td><td>17,000</td><td>24,254</td><td>100.0</td><td>45.8</td><td>19.3</td><td>5.1</td><td>2.3</td><td>11.7</td><td>6.5</td><td>9.3</td></tr><tr><td>December</td><td>257,649</td><td>119,502</td><td>50,726</td><td>10,090</td><td>5,725</td><td>29,987</td><td>17,033</td><td>24,585</td><td>100.0</td><td>46.4</td><td>19.7</td><td>3.9</td><td>2.2</td><td>11.6</td><td>6.6</td><td>9.6</td></tr><tr><td>1947-January</td><td>258,378</td><td>119,489</td><td>51,567</td><td>10,090</td><td>5,590</td><td>29,791</td><td>17,074</td><td>24,777</td><td>100.0</td><td>46.3</td><td>19.9</td><td>3.9</td><td>2.2</td><td>11.5</td><td>6.6</td><td>9.6</td></tr><tr><td>February</td><td>258,113</td><td>119,489</td><td>52,195</td><td>10,090</td><td>5,570</td><td>28,784</td><td>17,048</td><td>24,938</td><td>100.0</td><td>46.3</td><td>20.2</td><td>3.9</td><td>2.2</td><td>11.1</td><td>6.6</td><td>9.7</td></tr><tr><td>March</td><td>255,800</td><td>119,489</td><td>52,713</td><td>8,142</td><td>5,443</td><td>27,792</td><td>17,038</td><td>25,183</td><td>100.0</td><td>46.7</td><td>20.6</td><td>3.2</td><td>2.1</td><td>10.9</td><td>6.7</td><td>9.8</td></tr><tr><td>April</td><td>254,827</td><td>119,489</td><td>53,135</td><td>8,142</td><td>5,477</td><td>26,294</td><td>16,610</td><td>25,280</td><td>100.0</td><td>47.0</td><td>20.9</td><td>3.2</td><td>2.2</td><td>10.3</td><td>6.5</td><td>9.9</td></tr><tr><td>May</td><td>254,975</td><td>119,489</td><td>53,338</td><td>8,142</td><td>5,525</td><td>26,294</td><td>16,002</td><td>26,186</td><td>100.0</td><td>46.8</td><td>20.9</td><td>3.2</td><td>2.2</td><td>10.3</td><td>6.3</td><td>10.3</td></tr></table>
Source: Daily Treasury Statement.
July 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of May 31, 1947
(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>1947-June.</td><td>Treasury bills 7/8% Certificate - 6/1/47</td><td>5,247 2,775</td><td></td><td></td><td>Various 6/1/46</td><td>taxable taxable</td><td></td></tr><tr><td>July</td><td>Treasury bills 7/8% Certificate - 7/1/47</td><td>5,926 2,916</td><td></td><td></td><td>Various 7/1/46</td><td>taxable taxable</td><td></td></tr><tr><td>Aug.</td><td>Treasury bills 7/8% Certificate - 8/1/47</td><td>4,829 1,223</td><td></td><td></td><td>Various 8/1/46</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>1/8% Certificate - 9/1/47 1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>2,341 2,707 1,687</td><td></td><td></td><td>9/1/46 7/12/43 12/1/44</td><td>taxable taxable taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52 7/8% Certificate - 10/1/47</td><td>1,440</td><td>759</td><td></td><td>10/16/22 10/1/46</td><td>partially taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/47</td><td>1,775</td><td></td><td></td><td>11/1/46</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>1/8% Certificate - 12/1/47 2% Treasury bond - 12/15/47</td><td>3,281 701</td><td></td><td></td><td>12/1/46 12/15/38</td><td>taxable partially</td><td></td></tr><tr><td>Total</td><td></td><td>36,847</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Jan.</td><td>7/8% Certificate - 1/1/48</td><td>3,134</td><td></td><td></td><td>1/1/47</td><td>taxable</td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/48</td><td>3,947</td><td></td><td></td><td>2/1/47</td><td>taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/48 2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td>2,142 1,115 1,223</td><td></td><td></td><td>3/1/47 3/15/41 3/16/36</td><td>taxable taxable partially</td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/48</td><td>1,321</td><td></td><td></td><td>4/1/47</td><td>taxable</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 - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td></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>17,804</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 - 12/15/49-51 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>2,098 491 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 - 3/15/48-50 2% Treasury bond - 3/15/50-52</td><td></td><td>1,115 1,963</td><td></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 - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td></td><td>1,186 4,939</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 - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td></td><td>571 2,635</td><td></td><td>12/8/39 6/1/45</td><td>partially taxable</td><td></td></tr><tr><td>Total</td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></td></tr><tr><td>1951-Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td></td><td></td><td>1,223</td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/49-51 2-3/4% Treasury bond - 6/15/51-54</td><td></td><td></td><td>1,014 1,627</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51 2% Treasury bond - 9/15/51-53 3% Treasury bond - 9/15/51-55</td><td></td><td></td><td>1,292 7,986 755</td><td>5/15/42 9/15/43 9/15/31</td><td>taxable taxable partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 2-1/4% Treasury bond - 12/15/51-53 2% Treasury bond - 12/15/51-55</td><td></td><td></td><td>2,098 1,118 510</td><td>7/15/42 12/22/39 12/15/41</td><td>taxable partially 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></table>
(Continued on following page)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ As of May 31, 1947 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Fixed-maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1952-Mar.</td><td>2% Treasury bond - 3/15/50-52</td><td>1,963</td><td>1,024</td><td>1,963</td><td>10/19/42 3/31/41</td><td>taxable taxable</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-54</td><td>5,825</td><td>1,501</td><td>1,186</td><td>6/26/44 2/25/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/4% Treasury bond - 9/15/50-52</td><td>1,939</td><td>1,501</td><td>1,939</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>759</td><td></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 - 12/15/49-52</td><td>491</td><td>8,662</td><td>491</td><td>12/15/34 12/1/44</td><td>partially taxable</td><td></td></tr><tr><td></td><td>Total</td><td>17,012</td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June.</td><td>2% Treasury bond - 6/15/53-55</td><td>725</td><td></td><td>725</td><td>10/1/40</td><td>partially</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/51-53</td><td>7,986</td><td></td><td>7,986</td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond - 12/15/49-53</td><td>1,786</td><td></td><td>1,786</td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>1,118</td><td></td><td>1,118</td><td>12/22/39</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>725</td><td>10,890</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>1,024</td><td></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 - 6/15/51-54</td><td>1,627</td><td>681</td><td>1,627</td><td>6/15/36 6/26/44</td><td>partially taxable</td><td></td></tr><tr><td>2-1/4% Treasury bond - 6/15/52-54</td><td>5,825</td><td></td><td>5,825</td><td>7/22/40</td><td></td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/52-54</td><td>8,662</td><td></td><td>8,662</td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td></td><td>Total</td><td>681</td><td>17,138</td><td>17,138</td><td></td><td></td><td></td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>2,611</td><td></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 - 6/15/52-55</td><td>1,501</td><td>725</td><td>1,501</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td></td></tr><tr><td>Sept.</td><td>3% Treasury bond - 9/15/51-55</td><td>755</td><td></td><td>755</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/51-55</td><td>510</td><td></td><td>510</td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>Total</td><td>2,611</td><td>3,491</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>1,449</td><td></td><td>1,449</td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>681</td><td></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 - 9/15/56-59</td><td>982</td><td>3,823</td><td>982</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td></td></tr><tr><td>2-1/4% Treasury bond - 9/15/56-59</td><td></td><td>3,823</td><td></td><td>3,823</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>6,253</td><td>681</td><td>6,253</td><td></td><td></td><td></td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>1,449</td><td></td><td>1,449</td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>919</td><td></td><td>919</td><td>6/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>919</td><td>1,449</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June.</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>5,284</td><td></td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>982</td><td></td><td>982</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td></td></tr><tr><td>2-1/4% Treasury bond - 9/15/56-59</td><td>3,823</td><td></td><td>3,823</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>3,470</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>8,754</td><td>4,804</td><td>8,754</td><td></td><td></td><td></td></tr><tr><td>1960-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>2,611</td><td></td><td>2,611</td><td>3/15/35</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>1,485</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>1,485</td><td>2,611</td><td>1,485</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
July 1947
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States 1/
As of May 31, 1947 - (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>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.</td><td>.....</td><td>.....</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/62-67.</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>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 taxable</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 taxable</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>3,481</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.</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/67-72.</td><td>.....</td><td>7,967</td><td>.....</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>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-Dec..</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/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
Wholly* tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. *Taxable" securities are subject to both normal and surtax rates. Bank restricted issues may act be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 21.
30
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtness
<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) 1/</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash</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 colspan="4">(In millions of dollars)</td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 3/15/65-70 3/4/ (2/1/44)</td><td>25 yr.9 m (20 yr.9 m) 6/</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. bond- 6/15/52-54......(6/26/44)</td><td>10 yr (8 yr)</td><td>5,825</td><td>-</td><td>5,825 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>2,511</td><td>-</td><td>2,511</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 7/</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 colspan="4"></td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 3/15/66-71 3/4/ (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. bond-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</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>2-1/2% Treas. bond- 3/15/66-71 3/4/ (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 9/</td><td>-</td><td>33</td><td>-</td><td>33</td><td>100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>2% Treas. bond- 12/15/52-54 8/......(12/1/44)</td><td>10 yr (8 yr) 9/</td><td>-</td><td>157</td><td>-</td><td>157</td><td>100</td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>1-1/4% Treas. note - 9/15/47 8/......(12/1/44)</td><td>2 yr.9 m 9/</td><td>-</td><td>1,57</td><td>-</td><td>1,57</td><td>100</td></tr><tr><td>3/22/45</td><td>3/22/45</td><td>7/8% Certificate - 2/1/46............(2/1/45)</td><td>1 yr</td><td>-</td><td>5,043</td><td>-</td><td>5,043</td><td>100</td></tr><tr><td>4/19/45</td><td>4/19/45</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></td><td></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>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/</td><td></td><td colspan="4"></td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 6/15/67-72 3/4/ (6/1/45)</td><td>27 yr (22 yr)</td><td>7,967</td><td>-</td><td>7,967 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 6/15/59-62 3/4/ (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>1-1/2% Treas. bond-12/15/50......(6/1/45)</td><td>5 yr.6 m</td><td>2,635</td><td>-</td><td>2,635 3/</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............(8/1/45)</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: 3/</td><td></td><td colspan="4"></td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond-12/15/67-72 3/4/ (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. bond-12/15/59-62 3/4/ (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............(12/13/45)</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............(12/1/45)</td><td>11 m</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>59</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>66</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>4,145</td><td>-</td><td>4,145</td><td>56</td></tr><tr><td>9/18/46</td><td>9/18/46</td><td>7/8% Certificate - 10/1/47............(10/1/46)</td><td>1 yr</td><td>-</td><td>3,203</td><td>-</td><td>3,203</td><td>44</td></tr><tr><td>10/21/46</td><td>10/21/46</td><td>7/8% Certificate - 11/1/47............(11/1/46)</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>3,432</td><td>51</td></tr><tr><td>11/18/46</td><td>11/18/46</td><td>7/8% Certificate - 12/1/47............(12/1/46)</td><td>1 yr</td><td>-</td><td>3,281</td><td>-</td><td>3,281</td><td>100</td></tr><tr><td>12/18/46</td><td>12/18/46</td><td>7/8% Certificate - 1/1/48............(1/1/47)</td><td>1 yr</td><td>-</td><td>3,134</td><td>-</td><td>3,134</td><td>100</td></tr><tr><td>1/20/47</td><td>1/20/47</td><td>7/8% Certificate - 2/1/48............(2/1/47)</td><td>1 yr</td><td>-</td><td>4,801</td><td>-</td><td>4,801</td><td>82</td></tr><tr><td>2/17/47</td><td>2/17/47</td><td>7/8% Certificate - 3/1/48............(3/1/47)</td><td>1 yr</td><td>-</td><td>2,951</td><td>-</td><td>2,951</td><td>72</td></tr><tr><td>3/19/47</td><td>3/19/47</td><td>7/8% Certificate - 4/1/48............(4/1/47)</td><td>1 yr</td><td>-</td><td>2,669</td><td>-</td><td>2,669</td><td>48</td></tr><tr><td>5/21/47</td><td>5/21/47</td><td>7/8% Certificate - 6/1/48............(6/1/47)</td><td>1 yr</td><td>-</td><td>2,510</td><td>-</td><td>2,510</td><td>70</td></tr><tr><td>6/23/47</td><td>6/23/47</td><td>7/8% Certificate - 7/1/48............(7/1/47)</td><td>1 yr</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td><td>100</td></tr></table>
Source: Bureau of the Public Debt. n.s. Not available. p Preliminary. 1/ In the Case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds. 3/ 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-
4/ 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.
5/ Reopening of previously offered security.
6/ Interest commenced on June 26, 1944.
7/ Interest commenced on September 15, 1944.
8/ This is the same security that was offered in the Sixth War Loan.
2/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
July 1947
31
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="3">Results of exchange offers</th><th colspan="2">Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th><th></th></tr><tr><td>8/1/44 9/1/44</td><td>7/8% Certificate - 8/1/44......(8/2/43)</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></td><td>7/8% Certificate - 9/1/44......(9/15/43)</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% Trea. note - 9/15/44......(1/31/41)</td><td>635</td><td>-</td><td>635</td><td>602</td><td>33</td><td>95</td><td>1%</td><td>Trea. note - 3/15/46</td></tr><tr><td></td><td>1% Trea. note - 9/15/44......(12/22/39)</td><td>283</td><td>-</td><td>283</td><td>185</td><td>98</td><td>66</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44......(10/15/43)</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></td><td>7/8% Certificate - 12/1/44......(12/1/43)</td><td>3,540</td><td>-</td><td>3,540</td><td>3,416</td><td>124</td><td>96</td><td>90%</td><td>Trea. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Trea. bond - 12/15/44-54......(12/15/24)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Trea. note - 9/15/47</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2% Trea. bond -12/15/52-54</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2-1/2% Trea. bond - 3/15/66-71 2/</td><td></td><td></td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45......(2/1/44)</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>1-1/8% CCC note - 2/15/45......(7/21/41)</td><td>412</td><td>-</td><td>412</td><td>395</td><td>17</td><td>96</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>3/1/45</td><td>.90% Trea. note - 3/1/45......(2/1/44)</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>3/4% Trea. note - 3/15/45......(3/15/40)</td><td>718</td><td>-</td><td>718</td><td>493</td><td>225</td><td>69</td><td></td><td></td></tr><tr><td></td><td>1-1/4% Trea. note - 3/15/45......(9/25/42)</td><td>1,606</td><td>-</td><td>1,606</td><td>1,546</td><td>60</td><td>96</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% Certificate - 4/1/45......(4/1/44)</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></td><td>7/8% Certificate - 5/1/45......(5/1/44)</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% Certificate - 6/1/45......(6/26/44)</td><td>4,770</td><td>-</td><td>4,770</td><td>4,187</td><td>583</td><td>88</td><td>.90% Trea. note - 7/1/46</td></tr><tr><td></td><td>1-1/2% HDIC bond - 6/1/45-47......(6/1/39)</td><td>755</td><td>-</td><td>755</td><td>123</td><td>32</td><td>96</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45......(8/1/44)</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% Certificate - 9/1/45......(9/1/44)</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>2-3/4% Trea. bond - 9/15/45-47......(9/16/35)</td><td>1,214</td><td>-</td><td>1,214</td><td>907</td><td>307</td><td>75</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45......(10/1/44)</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% Certificate - 12/1/45......(12/1/44)</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>3/4% Trea. note - 12/15/45......(12/18/40)</td><td>531</td><td>-</td><td>531</td><td>438</td><td>93</td><td>82</td><td></td><td></td></tr><tr><td></td><td>2-1/2% Trea. bond - 12/15/45......(12/15/37)</td><td>541</td><td>-</td><td>541</td><td>408</td><td>133</td><td>75</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46......(1/1/16)</td><td>16</td><td>-</td><td>16</td><td>3,416</td><td>3,330</td><td>85</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>1/1/46 2/1/46</td><td>.90% Trea. note - 1/1/46......(12/1/44)</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td></td><td></td></tr><tr><td></td><td>7/8% Certificate - 2/1/46......(2/1/45)</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% Certificate - 3/1/46......(3/1/45)</td><td>4,147</td><td>1,014</td><td>3,133</td><td>3,133</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>3-3/4% Trea. bond - 3/15/46-56......(3/15/26)</td><td>489</td><td>489</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td></td><td>1% Trea. note - 3/15/46......(11/1/41)</td><td>1,291</td><td>1,291</td><td>2,820</td><td>2,820</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>4/1/46 5/1/46</td><td>7/8% Certificate - 4/1/46......(4/1/45)</td><td>4,811</td><td>1,991</td><td>2,820</td><td>2,820</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td></td><td>7/8% Certificate - 5/1/46......(5/1/45)</td><td>1,579</td><td>1,579</td><td>2,175</td><td>2,175</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46......(6/1/45)</td><td>1,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3% Trea. bond - 6/15/46-48......(6/15/34)</td><td>1,036</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>7/1/46 8/1/46</td><td>3-1/8% Trea. bond - 6/15/46-48......(6/15/31)</td><td>819</td><td>819</td><td>2,916</td><td>2,916</td><td>-</td><td>3/</td><td>7/8% Certificate - 7/1/47</td></tr><tr><td></td><td>.90% Trea. note - 7/1/46......(6/1/45)</td><td>4,910</td><td>1,994</td><td>1,223</td><td>1,223</td><td>-</td><td>3/</td><td>7/8% Certificate - 8/1/47</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 8/1/46......(8/1/45)</td><td>2,470</td><td>1,246</td><td>1,223</td><td>1,223</td><td>-</td><td>3/</td><td>7/8% Certificate - 9/1/47</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 9/1/46......(9/1/45)</td><td>4,336</td><td>1,995</td><td>2,341</td><td>2,341</td><td>-</td><td>3/</td><td>7/8% Certificate - 10/1/47</td></tr><tr><td>11/1/46</td><td>7/8% Certificate - 10/1/46......(10/1/45)</td><td>3,440</td><td>2,000</td><td>1,440</td><td>1,440</td><td>-</td><td>3/</td><td>7/8% Certificate - 11/1/47</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 11/1/46......(12/1/45)</td><td>3,778</td><td>2,003</td><td>1,775</td><td>1,775</td><td>-</td><td>3/</td><td>7/8% Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2% Trea. note - 12/15/46......(6/5/42)</td><td>3,261</td><td>3,261</td><td>3,768</td><td>3,768</td><td>487</td><td>87</td><td></td><td></td></tr><tr><td>1/1/47</td><td>3% Conversion bond - 1/1/47......(1/1/17)</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 1/1/48</td></tr><tr><td>2/1/47</td><td>7/8% Certificate - 1/1/47......(1/1/46)</td><td>3,330</td><td>3,330</td><td>3,134</td><td>3,134</td><td>196</td><td>94</td><td>7/8% Certificate - 2/1/48</td></tr><tr><td>3/1/47</td><td>7/8% Certificate - 2/1/47......(2/1/46)</td><td>4,954</td><td>1,007</td><td>3,947</td><td>3,947</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/48</td></tr><tr><td>3/15/47</td><td>1-1/4% Trea. note - 3/15/47......(6/26/44)</td><td>1,948</td><td>1,948</td><td>2,142</td><td>2,142</td><td>-</td><td>2/</td><td>7/8% Certificate - 3/1/48</td></tr><tr><td>4/1/47</td><td>7/8% Certificate - 4/1/47......(4/1/46)</td><td>2,820</td><td>1,499</td><td>1,321</td><td>1,321</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/48</td></tr><tr><td>6/1/47</td><td>7/8% Certificate - 6/1/47......(6/1/46)</td><td>2,775</td><td>998</td><td>1,777</td><td>1,777</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/48</td></tr><tr><td>7/1/47</td><td>7/8% Certificate - 7/1/47......(7/1/46)</td><td>2,916</td><td>-</td><td>2,916</td><td>n.a.</td><td>-</td><td>n.a.</td><td>7/8% Certificate - 7/1/48</td></tr></table>
Source: Bureau of the Public Debt. n.e. Not available. p/ Preliminary. 1/ Original call and maturity dates are used. 2/ Bank restricted issue. 3/ Prior to the refunding operation of March 1, 1946, maturing issues
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 Treasurly into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
32
Treasury Bulletin
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
Offerings and Maturities of Treasury Bills
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="7">Description of new issue</th><th rowspan="2">Amount of maturing lease (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount of bids accepted on competitive basis</th><th>Amount on fixed-price basis 1/</th><th>In exchange</th></tr><tr><td>1946-May 2.</td><td>1946-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>-</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>1,308.2</td><td>1,265.8</td><td>42.5</td><td>-</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>-</td><td>1,309.0</td><td>17,032.9</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>-</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>1,288.0</td><td>24.5</td><td>-</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>-</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>1,272.2</td><td>38.0</td><td>-</td><td>1,303.8</td><td>17,051.4</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>-</td><td>1,315.3</td><td>17,046.4</td></tr><tr><td>June 27.</td><td>Sept. 26.</td><td>91</td><td>1,854.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>-</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>-</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>-</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>-</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>1,269.8</td><td>35.3</td><td>-</td><td>1,315.3</td><td>17,023.0</td></tr><tr><td>Aug. 1.</td><td>Oct. 31.</td><td>91</td><td>1,796.3</td><td>1,306.1</td><td>1,272.2</td><td>33.9</td><td>-</td><td>1,309.2</td><td>17,019.9</td></tr><tr><td>Aug. 8.</td><td>Nov. 7.</td><td>91</td><td>1,824.0</td><td>1,315.4</td><td>1,279.8</td><td>35.5</td><td>-</td><td>1,308.2</td><td>17,027.0</td></tr><tr><td>Aug. 15.</td><td>Nov. 14.</td><td>91</td><td>1,816.5</td><td>1,313.7</td><td>1,275.6</td><td>38.2</td><td>-</td><td>1,301.3</td><td>17,039.4</td></tr><tr><td>Aug. 22.</td><td>Nov. 21.</td><td>91</td><td>1,803.9</td><td>1,308.4</td><td>1,272.3</td><td>36.0</td><td>-</td><td>1,313.7</td><td>17,034.0</td></tr><tr><td>Aug. 29.</td><td>Nov. 29.</td><td>92</td><td>1,804.8</td><td>1,302.2</td><td>1,274.5</td><td>27.7</td><td>-</td><td>1,312.5</td><td>17,023.8</td></tr><tr><td>Sept. 5.</td><td>Dec. 5.</td><td>91</td><td>1,812.3</td><td>1,309.0</td><td>1,281.0</td><td>28.0</td><td>-</td><td>1,312.9</td><td>17,019.8</td></tr><tr><td>Sept. 12.</td><td>Dec. 12.</td><td>91</td><td>1,802.0</td><td>1,305.3</td><td>1,270.7</td><td>34.6</td><td>-</td><td>1,310.1</td><td>17,015.0</td></tr><tr><td>Sept. 19.</td><td>Dec. 19.</td><td>91</td><td>1,777.3</td><td>1,304.8</td><td>1,270.2</td><td>34.6</td><td>-</td><td>1,310.4</td><td>17,009.5</td></tr><tr><td>Sept. 26.</td><td>Dec. 26.</td><td>91</td><td>1,831.0</td><td>1,303.4</td><td>1,273.5</td><td>30.0</td><td>-</td><td>1,305.9</td><td>17,007.0</td></tr><tr><td>Oct. 3.</td><td>1947-Jan. 2.</td><td>91</td><td>1,880.5</td><td>1,306.9</td><td>1,283.1</td><td>23.8</td><td>-</td><td>1,307.7</td><td>17,006.2</td></tr><tr><td>Oct. 10.</td><td>Jan. 9.</td><td>91</td><td>1,891.6</td><td>1,306.4</td><td>1,275.2</td><td>31.2</td><td>-</td><td>1,315.1</td><td>16,997.5</td></tr><tr><td>Oct. 17.</td><td>Jan. 16.</td><td>91</td><td>1,804.7</td><td>1,306.6</td><td>1,272.4</td><td>34.2</td><td>-</td><td>1,310.6</td><td>16,993.5</td></tr><tr><td>Oct. 24.</td><td>Jan. 23.</td><td>91</td><td>1,790.7</td><td>1,302.0</td><td>1,271.0</td><td>31.0</td><td>-</td><td>1,305.1</td><td>16,990.3</td></tr><tr><td>Oct. 31.</td><td>Jan. 30.</td><td>91</td><td>1,754.5</td><td>1,303.3</td><td>1,273.8</td><td>29.4</td><td>-</td><td>1,306.1</td><td>16,987.4</td></tr><tr><td>Nov. 7.</td><td>Feb. 6.</td><td>91</td><td>1,805.1</td><td>1,312.2</td><td>1,282.8</td><td>29.4</td><td>-</td><td>1,315.4</td><td>16,984.3</td></tr><tr><td>Nov. 14.</td><td>Feb. 13.</td><td>91</td><td>1,755.9</td><td>1,313.7</td><td>1,291.9</td><td>21.8</td><td>-</td><td>1,313.7</td><td>16,984.3</td></tr><tr><td>Nov. 21.</td><td>Feb. 20.</td><td>91</td><td>1,826.8</td><td>1,313.7</td><td>1,279.9</td><td>33.8</td><td>-</td><td>1,308.4</td><td>16,989.6</td></tr><tr><td>Nov. 29.</td><td>Feb. 27.</td><td>90</td><td>1,799.6</td><td>1,312.5</td><td>1,286.2</td><td>26.3</td><td>-</td><td>1,302.2</td><td>16,999.8</td></tr><tr><td>Dec. 5.</td><td>Mar. 6.</td><td>91</td><td>1,768.9</td><td>1,315.5</td><td>1,289.7</td><td>25.9</td><td>-</td><td>1,309.0</td><td>17,006.4</td></tr><tr><td>Dec. 12.</td><td>Mar. 13.</td><td>91</td><td>1,817.1</td><td>1,314.8</td><td>1,287.2</td><td>27.6</td><td>-</td><td>1,305.3</td><td>17,015.9</td></tr><tr><td>Dec. 19.</td><td>Mar. 20.</td><td>91</td><td>1,784.1</td><td>1,308.9</td><td>1,282.3</td><td>26.6</td><td>-</td><td>1,304.8</td><td>17,020.0</td></tr><tr><td>Dec. 26.</td><td>Mar. 27.</td><td>91</td><td>1,841.5</td><td>1,316.6</td><td>1,291.5</td><td>25.0</td><td>-</td><td>1,303.4</td><td>17,033.1</td></tr><tr><td>1947-Jan. 2.</td><td>Apr. 3.</td><td>91</td><td>2,892.6</td><td>1,311.3</td><td>1,292.1</td><td>19.1</td><td>-</td><td>1,306.9</td><td>17,037.5</td></tr><tr><td>Jan. 9.</td><td>Apr. 10.</td><td>91</td><td>2,057.0</td><td>1,311.6</td><td>1,287.0</td><td>24.5</td><td>-</td><td>1,306.4</td><td>17,042.6</td></tr><tr><td>Jan. 16.</td><td>Apr. 17.</td><td>91</td><td>1,761.4</td><td>1,315.7</td><td>1,287.8</td><td>27.9</td><td>-</td><td>1,306.6</td><td>17,051.7</td></tr><tr><td>Jan. 23.</td><td>Apr. 24.</td><td>91</td><td>1,704.8</td><td>1,316.1</td><td>1,292.7</td><td>23.4</td><td>-</td><td>1,302.0</td><td>17,065.8</td></tr><tr><td>Jan. 30.</td><td>May 1.</td><td>91</td><td>1,786.7</td><td>1,311.7</td><td>1,286.8</td><td>24.8</td><td>-</td><td>1,303.3</td><td>17,074.2</td></tr><tr><td>Feb. 6.</td><td>May 8.</td><td>91</td><td>1,723.1</td><td>1,309.9</td><td>1,287.1</td><td>22.8</td><td>-</td><td>1,312.2</td><td>17,071.9</td></tr><tr><td>Feb. 13.</td><td>May 15.</td><td>91</td><td>1,773.3</td><td>1,302.0</td><td>1,282.7</td><td>19.2</td><td>-</td><td>1,313.7</td><td>17,060.2</td></tr><tr><td>Feb. 20.</td><td>May 22.</td><td>91</td><td>1,779.3</td><td>1,312.0</td><td>1,289.6</td><td>22.5</td><td>-</td><td>1,313.6</td><td>17,058.6</td></tr><tr><td>Feb. 27.</td><td>May 29.</td><td>91</td><td>1,784.2</td><td>1,301.6</td><td>1,284.6</td><td>17.0</td><td>-</td><td>1,312.5</td><td>17,047.7</td></tr><tr><td>Mar. 6.</td><td>June 5.</td><td>91</td><td>1,873.4</td><td>1,315.5</td><td>1,292.6</td><td>22.8</td><td>-</td><td>1,315.5</td><td>17,047.6</td></tr><tr><td>Mar. 13.</td><td>June 12.</td><td>91</td><td>1,836.5</td><td>1,306.5</td><td>1,281.9</td><td>24.7</td><td>-</td><td>1,314.8</td><td>17,039.3</td></tr><tr><td>Mar. 20.</td><td>June 19.</td><td>91</td><td>1,863.9</td><td>1,316.6</td><td>1,295.4</td><td>21.1</td><td>-</td><td>1,308.9</td><td>17,046.9</td></tr><tr><td>Mar. 27.</td><td>June 26.</td><td>91</td><td>1,823.5</td><td>1,308.0</td><td>1,285.8</td><td>22.2</td><td>-</td><td>1,316.6</td><td>17,038.4</td></tr><tr><td>Apr. 3.</td><td>July 3.</td><td>91</td><td>1,721.8</td><td>1,303.2</td><td>1,288.0</td><td>15.3</td><td>-</td><td>1,311.3</td><td>17,030.4</td></tr><tr><td>Apr. 10.</td><td>July 10.</td><td>91</td><td>1,841.3</td><td>1,314.5</td><td>1,293.6</td><td>20.8</td><td>-</td><td>1,311.6</td><td>17,033.2</td></tr><tr><td>Apr. 17.</td><td>July 17.</td><td>91</td><td>1,693.6</td><td>1,108.4</td><td>1,087.3</td><td>21.1</td><td>-</td><td>1,315.7</td><td>16,825.9</td></tr><tr><td>Apr. 24.</td><td>July 24.</td><td>91</td><td>1,665.3</td><td>1,100.4</td><td>1,082.8</td><td>17.6</td><td>-</td><td>1,316.1</td><td>16,610.2</td></tr><tr><td>May 1.</td><td>July 31.</td><td>91</td><td>1,959.8</td><td>1,099.9</td><td>1,079.5</td><td>20.4</td><td>528.9</td><td>1,311.7</td><td>16,398.4</td></tr><tr><td>May 8.</td><td>Aug. 7.</td><td>91</td><td>1,707.0</td><td>1,111.6</td><td>1,094.5</td><td>17.1</td><td>646.4</td><td>1,309.9</td><td>16,200.1</td></tr><tr><td>May 15.</td><td>Aug. 14.</td><td>91</td><td>1,761.3</td><td>1,202.5</td><td>1,185.8</td><td>16.7</td><td>706.4</td><td>1,302.0</td><td>16,100.6</td></tr><tr><td>May 22.</td><td>Aug. 21.</td><td>91</td><td>1,746.3</td><td>1,203.5</td><td>1,184.5</td><td>19.0</td><td>720.9</td><td>1,312.0</td><td>15,992.0</td></tr><tr><td>May 29.</td><td>Aug. 28.</td><td>91</td><td>1,807.3</td><td>1,311.5</td><td>1,297.6</td><td>13.9</td><td>830.8</td><td>1,301.6</td><td>16,001.8</td></tr></table>
Sources: 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
Tearders for $200,000 or less from any one bidder are accepted in full at 99.905 per hundred.
July 1947
33
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>1946-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>0.368</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>0.368</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>0.368</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 2/</td><td>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>June 6</td><td>99.905</td><td>0.375</td><td>99.908 3/</td><td>0.368</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>0.368</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>0.368</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><tr><td>Aug. 1</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 8</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 15</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 22</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 29</td><td>99.904</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.904</td><td>0.376</td></tr><tr><td>Sept. 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>Sept. 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>Sept. 19</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>Sept. 26</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. 3</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 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>Oct. 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>Oct. 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>Oct. 31</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 7</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 14</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 21</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 29</td><td>99.906</td><td>0.376</td><td>99.907</td><td>0.372</td><td>99.906</td><td>0.376</td></tr><tr><td>Dec. 5</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 12</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 19</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>Dec. 26</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>1947-Jan. 2</td><td>99.905</td><td>0.374</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 9</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. 16</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 23</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 30</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 6</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 13</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 20</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 27</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 6</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 13</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 20</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 27</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 3</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 10</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 17</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 24</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 1</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 8</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>May 15</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 22</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>May 29</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr></table>
1/ Bank discount basis.
2/ Except $100,000 at 99.925.
3/ Except $500,000 at 99.930.
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
34
Treasury Bulletin
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, foot-note 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 series B bonds in 1946. Series C bonds began to mature in January 1947. Matured bonds turned 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 G outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of May 31, 1947
<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 colspan="5">(In millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>245</td><td>10</td><td>-</td><td>1/1</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>431</td><td>32</td><td>-</td><td>1/1</td></tr><tr><td>Total, Series A and B</td><td>574</td><td>145</td><td>718</td><td>676</td><td>42</td><td>-</td><td>1/1</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C</td><td>1,010</td><td>231</td><td>1,241</td><td>476</td><td>-</td><td>765</td><td>38.36</td></tr><tr><td>Series D</td><td>2,365</td><td>367</td><td>2,731</td><td>510</td><td>-</td><td>2,222</td><td>18.66</td></tr><tr><td>Total, Series C and D</td><td>3,375</td><td>598</td><td>3,973</td><td>986</td><td>-</td><td>2,987</td><td>24.82</td></tr><tr><td>Series E</td><td>46,099</td><td>1,327</td><td>47,426</td><td>16,659</td><td>-</td><td>30,767</td><td>35.13</td></tr><tr><td>Series F</td><td>3,484</td><td>105</td><td>3,589</td><td>501</td><td>-</td><td>3,088</td><td>13.95</td></tr><tr><td>Series G</td><td>15,589</td><td>-</td><td>15,589</td><td>1,191</td><td>-</td><td>14,398</td><td>7.64</td></tr><tr><td>Total, Series E, F, and G</td><td>65,172</td><td>1,431</td><td>66,604</td><td>18,351</td><td>-</td><td>48,253</td><td>27.55</td></tr><tr><td>Total, Series C-G</td><td>68,547</td><td>2,029</td><td>70,576</td><td>19,337</td><td>-</td><td>51,240</td><td>27.40</td></tr><tr><td>Total, Series A-G</td><td>69,121</td><td>2,174</td><td>71,295</td><td>20,013</td><td>42</td><td>51,240</td><td>1/1</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.
July 1947
35
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr></table>
<table><tr><th colspan="9">All series</th></tr><tr><td>Total, inception to May 31, 1947....</td><td>69,121</td><td>2,174</td><td>71,295</td><td>20,013</td><td>n.a.</td><td>n.a.</td><td>42</td><td>51,240</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>4,314</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>15,498</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>6,579</td><td>138</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>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,127</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</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>1946-May</td><td>594</td><td>45</td><td>639</td><td>552</td><td>538</td><td>14</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>505</td><td>14</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>520</td><td>17</td><td>17</td><td>49,320</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>45</td><td>635</td><td>478</td><td>464</td><td>15</td><td>16</td><td>49,477</td><td>.97</td></tr><tr><td>September</td><td>494</td><td>54</td><td>548</td><td>482</td><td>467</td><td>14</td><td>15</td><td>49,545</td><td>.97</td></tr><tr><td>October</td><td>519</td><td>48</td><td>567</td><td>489</td><td>472</td><td>16</td><td>14</td><td>49,624</td><td>.98</td></tr><tr><td>November</td><td>453</td><td>49</td><td>502</td><td>418</td><td>404</td><td>14</td><td>14</td><td>49,709</td><td>.84</td></tr><tr><td>December</td><td>576</td><td>68</td><td>645</td><td>504</td><td>483</td><td>21</td><td>87</td><td>49,776</td><td>1.01</td></tr><tr><td>1947-January</td><td>952</td><td>74</td><td>1,026</td><td>483</td><td>453</td><td>30</td><td>64</td><td>50,343</td><td>.96</td></tr><tr><td>February</td><td>712</td><td>52</td><td>764</td><td>398</td><td>378</td><td>20</td><td>55</td><td>50,717</td><td>.78</td></tr><tr><td>March</td><td>616</td><td>56</td><td>671</td><td>449</td><td>n.a.</td><td>n.a.</td><td>50</td><td>50,945</td><td>.68</td></tr><tr><td>April</td><td>572</td><td>50</td><td>622</td><td>455</td><td>n.a.</td><td>n.a.</td><td>45</td><td>51,117</td><td>.89</td></tr><tr><td>May</td><td>488</td><td>52</td><td>540</td><td>421</td><td>n.a.</td><td>n.a.</td><td>42</td><td>51,240</td><td>.82</td></tr></table>
<table><tr><th colspan="10">Series A-D</th></tr><tr><td>Total, inception to May 31, 1947....</td><td>3,949</td><td>742</td><td>4,691</td><td>1,662</td><td>n.a.</td><td>n.e.</td><td>42</td><td>2,987</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>828</td><td>65</td><td>893</td><td>148</td><td>112</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>88</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>113</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>242</td><td>67</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>499</td><td>77</td><td>576</td><td>155</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>100</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>41</td><td>3,477</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>107</td><td>107</td><td>390</td><td>302</td><td>87</td><td>87</td><td>3,148</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>1946-May</td><td>-</td><td>6</td><td>6</td><td>29</td><td>22</td><td>6</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>21</td><td>6</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>28</td><td>8</td><td>17</td><td>3,346</td><td>1.09</td></tr><tr><td>August</td><td>-</td><td>9</td><td>9</td><td>30</td><td>23</td><td>7</td><td>16</td><td>3,325</td><td>.89</td></tr><tr><td>September</td><td>-</td><td>7</td><td>7</td><td>26</td><td>20</td><td>6</td><td>15</td><td>3,307</td><td>.79</td></tr><tr><td>October</td><td>-</td><td>7</td><td>7</td><td>33</td><td>25</td><td>7</td><td>14</td><td>3,282</td><td>.99</td></tr><tr><td>November</td><td>-</td><td>6</td><td>6</td><td>26</td><td>20</td><td>6</td><td>14</td><td>3,263</td><td>.78</td></tr><tr><td>December</td><td>-</td><td>9</td><td>9</td><td>50</td><td>39</td><td>12</td><td>87</td><td>3,148</td><td>1.56</td></tr><tr><td>1947-January</td><td>*</td><td>16</td><td>16</td><td>87</td><td>66</td><td>21</td><td>64</td><td>3,100</td><td>2.77</td></tr><tr><td>February</td><td>-</td><td>9</td><td>9</td><td>49</td><td>38</td><td>12</td><td>55</td><td>3,068</td><td>1.59</td></tr><tr><td>March</td><td>-</td><td>7</td><td>7</td><td>43</td><td>n.a.</td><td>n.a.</td><td>50</td><td>3,037</td><td>1.40</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>38</td><td>n.a.</td><td>n.a.</td><td>45</td><td>3,010</td><td>1.26</td></tr><tr><td>May</td><td>*</td><td>6</td><td>6</td><td>32</td><td>n.e.</td><td>n.e.</td><td>42</td><td>2,987</td><td>1.06</td></tr></table>
(Continued on following page)
36
Treasury Bulletin
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 redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Salee price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>Seriee E, F, and G</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total, inception to May 31, 1947....</td><td>65,172</td><td>1,431</td><td>66,604</td><td>18,351</td><td>n.a.</td><td>n.a.</td><td>48,253</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>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>6,584</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>17,648</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>4,156</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>6,337</td><td>71</td><td>45,670</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>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>245</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><td>1946.</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</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>1946-May.</td><td>594</td><td>39</td><td>634</td><td>524</td><td>516</td><td>8</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>483</td><td>8</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>492</td><td>9</td><td>45,974</td><td>1.09</td></tr><tr><td>August.</td><td>590</td><td>36</td><td>626</td><td>449</td><td>441</td><td>8</td><td>46,152</td><td>.97</td></tr><tr><td>September.</td><td>494</td><td>47</td><td>541</td><td>455</td><td>447</td><td>9</td><td>46,237</td><td>.98</td></tr><tr><td>October.</td><td>519</td><td>41</td><td>560</td><td>456</td><td>447</td><td>9</td><td>46,342</td><td>.98</td></tr><tr><td>November.</td><td>453</td><td>44</td><td>496</td><td>392</td><td>384</td><td>8</td><td>46,446</td><td>.84</td></tr><tr><td>December.</td><td>576</td><td>59</td><td>636</td><td>453</td><td>444</td><td>9</td><td>46,628</td><td>.97</td></tr><tr><td>1947-January.</td><td>952</td><td>58</td><td>1,009</td><td>395</td><td>386</td><td>9</td><td>47,243</td><td>.84</td></tr><tr><td>February.</td><td>712</td><td>43</td><td>755</td><td>349</td><td>341</td><td>8</td><td>47,649</td><td>.73</td></tr><tr><td>March.</td><td>616</td><td>48</td><td>664</td><td>405</td><td>n.a.</td><td>n.a.</td><td>47,908</td><td>.85</td></tr><tr><td>April.</td><td>572</td><td>44</td><td>616</td><td>416</td><td>n.a.</td><td>n.a.</td><td>48,107</td><td>.87</td></tr><tr><td>May.</td><td>488</td><td>46</td><td>534</td><td>389</td><td>n.a.</td><td>n.a.</td><td>48,253</td><td>.81</td></tr><tr><td>Seriee E</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total, inception to May 31, 1947....</td><td>46,099</td><td>1,327</td><td>47,426</td><td>16,659</td><td>16,472</td><td>187</td><td>30,767</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>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>265</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>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</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>1,145</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>1,380</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><td>1946.</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330</td><td>93</td><td>30,263</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>1946-May.</td><td>345</td><td>37</td><td>381</td><td>469</td><td>462</td><td>8</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>432</td><td>8</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>434</td><td>8</td><td>30,349</td><td>1.46</td></tr><tr><td>August.</td><td>347</td><td>34</td><td>381</td><td>397</td><td>390</td><td>8</td><td>30,333</td><td>1.31</td></tr><tr><td>September.</td><td>309</td><td>43</td><td>352</td><td>406</td><td>398</td><td>8</td><td>30,279</td><td>1.34</td></tr><tr><td>October.</td><td>327</td><td>38</td><td>365</td><td>410</td><td>401</td><td>9</td><td>30,234</td><td>1.35</td></tr><tr><td>November.</td><td>294</td><td>40</td><td>334</td><td>336</td><td>328</td><td>7</td><td>30,233</td><td>1.11</td></tr><tr><td>December.</td><td>370</td><td>55</td><td>424</td><td>394</td><td>385</td><td>9</td><td>30,263</td><td>1.30</td></tr><tr><td>1947-January.</td><td>535</td><td>52</td><td>587</td><td>342</td><td>334</td><td>8</td><td>30,507</td><td>1.12</td></tr><tr><td>February.</td><td>394</td><td>40</td><td>433</td><td>290</td><td>282</td><td>7 r</td><td>30,651</td><td>.95</td></tr><tr><td>March.</td><td>372</td><td>45</td><td>416</td><td>342</td><td>333</td><td>9</td><td>30,725</td><td>1.11</td></tr><tr><td>April.</td><td>349</td><td>40</td><td>389</td><td>365</td><td>355</td><td>10</td><td>30,749</td><td>1.19</td></tr><tr><td>May.</td><td>305</td><td>42</td><td>347</td><td>329</td><td>320</td><td>9</td><td>30,767</td><td>1.07</td></tr></table>
(Continued on following page)
July 1947
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>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Total, inception to May 31, 1947....</td><td>3,484</td><td>105</td><td>3,589</td><td>501</td><td>n.e.</td><td>n.a.</td><td>3,083</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>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</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>147</td><td>3</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>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>1</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</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>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</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>1946-May.</td><td>24</td><td>3</td><td>27</td><td>17</td><td>17</td><td>*</td><td>2,883</td><td>.60</td></tr><tr><td>June.</td><td>24</td><td>4</td><td>28</td><td>16</td><td>15</td><td>*</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>17</td><td>*</td><td>2,914</td><td>.60</td></tr><tr><td>August</td><td>25</td><td>3</td><td>28</td><td>17</td><td>17</td><td>*</td><td>2,925</td><td>.58</td></tr><tr><td>September.</td><td>20</td><td>3</td><td>23</td><td>16</td><td>15</td><td>*</td><td>2,932</td><td>.53</td></tr><tr><td>October.</td><td>24</td><td>3</td><td>27</td><td>14</td><td>13</td><td>*</td><td>2,945</td><td>.46</td></tr><tr><td>November.</td><td>20</td><td>3</td><td>23</td><td>17</td><td>16</td><td>*</td><td>2,952</td><td>.57</td></tr><tr><td>December.</td><td>29</td><td>5</td><td>34</td><td>17</td><td>17</td><td>1</td><td>2,969</td><td>.58</td></tr><tr><td>1947-January.</td><td>53</td><td>6</td><td>59</td><td>14</td><td>14</td><td>*</td><td>3,013</td><td>.48</td></tr><tr><td>February</td><td>41</td><td>3</td><td>44</td><td>22</td><td>21</td><td>1</td><td>3,034</td><td>.72</td></tr><tr><td>March.</td><td>35</td><td>4</td><td>39</td><td>21</td><td>n.a.</td><td>n.a.</td><td>3,052</td><td>.68</td></tr><tr><td>April.</td><td>33</td><td>4</td><td>36</td><td>14</td><td>n.a.</td><td>n.a.</td><td>3,074</td><td>.46</td></tr><tr><td>May.</td><td>25</td><td>4</td><td>29</td><td>16</td><td>n.a.</td><td>n.a.</td><td>3,083</td><td>.51</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>Total, inception to May 31, 1947....</td><td>15,589</td><td>-</td><td>15,589</td><td>1,191</td><td>1,191</td><td>-</td><td>14,398</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>5,119</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>11,185</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</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>1946-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><tr><td>August.</td><td>217</td><td>-</td><td>217</td><td>34</td><td>34</td><td>-</td><td>12,895</td><td>.27</td></tr><tr><td>September.</td><td>165</td><td>-</td><td>165</td><td>34</td><td>34</td><td>-</td><td>13,026</td><td>.26</td></tr><tr><td>October.</td><td>169</td><td>-</td><td>169</td><td>33</td><td>33</td><td>-</td><td>13,163</td><td>.25</td></tr><tr><td>November.</td><td>139</td><td>-</td><td>139</td><td>40</td><td>40</td><td>-</td><td>13,262</td><td>.30</td></tr><tr><td>December.</td><td>178</td><td>-</td><td>178</td><td>42</td><td>42</td><td>-</td><td>13,397</td><td>.31</td></tr><tr><td>1947-January.</td><td>364</td><td>-</td><td>364</td><td>38</td><td>38</td><td>-</td><td>13,723</td><td>.28</td></tr><tr><td>February</td><td>278</td><td>-</td><td>278</td><td>37</td><td>37</td><td>-</td><td>13,964</td><td>.26</td></tr><tr><td>March.</td><td>209</td><td>-</td><td>209</td><td>43</td><td>43</td><td>-</td><td>14,130</td><td>.30</td></tr><tr><td>April.</td><td>191</td><td>-</td><td>191</td><td>37</td><td>37</td><td>-</td><td>14,284</td><td>.26</td></tr><tr><td>May.</td><td>158</td><td>-</td><td>158</td><td>44</td><td>44</td><td>-</td><td>14,398</td><td>.31</td></tr></table>
Source: Daily Treasury Statement. n.e. Not available. * Less than $500,000.
1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
38
Treasury Bulletin
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="9">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/</th><th>$50</th><th>$100</th><th>$200 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/ and $25 2/</th><th>$50</th><th>$100 and $200 1/</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="11">Series I</td><td colspan="5"></td></tr><tr><td>Total, inception through May 31, 1947...</td><td>46,099</td><td>148</td><td>14,598</td><td>6,092</td><td>9,201</td><td>308</td><td>5,755</td><td>9,997</td><td>......</td><td>......</td><td>100.0</td><td>31.9</td><td>13.2</td><td>20.7</td><td>34.2</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><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>......</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>......</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>......</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>......</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>3,928</td><td>1,725</td><td>2,406</td><td>......</td><td>1,326</td><td>2,100</td><td>......</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>6,739</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>......</td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</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><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>......</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>5,989</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>......</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>3,719</td><td>1,390</td><td>2,169</td><td>......</td><td>1,253</td><td>1,815</td><td>......</td><td>......</td><td>100.0</td><td>36.0</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>......</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>......</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>1946</td><td>4,466</td><td>31</td><td>1,177</td><td>516</td><td>637</td><td>138</td><td>564</td><td>1,402</td><td>......</td><td>......</td><td>100.0</td><td>27.1</td><td>11.6</td><td>17.4</td><td>43.9</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><td></td></tr><tr><td>1946-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>......</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>......</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>......</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td>......</td></tr><tr><td>Aug.</td><td>347</td><td>2</td><td>86</td><td>38</td><td>48</td><td>9</td><td>47</td><td>117</td><td>......</td><td>......</td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</td><td>......</td></tr><tr><td>Sept.</td><td>309</td><td>2</td><td>75</td><td>33</td><td>45</td><td>9</td><td>43</td><td>103</td><td>......</td><td>......</td><td>100.0</td><td>24.9</td><td>10.8</td><td>17.3</td><td>47.0</td><td>......</td></tr><tr><td>Oct.</td><td>327</td><td>2</td><td>77</td><td>35</td><td>48</td><td>9</td><td>45</td><td>112</td><td>......</td><td>......</td><td>100.0</td><td>24.0</td><td>10.7</td><td>17.5</td><td>47.8</td><td>......</td></tr><tr><td>Nov.</td><td>294</td><td>1</td><td>67</td><td>31</td><td>42</td><td>8</td><td>41</td><td>102</td><td>......</td><td>......</td><td>100.0</td><td>23.4</td><td>10.7</td><td>17.1</td><td>48.8</td><td>......</td></tr><tr><td>Dec.</td><td>370</td><td>1</td><td>73</td><td>36</td><td>53</td><td>11</td><td>55</td><td>141</td><td>......</td><td>......</td><td>100.0</td><td>20.0</td><td>9.6</td><td>17.4</td><td>53.0</td><td>......</td></tr><tr><td>1947-Jan.</td><td>535</td><td>1</td><td>77</td><td>38</td><td>61</td><td>17</td><td>83</td><td>257</td><td>......</td><td>......</td><td>100.0</td><td>14.7</td><td>7.1</td><td>14.7</td><td>63.5</td><td>......</td></tr><tr><td>Feb.</td><td>394</td><td>1</td><td>63</td><td>32</td><td>49</td><td>10</td><td>59</td><td>179</td><td>......</td><td>......</td><td>100.0</td><td>16.3</td><td>8.1</td><td>15.1</td><td>60.5</td><td>......</td></tr><tr><td>Mar.</td><td>372</td><td>1</td><td>68</td><td>34</td><td>50</td><td>10</td><td>54</td><td>156</td><td>......</td><td>......</td><td>100.0</td><td>18.4</td><td>9.1</td><td>16.0</td><td>56.5</td><td>......</td></tr><tr><td>Apr.</td><td>349</td><td>1</td><td>67</td><td>33</td><td>47</td><td>9</td><td>50</td><td>141</td><td>......</td><td>......</td><td>100.0</td><td>19.4</td><td>9.5</td><td>16.3</td><td>54.8</td><td>......</td></tr><tr><td>May</td><td>305</td><td>1</td><td>60</td><td>30</td><td>43</td><td>8</td><td>43</td><td>119</td><td>......</td><td>......</td><td>100.0</td><td>20.0</td><td>10.0</td><td>16.9</td><td>53.1</td><td>......</td></tr><tr><td colspan="11">Series F and O</td><td colspan="5"></td></tr><tr><td>Total, inception through May 31, 1947...</td><td>19,073</td><td>......</td><td>19</td><td>......</td><td>526</td><td>......</td><td>1,258</td><td>5,730</td><td>3,671</td><td>7,858</td><td>100.0</td><td>.1</td><td>......</td><td>2.8</td><td>36.6</td><td>60.5</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><td></td></tr><tr><td>1941</td><td>461</td><td>......</td><td>......</td><td>6</td><td>......</td><td>13</td><td>96</td><td>84</td><td>263</td><td>......</td><td>100.0</td><td>......</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>......</td><td>1</td><td>71</td><td>......</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>......</td><td>100.0</td><td>......</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>......</td><td>4</td><td>106</td><td>......</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>......</td><td>6</td><td>134</td><td>......</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>......</td><td>5</td><td>109</td><td>......</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946</td><td>2,873</td><td>......</td><td>2</td><td>61</td><td>......</td><td>179</td><td>901</td><td>556</td><td>1,172</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>2.1</td><td>37.6</td><td>60.2</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><td></td></tr><tr><td>1941</td><td>1,393</td><td>......</td><td>......</td><td>26</td><td>......</td><td>57</td><td>355</td><td>279</td><td>676</td><td>......</td><td>100.0</td><td>......</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>......</td><td>3</td><td>98</td><td>......</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td>......</td><td>5</td><td>123</td><td>......</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,664</td><td>......</td><td>6</td><td>131</td><td>......</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>......</td><td>4</td><td>84</td><td>......</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>1946r.</td><td>2,962</td><td>......</td><td>1</td><td>47</td><td>......</td><td>166</td><td>928</td><td>611</td><td>1,208</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.6</td><td>36.9</td><td>61.5</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><td></td></tr><tr><td>1946-May</td><td>250</td><td>......</td><td>......</td><td>4</td><td>......</td><td>13</td><td>77</td><td>53</td><td>103</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.5</td><td>35.9</td><td>62.6</td></tr><tr><td>June</td><td>250</td><td>......</td><td>......</td><td>4</td><td>......</td><td>13</td><td>75</td><td>55</td><td>104</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>35.3</td><td>63.3</td></tr><tr><td>July</td><td>367</td><td>......</td><td>......</td><td>5</td><td>......</td><td>20</td><td>120</td><td>83</td><td>138</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>38.3</td><td>60.3</td></tr><tr><td>Aug.</td><td>243</td><td>......</td><td>......</td><td>4</td><td>......</td><td>15</td><td>84</td><td>54</td><td>86</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.6</td><td>40.6</td><td>57.8</td></tr><tr><td>Sept.</td><td>185</td><td>......</td><td>......</td><td>3</td><td>......</td><td>12</td><td>67</td><td>42</td><td>60</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.8</td><td>42.9</td><td>55.3</td></tr><tr><td>Oct.</td><td>193</td><td>......</td><td>......</td><td>4</td><td>......</td><td>14</td><td>72</td><td>43</td><td>60</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.9</td><td>44.3</td><td>53.8</td></tr><tr><td>Nov.</td><td>159</td><td>......</td><td>......</td><td>3</td><td>......</td><td>12</td><td>59</td><td>36</td><td>49</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>2.0</td><td>44.4</td><td>53.6</td></tr><tr><td>Dec.</td><td>207</td><td>......</td><td>......</td><td>4</td><td>......</td><td>14</td><td>73</td><td>46</td><td>70</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.9</td><td>42.0</td><td>56.1</td></tr><tr><td>1947-Jan.</td><td>417</td><td>......</td><td>......</td><td>3</td><td>......</td><td>18</td><td>100</td><td>66</td><td>229</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.0</td><td>28.2</td><td>70.8</td></tr><tr><td>Feb.</td><td>319</td><td>......</td><td>......</td><td>3</td><td>......</td><td>13</td><td>75</td><td>51</td><td>176</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.1</td><td>27.5</td><td>71.4</td></tr><tr><td>Mar.</td><td>244</td><td>......</td><td>......</td><td>3</td><td>......</td><td>13</td><td>75</td><td>50</td><td>103</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.3</td><td>35.9</td><td>62.8</td></tr><tr><td>Apr.</td><td>224</td><td>......</td><td>......</td><td>3</td><td>......</td><td>11</td><td>65</td><td>43</td><td>102</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.3</td><td>33.8</td><td>64.9</td></tr><tr><td>May</td><td>183</td><td>......</td><td>......</td><td>3</td><td>......</td><td>10</td><td>60</td><td>42</td><td>68</td><td>......</td><td>100.0</td><td>......</td><td>......</td><td>1.5</td><td>38.3</td><td>60.2</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks
r Revised.
* Less than $500,000 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 P bonds was authorized in December 1941.
1/ Sale of $200 denomination Series E bonds began in October 1945.
July 1947
39
Sales and Redemptions of United States Savings Bonds - (Continued
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">Denominations (Thousands of pieces sold)</th></tr><tr><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 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 May 31, 1947</td><td>1,114,180</td><td>19,747</td><td>778,577</td><td>162,452</td><td>122,675</td><td>2,053</td><td>15,347</td><td>13,330</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>55,967</td><td>.....</td><td>32,532</td><td>9,107</td><td>10,837</td><td>.....</td><td>1,698</td><td>1,493</td><td>.....</td><td>.....</td></tr><tr><td>1943</td><td>215,709</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>209,450</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>112,071</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>94,354</td><td>18,999</td><td>17,842</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>198,333</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>2,584</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>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td>.....</td><td>.....</td></tr><tr><td>1946</td><td>93,502</td><td>4,191</td><td>62,769</td><td>13,757</td><td>8,492</td><td>918</td><td>1,505</td><td>1,870</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>1946-May</td><td>7,730</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><tr><td>August</td><td>6,847</td><td>276</td><td>4,572</td><td>1,015</td><td>642</td><td>61</td><td>126</td><td>156</td><td>.....</td><td>.....</td></tr><tr><td>September</td><td>6,033</td><td>239</td><td>3,997</td><td>890</td><td>599</td><td>57</td><td>114</td><td>137</td><td>.....</td><td>.....</td></tr><tr><td>October</td><td>6,227</td><td>233</td><td>4,094</td><td>933</td><td>639</td><td>61</td><td>119</td><td>149</td><td>.....</td><td>.....</td></tr><tr><td>November</td><td>5,471</td><td>178</td><td>3,593</td><td>836</td><td>563</td><td>53</td><td>110</td><td>136</td><td>.....</td><td>.....</td></tr><tr><td>December</td><td>6,104</td><td>158</td><td>3,879</td><td>948</td><td>713</td><td>72</td><td>146</td><td>188</td><td>.....</td><td>.....</td></tr><tr><td>1947-January</td><td>6,793</td><td>153</td><td>4,129</td><td>1,015</td><td>818</td><td>114</td><td>221</td><td>343</td><td>.....</td><td>.....</td></tr><tr><td>February</td><td>5,464</td><td>119</td><td>3,374</td><td>852</td><td>655</td><td>69</td><td>156</td><td>239</td><td>.....</td><td>.....</td></tr><tr><td>March</td><td>5,703</td><td>114</td><td>3,602</td><td>903</td><td>666</td><td>65</td><td>144</td><td>207</td><td>.....</td><td>.....</td></tr><tr><td>April</td><td>5,570</td><td>112</td><td>3,561</td><td>880</td><td>632</td><td>63</td><td>133</td><td>188</td><td>.....</td><td>.....</td></tr><tr><td>May</td><td>5,030</td><td>94</td><td>3,216</td><td>812</td><td>580</td><td>55</td><td>115</td><td>158</td><td>.....</td><td>.....</td></tr></table>
Series 7 and 8
<table><tr><td>Total, inception through May 31, 1947</td><td>16,988</td><td>1,046</td><td>5,630</td><td>2,637</td><td>6,049</td><td>784</td><td>842</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>28</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>3,251</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>3,869</td><td>291</td><td>1,125</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>126</td><td>1,156</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,323</td><td>126</td><td>649</td><td>371</td><td>937</td><td>117</td><td>124</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>3,624</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>2,807</td><td>56</td><td>699</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>1946</td><td>2,098</td><td>56</td><td>491</td><td>340</td><td>957</td><td>127</td><td>126</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-Mar.</td><td>171</td><td>5</td><td>39</td><td>26</td><td>79</td><td>11</td><td>11</td></tr><tr><td>June</td><td>167</td><td>4</td><td>37</td><td>26</td><td>78</td><td>11</td><td>11</td></tr><tr><td>July</td><td>254</td><td>4</td><td>55</td><td>41</td><td>123</td><td>17</td><td>14</td></tr><tr><td>August</td><td>181</td><td>3</td><td>42</td><td>30</td><td>86</td><td>11</td><td>9</td></tr><tr><td>September</td><td>147</td><td>3</td><td>35</td><td>25</td><td>69</td><td>9</td><td>6</td></tr><tr><td>October</td><td>159</td><td>3</td><td>38</td><td>28</td><td>74</td><td>9</td><td>6</td></tr><tr><td>November</td><td>134</td><td>4</td><td>33</td><td>24</td><td>61</td><td>8</td><td>5</td></tr><tr><td>December</td><td>166</td><td>4</td><td>41</td><td>28</td><td>76</td><td>10</td><td>7</td></tr><tr><td>1947-January</td><td>227</td><td>4</td><td>45</td><td>37</td><td>103</td><td>14</td><td>24</td></tr><tr><td>February</td><td>170</td><td>3</td><td>35</td><td>26</td><td>77</td><td>11</td><td>19</td></tr><tr><td>March</td><td>162</td><td>3</td><td>34</td><td>26</td><td>77</td><td>10</td><td>11</td></tr><tr><td>April</td><td>145</td><td>4</td><td>31</td><td>22</td><td>67</td><td>9</td><td>11</td></tr><tr><td>May</td><td>131</td><td>2</td><td>29</td><td>21</td><td>62</td><td>9</td><td>7</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks
Revised.
1/ Sale of $10 denomination Series B bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized 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 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through May 31, 1947</th><th colspan="8">1946</th><th colspan="5">1947</th></tr><tr><th></th><th></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>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td>Alabama</td><td>541,258</td><td>3,327</td><td>3,558</td><td>3,458</td><td>3,536</td><td>3,354</td><td>3,383</td><td>3,032</td><td>3,554</td><td>4,680</td><td>3,546</td><td>2,987</td><td>2,931</td><td>2,864</td></tr><tr><td>Arizona</td><td>164,535</td><td>1,006</td><td>1,323</td><td>1,224</td><td>1,268</td><td>1,028</td><td>1,155</td><td>1,050</td><td>1,156</td><td>1,776</td><td>1,256</td><td>1,096</td><td>1,057</td><td>1,036</td></tr><tr><td>Arkansas</td><td>295,004</td><td>2,015</td><td>2,197</td><td>2,217</td><td>1,973</td><td>2,118</td><td>2,179</td><td>1,905</td><td>2,420</td><td>3,561</td><td>2,562</td><td>2,133</td><td>2,108</td><td>1,782</td></tr><tr><td>California</td><td>3,698,005</td><td>25,199</td><td>28,494</td><td>29,542</td><td>26,581</td><td>23,253</td><td>25,884</td><td>23,218</td><td>26,586</td><td>43,162</td><td>29,125</td><td>25,881</td><td>22,237</td><td>21,851</td></tr><tr><td>Colorado</td><td>357,710</td><td>2,958</td><td>3,333</td><td>3,161</td><td>3,207</td><td>3,868</td><td>3,066</td><td>3,004</td><td>3,594</td><td>4,211</td><td>3,699</td><td>3,390</td><td>3,326</td><td>3,038</td></tr><tr><td>Connecticut</td><td>842,705</td><td>5,089</td><td>5,059</td><td>5,084</td><td>4,557</td><td>4,890</td><td>4,784</td><td>4,398</td><td>5,034</td><td>5,850</td><td>4,606</td><td>4,281</td><td>4,180</td><td>3,088</td></tr><tr><td>Delaware</td><td>109,391</td><td>835</td><td>961</td><td>765</td><td>854</td><td>664</td><td>803</td><td>627</td><td>797</td><td>1,201</td><td>708</td><td>713</td><td>635</td><td>604</td></tr><tr><td>Diet. of Columbia</td><td>566,285</td><td>6,122</td><td>6,979</td><td>6,265</td><td>6,206</td><td>5,694</td><td>6,356</td><td>5,789</td><td>5,919</td><td>6,962</td><td>6,060</td><td>5,682</td><td>5,220</td><td>5,394</td></tr><tr><td>Florida</td><td>566,045</td><td>4,505</td><td>4,856</td><td>4,470</td><td>3,607</td><td>3,882</td><td>4,133</td><td>3,515</td><td>4,437</td><td>6,387</td><td>4,791</td><td>4,187</td><td>3,726</td><td>3,503</td></tr><tr><td>Georgia</td><td>574,385</td><td>4,077</td><td>3,949</td><td>4,495</td><td>4,010</td><td>4,070</td><td>4,145</td><td>4,023</td><td>5,397</td><td>5,610</td><td>4,615</td><td>3,814</td><td>3,753</td><td>3,336</td></tr><tr><td>Idaho</td><td>148,742</td><td>868</td><td>921</td><td>940</td><td>720</td><td>828</td><td>952</td><td>997</td><td>1,056</td><td>2,206</td><td>1,341</td><td>1,046</td><td>1,123</td><td>948</td></tr><tr><td>Illinois</td><td>3,357,370</td><td>29,463</td><td>29,096</td><td>30,891</td><td>29,193</td><td>25,844</td><td>28,046</td><td>27,395</td><td>29,839</td><td>47,387</td><td>32,800</td><td>33,604</td><td>31,878</td><td>28,061</td></tr><tr><td>Indiana</td><td>1,217,322</td><td>8,706</td><td>9,313</td><td>9,705</td><td>8,986</td><td>8,346</td><td>8,771</td><td>8,701</td><td>9,164</td><td>13,865</td><td>9,524</td><td>10,255</td><td>9,677</td><td>8,663</td></tr><tr><td>Iowa</td><td>1,067,071</td><td>8,803</td><td>9,222</td><td>10,089</td><td>10,394</td><td>8,454</td><td>8,364</td><td>10,420</td><td>13,215</td><td>22,960</td><td>13,956</td><td>17,454</td><td>15,098</td><td>12,879</td></tr><tr><td>Kansas</td><td>656,661</td><td>4,737</td><td>4,845</td><td>5,804</td><td>5,764</td><td>4,970</td><td>5,392</td><td>5,229</td><td>6,427</td><td>10,835</td><td>13,142</td><td>13,131</td><td>6,271</td><td>5,263</td></tr><tr><td>Kentucky</td><td>495,260</td><td>3,782</td><td>4,518</td><td>4,638</td><td>4,059</td><td>3,654</td><td>3,526</td><td>3,246</td><td>3,677</td><td>5,958</td><td>4,913</td><td>4,392</td><td>4,056</td><td>3,933</td></tr><tr><td>Louisiana</td><td>519,925</td><td>3,662</td><td>4,137</td><td>3,710</td><td>3,490</td><td>3,324</td><td>3,164</td><td>3,302</td><td>3,136</td><td>4,979</td><td>4,176</td><td>3,481</td><td>3,211</td><td>3,050</td></tr><tr><td>Maioo</td><td>205,092</td><td>1,384</td><td>1,606</td><td>1,504</td><td>1,267</td><td>1,358</td><td>1,208</td><td>1,216</td><td>1,324</td><td>1,674</td><td>1,260</td><td>1,000</td><td>1,055</td><td>1,119</td></tr><tr><td>Maryland</td><td>605,064</td><td>4,267</td><td>4,482</td><td>4,338</td><td>3,848</td><td>3,938</td><td>3,999</td><td>3,583</td><td>3,880</td><td>5,258</td><td>3,941</td><td>3,016</td><td>3,719</td><td>3,626</td></tr><tr><td>Massachusetts</td><td>1,533,030</td><td>11,478</td><td>12,095</td><td>10,578</td><td>9,343</td><td>10,014</td><td>10,189</td><td>9,299</td><td>10,430</td><td>13,267</td><td>9,917</td><td>8,098</td><td>8,350</td><td>7,794</td></tr><tr><td>Michigan</td><td>2,436,288</td><td>12,957</td><td>14,581</td><td>14,217</td><td>15,572</td><td>13,987</td><td>14,285</td><td>13,030</td><td>14,992</td><td>21,046</td><td>13,227</td><td>15,750</td><td>13,408</td><td>13,891</td></tr><tr><td>Minnesota</td><td>969,940</td><td>7,125</td><td>7,343</td><td>8,072</td><td>8,658</td><td>7,087</td><td>7,548</td><td>7,451</td><td>8,818</td><td>13,857</td><td>9,761</td><td>10,018</td><td>8,185</td><td>7,415</td></tr><tr><td>Mieieieippi</td><td>317,642</td><td>2,090</td><td>1,926</td><td>2,245</td><td>1,907</td><td>2,100</td><td>1,892</td><td>1,730</td><td>2,042</td><td>3,530</td><td>2,536</td><td>2,099</td><td>1,977</td><td>2,088</td></tr><tr><td>Missouri</td><td>1,145,960</td><td>9,855</td><td>10,041</td><td>10,808</td><td>9,326</td><td>9,008</td><td>9,127</td><td>8,840</td><td>11,097</td><td>15,391</td><td>10,849</td><td>10,219</td><td>9,986</td><td>9,207</td></tr><tr><td>Montana</td><td>222,693</td><td>1,577</td><td>1,588</td><td>2,058</td><td>1,483</td><td>1,815</td><td>1,965</td><td>1,997</td><td>2,270</td><td>3,796</td><td>2,736</td><td>2,639</td><td>2,136</td><td>1,627</td></tr><tr><td>Nebraska</td><td>524,644</td><td>5,557</td><td>4,608</td><td>5,319</td><td>5,782</td><td>5,227</td><td>5,079</td><td>5,125</td><td>5,805</td><td>9,391</td><td>8,197</td><td>10,999</td><td>12,092</td><td>7,777</td></tr><tr><td>Nevada</td><td>55,741</td><td>395</td><td>404</td><td>388</td><td>346</td><td>312</td><td>320</td><td>375</td><td>345</td><td>597</td><td>345</td><td>387</td><td>320</td><td>347</td></tr><tr><td>New Hampshire</td><td>130,999</td><td>913</td><td>1,078</td><td>945</td><td>777</td><td>888</td><td>866</td><td>707</td><td>856</td><td>976</td><td>851</td><td>676</td><td>608</td><td>700</td></tr><tr><td>New Jersey</td><td>1,680,722</td><td>11,771</td><td>12,983</td><td>13,166</td><td>11,122</td><td>10,760</td><td>11,425</td><td>10,314</td><td>12,864</td><td>17,171</td><td>11,143</td><td>11,069</td><td>10,016</td><td>9,976</td></tr><tr><td>New Mexico</td><td>107,725</td><td>836</td><td>785</td><td>846</td><td>926</td><td>760</td><td>786</td><td>783</td><td>928</td><td>1,093</td><td>1,007</td><td>908</td><td>812</td><td>856</td></tr><tr><td>New York</td><td>5,578,016</td><td>40,701</td><td>41,369</td><td>43,376</td><td>37,993</td><td>35,557</td><td>39,064</td><td>33,932</td><td>46,972</td><td>62,811</td><td>41,613</td><td>39,031</td><td>34,888</td><td>34,355</td></tr><tr><td>North Carolina</td><td>610,350</td><td>4,338</td><td>4,894</td><td>4,652</td><td>3,646</td><td>4,926</td><td>4,768</td><td>4,514</td><td>5,515</td><td>8,571</td><td>5,200</td><td>5,305</td><td>3,381</td><td>3,756</td></tr><tr><td>North Dakota</td><td>228,874</td><td>1,494</td><td>1,785</td><td>1,904</td><td>1,882</td><td>1,741</td><td>2,423</td><td>2,570</td><td>2,804</td><td>4,669</td><td>4,209</td><td>3,145</td><td>2,730</td><td>1,984</td></tr><tr><td>Ohio</td><td>2,772,108</td><td>21,706</td><td>23,224</td><td>19,828</td><td>21,832</td><td>18,383</td><td>18,603</td><td>18,789</td><td>20,125</td><td>30,727</td><td>21,412</td><td>19,911</td><td>17,863</td><td>17,699</td></tr><tr><td>Oklahoma</td><td>539,558</td><td>4,096</td><td>4,345</td><td>4,622</td><td>5,011</td><td>3,965</td><td>4,596</td><td>4,547</td><td>6,379</td><td>10,284</td><td>5,970</td><td>4,348</td><td>3,859</td><td>3,821</td></tr><tr><td>Oregon</td><td>580,572</td><td>3,136</td><td>3,275</td><td>3,348</td><td>3,254</td><td>3,107</td><td>3,149</td><td>3,086</td><td>3,352</td><td>5,411</td><td>3,748</td><td>3,282</td><td>2,917</td><td>2,963</td></tr><tr><td>Pennsylvania</td><td>3,465,167</td><td>27,446</td><td>28,391</td><td>28,440</td><td>26,970</td><td>24,776</td><td>26,203</td><td>24,149</td><td>27,207</td><td>37,720</td><td>28,178</td><td>25,538</td><td>24,163</td><td>24,498</td></tr><tr><td>Rhode Island</td><td>256,716</td><td>1,793</td><td>1,890</td><td>1,635</td><td>1,355</td><td>1,617</td><td>1,526</td><td>1,462</td><td>1,719</td><td>1,881</td><td>1,882</td><td>1,527</td><td>1,424</td><td>1,261</td></tr><tr><td>South Carolina</td><td>300,937</td><td>2,098</td><td>2,553</td><td>2,304</td><td>1,741</td><td>2,379</td><td>2,247</td><td>1,928</td><td>2,086</td><td>3,156</td><td>2,078</td><td>2,149</td><td>1,825</td><td>1,816</td></tr><tr><td>South Dakota</td><td>220,210</td><td>2,464</td><td>2,534</td><td>2,254</td><td>2,568</td><td>2,043</td><td>2,315</td><td>2,445</td><td>3,670</td><td>5,065</td><td>3,869</td><td>4,408</td><td>3,903</td><td>3,604</td></tr><tr><td>Tennessee</td><td>564,500</td><td>3,898</td><td>3,941</td><td>4,314</td><td>3,666</td><td>4,086</td><td>3,768</td><td>3,313</td><td>4,089</td><td>6,680</td><td>4,895</td><td>3,425</td><td>3,624</td><td>3,159</td></tr><tr><td>Texas</td><td>1,822,391</td><td>12,379</td><td>12,476</td><td>13,883</td><td>11,911</td><td>11,705</td><td>10,660</td><td>11,069</td><td>13,378</td><td>18,908</td><td>13,693</td><td>11,820</td><td>10,315</td><td>9,779</td></tr><tr><td>Utah</td><td>203,334</td><td>1,284</td><td>1,754</td><td>1,493</td><td>1,193</td><td>1,410</td><td>1,073</td><td>1,439</td><td>1,250</td><td>1,932</td><td>1,511</td><td>1,180</td><td>1,317</td><td>1,084</td></tr><tr><td>Vermont</td><td>75,467</td><td>536</td><td>491</td><td>635</td><td>528</td><td>572</td><td>469</td><td>538</td><td>609</td><td>729</td><td>501</td><td>434</td><td>407</td><td>322</td></tr><tr><td>Virginia</td><td>800,288</td><td>6,364</td><td>6,561</td><td>6,398</td><td>5,376</td><td>5,916</td><td>5,513</td><td>5,682</td><td>8,105</td><td>10,921</td><td>6,260</td><td>5,803</td><td>4,594</td><td>4,608</td></tr><tr><td>Westhington</td><td>926,034</td><td>5,727</td><td>6,089</td><td>5,716</td><td>5,361</td><td>5,520</td><td>5,497</td><td>4,979</td><td>6,049</td><td>8,965</td><td>5,802</td><td>5,335</td><td>4,748</td><td>4,905</td></tr><tr><td>West Virginia</td><td>390,639</td><td>3,075</td><td>3,544</td><td>4,043</td><td>3,226</td><td>3,751</td><td>3,359</td><td>3,513</td><td>4,799</td><td>7,024</td><td>3,263</td><td>3,133</td><td>3,085</td><td>2,998</td></tr><tr><td>Wlecooalo</td><td>1,019,620</td><td>7,636</td><td>8,554</td><td>8,531</td><td>9,128</td><td>7,974</td><td>8,207</td><td>8,178</td><td>8,716</td><td>13,065</td><td>9,266</td><td>8,913</td><td>8,248</td><td>7,958</td></tr><tr><td>Wyoming</td><td>93,646</td><td>694</td><td>713</td><td>735</td><td>733</td><td>658</td><td>703</td><td>791</td><td>903</td><td>1,146</td><td>1,005</td><td>743</td><td>736</td><td>636</td></tr><tr><td>Aleeka 1/</td><td>30,075</td><td>178</td><td>278</td><td>239</td><td>178</td><td>161</td><td>207</td><td>239</td><td>232</td><td>246</td><td>223</td><td>221</td><td>-</td><td>-</td></tr><tr><td>Canal Zone</td><td>28,571</td><td>258</td><td>233</td><td>227</td><td>268</td><td>215</td><td>318</td><td>268</td><td>278</td><td>342</td><td>283</td><td>306</td><td>285</td><td>257</td></tr><tr><td>Heavai</td><td>258,830</td><td>1,383</td><td>1,075</td><td>1,461</td><td>1,077</td><td>1,180</td><td>905</td><td>759</td><td>1,298</td><td>881</td><td>1,149</td><td>1,168</td><td>1,238</td><td>964</td></tr><tr><td>Puerto Rico</td><td>36,524</td><td>305</td><td>212</td><td>128</td><td>240</td><td>76</td><td>141</td><td>128</td><td>100</td><td>216</td><td>1143</td><td>105</td><td>119</td><td>109</td></tr><tr><td>Virgia Islande</td><td>1,806</td><td>3</td><td>1</td><td>1</td><
Source: Daily Treasury Statement and reports of Federal Reserve Banks. 1/ Monthly sales for Alaska are not available after March 1947.
July 1947
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, Inception through May 31, 1947</th><th colspan="8">1946</th><th colspan="6">1947</th></tr><tr><th></th><th></th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Deo.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td>Alabama</td><td>12,159</td><td>1,835</td><td>2,191</td><td>1,909</td><td>1,478</td><td>1,498</td><td>1,299</td><td>1,558</td><td>1,624</td><td>2,770</td><td>1,638</td><td>1,755</td><td>1,768</td><td>1,401</td></tr><tr><td>Arizona</td><td>43,941</td><td>417</td><td>474</td><td>864</td><td>571</td><td>342</td><td>367</td><td>608</td><td>513</td><td>961</td><td>552</td><td>527</td><td>532</td><td>518</td></tr><tr><td>Arkansas</td><td>86,313</td><td>860</td><td>1,355</td><td>1,019</td><td>1,107</td><td>702</td><td>587</td><td>824</td><td>1,238</td><td>1,670</td><td>1,424</td><td>406</td><td>1,040</td><td>996</td></tr><tr><td>California</td><td>1,236,617</td><td>15,501</td><td>15,080</td><td>25,547</td><td>16,767</td><td>12,876</td><td>12,637</td><td>11,952</td><td>13,860</td><td>31,059</td><td>21,306</td><td>16,189</td><td>13,287</td><td>10,680</td></tr><tr><td>Colorado</td><td>156,769</td><td>1,975</td><td>2,961</td><td>3,229</td><td>88</td><td>4,052</td><td>2,329</td><td>1,314</td><td>1,750</td><td>3,501</td><td>2,670</td><td>2,936</td><td>1,939</td><td>1,590</td></tr><tr><td>Connecticut</td><td>369,368</td><td>4,92</td><td>3,825</td><td>4,937</td><td>4,020</td><td>2,699</td><td>2,530</td><td>1,967</td><td>2,260</td><td>9,945</td><td>3,998</td><td>3,238</td><td>2,215</td><td>2,323</td></tr><tr><td>Delaware</td><td>70,803</td><td>931</td><td>1,180</td><td>889</td><td>1,137</td><td>495</td><td>583</td><td>413</td><td>348</td><td>1,406</td><td>440</td><td>357</td><td>356</td><td>711</td></tr><tr><td>Dist. of Columbia</td><td>164,179</td><td>1,906</td><td>2,596</td><td>2,893</td><td>2,563</td><td>1,718</td><td>1,460</td><td>1,660</td><td>1,664</td><td>3,496</td><td>3,398</td><td>2,544</td><td>1,840</td><td>1,646</td></tr><tr><td>Florida</td><td>208,658</td><td>3,762</td><td>3,244</td><td>4,465</td><td>2,850</td><td>2,935</td><td>2,625</td><td>2,355</td><td>3,207</td><td>4,714</td><td>2,760</td><td>2,794</td><td>2,497</td><td>2,509</td></tr><tr><td>Georgia</td><td>180,061</td><td>1,970</td><td>2,559</td><td>2,489</td><td>2,439</td><td>2,003</td><td>2,059</td><td>1,302</td><td>2,162</td><td>3,205</td><td>1,941</td><td>1,619</td><td>1,681</td><td>1,321</td></tr><tr><td>Idaho</td><td>43,637</td><td>752</td><td>629</td><td>432</td><td>529</td><td>395</td><td>603</td><td>505</td><td>775</td><td>1,151</td><td>925</td><td>745</td><td>1,088</td><td>420</td></tr><tr><td>Illinois</td><td>1,465,465</td><td>18,789</td><td>24,266</td><td>27,431</td><td>18,324</td><td>14,066</td><td>15,091</td><td>13,702</td><td>16,037</td><td>44,288</td><td>21,362</td><td>25,188</td><td>20,890</td><td>16,230</td></tr><tr><td>Indiana</td><td>434,708</td><td>5,741</td><td>8,839</td><td>8,971</td><td>6,190</td><td>5,305</td><td>5,359</td><td>4,319</td><td>5,964</td><td>12,023</td><td>7,043</td><td>6,361</td><td>6,603</td><td>5,096</td></tr><tr><td>Iowa</td><td>465,194</td><td>7,031</td><td>7,135</td><td>8,601</td><td>6,201</td><td>5,165</td><td>6,387</td><td>6,103</td><td>8,838</td><td>15,722</td><td>7,880</td><td>15,184</td><td>10,771</td><td>7,276</td></tr><tr><td>Kansas</td><td>220,183</td><td>2,529</td><td>3,673</td><td>4,046</td><td>2,131</td><td>3,054</td><td>2,595</td><td>2,724</td><td>3,109</td><td>6,311</td><td>7,349</td><td>5,061</td><td>2,977</td><td>2,747</td></tr><tr><td>Kentucky</td><td>235,534</td><td>3,693</td><td>5,281</td><td>5,536</td><td>3,715</td><td>2,578</td><td>2,860</td><td>1,741</td><td>2,962</td><td>4,959</td><td>5,394</td><td>3,580</td><td>3,221</td><td>3,119</td></tr><tr><td>Louisiana</td><td>187,740</td><td>2,048</td><td>2,791</td><td>2,912</td><td>1,662</td><td>1,727</td><td>1,711</td><td>1,464</td><td>1,615</td><td>2,977</td><td>1,653</td><td>1,827</td><td>2,022</td><td>1,900</td></tr><tr><td>Maine</td><td>114,095</td><td>1,569</td><td>1,527</td><td>2,114</td><td>1,629</td><td>861</td><td>820</td><td>595</td><td>1,146</td><td>3,148</td><td>1,194</td><td>1,318</td><td>1,172</td><td>887</td></tr><tr><td>Maryland</td><td>279,693</td><td>4,370</td><td>5,173</td><td>5,475</td><td>3,591</td><td>2,463</td><td>2,504</td><td>2,916</td><td>2,617</td><td>6,498</td><td>3,855</td><td>3,307</td><td>2,818</td><td>3,288</td></tr><tr><td>Massachusetts</td><td>931,760</td><td>20,107</td><td>11,425</td><td>19,858</td><td>12,175</td><td>6,527</td><td>6,289</td><td>5,198</td><td>7,004</td><td>26,863</td><td>13,029</td><td>9,483</td><td>10,115</td><td>8,850</td></tr><tr><td>Michigan</td><td>547,635</td><td>6,481</td><td>9,400</td><td>8,770</td><td>7,339</td><td>4,998</td><td>5,830</td><td>5,148</td><td>7,046</td><td>11,438</td><td>8,213</td><td>5,512</td><td>5,555</td><td>5,504</td></tr><tr><td>Minnesota</td><td>383,942</td><td>5,200</td><td>6,795</td><td>8,675</td><td>5,587</td><td>4,733</td><td>4,707</td><td>4,428</td><td>4,742</td><td>11,287</td><td>6,485</td><td>5,392</td><td>5,580</td><td>4,719</td></tr><tr><td>Mississippi</td><td>98,856</td><td>1,360</td><td>1,226</td><td>1,978</td><td>1,092</td><td>1,052</td><td>871</td><td>858</td><td>1,105</td><td>2,313</td><td>1,144</td><td>1,173</td><td>1,131</td><td>952</td></tr><tr><td>Missouri</td><td>515,588</td><td>7,469</td><td>10,752</td><td>10,372</td><td>8,058</td><td>6,795</td><td>5,924</td><td>5,371</td><td>7,154</td><td>13,517</td><td>7,890</td><td>7,067</td><td>6,248</td><td>5,178</td></tr><tr><td>Montana</td><td>63,372</td><td>587</td><td>706</td><td>986</td><td>918</td><td>762</td><td>570</td><td>876</td><td>814</td><td>1,698</td><td>1,245</td><td>1,357</td><td>1,233</td><td>905</td></tr><tr><td>Nebraska</td><td>206,767</td><td>3,440</td><td>2,747</td><td>3,848</td><td>3,180</td><td>3,106</td><td>2,923</td><td>2,751</td><td>3,639</td><td>6,379</td><td>4,523</td><td>7,837</td><td>6,113</td><td>4,007</td></tr><tr><td>Nevada</td><td>19,091</td><td>192</td><td>268</td><td>422</td><td>290</td><td>155</td><td>168</td><td>80</td><td>262</td><td>472</td><td>192</td><td>370</td><td>100</td><td>220</td></tr><tr><td>New Hampshire</td><td>78,195</td><td>1,305</td><td>759</td><td>1,383</td><td>754</td><td>534</td><td>384</td><td>609</td><td>689</td><td>2,952</td><td>1,008</td><td>619</td><td>643</td><td>550</td></tr><tr><td>New Jersey</td><td>597,462</td><td>8,928</td><td>9,186</td><td>10,085</td><td>7,614</td><td>5,612</td><td>6,625</td><td>5,235</td><td>6,176</td><td>13,128</td><td>8,563</td><td>6,729</td><td>5,634</td><td>5,215</td></tr><tr><td>New Mexico</td><td>36,010</td><td>202</td><td>560</td><td>410</td><td>144</td><td>969</td><td>486</td><td>330</td><td>396</td><td>359</td><td>226</td><td>370</td><td>206</td><td>199</td></tr><tr><td>New York</td><td>3,096,406</td><td>44,943</td><td>50,082</td><td>42,144</td><td>36,236</td><td>24,003</td><td>27,704</td><td>22,008</td><td>27,582</td><td>82,893</td><td>49,322</td><td>33,534</td><td>31,808</td><td>23,979</td></tr><tr><td>North Carolina</td><td>219,013</td><td>3,491</td><td>4,131</td><td>3,653</td><td>3,276</td><td>2,201</td><td>2,567</td><td>2,154</td><td>2,912</td><td>5,168</td><td>3,346</td><td>2,790</td><td>2,321</td><td>3,138</td></tr><tr><td>North Dakota</td><td>75,039</td><td>958</td><td>853</td><td>1,264</td><td>946</td><td>988</td><td>1,335</td><td>1,283</td><td>1,031</td><td>2,321</td><td>1,739</td><td>1,439</td><td>1,043</td><td>816</td></tr><tr><td>Ohio</td><td>1,042,190</td><td>15,584</td><td>20,095</td><td>23,515</td><td>14,429</td><td>10,682</td><td>11,593</td><td>9,079</td><td>11,730</td><td>27,589</td><td>13,780</td><td>11,839</td><td>12,226</td><td>9,774</td></tr><tr><td>Oklahoma</td><td>136,604</td><td>1,727</td><td>3,042</td><td>2,052</td><td>1,617</td><td>1,775</td><td>1,334</td><td>1,260</td><td>3,320</td><td>5,003</td><td>1,658</td><td>1,665</td><td>1,760</td><td>1,314</td></tr><tr><td>Oregon</td><td>154,669</td><td>1,443</td><td>1,668</td><td>2,316</td><td>1,834</td><td>2,211</td><td>1,624</td><td>1,589</td><td>1,809</td><td>4,151</td><td>2,031</td><td>1,569</td><td>1,903</td><td>1,448</td></tr><tr><td>Pennsylvania</td><td>1,531,963</td><td>35,803</td><td>27,321</td><td>33,133</td><td>22,594</td><td>15,557</td><td>15,832</td><td>14,757</td><td>16,519</td><td>34,970</td><td>19,361</td><td>20,014</td><td>17,298</td><td>14,144</td></tr><tr><td>Rhode Island</td><td>147,483</td><td>2,148</td><td>2,727</td><td>5,550</td><td>2,274</td><td>1,574</td><td>824</td><td>1,068</td><td>1,033</td><td>3,475</td><td>2,438</td><td>1,747</td><td>1,284</td><td>1,118</td></tr><tr><td>South Carolina</td><td>102,174</td><td>1,737</td><td>1,722</td><td>2,183</td><td>1,182</td><td>1,160</td><td>1,236</td><td>1,041</td><td>1,234</td><td>1,884</td><td>1,632</td><td>988</td><td>890</td><td>1,294</td></tr><tr><td>South Dakota</td><td>65,546</td><td>1,263</td><td>1,514</td><td>1,169</td><td>883</td><td>999</td><td>1,271</td><td>1,157</td><td>1,521</td><td>2,262</td><td>1,963</td><td>1,855</td><td>1,758</td><td>1,904</td></tr><tr><td>Tennessee</td><td>189,465</td><td>2,664</td><td>3,025</td><td>3,691</td><td>1,864</td><td>2,145</td><td>1,618</td><td>1,893</td><td>2,401</td><td>5,288</td><td>2,706</td><td>2,292</td><td>2,331</td><td>1,988</td></tr><tr><td>Texas</td><td>515,792</td><td>5,306</td><td>7,151</td><td>6,918</td><td>6,456</td><td>5,209</td><td>4,979</td><td>3,713</td><td>5,617</td><td>10,352</td><td>6,945</td><td>5,845</td><td>4,978</td><td>4,699</td></tr><tr><td>Utah</td><td>39,722</td><td>510</td><td>517</td><td>507</td><td>403</td><td>486</td><td>247</td><td>443</td><td>731</td><td>1,344</td><td>547</td><td>622</td><td>376</td><td>426</td></tr><tr><td>Vermont</td><td>42,710</td><td>786</td><td>457</td><td>1,001</td><td>611</td><td>379</td><td>271</td><td>270</td><td>467</td><td>1,099</td><td>454</td><td>291</td><td>515</td><td>592</td></tr><tr><td>Virginia</td><td>255,539</td><td>2,828</td><td>3,420</td><td>4,148</td><td>3,137</td><td>3,381</td><td>3,303</td><td>3,055</td><td>4,241</td><td>5,737</td><td>4,450</td><td>1,880</td><td>2,725</td><td>1,963</td></tr><tr><td>Washington</td><td>260,881</td><td>2,820</td><td>2,865</td><td>4,894</td><td>2,674</td><td>2,451</td><td>3,039</td><td>2,424</td><td>3,653</td><td>6,970</td><td>3,619</td><td>2,708</td><td>2,170</td><td>3,106</td></tr><tr><td>West Virginia</td><td>98,464</td><td>1,368</td><td>1,552</td><td>2,306</td><td>1,421</td><td>1,121</td><td>1,465</td><td>1,111</td><td>2,237</td><td>3,291</td><td>935</td><td>1,816</td><td>911</td><td>914</td></tr><tr><td>Wisconsin</td><td>479,364</td><td>7,003</td><td>8,535</td><td>9,161</td><td>7,583</td><td>5,487</td><td>5,709</td><td>5,468</td><td>5,914</td><td>13,428</td><td>7,462</td><td>7,677</td><td>6,747</td><td>5,648</td></tr><tr><td>Wyoming</td><td>31,570</td><td>516</td><td>385</td><td>445</td><td>399</td><td>523</td><td>283</td><td>478</td><td>621</td><td>1,066</td><td>394</td><td>312</td><td>568</td><td>306</td></tr><tr><td>Alaska 1/</td><td>5,349</td><td>2</td><td>11</td><td>18</td><td>6</td><td>10</td><td>1</td><td>22</td><td>3</td><td>6</td><td>17</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Canal Zone</td><td>6,476</td><td>8</td><td>9</td><td>12</td><td>6</td><td>22</td><td>51</td><td>18</td><td>32</td><td>36</td><td>66</td><td>61</td><td>15</td><td>23</td></tr><tr><td>Hawaii</td><td>57,727</td><td>422</td><td>555</td><td>901</td><td>465</td><td>536</td><td>407</td><td>179</td><td>358</td><td>1,375</td><td>1,122</td><td>311</td><td>292</td><td>222</td></tr><tr><td>Puerto Rico</td><td>13,617</td><td>76</td><td>26</td><td>2</td><td>19</td><td>1</td><td>28</td><td>6</td><td>28</td><td>42</td><td>4</td><td>11</td><td>1</td><td>9</td></tr><tr><td>Virgin Islands</td><td>812</td><td>-</td><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>Other possessions</td><td>903</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to commercial banks 2/.</td><td>895,480</td><td>-</td><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>Adjustment to Daily Treasury Statement</td><td>+23,935</td><td>-19,310</td><td>-40,071</td><td>+34,963</td><td>+8
Source: Daily Treasury Statement and reports from Federal Reserve Banks. • Less than $500. 1/ Monthly sales for Alaska are not available after March 1947. 2/ 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).
42
Treasury Bulletin
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. 1944-May 1947</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>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td>Alabama</td><td>186,957</td><td>6,316</td><td>5,368</td><td>5,853</td><td>5,644</td><td>5,528</td><td>4,889</td><td>4,877</td><td>5,225</td><td>5,254</td><td>4,429</td><td>4,993</td><td>4,204</td><td>4,402</td></tr><tr><td>Arizona</td><td>65,492</td><td>2,467</td><td>2,201</td><td>1,911</td><td>2,041</td><td>2,036</td><td>2,174</td><td>1,753</td><td>2,183</td><td>2,103</td><td>1,717</td><td>2,070</td><td>1,918</td><td>1,862</td></tr><tr><td>Arkansas</td><td>101,511</td><td>3,299</td><td>3,206</td><td>3,320</td><td>3,129</td><td>3,238</td><td>3,020</td><td>2,526</td><td>2,812</td><td>3,147</td><td>2,527</td><td>2,593</td><td>2,600</td><td>2,677</td></tr><tr><td>California</td><td>1,321,073</td><td>48,865</td><td>37,698</td><td>42,836</td><td>42,601</td><td>40,927</td><td>34,882</td><td>32,163</td><td>36,112</td><td>46,061</td><td>35,280</td><td>40,495</td><td>36,638</td><td>33,736</td></tr><tr><td>Colorado</td><td>121,295</td><td>4,596</td><td>4,357</td><td>3,964</td><td>4,064</td><td>4,818</td><td>3,706</td><td>2,812</td><td>4,922</td><td>4,489</td><td>3,433</td><td>3,795</td><td>3,915</td><td>3,683</td></tr><tr><td>Connecticut</td><td>223,371</td><td>8,604</td><td>7,336</td><td>7,506</td><td>7,017</td><td>7,141</td><td>6,380</td><td>6,642</td><td>6,759</td><td>6,122</td><td>4,972</td><td>5,798</td><td>6,333</td><td>6,371</td></tr><tr><td>Delaware</td><td>32,217</td><td>1,222</td><td>1,141</td><td>1,160</td><td>1,082</td><td>1,117</td><td>1,089</td><td>852</td><td>1,023</td><td>984</td><td>868</td><td>808</td><td>1,060</td><td>857</td></tr><tr><td>District of Columbia</td><td>158,202</td><td>5,647</td><td>6,475</td><td>4,890</td><td>4,834</td><td>6,037</td><td>4,234</td><td>4,671</td><td>5,368</td><td>4,831</td><td>3,894</td><td>4,726</td><td>4,801</td><td>4,681</td></tr><tr><td>Florida</td><td>226,760</td><td>8,556</td><td>7,145</td><td>7,109</td><td>6,969</td><td>7,042</td><td>6,932</td><td>6,747</td><td>7,434</td><td>7,644</td><td>6,095</td><td>7,058</td><td>6,552</td><td>6,946</td></tr><tr><td>Georgia</td><td>195,692</td><td>4,480</td><td>7,506</td><td>7,465</td><td>6,214</td><td>6,384</td><td>5,702</td><td>5,327</td><td>6,038</td><td>6,331</td><td>5,132</td><td>5,784</td><td>5,211</td><td>5,207</td></tr><tr><td>Idaho</td><td>42,369</td><td>1,867</td><td>1,594</td><td>1,376</td><td>1,516</td><td>1,488</td><td>1,307</td><td>1,150</td><td>1,288</td><td>1,405</td><td>1,215</td><td>1,405</td><td>1,504</td><td>1,198</td></tr><tr><td>Illinois</td><td>1,041,815</td><td>38,296</td><td>35,391</td><td>35,892</td><td>34,530</td><td>34,057</td><td>31,943</td><td>27,911</td><td>32,183</td><td>36,021</td><td>25,297</td><td>30,134</td><td>28,493</td><td>27,585</td></tr><tr><td>Indiana</td><td>408,315</td><td>13,428</td><td>12,653</td><td>12,188</td><td>11,926</td><td>11,032</td><td>10,728</td><td>9,543</td><td>10,493</td><td>9,958</td><td>8,044</td><td>9,453</td><td>9,399</td><td>9,813</td></tr><tr><td>Iowa</td><td>247,245</td><td>9,525</td><td>8,490</td><td>8,011</td><td>7,514</td><td>8,255</td><td>7,796</td><td>6,445</td><td>7,389</td><td>7,722</td><td>7,292</td><td>9,978</td><td>7,155</td><td>7,023</td></tr><tr><td>Kansas</td><td>167,197</td><td>6,619</td><td>6,078</td><td>4,171</td><td>6,277</td><td>7,030</td><td>5,050</td><td>4,484</td><td>5,280</td><td>5,229</td><td>4,993</td><td>5,330</td><td>5,294</td><td>5,138</td></tr><tr><td>Kentucky</td><td>169,210</td><td>5,335</td><td>5,372</td><td>5,684</td><td>5,145</td><td>5,035</td><td>4,994</td><td>4,221</td><td>5,130</td><td>4,917</td><td>4,228</td><td>4,556</td><td>4,467</td><td>4,465</td></tr><tr><td>Louisiana</td><td>166,986</td><td>5,943</td><td>5,298</td><td>5,352</td><td>4,734</td><td>5,397</td><td>4,964</td><td>4,317</td><td>4,594</td><td>4,708</td><td>4,034</td><td>4,862</td><td>4,376</td><td>4,281</td></tr><tr><td>Maine</td><td>56,004</td><td>2,160</td><td>1,892</td><td>2,027</td><td>1,762</td><td>1,913</td><td>1,892</td><td>1,693</td><td>1,943</td><td>1,600</td><td>1,359</td><td>1,565</td><td>1,690</td><td>1,621</td></tr><tr><td>Maryland</td><td>184,668</td><td>6,578</td><td>6,681</td><td>6,155</td><td>6,134</td><td>5,348</td><td>7,148</td><td>4,952</td><td>6,016</td><td>5,841</td><td>4,695</td><td>5,239</td><td>5,590</td><td>5,452</td></tr><tr><td>Massachusetts</td><td>406,692</td><td>14,557</td><td>12,597</td><td>13,621</td><td>12,139</td><td>12,583</td><td>13,324</td><td>11,852</td><td>14,232</td><td>13,035</td><td>10,474</td><td>12,036</td><td>11,589</td><td>11,093</td></tr><tr><td>Michigan</td><td>856,908</td><td>27,307</td><td>27,839</td><td>26,900</td><td>22,966</td><td>24,734</td><td>23,555</td><td>20,045</td><td>22,202</td><td>20,595</td><td>16,780</td><td>19,867</td><td>19,233</td><td>19,698</td></tr><tr><td>Minnesota</td><td>283,645</td><td>11,370</td><td>10,272</td><td>10,211</td><td>9,176</td><td>8,755</td><td>9,228</td><td>7,819</td><td>8,502</td><td>13,680</td><td>7,586</td><td>8,386</td><td>9,135</td><td>8,205</td></tr><tr><td>Mississippi</td><td>90,349</td><td>3,312</td><td>2,535</td><td>3,422</td><td>2,722</td><td>2,893</td><td>2,967</td><td>2,675</td><td>2,620</td><td>3,431</td><td>2,481</td><td>2,590</td><td>2,576</td><td>2,482</td></tr><tr><td>Missouri</td><td>382,722</td><td>13,127</td><td>12,934</td><td>11,682</td><td>12,424</td><td>13,124</td><td>11,160</td><td>10,360</td><td>10,716</td><td>14,522</td><td>9,811</td><td>10,465</td><td>10,314</td><td>10,074</td></tr><tr><td>Montana</td><td>52,319</td><td>2,362</td><td>2,117</td><td>2,062</td><td>1,930</td><td>1,888</td><td>1,750</td><td>1,750</td><td>1,764</td><td>2,004</td><td>1,451</td><td>1,636</td><td>1,648</td><td>1,532</td></tr><tr><td>Nebraska</td><td>124,546</td><td>4,911</td><td>4,456</td><td>3,555</td><td>2,878</td><td>6,080</td><td>3,776</td><td>3,328</td><td>3,827</td><td>4,882</td><td>4,080</td><td>4,429</td><td>4,127</td><td>4,040</td></tr><tr><td>Nevada</td><td>19,993</td><td>764</td><td>485</td><td>638</td><td>691</td><td>568</td><td>706</td><td>465</td><td>556</td><td>783</td><td>561</td><td>629</td><td>547</td><td>585</td></tr><tr><td>New Hampshire</td><td>35,700</td><td>1,428</td><td>1,227</td><td>1,313</td><td>1,298</td><td>1,199</td><td>1,295</td><td>1,094</td><td>1,314</td><td>1,016</td><td>895</td><td>1,089</td><td>1,151</td><td>1,052</td></tr><tr><td>New Jersey</td><td>466,085</td><td>16,854</td><td>14,821</td><td>13,596</td><td>14,438</td><td>15,343</td><td>10,153</td><td>15,374</td><td>15,186</td><td>14,464</td><td>10,378</td><td>11,204</td><td>12,829</td><td>12,881</td></tr><tr><td>New Mexico</td><td>39,055</td><td>1,525</td><td>1,497</td><td>914</td><td>1,402</td><td>1,427</td><td>1,262</td><td>1,008</td><td>1,469</td><td>1,240</td><td>1,018</td><td>1,316</td><td>1,065</td><td>1,316</td></tr><tr><td>New York</td><td>1,353,948</td><td>51,692</td><td>44,960</td><td>39,204</td><td>38,554</td><td>47,404</td><td>25,359</td><td>48,597</td><td>47,698</td><td>47,651</td><td>33,048</td><td>35,958</td><td>36,759</td><td>40,463</td></tr><tr><td>North Carolina</td><td>185,181</td><td>6,738</td><td>6,515</td><td>5,920</td><td>6,011</td><td>6,004</td><td>4,378</td><td>4,941</td><td>5,757</td><td>5,729</td><td>4,557</td><td>5,735</td><td>5,523</td><td>5,473</td></tr><tr><td>North Dakota</td><td>38,287</td><td>1,781</td><td>1,690</td><td>1,649</td><td>1,384</td><td>1,231</td><td>1,277</td><td>1,168</td><td>1,059</td><td>1,556</td><td>983</td><td>1,370</td><td>1,474</td><td>1,298</td></tr><tr><td>Ohio</td><td>881,618</td><td>30,276</td><td>27,980</td><td>29,087</td><td>26,463</td><td>25,313</td><td>24,805</td><td>21,809</td><td>24,163</td><td>24,358</td><td>18,572</td><td>21,554</td><td>21,942</td><td>20,931</td></tr><tr><td>Oklahoma</td><td>185,441</td><td>7,152</td><td>6,373</td><td>6,382</td><td>5,900</td><td>6,049</td><td>5,345</td><td>4,650</td><td>5,580</td><td>6,491</td><td>5,039</td><td>5,314</td><td>5,205</td><td>4,860</td></tr><tr><td>Oregon</td><td>197,141</td><td>7,429</td><td>6,689</td><td>6,543</td><td>6,260</td><td>5,647</td><td>3,757</td><td>4,893</td><td>5,000</td><td>5,728</td><td>4,577</td><td>5,748</td><td>5,220</td><td>4,993</td></tr><tr><td>Pennsylvania</td><td>1,084,215</td><td>41,175</td><td>36,386</td><td>35,883</td><td>33,257</td><td>32,432</td><td>34,486</td><td>27,878</td><td>33,859</td><td>36,064</td><td>25,644</td><td>27,338</td><td>30,038</td><td>28,212</td></tr><tr><td>Rhode Island</td><td>72,129</td><td>2,494</td><td>2,315</td><td>2,315</td><td>2,046</td><td>2,185</td><td>2,316</td><td>1,967</td><td>2,136</td><td>1,780</td><td>1,560</td><td>1,736</td><td>1,899</td><td>1,827</td></tr><tr><td>South Carolina</td><td>89,582</td><td>2,929</td><td>2,974</td><td>2,643</td><td>2,699</td><td>2,723</td><td>2,061</td><td>2,425</td><td>2,506</td><td>2,597</td><td>2,145</td><td>2,307</td><td>2,362</td><td>2,297</td></tr><tr><td>South Dakota</td><td>39,795</td><td>1,697</td><td>1,588</td><td>1,418</td><td>1,407</td><td>1,419</td><td>1,276</td><td>1,132</td><td>1,151</td><td>1,434</td><td>1,120</td><td>1,362</td><td>1,459</td><td>1,276</td></tr><tr><td>Tennessee</td><td>192,366</td><td>6,495</td><td>5,386</td><td>6,934</td><td>5,595</td><td>5,981</td><td>5,827</td><td>4,776</td><td>5,157</td><td>6,021</td><td>4,242</td><td>4,938</td><td>5,471</td><td>4,902</td></tr><tr><td>Texas</td><td>632,618</td><td>22,946</td><td>21,028</td><td>18,933</td><td>15,310</td><td>24,817</td><td>19,420</td><td>16,623</td><td>19,271</td><td>19,677</td><td>16,702</td><td>18,956</td><td>17,287</td><td>16,794</td></tr><tr><td>Utah</td><td>68,111</td><td>2,787</td><td>2,505</td><td>2,403</td><td>2,444</td><td>2,143</td><td>2,070</td><td>2,059</td><td>2,316</td><td>2,080</td><td>1,794</td><td>2,113</td><td>1,998</td><td>2,053</td></tr><tr><td>Vermont</td><td>17,715</td><td>757</td><td>719</td><td>673</td><td>678</td><td>650</td><td>658</td><td>580</td><td>772</td><td>612</td><td>481</td><td>558</td><td>586</td><td>595</td></tr><tr><td>Virginia</td><td>241,671</td><td>8,104</td><td>8,990</td><td>6,651</td><td>7,254</td><td>8,543</td><td>5,518</td><td>6,772</td><td>7,838</td><td>7,404</td><td>5,981</td><td>7,066</td><td>7,009</td><td>6,891</td></tr><tr><td>Washington</td><td>288,958</td><td>10,955</td><td>9,299</td><td>9,687</td><td>9,273</td><td>8,944</td><td>8,254</td><td>7,653</td><td>8,411</td><td>9,186</td><td>6,988</td><td>8,708</td><td>7,935</td><td>7,691</td></tr><tr><td>West Virginia</td><td>130,552</td><td>5,758</td><td>4,696</td><td>3,837</td><td>4,010</td><td>4,161</td><td>3,734</td><td>3,606</td><td>4,098</td><td>3,664</td><td>2,791</td><td>3,158</td><td>3,562</td><td>3,612</td></tr><tr><td>Wisconsin</td><td>279,238</td><td>10,729</td><td>10,054</td><td>9,658</td><td>9,195</td><td>8,858</td><td>8,524</td><td>7,592</td><td>8,443</td><td>8,215</td><td>6,516</td><td>8,112</td><td>7,680</td><td>7,899</td></tr><tr><td>Wyoming</td><td>26,092</td><td>1,098</td><td>1,094</td><td>820</td><td>634</td><td>1,356</td><td>785</td><td>749</td><td>831</td><td>873</td><td>708</td><td>893</td><td>794</td><td>901</td></tr><tr><td>Alaska</td><td>7,526</td><td>318</td><td>265</td><td>244</td><td>316</td><td>244</td><td>216</td><td>200</td><td>179</td><td>173</td><td>209</td><td>208</td><td>235</td><td>203</td></tr><tr><td>Canal Zone</td><td>5,104</td><td>476</td><td>464</td><td>358</td><td>303</td><td>238</td><td>307</td><td>335</td><td>362</td><td>377</td><td>223</td><td>305</td><td>309</td><td>348</td></tr><tr><td>Hawaii</td><td>68,722</td><td>2,068</td><td>1,592</td><td>1,468</td><td>2,633</td><td>1,861</td><td>1,459</td><td>691</td><td>2,459</td><td>2,717</td><td>1,628</td><td>1,995</td><td>1,837</td><td>2,011</td></tr><tr><td>Puerto Rico</td><td>19,128</td><td>972</td><td>796</td><td>473</td><td>677</td><td>447</td><td>468</td><td>665</td><td>931</td><td>724</td><td>528</td><td>654</td><td>709</td><td>566</td></tr><tr><td>Virgin Islands</td><td>527</td><td>19</td><td>24</td><td>
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 redeemed
in another. Moreover, the figures shown in this table are based on current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944.
July 1947
43
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 May 31, 1947
(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>402</td><td>65 1/</td><td>337</td><td>5</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,943</td><td>182 1/</td><td>4,761</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>29,529</td><td>23,977</td><td>5,494</td><td>18,483</td><td>26</td><td>5,525</td></tr><tr><td>Total</td><td>34,880</td><td>29,322</td><td>5,741</td><td>23,581</td><td>32</td><td>5,525</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 taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal 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>3,325</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>1943</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>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</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>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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><tr><td>August</td><td>188</td><td>170</td><td>100</td><td>70</td><td>8</td><td>6,688</td></tr><tr><td>September</td><td>248</td><td>841</td><td>407</td><td>435</td><td>7</td><td>6,096</td></tr><tr><td>October</td><td>184</td><td>276</td><td>137</td><td>139</td><td>6</td><td>6,003</td></tr><tr><td>November</td><td>166</td><td>192</td><td>140</td><td>52</td><td>6</td><td>5,978</td></tr><tr><td>December</td><td>360</td><td>555</td><td>203</td><td>352</td><td>63</td><td>5,725</td></tr><tr><td>1947-January</td><td>218</td><td>370</td><td>227</td><td>143</td><td>46</td><td>5,590</td></tr><tr><td>February</td><td>209</td><td>234</td><td>175</td><td>60</td><td>41</td><td>5,570</td></tr><tr><td>March</td><td>275</td><td>410</td><td>128</td><td>283</td><td>33</td><td>5,443</td></tr><tr><td>April</td><td>174</td><td>143</td><td>92</td><td>52</td><td>30</td><td>5,477</td></tr><tr><td>May</td><td>164</td><td>119</td><td>90</td><td>29</td><td>26</td><td>5,525</td></tr></table>
Source: Daily Treasury Statement.
44
Treasury Bulletin
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>$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>398.5</td><td>507.6</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>414.0</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>1946-May</td><td>198.4</td><td>.3</td><td>.6</td><td>4.2</td><td>7.2</td><td>32.1</td><td>74.3</td><td>27.5</td><td>52.0</td></tr><tr><td>June</td><td>184.0</td><td>.3</td><td>.6</td><td>5.0</td><td>8.1</td><td>39.5</td><td>67.4</td><td>17.0</td><td>46.0</td></tr><tr><td>July</td><td>300.5</td><td>.3</td><td>.7</td><td>5.4</td><td>10.1</td><td>38.8</td><td>82.7</td><td>33.5</td><td>129.0</td></tr><tr><td>August</td><td>188.4</td><td>.2</td><td>.4</td><td>3.1</td><td>6.2</td><td>25.5</td><td>53.6</td><td>17.5</td><td>82.0</td></tr><tr><td>September</td><td>248.2</td><td>.2</td><td>.7</td><td>6.2</td><td>12.4</td><td>47.9</td><td>92.8</td><td>20.0</td><td>68.0</td></tr><tr><td>October</td><td>183.5</td><td>.2</td><td>.6</td><td>4.9</td><td>10.3</td><td>45.9</td><td>79.1</td><td>27.5</td><td>15.0</td></tr><tr><td>November</td><td>166.4</td><td>.1</td><td>.5</td><td>3.9</td><td>8.6</td><td>38.8</td><td>57.9</td><td>22.5</td><td>34.0</td></tr><tr><td>December</td><td>359.5</td><td>.3</td><td>.8</td><td>7.8</td><td>17.2</td><td>73.2</td><td>125.8</td><td>51.5</td><td>83.0</td></tr><tr><td>1947-January</td><td>218.1</td><td>.3</td><td>.8</td><td>6.3</td><td>11.3</td><td>48.9</td><td>82.4</td><td>34.0</td><td>34.0</td></tr><tr><td>February p</td><td>209.2</td><td>.2</td><td>.6</td><td>5.6</td><td>11.7</td><td>52.3</td><td>90.1</td><td>31.5</td><td>17.0</td></tr><tr><td>March p</td><td>275.3</td><td>.2</td><td>.8</td><td>6.5</td><td>14.2</td><td>64.2</td><td>95.8</td><td>37.5</td><td>56.0</td></tr><tr><td>April p</td><td>173.8</td><td>.1</td><td>.4</td><td>3.5</td><td>8.3</td><td>35.4</td><td>60.8</td><td>25.0</td><td>40.0</td></tr><tr><td>May p</td><td>164.3</td><td>.2</td><td>.6</td><td>4.8</td><td>8.5</td><td>36.9</td><td>62.1</td><td>25.0</td><td>26.0</td></tr></table>
Sources: Daily Treasury Statement, Public Debt Service, 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>1944</td><td>5,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>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>1946-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><tr><td>August</td><td>188.4</td><td>10.8</td><td>177.6</td><td>100.0</td><td>5.7</td><td>94.3</td></tr><tr><td>September</td><td>248.2</td><td>15.4</td><td>232.8</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>October</td><td>183.5</td><td>19.3</td><td>164.2</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>November</td><td>166.4</td><td>18.3</td><td>148.1</td><td>100.0</td><td>11.0</td><td>89.0</td></tr><tr><td>December</td><td>359.5</td><td>19.8</td><td>339.8</td><td>100.0</td><td>5.5</td><td>94.5</td></tr><tr><td>1947-January</td><td>218.1</td><td>19.0</td><td>199.1</td><td>100.0</td><td>8.7</td><td>91.3</td></tr><tr><td>February</td><td>209.2</td><td>11.1</td><td>198.1</td><td>100.0</td><td>5.3</td><td>94.7</td></tr><tr><td>March</td><td>275.3</td><td>13.8</td><td>261.5</td><td>100.0</td><td>5.0</td><td>95.0</td></tr><tr><td>April</td><td>173.8</td><td>18.6</td><td>155.2</td><td>100.0</td><td>10.7</td><td>89.3</td></tr><tr><td>May</td><td>164.3</td><td>18.1</td><td>146.2</td><td>100.0</td><td>11.0</td><td>89.0</td></tr></table>
Sources: Daily Treasury Statement and reports from Federal Reserve Banks.
July 1947
45
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 colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 1/4/</td><td>590,268 1/</td><td>544,947</td><td>474,168</td><td>70,480 1/</td><td>100.0</td><td>87.1</td><td>12.9 1/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945</td><td>177,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>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-May</td><td>99,252</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>-3,875</td><td>3,596</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr><tr><td>July</td><td>91,988</td><td>-3,988</td><td>3,283</td><td>7,271</td><td>4,158</td><td>3,113</td><td>100.0</td><td>57.2</td><td>42.8</td></tr><tr><td>August</td><td>87,750</td><td>-4,239</td><td>1,674</td><td>5,912</td><td>3,289</td><td>2,623</td><td>100.0</td><td>55.6</td><td>44.4</td></tr><tr><td>September</td><td>85,284</td><td>-2,465</td><td>2,240</td><td>4,705</td><td>2,473</td><td>2,232</td><td>100.0</td><td>52.6</td><td>47.4</td></tr><tr><td>October</td><td>82,988</td><td>-2,296</td><td>2,205</td><td>4,501</td><td>2,444</td><td>2,057</td><td>100.0</td><td>54.3</td><td>45.7</td></tr><tr><td>November</td><td>81,701</td><td>-1,287</td><td>2,019</td><td>3,306</td><td>1,739</td><td>1,567</td><td>100.0</td><td>52.6</td><td>47.4</td></tr><tr><td>December</td><td>79,321</td><td>-2,580</td><td>2,589</td><td>4,969</td><td>2,524</td><td>2,445</td><td>100.0</td><td>50.8</td><td>49.2</td></tr><tr><td>1947-January</td><td>76,122</td><td>-3,199</td><td>1,708</td><td>4,907</td><td>2,709</td><td>2,198</td><td>100.0</td><td>55.2</td><td>44.8</td></tr><tr><td>February</td><td>73,980</td><td>-2,143</td><td>2,391</td><td>4,533</td><td>2,475</td><td>2,058</td><td>100.0</td><td>55.6</td><td>44.4</td></tr><tr><td>March</td><td>72,492</td><td>-1,487</td><td>2,582</td><td>4,069</td><td>2,051</td><td>2,018</td><td>100.0</td><td>50.4</td><td>49.6</td></tr><tr><td>April</td><td>71,111</td><td>-1,382</td><td>2,324</td><td>3,706</td><td>1,931</td><td>1,775</td><td>100.0</td><td>52.1</td><td>47.9</td></tr><tr><td>May</td><td>71,114</td><td>-1</td><td>1,393</td><td>1,389</td><td>702</td><td>688</td><td>100.0</td><td>50.5</td><td>49.5</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 less 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 $55,000 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>313,691</td><td>52,508</td><td>72,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,682</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>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>14.3</td><td>5.2</td></tr><tr><td>1946-May</td><td>6,362</td><td>1,364</td><td>3,157</td><td>617</td><td>864</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>259</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><tr><td>August</td><td>1,674</td><td>183</td><td>843</td><td>182</td><td>331</td><td>135</td><td>100.0</td><td>10.9</td><td>50.5</td><td>10.9</td><td>19.7</td><td>8.0</td></tr><tr><td>September</td><td>2,240</td><td>316</td><td>1,103</td><td>264</td><td>401</td><td>156</td><td>100.0</td><td>14.1</td><td>49.3</td><td>11.8</td><td>17.9</td><td>6.9</td></tr><tr><td>October</td><td>2,205</td><td>394</td><td>1,059</td><td>221</td><td>380</td><td>150</td><td>100.0</td><td>17.9</td><td>48.1</td><td>10.0</td><td>17.2</td><td>6.8</td></tr><tr><td>November</td><td>2,019</td><td>364</td><td>982</td><td>210</td><td>323</td><td>140</td><td>100.0</td><td>18.0</td><td>48.7</td><td>10.4</td><td>16.0</td><td>6.9</td></tr><tr><td>December</td><td>2,589</td><td>369</td><td>1,249</td><td>253</td><td>442</td><td>275</td><td>100.0</td><td>14.3</td><td>48.2</td><td>9.8</td><td>17.1</td><td>10.6</td></tr><tr><td>1947-January</td><td>1,708</td><td>304</td><td>827</td><td>175</td><td>285</td><td>116</td><td>100.0</td><td>17.8</td><td>48.5</td><td>10.2</td><td>16.7</td><td>6.8</td></tr><tr><td>February</td><td>2,391</td><td>441</td><td>1,153</td><td>259</td><td>382</td><td>156</td><td>100.0</td><td>18.4</td><td>48.3</td><td>10.8</td><td>16.0</td><td>6.5</td></tr><tr><td>March</td><td>2,582</td><td>468</td><td>1,222</td><td>265</td><td>437</td><td>189</td><td>100.0</td><td>18.1</td><td>47.4</td><td>10.3</td><td>16.9</td><td>7.3</td></tr><tr><td>April</td><td>2,324</td><td>440</td><td>1,066</td><td>243</td><td>402</td><td>174</td><td>100.0</td><td>18.9</td><td>45.9</td><td>10.4</td><td>17.3</td><td>7.5</td></tr><tr><td>May</td><td>1,393</td><td>217</td><td>657</td><td>149</td><td>257</td><td>113</td><td>100.0</td><td>15.6</td><td>47.2</td><td>10.7</td><td>18.4</td><td>8.1</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
July 1947
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Securities guaranteed by United States 1/ Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues 3/</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Total amount unmatured outstanding</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 4/</th></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,836</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,375</td><td>6,803</td><td>2,028</td><td>1</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>o8</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>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>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1946-May</td><td>271,440</td><td>28,520</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,546</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>29,703</td><td>6,627</td><td>30</td><td>23,045</td><td>23,633</td><td>213,704</td><td>157,336</td><td>56,368</td><td>324</td><td>9</td><td>-</td><td>34</td><td>281</td></tr><tr><td>Aug.</td><td>266,359</td><td>30,054</td><td>6,575</td><td>35</td><td>23,443</td><td>23,946</td><td>212,359</td><td>155,829</td><td>56,530</td><td>370</td><td>9</td><td>-</td><td>34</td><td>326</td></tr><tr><td>Sept.</td><td>264,217</td><td>30,369</td><td>6,480</td><td>35</td><td>23,854</td><td>24,049</td><td>209,799</td><td>153,809</td><td>55,990</td><td>391</td><td>9</td><td>-</td><td>34</td><td>347</td></tr><tr><td>Oct.</td><td>262,415</td><td>30,426</td><td>6,375</td><td>35</td><td>24,015</td><td>23,518</td><td>208,471</td><td>152,426</td><td>56,046</td><td>378</td><td>9</td><td>-</td><td>34</td><td>334</td></tr><tr><td>Nov.</td><td>260,925</td><td>30,600</td><td>6,310</td><td>36</td><td>24,254</td><td>23,944</td><td>206,380</td><td>150,073</td><td>56,307</td><td>362</td><td>9</td><td>-</td><td>35</td><td>317</td></tr><tr><td>Dec.</td><td>257,649</td><td>30,913</td><td>6,293</td><td>36</td><td>24,585</td><td>23,350</td><td>203,386</td><td>146,970</td><td>56,416</td><td>331</td><td>9</td><td>-</td><td>36</td><td>286</td></tr><tr><td>1947-Jan.</td><td>258,378</td><td>31,157</td><td>6,343</td><td>37</td><td>24,777</td><td>23,941</td><td>203,280</td><td>146,160</td><td>57,120</td><td>262</td><td>9</td><td>-</td><td>36</td><td>217</td></tr><tr><td>Feb.</td><td>258,113</td><td>31,302</td><td>6,328</td><td>37</td><td>24,938</td><td>24,117</td><td>202,695</td><td>144,966</td><td>57,729</td><td>181</td><td>9</td><td>-</td><td>36</td><td>135</td></tr><tr><td>Mar.</td><td>255,800</td><td>31,561</td><td>6,342</td><td>37</td><td>25,183</td><td>22,593</td><td>201,646</td><td>143,526</td><td>58,119</td><td>175</td><td>9</td><td>-</td><td>36</td><td>130</td></tr><tr><td>Apr.</td><td>254,427</td><td>31,585</td><td>6,268</td><td>37</td><td>25,280</td><td>21,857</td><td>200,985</td><td>142,410</td><td>58,575</td><td>171</td><td>9</td><td>-</td><td>36</td><td>126</td></tr><tr><td>May</td><td>254,975</td><td>32,182</td><td>5,959</td><td>37 p</td><td>26,186</td><td>22,088</td><td>200,705 p</td><td>141,879 p</td><td>58,826 p</td><td>171</td><td>9 p</td><td>-</td><td>37p</td><td>125</td></tr></table>
Source: (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. Preliminary. * Less than $500,000. 1/ Excludes obligations held by the Treasury and matured securities. 2/ The total amount of securities held by private investors is calcu-
lated 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. Includes United States savings bonds, Series A-F, at maturity value. Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
48
Treasury Bulletin
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 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U.S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</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>2.5</td><td>.4</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>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</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>10.9</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</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>13.6</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</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>17.9</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</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>23.7</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</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>26.5</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</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>15.5</td><td>1.5</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>20.7</td><td>2.0</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>20.0</td><td>2.1</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>23.3</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>25.8</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>106.0 r</td><td>84.2 r</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.8 r</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>260.2</td><td>107.3</td><td>84.0</td><td>23.3</td><td>152.8 r</td><td>59.4</td><td>22.5</td><td>10.0</td><td>28.8</td><td>5.5</td><td>26.6</td></tr><tr><td>December</td><td>276.2</td><td>115.0 r</td><td>90.8 r</td><td>24.3</td><td>161.2 r</td><td>63.5</td><td>24.4</td><td>10.7</td><td>29.1 r</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-March</td><td>275.3</td><td>112.8 r</td><td>90.2 r</td><td>22.6</td><td>162.5 r</td><td>63.6</td><td>25.0</td><td>11.2</td><td>27.9 r</td><td>6.7</td><td>28.2</td></tr><tr><td>April</td><td>273.2</td><td>112.6 r</td><td>89.9 r</td><td>22.7</td><td>160.7 r</td><td>63.2 r</td><td>25.0</td><td>11.3</td><td>26.3 r</td><td>6.7</td><td>28.3</td></tr><tr><td>May</td><td>272.0</td><td>111.1 r</td><td>88.1 r</td><td>22.9</td><td>160.9 r</td><td>63.1 r</td><td>25.2</td><td>11.3</td><td>26.1 r</td><td>6.6</td><td>28.5</td></tr><tr><td>June</td><td>268.6</td><td>108.2 r</td><td>84.4 r</td><td>23.8</td><td>160.4 r</td><td>62.9 r</td><td>25.3</td><td>11.5</td><td>25.2 r</td><td>6.5</td><td>29.1</td></tr><tr><td>July</td><td>267.4</td><td>106.9 r</td><td>83.2 r</td><td>23.6</td><td>160.5 r</td><td>62.9</td><td>25.4</td><td>11.6</td><td>24.5 r</td><td>6.4</td><td>29.7</td></tr><tr><td>August</td><td>266.7</td><td>105.7 r</td><td>81.8 r</td><td>23.9</td><td>161.0 r</td><td>63.0 r</td><td>25.4</td><td>11.7</td><td>24.5 r</td><td>6.4</td><td>30.1</td></tr><tr><td>September</td><td>264.6</td><td>104.3 r</td><td>80.2 r</td><td>24.0</td><td>160.3 r</td><td>62.8 r</td><td>25.4</td><td>11.7</td><td>23.7 r</td><td>6.3</td><td>30.4</td></tr><tr><td>October</td><td>262.8</td><td>102.8 r</td><td>79.3 r</td><td>23.5</td><td>160.0 r</td><td>62.9 r</td><td>25.4</td><td>11.7</td><td>23.3 r</td><td>6.3</td><td>30.4</td></tr><tr><td>November</td><td>261.3</td><td>101.3 r</td><td>77.3 r</td><td>23.9</td><td>160.0 r</td><td>63.2 r</td><td>25.3</td><td>11.7</td><td>23.0 r</td><td>6.2</td><td>30.6</td></tr><tr><td>December</td><td>258.0</td><td>97.9 r</td><td>74.5 r</td><td>23.3</td><td>160.1 r</td><td>63.5 r</td><td>25.3</td><td>11.8</td><td>22.4 r</td><td>6.2</td><td>30.9</td></tr><tr><td>1947-January</td><td>258.6</td><td>97.9 r</td><td>73.9 r</td><td>23.9</td><td>160.8 r</td><td>64.2 r</td><td>25.4</td><td>11.9</td><td>22.0 r</td><td>6.2</td><td>31.2</td></tr><tr><td>February</td><td>258.3</td><td>96.8 r</td><td>72.7 r</td><td>24.1</td><td>161.5 r</td><td>64.7 r</td><td>25.4</td><td>12.0</td><td>21.9 r</td><td>6.2</td><td>31.3</td></tr><tr><td>March</td><td>256.0</td><td>94.1</td><td>71.5</td><td>22.6</td><td>161.9</td><td>65.2</td><td>25.1</td><td>12.0</td><td>21.7</td><td>6.3</td><td>31.6</td></tr><tr><td>April p.....</td><td>254.6</td><td>93.5</td><td>71.7</td><td>21.9</td><td>161.0</td><td>65.4</td><td>25.1</td><td>12.0</td><td>20.5</td><td>6.3</td><td>31.6</td></tr></table>
Preliminary. Revised. 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/ Cosslets 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.
5/ Includes earnings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1939.</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940.</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941.</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942.</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>-</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943.</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944.</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945.</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946.</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947.</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000.
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
July 1947
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1947
The tables in Section I present summary data as of April 30, 1947 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey int 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 bonds.
Section 1 - Se
urities 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="4">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 2/</th></tr><tr><th>7,326 commercial banks 2/</th><th>Banks 1/ 33 stock savings banks</th><th>540 mutual savings banks</th><th>Insurance companies 309 life insurance companies</th><th>639 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>170,581</td><td>63,913</td><td>455</td><td>11,696</td><td>21,071</td><td>3,026</td><td>28,135</td><td>42,284</td></tr><tr><td>Non-marketable securities 4/.</td><td>58,738</td><td>1,238</td><td>12</td><td>288</td><td>138</td><td>238</td><td>36</td><td>56,661</td></tr><tr><td>Total public securities.</td><td>229,318</td><td>65,151</td><td>467</td><td>11,985</td><td>21,210</td><td>3,264</td><td>28,171</td><td>98,945</td></tr><tr><td>Special issues.</td><td>25,280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25,280</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/.</td><td>254,598</td><td>65,151</td><td>467</td><td>11,985</td><td>21,210</td><td>3,264</td><td>53,451</td><td>98,945</td></tr></table>
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/ C.C.C. demand obligations in the amount of $126 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="4">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,326 commercial banks 2/</th><th>Banks 1/ 33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>639 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr></table>
Par values - in millions of dollars
<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>16,610</td><td>928</td><td>*</td><td>1</td><td>-</td><td>*</td><td>15,119</td><td>562</td></tr><tr><td>Certificates of indebtedness</td><td>26,294</td><td>9,820</td><td>17</td><td>293</td><td>236</td><td>211</td><td>5,737</td><td>9,580</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>5,033</td><td>18</td><td>162</td><td>158</td><td>118</td><td>364</td><td>2,289</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>49,636</td><td>1,266</td><td>201</td><td>8,068</td><td>16,681</td><td>1,271</td><td>4,893</td><td>17,257</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>46,841</td><td>219</td><td>3,168</td><td>3,982</td><td>1,424</td><td>1,970</td><td>12,076</td></tr><tr><td>Postal savings and other bonds</td><td>166</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>116</td></tr><tr><td>Guaranteed by United States 5/</td><td>46</td><td>12</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>170,581</td><td>63,913</td><td>455</td><td>11,696</td><td>21,071</td><td>3,026</td><td>28,135</td><td>42,284</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>51,213</td><td>15,791</td><td>31</td><td>546</td><td>409</td><td>348</td><td>21,183</td><td>12,905</td></tr><tr><td>1 to 5 years</td><td>38,257</td><td>26,911</td><td>78</td><td>1,243</td><td>1,480</td><td>675</td><td>1,225</td><td>6,546</td></tr><tr><td>5 to 10 years</td><td>26,258</td><td>16,361</td><td>122</td><td>1,751</td><td>2,180</td><td>589</td><td>544</td><td>4,710</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,163</td><td>80</td><td>2,546</td><td>1,018</td><td>714</td><td>315</td><td>4,373</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>135</td><td>73</td><td>2,809</td><td>9,736</td><td>291</td><td>2,726</td><td>5,455</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,540</td><td>71</td><td>2,798</td><td>6,235</td><td>407</td><td>2,131</td><td>8,190</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>46</td><td>12</td><td>1</td><td>1</td><td>14</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>170,581</td><td>63,913</td><td>455</td><td>11,696</td><td>21,071</td><td>3,026</td><td>28,135</td><td>42,284</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>166</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>116</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>18,078</td><td>13,186</td><td>93</td><td>98</td><td>128</td><td>585</td><td>1,259</td><td>2,725</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>152,337</td><td>50,714</td><td>363</td><td>11,598</td><td>20,943</td><td>2,441</td><td>26,839</td><td>35,339</td></tr><tr><td>Total</td><td>170,581</td><td>63,913</td><td>455</td><td>11,696</td><td>21,071</td><td>3,026</td><td>28,135</td><td>42,284</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, April 30, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="2">Hold by investors covered in Treasury Survey</th><th colspan="2">Hold 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 colspan="2">Banks 1/</th><th colspan="2">Insurance companies</th></tr><tr><td></td><td>7,336 commercial banks 2/</td><td>33 stock savings banks</td><td>540 mutual savings banks</td><td>309 life insurance companies</td><td>639 fire, casualty, and marine insurance companies</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>9.7</td><td>1.5</td><td>*</td><td>*</td><td>*</td><td>*</td><td>53.7</td><td>1.3</td></tr><tr><td>Certificates of indebtedness</td><td>15.4</td><td>15.4</td><td>3.7</td><td>2.5</td><td>1.1</td><td>7.0</td><td>20.4</td><td>23.6</td></tr><tr><td>Treasury notes</td><td>4.8</td><td>7.9</td><td>4.0</td><td>1.4</td><td>.8</td><td>3.9</td><td>1.3</td><td>5.4</td></tr><tr><td>Treasury bonds - bank restricted ½</td><td>29.1</td><td>2.0</td><td>44.1</td><td>69.0</td><td>79.2</td><td>42.0</td><td>17.4</td><td>40.8</td></tr><tr><td>Treasury bonds - bank eligible</td><td>40.9</td><td>73.3</td><td>48.0</td><td>27.1</td><td>18.9</td><td>47.1</td><td>7.0</td><td>28.6</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 ½</td><td>*</td><td>*</td><td>.3</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>30.0</td><td>24.7</td><td>6.8</td><td>4.7</td><td>1.9</td><td>11.5</td><td>75.3</td><td>30.5</td></tr><tr><td>1 to 5 years</td><td>22.4</td><td>42.1</td><td>17.0</td><td>10.6</td><td>7.0</td><td>22.3</td><td>4.4</td><td>15.7</td></tr><tr><td>5 to 10 years</td><td>15.4</td><td>25.6</td><td>26.9</td><td>15.0</td><td>10.3</td><td>19.5</td><td>1.9</td><td>11.1</td></tr><tr><td>10 to 15 years</td><td>6.6</td><td>3.4</td><td>17.5</td><td>21.8</td><td>4.8</td><td>23.6</td><td>1.1</td><td>10.3</td></tr><tr><td>15 to 20 years</td><td>12.4</td><td>.2</td><td>16.0</td><td>24.0</td><td>46.2</td><td>9.6</td><td>9.7</td><td>12.9</td></tr><tr><td>Over 20 years</td><td>13.1</td><td>4.0</td><td>15.5</td><td>23.9</td><td>29.6</td><td>13.5</td><td>7.6</td><td>19.4</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>.3</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: 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>.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>10.6</td><td>20.6</td><td>20.3</td><td>.8</td><td>.6</td><td>19.3</td><td>4.5</td><td>6.5</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>89.3</td><td>79.3</td><td>79.6</td><td>99.2</td><td>99.4</td><td>80.7</td><td>95.4</td><td>93.3</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>5.6</td><td>*</td><td>*</td><td>-</td><td>*</td><td>91.0</td><td>3.4</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>37.3</td><td>.1</td><td>1.1</td><td>.9</td><td>.8</td><td>21.8</td><td>38.0</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>61.8</td><td>.2</td><td>2.0</td><td>1.9</td><td>1.4</td><td>4.5</td><td>28.1</td></tr><tr><td>Treasury bonds - bank restricted ½</td><td>100.0</td><td>2.6</td><td>.4</td><td>16.3</td><td>33.6</td><td>2.6</td><td>9.9</td><td>34.8</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>67.2</td><td>.3</td><td>4.5</td><td>5.7</td><td>2.0</td><td>2.8</td><td>17.3</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.0</td><td>*</td><td>*</td><td>.1</td><td>.2</td><td>21.9</td><td>69.8</td></tr><tr><td>Guaranteed by United States ½</td><td>100.0</td><td>25.7</td><td>2.5</td><td>8.8</td><td>29.7</td><td>2.4</td><td>20.7</td><td>10.2</td></tr><tr><td>Total</td><td>100.0</td><td>37.5</td><td>.3</td><td>6.9</td><td>12.4</td><td>1.8</td><td>16.5</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><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>100.0</td><td>30.8</td><td>.1</td><td>1.1</td><td>.8</td><td>.7</td><td>41.4</td><td>25.2</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>70.3</td><td>.2</td><td>3.2</td><td>3.9</td><td>1.8</td><td>3.2</td><td>17.4</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>62.3</td><td>.5</td><td>6.7</td><td>8.3</td><td>2.2</td><td>2.1</td><td>17.9</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.3</td><td>.7</td><td>22.7</td><td>9.1</td><td>6.4</td><td>2.8</td><td>39.0</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>13.2</td><td>45.9</td><td>1.4</td><td>12.8</td><td>25.7</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.4</td><td>.3</td><td>12.5</td><td>27.9</td><td>1.8</td><td>9.5</td><td>35.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>25.7</td><td>2.5</td><td>8.8</td><td>29.7</td><td>2.4</td><td>20.7</td><td>10.2</td></tr><tr><td>Total</td><td>100.0</td><td>37.5</td><td>.3</td><td>6.9</td><td>12.4</td><td>1.8</td><td>16.5</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><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.0</td><td>*</td><td>*</td><td>.1</td><td>.2</td><td>21.9</td><td>69.8</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>72.9</td><td>.5</td><td>.5</td><td>.7</td><td>3.2</td><td>7.0</td><td>15.1</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>100.0</td><td>33.3</td><td>.2</td><td>7.6</td><td>13.7</td><td>1.6</td><td>17.6</td><td>25.9</td></tr><tr><td>Total</td><td>100.0</td><td>37.5</td><td>.3</td><td>6.9</td><td>12.4</td><td>1.8</td><td>16.5</td><td>24.8</td></tr></table>
(Continued on following page)
July 1947
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, April 30, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banke</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,326 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>039 fire casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills..................... (taxable)</td><td>16,610</td><td>928</td><td>*</td><td>1</td><td>-</td><td>*</td><td>15,119</td><td>562</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/3/ June 1947.................... (taxable)</td><td>2,775</td><td>855</td><td>1</td><td>20</td><td>31</td><td>26</td><td>246</td><td>1,595</td></tr><tr><td>7/8/ July 1947.................... (taxable)</td><td>2,916</td><td>1,181</td><td>1</td><td>38</td><td>49</td><td>19</td><td>670</td><td>959</td></tr><tr><td>7/8/ August 1947.................. (taxable)</td><td>1,223</td><td>573</td><td>1</td><td>16</td><td>4</td><td>8</td><td>261</td><td>360</td></tr><tr><td>7/8/ September 1947.............. (taxable)</td><td>2,341</td><td>725</td><td>2</td><td>21</td><td>17</td><td>30</td><td>837</td><td>659</td></tr><tr><td>7/8/ October 1947................ (taxable)</td><td>1,440</td><td>634</td><td>1</td><td>27</td><td>5</td><td>16</td><td>235</td><td>522</td></tr><tr><td>7/8/ November 1947................ (taxable)</td><td>1,775</td><td>759</td><td>1</td><td>19</td><td>25</td><td>14</td><td>336</td><td>620</td></tr><tr><td>7/3/ December 1947.............. (taxable)</td><td>3,281</td><td>783</td><td>*</td><td>27</td><td>19</td><td>26</td><td>214</td><td>2,210</td></tr><tr><td>7/8/ January 1948................ (taxable)</td><td>3,134</td><td>1,521</td><td>1</td><td>48</td><td>15</td><td>18</td><td>553</td><td>878</td></tr><tr><td>7/8/ February 1948.............. (taxable)</td><td>3,947</td><td>1,308</td><td>3</td><td>33</td><td>53</td><td>28</td><td>1,557</td><td>905</td></tr><tr><td>7/3/ March 1948.................. (taxable)</td><td>2,142</td><td>1,001</td><td>3</td><td>41</td><td>16</td><td>21</td><td>354</td><td>706</td></tr><tr><td>7/8/ April 1948.................. (taxable)</td><td>1,321</td><td>478</td><td>2</td><td>4</td><td>1</td><td>6</td><td>325</td><td>506</td></tr><tr><td>Total certificates of indebtedness</td><td>26,294</td><td>9,820</td><td>17</td><td>293</td><td>236</td><td>211</td><td>5,737</td><td>9,980</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% September 1947............ (taxable)</td><td>1,687</td><td>700</td><td>6</td><td>52</td><td>16</td><td>34</td><td>10</td><td>869</td></tr><tr><td>1-1/2% September 1947............ (taxable)</td><td>2,707</td><td>1,793</td><td>5</td><td>58</td><td>135</td><td>20</td><td>47</td><td>650</td></tr><tr><td>1-1/2% September 1948............ (taxable)</td><td>3,748</td><td>2,541</td><td>7</td><td>52</td><td>7</td><td>64</td><td>307</td><td>769</td></tr><tr><td>Total Treasury notes</td><td>8,142</td><td>5,033</td><td>18</td><td>162</td><td>158</td><td>118</td><td>364</td><td>2,289</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62............. (taxable)</td><td>5,284</td><td>98</td><td>36</td><td>1,874</td><td>600</td><td>327</td><td>220</td><td>2,129</td></tr><tr><td>2-1/4% December 1959-62......... (taxable)</td><td>3,470</td><td>287</td><td>23</td><td>657</td><td>336</td><td>266</td><td>3</td><td>1,897</td></tr><tr><td>2-1/2% June 1962-67............. (taxable)</td><td>2,118</td><td>9</td><td>5</td><td>394</td><td>1,099</td><td>51</td><td>183</td><td>377</td></tr><tr><td>2-1/2% December 1963-68......... (taxable)</td><td>2,831</td><td>1</td><td>6</td><td>542</td><td>1,354</td><td>61</td><td>257</td><td>610</td></tr><tr><td>2-1/2% June 1964-69............. (taxable)</td><td>3,761</td><td>4</td><td>17</td><td>789</td><td>1,604</td><td>47</td><td>387</td><td>914</td></tr><tr><td>2-1/2% December 1964-69......... (taxable)</td><td>3,838</td><td>4</td><td>16</td><td>504</td><td>1,621</td><td>55</td><td>449</td><td>1,190</td></tr><tr><td>2-1/2% March 1965-70............ (taxable)</td><td>5,197</td><td>58</td><td>17</td><td>363</td><td>2,476</td><td>52</td><td>781</td><td>1,51</td></tr><tr><td>2-1/2% March 1966-71............ (taxable)</td><td>3,461</td><td>58</td><td>13</td><td>219</td><td>1,582</td><td>25</td><td>670</td><td>914</td></tr><tr><td>2-1/2% June 1967-72............. (taxable)</td><td>7,907</td><td>82</td><td>25</td><td>1,140</td><td>3,163</td><td>128</td><td>902</td><td>2,527</td></tr><tr><td>2-1/2% December 1967-72......... (taxable)</td><td>11,689</td><td>665</td><td>43</td><td>1,587</td><td>2,845</td><td>258</td><td>1,042</td><td>5,248</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>1,266</td><td>201</td><td>8,068</td><td>16,681</td><td>1,271</td><td>4,893</td><td>17,257</td></tr><tr><td>Bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% October 1947-52......... (partially)</td><td>759</td><td>390</td><td>*</td><td>7</td><td>11</td><td>21</td><td>40</td><td>291</td></tr><tr><td>2% December 1947................. (partially)</td><td>701</td><td>537</td><td>1</td><td>2</td><td>-</td><td>20</td><td>*</td><td>141</td></tr><tr><td>2% March 1948-50................. (taxable)</td><td>1,115</td><td>749</td><td>1</td><td>108</td><td>7</td><td>14</td><td>40</td><td>197</td></tr><tr><td>2-3/4% March 1948-51............ (partially)</td><td>1,223</td><td>865</td><td>2</td><td>24</td><td>5</td><td>28</td><td>155</td><td>146</td></tr><tr><td>1-3/4% June 1948................. (taxable)</td><td>3,062</td><td>2,142</td><td>3</td><td>103</td><td>69</td><td>34</td><td>25</td><td>680</td></tr><tr><td>2-1/2% September 1948............ (partially)</td><td>451</td><td>367</td><td>1</td><td>5</td><td>*</td><td>10</td><td>*</td><td>67</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, April 30, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 6/ is shown in parentheses)</th><th rowspan="2">Total amount outstand-ing</th><th colspan="6">Beld by investore covered in Treasuary Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,326 commercial banks 2/</th><th>Banks 1/ 33 stock saving banks</th><th>540 mutual savings banks</th><th>Insurance companies 309 life insurance companies</th><th>639 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td colspan="9">Treasury bonds-(continued)</td></tr><tr><td colspan="9">Bank eligible-(continued)</td></tr><tr><td>2% December 1948-50...(partially)</td><td>571</td><td>453</td><td>1</td><td>1</td><td>*</td><td>12</td><td>43</td><td>61</td></tr><tr><td>2% June 1949-51...(taxable)</td><td>1,014</td><td>770</td><td>1</td><td>64</td><td>49</td><td>9</td><td>8</td><td>113</td></tr><tr><td>2% September 1949-51...(taxable)</td><td>1,292</td><td>1,046</td><td>1</td><td>36</td><td>62</td><td>22</td><td>1</td><td>124</td></tr><tr><td>2% December 1949-51...(taxable)</td><td>2,098</td><td>1,527</td><td>5</td><td>58</td><td>130</td><td>24</td><td>1</td><td>353</td></tr><tr><td>3-1/3% December 1949-52...(partially)</td><td>491</td><td>369</td><td>1</td><td>3</td><td>11</td><td>16</td><td>40</td><td>53</td></tr><tr><td>2-1/2% December 1949-53...(partially)</td><td>1,786</td><td>1,350</td><td>3</td><td>5</td><td>2</td><td>36</td><td>207</td><td>183</td></tr><tr><td>2% March 1950-52...(taxable)</td><td>1,963</td><td>1,525</td><td>5</td><td>64</td><td>158</td><td>29</td><td>3</td><td>178</td></tr><tr><td>2% September 1950-52...(taxable)</td><td>4,939</td><td>3,307</td><td>8</td><td>188</td><td>351</td><td>72</td><td>42</td><td>972</td></tr><tr><td>2-1/2% September 1950-52...(partially)</td><td>1,186</td><td>1,015</td><td>2</td><td>6</td><td>2</td><td>46</td><td>87</td><td>26</td></tr><tr><td>1-1/2% December 1950...(taxable)</td><td>2,635</td><td>1,623</td><td>2</td><td>22</td><td>1</td><td>33</td><td>*</td><td>954</td></tr><tr><td>2-3/4% June 1951-54...(partially)</td><td>1,627</td><td>1,250</td><td>10</td><td>6</td><td>1</td><td>38</td><td>145</td><td>176</td></tr><tr><td>2% September 1951-53...(taxable)</td><td>7,986</td><td>5,336</td><td>22</td><td>391</td><td>569</td><td>151</td><td>97</td><td>1,420</td></tr><tr><td>3% September 1951-55...(partially)</td><td>755</td><td>433</td><td>1</td><td>4</td><td>1</td><td>29</td><td>71</td><td>216</td></tr><tr><td>2% December 1951-55...(taxable)</td><td>510</td><td>377</td><td>2</td><td>10</td><td>23</td><td>9</td><td>6</td><td>83</td></tr><tr><td>2-1/4% December 1951-53...(partially)</td><td>1,118</td><td>924</td><td>1</td><td>2</td><td>3</td><td>26</td><td>98</td><td>64</td></tr><tr><td>2-1/2% March 1952-54...(taxable)</td><td>1,024</td><td>555</td><td>*</td><td>224</td><td>38</td><td>14</td><td>43</td><td>1148</td></tr><tr><td>2% June 1952-54...(taxable)</td><td>5,825</td><td>4,125</td><td>20</td><td>280</td><td>394</td><td>98</td><td>8</td><td>901</td></tr><tr><td>2% December 1952-54...(taxable)</td><td>8,662</td><td>5,878</td><td>24</td><td>506</td><td>584</td><td>140</td><td>13</td><td>1,517</td></tr><tr><td>2-1/4% June 1952-55...(taxable)</td><td>1,501</td><td>945</td><td>2</td><td>152</td><td>168</td><td>25</td><td>66</td><td>112</td></tr><tr><td>2% June 1953-55...(partially)</td><td>725</td><td>643</td><td>*</td><td>1</td><td>2</td><td>23</td><td>14</td><td>42</td></tr><tr><td>2-1/4% June 1954-56...(partially)</td><td>681</td><td>562</td><td>2</td><td>1</td><td>1</td><td>32</td><td>15</td><td>68</td></tr><tr><td>2-7/8% March 1955-60...(partially)</td><td>2,611</td><td>1,529</td><td>31</td><td>8</td><td>2</td><td>78</td><td>192</td><td>771</td></tr><tr><td>2-1/2% March 1956-58...(taxable)</td><td>1,449</td><td>758</td><td>9</td><td>93</td><td>350</td><td>11</td><td>43</td><td>186</td></tr><tr><td>2-3/4% September 1956-59...(partially)</td><td>982</td><td>722</td><td>16</td><td>8</td><td>3</td><td>48</td><td>59</td><td>124</td></tr><tr><td>2-1/4% September 1956-59...(taxable)</td><td>3,823</td><td>1,201</td><td>18</td><td>701</td><td>676</td><td>133</td><td>134</td><td>959</td></tr><tr><td>2-3/4% June 1958-63...(partially)</td><td>919</td><td>674</td><td>12</td><td>11</td><td>46</td><td>52</td><td>43</td><td>82</td></tr><tr><td>2-3/4% December 1960-65...(partially)</td><td>1,485</td><td>1,101</td><td>9</td><td>4</td><td>35</td><td>69</td><td>50</td><td>218</td></tr><tr><td>2-1/2% September 1967-72...(taxable)</td><td>2,716</td><td>1,794</td><td>2</td><td>70</td><td>227</td><td>21</td><td>188</td><td>415</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,841</td><td>219</td><td>3,168</td><td>3,982</td><td>1,424</td><td>1,976</td><td>12,076</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>48,107</td><td>419</td><td>11,236</td><td>20,664</td><td>2,695</td><td>6,869</td><td>29,333</td></tr><tr><td colspan="9">Postal savings and other bonds</td></tr><tr><td>Postal earnings bonds...(wholly)</td><td>116</td><td>11</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>68</td></tr><tr><td>Panama Canal bonds...(wholly)</td><td>50</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47</td></tr><tr><td>Total postal savings and other bonds</td><td>166</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>116</td></tr><tr><td colspan="9">Guaranteed securities 5/</td></tr><tr><td>Federal Housing Administration debentures 8/...(partially) (taxable)</td><td>6 40</td><td>12</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total guaranteed securities</td><td>46</td><td>12</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total public marketable securities</td><td>170,581</td><td>63,913</td><td>455</td><td>11,696</td><td>21,071</td><td>3,026</td><td>28,135</td><td>42,284</td></tr></table>
The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; 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, page 52-63.
* Less than $500,000 or less than .05%.
1/2/ Securities held in trust departments are excluded.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See heading note to this section.
4/ Issues which commercial banks may not acquire prior to a specified
2/ date (With minor exceptions). See footnote 2, page 21. 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 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. 7/ Includes an estimated amount of Federal Housing Administration debentures. 8/ Actual figures by tax status are available only for total amount outstanding.
53
July 1947
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, April 30, 1947 - (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>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investore covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investore 2/</th></tr><tr><th></th><th></th><th>7,326 commercial banks 3/</th><th>Banks 2/ 33 stock savings banks</th><th>540 mutual savings banks</th><th>Insurance companies 309 life insurance companies</th><th>639 fire, casualty, and marine insurance companies</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></tr><tr><td>Series C-D.........(5/)</td><td>3,910</td><td>147</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td><td>2,848</td></tr><tr><td>Series E.........(taxable)</td><td>30,749</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,748</td></tr><tr><td>Series F.........(taxable)</td><td>3,071</td><td>224</td><td>1</td><td>10</td><td>19</td><td>28</td><td>1</td><td>2,791</td></tr><tr><td>Series G.........(taxable)</td><td>14,284</td><td>475</td><td>7</td><td>274</td><td>116</td><td>199</td><td>13</td><td>13,198</td></tr><tr><td>Total United States savings bonds</td><td>51,117</td><td>849</td><td>8</td><td>288</td><td>138</td><td>234</td><td>15</td><td>49,584</td></tr><tr><td>Treasury savings notes.........(taxable)</td><td>5,477</td><td>83</td><td>3</td><td>*</td><td>*</td><td>4</td><td>21</td><td>5,365</td></tr><tr><td>Depository bonds.........(taxable)</td><td>335</td><td>307</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>Armed Forces Leave bonds.........(taxable)</td><td>1,683</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,683</td></tr><tr><td>Guaranteed securities 1/</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>126</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>58,738</td><td>1,238</td><td>12</td><td>288</td><td>138</td><td>238</td><td>36</td><td>56,661</td></tr></table>
1 Less than $500,000.
2 See footnote 6, page 52.
3 Securities held in trust departments are excluded.
4 Includes trust companies.
5 This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
6 United States savings bonds, Series C-D, E, and F are shown at cur-
rent 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. Series C-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable. Guaranteed securities held by the Treasury are not included. C.C.C. demand obligations in the amount of $126 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 rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th></tr><tr><th>7,326 commercial banks 3/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>639 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 4/</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>150</td><td>1</td><td>2</td><td>*</td><td>2</td><td>-</td><td>21</td></tr><tr><td>1-1/4% May 1950-52.........(taxable)</td><td>204</td><td>153</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>49</td></tr><tr><td>1-1/2% January 1951-53.........(taxable)</td><td>205</td><td>171</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>33</td></tr><tr><td>2-1/4% February 1953-55.........(taxable)</td><td>114</td><td>89</td><td>*</td><td>5</td><td>1</td><td>1</td><td>-</td><td>18</td></tr><tr><td>Total Federal Land Bank bonds.........</td><td>699</td><td>564</td><td>1</td><td>9</td><td>2</td><td>4</td><td>-</td><td>120</td></tr><tr><td>Federal Intermediate Credit Bank debentures.........(taxable)</td><td>353</td><td>277</td><td>*</td><td>4</td><td>1</td><td>4</td><td>-</td><td>68</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4% April 1948.........(taxable)</td><td>140</td><td>103</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>33</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States.........</td><td>1,193</td><td>944</td><td>1</td><td>17</td><td>2</td><td>8</td><td>-</td><td>221</td></tr></table>
* Less than $500,000.
1/ See footnote 6, page 52.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
Treasury Bulletin
54
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
July 1947
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies As of May 29, 1947
Table I.- Securities issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1947 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 Apr.30, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from Apr.30, 1947</th><th>Yield to maturity 3/</th><th></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></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="2"><b>Treasury bonds - bank eligible</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$1,115</td><td>2-3/15/48-50</td><td>100.26</td><td>100.28</td><td>100.27</td><td>-.02</td><td>.92%</td><td>-.03%</td><td>1.69%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>101.09</td><td>2/3</td><td>100.27</td><td>5/29</td></tr><tr><td>3,062</td><td>1-3/4/48-49</td><td>100.25</td><td>100.27</td><td>100.26</td><td>-.01</td><td>.96</td><td>-.03</td><td>.96</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>101.04</td><td>1/23</td><td>100.26</td><td>5/29</td></tr><tr><td>1,014</td><td>2-6/15/49-51</td><td>101.25</td><td>101.27</td><td>101.26</td><td>-.01</td><td>1.10</td><td>-.02</td><td>1.54</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>102.09</td><td>1/22</td><td>101.24</td><td>5/15</td></tr><tr><td>1,292</td><td>2-9/15/49-51</td><td>101.29</td><td>101.31</td><td>101.30</td><td>-.02</td><td>1.14</td><td>.00</td><td>1.53</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>102.13</td><td>1/22</td><td>101.29</td><td>5/27</td></tr><tr><td>2,098</td><td>2-12/15/49-51</td><td>102.01</td><td>102.03</td><td>102.02</td><td>-.03</td><td>1.17</td><td>+.01</td><td>1.53</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>102.19</td><td>1/22</td><td>102.01</td><td>5/27</td></tr><tr><td>1,963</td><td>2-3/15/50-52</td><td>102.05</td><td>102.07</td><td>102.06</td><td>-.02</td><td>1.20</td><td>.00</td><td>1.52</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>102.22</td><td>1/22</td><td>102.05</td><td>5/27</td></tr><tr><td>4,939</td><td>2-9/15/50-52</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.01</td><td>1.25</td><td>-.01</td><td>1.52</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>102.26</td><td>3/27</td><td>102.12</td><td>5/27</td></tr><tr><td>2,635</td><td>1-1/2/49-50</td><td>101.01</td><td>101.03</td><td>101.02</td><td>-.02</td><td>1.19</td><td>+.01</td><td>1.19</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>12/3/46</td><td>101.11</td><td>3/24</td><td>101.02</td><td>5/29</td></tr><tr><td>7,986</td><td>2-9/15/51-53</td><td>102.23</td><td>102.25</td><td>102.24</td><td>+.01</td><td>1.34</td><td>-.02</td><td>1.54</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>103.01</td><td>3/27</td><td>102.21</td><td>5/14</td></tr><tr><td>510</td><td>2-12/15/51-55</td><td>102.27</td><td>102.29</td><td>102.28</td><td>-.02</td><td>1.34</td><td>.00</td><td>1.64</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>103.05</td><td>4/9</td><td>102.28</td><td>5/29</td></tr><tr><td>1,024</td><td>2-1/2/49-52</td><td>105.04</td><td>105.06</td><td>105.05</td><td>+.02</td><td>1.38</td><td>-.03</td><td>1.69</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>105.13</td><td>3/27</td><td>105.01</td><td>1/6</td></tr><tr><td>5,825</td><td>2-6/15/52-54</td><td>102.31</td><td>103.01</td><td>103.00</td><td>+.03</td><td>1.38</td><td>-.03</td><td>1.55</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>103.06</td><td>4/9</td><td>102.26</td><td>1/6</td></tr><tr><td>1,501</td><td>2-1/4/49-52</td><td>104.04</td><td>104.06</td><td>104.05</td><td>+.03</td><td>1.39</td><td>-.04</td><td>1.70</td><td>2/25/42</td><td>105.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>104.09</td><td>4/9</td><td>103.28</td><td>1/4</td></tr><tr><td>8,662</td><td>2-12/15/52-54</td><td>103.03</td><td>103.05</td><td>103.04</td><td>+.05</td><td>1.41</td><td>-.04</td><td>1.56</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/44</td><td>103.09</td><td>4/9</td><td>102.28</td><td>1/6</td></tr><tr><td>1,449</td><td>2-1/2/49-58</td><td>107.00</td><td>107.02</td><td>107.01</td><td>+.01</td><td>1.64</td><td>-.01</td><td>1.78</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/26/41</td><td>107.12</td><td>3/24</td><td>106.30</td><td>5/8</td></tr><tr><td>3,823</td><td>2-1/4/49-59</td><td>105.10</td><td>105.12</td><td>105.11</td><td>+.02</td><td>1.63</td><td>-.01</td><td>1.76</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>105.19</td><td>3/27</td><td>105.05</td><td>1/15</td></tr><tr><td>2,716</td><td>2-1/2/49-67-72</td><td>105.17</td><td>105.19</td><td>105.18</td><td>+.05</td><td>2.16</td><td>-.01</td><td>2.21</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>106.13</td><td>1/25</td><td>105.10</td><td>5/8</td></tr><tr><td colspan="2"><b>Treasury bonds - bank restricted 5/</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5,284</td><td>2-1/4/49-62</td><td>102.24</td><td>102.26</td><td>102.25</td><td>+.05</td><td>1.99</td><td>-.02</td><td>2.03</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>102.29</td><td>5/12</td><td>102.07</td><td>1/7</td></tr><tr><td>3,470</td><td>2-1/4/49-62</td><td>102.24</td><td>102.26</td><td>102.25</td><td>+.05</td><td>2.00</td><td>-.01</td><td>2.04</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.14</td><td>12/11/45</td><td>102.29</td><td>5/12</td><td>102.07</td><td>1/7</td></tr><tr><td>2,118</td><td>2-1/2/49-61</td><td>105.12</td><td>105.14</td><td>105.13</td><td>+.01</td><td>2.08</td><td>.00</td><td>2.17</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>105.23</td><td>4/9</td><td>104.30</td><td>1/7</td></tr><tr><td>2,831</td><td>2-1/2/49-63-68</td><td>104.31</td><td>105.01</td><td>105.00</td><td>+.03</td><td>2.14</td><td>-.01</td><td>2.21</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>105.11</td><td>4/9</td><td>104.17</td><td>1/14</td></tr><tr><td>3,761</td><td>2-1/2/49-64-69</td><td>104.17</td><td>104.19</td><td>104.18</td><td>+.01</td><td>2.18</td><td>.00</td><td>2.24</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>104.30</td><td>4/9</td><td>104.03</td><td>1/6</td></tr><tr><td>3,838</td><td>2-1/2/49-69-69</td><td>104.15</td><td>104.17</td><td>104.16</td><td>+.01</td><td>2.19</td><td>.00</td><td>2.24</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>104.29</td><td>4/9</td><td>104.00</td><td>1/6</td></tr><tr><td>5,197</td><td>2-1/2/49-70</td><td>104.12</td><td>104.14</td><td>104.13</td><td>-.01</td><td>2.20</td><td>.00</td><td>2.25</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>104.27</td><td>4/9</td><td>103.31</td><td>1/6</td></tr><tr><td>3,481</td><td>2-1/2/49-71</td><td>104.12</td><td>104.14</td><td>104.13</td><td>+.01</td><td>2.21</td><td>-.01</td><td>2.26</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>104.26</td><td>4/9</td><td>103.30</td><td>1/4</td></tr><tr><td>7,967</td><td>2-1/2/49-72</td><td>103.09</td><td>103.11</td><td>103.10</td><td>+.01</td><td>2.29</td><td>-.01</td><td>2.32</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/24/45</td><td>103.20</td><td>4/9</td><td>102.25</td><td>1/30</td></tr><tr><td>11,689</td><td>2-1/2/49-72</td><td>103.09</td><td>103.11</td><td>103.10</td><td>+.01</td><td>2.30</td><td>.00</td><td>2.33</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>103.19</td><td>4/9</td><td>102.25</td><td>1/30</td></tr><tr><td colspan="2"><b>Treasury notee</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2,707</td><td>1-1/2/49-5/47</td><td>100.05</td><td>100.06</td><td>100.05</td><td>-.02</td><td>.89</td><td>+.02</td><td>.89</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.05</td><td>5/29/47</td><td>100.14</td><td>1/9</td><td>100.05</td><td>5/29</td></tr><tr><td>1,687</td><td>1-1/4/49-7/47</td><td>100.03</td><td>100.04</td><td>100.03</td><td>-.01</td><td>.86</td><td>-.01</td><td>.86</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.03</td><td>5/29/47</td><td>100.08</td><td>1/23</td><td>100.03</td><td>5/29</td></tr><tr><td>3,748</td><td>1-1/2/49-8/48</td><td>100.20</td><td>100.21</td><td>100.20</td><td>-.01</td><td>1.00</td><td>-.01</td><td>1.00</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>100.20</td><td>1/22</td><td>100.20</td><td>5/29</td></tr><tr><td colspan="2"><b>Certificate of indebtedness 6/</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2,775</td><td>7/8/6 - 6/1/47</td><td>.87</td><td>.79</td><td>.80</td><td>+.08%</td><td>.86</td><td>.79</td><td>.80</td><td>6/1/46</td><td>.40%</td><td>5/22/47</td><td>.87%</td><td>5/28/47</td><td>.40%</td><td>5/22</td><td>.87%</td><td>5/28</td></tr><tr><td>2,916</td><td>7/8/6 F - 7/1/47</td><td>.86</td><td>.79</td><td>.80</td><td>+.08%</td><td></td><td></td><td></td><td>7/1/46</td><td>.66%</td><td>4/23/47</td><td>.85%</td><td>12/12/46</td><td>.66%</td><td>4/23</td><td>.82%</td><td>2/18</td></tr><tr><td>1,223</td><td>7/8/6 G - 8/1/47</td><td>.82</td><td>.79</td><td>.80</td><td>+.08%</td><td></td><td></td><td></td><td>8/1/46</td><td>.69%</td><td>4/9/47</td><td>.85%</td><td>9/30/46</td><td>.69%</td><td>4/9</td><td>.82%</td><td>2/18</td></tr><tr><td>2,341</td><td>7/8/6 H - 9/1/47</td><td>.84</td><td>.82</td><td>.83</td><td>+.04%</td><td></td><td></td><td></td><td>9/1/46</td><td>.73%</td><td>4/9/47</td><td>.85%</td><td>12/24/46</td><td>.73%</td><td>4/9</td><td>.83%</td><td>5/29</td></tr><tr><td>1,440</td><td>7/8/6 J - 10/1/47</td><td>.85</td><td>.83</td><td>.84</td><td>+.03%</td><td></td><td></td><td></td><td>10/1/46</td><td>.75%</td><td>4/9/47</td><td>.85%</td><td>12/30/46</td><td>.75%</td><td>4/9</td><td>.84%</td><td>5/29</td></tr><tr><td>1,775</td><td>7/8/6 K - 11/1/47</td><td>.85</td><td>.83</td><td>.84</td><td>+.02%</td><td></td><td></td><td></td><td>11/1/46</td><td>.77%</td><td>4/9/47</td><td>.85%</td><td>5/28/47</td><td>.77%</td><td>4/9</td><td>.85%</td><td>5/28</td></tr><tr><td>3,281</td><td>7/8/6 L - 12/1/47</td><td>.86</td><td>.84</td><td>.85</td><td>+.02%</td><td></td><td></td><td></td><td>12/1/46</td><td>.79%</td><td>4/9/47</td><td>.85%</td><td>5/29/47</td><td>.79%</td><td>4/9</td><td>.85%</td><td>5/29</td></tr><tr><td>3,134</td><td>7/8/6 A - 1/1/48</td><td>.86</td><td>.84</td><td>.85</td><td>+.01%</td><td></td><td></td><td></td><td>1/1/47</td><td>.80%</td><td>4/9/47</td><td>.85%</td><td>5/29/47</td><td>.80%</td><td>4/9</td><td>.85%</td><td>5/29</td></tr><tr><td>3,947</td><td>7/8/6 B - 2/1/48</td><td>.86</td><td>.84</td><td>.85</td><td>+.01%</td><td></td><td></td><td></td><td>2/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>5/29/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>5/29</td></tr><tr><td>2,142</td><td>7/8/6 C - 3/1/48</td><td>.86</td><td>.84</td><td>.85</td><td>+.01%</td><td></td><td></td><td></td><td>3/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>5/29/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>5/29</td></tr><tr><td>1,321</td><td>7/8/6 D - 4/1/48</td><td>.85</td><td>.83</td><td>.84</td><td>+.01%</td><td></td><td></td><td></td><td>4/1/47</td><td>.81%</td><td>4/9/47</td><td>.84%</td><td>5/29/47</td><td>.81%</td><td>4/9</td><td>.84%</td><td>5/29</td></tr><tr><td>8/</td><td>
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
As of May 29, 1947 - (Continued)
Table I - Securities Issued or Guaranteed by the United States Government 1/- (Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount out-standing (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount out-standing (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Apr. 30, 1947</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Apr. 30, 1947</th></tr><tr><td>$1,315</td><td>6/5/47</td><td>3/6/47</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,100</td><td>7/24/47</td><td>4/24/47</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,307</td><td>6/12/47</td><td>3/13/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,100</td><td>7/31/47</td><td>5/1/47</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,317</td><td>5/19/47</td><td>3/20/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,112</td><td>8/7/47</td><td>5/8/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,308</td><td>6/26/47</td><td>3/27/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,202</td><td>8/14/47</td><td>5/15/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,303</td><td>7/3/47</td><td>4/3/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,203</td><td>8/21/47</td><td>5/22/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,314</td><td>7/10/47</td><td>4/10/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,311</td><td>8/28/47</td><td>5/29/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,108</td><td>7/17/47</td><td>4/17/47</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of Issue</th><th colspan="4">Price range since first traded 2/3 (Price decimals are thirty-seconds)</th><th colspan="4">191/2 price range 2/3 (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Apr.30, 1947</th><th>Yield to earliest call 3/3</th><th>Change in yield from Apr.30, 1947 3/3</th><th>Yield to maturity</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</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>101.09</td><td>101.11</td><td>101.10</td><td>-.09</td><td>.68%</td><td>-.06%</td><td>3.98%</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>102.24</td><td>1/2</td><td>101.10</td><td>5/29</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.03</td><td>.71</td><td>-.03</td><td>.71</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>101.07</td><td>1/2</td><td>100.22</td><td>5/29</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>101.17</td><td>101.19</td><td>101.18</td><td>-.05</td><td>.75</td><td>-.02</td><td>2.32</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>102.11</td><td>1/4</td><td>101.18</td><td>5/29</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>102.05</td><td>102.07</td><td>102.06</td><td>-.04</td><td>.79</td><td>-.01</td><td>.79</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>102.28</td><td>1/23</td><td>102.06</td><td>5/29</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>101.25</td><td>101.27</td><td>101.26</td><td>-.03</td><td>.81</td><td>-.01</td><td>1.47</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>102.11</td><td>1/25</td><td>101.26</td><td>5/29</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>105.13</td><td>105.15</td><td>105.14</td><td>-.05</td><td>.95</td><td>-.01</td><td>2.08</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>106.13</td><td>1/2</td><td>105.13</td><td>5/19</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.02</td><td>.94</td><td>-.02</td><td>1.86</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>104.19</td><td>1/28</td><td>103.27</td><td>5/19</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>104.27</td><td>104.29</td><td>104.28</td><td>-.03</td><td>.99</td><td>-.01</td><td>1.54</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>105.14</td><td>2/20</td><td>104.26</td><td>5/20</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>106.21</td><td>106.23</td><td>106.22</td><td>-.05</td><td>1.05</td><td>.00</td><td>1.74</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>107.11</td><td>2/8</td><td>106.21</td><td>5/20</td></tr><tr><td>755</td><td>3%</td><td>108.03</td><td>108.05</td><td>108.04</td><td>-.05</td><td>1.06</td><td>.00</td><td>1.93</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>108.22</td><td>2/10</td><td>108.03</td><td>5/20</td></tr><tr><td>1,118</td><td>2-1/4% - 12/15/51-53</td><td>105.09</td><td>105.11</td><td>105.10</td><td>-.03</td><td>1.05</td><td>.00</td><td>1.40</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>105.23</td><td>2/8</td><td>105.07</td><td>5/20</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.02</td><td>1.11</td><td>-.01</td><td>1.32</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>105.21</td><td>2/5</td><td>105.04</td><td>5/21</td></tr><tr><td>681</td><td>2-1/4% - 6/15/54-56</td><td>107.05</td><td>107.07</td><td>107.06</td><td>-.03</td><td>1.18</td><td>.00</td><td>1.40</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>107.23</td><td>3/27</td><td>107.00</td><td>1/8</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>111.24</td><td>111.26</td><td>111.25</td><td>-.01</td><td>1.28</td><td>-.01</td><td>1.84</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>112.13</td><td>2/4</td><td>111.24</td><td>5/27</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>112.09</td><td>112.11</td><td>112.10</td><td>-.01</td><td>1.34</td><td>.00</td><td>1.64</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>113.01</td><td>1/28</td><td>112.09</td><td>5/27</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>113.09</td><td>113.11</td><td>113.10</td><td>-.01</td><td>1.44</td><td>-.01</td><td>1.79</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>113.30</td><td>3/17</td><td>113.08</td><td>1/6</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65</td><td>114.09</td><td>114.11</td><td>114.10</td><td>+.01</td><td>1.57</td><td>-.01</td><td>1.84</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>115.00</td><td>1/23</td><td>114.08</td><td>5/8</td></tr><tr><td colspan="17">Other bonds 2/3</td></tr><tr><td>50</td><td>3%Panama Canal-6/1/61</td><td>125.24</td><td>126.28</td><td>126.10</td><td>-.02</td><td>.99</td><td>.00</td><td>.99</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>127.08</td><td>1/18</td><td>126.10</td><td>5/29</td></tr></table>
1/ Exclude 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 prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds. 5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). 6/ Quoted on a yield basis. 7/ Not quoted on May 29, 1947; quoted on a price basis at par from May 26, through May 28, 1947; prior thereto quoted on a yield basis. 8/ For amount of this security issued on June 1, 1947, 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." 9/ Excludes postal savings bonds.
July 1947
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies As of May 29, 1947 - (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 data</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">1947 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 Apr.30, 1947</th><th>Yield to earliest call 2/</th><th>Change in yield from Apr.30, 1947</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>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><td></td><td colspan="12">Federal Home Loan Bank bonds</td></tr><tr><td>$140</td><td>1-1/4% - 4/15/48</td><td>100.00</td><td>100.03</td><td>100.01</td><td>-.01</td><td>1.20%</td><td>.03</td><td>1.20%</td><td>10/15/46</td><td>100.03</td><td>4/11/47</td><td>99.28</td><td>10/14/46</td><td>100.03</td><td>4/11</td><td>100.00</td><td>1/8</td></tr><tr><td colspan="15">Federal Intermediate Credit Bank debentures 3/</td></tr><tr><td>33</td><td>1.00% - 6/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>9/3/46</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>38</td><td>1.00% - 7/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>10/1/46</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>40</td><td>1.00% - 8/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>11/1/46</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>13</td><td>1.00% - 9/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>12/2/46</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>27</td><td>1.10% - 9/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>3/1/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>34</td><td>1.00% - 10/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>1/2/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>20</td><td>1.05% - 10/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.05</td><td>.00</td><td>1.05</td><td>4/1/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>42</td><td>1.00% - 11/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>2/1/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>31</td><td>1.10% - 12/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>3/1/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>41</td><td>1.10% - 1/2/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>4/1/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>20</td><td>1.10% - 2/2/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>5/1/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29/47</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td colspan="15">Federal Land Bank bonds 4/</td></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.07</td><td>100.11</td><td>100.09</td><td>-.03</td><td>1.29</td><td>.06</td><td>1.41</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.04</td><td>12/11/46</td><td>100.16</td><td>2/5</td><td>100.06</td><td>1/7</td></tr><tr><td>210</td><td>1-1/4% - 5/1/50-52</td><td>99.14</td><td>99.18</td><td>99.16</td><td>-.02</td><td>1.43</td><td>.03</td><td>1.36</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.00</td><td>12/2/46</td><td>99.19</td><td>4/15</td><td>99.02</td><td>1/7</td></tr><tr><td>202</td><td>1-1/2% - 1/1/51-53</td><td>100.02</td><td>100.05</td><td>100.04</td><td>.00</td><td>1.46</td><td>-.01</td><td>1.48</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.22</td><td>12/3/46</td><td>100.05</td><td>4/29</td><td>99.26</td><td>1/18</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.06</td><td>103.10</td><td>103.08</td><td>-.04</td><td>1.65</td><td>.02</td><td>1.79</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>103.16</td><td>4/9</td><td>103.02</td><td>1/18</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. When "named" prices for all securities except Federal Intermediate Credit Bank debentures are included.
Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matur
3/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 4/ Excludes issues completely held by Farm Credit Administration agencies.
58
Treasury Bulletin
YIELDS OF TREASURY SECURITIES MAY 29, 1947
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-D
July 1947
59
Revised Average of the Yields of High-Grade Corporate Bonds
The Treasury Department average of the yields of high-grade corporate bonds has been revised, beginning April 1, 1947, by the addition of six new bonds to the average and the removal of one bond from the average. Prices and yields as of April 1, 1947 (or last date traded prior to April 1) for the bond issues formerly included in the average and those now added to the average are shown in the following table.
<table><tr><th>Description</th><th>Price</th><th>Yield (Percent)</th></tr><tr><td><b>Bond removed:</b><br>Consolidated Gas Electric Light and Power Co. of Baltimore, 2-3/4's of 1976.</td><td>104-1/2</td><td>2.53</td></tr><tr><td><b>Bond retained:</b><br>Boston Edison Company, 2-3/4's of 1970.<br>Illinois Bell Telephone Company,<br>2-3/4's of 1977/1981.<br>Philadelphia Electric Company,<br>2-3/4's of 1970/1971.<br>Standard Oil Company of California,<br>2-3/4's of 1965/1966.</td><td>105-1/4<br>104-1/2<br>105-1/8<br>105-3/4</td><td>2.46<br>2.53<br>2.46<br>2.36</td></tr><tr><td><b>Bonds added:</b><br>Cincinnati Gas and and Electric Company,<br>2-3/4's of 1974/1975.<br>Consolidated Gas Electric Light and Power Co. of Baltimore, 2-3/4's of 1981.<br>Socony-Vacuum Oil Company, Incorporated,<br>2-1/2's of 1970/1976.<br>Southwestern Bell Telephone Company,<br>2-3/4's of 1980/1985.<br>Standard Oil Company (New Jersey),<br>2-3/8's of 1966/1971.<br>Union Pacific Railroad Company,<br>2-1/2's of 1989/1991.</td><td>105<br>105<br>100-1/8<br>103-3/8<br>99-1/8<br>98</td><td>2.50<br>2.53<br>2.49<br>2.60<br>2.42<br>2.58</td></tr><tr><td>Old high-grade corporate average.</td><td></td><td>2.47</td></tr><tr><td>Revised high-grade corporate average.</td><td></td><td>2.49</td></tr></table>
It was indicated at the time of the reduction of the number of bonds in the average from twenty to five - in 1939 - that the "number of bonds will be increased at some future date when additional issues suitable for inclusion in the index are available." The average has been revised twice since that time, but until now there have not been available sufficient bond issues with the appropriate technical qualifications to enlarge the coverage of the average. However, since the end of the war, the issuance of new high-grade corporate bonds has increased, and it is now possible to increase the number of bonds in the average to ten. The Consolidated Gas Electric Light and Power Co. of Baltimore 2-3/4% bonds of 1981 have been substituted for that company's 2-3/4% bonds of 1976 in the average, since the former bond issue is larger and trades more frequently.
Since November 1944, the Treasury Department's high-grade corporate average has included only bonds which are not due or callable at par for at least 15 years, and which bear coupons of 2-3/4% or less. All of the bonds included in the revised average have these same qualifications.
On April 1, 1947, the revised average was 2.49% as compared with 2.47% for the old average on the same date. Thus, there is only a slight break in the continuity of the series.
The following factors must be remembered when comparing the new high-grade corporate average with the long-term Treasury bond average:
1. Pursuant to their terms, the bonds included in the high-grade corporate average
are callable at various premiums at frequent intervals. Treasury bonds included in the Treasury bond average are not at any time callable at premiums. (In computing the high-grade corporate average and the Treasury bond average, yields are calculated to the first date at which the bonds are callable at par when the bonds are selling above par, and to maturity date when the bonds are selling below par.)
2. All except one of the nine bonds in the taxable Treasury bond average are "bank restricted" - i.e., they contain provisions restricting their acquisition by commercial banks for a specified period after issuance. (These provisions have been modified in several minor respects, and as of March 31, 1947, only about $1-1/2 billion out of a total of about $49-1/2 billion of bank restricted issues outstanding were held by commercial banks.) No such restrictions exist with respect to the ownership by commercial banks of any of the bonds included in the high-grade corporate average.
The eight "bank restricted" issues included in the Treasury average are all acceptable at par and accrued interest in payment of the Federal estate tax when they comprise a part of the estate at time of death. No such privilege is attached to any of the bonds included in the high-grade corporate average.
3. The Treasury bonds included in the Treasury bond average are subject to all Federal taxes and to State inheritance, estate, gift, or other excise taxes. However, they are exempt from all other taxation imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. The corporate bonds included in the high-grade corporate average are, in general, subject to State and local, as well as Federal, taxation.
4. The average time to first call date at par, or to maturity, of the bonds in the revised high-grade corporate average on April 1, 1947, was slightly over twenty-eight years, while the corresponding figure for the bonds in the Treasury bond average was about eighteen and one-third years.
The following table shows the revised daily high-grade corporate average for April 1947. The revised weekly and monthly series for April 1947 and the daily, weekly, and monthly data for May 1947 may be found in the table on the next page.
<table><tr><th>April 1947</th><th>Revised high-grade corporate average (Percent)</th><th>April 1947</th><th>Revised high-grade corporate average (Percent)</th></tr><tr><td>1</td><td>2.49</td><td>16</td><td>2.50</td></tr><tr><td>2</td><td>2.50</td><td>17</td><td>2.49</td></tr><tr><td>3</td><td>2.50</td><td>18</td><td>2.49</td></tr><tr><td>4</td><td>1/2.50</td><td>19</td><td>2.49</td></tr><tr><td>5</td><td>2.50</td><td>21</td><td>2.49</td></tr><tr><td>7</td><td>2.50</td><td>22</td><td>2.50</td></tr><tr><td>8</td><td>2.49</td><td>23</td><td>2.50</td></tr><tr><td>9</td><td>2.49</td><td>24</td><td>2.50</td></tr><tr><td>10</td><td>2.49</td><td>25</td><td>2.50</td></tr><tr><td>11</td><td>2.49</td><td>26</td><td>2.50</td></tr><tr><td>12</td><td>2.49</td><td>28</td><td>2.49</td></tr><tr><td>14</td><td>2.49</td><td>29</td><td>2.49</td></tr><tr><td>15</td><td>2.49</td><td>30</td><td>2.49</td></tr></table>
1/ Holiday.
60
Treasury Bulletin
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 - averages of daily figures
<table><tr><td>1939-Jan.</td><td>2.54</td><td>...</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td></tr><tr><td>May.</td><td>2.27</td><td>...</td><td>2.86</td><td>May.</td><td>2.06</td></tr><tr><td>June.</td><td>2.22</td><td>...</td><td>2.78</td><td>June.</td><td>2.04</td></tr><tr><td>July.</td><td>2.23</td><td>...</td><td>2.76</td><td>July.</td><td>2.04</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td></tr><tr><td>Sept.</td><td>2.67</td><td>...</td><td>3.29</td><td>Sept.</td><td>2.08</td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td></tr><tr><td>Dec.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td></tr><tr><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td></tr><tr><td>Mar.</td><td>2.26</td><td>...</td><td>2.71</td><td>Mar.</td><td>2.12</td></tr><tr><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td></tr><tr><td>May.</td><td>2.39</td><td>...</td><td>2.87</td><td>May.</td><td>1.96</td></tr><tr><td>June.</td><td>2.40</td><td>...</td><td>2.93</td><td>June.</td><td>1.91</td></tr><tr><td>July.</td><td>2.30</td><td>...</td><td>2.85</td><td>July.</td><td>1.91</td></tr><tr><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td></tr><tr><td>Sept.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sept.</td><td>1.90</td></tr><tr><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td></tr><tr><td>Nov.</td><td>2.09</td><td>...</td><td>2.55</td><td>Nov.</td><td>1.94</td></tr><tr><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td></tr><tr><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td></tr><tr><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td></tr><tr><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td></tr><tr><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td></tr><tr><td>May.</td><td>2.04</td><td>...</td><td>2.75</td><td>May.</td><td>1.94</td></tr><tr><td>June.</td><td>2.01</td><td>...</td><td>2.70</td><td>June.</td><td>1.91</td></tr><tr><td>July.</td><td>1.98</td><td>...</td><td>2.66 1/2</td><td>July.</td><td>1.89</td></tr><tr><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td></tr><tr><td>Sept.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sept.</td><td>1.93</td></tr><tr><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td></tr><tr><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td></tr><tr><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.68</td><td>Dec.</td><td>1.87</td></tr></table>
<table><tr><td>2.48</td><td>2.76</td><td>1945-Jan</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>2.49</td><td>2.72</td><td>Dec.</td><td>....</td><td>2.33</td><td>2.54</td></tr><tr><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>....</td><td>2.21</td><td>2.43</td></tr><tr><td>2.46</td><td>2.68</td><td>Feb.</td><td>....</td><td>2.12</td><td>2.36</td></tr><tr><td>2.48</td><td>2.70</td><td>Mar.</td><td>....</td><td>2.09</td><td>2.35</td></tr><tr><td>2.48</td><td>2.68</td><td>Apr.</td><td>....</td><td>2.08</td><td>2.37</td></tr><tr><td>2.46</td><td>2.65</td><td>May.</td><td>....</td><td>2.19</td><td>2.44</td></tr><tr><td>2.45</td><td>2.63</td><td>June.</td><td>....</td><td>2.16</td><td>2.42</td></tr><tr><td>2.45</td><td>2.58</td><td>July.</td><td>....</td><td>2.18</td><td>2.41</td></tr><tr><td>2.46</td><td>2.57</td><td>Aug.</td><td>....</td><td>2.23</td><td>2.44</td></tr><tr><td>2.48</td><td>2.59</td><td>Sept.</td><td>....</td><td>2.28</td><td>2.50</td></tr><tr><td>2.48</td><td>2.60</td><td>Oct.</td><td>....</td><td>2.26</td><td>2.51</td></tr><tr><td>2.48</td><td>2.61</td><td>Nov.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>2.49</td><td>2.63</td><td>Dec.</td><td>....</td><td>2.24</td><td>2.55</td></tr><tr><td>2.49</td><td>2.65</td><td>1947-Jan.</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><td>2.49</td><td>2.65</td><td>Feb.</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><td>2.48</td><td>2.64</td><td>Mar.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>2.48</td><td>2.61</td><td>Apr.</td><td>....</td><td>2.19</td><td>2.49 5/</td></tr><tr><td>2.49</td><td>2.58</td><td>May.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>2.49</td><td>2.59</td><td></td><td></td><td></td><td></td></tr><tr><td>2.48</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>2.47</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>2.48</td><td>2.61 4/</td><td></td><td></td><td></td><td></td></tr><tr><td>2.48</td><td>2.59</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - averages of daily figures
[New series beginning in June 1947 Bulletin; old weekly series was Saturday figuree]
<table><tr><td>1946-Dec.</td><td>7.........</td><td>....</td><td>2.27</td><td>2.53</td><td>1947-Feb.</td><td>1.........</td><td>....</td><td>2.21</td><td>2.46</td><td>1947-Apr.</td><td>5.........</td><td>....</td><td>2.18</td><td>2.50 5/</td></tr><tr><td></td><td>14.........</td><td>....</td><td>2.24</td><td>2.56</td><td></td><td>8.........</td><td>....</td><td>2.20</td><td>2.46</td><td></td><td>12.........</td><td>....</td><td>2.18</td><td>2.49</td></tr><tr><td></td><td>21.........</td><td>....</td><td>2.23</td><td>2.57</td><td></td><td>15.........</td><td>....</td><td>2.21</td><td>2.47</td><td></td><td>19.........</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td></td><td>28.........</td><td>....</td><td>2.22</td><td>2.55</td><td></td><td>21.........</td><td>....</td><td>2.21</td><td>2.49</td><td></td><td>26.........</td><td>....</td><td>2.20</td><td>2.50</td></tr><tr><td>1947-Jan.</td><td>4.........</td><td>....</td><td>2.22</td><td>2.53</td><td>Mar.</td><td>1.........</td><td>....</td><td>2.21</td><td>2.49</td><td>May</td><td>3.........</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td></td><td>11.........</td><td>....</td><td>2.22</td><td>2.50</td><td></td><td>8.........</td><td>....</td><td>2.20</td><td>2.50</td><td></td><td>10.........</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td></td><td>18.........</td><td>....</td><td>2.22</td><td>2.49</td><td></td><td>15.........</td><td>....</td><td>2.19</td><td>2.50</td><td></td><td>17.........</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td></td><td>25.........</td><td>....</td><td>2.20</td><td>2.47</td><td></td><td>22.........</td><td>....</td><td>2.19</td><td>2.49</td><td></td><td>24.........</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>29.........</td><td>....</td><td>2.18</td><td>2.48</td><td></td><td>31.........</td><td>....</td><td>2.19</td><td>2.49</td></tr></table>
Daily series
<table><tr><td>1947-May</td><td>1</td><td>2.20</td><td>2.49</td><td>1947-May</td><td>12</td><td>2.19</td><td>2.49</td><td>1947-May</td><td>22</td><td>2.19</td><td>2.49</td></tr><tr><td></td><td>2</td><td>2.20</td><td>2.49</td><td></td><td>13</td><td>2.19</td><td>2.49</td><td></td><td>23</td><td>2.19</td><td>2.49</td></tr><tr><td></td><td>3</td><td>6/</td><td>2.49</td><td></td><td>14</td><td>2.20</td><td>2.49</td><td></td><td>24</td><td>6/</td><td>2.49</td></tr><tr><td></td><td>5</td><td>2.20</td><td>2.49</td><td></td><td>15</td><td>2.20</td><td>2.49</td><td></td><td>26</td><td>2.19</td><td>2.49</td></tr><tr><td></td><td>6</td><td>2.20</td><td>2.49</td><td></td><td>16</td><td>2.20</td><td>2.50</td><td></td><td>27</td><td>2.19</td><td>2.49</td></tr><tr><td></td><td>7</td><td>2.20</td><td>2.49</td><td></td><td>17</td><td>6/</td><td>2.49</td><td></td><td>28</td><td>2.19</td><td>2.48</td></tr><tr><td></td><td>8</td><td>2.20</td><td>2.49</td><td></td><td>19</td><td>2.19</td><td>2.49</td><td></td><td>29</td><td>2.19</td><td>2.49</td></tr><tr><td></td><td>9</td><td>2.19</td><td>2.49</td><td></td><td>20</td><td>2.19</td><td>2.49</td><td></td><td>30</td><td>1/</td><td>7/</td></tr><tr><td></td><td>10</td><td>6/</td><td>2.49</td><td></td><td>21</td><td>2.19</td><td>2.49</td><td></td><td>31</td><td>6/</td><td>6/</td></tr></table>
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly (old series) data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteens years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945 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, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax.
2/ For discussion of present composition of high-grade corporate bond average, see preceding page; for discussion of its previous composition, see "Treasury Bulletin" for January 1945, page 56.
3/ Average revised beginning July 1, 1941. Old average for July 1941 was also 2.66%.
4/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.56%.
5/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.47%; for week ended April 5, 2.47%. See footnote 2.
6/ Market closed.
7/ Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
July 1947
Monthly Series Y
1 Monthly averages of daily figures. Prior to April 1938, corporate bonds are averages of Saturday figures
Office of the Secretary of the Treasury, Division of Research and Statistics
Discontinued, see footnote f accompanying table
F - 220 - E
61
.62
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
July 1947
63
Corporations and Certain Other Agencies of the United States Government
Quarterly data relating to corporations in which the United States has a proprietary interest, direct or indirect, and certain other agencies are published in three sections. Section I contains data on combined balance sheet; section II, data on income and expense; and section III, data on sources and application of
funde.
The tables in section I are compiled from mid-month "Daily Treasury Statements." The tables in sections II and III are obtained from reports of the corporations and other agencies, adjusted by the Treasury Department.
Section I - Combined Balance Sheet as of March 31, 1947
Table 1.- Summary
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td>Capital</td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>1,588.0</td><td>723.0</td><td>865.0</td><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Deposite with Government corporations and agencies, excluding U. S. Treasury</td><td>255.1</td><td>255.1</td><td>-</td><td>Government corporations and agencies</td><td>444.4</td><td>265.9</td><td>178.5</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td>Other</td><td>27,151.7</td><td>-1,350.0</td><td>28,501.8</td></tr><tr><td>Government corporations and agencies</td><td>11,810.6</td><td>825.8</td><td>10,984.8</td><td>Total United States interest</td><td>27,596.2</td><td>-1,084.1</td><td>28,680.3</td></tr><tr><td>Others, less reserves</td><td>7,293.9</td><td>5,124.1</td><td>2,169.8</td><td>Private interests</td><td>509.0</td><td>509.0</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td>Total capital</td><td>28,105.2</td><td>-575.1</td><td>28,680.3</td></tr><tr><td>Government corporations and agencies</td><td>1,057.6</td><td>876.8</td><td>180.8</td><td>Total liabilities and capital</td><td>45,950.8</td><td>15,456.7</td><td>30,494.0</td></tr><tr><td>Others, less reserves</td><td>895.6</td><td>411.8</td><td>483.8</td><td></td><td></td><td></td><td></td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td>Contingent liabilities</td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>36.3</td><td>11.0</td><td>25.2</td><td>Guaranteed loans</td><td>2.3</td><td>-</td><td>2.3</td></tr><tr><td>Others, less reserves</td><td>103.2</td><td>57.6</td><td>45.6</td><td>Other</td><td>244.6</td><td>240.5</td><td>4.2</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>1,003.2</td><td>893.5</td><td>109.7</td><td></td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td>Analysis of investment of United States</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>1,985.2</td><td>1,863.6</td><td>121.5</td><td>Paid-in capital</td><td>44,313.0</td><td>5,155.6</td><td>39,157.4</td></tr><tr><td>Securities of Government corporations and agencies</td><td>453.9</td><td>275.4</td><td>178.5</td><td>Treasury loans to Government corporations</td><td>-</td><td>10,984.5</td><td>-10,984.5</td></tr><tr><td>Other securities, less reserves</td><td>3,426.1</td><td>196.2</td><td>3,229.9</td><td>Total investment of United States</td><td>44,313.0</td><td>16,140.1</td><td>28,172.9</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>15,485.9</td><td>3,666.3</td><td>11,819.6</td><td>Earned surplus (or deficit[-])</td><td>-16,716.9</td><td>-6,239.7</td><td>-10,477.2</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>22.8</td><td>7.6</td><td>15.2</td><td>(United States share)</td><td></td><td></td><td></td></tr><tr><td>Deferred and undistributed charges</td><td>379.5</td><td>225.1</td><td>154.4</td><td>Book value of United States interest, including interagency items</td><td>27,596.2</td><td>9,900.4</td><td>17,695.7</td></tr><tr><td>Other assets, less reserved</td><td>154.1</td><td>43.8</td><td>110.3</td><td>Interagency items:</td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>45,950.8</td><td>15,456.7</td><td>30,494.0</td><td>Amounts due to:</td><td></td><td></td><td></td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td>Government corporations</td><td>1,393.5</td><td>863.2</td><td>530.3</td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td>Government agencies reporting</td><td>40.3</td><td>30.9</td><td>9.3</td></tr><tr><td>Government corporations and agencies</td><td>338.2</td><td>307.9</td><td>30.3</td><td>Government agencies not required to report</td><td>867.3</td><td>411.5</td><td>455.8</td></tr><tr><td>Others</td><td>365.8</td><td>272.0</td><td>93.8</td><td>Total interagency liabilities</td><td>2,301.1</td><td>1,305.7</td><td>995.4</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td>Amounts due from (-):</td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>25.2</td><td>25.2</td><td>-</td><td>Interagency proprietary interests</td><td>444.4</td><td>-265.9</td><td>-178.5</td></tr><tr><td>Other Government corporations and agencies</td><td>11.5</td><td>9.7</td><td>1.8</td><td>Government corporations</td><td>-894.2</td><td>-863.2</td><td>-30.9</td></tr><tr><td>Others</td><td>197.3</td><td>196.4</td><td>.9</td><td>Government agencies reporting</td><td>-539.6</td><td>-530.3</td><td>-9.3</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td>Government agencies not required to report</td><td>-750.7</td><td>-584.8</td><td>-165.9</td></tr><tr><td>Government corporations and agencies</td><td>1,090.6</td><td>654.4</td><td>436.2</td><td>Total interagency assets</td><td>-2,628.9</td><td>-2,244.2</td><td>-384.7</td></tr><tr><td>Others</td><td>665.3</td><td>377.7</td><td>287.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td>10,984.5</td><td>10,984.5</td><td>-</td><td>Book value of United States interest, after exclusion of interagency items</td><td>27,268.3</td><td>8,961.9</td><td>18,306.4</td></tr><tr><td>U. S. Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>9.5</td><td>-</td><td>9.5</td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed by United States</td><td>826.0</td><td>308.4</td><td>517.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Others</td><td>168.9</td><td>132.5</td><td>36.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>1,249.5</td><td>1,249.5</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed by United States</td><td>566.4</td><td>412.0</td><td>154.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Deferred and undistributed credit</td><td></td><td></td><td></td><td>Total liabilities</td><td>17,845.6</td><td>16,031.8</td><td>1,813.8</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>1,346.9</td><td>1,102.4</td><td>245.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Total liabilities</td><td>17,845.6</td><td>16,031.8</td><td>1,813.8</td><td></td><td></td><td></td><td></td></tr></table>
Note: See page 72 for footnotes.
64
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 2.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Type of Loan for Recent Quarterly Periods
(In millions of dollars)
<table><tr><th></th><th colspan="4">1946</th><th>1947</th><th>Change Mar. 31, 1946-Mar. 31, 1947</th></tr><tr><th></th><th>Mar. 31</th><th>June 30</th><th>Sept. 30</th><th>Dec. 31</th><th>Mar. 31</th><th></th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>276.0</td><td>330.9</td><td>317.9</td><td>269.2</td><td>321.0</td><td>+45.0</td></tr><tr><td>Cooperative associations</td><td>143.9</td><td>118.4</td><td>150.7</td><td>188.3</td><td>181.7</td><td>+37.8</td></tr><tr><td>Crop, livestock, and commodity loans 3/.</td><td>335.2 r</td><td>236.1 r</td><td>218.4 r</td><td>290.1 r</td><td>398.3</td><td>+63.1</td></tr><tr><td>Farm mortgage loans</td><td>1,714.2</td><td>1,695.0</td><td>1,647.2</td><td>1,577.0</td><td>1,555.3</td><td>-159.0</td></tr><tr><td>Other</td><td>465.2</td><td>492.8</td><td>525.4</td><td>559.8</td><td>599.8</td><td>+134.7</td></tr><tr><td>Total</td><td>2,934.5</td><td>2,873.2</td><td>2,859.7</td><td>2,884.4</td><td>3,056.1</td><td>+121.6</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans</td><td>566.2 r</td><td>520.3 r</td><td>483.5 r</td><td>453.9 r</td><td>445.0</td><td>-121.2</td></tr><tr><td>Other</td><td>280.1</td><td>261.8</td><td>245.3</td><td>230.9</td><td>218.3</td><td>-61.9</td></tr><tr><td>Total</td><td>846.3 r</td><td>782.0 r</td><td>728.7 r</td><td>684.8 r</td><td>663.3</td><td>-183.1</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>195.8</td><td>195.1</td><td>171.2</td><td>170.6</td><td>167.4</td><td>-28.4</td></tr><tr><td>Ship construction and reconditioning</td><td>3.0</td><td>2.9</td><td>2.8</td><td>1.8</td><td>.8</td><td>-2.2</td></tr><tr><td>Other</td><td>196.6</td><td>192.7</td><td>179.6</td><td>190.0</td><td>203.2</td><td>+6.6</td></tr><tr><td>Total</td><td>395.4</td><td>390.7</td><td>353.5</td><td>362.2</td><td>371.4</td><td>-24.0</td></tr><tr><td>To aid States, Territories, etc.</td><td>478.4</td><td>471.1</td><td>462.8</td><td>460.5</td><td>465.7</td><td>-12.7</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banka</td><td>24.7</td><td>22.0</td><td>19.8</td><td>18.9</td><td>17.3</td><td>-7.4</td></tr><tr><td>Insurance companies</td><td>33.2</td><td>33.2</td><td>3.7</td><td>3.9</td><td>4.4</td><td>+28.9</td></tr><tr><td>Mortgage loan companies</td><td>151.8</td><td>201.9</td><td>232.9</td><td>291.4</td><td>233.9</td><td>+82.1</td></tr><tr><td>Total</td><td>209.7</td><td>257.1</td><td>256.5</td><td>314.2</td><td>255.6</td><td>+45.9</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held by lending agencies</td><td>109.9</td><td>125.9</td><td>152.8</td><td>182.2</td><td>192.6</td><td>+82.7</td></tr><tr><td>Other</td><td>545.3</td><td>862.7</td><td>1,479.4</td><td>2,101.7</td><td>2,661.9</td><td>+2,116.5</td></tr><tr><td>Total</td><td>655.2</td><td>988.6</td><td>1,632.1</td><td>2,283.9</td><td>2,854.5</td><td>+2,199.3</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>15.6 r</td><td>11.1 r</td><td>10.0 r</td><td>10.2 r</td><td>9.9</td><td>-5.7</td></tr><tr><td>Other</td><td>200.5</td><td>150.5</td><td>143.7</td><td>126.9</td><td>114.3</td><td>-86.1</td></tr><tr><td>Total</td><td>216.0 r</td><td>161.6 r</td><td>153.7 r</td><td>137.1 r</td><td>124.2</td><td>-91.9</td></tr><tr><td>Total loans</td><td>2,735.6</td><td>2,924.3</td><td>6,447.1</td><td>7,127.0</td><td>7,790.7</td><td>+2,055.2</td></tr></table>
Note: See page 72 for footnotes.
July 1947
65
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I
Combined Balance Sheet as of March 31, 1947
- (Continu
ed)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, March 31, 1946 and March 31, 1947
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Total</th><th colspan="2">Loans to aid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</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>150.0</td><td>200.6</td><td>150.0</td><td>200.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>183.3</td><td>255.0</td><td>183.3</td><td>255.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>278.7</td><td>325.9</td><td>278.7</td><td>325.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>1,070.4</td><td>957.0</td><td>1,070.4</td><td>957.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>4.2</td><td>2.3</td><td>4.2</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>206.3</td><td>137.4</td><td>206.3</td><td>137.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prenicinradio, Inc.</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>388.9</td><td>1,515.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>10.0</td><td>5.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation and certain affiliates:</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>951.3</td><td>791.9</td><td>.2</td><td>.1</td><td>11.3</td><td>10.3</td><td>328.4</td><td>312.9</td></tr><tr><td>Federal National Mortgage Association</td><td>6.9</td><td>5.3</td><td>-</td><td>-</td><td>6.9</td><td>5.3</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>27.7</td><td>32.9</td><td>-</td><td>-</td><td>12.8</td><td>24.8</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>2.4</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>153.2</td><td>236.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>793.6</td><td>595.8</td><td>-</td><td>-</td><td>793.6</td><td>595.8</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>285.1</td><td>278.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homes Corporation</td><td>.9</td><td>.7</td><td>-</td><td>-</td><td>.9</td><td>.7</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.3</td><td>.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>1.5</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>.3</td></tr><tr><td>Total loans of Government corporations</td><td>4,515.3</td><td>5,343.0</td><td>1,893.5</td><td>1,878.7</td><td>825.5</td><td>636.8</td><td>329.5</td><td>313.2</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural Marketing Act Revolving Fund</td><td>2.8</td><td>2.2</td><td>2.8</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Emergency Crop and Feed Loans 2</td><td>136.7</td><td>-</td><td>136.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration 5</td><td>474.6</td><td>-</td><td>474.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farmers' Home Administration 6</td><td>-</td><td>599.8</td><td>-</td><td>599.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>422.4</td><td>570.4</td><td>422.4</td><td>570.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Puerto Rico Reconstruction Administration and Indian Loans</td><td>11.3</td><td>11.2</td><td>4.0</td><td>3.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Puerto Rican Hurricane Relief Loan Section 7</td><td>.5</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 8</td><td>80.0</td><td>74.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</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>20.9</td><td>26.5</td><td>-</td><td>-</td><td>20.9</td><td>26.5</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>3.0</td><td>.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.0</td><td>.8</td></tr><tr><td>Other 9</td><td>68.1</td><td>1,162.0</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>62.9</td><td>57.4</td></tr><tr><td>Total loans of certain other Government agencies</td><td>1,220.3</td><td>2,447.7</td><td>1,041.0</td><td>1,177.4</td><td>20.9</td><td>26.5</td><td>65.8</td><td>58.2</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>5,735.6</td><td>7,790.7</td><td>2,934.5</td><td>3,056.1</td><td>846.3</td><td>663.3</td><td>395.4</td><td>371.4</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, March 31, 1946 and March 31, 1947 - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation.</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td>.1</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Prenicinradio, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>388.5</td><td>1,515.5 10/</td><td>.4</td><td>.3</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>-</td><td>-</td><td>10.0</td><td>5.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation and certain affiliates:</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>114.2</td><td>113.9</td><td>46.4</td><td>13.7</td><td>264.2</td><td>237.5</td><td>186.7</td><td>103.6</td></tr><tr><td>Federal National Mortgage Association.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14.9</td><td>8.2</td></tr><tr><td>U. S. Commercial Company.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.4</td><td>1.5</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks.</td><td>-</td><td>-</td><td>153.2</td><td>236.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority.</td><td>283.6</td><td>276.7 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td><td>1.4</td></tr><tr><td>Defense Homes Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority.</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of Government corporations.</td><td>398.4</td><td>391.0</td><td>209.7</td><td>255.6</td><td>655.2</td><td>1,754.5</td><td>203.5</td><td>113.4</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural Marketing Act Revolving Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Emergency Crop and Feed Loans 2/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration 2/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farmers' Home Administration 3/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Puerto Rico Reconstruction Administration and Indian loans.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.3</td><td>7.5</td></tr><tr><td>Puerto Rican Hurricane Relief Loan Section 1/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Worke Agency 8/.</td><td>80.0</td><td>74.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,100.0</td><td>5.2</td><td>3.3</td></tr><tr><td>Other 9/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of certain other Government agencies.</td><td>80.0</td><td>74.8</td><td>-</td><td>-</td><td>-</td><td>1,100.0</td><td>12.5</td><td>10.8</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans.</td><td>478.4</td><td>465.7</td><td>209.7</td><td>255.6</td><td>655.2</td><td>2,854.5</td><td>216.0</td><td>124.2</td></tr></table>
Note: See page 72 for footnotes.
July 1947
67
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 4.- Corporations
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Offices of the President Office for Emergency Management Smaller War Plants Corporation</th><th>Commodity Credit Corporation</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 12/</th><th>Production credit corporations</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>723.0</td><td>-</td><td>503.0</td><td>22.9</td><td>16.3</td><td>27.9</td><td>1.5</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>255.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>825.8</td><td>-</td><td>-</td><td>-</td><td>56.5</td><td>-</td><td>-</td></tr><tr><td>Others, lease reserves</td><td>5,124.1</td><td>-</td><td>172.0 4/</td><td>254.3</td><td>325.9</td><td>889.5 13/14/</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>876.8</td><td>164.7 15/</td><td>343.9</td><td>-</td><td>-</td><td>.6</td><td>-</td></tr><tr><td>Others, lease reserves</td><td>411.8</td><td>-</td><td>197.2</td><td>*</td><td>.3</td><td>1.2</td><td>-</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>11.0</td><td>-</td><td>-</td><td>*</td><td>.2</td><td>*</td><td>-</td></tr><tr><td>Others, lease reserves</td><td>57.6</td><td>-</td><td>2.4</td><td>1.5</td><td>2.0</td><td>11.9</td><td>.4</td></tr><tr><td>Commodities, supplies, and materials, lease reserves</td><td>893.5</td><td>-</td><td>382.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>1,863.6</td><td>-</td><td>-</td><td>43.2</td><td>43.2</td><td>137.2</td><td>68.4</td></tr><tr><td>Securities of Government corporations and agencies</td><td>275.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, lease reserves</td><td>196.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>42.9</td></tr><tr><td>land, structures, and equipment, lease reserves</td><td>3,666.3</td><td>-</td><td>2.9</td><td>.1</td><td>-</td><td>5.5</td><td>-</td></tr><tr><td>Acquired security or collateral, lease reserves</td><td>7.6</td><td>-</td><td>-</td><td>*</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>225.1</td><td>-</td><td>2.1</td><td>.6</td><td>.2</td><td>.7</td><td>.1</td></tr><tr><td>Other assets, lease reserves</td><td>43.8</td><td>-</td><td>14.4</td><td>*</td><td>.1</td><td>2.4</td><td>.1</td></tr><tr><td>Total assets</td><td>15,456.7</td><td>164.7</td><td>1,620.9</td><td>322.5</td><td>444.5</td><td>1,077.0</td><td>113.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>307.9</td><td>-</td><td>12.8</td><td>-</td><td>-</td><td>.5</td><td>-</td></tr><tr><td>Others</td><td>272.0</td><td>-</td><td>157.5</td><td>*</td><td>.2</td><td>1.3</td><td>*</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>25.2</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>9.7</td><td>-</td><td>*</td><td>.2</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>190.4</td><td>-</td><td>17.5</td><td>.1</td><td>1.4</td><td>3.9</td><td>*</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>654.4</td><td>-</td><td>125.6</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Others</td><td>377.7</td><td>-</td><td>183.6</td><td>*</td><td>.2</td><td>22.4</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>10,984.5</td><td>-</td><td>830.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed by United States</td><td>308.4</td><td>-</td><td>-</td><td>56.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>132.5</td><td>-</td><td>125.5 16/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>1,249.5</td><td>-</td><td>-</td><td>38.8</td><td>349.0</td><td>721.6</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>412.0</td><td>-</td><td>10.9</td><td>.2</td><td>.1</td><td>5.7</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>1,101.4</td><td>-</td><td>856.5</td><td>-</td><td>.2</td><td>1.8</td><td>*</td></tr><tr><td>Total liabilities</td><td>16,031.8</td><td>-</td><td>2,320.3</td><td>95.7</td><td>351.1</td><td>757.2</td><td>.1</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,724.8</td><td>200.0</td><td>100.0</td><td>178.5</td><td>60.0</td><td>39.8</td><td>97.4</td></tr><tr><td>Paid-in surplus</td><td>1,563.2</td><td>-</td><td>1,322.2 17/</td><td>-</td><td>-</td><td>36.9</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>867.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [ - ])</td><td>-6,239.7</td><td>-35.3</td><td>-2,121.6</td><td>37.4</td><td>33.3</td><td>-</td><td>15.9</td></tr><tr><td>Total United States owned</td><td>-1,084.1</td><td>164.7</td><td>-699.4</td><td>215.9</td><td>93.3</td><td>76.7</td><td>113.3</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>300.8</td><td>-</td><td>-</td><td>9.0</td><td>-</td><td>60.1</td><td>-</td></tr><tr><td>Earned surplus</td><td>208.2</td><td>-</td><td>-</td><td>1.9</td><td>-</td><td>182.9</td><td>-</td></tr><tr><td>Total privately owned</td><td>509.0</td><td>-</td><td>-</td><td>10.9</td><td>-</td><td>243.1</td><td>-</td></tr><tr><td>Total capital</td><td>-575.1</td><td>164.7</td><td>-699.4</td><td>226.8</td><td>93.3</td><td>319.8</td><td>113.3</td></tr><tr><td>Total liabilities and capital</td><td>15,456.7</td><td>164.7</td><td>1,620.9</td><td>322.5</td><td>444.5</td><td>1,077.0</td><td>113.3</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>240.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/</td><td>9,900.4</td><td>164.7</td><td>130.6</td><td>215.9</td><td>93.3</td><td>76.7</td><td>113.3</td></tr><tr><td>Interagency items (est), amounte due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-265.9</td><td>-164.7</td><td>2.7</td><td>56.6</td><td>-56.6</td><td>.1</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-672.6</td><td>-</td><td>-207.7</td><td>*</td><td>*</td><td>-.2</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>8,961.9</td><td>-</td><td>-74.5</td><td>272.5</td><td>36.7</td><td>76.7</td><td>113.3</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
68
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="3">Department of Agriculture - (continued)</th><th colspan="2">Department of Commerce and subsidiary</th><th colspan="3">Department of Interior Department of Justice</th><th>War Department</th></tr><tr><th></th><th>Farm Credit Adm. (cont'd)</th><th>Federal Crop Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Inland Waterways Corporation 19/</th><th>Warrior River Terminal Company, Inc. 19/</th><th>The Virgin Islands Company 20/</th><th>Federal Prison Industries, Inc.</th><th>Department of State 21/</th><th>United States Spruce Production Corporation 22/ (liquidated)</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>13.7</td><td>2.5</td><td>6.9</td><td>1.6</td><td>.1</td><td>.1</td><td>3.6</td><td>7.7</td><td>*</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>1.0</td><td>-</td><td>107.9 13/14/</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.7</td><td>.5</td><td>.1</td><td>-</td><td>*</td><td>2.5</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>5.3</td><td>.4</td><td>.4</td><td>*</td><td>.1</td><td>.1</td><td>.2</td><td>-</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>2.1</td><td>-</td><td>*</td><td>*</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>.6</td><td>-</td><td>.3</td><td>*</td><td>.7</td><td>5.3</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>.3</td><td>-</td><td>-</td><td>3.0</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>.4</td><td>13.0</td><td>1.6</td><td>.3</td><td>4.1</td><td>.5</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>*</td><td>*</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>*</td><td>7.7</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets, less reserves</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>15.0</td><td>16.8</td><td>118.3</td><td>20.0</td><td>1.9</td><td>1.3</td><td>15.7</td><td>8.4</td><td>*</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>*</td><td>.3</td><td>.1</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>*</td></tr><tr><td>Others</td><td>*</td><td>13.9</td><td>.3</td><td>.8</td><td>*</td><td>*</td><td>.5</td><td>1.6</td><td>*</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>.1</td><td>1.3</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>.4</td><td>*</td><td>2.0</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>2.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>*</td><td>.2</td><td>.3</td><td>.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>*</td><td>.2</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>*</td><td>7.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>.5</td><td>21.8</td><td>6.8</td><td>1.3</td><td>*</td><td>.4</td><td>1.0</td><td>1.6</td><td>*</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>70.0</td><td>9.0</td><td>12.0</td><td>1.2</td><td>*</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>22.0 23/</td><td>-</td><td>-</td><td>10.4</td><td>.1</td><td>*</td><td>4.8</td><td>7.9 24/</td><td>-</td></tr><tr><td>Expended appropriations</td><td>-</td><td>44.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>63.5</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-7.5</td><td>-119.5 25/</td><td>102.5</td><td>-3.7</td><td>.5</td><td>.1</td><td>9.8</td><td>64.7</td><td>*</td></tr><tr><td>Total United States owned</td><td>14.6</td><td>-5.0</td><td>111.5</td><td>18.7</td><td>1.9</td><td>1.0</td><td>14.7</td><td>6.8</td><td>*</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>14.6</td><td>-5.0</td><td>111.5</td><td>18.7</td><td>1.9</td><td>1.0</td><td>14.7</td><td>6.8</td><td>*</td></tr><tr><td>Total liabilities and capital</td><td>15.0</td><td>16.8</td><td>118.3</td><td>20.0</td><td>1.9</td><td>1.3</td><td>15.7</td><td>8.4</td><td>*</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/</td><td>14.6</td><td>-5.0</td><td>111.5</td><td>18.7</td><td>1.9</td><td>1.0</td><td>14.7</td><td>6.8</td><td>*</td></tr><tr><td>Interagency items (net), amounts due to (or from [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>*</td><td>-7</td><td>-1.1</td><td>-1.3</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>.1</td><td>1.3</td><td>.1</td><td>*</td><td>.2</td><td>-2.2</td><td>-</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14.6</td><td>-5.6</td><td>112.6</td><td>17.6</td><td>1.9</td><td>1.1</td><td>12.5</td><td>6.8</td><td>*</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
July 1947
69
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="5">Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th></th><th></th><th>Reconstruction Finance Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>U.S. Commercial Company</th><th>War Damage Corporation</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>.6</td><td>8.6</td><td>17.4</td><td>-</td><td>*</td><td>4.4</td><td>*</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U.S. Treasury</td><td>-</td><td>-</td><td>.1</td><td>7.9</td><td>.4</td><td>14.4</td><td>231.2</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>769.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>1,508.4</td><td>.9</td><td>726.9</td><td>5.3</td><td>32.9</td><td>*</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>*</td><td>228.3</td><td>*</td><td>*</td><td>132.6</td><td>-</td></tr><tr><td>Others, less reserves</td><td>.1</td><td>.1</td><td>194.0</td><td>*</td><td>*</td><td>2.1</td><td>*</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>10.1</td><td>*</td><td>.1</td><td>-</td><td>.6</td></tr><tr><td>Others, less reserves</td><td>8.4</td><td>6.2</td><td>16.6</td><td>*</td><td>.1</td><td>*</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>.1</td><td>447.1</td><td>-</td><td>-</td><td>40.2</td><td>*</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>-</td><td>1,104.1</td><td>48.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>164.7</td><td>.6</td><td>8.9</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>*</td><td>-</td><td>141.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>*</td><td>2,583.9</td><td>-</td><td>6.8</td><td>2.6</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>2.6</td><td>2.1</td><td>-</td><td>1.9</td><td>*</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>-</td><td>*</td><td>203.1</td><td>*</td><td>.4</td><td>12.8</td><td>-</td></tr><tr><td>Other assets, less reserves</td><td>-</td><td>-</td><td>12.2</td><td>-</td><td>-</td><td>2.8</td><td>-</td></tr><tr><td>Total assets</td><td>1,517.5</td><td>1,122.6</td><td>5,564.8</td><td>13.8</td><td>51.5</td><td>212.1</td><td>231.7</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>*</td><td>182.0</td><td>*</td><td>.1</td><td>110.7</td><td>.1</td></tr><tr><td>Others</td><td>*</td><td>.5</td><td>75.3</td><td>*</td><td>*</td><td>13.3</td><td>.1</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury</td><td>.3</td><td>-</td><td>22.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>*</td><td>8.1</td><td>*</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>166.7</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>.2</td><td>507.3</td><td>-</td><td>-</td><td>19.7</td><td>-</td></tr><tr><td>Others</td><td>.3</td><td>.3</td><td>52.6</td><td>.1</td><td>.6</td><td>12.0</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td>271.9</td><td>-</td><td>8,902.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U.S. Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.1</td><td>184.5</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>29.4</td><td>324.8</td><td>*</td><td>.7</td><td>24.3</td><td>*</td></tr><tr><td>Deferred and undistributed credits</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>192.6</td><td>*</td><td>11.7</td><td>*</td><td>.2</td><td>-</td><td>20.0</td></tr><tr><td>Total liabilities</td><td>465.2</td><td>30.5</td><td>10,245.7</td><td>.2</td><td>22.7</td><td>372.7</td><td>20.2</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>1,000.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>5.0</td><td>1.0</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>16.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>52.3</td><td>802.8 27/</td><td>-5,025.0 28/</td><td>2.6</td><td>3.8</td><td>-165.6</td><td>210.6</td></tr><tr><td>Total United States owned</td><td>1,052.3</td><td>952.8</td><td>-4,680.9</td><td>13.6</td><td>28.8</td><td>-160.6</td><td>211.6</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>1,052.3</td><td>1,092.1</td><td>-4,680.9</td><td>13.6</td><td>28.8</td><td>-160.6</td><td>211.6</td></tr><tr><td>Total liabilities and capital</td><td>1,517.5</td><td>1,122.6</td><td>5,564.8</td><td>13.8</td><td>51.5</td><td>212.1</td><td>231.7</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>7.0 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/</td><td>1,324.2</td><td>952.8</td><td>4,221.3</td><td>13.6</td><td>28.8</td><td>-160.6</td><td>211.6</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>74.5</td><td>-7.9</td><td>20.8</td><td>96.9</td><td>-231.6</td></tr><tr><td>Other Government agencies excluding Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans to Government corporations</td><td>.3</td><td>.2</td><td>-534.6</td><td>-6.6</td><td>-9.0</td><td>79.1</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>1,324.6</td><td>953.0</td><td>3,761.2</td><td>5.1</td><td>40.6</td><td>15.4</td><td>-20.1</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued
Section I - Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 29/</th><th>Defense Homes Corporation</th></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>28.2</td><td>1.0</td><td>17.5</td><td>6.0</td><td>.9</td><td>5.6</td><td>*</td><td>24.9</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>1.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>236.5</td><td>-</td><td>583.0 14/</td><td>278.1 11/</td><td>.7</td><td>-</td><td>*</td><td>.5</td></tr><tr><td>Others, less reserves</td><td>*</td><td>*</td><td>.2</td><td>.1</td><td>-</td><td>1.5</td><td>-</td><td>1.1</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>2.3</td><td>*</td><td>3.2</td><td>.1</td><td>.5</td><td>-</td><td>4.3</td></tr><tr><td>Others, less reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>.8</td><td>1.1</td><td>1.6</td><td>2.4</td><td>*</td><td>.1</td><td>-</td><td>*</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>8.6</td><td>-</td><td>7.6</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>198.3</td><td>175.0</td><td>15.2</td><td>7.9</td><td>-</td><td>19.7</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>12.3</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>.1</td><td>2.4</td><td>227.2</td><td>54.7</td><td>29.3</td><td>*</td><td>731.4</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>.4</td><td>*</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>-</td><td>*</td><td>.2</td><td>3.5</td><td>.2</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>Other assets, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.0</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>464.1</td><td>179.5</td><td>732.8</td><td>528.4</td><td>57.7</td><td>69.5</td><td>.1</td><td>770.0</td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>*</td><td>*</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>.8</td></tr><tr><td>Others</td><td>*</td><td>*</td><td>.6</td><td>.3</td><td>.1</td><td>2.0</td><td>-</td><td>3.7</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>1.5</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>*</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others</td><td>.9</td><td>*</td><td>.3</td><td>.1</td><td>.1</td><td>.4</td><td>-</td><td>5.0</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Others</td><td>84.8</td><td>*</td><td>17.8</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td>-</td><td>-</td><td>574.0</td><td>350.0</td><td>-</td><td>-</td><td>-</td><td>56.5</td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44.1</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Other Government corporations and agencies: Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others: Guaranteed by United States</td><td>-</td><td>-</td><td>4.3</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>140.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>-</td><td>3.9</td><td>.6</td><td>2.3</td><td>.1</td><td>8.0</td><td>-</td><td>.2</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>-</td><td>*</td><td>.2</td><td>9.2</td><td>-</td><td>1.1</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>225.7</td><td>3.9</td><td>599.4</td><td>362.9</td><td>44.8</td><td>11.5</td><td>-</td><td>68.6</td></tr><tr><td><b>Capital</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>122.7</td><td>100.0</td><td>200.0</td><td>1.0</td><td>10.0</td><td>7.0</td><td>*</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>.3</td><td>40.0</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>81.3</td><td>-</td><td>-</td><td>-</td><td>661.1</td></tr><tr><td>Earned surplus (or deficit[ - ])</td><td>-</td><td>75.6 30/</td><td>-66.7</td><td>-31.6</td><td>2.9</td><td>51.0</td><td>-.2</td><td>.3</td></tr><tr><td>Total United States owned</td><td>122.7</td><td>175.6</td><td>133.3</td><td>165.6</td><td>12.9</td><td>58.0</td><td>.1</td><td>701.3</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>92.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>23.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>115.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>238.4</td><td>175.6</td><td>133.3</td><td>165.6</td><td>12.9</td><td>58.0</td><td>.1</td><td>701.3</td></tr><tr><td>Total liabilities and capital</td><td>464.1</td><td>179.5</td><td>732.8</td><td>528.4</td><td>57.7</td><td>69.5</td><td>.1</td><td>770.0</td></tr><tr><td><b>Contingent liabilities</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>233.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Analysis of investment of United States</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/</td><td>122.7</td><td>175.6</td><td>707.3</td><td>515.6</td><td>12.9</td><td>58.0</td><td>.1</td><td>757.8</td></tr><tr><td>Interagency items (net), amounts due to (or from [- ]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>*</td><td>-100.0</td><td>*</td><td>43.4</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>*</td><td>1.4</td><td>.7</td><td>-</td><td>-1.4</td><td>-</td><td>-.2</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>122.7</td><td>175.6</td><td>608.7</td><td>516.3</td><td>56.2</td><td>56.6</td><td>.1</td><td>759.7</td></tr></table>
Note: See page 72 for footnotes.
July 1947
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I
Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 5.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th colspan="4">Department of Agriculture</th><th>Department of the Interior 31/8/</th><th>Federal Works Agency 8/</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other 33/</th></tr><tr><th></th><th></th><th>Farm Credit Administration</th><th>Farmers' Home Administration 6/</th><th>Rural Electrification Administration</th><th></th><th></th><th></th><th>Federal Housing Administration</th><th>United States Maritime Commission Activities</th><th>War Shipping Administration Activities 32/</th><th></th></tr><tr><th>Assets</th><td></td><td colspan="2">Agricultural Marketing Act Revolving Fund</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>865.0</td><td>-</td><td>76.8</td><td>5.5</td><td>.1</td><td>1.7</td><td>39.6</td><td>560.4</td><td>162.5</td><td>18.4</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>10,984.5 34/</td></tr><tr><td>Government corporations and agencies.</td><td>10,984.8</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,160.2</td></tr><tr><td>Others, less reserves</td><td>2,169.8</td><td>1.1</td><td>326.6</td><td>570.0</td><td>9.9</td><td>74.8</td><td>26.5</td><td>.3</td><td>-</td><td>-</td><td></td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>180.8</td><td>-</td><td>*</td><td>5.4</td><td>*</td><td>1.1</td><td>*</td><td>102.3</td><td>70.9</td><td>2.1</td></tr><tr><td>Others, less reserves</td><td>483.8</td><td>*</td><td>.8</td><td>-</td><td>1.1</td><td>1.9</td><td>*</td><td>205.7</td><td>146.5</td><td>128.7</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>25.2</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25.2</td></tr><tr><td>Others, less reserves</td><td>45.6</td><td>-</td><td>37.9</td><td>4.9</td><td>*</td><td>*</td><td>.8</td><td>1.3</td><td>-</td><td>.6</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>109.7</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>.1</td><td>81.2</td><td>27.3</td><td>1.2</td></tr><tr><td>Investments:</td><td></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 obligations of the United States</td><td>121.5</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>121.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations.</td><td>178.5</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>3,229.9</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>2.7</td><td>-</td><td>3,227.2</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>11,819.6</td><td>-</td><td>17.9</td><td>.2</td><td>13.3</td><td>142.9</td><td>.6</td><td>3,305.5</td><td>6,507.0</td><td>1,832.2</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>15.2</td><td>1.2</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>11.2</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Deferred and undistributed charges</td><td>154.4</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>*</td><td>*</td><td>29.3</td><td>114.7</td><td>9.9</td></tr><tr><td>Other assets, less reserves</td><td>110.3</td><td>-</td><td>15.2</td><td>-</td><td>-</td><td>45.3</td><td>-</td><td>5.3</td><td>44.6</td><td>*</td></tr><tr><td>Total assets</td><td>30,494.0</td><td>180.8</td><td>477.8</td><td>586.3</td><td>23.4</td><td>266.7</td><td>200.5</td><td>4,294.3</td><td>7,073.5</td><td>17,390.8</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>30.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>11.6</td><td>16.6</td><td>2.0</td></tr><tr><td>Others</td><td>93.8</td><td>-</td><td>*</td><td>*</td><td>.1</td><td>-</td><td>4.5</td><td>3.1</td><td>73.6</td><td>12.5</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>1.8</td><td>-</td><td>-</td><td>1.7</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>.3</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>436.2</td><td>-</td><td>.8</td><td>.1</td><td>.1</td><td>1.7</td><td>1.4</td><td>331.0</td><td>75.5</td><td>25.5</td></tr><tr><td>Others</td><td>287.6</td><td>-</td><td>4.4</td><td>*</td><td>*</td><td>*</td><td>.8</td><td>276.0</td><td>-</td><td>6.3</td></tr><tr><td>Bonds, debentures, and notes payable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>9.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>517.6</td><td>-</td><td>94.3</td><td>423.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>36.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>154.4</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>41.9</td><td>108.3</td><td>4.1</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>245.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>71.7</td><td>151.0</td><td>22.7</td></tr><tr><td>Total liabilities</td><td>1,813.8</td><td>-</td><td>99.6</td><td>425.2</td><td>.2</td><td>1.7</td><td>53.2</td><td>735.2</td><td>425.0</td><td>73.7</td></tr><tr><th>Proprietary interest</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Exposed appropriations</td><td>39,157.4</td><td>497.1</td><td>388.4</td><td>171.1</td><td>72.5</td><td>2,150.8</td><td>80.5</td><td>4,266.8 35/</td><td>14,252.4 36/</td><td>17,277.9</td></tr><tr><td>Excess of income (or expense[-]) 37/</td><td>-10,477.2</td><td>-316.3</td><td>-10.2</td><td>-10.0</td><td>-49.3</td><td>-1,885.8</td><td>66.7 38/</td><td>-707.7</td><td>-7,603.9</td><td>39.3</td></tr><tr><td>Total proprietary interest</td><td>28,680.3</td><td>180.8</td><td>378.2</td><td>161.0</td><td>23.3</td><td>265.0</td><td>147.3</td><td>3,559.1</td><td>6,648.5</td><td>17,317.1</td></tr><tr><td>Total liabilities and proprietary interest</td><td>30,494.0</td><td>180.8</td><td>477.8</td><td>586.3</td><td>23.4</td><td>266.7</td><td>200.5</td><td>4,294.3</td><td>7,073.5</td><td>17,390.8</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.3</td></tr><tr><td>Other</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.2</td><td>-</td><td>-</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest including interagency items 32/</td><td>17,695.7</td><td>180.8</td><td>378.2</td><td>161.0</td><td>23.3</td><td>265.0</td><td>147.3</td><td>3,559.1</td><td>6,648.5</td><td>6,332.6</td></tr><tr><td>Interagency items (net), amounts due to (or from[-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agencies reporting, excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-7.3</td><td>7.3</td><td>*</td></tr><tr><td>Other Government agencies and corporations</td><td>610.7</td><td>-178.5</td><td>95.1</td><td>419.6</td><td>.1</td><td>1.6</td><td>11.0</td><td>247.7</td><td>14.0</td><td>.2</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>18,306.4</td><td>2.3</td><td>473.3</td><td>580.6</td><td>23.3</td><td>266.6</td><td>158.3</td><td>3,799.4</td><td>6,669.8</td><td>6,332.8</td></tr></table>
Note: See page 72 for footnotes.
72
Treasury Bulletin
Corporations and Certain Other
r Agencies of the United States Government - (Continued)
Footnotes to Section I
Revised.
Less than $50 thousand.
Excludes unexpended balances of appropriated funds.
Includes notes for short-term borrowings.
Includes Commodity Credit Corporation loans held by lending agencies.
Includes $168.1 million guaranteed loans held by lending agencies.
As of November 1, 1946, the loans of Emergency Crop and Food Loan Section and Farm Security Administration were transferred to Farmers' Home Administration.
Created pursuant to Public Law 731, approved August 14, 1946.
Puerto Rican Hurricane Relief Loan Section ceased to exist June 30, 1946.
Consists of Bureau of Community Facilities and Public Works Administration.
Consists of Federal Public Housing Authority - Farm Security Administration program, Homes conversion program, and Public war housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II); Treasury Department miscel-laneous loans; and War Department - guaranteed loans (World War II).
Includes participation by other agencies of $7.0 million in loans of Export-Import Bank of Washington.
Loan commitments amount to $325.6 million against which advances of $276.7 million have been made, leaving commitments to purchase loans of $49.0 million.
Includes the Federal Land Banks of Springfield, Mase., Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St. Louie, Mo., Omaha, Nebr., Wicbita, Kane., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the U. S. Government.
Includes real estate sales contracts.
The reserve for losses on loans receivable includes other lose re-serves which cannot be distributed to the assets to which they apply.
Represents excess of assets over liabilities transferred to R.F.C.
Represents guaranteed obligations arising from drafts and invoices paid by commercial banks.
Public Law 519, July 20, 1946, authorized the Secretary of the Treasury to cancel notes in the amount of $921.5 million, pursuant to Act of March 8, 1938, as amended. Cancellation of this amount was effected on July 25, 1946.
Consists of paid-in capital (U. S. owned), Treasury loans to Govern-ment corporations, and earned surplus or deficit (U. S. share).
Figures are as of February 28, 1947, the latest available.
Figures are as of December 31, 1946, the latest available, except with respect to certain interagency adjustments as of March 31, 1947 made by the Treasury Department.
Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, (liquidated) and Precinradio, Inc.
Corporation was dissolved by decree of the Superior Court of the State of Washington on December 12, 1946.
Represents advances from R.F.C. for the payment of operating ex-penses.
Net of return of excess funds pursuant to Public Law 301, approved February 18, 1946, and Public Law 391, approved May 27, 1946, and net of return of $.1 million representing balance of funds of Inter-
25/26/27/28/29/30/31/32/33/34/35/36/37/38/39/
American Navigation Corporation upon liquidation as of February 25, 1947.
Includes deficit resulting from administrative expenses in the amount of $45.3 million.
Sales contract in amount of $.1 million transferred to War Department for liquidation and ultimate deposit of cash proceeds to Miscellaneous Receipts of the Treasury Department.
The surplus is not available by law for dividend distribution and is considered by the corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks.
Includes unreserved surplus of R.F.C., $535.5 million, and deficit of merged war affiliates, $5,560.5 million.
Figures represent activities under U. S. Housing Act, as amended.
War housing and other operations of the Authority are reflected in the classification "Other" in Table 5.
The surplus is considered by the corporation as available for future insurance losses and related expenses with respect to insured institutions.
Consists of Indian Loans, and Puerto Rico Reconstruction Administration. Puerto Rican Hurricanes Relief Loan Section ceased to exist June 30, 1946. Collections of the unliquidated loan balances will be made by Puerto Rico Reconstruction Administration and deposited to Miscellaneous Receipts of the Treasury Department.
Figures are as of February 28, 1947, with exception of those of land-lease and UNRRA activities.
Consists of Federal Public Housing Authority - Homes conversion program, Farm Security Administration program, Public war housing program, and Veterans' re-use housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II); and Veterans' Canteen Service created pursuant to Public Law 636, approved August 7, 1946.
Represents obligations of Government corporations as follows: Commodity Credit Corporation, $830.0 million; Export-Import Bank of Washington, $271.9 million; Federal Public Housing Authority, $350.0 million; Home Owners' Loan Corporation, $574.0 million; R.F.C., $8,902.1 million; and Tennessee Valley Authority, $56.5 million.
Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required under the authority of E. O. No. 9054, dated February 7, 1942, and War Shipping Administrator's Order No. 7, dated April 21, 1942.
Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission.
Represents excess of expenditures incurred pursuant to legislation for such activities as: construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subeistence homesteads; relief and rehabilitation in Puerto Rico; loans, grante, and relief in construction of housing, public works, and community facilities; and others.
Includes $85.3 million representing equity of mortgagees in earnings of group accounts of the Mutual Mortgage Insurance Fund.
Consists of paid-in capital (U. S. owned), lease Treasury loans to Government corporations, plus excess of income (or expense).
July 1947
73
INTERNAL REVENUE STATISTICS
74
Treasury Bulletin
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 taxee</th><th colspan="4">Employment taxee</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profit taxee</th><th>Individual 2/</th><th>Corporation income and excise profit 3/</th><th>Miscellaneous profit 4/</th><th>Total employment taxes</th><th>Social Security taxee</th><th>Old-age insurance 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>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td></td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td></td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,125,51</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td></td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td></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></td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td></td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td></td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,113,510</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></td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td></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></td><td>284,258</td></tr><tr><td>1946-April</td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,546</td><td>481,232</td><td>5,295</td><td>98,277</td><td>93,532</td><td>3,268</td><td></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>1,420,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td></td><td>21,277</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>1,083,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td></td><td>49,690</td></tr><tr><td>July</td><td>2,250,898</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></td><td>2,467</td></tr><tr><td>August</td><td>2,494,459</td><td>-241,431</td><td>2,735,890</td><td>1,765,649</td><td>1,415,371</td><td>346,082</td><td>4,196</td><td>280,853</td><td>239,705</td><td>8,475</td><td></td><td>32,674</td></tr><tr><td>September</td><td>4,291,209</td><td>+680,214</td><td>3,610,995</td><td>2,907,267</td><td>1,227,325</td><td>1,669,891</td><td>10,052</td><td>57,335</td><td>5,523</td><td>1,624</td><td></td><td>50,188</td></tr><tr><td>October</td><td>2,230,473</td><td>-536,355</td><td>2,766,827</td><td>1,875,687</td><td>1,296,145</td><td>575,406</td><td>4,136</td><td>128,534</td><td>122,433</td><td>2,961</td><td></td><td>3,140</td></tr><tr><td>November</td><td>2,402,752</td><td>-91,636</td><td>2,494,389</td><td>1,572,063</td><td>1,323,237</td><td>245,523</td><td>3,304</td><td>261,935</td><td>227,409</td><td>9,053</td><td></td><td>25,473</td></tr><tr><td>December</td><td>3,693,272</td><td>+785,155</td><td>2,908,117</td><td>2,133,657</td><td>446,449</td><td>1,677,794</td><td>9,414</td><td>60,647</td><td>4,231</td><td>1,005</td><td></td><td>55,411</td></tr><tr><td>1947-January</td><td>3,415,216</td><td>-773,248</td><td>4,188,463</td><td>3,375,348</td><td>2,853,323</td><td>516,127</td><td>5,898</td><td>108,956</td><td>76,950</td><td>30,157</td><td></td><td>1,849</td></tr><tr><td>February</td><td>4,274,461</td><td>-131,083</td><td>4,405,544</td><td>3,359,367</td><td>3,052,424</td><td>304,045</td><td>2,898</td><td>367,432</td><td>240,972</td><td>101,302</td><td></td><td>25,158</td></tr><tr><td>March</td><td>5,446,124</td><td>+875,813</td><td>4,570,311</td><td>3,844,104</td><td>2,048,626</td><td>1,791,996</td><td>3,482</td><td>82,208</td><td>13,136</td><td>12,727</td><td></td><td>56,346</td></tr><tr><td>April</td><td>2,309,306</td><td>-420,588</td><td>2,729,894</td><td>1,958,399</td><td>1,661,992</td><td>294,039</td><td>2,368</td><td>131,186</td><td>123,856</td><td>4,076</td><td></td><td>3,254</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>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes 8/</th></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,500</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></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></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>722,332</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,183</td><td>50,800</td><td>728,694</td><td>1,075,401</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,953</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,925</td></tr><tr><td>1946-April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</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></tr><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,494</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</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>143,126</td></tr><tr><td>August</td><td>689,388</td><td>62</td><td>57,974</td><td>236,146</td><td>109,617</td><td>7,528</td><td>143,051</td><td>135,011</td></tr><tr><td>September</td><td>646,393</td><td>230</td><td>42,845</td><td>226,205</td><td>101,834</td><td>6,631</td><td>140,722</td><td>127,927</td></tr><tr><td>October</td><td>762,606</td><td>48</td><td>56,613</td><td>251,328</td><td>124,560</td><td>8,093</td><td>163,161</td><td>158,803</td></tr><tr><td>November</td><td>660,390</td><td>35</td><td>48,865</td><td>242,473</td><td>105,991</td><td>6,926</td><td>146,763</td><td>109,337</td></tr><tr><td>December</td><td>713,813</td><td>96</td><td>61,740</td><td>225,746</td><td>86,784</td><td>6,778</td><td>186,836</td><td>145,834</td></tr><tr><td>1947-January</td><td>704,160</td><td>101</td><td>65,550</td><td>215,419</td><td>107,639</td><td>7,181</td><td>187,763</td><td>120,505</td></tr><tr><td>February</td><td>678,745</td><td>19</td><td>84,232</td><td>178,867</td><td>99,172</td><td>5,943</td><td>194,629</td><td>115,883</td></tr><tr><td>March</td><td>643,999</td><td>(-11)</td><td>102,633</td><td>180,452</td><td>99,119</td><td>5,844</td><td>143,862</td><td>112,100</td></tr><tr><td>April</td><td>640,309</td><td>5</td><td>68,125</td><td>170,924</td><td>103,251</td><td>5,685</td><td>158,423</td><td>133,895</td></tr></table>
(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 ter-
ritories and insular possessions, etc. 
2/ Includes collection of taxes withheld by employers pursuant to the 
Revenue Act of 1942 and the Current Tax Payment Act of 1943. 
3/ Include income tax collections on Alaskan Railroads. The excess 
profit tax included in this column is that imposed under the 
Second Revenue Act of 1940, as amended. 
4/ Consists of the declared value excess profite tax, the profit limit-
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the 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.
July 1947
75
COLLECTIONS OF INTERNAL REVENUE
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-G
Treasury Bulletin
76
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 10 months</th><th>April 1946</th><th>April 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/.</td><td>10,263,418</td><td>9,857,466</td><td>8,581,712</td><td>8,281,267</td><td>708,297</td><td>1,014,398</td></tr><tr><td>Revenue Act of 1942.</td><td>802</td><td>123</td><td>117</td><td>223</td><td>8</td><td>21</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>8,567,117 4/</td><td>8,430,377</td><td>7,268,597</td><td>7,797,714</td><td>459,864</td><td>606,628</td></tr><tr><td>Back.</td><td>202,917</td><td>416,571</td><td>350,331</td><td>477,832</td><td>48,376</td><td>40,944</td></tr><tr><td>Total individual income taxes.</td><td>19,034,313</td><td>18,704,536</td><td>16,200,756</td><td>16,557,036</td><td>1,216,546</td><td>1,661,992</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>4,421,682</td><td>3,901,917</td><td>3,146,834</td><td>3,985,751</td><td>104,065</td><td>172,032</td></tr><tr><td>Back.</td><td>458,034</td><td>738,032</td><td>666,621</td><td>510,745</td><td>53,418</td><td>56,320</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended).</td><td>11,003,520</td><td>7,822,488</td><td>6,672,169</td><td>3,442,520</td><td>323,748</td><td>65,686</td></tr><tr><td>Total corporation taxes.</td><td>15,883,235</td><td>12,462,437</td><td>10,485,624</td><td>7,942,016</td><td>481,232</td><td>294,039</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value.</td><td>143,798</td><td>91,130</td><td>72,198</td><td>49,544</td><td>5,294</td><td>2,368</td></tr><tr><td>Viscous Act.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment.</td><td>180</td><td>35</td><td>16</td><td>298</td><td>-</td><td>1</td></tr><tr><td>Total miscellaneous profit taxes.</td><td>143,978</td><td>91,165</td><td>72,214</td><td>49,842</td><td>5,295</td><td>2,368</td></tr><tr><td>Total income and profits taxes.</td><td>35,061,526</td><td>31,258,138</td><td>26,758,594</td><td>24,548,894</td><td>1,703,072</td><td>1,958,399</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/.</td><td>1,307,931</td><td>1,237,825</td><td>995,993</td><td>1,164,175</td><td>93,532</td><td>123,856</td></tr><tr><td>Unemployment insurance 6/.</td><td>186,489</td><td>178,745</td><td>167,002</td><td>174,648</td><td>3,268</td><td>4,076</td></tr><tr><td>Total Social Security taxes.</td><td>1,494,420</td><td>1,416,570</td><td>1,162,994</td><td>1,338,823</td><td>96,800</td><td>127,932</td></tr><tr><td>Railroad retirement 7/.</td><td>284,758</td><td>284,258</td><td>213,291</td><td>255,960</td><td>1,477</td><td>3,254</td></tr><tr><td>Total employment taxes.</td><td>1,779,177</td><td>1,700,828</td><td>1,376,285</td><td>1,594,782</td><td>98,277</td><td>131,186</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax.</td><td>371,999</td><td>352,121</td><td>352,681</td><td>819</td><td>1,158</td><td>5</td></tr><tr><td>Estate tax.</td><td>596,137</td><td>629,601</td><td>505,930</td><td>593,634</td><td>61,140</td><td>58,799</td></tr><tr><td>Gift tax.</td><td>46,918</td><td>47,232</td><td>44,056</td><td>69,200</td><td>4,459</td><td>9,326</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise).</td><td>199,691</td><td>143,080</td><td>110,182</td><td>102,299</td><td>19,045</td><td>6,501</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>1,284,613</td><td>1,603,497</td><td>1,348,474</td><td>1,411,891</td><td>137,151</td><td>100,855</td></tr><tr><td>Distilled spirits rectification tax.</td><td>32,549</td><td>41,880</td><td>34,765</td><td>39,519</td><td>3,894</td><td>2,664</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>2,122</td><td>2,594</td><td>1,794</td><td>2,684</td><td>294</td><td>166</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>45,269</td><td>58,250</td><td>46,304</td><td>48,135</td><td>6,140</td><td>2,955</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>51</td><td>-</td><td>-</td><td>1</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>5,532</td><td>6,811</td><td>118</td><td>119</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>6</td><td>25</td><td>24</td><td>6</td><td>-</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>886</td><td>840</td><td>830</td><td>674</td><td>196</td><td>34</td></tr><tr><td>Container stamps.</td><td>11,213</td><td>13,309</td><td>10,991</td><td>12,044</td><td>1,188</td><td>1,044</td></tr><tr><td>Floor taxes.</td><td>83,343</td><td>696</td><td>780</td><td>298</td><td>134</td><td>(-227)</td></tr><tr><td>Fermented malt liquors.</td><td>638,682</td><td>650,824</td><td>551,547</td><td>539,449</td><td>45,724</td><td>56,757</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>3,130</td><td>3,106</td><td>2,294</td><td>2,631</td><td>169</td><td>56</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>2,309,864</td><td>2,526,162</td><td>2,113,517</td><td>2,166,441</td><td>214,055</td><td>170,924</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large).</td><td>36,593</td><td>41,384</td><td>33,997</td><td>40,743</td><td>3,750</td><td>3,421</td></tr><tr><td>Cigars (small).</td><td>84</td><td>70</td><td>58</td><td>57</td><td>5</td><td>6</td></tr><tr><td>Cigarettes (large).</td><td>695</td><td>172</td><td>170</td><td>5</td><td>1</td><td>-</td></tr><tr><td>Cigarettes (small).</td><td>836,058</td><td>1,072,729</td><td>875,635</td><td>955,685</td><td>89,083</td><td>96,226</td></tr><tr><td>Suff.</td><td>7,741</td><td>7,373</td><td>6,238</td><td>5,840</td><td>621</td><td>823</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>49,574</td><td>41,961</td><td>35,480</td><td>31,479</td><td>2,983</td><td>2,927</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,390</td><td>1,757</td><td>1,713</td><td>416</td><td>25</td><td>47</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Cigarettes and cigar floor taxes.</td><td>8</td><td>3</td><td>2</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Total tobacco taxes.</td><td>932,145</td><td>1,165,519</td><td>953,294</td><td>1,034,231</td><td>96,468</td><td>103,251</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>37,440</td><td>41,148</td><td>4,512</td><td>3,738</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>24,852</td><td>30,369</td><td>25,200</td><td>18,792</td><td>2,065</td><td>1,368</td></tr><tr><td>Playing cards.</td><td>7,493</td><td>9,766</td><td>8,188</td><td>6,846</td><td>791</td><td>473</td></tr><tr><td>Silver bullion sales or transfers.</td><td>25</td><td>149</td><td>143</td><td>1,040</td><td>2</td><td>108</td></tr><tr><td>Total stamp taxes.</td><td>65,528</td><td>87,676</td><td>70,972</td><td>67,829</td><td>7,371</td><td>5,685</td></tr></table>
(Continued on following page)
77
July 1947
Detailed Analysis of Internal Revenue Collections 1/ - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 10 months</th><th>April 1946</th><th>April 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenues (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>63,703</td><td>67,014</td><td>5,585</td><td>5,917</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>337,596</td><td>360,316</td><td>32,907</td><td>33,958</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>89,427</td><td>147,653</td><td>8,602</td><td>13,960</td></tr><tr><td>Floor taxes on tires and tubes</td><td>-</td><td>19</td><td>18</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>20,647</td><td>37,144</td><td>30,016</td><td>48,222</td><td>88</td><td>5,662</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>13,080</td><td>160,875</td><td>5,359</td><td>19,197</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>56,352</td><td>81,283</td><td>6,591</td><td>10,053</td></tr><tr><td>Electrical energy</td><td>57,004</td><td>59,112</td><td>49,159</td><td>51,970</td><td>5,071</td><td>6,045</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>18,243</td><td>53,251</td><td>2,523</td><td>7,404</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>15,591</td><td>19,132</td><td>1,907</td><td>2,044</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>51</td><td>58</td><td>4</td><td>2</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>1,765</td><td>51,242</td><td>2,009</td><td>5,382</td></tr><tr><td>Phonograph records</td><td>2,015</td><td>3,902</td><td>2,727</td><td>6,783</td><td>384</td><td>822</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>1,820</td><td>8,139</td><td>334</td><td>917</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>6,968</td><td>29,070</td><td>726</td><td>3,523</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>8,524</td><td>7,615</td><td>1,026</td><td>950</td></tr><tr><td>Floor taxes on matches</td><td>4</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>12,709</td><td>20,371</td><td>1,170</td><td>2,469</td></tr><tr><td>Pure - retailers' excise</td><td>79,418</td><td>91,706</td><td>83,801</td><td>90,361</td><td>6,298</td><td>6,649</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,312</td><td>189,339</td><td>205,530</td><td>15,925</td><td>15,577</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,851</td><td>61,423</td><td>66,348</td><td>71,322</td><td>5,434</td><td>5,226</td></tr><tr><td>Language - manufacturers' excise (repealed as of 4/1/44)</td><td>6</td><td>15</td><td>15</td><td>46</td><td>(-10)</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>16</td><td>15</td><td>1</td><td>-</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>16,556</td><td>29,809</td><td>2,010</td><td>3,028</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>111</td><td>20</td><td>(-267)</td><td>-</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>5,869</td><td>13,623</td><td>814</td><td>1,511</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>81,255</td><td>82,332</td><td>6,299</td><td>6,822</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>4</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>3,132</td><td>5,232</td><td>3,284</td><td>7,371</td><td>233</td><td>1,281</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>12</td><td>304</td><td>5</td><td>24</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>14</td><td>17</td><td>1</td><td>-</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>1,160,368</td><td>1,613,647</td><td>111,281</td><td>158,423</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937 (expired 8/23/43)</td><td>35</td><td>34</td><td>31</td><td>10</td><td>2</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>46,429</td><td>48,103</td><td>4,571</td><td>4,789</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>208,018</td><td>234,393</td><td>197,471</td><td>211,400</td><td>24,492</td><td>25,244</td></tr><tr><td>wires, etc.</td><td>133,569</td><td>145,689</td><td>120,809</td><td>136,540</td><td>14,442</td><td>14,248</td></tr><tr><td>Local telephone service</td><td>16,286</td><td>14,824</td><td>12,513</td><td>13,527</td><td>1,288</td><td>1,372</td></tr><tr><td>Transportation of oil by pipe line</td><td>234,182</td><td>286,750</td><td>190,435</td><td>209,709</td><td>16,076</td><td>19,903</td></tr><tr><td>Transportation of persons, boats, berths</td><td>221,088</td><td>220,121</td><td>184,791</td><td>229,580</td><td>17,625</td><td>24,156</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>128,701</td><td>115,960</td><td>115,850</td><td>285</td><td>67</td><td>-</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>180</td><td>3</td><td>1</td><td>-</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>7,311</td><td>7,857</td><td>6,587</td><td>7,020</td><td>720</td><td>782</td></tr><tr><td>Leases of safe-deposit boxes</td><td>300,589</td><td>343,191</td><td>282,959</td><td>333,500</td><td>30,060</td><td>33,731</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>56,877</td><td>72,077</td><td>59,955</td><td>54,160</td><td>6,412</td><td>4,888</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>14,339</td><td>18,428</td><td>1,723</td><td>2,176</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>3,446</td><td>3,847</td><td>53</td><td>47</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>14,782</td><td>18,202</td><td>331</td><td>266</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>58</td><td>44</td><td>42</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,503</td><td>4,932</td><td>3,960</td><td>4,703</td><td>296</td><td>273</td></tr><tr><td>Marcotice, including marimands and special taxes</td><td>756</td><td>694</td><td>442</td><td>499</td><td>24</td><td>31</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>5,418</td><td>12,839</td><td>372</td><td>1,979</td></tr><tr><td>National Firearms Act</td><td>16</td><td>6</td><td>3</td><td>7</td><td>-</td><td>2</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>7</td><td>33</td><td>-</td><td>5</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>1,260,450</td><td>1,302,422</td><td>118,553</td><td>133,895</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>6,461,268</td><td>6,848,219</td><td>614,484</td><td>640,309</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>34,596,148</td><td>32,991,896</td><td>2,415,833</td><td>2,729,894</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-674,100</td><td>-183,727</td><td>-105,735</td><td>-420,588</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>33,922,048</td><td>32,808,169</td><td>2,310,098</td><td>2,309,306</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Collections under the Current Tax Payment Act of 1943 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 depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
2/ 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 unforgiven portion of 1942 tax, due March 15, 1945, of $308,605,000 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' Taxing Act of 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
78
Treasury Bulletin
MONETARY STATISTICS
July 1947
79
Gold Assets and Liabilities of the Treasury
and Liabilities o
<table><tr><th>End of calendar year or month</th><th>Cold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Cold certificate 1/</th><th>Cold reserve against U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/ 4/</th><th>Cold in General Fund</th></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</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>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</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>1946</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>1946-May</td><td>20,241.9</td><td>18,142.5</td><td>156.0</td><td>1,800.0</td><td>143.3</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</td><td>20,266.7</td><td>18,155.6</td><td>156.0</td><td>1,800.0</td><td>155.1</td></tr><tr><td>August</td><td>20,230.0</td><td>18,147.4</td><td>156.0</td><td>1,800.0</td><td>176.5</td></tr><tr><td>September</td><td>20,305.3</td><td>18,144.8</td><td>156.0</td><td>1,800.0</td><td>204.5</td></tr><tr><td>October</td><td>20,401.9</td><td>18,278.1</td><td>156.0</td><td>1,800.0</td><td>167.8</td></tr><tr><td>November</td><td>20,469.6</td><td>18,359.0</td><td>156.0</td><td>1,800.0</td><td>154.5</td></tr><tr><td>December</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>1947-January</td><td>30,748.3</td><td>18,675.8</td><td>156.0</td><td>1,800.0</td><td>116.5</td></tr><tr><td>February</td><td>20,330.0</td><td>19,162.0</td><td>156.0</td><td>-</td><td>1,012.2</td></tr><tr><td>March</td><td>20,462.6</td><td>19,269.9</td><td>156.0</td><td>-</td><td>1,036.5</td></tr><tr><td>April</td><td>20,774.1</td><td>19,584.8</td><td>156.0</td><td>-</td><td>1,033.3</td></tr><tr><td>May p</td><td>20,932.7</td><td>19,736.8</td><td>156.0</td><td>-</td><td>1,039.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p 1/ Preliminary. Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificates credits in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System,
and (b) the Redemption Fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1990. Excludes gold in active portion of Exchange Stabilization Fund. On February 26, 1947 the United States subscription to the International Monetary Fund was paid from the Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Coin ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,118.7</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>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1946-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</td><td>20,266.7</td><td>3,508.7</td><td>14.8</td></tr><tr><td>August</td><td>20,280.0</td><td>3,508.7</td><td>14.7</td></tr><tr><td>September</td><td>20,305.3</td><td>3,508.7</td><td>14.7</td></tr><tr><td>October</td><td>20,401.9</td><td>3,594.4</td><td>15.0</td></tr><tr><td>November</td><td>20,469.6</td><td>3,511.7</td><td>14.6</td></tr><tr><td>December</td><td>20,529.0</td><td>3,514.2</td><td>14.6</td></tr><tr><td>1947-January</td><td>20,748.3</td><td>3,517.2</td><td>14.5</td></tr><tr><td>February</td><td>20,330.0</td><td>3,519.6</td><td>14.8</td></tr><tr><td>March</td><td>20,462.6</td><td>3,522.5</td><td>14.7</td></tr><tr><td>April</td><td>20,774.1</td><td>3,525.9</td><td>14.5</td></tr><tr><td>May p.</td><td>20,932.7</td><td>3,524.8</td><td>14.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
80
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Silver held in Treasury</th><th colspan="3">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th></th><th></th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>*</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</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</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>*</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1946-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</td><td>1,909.1</td><td>349.4</td><td>11.5</td><td>.6</td><td>101.1</td><td>144.1</td><td>871.3</td><td>3,508.7</td></tr><tr><td>August</td><td>1,909.1</td><td>347.9</td><td>13.4</td><td>.6</td><td>99.1</td><td>145.7</td><td>875.5</td><td>3,508.7</td></tr><tr><td>September</td><td>1,909.1</td><td>346.5</td><td>10.3</td><td>.7</td><td>97.9</td><td>147.0</td><td>881.8</td><td>3,508.7</td></tr><tr><td>October</td><td>1,909.1</td><td>345.6</td><td>10.9</td><td>.2</td><td>96.4</td><td>148.0</td><td>889.0</td><td>3,594.4</td></tr><tr><td>November</td><td>1,909.1</td><td>344.6</td><td>7.5</td><td>.1</td><td>96.7</td><td>148.9</td><td>895.7</td><td>3,511.7</td></tr><tr><td>December</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>*</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947-January</td><td>1,913.1</td><td>343.3</td><td>15.8</td><td>.3</td><td>93.6</td><td>150.3</td><td>900.2</td><td>3,517.2</td></tr><tr><td>February</td><td>1,915.5</td><td>343.2</td><td>15.9</td><td>.4</td><td>93.4</td><td>150.3</td><td>900.3</td><td>3,519.6</td></tr><tr><td>March</td><td>1,917.0</td><td>343.0</td><td>18.8</td><td>*</td><td>93.3</td><td>150.5</td><td>900.6</td><td>3,522.5</td></tr><tr><td>April</td><td>1,918.9</td><td>342.9</td><td>19.6</td><td>*</td><td>93.4</td><td>150.6</td><td>903.0</td><td>3,525.9</td></tr><tr><td>May p</td><td>1,921.3</td><td>342.7</td><td>21.8</td><td>*</td><td>92.1</td><td>150.8</td><td>900.8</td><td>3,524.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. * Less than $50,000. 1/ Valued at $1.29 per ounces.
2/ Valued at $1.38 per ounce.
3/ Valued at $1.38 per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</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></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</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>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>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>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>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>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>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9 4/</td><td>4.1 4/</td><td>-</td><td>-</td><td>4.9 4/</td><td>4.1 4/</td></tr><tr><td>1946-April</td><td>.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>May</td><td>.4</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>June</td><td>1.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>July</td><td>1.4</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>August</td><td>2.6</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>September</td><td>3.0</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>October</td><td>2.9</td><td>.8</td><td>.8</td><td>-</td><td>-</td><td>.8</td><td>.8</td></tr><tr><td>November</td><td>2.6</td><td>1.6</td><td>1.4</td><td>-</td><td>-</td><td>1.6</td><td>1.4</td></tr><tr><td>December</td><td>2.9</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</td></tr><tr><td>1947-January</td><td>2.5</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>February</td><td>3.7</td><td>1.8</td><td>1.6</td><td>-</td><td>-</td><td>1.8</td><td>1.6</td></tr><tr><td>March</td><td>3.3</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</td></tr><tr><td>April</td><td>2.7</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
* Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at
77.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946. Acquired at various prices averaging approximately 51 cents per ounce. Includes 0.5 million ounces valued at 71.11 cents per fine ounce totaling $0.3 million, and 4.4 million ounces valued at 90.5 cents per fine ounce totalling $4.0 million.
July 1947
81
Signiorage 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 micoor)</th><th colspan="6">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>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939 and July 31,1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>511.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1946-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><tr><td>August</td><td>464.6</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>175.3</td></tr><tr><td>September</td><td>470.6</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>173.0</td></tr><tr><td>October</td><td>476.7</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>170.2</td></tr><tr><td>November</td><td>481.6</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>170.6</td></tr><tr><td>December</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947-January</td><td>493.9</td><td>48.7</td><td>87.6</td><td>67.1</td><td>832.1</td><td>34.7</td><td>1,070.2</td><td>161.7</td></tr><tr><td>February</td><td>495.5</td><td>48.7</td><td>87.6</td><td>67.8</td><td>832.1</td><td>34.7</td><td>1,070.9</td><td>160.9</td></tr><tr><td>March</td><td>498.2</td><td>48.7</td><td>87.6</td><td>68.3</td><td>832.1</td><td>34.7</td><td>1,071.4</td><td>159.1</td></tr><tr><td>April</td><td>502.2</td><td>48.7</td><td>87.6</td><td>68.8</td><td>832.1</td><td>34.7</td><td>1,071.9</td><td>159.8</td></tr><tr><td>May</td><td>506.0</td><td>48.7</td><td>87.6</td><td>69.5</td><td>832.1</td><td>34.7</td><td>1,072.6</td><td>157.4</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.
82
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation £/</th><th colspan="8">Paper Money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificate £/</th><th>Silver certificate</th><th>Treasury notes of 1890 £/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes</th><th>National bank notes £/</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>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>28,746</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>1946-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</td><td>28,254</td><td>26,943</td><td>50</td><td>1,996</td><td>1</td><td>314</td><td>24,010</td><td>458</td><td>113</td></tr><tr><td>August</td><td>28,448</td><td>27,129</td><td>50</td><td>2,002</td><td>1</td><td>317</td><td>24,192</td><td>454</td><td>113</td></tr><tr><td>September</td><td>28,507</td><td>27,175</td><td>50</td><td>2,009</td><td>1</td><td>315</td><td>24,237</td><td>451</td><td>112</td></tr><tr><td>October</td><td>28,600</td><td>27,255</td><td>50</td><td>1,987</td><td>1</td><td>314</td><td>24,347</td><td>444</td><td>111</td></tr><tr><td>November</td><td>28,861</td><td>27,506</td><td>49</td><td>2,006</td><td>1</td><td>319</td><td>24,580</td><td>440</td><td>111</td></tr><tr><td>December</td><td>28,952</td><td>27,591</td><td>49</td><td>2,009</td><td>1</td><td>316</td><td>24,672</td><td>434</td><td>110</td></tr><tr><td>1947-January</td><td>28,262</td><td>26,925</td><td>49</td><td>1,916</td><td>1</td><td>308</td><td>24,114</td><td>429</td><td>110</td></tr><tr><td>February</td><td>28,304</td><td>26,966</td><td>49</td><td>1,954</td><td>1</td><td>314</td><td>24,116</td><td>424</td><td>109</td></tr><tr><td>March</td><td>28,230</td><td>26,886</td><td>48</td><td>1,994</td><td>1</td><td>314</td><td>23,999</td><td>421</td><td>108</td></tr><tr><td>April</td><td>28,114</td><td>26,763</td><td>48</td><td>2,022</td><td>1</td><td>318</td><td>23,853</td><td>414</td><td>108</td></tr><tr><td>May</td><td>28,214</td><td>26,863</td><td>48</td><td>2,067</td><td>1</td><td>320</td><td>23,910</td><td>410</td><td>107</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (lo dollare)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>$50.05</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.77</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.84</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.46</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>91.95</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.63</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.98</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.56</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>1946-May</td><td>1,291</td><td>139</td><td>837</td><td>315</td><td>199.34 r</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</td><td>1,311</td><td>142</td><td>849</td><td>320</td><td>200.23</td></tr><tr><td>August</td><td>1,319</td><td>143</td><td>853</td><td>323</td><td>201.42</td></tr><tr><td>September</td><td>1,332</td><td>144</td><td>862</td><td>325</td><td>201.69</td></tr><tr><td>October</td><td>1,345</td><td>145</td><td>872</td><td>328</td><td>202.22</td></tr><tr><td>November</td><td>1,355</td><td>146</td><td>878</td><td>331</td><td>203.93</td></tr><tr><td>December</td><td>1,361</td><td>148</td><td>882</td><td>331</td><td>202.96</td></tr><tr><td>1947-January</td><td>1,337</td><td>147</td><td>864</td><td>327</td><td>197.80</td></tr><tr><td>February</td><td>1,337</td><td>147</td><td>864</td><td>327</td><td>197.76</td></tr><tr><td>March</td><td>1,344</td><td>147</td><td>869</td><td>328</td><td>196.92</td></tr><tr><td>April</td><td>1,351</td><td>147</td><td>873</td><td>331</td><td>195.79</td></tr><tr><td>May p</td><td>1,351</td><td>148</td><td>873</td><td>330</td><td>196.16</td></tr></table>
(1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. Preliminary. Revised. 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. Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
July 1947
83
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
Treasury Bulletin
84
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 colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</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. 39, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</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>-85,827</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-215,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,582</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</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</td><td>-793,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-Feb. 28, 1947)</td><td>1,843,944</td><td>1,873,983</td><td>2,876</td><td>-24,850</td><td>-8,065</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 28, 1947)</td><td>9,853,434</td><td>8,027,324</td><td>156,615</td><td>439,674</td><td>1,229,821</td></tr><tr><td>1946-February</td><td>-47,726</td><td>-62,276</td><td>-1,210</td><td>46,147</td><td>-30,687</td></tr><tr><td>March</td><td>-44,334</td><td>-28,782</td><td>5,956</td><td>-27,330</td><td>5,822</td></tr><tr><td>April</td><td>-56,412</td><td>-47,033</td><td>1,793</td><td>-11,326</td><td>3,154</td></tr><tr><td>May</td><td>-268,552</td><td>-284,907</td><td>-742</td><td>-11,009</td><td>28,106</td></tr><tr><td>June</td><td>-67,600</td><td>-62,939</td><td>446</td><td>-4,719</td><td>-388</td></tr><tr><td>July</td><td>157,952</td><td>245,779</td><td>-444</td><td>-108,858</td><td>21,475</td></tr><tr><td>August</td><td>-152,022</td><td>-160,416</td><td>5,836</td><td>-13,987</td><td>16,545</td></tr><tr><td>September</td><td>-94,114</td><td>-112,735</td><td>3,658</td><td>-13,063</td><td>28,826</td></tr><tr><td>October</td><td>30,168</td><td>7,470</td><td>2,663</td><td>-6,194</td><td>26,229</td></tr><tr><td>November</td><td>-9,839</td><td>-28,366</td><td>1,634</td><td>-17,681</td><td>34,574</td></tr><tr><td>December</td><td>-260,894</td><td>-276,387</td><td>-997</td><td>10,104</td><td>6,386</td></tr><tr><td>1947-January</td><td>37,840 1/</td><td>-28,953 1/</td><td>-3,325</td><td>-152</td><td>70,270</td></tr><tr><td>February</td><td>1,806,104</td><td>1,902,936</td><td>6,201</td><td>-24,698</td><td>-78,335</td></tr></table>
1/ Adjusted for the exclusion of an account of $50 thousand, which had previously been erroneously included.
July 1947
85
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 rowspan="2">End of calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposit of foreigners</th><th>Other</th><th>Payable in foreign currencies</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>1,150,196</td><td>46,795</td><td>97,851</td><td>522,503</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</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>1,577,143</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>60,808</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</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>3,554,254</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>300,618</td><td>19,677</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>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</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>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</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>1,910,398</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,282</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1946-February</td><td>406,801</td><td>49,218</td><td>102,268</td><td>255,315</td><td>6,931,448</td><td>4,904,750</td><td>1,943,274</td><td>23,422</td><td>6,524,647</td></tr><tr><td>March</td><td>431,930</td><td>53,333</td><td>112,076</td><td>266,521</td><td>6,927,795</td><td>4,959,697</td><td>1,943,576</td><td>24,522</td><td>6,495,865</td></tr><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,531</td><td>270,667</td><td>6,883,102</td><td>4,927,985</td><td>1,926,596</td><td>28,521</td><td>6,448,832</td></tr><tr><td>May</td><td>490,703</td><td>57,964</td><td>217,396</td><td>215,343</td><td>6,654,628</td><td>4,760,488</td><td>1,863,228</td><td>30,912</td><td>6,153,925</td></tr><tr><td>June</td><td>511,024</td><td>58,460</td><td>228,236</td><td>224,328</td><td>6,612,010</td><td>4,762,835</td><td>1,820,061</td><td>29,114</td><td>6,100,986</td></tr><tr><td>July</td><td>561,416</td><td>108,706</td><td>236,539</td><td>216,171</td><td>6,908,181</td><td>5,040,249</td><td>1,842,517</td><td>25,415</td><td>6,346,765</td></tr><tr><td>August</td><td>581,450</td><td>108,093</td><td>231,730</td><td>241,627</td><td>6,767,799</td><td>4,949,745</td><td>1,790,877</td><td>27,177</td><td>6,186,349</td></tr><tr><td>September</td><td>615,658</td><td>106,196</td><td>275,991</td><td>233,471</td><td>6,689,272</td><td>4,794,640</td><td>1,867,115</td><td>27,517</td><td>6,073,614</td></tr><tr><td>October</td><td>602,716</td><td>103,518</td><td>272,156</td><td>227,042</td><td>6,679,478</td><td>4,946,961</td><td>1,702,781</td><td>29,736</td><td>6,076,762</td></tr><tr><td>November</td><td>642,600</td><td>96,977</td><td>294,694</td><td>250,929</td><td>6,690,999</td><td>4,843,776</td><td>1,815,958</td><td>31,252</td><td>6,048,390</td></tr><tr><td>December</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,282</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1947-January</td><td>730,693</td><td>93,478</td><td>313,213</td><td>324,002</td><td>6,473,699</td><td>4,710,992</td><td>1,723,106</td><td>39,601</td><td>5,743,006</td></tr><tr><td>February</td><td>754,576</td><td>78,720</td><td>315,137</td><td>360,719</td><td>8,400,518</td><td>4,858,977</td><td>3,504,936</td><td>36,605</td><td>7,645,942</td></tr></table>
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="4">Short-term claims/</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currency</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 currency</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,592</td><td>136,780</td><td>631,469</td><td>587,334</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>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</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>143,119</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>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</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>185,617</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>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</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>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>118,594</td></tr><tr><td>1945</td><td>-63,072</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</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,422</td><td>-268,854</td><td>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947 (Jan. 1-Feb. 28, 1947)</td><td>-46,323</td><td>19,399</td><td>4,502</td><td>-70,224</td><td>1,920,306</td><td>165,116</td><td>1,759,214</td><td>-4,024</td><td>1,873,983</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 28, 1947)</td><td>325,907</td><td>275,316</td><td>-216,009</td><td>266,600</td><td>7,701,417</td><td>4,232,535</td><td>3,488,814</td><td>-19,932</td><td>8,027,324</td></tr><tr><td>1946-February</td><td>-515</td><td>906</td><td>6,128</td><td>-7,549</td><td>-61,761</td><td>-62,284</td><td>-1,598</td><td>2,121</td><td>-62,276</td></tr><tr><td>March</td><td>-25,129</td><td>-4,115</td><td>-9,808</td><td>-11,206</td><td>-3,653</td><td>-5,055</td><td>302</td><td>1,100</td><td>-28,782</td></tr><tr><td>April</td><td>-2,340</td><td>-8,739</td><td>10,545</td><td>-4,146</td><td>-44,693</td><td>-31,712</td><td>-16,980</td><td>3,999</td><td>-47,033</td></tr><tr><td>May</td><td>-56,433</td><td>4,108</td><td>-115,865</td><td>55,324</td><td>-228,478</td><td>-167,497</td><td>-63,368</td><td>2,391</td><td>-284,907</td></tr><tr><td>June</td><td>-20,321</td><td>-496</td><td>-10,840</td><td>-8,985</td><td>-42,618</td><td>2,347</td><td>-13,167</td><td>-1,798</td><td>-52,939</td></tr><tr><td>July</td><td>-50,392</td><td>-50,246</td><td>-8,303</td><td>8,157</td><td>296,171</td><td>277,414</td><td>22,456</td><td>-3,699</td><td>245,779</td></tr><tr><td>August</td><td>-20,034</td><td>613</td><td>4,809</td><td>-25,456</td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-160,416</td></tr><tr><td>September</td><td>-34,208</td><td>1,897</td><td>-44,261</td><td>8,156</td><td>-78,527</td><td>-155,105</td><td>76,238</td><td>340</td><td>-112,735</td></tr><tr><td>October</td><td>12,942</td><td>2,678</td><td>3,835</td><td>6,429</td><td>-5,472</td><td>156,118</td><td>-163,809</td><td>2,219</td><td>7,470</td></tr><tr><td>November</td><td>-39,884</td><td>6,541</td><td>-22,538</td><td>-23,887</td><td>11,518</td><td>-103,185</td><td>113,187</td><td>1,516</td><td>-28,366</td></tr><tr><td>December</td><td>-65,653</td><td>-1,142</td><td>-24,945</td><td>-39,566</td><td>-210,734</td><td>-149,865</td><td>-70,246</td><td>9,377</td><td>-276,387</td></tr><tr><td>1947-January</td><td>-22,440</td><td>4,641</td><td>6,426</td><td>-33,507</td><td>-6,513</td><td>17,131</td><td>-22,615</td><td>-1,028</td><td>-28,953</td></tr><tr><td>February</td><td>-23,883</td><td>14,758</td><td>-1,924</td><td>-36,717</td><td>1,926,819</td><td>147,985</td><td>1,781,830</td><td>-2,996</td><td>1,902,936</td></tr></table>
86
Treasury Bulletin
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 purchases</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>2,083,698</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>2,273,381</td><td>2,028,755</td><td>244,626</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. 4, 1940-Dec. 31, 1940)</td><td>284,206</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>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</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>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</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-Feb. 28, 1947)</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947 (Jan. 1-Feb. 28, 1947)</td><td>37,861</td><td>62,530</td><td>-24,669</td><td>43,950</td><td>44,131</td><td>-181</td><td>81,811</td><td>106,661</td><td>-24,850</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 28, 1947)</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>12,127,886</td><td>11,688,212</td><td>439,674</td></tr><tr><td>1946-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>23,984</td><td>39,077</td><td>-15,093</td><td>41,946</td><td>54,183</td><td>-12,237</td><td>65,930</td><td>93,260</td><td>-27,330</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><tr><td>May</td><td>31,784</td><td>39,660</td><td>-7,876</td><td>35,566</td><td>38,699</td><td>-3,133</td><td>67,350</td><td>78,359</td><td>-11,009</td></tr><tr><td>June</td><td>27,392</td><td>34,546</td><td>-7,154</td><td>38,390</td><td>35,955</td><td>2,435</td><td>65,782</td><td>70,501</td><td>-4,719</td></tr><tr><td>July</td><td>23,535</td><td>31,999</td><td>-8,424</td><td>16,436</td><td>116,870</td><td>-100,434</td><td>39,971</td><td>148,829</td><td>-108,858</td></tr><tr><td>August</td><td>25,871</td><td>25,167</td><td>704</td><td>9,540</td><td>24,231</td><td>-14,691</td><td>35,411</td><td>49,398</td><td>-13,987</td></tr><tr><td>September</td><td>32,076</td><td>36,704</td><td>-4,628</td><td>16,989</td><td>26,224</td><td>-9,235</td><td>49,065</td><td>62,928</td><td>-13,863</td></tr><tr><td>October</td><td>22,263</td><td>26,240</td><td>-3,977</td><td>33,100</td><td>35,317</td><td>-2,217</td><td>55,363</td><td>61,557</td><td>-6,194</td></tr><tr><td>November</td><td>20,959</td><td>26,223</td><td>-5,264</td><td>32,009</td><td>44,426</td><td>-12,417</td><td>52,968</td><td>70,649</td><td>-17,681</td></tr><tr><td>December</td><td>39,832</td><td>30,847</td><td>8,985</td><td>31,051</td><td>29,932</td><td>1,119</td><td>70,883</td><td>60,779</td><td>10,104</td></tr><tr><td>1947-January</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</td></tr><tr><td>February</td><td>19,445</td><td>33,065</td><td>-13,620</td><td>13,296</td><td>24,374</td><td>-11,078</td><td>32,741</td><td>57,439</td><td>-24,698</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 rowspan="2">Total purchaasea</th><th rowspan="2">Total sales</th><th rowspan="2">Nat foreign stocks and bonds</th></tr><tr><th></th><th>Purchaseaa</th><th>Sales</th><th>Net</th><th>Purchaseaa</th><th>Sales</th><th>Net</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-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>896,149</td><td>705,073</td><td>191,076</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>1,482,809</td><td>456,051</td><td>267,758</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>445,547</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>220,533</td><td>227,897</td><td>-7,364</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>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</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</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-Feb. 28, 1947)</td><td>15,989</td><td>8,276</td><td>7,713</td><td>139,919</td><td>155,697</td><td>-15,778</td><td>155,908</td><td>163,973</td><td>-8,065</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 28, 1947)</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>6,371,761</td><td>5,141,940</td><td>1,229,821</td></tr><tr><td>1946-February</td><td>5,625</td><td>7,881</td><td>-2,256</td><td>25,446</td><td>53,877</td><td>-28,431</td><td>31,071</td><td>61,758</td><td>-30,687</td></tr><tr><td>March</td><td>3,928</td><td>5,919</td><td>-1,991</td><td>29,247</td><td>21,434</td><td>7,813</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><tr><td>May</td><td>7,765</td><td>9,292</td><td>-1,487</td><td>48,216</td><td>18,623</td><td>29,593</td><td>55,981</td><td>27,875</td><td>28,106</td></tr><tr><td>June</td><td>5,221</td><td>6,232</td><td>-1,011</td><td>44,704</td><td>44,081</td><td>623</td><td>49,925</td><td>50,313</td><td>-388</td></tr><tr><td>July</td><td>4,845</td><td>4,116</td><td>729</td><td>108,919</td><td>88,173</td><td>20,746</td><td>113,764</td><td>92,289</td><td>21,475</td></tr><tr><td>August</td><td>4,732</td><td>5,056</td><td>-324</td><td>70,894</td><td>54,025</td><td>16,869</td><td>75,626</td><td>59,081</td><td>16,545</td></tr><tr><td>September</td><td>7,210</td><td>4,419</td><td>2,791</td><td>55,266</td><td>29,231</td><td>26,035</td><td>62,476</td><td>33,650</td><td>28,826</td></tr><tr><td>October</td><td>4,625</td><td>2,552</td><td>2,073</td><td>54,537</td><td>30,381</td><td>24,156</td><td>59,162</td><td>32,933</td><td>26,229</td></tr><tr><td>November</td><td>3,984</td><td>2,217</td><td>1,767</td><td>57,197</td><td>24,390</td><td>32,807</td><td>61,181</td><td>26,607</td><td>34,574</td></tr><tr><td>December</td><td>5,997</td><td>3,531</td><td>2,466</td><td>52,129</td><td>48,209</td><td>3,920</td><td>58,126</td><td>51,740</td><td>6,386</td></tr><tr><td>1947-January</td><td>5,718</td><td>4,036</td><td>1,682</td><td>91,157</td><td>22,569</td><td>68,588</td><td>96,875</td><td>26,605</td><td>70,270</td></tr><tr><td>February</td><td>10,271</td><td>4,240</td><td>6,031</td><td>48,762</td><td>133,128</td><td>-84,366</td><td>59,033</td><td>137,368</td><td>-78,335</td></tr></table>
n.a. Not available.
July 1947
87
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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</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>-53,553</td><td>-85,679</td><td>-9,572</td><td>-123,667</td><td>-100,467</td><td>270,616</td><td>-131,824</td><td>40,932</td><td>71,199</td><td>-95,399</td><td>-77,791</td><td>22,535</td><td>-27,461</td></tr><tr><td>France</td><td>-21,942</td><td>-16,533</td><td>-61,838</td><td>10,872</td><td>-31,605</td><td>-13,090</td><td>-26,226</td><td>27,882</td><td>12,008</td><td>-31,376</td><td>-16,890</td><td>-15,853</td><td>-33,123</td></tr><tr><td>Belgium</td><td>-18,227</td><td>-2,496</td><td>8,643</td><td>1,350</td><td>-4,023</td><td>-7,324</td><td>-9,370</td><td>938</td><td>17,917</td><td>9,219</td><td>-26,006</td><td>7,267</td><td>-16,104</td></tr><tr><td>Denmark</td><td>1,369</td><td>2,554</td><td>3,147</td><td>2,244</td><td>1,265</td><td>1,843</td><td>1,754</td><td>5,093</td><td>-2,125</td><td>1,988</td><td>8,502</td><td>6,770</td><td>-4,818</td></tr><tr><td>Finland</td><td>4,030</td><td>694</td><td>-578</td><td>425</td><td>-3,126</td><td>861</td><td>1,588</td><td>896</td><td>2,635</td><td>4</td><td>3,244</td><td>-831</td><td>7,602</td></tr><tr><td>Germany</td><td>-156</td><td>-171</td><td>20</td><td>-123</td><td>94</td><td>322</td><td>-12</td><td>-267</td><td>659</td><td>433</td><td>3,354</td><td>-1,853</td><td>236</td></tr><tr><td>Greece</td><td>-210</td><td>5,205</td><td>526</td><td>-619</td><td>-2,786</td><td>-8,038</td><td>-4,469</td><td>-6,142</td><td>-5,903</td><td>-3,403</td><td>-5,479</td><td>-5,798</td><td>-979</td></tr><tr><td>Italy</td><td>26,223</td><td>2,705</td><td>22,797</td><td>6,683</td><td>4,758</td><td>26,510</td><td>4,110</td><td>2,422</td><td>9,981</td><td>14,554</td><td>59,540</td><td>55,218</td><td>-86,542</td></tr><tr><td>Luxembourg</td><td>194</td><td>143</td><td>-350</td><td>67</td><td>276</td><td>551</td><td>-349</td><td>-1,029</td><td>98</td><td>189</td><td>825</td><td>-169</td><td>-93</td></tr><tr><td>Netherlands</td><td>-12,628</td><td>10,765</td><td>-8,371</td><td>-101,834</td><td>-14,444</td><td>-22,537</td><td>-13,005</td><td>-6,250</td><td>-19,017</td><td>-28,329</td><td>3,611</td><td>-7,305</td><td>-23,473</td></tr><tr><td>Norway</td><td>-4,930</td><td>-2,715</td><td>-8,526</td><td>835</td><td>1,101</td><td>-12,490</td><td>-6,788</td><td>-1,326</td><td>-4,981</td><td>-15,385</td><td>3,578</td><td>-6,241</td><td>-9,702</td></tr><tr><td>Portugal</td><td>-2,292</td><td>131</td><td>4,199</td><td>-310</td><td>-833</td><td>-1,187</td><td>2,578</td><td>-1,397</td><td>-702</td><td>-4,895</td><td>-3,330</td><td>6,128</td><td>-1,449</td></tr><tr><td>Rumania</td><td>-78</td><td>6</td><td>692</td><td>194</td><td>-135</td><td>896</td><td>-1,327</td><td>193</td><td>-17</td><td>296</td><td>67</td><td>32</td><td>-62</td></tr><tr><td>Spain</td><td>781</td><td>-2,129</td><td>990</td><td>-1,273</td><td>-3,942</td><td>-6,574</td><td>-1,505</td><td>246</td><td>-2,243</td><td>-4,179</td><td>2,508</td><td>3,253</td><td>1,383</td></tr><tr><td>Sweden</td><td>1,461</td><td>-7,615</td><td>-6,388</td><td>-4,804</td><td>-6,723</td><td>7,564</td><td>-6,014</td><td>-13,384</td><td>-21,808</td><td>5,405</td><td>5,908</td><td>-9,093</td><td>-5,349</td></tr><tr><td>Switzerland</td><td>2,524</td><td>-2,262</td><td>1,555</td><td>-4,975</td><td>11,558</td><td>3,988</td><td>11,513</td><td>-6,572</td><td>10,348</td><td>4,639</td><td>5,193</td><td>3,377</td><td>7,296</td></tr><tr><td>U. S. S. R.</td><td>-1,271</td><td>-3,543</td><td>19,965</td><td>12,540</td><td>2,101</td><td>-9,317</td><td>-2,284</td><td>-10,454</td><td>8,978</td><td>6,800</td><td>7,230</td><td>-81</td><td>-1,918</td></tr><tr><td>Yugoslavia</td><td>195</td><td>217</td><td>852</td><td>-428</td><td>170</td><td>845</td><td>466</td><td>-275</td><td>-110</td><td>2,023</td><td>1,994</td><td>584</td><td>936</td></tr><tr><td>Other Europe</td><td>1,509</td><td>801</td><td>124</td><td>1,923</td><td>2,815</td><td>2,533</td><td>2,464</td><td>6,000</td><td>12,408</td><td>2,321</td><td>-4,922</td><td>13,291</td><td>3,613</td></tr><tr><td>Total Europe</td><td>-77,001</td><td>-99,922</td><td>-32,113</td><td>-200,900</td><td>-143,946</td><td>235,972</td><td>-178,700</td><td>37,506</td><td>89,325</td><td>-135,095</td><td>-29,598</td><td>71,631</td><td>-190,007</td></tr><tr><td>Canada</td><td>14,396</td><td>13,474</td><td>-22,784</td><td>-41,500</td><td>6,995</td><td>-34,449</td><td>-55,248</td><td>-45,839</td><td>-67,017</td><td>-43,646</td><td>-87,288</td><td>-12,632</td><td>-110,229</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>-7,130</td><td>-1,991</td><td>2,268</td><td>16,389</td><td>27,111</td><td>-368</td><td>65,338</td><td>11,472</td><td>24,491</td><td>966</td><td>-36,361</td><td>49,617</td><td>21,464</td></tr><tr><td>Bolivia</td><td>165</td><td>-1,004</td><td>-1,020</td><td>118</td><td>-2,312</td><td>473</td><td>467</td><td>2,625</td><td>1,228</td><td>-496</td><td>66</td><td>-1,910</td><td>1,415</td></tr><tr><td>Brazil</td><td>5,081</td><td>11,176</td><td>-5,016</td><td>15,754</td><td>1,444</td><td>12,886</td><td>11,618</td><td>-20,807</td><td>-9,560</td><td>-21,099</td><td>-35,975</td><td>5,501</td><td>-35,064</td></tr><tr><td>Chile</td><td>-681</td><td>-1,820</td><td>-3,551</td><td>-2,831</td><td>2,952</td><td>3,661</td><td>-10,731</td><td>-6,329</td><td>-1,823</td><td>2,991</td><td>-129</td><td>-3,163</td><td>-3,206</td></tr><tr><td>Colombia</td><td>-2,108</td><td>-4,896</td><td>-4,785</td><td>-3,749</td><td>-4,875</td><td>10,905</td><td>-8,789</td><td>-2,635</td><td>-442</td><td>520</td><td>-9,615</td><td>-10,135</td><td>4,644</td></tr><tr><td>Costa Rica</td><td>-332</td><td>687</td><td>-271</td><td>1,060</td><td>-463</td><td>-580</td><td>-7,935</td><td>8,374</td><td>-359</td><td>1,468</td><td>-1,199</td><td>-847</td><td>1,451</td></tr><tr><td>Cuba</td><td>147</td><td>16,126</td><td>27,101</td><td>6,099</td><td>3,610</td><td>1,841</td><td>18,007</td><td>-19,022</td><td>-8,449</td><td>-11,701</td><td>11,017</td><td>-14,761</td><td>-2,127</td></tr><tr><td>French West Indies and Guiana</td><td>-54</td><td>-576</td><td>34</td><td>428</td><td>11</td><td>663</td><td>-450</td><td>596</td><td>-1,527</td><td>-430</td><td>-665</td><td>-333</td><td>-1,043</td></tr><tr><td>Mexico</td><td>5,229</td><td>16,898</td><td>-16,156</td><td>-1,188</td><td>11,652</td><td>-5,341</td><td>6,810</td><td>2,113</td><td>-5,424</td><td>7,077</td><td>3,440</td><td>-8,375</td><td>-2,414</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,958</td><td>-2,338</td><td>1,133</td><td>-2,554</td><td>-2,446</td><td>-2,113</td><td>-515</td><td>-778</td><td>-26</td><td>-168</td><td>2,405</td><td>-2,711</td><td>-1,700</td></tr><tr><td>Panama</td><td>-3,685</td><td>3,233</td><td>5,132</td><td>-2,976</td><td>-4,009</td><td>-1,893</td><td>2,411</td><td>615</td><td>-1,051</td><td>1,147</td><td>-4,964</td><td>-2,033</td><td>-1,293</td></tr><tr><td>Peru</td><td>1,948</td><td>-3,296</td><td>-1,590</td><td>588</td><td>637</td><td>-1,185</td><td>-454</td><td>1,254</td><td>4,518</td><td>-3,573</td><td>-700</td><td>-5,486</td><td>-3,765</td></tr><tr><td>Venezuela</td><td>5,505</td><td>-1,564</td><td>8,964</td><td>1,720</td><td>-3,857</td><td>-4,098</td><td>8,790</td><td>2,805</td><td>18,492</td><td>-2,006</td><td>2,694</td><td>-24,425</td><td>-11,452</td></tr><tr><td>Other Latin America</td><td>-402</td><td>10,098</td><td>-2,835</td><td>1,750</td><td>10,664</td><td>-350</td><td>-4,435</td><td>-1,739</td><td>4,459</td><td>2,129</td><td>-2,470</td><td>11,424</td><td>-2,053</td></tr><tr><td>Total Latin America</td><td>5,641</td><td>40,733</td><td>9,408</td><td>30,608</td><td>40,119</td><td>14,501</td><td>80,132</td><td>-21,456</td><td>24,827</td><td>-23,175</td><td>-72,456</td><td>-7,637</td><td>-35,143</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 and Manchuria</td><td>-20,916</td><td>-20,080</td><td>-20,767</td><td>-22,721</td><td>-41,137</td><td>-51,993</td><td>-60,905</td><td>-42,690</td><td>-35,601</td><td>-40,226</td><td>-35,877</td><td>-23,503</td><td>-32,588</td></tr><tr><td>French Indo-China</td><td>6,336</td><td>3,222</td><td>220</td><td>1,024</td><td>4,538</td><td>3,502</td><td>7,771</td><td>-12,020</td><td>-5,195</td><td>-1,599</td><td>3,787</td><td>2,169</td><td>-6,150</td></tr><tr><td>Hong Kong</td><td>1,616</td><td>2,175</td><td>1,512</td><td>-1,601</td><td>2,227</td><td>-4,713</td><td>-13</td><td>3,446</td><td>-5,267</td><td>13,099</td><td>-1,641</td><td>1,757</td><td>1,421</td></tr><tr><td>India, Burma, and Ceylon</td><td>8,547</td><td>-10,868</td><td>8,589</td><td>3,587</td><td>-1,932</td><td>-4,404</td><td>-6,148</td><td>6,282</td><td>-549</td><td>7,689</td><td>596</td><td>-1,192</td><td>1,010</td></tr><tr><td>British Malaya</td><td>-197</td><td>-77</td><td>189</td><td>-359</td><td>440</td><td>-1,015</td><td>9,684</td><td>-1,091</td><td>-26</td><td>7,660</td><td>250</td><td>-8,847</td><td>-1,700</td></tr><tr><td>Japan</td><td>-147</td><td>-45</td><td>-141</td><td>8</td><td>-140</td><td>5,638</td><td>4,236</td><td>-3,840</td><td>4,333</td><td>302</td><td>2,439</td><td>595</td><td>530</td></tr><tr><td>Netherlands East Indies</td><td>-9,329</td><td>-1,256</td><td>2,884</td><td>1,548</td><td>-3,417</td><td>12,244</td><td>1,235</td><td>-3,218</td><td>4,480</td><td>-2,293</td><td>-7,540</td><td>-9,763</td><td>-640</td></tr><tr><td>Philippine Islands</td><td>-9,357</td><td>-32,774</td><td>17,768</td><td>-37,842</td><td>-74,535</td><td>-24,863</td><td>-16,146</td><td>-295</td><td>1,484</td><td>1,363</td><td>-25,429</td><td>3,467</td><td>-15,651</td></tr><tr><td>Turkey</td><td>4,809</td><td>3,965</td><td>1,117</td><td>5,033</td><td>-2,770</td><td>-4,720</td><td>-1,620</td><td>-1,913</td><td>-2,790</td><td>6,113</td><td>-10,029</td><td>6,139</td><td>-4,418</td></tr><tr><td>Other Asia</td><td>2,985</td><td>7,429</td><td>-4,828</td><td>5,755</td><td>-472</td><td>2,112</td><td>-4,840</td><td>-4,177</td><td>-81</td><td>8,630</td><td>4,339</td><td>-5,440</td><td>-3,022</td></tr><tr><td>Total Asia</td><td>-15,653</td><td>-48,309</td><td>6,543</td><td>-45,568</td><td>-117,198</td><td>-68,212</td><td>-66,746</td><td>-59,516</td><td>-39,212</td><td>738</td><td>-69,105</td><td>-41,132</td><td>-61,238</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>-3,083</td><td>-1,532</td><td>2,275</td><td>-3,005</td><td>501</td><td>3,340</td><td>-11,484</td><td>16,856</td><td>2,523</td><td>-6,862</td><td>-6,714</td><td>4,704</td><td>106</td></tr><tr><td>New Zealand</td><td>-221</td><td>-160</td><td>190</td><td>942</td><td>2,752</td><td>-1,616</td><td>-1,375</td><td>333</td><td>197</td><td>375</td><td>2,038</td><td>124</td><td>-144</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>159</td><td>-579</td><td>-1,021</td><td>-1,198</td><td>884</td><td>97</td><td>1,063</td><td>1,331</td><td>1,547</td><td>445</td><td>-1,401</td><td>-1,008</td><td>-1,416</td></tr><tr><td>French Morocco</td><td>437</td><td>175</td><td>711</td><td>1,178</td><td>-1,267</td><td>273</td><td>246</td><td>1,783</td><td>-101</td><td>1,199</td><td>500</td><td>1,064</td><td>810</td></tr><tr><td>Union of South Africa</td><td>2,466</td><td>-153</td><td>-1,453</td><td>1,187</td><td>794</td><td>-2,351</td><td>3,297</td><td>11,235</td><td>4,132</td><td>22,212</td><td>-6,057</td><td>35,023</td><td>-52,892</td></tr><tr><td>All other</td><td>7,858</td><td>-2,836</td><td>920</td><td>-5,000</td><td>-3,122</td><td>559</td><td>-1,547</td><td>-5,860</td><td>-341</td><td>-2,798</td><td>-3,794</td><td>-5,724</td><td>-4,806</td></tr><tr><td>Total other countries</td><td>7,616</td><td>-5,085</td><td>1,622</td><td>-5,896</td><td>542</td><td>302</td><td>-9,800</td><td>25,678</td><td>7,957</td><td>14,571</td><td>-15,428</td><td>34,183</td><td>-58,262</td></tr><tr><td>International</td><td>16,208</td><td>54,346</td><td>-22,076</td><td>-3,064</td><td>145,409</td><td>9,166</td><td>80,329</td><td>250,861</td><td>15,366</td><td>176,957</td><td>12,316</td><td>-4,809</td><td>2,256,662</td></tr><tr><td>Unidentified</td><td>1,067</td><td>429</td><td>2,988</td><td>-2,232</td><td>479</td><td>612</td><td>-1,989</td><td>-281,348</td><td>-1,078</td><td>-189</td><td>665</td><td>-1,7641/</td><td>4,321</td></tr><tr><td>Grand total</td><td>-47,726</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-67,600</td><td>157,952</td><td>-152,
1/ See footnote 1, page 77.
8
Treasury Bulletin
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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td colspan="14">1946</td><td colspan="2">1947</td></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>-49,021</td><td>-79,000</td><td>-3,387</td><td>-119,998</td><td>-97,186</td><td>280,684</td><td>-125,793</td><td>45,549</td><td>76,507</td><td>-90,641</td><td>-79,653</td><td>22,565</td><td>-29,896</td></tr><tr><td>France</td><td>-17,529</td><td>-16,282</td><td>-58,802</td><td>13,857</td><td>-33,759</td><td>-13,222</td><td>-24,094</td><td>24,838</td><td>8,124</td><td>-23,359</td><td>-17,053</td><td>-12,978</td><td>-31,183</td></tr><tr><td>Belgium</td><td>-18,119</td><td>-2,284</td><td>9,170</td><td>983</td><td>4,793</td><td>-7,863</td><td>-9,153</td><td>175</td><td>17,977</td><td>8,516</td><td>26,273</td><td>6,254</td><td>-16,344</td></tr><tr><td>Denmark</td><td>1,466</td><td>2,668</td><td>3,111</td><td>2,206</td><td>1,136</td><td>560</td><td>1,547</td><td>4,854</td><td>-2,053</td><td>2,017</td><td>9,457</td><td>6,708</td><td>-4,798</td></tr><tr><td>Finland</td><td>4,005</td><td>679</td><td>-556</td><td>417</td><td>-3,136</td><td>828</td><td>1,591</td><td>891</td><td>2,622</td><td>3</td><td>3,337</td><td>-831</td><td>7,592</td></tr><tr><td>Germany</td><td>-138</td><td>-158</td><td>21</td><td>-125</td><td>-150</td><td>80</td><td>32</td><td>-23</td><td>395</td><td>432</td><td>3,340</td><td>-1,832</td><td>254</td></tr><tr><td>Greece</td><td>-346</td><td>5,238</td><td>518</td><td>-638</td><td>-2,842</td><td>-8,676</td><td>4,490</td><td>-6,190</td><td>-5,944</td><td>-3,374</td><td>-5,538</td><td>-5,599</td><td>-864</td></tr><tr><td>Italy</td><td>26,299</td><td>2,993</td><td>22,799</td><td>6,587</td><td>5,061</td><td>26,653</td><td>4,381</td><td>2,593</td><td>10,195</td><td>14,267</td><td>59,364</td><td>54,144</td><td>-76,438</td></tr><tr><td>Luxembourg</td><td>35</td><td>-4</td><td>-301</td><td>18</td><td>562</td><td>314</td><td>-179</td><td>-1,073</td><td>-86</td><td>201</td><td>816</td><td>-139</td><td>14</td></tr><tr><td>Netherlands</td><td>-12,092</td><td>13,101</td><td>-7,643</td><td>-101,671</td><td>-13,153</td><td>-22,229</td><td>-10,232</td><td>-2,331</td><td>-15,094</td><td>-23,207</td><td>10,258</td><td>1,753</td><td>-14,933</td></tr><tr><td>Norway</td><td>-5,628</td><td>-2,979</td><td>-8,693</td><td>1,374</td><td>308</td><td>-12,466</td><td>-6,500</td><td>-1,755</td><td>-4,786</td><td>-14,247</td><td>-807</td><td>-6,449</td><td>-11,020</td></tr><tr><td>Portugal</td><td>-2,228</td><td>102</td><td>4,324</td><td>-333</td><td>-875</td><td>-1,104</td><td>2,502</td><td>-1,368</td><td>-611</td><td>-4,957</td><td>4,512</td><td>6,544</td><td>-1,483</td></tr><tr><td>Rumania</td><td>-78</td><td>4</td><td>692</td><td>194</td><td>-135</td><td>866</td><td>-2,353</td><td>208</td><td>-16</td><td>296</td><td>-67</td><td>11</td><td>-75</td></tr><tr><td>Spain</td><td>708</td><td>-2,144</td><td>913</td><td>-1,388</td><td>-3,963</td><td>-12,889</td><td>-1,626</td><td>357</td><td>-2,299</td><td>-4,188</td><td>491</td><td>3,192</td><td>1,328</td></tr><tr><td>Sweden</td><td>-1,048</td><td>-7,894</td><td>-6,312</td><td>-4,573</td><td>-6,851</td><td>10,653</td><td>-5,996</td><td>-13,165</td><td>-21,805</td><td>5,650</td><td>6,207</td><td>-8,915</td><td>-5,343</td></tr><tr><td>Switzerland</td><td>2,034</td><td>4,295</td><td>2,336</td><td>-2,647</td><td>10,785</td><td>4,027</td><td>24,262</td><td>-8,739</td><td>13,348</td><td>5,841</td><td>2,373</td><td>2,720</td><td>6,341</td></tr><tr><td>U. S. S. R.</td><td>-1,271</td><td>-3,643</td><td>20,056</td><td>12,580</td><td>2,077</td><td>-9,301</td><td>-2,282</td><td>-10,452</td><td>8,977</td><td>6,799</td><td>7,230</td><td>-82</td><td>-1,920</td></tr><tr><td>Yugoslavia</td><td>196</td><td>214</td><td>914</td><td>416</td><td>173</td><td>844</td><td>466</td><td>-275</td><td>-114</td><td>2,024</td><td>1,993</td><td>584</td><td>936</td></tr><tr><td>Other Europe</td><td>1,873</td><td>2,836</td><td>2,220</td><td>3,800</td><td>5,011</td><td>3,562</td><td>2,416</td><td>5,805</td><td>12,613</td><td>2,303</td><td>-3,617</td><td>13,406</td><td>3,675</td></tr><tr><td>Total Europe</td><td>-70,882</td><td>-82,258</td><td>-18,620</td><td>-189,813</td><td>-141,730</td><td>241,321</td><td>-155,901</td><td>40,499</td><td>97,950</td><td>-115,624</td><td>-32,654</td><td>81,056</td><td>-174,160</td></tr><tr><td>Canada</td><td>2,033</td><td>18,423</td><td>-17,354</td><td>-81,312</td><td>12,040</td><td>31,854</td><td>-66,054</td><td>-48,808</td><td>-73,587</td><td>-61,200</td><td>-112,780</td><td>-72,458</td><td>-34,009</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>-8,610</td><td>-2,797</td><td>-1,838</td><td>14,835</td><td>23,970</td><td>311</td><td>25,818</td><td>801</td><td>2,335</td><td>-18,066</td><td>-36,524</td><td>46,042</td><td>17,593</td></tr><tr><td>Bolivia</td><td>-2</td><td>-1,074</td><td>-1,011</td><td>104</td><td>-2,294</td><td>208</td><td>410</td><td>2,647</td><td>1,190</td><td>-493</td><td>69</td><td>-1,933</td><td>1,368</td></tr><tr><td>Brazil</td><td>4,502</td><td>10,700</td><td>-5,701</td><td>16,163</td><td>-663</td><td>11,983</td><td>12,141</td><td>-20,790</td><td>-10,614</td><td>-21,452</td><td>-37,546</td><td>4,893</td><td>-34,371</td></tr><tr><td>Chile</td><td>-1,120</td><td>-1,612</td><td>-3,525</td><td>-4,780</td><td>2,662</td><td>3,392</td><td>-11,320</td><td>-6,581</td><td>-715</td><td>475</td><td>-354</td><td>-3,102</td><td>3,101</td></tr><tr><td>Colombia</td><td>-2,405</td><td>-5,108</td><td>-4,969</td><td>-4,107</td><td>-5,198</td><td>10,782</td><td>-9,163</td><td>-3,366</td><td>-930</td><td>419</td><td>-9,455</td><td>-10,384</td><td>4,690</td></tr><tr><td>Costa Rica</td><td>-347</td><td>652</td><td>-230</td><td>1,013</td><td>-453</td><td>-577</td><td>-7,939</td><td>8,326</td><td>-440</td><td>1,489</td><td>-1,287</td><td>-879</td><td>1,407</td></tr><tr><td>Cuba</td><td>-805</td><td>14,797</td><td>27,439</td><td>6,283</td><td>4,229</td><td>1,035</td><td>18,682</td><td>-20,553</td><td>-9,354</td><td>-12,108</td><td>9,749</td><td>-15,908</td><td>-3,845</td></tr><tr><td>French West Indies and Guiana</td><td>-65</td><td>-524</td><td>38</td><td>420</td><td>-9</td><td>663</td><td>-421</td><td>588</td><td>-1,525</td><td>-411</td><td>-666</td><td>-333</td><td>-1,043</td></tr><tr><td>Mexico</td><td>-932</td><td>12,073</td><td>-18,271</td><td>-1,969</td><td>15,793</td><td>-1,880</td><td>5,734</td><td>-5,724</td><td>-4,543</td><td>7,002</td><td>4,064</td><td>-4,323</td><td>-9,056</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,898</td><td>-2,321</td><td>1,124</td><td>-2,535</td><td>-2,415</td><td>-2,090</td><td>-481</td><td>-380</td><td>-163</td><td>-136</td><td>2,269</td><td>-2,675</td><td>-1,720</td></tr><tr><td>Panama</td><td>-2,821</td><td>3,619</td><td>884</td><td>-1,422</td><td>-2,465</td><td>-2,118</td><td>-252</td><td>1,510</td><td>-722</td><td>-458</td><td>-7,332</td><td>662</td><td>-3,109</td></tr><tr><td>Peru</td><td>1,413</td><td>-3,443</td><td>-1,938</td><td>341</td><td>623</td><td>-1,240</td><td>-663</td><td>950</td><td>4,963</td><td>-3,158</td><td>-774</td><td>-5,625</td><td>-3,741</td></tr><tr><td>Venezuela</td><td>6,133</td><td>-1,908</td><td>8,480</td><td>535</td><td>-4,469</td><td>-3,959</td><td>8,650</td><td>2,625</td><td>18,418</td><td>-3,160</td><td>4,618</td><td>-24,180</td><td>-11,342</td></tr><tr><td>Other Latin America</td><td>-751</td><td>10,158</td><td>-4,398</td><td>13,506</td><td>7,194</td><td>947</td><td>-3,925</td><td>-3,207</td><td>2,375</td><td>2,303</td><td>529</td><td>11,128</td><td>-2,211</td></tr><tr><td>Total Latino America</td><td>-3,912</td><td>33,212</td><td>-3,916</td><td>38,447</td><td>36,505</td><td>17,457</td><td>37,271</td><td>-43,154</td><td>275</td><td>-47,754</td><td>-72,600</td><td>-6,617</td><td>-48,481</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>Chian and Manchuria</td><td>-20,339</td><td>-18,983</td><td>-17,823</td><td>-18,623</td><td>-39,672</td><td>-40,250</td><td>-59,614</td><td>-42,597</td><td>-35,165</td><td>-39,814</td><td>-37,617</td><td>-23,176</td><td>-31,962</td></tr><tr><td>French Indo-China</td><td>6,336</td><td>3,221</td><td>220</td><td>1,024</td><td>4,538</td><td>3,632</td><td>7,771</td><td>-12,020</td><td>-5,195</td><td>-1,599</td><td>3,787</td><td>2,169</td><td>-6,150</td></tr><tr><td>Hong Kong</td><td>1,682</td><td>2,316</td><td>1,528</td><td>-1,471</td><td>2,310</td><td>-4,641</td><td>106</td><td>3,442</td><td>-5,539</td><td>13,068</td><td>-3,157</td><td>-4,725</td><td>1,449</td></tr><tr><td>India, Burma, and Ceylon</td><td>8,344</td><td>-10,931</td><td>8,563</td><td>3,562</td><td>-2,236</td><td>-4,936</td><td>-6,302</td><td>6,600</td><td>-858</td><td>7,712</td><td>556</td><td>-1,655</td><td>1,465</td></tr><tr><td>British Malaya</td><td>-197</td><td>-75</td><td>191</td><td>-359</td><td>443</td><td>-1,015</td><td>9,681</td><td>-1,079</td><td>185</td><td>7,717</td><td>103</td><td>-8,488</td><td>-1,708</td></tr><tr><td>Japan</td><td>-130</td><td>48</td><td>-141</td><td>8</td><td>-141</td><td>5,639</td><td>4,225</td><td>-3,853</td><td>4,336</td><td>311</td><td>2,438</td><td>596</td><td>526</td></tr><tr><td>Netherlands East Indies</td><td>-9,270</td><td>-1,717</td><td>3,076</td><td>1,545</td><td>-3,414</td><td>14,251</td><td>5,790</td><td>8,856</td><td>4,683</td><td>1,212</td><td>-7,541</td><td>-9,759</td><td>-654</td></tr><tr><td>Philippine Islands</td><td>-8,725</td><td>-33,159</td><td>18,475</td><td>-37,414</td><td>-74,654</td><td>-25,038</td><td>-16,128</td><td>962</td><td>1,858</td><td>1,114</td><td>-25,162</td><td>-3,498</td><td>-15,458</td></tr><tr><td>Turkey</td><td>4,814</td><td>3,920</td><td>1,068</td><td>5,090</td><td>-2,803</td><td>-4,760</td><td>-1,567</td><td>-1,937</td><td>-2,797</td><td>6,116</td><td>-10,078</td><td>6,109</td><td>14,423</td></tr><tr><td>Other Asia</td><td>2,907</td><td>7,452</td><td>-5,004</td><td>5,744</td><td>444</td><td>2,247</td><td>-4,784</td><td>-4,118</td><td>-191</td><td>8,612</td><td>4,340</td><td>-5,365</td><td>-3,003</td></tr><tr><td>Total Asia</td><td>-14,578</td><td>-48,004</td><td>10,153</td><td>-40,894</td><td>-116,073</td><td>-54,871</td><td>-60,822</td><td>-45,744</td><td>-38,683</td><td>4,449</td><td>-72,331</td><td>-48,152</td><td>-59,918</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>-3,216</td><td>-1,285</td><td>2,183</td><td>-3,149</td><td>422</td><td>3,329</td><td>4,967</td><td>5,885</td><td>1,778</td><td>-6,341</td><td>10,022</td><td>-5,524</td><td>16,586</td></tr><tr><td>New Zealand</td><td>-150</td><td>-162</td><td>165</td><td>948</td><td>2,745</td><td>-1,622</td><td>-1,369</td><td>364</td><td>164</td><td>381</td><td>2,033</td><td>147</td><td>44</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>173</td><td>-621</td><td>-1,033</td><td>-1,125</td><td>892</td><td>46</td><td>1,048</td><td>1,336</td><td>1,561</td><td>449</td><td>-1,441</td><td>-1,018</td><td>-1,501</td></tr><tr><td>French Morocco</td><td>442</td><td>202</td><td>924</td><td>1,148</td><td>-1,267</td><td>271</td><td>224</td><td>1,813</td><td>-117</td><td>1,193</td><td>442</td><td>1,048</td><td>894</td></tr><tr><td>Union of South Africa</td><td>2,446</td><td>-1,139</td><td>-1,362</td><td>1,206</td><td>825</td><td>-2,288</td><td>3,353</td><td>11,401</td><td>4,201</td><td>22,207</td><td>-6,092</td><td>34,995</td><td>-52,846</td></tr><tr><td>All other</td><td>8,089</td><td>-2,923</td><td>930</td><td>-5,067</td><td>-3,167</td><td>447</td><td>-1,873</td><td>-5,827</td><td>-378</td><td>-2,894</td><td>-3,966</td><td>-5,855</td><td>-4,565</td></tr><tr><td>Total other countries</td><td>7,784</td><td>-4,928</td><td>1,807</td><td>-6,039</td><td>450</td><td>183</td><td>6,350</td><td>14,972</td><td>7,209</td><td>14,995</td><td>998</td><td>23,793</td><td>-41,478</td></tr><tr><td>International</td><td>16,208</td><td>54,346</td><td>-22,076</td><td>-3,064</td><td>145,409</td><td>9,166</td><td>80,329</td><td>250,861</td><td>15,366</td><td>176,957</td><td>12,316</td><td>-4,809</td><td>2,256,662</td></tr><tr><td>Unidentified</td><td>1,071</td><td>427</td><td>2,973</td><td>-2,232</td><td>460</td><td>669</td><td>-1,989</td><td>-281,361</td><td>-1,060</td><td>-189</td><td>664</td><td>-1,766</td><td>4,320</td></tr><tr><td>Grand total</td><td>-62,276</td><td>-28,782</td><td>-47,033</td><td>-284,907</td><td>-62,939</td><td>245,779</td><td>-160,416</td><td>-112,
July 1947
89
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="10">1946</th><th colspan="2">1947</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</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>-587</td><td>-697</td><td>-804</td><td>-96</td><td>187</td><td>-396</td><td>309</td><td>-611</td><td>594</td><td>-42</td><td>46</td><td>12</td><td>585</td></tr><tr><td>France</td><td>477</td><td>-595</td><td>174</td><td>-51</td><td>59</td><td>154</td><td>-700</td><td>-1,636</td><td>344</td><td>-391</td><td>-1,503</td><td>-395</td><td>-181</td></tr><tr><td>Belgium</td><td>-100</td><td>-17</td><td>88</td><td>-108</td><td>-28</td><td>468</td><td>277</td><td>-41</td><td>40</td><td>-83</td><td>-47</td><td>-241</td><td>13</td></tr><tr><td>Denmark</td><td>18</td><td>-75</td><td>26</td><td>-1</td><td>-2</td><td>7</td><td>-12</td><td>104</td><td>-70</td><td>-9</td><td>-36</td><td>29</td><td>61</td></tr><tr><td>Finland</td><td>-16</td><td>-20</td><td>-33</td><td>-</td><td>2</td><td>-1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td></tr><tr><td>Germany</td><td>-16</td><td>-15</td><td>22</td><td>23</td><td>-3</td><td>10</td><td>-24</td><td>-257</td><td>256</td><td>-4</td><td>27</td><td>-40</td><td>-15</td></tr><tr><td>Greece</td><td>-2</td><td>-39</td><td>-</td><td>1</td><td>-</td><td>-14</td><td>9</td><td>-4</td><td>5</td><td>2</td><td>-13</td><td>-2</td><td>2</td></tr><tr><td>Italy</td><td>-2</td><td>10</td><td>62</td><td>26</td><td>-60</td><td>43</td><td>-61</td><td>-196</td><td>232</td><td>-12</td><td>-28</td><td>-2</td><td>-4</td></tr><tr><td>Luxembourg</td><td>18</td><td>76</td><td>-131</td><td>1</td><td>-215</td><td>239</td><td>-125</td><td>38</td><td>239</td><td>23</td><td>-10</td><td>26</td><td>-112</td></tr><tr><td>Netherlands</td><td>-14</td><td>-30</td><td>-480</td><td>283</td><td>-18</td><td>198</td><td>-363</td><td>-72</td><td>576</td><td>-173</td><td>1,395</td><td>-216</td><td>-2,390</td></tr><tr><td>Norway</td><td>64</td><td>13</td><td>-42</td><td>-180</td><td>364</td><td>-412</td><td>39</td><td>434</td><td>-247</td><td>743</td><td>-279</td><td>-229</td><td>-134</td></tr><tr><td>Portugal</td><td>-76</td><td>50</td><td>-74</td><td>-6</td><td>27</td><td>-60</td><td>95</td><td>-24</td><td>-65</td><td>34</td><td>-53</td><td>12</td><td>-18</td></tr><tr><td>Rumania</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>1</td><td>11</td></tr><tr><td>Spain</td><td>39</td><td>-37</td><td>-14</td><td>-6</td><td>1</td><td>8</td><td>2</td><td>-156</td><td>70</td><td>34</td><td>92</td><td>3</td><td>49</td></tr><tr><td>Sweden</td><td>-134</td><td>263</td><td>-14</td><td>-56</td><td>-115</td><td>102</td><td>129</td><td>-94</td><td>-46</td><td>-15</td><td>33</td><td>35</td><td>-32</td></tr><tr><td>Switzerland</td><td>558</td><td>1,196</td><td>-49</td><td>230</td><td>1,181</td><td>341</td><td>2,189</td><td>991</td><td>987</td><td>721</td><td>978</td><td>-75</td><td>348</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>4</td><td>1</td><td>-</td><td>-4</td><td>4</td><td>-</td><td>1</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>119</td><td>2</td><td>41</td><td>144</td><td>-63</td><td>-21</td><td>101</td><td>220</td><td>-49</td><td>-36</td><td>168</td><td>-110</td><td>18</td></tr><tr><td>Total Europe</td><td>345</td><td>87</td><td>-1,228</td><td>204</td><td>1,342</td><td>646</td><td>1,868</td><td>-1,312</td><td>2,870</td><td>792</td><td>771</td><td>-1,192</td><td>-1,738</td></tr><tr><td>Canada</td><td>-107</td><td>1,008</td><td>-471</td><td>128</td><td>-1,031</td><td>1,264</td><td>-712</td><td>103</td><td>879</td><td>1,418</td><td>36</td><td>571</td><td>-333</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>192</td><td>684</td><td>883</td><td>-369</td><td>26</td><td>-1,821</td><td>3,296</td><td>-272</td><td>191</td><td>-980</td><td>146</td><td>7</td><td>2,169</td></tr><tr><td>Bolivia</td><td>118</td><td>39</td><td>-13</td><td>-2</td><td>-19</td><td>10</td><td>-5</td><td>2</td><td>-5</td><td>-1</td><td>-</td><td>-2</td><td>-1</td></tr><tr><td>Brazil</td><td>-211</td><td>-60</td><td>-76</td><td>-547</td><td>602</td><td>-120</td><td>-737</td><td>77</td><td>-78</td><td>165</td><td>285</td><td>-153</td><td>-175</td></tr><tr><td>Chile</td><td>-9</td><td>-235</td><td>-518</td><td>-6</td><td>-342</td><td>251</td><td>381</td><td>-71</td><td>-144</td><td>203</td><td>78</td><td>-63</td><td>-131</td></tr><tr><td>Colombia</td><td>-41</td><td>-1</td><td>70</td><td>-4</td><td>54</td><td>-55</td><td>83</td><td>21</td><td>-83</td><td>-7</td><td>-110</td><td>277</td><td>84</td></tr><tr><td>Costa Rica</td><td>6</td><td>38</td><td>-22</td><td>50</td><td>-21</td><td>-7</td><td>-</td><td>35</td><td>-2</td><td>-54</td><td>31</td><td>42</td><td>-2</td></tr><tr><td>Cuba</td><td>-665</td><td>1,408</td><td>-195</td><td>-336</td><td>-955</td><td>142</td><td>-551</td><td>-65</td><td>-292</td><td>39</td><td>-994</td><td>1,008</td><td>369</td></tr><tr><td>French West Indies and Guiana</td><td>11</td><td>-52</td><td>-5</td><td>8</td><td>3</td><td>-</td><td>-6</td><td>8</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-1</td></tr><tr><td>Mexico</td><td>323</td><td>1,326</td><td>2,072</td><td>116</td><td>-858</td><td>-672</td><td>1,728</td><td>6,399</td><td>-1,426</td><td>-2</td><td>-1,055</td><td>-4,079</td><td>6,570</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>44</td><td>-8</td><td>-11</td><td>-13</td><td>-20</td><td>1</td><td>-26</td><td>-79</td><td>155</td><td>-3</td><td>44</td><td>-27</td><td>23</td></tr><tr><td>Panama</td><td>132</td><td>-143</td><td>511</td><td>-123</td><td>780</td><td>196</td><td>102</td><td>-1,628</td><td>-7</td><td>-433</td><td>-157</td><td>96</td><td>-779</td></tr><tr><td>Peru</td><td>379</td><td>-32</td><td>253</td><td>201</td><td>-92</td><td>75</td><td>-139</td><td>29</td><td>7</td><td>-10</td><td>-15</td><td>111</td><td>-184</td></tr><tr><td>Venezuela</td><td>-1,284</td><td>219</td><td>512</td><td>1,134</td><td>106</td><td>659</td><td>43</td><td>84</td><td>-187</td><td>919</td><td>-1,549</td><td>-237</td><td>79</td></tr><tr><td>Other Latin America</td><td>-545</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td><td>-334</td><td>138</td><td>939</td><td>644</td><td>-1,674</td><td>1,455</td><td>-86</td><td>-377</td></tr><tr><td>Total Latin America</td><td>-1,550</td><td>4,243</td><td>3,105</td><td>-433</td><td>-632</td><td>-1,675</td><td>4,307</td><td>5,479</td><td>-1,227</td><td>-1,838</td><td>-1,841</td><td>-3,111</td><td>7,644</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 and Manchurie</td><td>-76</td><td>-345</td><td>550</td><td>-409</td><td>345</td><td>-637</td><td>378</td><td>923</td><td>305</td><td>733</td><td>-47</td><td>746</td><td>-228</td></tr><tr><td>French Indo-China</td><td>65</td><td>-38</td><td>78</td><td>53</td><td>43</td><td>-22</td><td>69</td><td>31</td><td>-38</td><td>39</td><td>-16</td><td>-29</td><td>-7</td></tr><tr><td>Hong Kong</td><td>23</td><td>48</td><td>-4</td><td>-94</td><td>179</td><td>-228</td><td>139</td><td>-209</td><td>264</td><td>-40</td><td>34</td><td>-3</td><td>36</td></tr><tr><td>India, Burma, and Ceylon</td><td>-9</td><td>1</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>1</td><td>1</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-1</td><td>2</td><td>3</td><td>-</td><td>-1</td><td>-</td><td>-7</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>7</td></tr><tr><td>Netherlands East Indies</td><td>222</td><td>837</td><td>-339</td><td>-233</td><td>164</td><td>67</td><td>-213</td><td>-1,341</td><td>-324</td><td>343</td><td>-223</td><td>-206</td><td>124</td></tr><tr><td>Philippine Islands</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>76</td><td>53</td><td>66</td><td>-23</td><td>-41</td><td>-59</td><td>83</td><td>-44</td><td>30</td><td>-34</td><td>25</td><td>-25</td><td>-14</td></tr><tr><td>Other Asia</td><td>300</td><td>557</td><td>354</td><td>-706</td><td>687</td><td>-879</td><td>468</td><td>-639</td><td>240</td><td>1,029</td><td>-222</td><td>484</td><td>-82</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>11</td><td>-37</td><td>21</td><td>-12</td><td>33</td><td>-53</td><td>68</td><td>-61</td><td>12</td><td>77</td><td>-45</td><td>-2</td></tr><tr><td>New Zealand</td><td>-2</td><td>-1</td><td>15</td><td>-8</td><td>-</td><td>2</td><td>-5</td><td>-28</td><td>28</td><td>-3</td><td>-9</td><td>-21</td><td>6</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-10</td><td>35</td><td>37</td><td>-13</td><td>-12</td><td>6</td><td>16</td><td>24</td><td>-19</td><td>-23</td><td>-</td><td>1</td><td>-8</td></tr><tr><td>French Morocco</td><td>2</td><td>5</td><td>-2</td><td>7</td><td>-</td><td>1</td><td>1</td><td>-4</td><td>1</td><td>-3</td><td>-</td><td>-2</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>13</td><td>-13</td><td>-4</td><td>-12</td><td>13</td><td>56</td><td>-31</td><td>-70</td><td>-8</td><td>-9</td><td>-</td><td>-3</td><td>29</td></tr><tr><td>All other</td><td>-225</td><td>23</td><td>9</td><td>70</td><td>91</td><td>99</td><td>-23</td><td>19</td><td>-22</td><td>259</td><td>190</td><td>-9</td><td>808</td></tr><tr><td>Total other countries</td><td>-200</td><td>60</td><td>18</td><td>65</td><td>80</td><td>197</td><td>-95</td><td>9</td><td>-81</td><td>233</td><td>258</td><td>-79</td><td>832</td></tr><tr><td>Unidentified</td><td>2</td><td>1</td><td>15</td><td>-</td><td>-</td><td>3</td><td>-</td><td>18</td><td>-18</td><td>-</td><td>1</td><td>2</td><td>-2</td></tr><tr><td>Grand total</td><td>-1,210</td><td>5,956</td><td>1,793</td><td>-742</td><td>446</td><td>-444</td><td>5,836</td><td>3,658</td><td>2,663</td><td>1,634</td><td>-997</td><td>-3,325</td><td>6,201</td></tr></table>
Treasury Bulletin
90
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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td colspan="14">1946</td><td colspan="2">1947</td></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>-3,945</td><td>-5,982</td><td>-5,381</td><td>-3,573</td><td>-3,468</td><td>-9,672</td><td>-6,340</td><td>-4,006</td><td>-5,902</td><td>-4,716</td><td>1,816</td><td>-42</td><td>1,850</td></tr><tr><td>France</td><td>-4,890</td><td>344</td><td>-3,210</td><td>-2,934</td><td>2,095</td><td>-22</td><td>-1,432</td><td>4,680</td><td>3,540</td><td>-7,626</td><td>1,666</td><td>-2,080</td><td>-1,759</td></tr><tr><td>Belgium</td><td>-8</td><td>-195</td><td>-615</td><td>475</td><td>798</td><td>71</td><td>-1494</td><td>204</td><td>-100</td><td>786</td><td>314</td><td>1,254</td><td>227</td></tr><tr><td>Denmark</td><td>-115</td><td>-39</td><td>10</td><td>39</td><td>131</td><td>1,276</td><td>219</td><td>135</td><td>-2</td><td>-20</td><td>-919</td><td>33</td><td>-81</td></tr><tr><td>Finland</td><td>41</td><td>35</td><td>11</td><td>8</td><td>8</td><td>34</td><td>-3</td><td>4</td><td>13</td><td>1</td><td>-93</td><td>-</td><td>12</td></tr><tr><td>Germany</td><td>-2</td><td>2</td><td>-23</td><td>-21</td><td>217</td><td>232</td><td>-20</td><td>13</td><td>8</td><td>5</td><td>-13</td><td>19</td><td>-</td></tr><tr><td>Greece</td><td>138</td><td>6</td><td>8</td><td>18</td><td>56</td><td>652</td><td>12</td><td>52</td><td>36</td><td>-31</td><td>72</td><td>-197</td><td>-117</td></tr><tr><td>Italy</td><td>-74</td><td>-298</td><td>-64</td><td>70</td><td>-243</td><td>-186</td><td>-210</td><td>25</td><td>-446</td><td>299</td><td>204</td><td>1,076</td><td>-10,100</td></tr><tr><td>Luxembourg</td><td>141</td><td>71</td><td>82</td><td>48</td><td>-71</td><td>-2</td><td>-45</td><td>6</td><td>-55</td><td>-35</td><td>19</td><td>-56</td><td>5</td></tr><tr><td>Netherlands</td><td>-522</td><td>-2,306</td><td>-248</td><td>-446</td><td>-1,273</td><td>-506</td><td>-2,410</td><td>-3,847</td><td>-4,499</td><td>-4,949</td><td>-8,042</td><td>-8,842</td><td>-6,150</td></tr><tr><td>Norway</td><td>634</td><td>251</td><td>209</td><td>-359</td><td>429</td><td>388</td><td>-327</td><td>-5</td><td>52</td><td>-1,881</td><td>4,664</td><td>437</td><td>1,452</td></tr><tr><td>Portugal</td><td>12</td><td>-21</td><td>-51</td><td>29</td><td>15</td><td>-23</td><td>-19</td><td>-5</td><td>-26</td><td>28</td><td>635</td><td>-428</td><td>52</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>1,023</td><td>-10</td><td>-1</td><td>-</td><td>-</td><td>20</td><td>2</td></tr><tr><td>Spain</td><td>34</td><td>52</td><td>91</td><td>121</td><td>20</td><td>6,307</td><td>119</td><td>45</td><td>-14</td><td>-25</td><td>1,925</td><td>58</td><td>6</td></tr><tr><td>Sweden</td><td>2,643</td><td>16</td><td>-62</td><td>-175</td><td>243</td><td>-3,191</td><td>-147</td><td>-125</td><td>43</td><td>-230</td><td>-332</td><td>-213</td><td>26</td></tr><tr><td>Switzerland</td><td>-68</td><td>-7,753</td><td>-732</td><td>-2,558</td><td>-408</td><td>-380</td><td>-14,938</td><td>1,176</td><td>-3,987</td><td>-1,923</td><td>1,842</td><td>732</td><td>607</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>100</td><td>-91</td><td>-12</td><td>3</td><td>5</td><td>-2</td><td>-2</td><td>1</td><td>1</td><td>-</td><td>1</td><td>2</td></tr><tr><td>Yugoslavia</td><td>-</td><td>3</td><td>-62</td><td>-12</td><td>-7</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-3</td></tr><tr><td>Other Europe</td><td>-483</td><td>-2,037</td><td>-2,137</td><td>-2,021</td><td>-2,133</td><td>-1,008</td><td>-53</td><td>-25</td><td>-156</td><td>54</td><td>-1,473</td><td>-5</td><td>-80</td></tr><tr><td>Total Europe</td><td>-6,464</td><td>-17,751</td><td>-12,265</td><td>-11,291</td><td>-3,558</td><td>-5,995</td><td>-25,067</td><td>-1,681</td><td>-11,495</td><td>-20,263</td><td>2,285</td><td>-8,233</td><td>-14,049</td></tr><tr><td>Canada</td><td>12,470</td><td>-5,957</td><td>-4,959</td><td>39,684</td><td>-4,014</td><td>-67,567</td><td>11,518</td><td>2,866</td><td>5,691</td><td>16,136</td><td>25,456</td><td>59,255</td><td>-75,827</td></tr><tr><td colspan="14">Latino America</td><td></td><td></td></tr><tr><td>Argentina</td><td>1,288</td><td>122</td><td>3,223</td><td>1,923</td><td>3,115</td><td>1,142</td><td>36,224</td><td>10,943</td><td>21,965</td><td>20,012</td><td>17</td><td>3,568</td><td>1,702</td></tr><tr><td>Bolivia</td><td>49</td><td>31</td><td>4</td><td>16</td><td>1</td><td>255</td><td>62</td><td>-24</td><td>43</td><td>-2</td><td>-3</td><td>25</td><td>48</td></tr><tr><td>Brazil</td><td>790</td><td>536</td><td>761</td><td>138</td><td>1,505</td><td>1,023</td><td>214</td><td>-94</td><td>1,132</td><td>188</td><td>1,286</td><td>767</td><td>-528</td></tr><tr><td>Chile</td><td>448</td><td>27</td><td>492</td><td>1,895</td><td>632</td><td>18</td><td>208</td><td>323</td><td>-964</td><td>2,313</td><td>147</td><td>2</td><td>26</td></tr><tr><td>Colombia</td><td>338</td><td>213</td><td>114</td><td>362</td><td>269</td><td>178</td><td>291</td><td>710</td><td>571</td><td>108</td><td>-50</td><td>-28</td><td>-130</td></tr><tr><td>Costa Rica</td><td>9</td><td>-3</td><td>-19</td><td>-3</td><td>11</td><td>4</td><td>4</td><td>13</td><td>83</td><td>33</td><td>17</td><td>-10</td><td>46</td></tr><tr><td>Cuba</td><td>1,617</td><td>-79</td><td>-143</td><td>152</td><td>336</td><td>664</td><td>-124</td><td>1,596</td><td>1,197</td><td>368</td><td>2,262</td><td>139</td><td>1,349</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>1</td><td>-</td><td>17</td><td>-</td><td>-23</td><td>-</td><td>-2</td><td>-19</td><td>1</td><td>-1</td><td>1</td></tr><tr><td>Mexico</td><td>5,838</td><td>3,499</td><td>43</td><td>665</td><td>-3,283</td><td>-2,789</td><td>-652</td><td>1,438</td><td>545</td><td>77</td><td>431</td><td>27</td><td>72</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>16</td><td>-9</td><td>20</td><td>-6</td><td>-11</td><td>-24</td><td>-8</td><td>-319</td><td>-18</td><td>-29</td><td>92</td><td>-9</td><td>-3</td></tr><tr><td>Panama</td><td>-996</td><td>-243</td><td>3,737</td><td>-1,431</td><td>-2,324</td><td>29</td><td>2,561</td><td>733</td><td>-322</td><td>2,038</td><td>2,525</td><td>-2,791</td><td>2,595</td></tr><tr><td>Peru</td><td>156</td><td>179</td><td>95</td><td>46</td><td>106</td><td>-20</td><td>348</td><td>275</td><td>-152</td><td>-405</td><td>89</td><td>28</td><td>160</td></tr><tr><td>Venezuela</td><td>656</td><td>125</td><td>-28</td><td>51</td><td>506</td><td>-798</td><td>97</td><td>96</td><td>261</td><td>235</td><td>-375</td><td>-8</td><td>-189</td></tr><tr><td>Other Latin America</td><td>894</td><td>-1,120</td><td>1,919</td><td>-11,214</td><td>3,366</td><td>-963</td><td>-648</td><td>529</td><td>1,440</td><td>1,500</td><td>-4,454</td><td>332</td><td>535</td></tr><tr><td>Total Latino America</td><td>11,103</td><td>3,278</td><td>10,219</td><td>-7,406</td><td>4,246</td><td>-1,281</td><td>38,554</td><td>16,219</td><td>25,779</td><td>26,417</td><td>1,985</td><td>2,091</td><td>5,694</td></tr><tr><td colspan="14">Asia</td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-501</td><td>-752</td><td>-3,494</td><td>-3,689</td><td>-1,810</td><td>-11,106</td><td>-1,669</td><td>-1,016</td><td>-741</td><td>-1,145</td><td>1,787</td><td>-1,073</td><td>-398</td></tr><tr><td>French Indo-China</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-130</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-131</td><td>-103</td><td>-94</td><td>-183</td><td>-126</td><td>-50</td><td>-188</td><td>-27</td><td>310</td><td>-8</td><td>1,532</td><td>-3</td><td>-21</td></tr><tr><td>India, Burma, and Ceylon</td><td>180</td><td>15</td><td>30</td><td>119</td><td>125</td><td>760</td><td>15</td><td>-109</td><td>45</td><td>17</td><td>6</td><td>466</td><td>-491</td></tr><tr><td>British Malaya</td><td>-</td><td>-2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-12</td><td>-211</td><td>-57</td><td>147</td><td>-</td><td>8</td></tr><tr><td>Japan</td><td>-8</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>13</td><td>-3</td><td>-</td><td>-</td><td>-1</td><td>4</td></tr><tr><td>Netherlands East Indies</td><td>-58</td><td>459</td><td>-195</td><td>3</td><td>-2</td><td>-2,007</td><td>-4,548</td><td>-12,075</td><td>-203</td><td>-3,505</td><td>-</td><td>-4</td><td>7</td></tr><tr><td>Philippine Islands</td><td>-854</td><td>-452</td><td>-368</td><td>-195</td><td>-45</td><td>108</td><td>195</td><td>84</td><td>-50</td><td>-94</td><td>-144</td><td>7,171</td><td>-317</td></tr><tr><td>Turkey</td><td>-5</td><td>46</td><td>49</td><td>-57</td><td>33</td><td>40</td><td>-53</td><td>24</td><td>-50</td><td>-</td><td>46</td><td>30</td><td>-25</td></tr><tr><td>Other Asia</td><td>2</td><td>-76</td><td>110</td><td>34</td><td>13</td><td>-76</td><td>-139</td><td>-15</td><td>80</td><td>52</td><td>-26</td><td>-50</td><td>-5</td></tr><tr><td>Total Asia</td><td>-1,375</td><td>-862</td><td>-3,964</td><td>-3,968</td><td>-1,812</td><td>-12,462</td><td>-6,392</td><td>-13,133</td><td>-769</td><td>-4,740</td><td>3,448</td><td>6,536</td><td>-1,238</td></tr><tr><td colspan="14">Other countries</td><td></td><td></td></tr><tr><td>Australia</td><td>111</td><td>-258</td><td>129</td><td>123</td><td>91</td><td>-22</td><td>-16,398</td><td>10,903</td><td>806</td><td>-533</td><td>-16,813</td><td>10,273</td><td>-16,478</td></tr><tr><td>New Zealand</td><td>-69</td><td>3</td><td>10</td><td>2</td><td>7</td><td>4</td><td>-1</td><td>-3</td><td>5</td><td>-3</td><td>14</td><td>-2</td><td>-6</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-4</td><td>7</td><td>-25</td><td>-60</td><td>4</td><td>45</td><td>-1</td><td>-29</td><td>5</td><td>19</td><td>40</td><td>9</td><td>75</td></tr><tr><td>French Morocco</td><td>-7</td><td>-32</td><td>-211</td><td>23</td><td>-</td><td>1</td><td>21</td><td>-26</td><td>15</td><td>9</td><td>58</td><td>18</td><td>-83</td></tr><tr><td>Union of South Africa</td><td>7</td><td>-1</td><td>-87</td><td>-7</td><td>-44</td><td>-119</td><td>-25</td><td>-96</td><td>-61</td><td>14</td><td>35</td><td>31</td><td>-75</td></tr><tr><td>All other</td><td>-6</td><td>64</td><td>-19</td><td>-3</td><td>-46</td><td>13</td><td>349</td><td>-52</td><td>59</td><td>-163</td><td>-18</td><td>140</td><td>-1,049</td></tr><tr><td>Total other countries</td><td>32</td><td>-217</td><td>-203</td><td>78</td><td>12</td><td>-78</td><td>-16,055</td><td>10,697</td><td>829</td><td>-657</td><td>-16,684</td><td>10,469</td><td>-17,616</td></tr><tr><td>Unidentified</td><td>-6</td><td>1</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Grand total</td><td>15,760</td><td>-21,508</td><td>-11,172</td><td>-17,097</td><td>-5,107</td><td>-87,383</td><td>2,558</td><td>14,963</td><td>20,035</td><td>16,899</td><td>16,490</td><td>70,118</td><td>-103,033</td></tr></table>
July 1947
91
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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td colspan="14">1946</td><td colspan="2">1947</td></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>26,325</td><td>28,585</td><td>31,633</td><td>32,571</td><td>30,456</td><td>75,784</td><td>65,834</td><td>65,271</td><td>56,535</td><td>55,912</td><td>47,660</td><td>50,533</td><td>39,356</td></tr><tr><td>France</td><td>660</td><td>728</td><td>859</td><td>879</td><td>940</td><td>3,408</td><td>3,064</td><td>2,977</td><td>3,939</td><td>4,068</td><td>5,690</td><td>9,636</td><td>12,988</td></tr><tr><td>Belgium</td><td>2,593</td><td>3,582</td><td>4,591</td><td>4,952</td><td>7,707</td><td>8,830</td><td>9,073</td><td>6,868</td><td>7,246</td><td>7,743</td><td>7,520</td><td>7,075</td><td>7,373</td></tr><tr><td>Denmark</td><td>1,039</td><td>1,059</td><td>1,080</td><td>53</td><td>108</td><td>164</td><td>343</td><td>195</td><td>364</td><td>478</td><td>455</td><td>580</td><td>373</td></tr><tr><td>Finland</td><td>1,391</td><td>1,219</td><td>647</td><td>2,021</td><td>4,429</td><td>4,296</td><td>3,973</td><td>3,514</td><td>4,326</td><td>5,888</td><td>6,183</td><td>6,449</td><td>6,126</td></tr><tr><td>Germany</td><td>33,855</td><td>33,856</td><td>33,842</td><td>33,852</td><td>33,851</td><td>33,853</td><td>33,852</td><td>33,855</td><td>33,855</td><td>33,857</td><td>30,361</td><td>30,348</td><td>30,353</td></tr><tr><td>Greece</td><td>770</td><td>798</td><td>2,025</td><td>1,500</td><td>1,105</td><td>1,647</td><td>2,089</td><td>12,571</td><td>12,559</td><td>13,027</td><td>12,362</td><td>12,368</td><td>12,530</td></tr><tr><td>Italy</td><td>401</td><td>435</td><td>575</td><td>1,033</td><td>2,435</td><td>4,339</td><td>8,791</td><td>10,717</td><td>10,544</td><td>12,913</td><td>15,950</td><td>14,878</td><td>17,702</td></tr><tr><td>Luxembourg</td><td>85</td><td>72</td><td>72</td><td>72</td><td>64</td><td>69</td><td>72</td><td>64</td><td>51</td><td>64</td><td>57</td><td>48</td><td>51</td></tr><tr><td>Netherlands</td><td>36,091</td><td>35,767</td><td>43,360</td><td>118,488</td><td>119,365</td><td>119,641</td><td>122,816</td><td>137,063</td><td>128,846</td><td>138,772</td><td>150,961</td><td>136,558</td><td>153,683</td></tr><tr><td>Norway</td><td>4,235</td><td>6,228</td><td>195</td><td>1,176</td><td>274</td><td>554</td><td>472</td><td>708</td><td>691</td><td>2,116</td><td>3,305</td><td>3,669</td><td>4,043</td></tr><tr><td>Portugal</td><td>411</td><td>433</td><td>398</td><td>552</td><td>521</td><td>687</td><td>743</td><td>982</td><td>1,312</td><td>930</td><td>1,026</td><td>860</td><td>929</td></tr><tr><td>Romania</td><td>30</td><td>30</td><td>145</td><td>73</td><td>58</td><td>61</td><td>33</td><td>36</td><td>36</td><td>38</td><td>53</td><td>41</td><td>38</td></tr><tr><td>Spain</td><td>1,360</td><td>1,512</td><td>1,441</td><td>2,091</td><td>2,917</td><td>4,208</td><td>3,327</td><td>3,641</td><td>7,239</td><td>6,512</td><td>7,172</td><td>7,334</td><td>6,178</td></tr><tr><td>Sweden</td><td>1,102</td><td>1,280</td><td>2,419</td><td>2,958</td><td>5,552</td><td>7,642</td><td>5,489</td><td>5,470</td><td>4,058</td><td>3,922</td><td>4,898</td><td>5,460</td><td>5,630</td></tr><tr><td>Switzerland</td><td>4,931</td><td>5,573</td><td>6,496</td><td>7,960</td><td>6,482</td><td>6,663</td><td>4,687</td><td>5,463</td><td>4,455</td><td>6,309</td><td>9,778</td><td>11,651</td><td>12,205</td></tr><tr><td>U. S. S. R.</td><td>18</td><td>11</td><td>8</td><td>14</td><td>8</td><td>15</td><td>12</td><td>9</td><td>5</td><td>13</td><td>16</td><td>15</td><td>19</td></tr><tr><td>Yugoslavia</td><td>17</td><td>14</td><td>9</td><td>7</td><td>6</td><td>8</td><td>6</td><td>6</td><td>6</td><td>5</td><td>3</td><td>3</td><td>4</td></tr><tr><td>Other Europe</td><td>4,878</td><td>4,875</td><td>5,001</td><td>5,060</td><td>4,953</td><td>4,980</td><td>4,307</td><td>5,511</td><td>6,062</td><td>6,206</td><td>9,418</td><td>9,524</td><td>10,226</td></tr><tr><td>Total Europe</td><td>120,192</td><td>126,057</td><td>134,796</td><td>215,312</td><td>221,231</td><td>276,849</td><td>268,983</td><td>294,921</td><td>282,129</td><td>298,773</td><td>312,868</td><td>307,290</td><td>319,807</td></tr><tr><td>Canada</td><td>71,330</td><td>62,883</td><td>64,663</td><td>50,066</td><td>53,552</td><td>42,246</td><td>43,563</td><td>50,320</td><td>49,706</td><td>52,881</td><td>52,192</td><td>48,750</td><td>43,021</td></tr><tr><td colspan="14">Latin America</td><td></td><td></td></tr><tr><td>Argentina</td><td>17,981</td><td>24,732</td><td>26,768</td><td>20,421</td><td>20,417</td><td>27,891</td><td>25,578</td><td>21,408</td><td>22,494</td><td>23,979</td><td>41,767</td><td>49,062</td><td>45,479</td></tr><tr><td>Bolivia</td><td>1,465</td><td>2,729</td><td>2,862</td><td>1,975</td><td>3,059</td><td>4,439</td><td>3,240</td><td>2,617</td><td>2,240</td><td>1,987</td><td>2,283</td><td>2,616</td><td>2,573</td></tr><tr><td>Brazil</td><td>29,671</td><td>29,980</td><td>31,877</td><td>30,901</td><td>28,396</td><td>28,631</td><td>41,287</td><td>37,177</td><td>40,372</td><td>43,879</td><td>49,793</td><td>54,354</td><td>63,109</td></tr><tr><td>Chile</td><td>6,197</td><td>7,062</td><td>7,017</td><td>6,728</td><td>8,024</td><td>7,473</td><td>10,553</td><td>14,492</td><td>13,823</td><td>13,969</td><td>14,566</td><td>13,147</td><td>15,259</td></tr><tr><td>Colombia</td><td>18,067</td><td>20,110</td><td>19,953</td><td>21,244</td><td>23,189</td><td>21,304</td><td>22,587</td><td>23,515</td><td>20,973</td><td>19,791</td><td>26,387</td><td>29,904</td><td>30,155</td></tr><tr><td>Costa Rica</td><td>1,469</td><td>1,421</td><td>1,359</td><td>1,242</td><td>1,526</td><td>2,125</td><td>9,846</td><td>1,671</td><td>2,561</td><td>2,541</td><td>2,918</td><td>3,407</td><td>3,696</td></tr><tr><td>Cuba</td><td>32,936</td><td>37,124</td><td>22,904</td><td>27,582</td><td>29,336</td><td>25,689</td><td>15,596</td><td>21,138</td><td>27,906</td><td>41,088</td><td>25,705</td><td>35,463</td><td>37,910</td></tr><tr><td>French West Indies and Guiana</td><td>57</td><td>65</td><td>72</td><td>54</td><td>19</td><td>18</td><td>205</td><td>10</td><td>452</td><td>109</td><td>162</td><td>13</td><td>116</td></tr><tr><td>Mexico</td><td>13,883</td><td>14,252</td><td>14,111</td><td>13,528</td><td>15,045</td><td>15,151</td><td>17,186</td><td>22,031</td><td>17,603</td><td>20,587</td><td>25,549</td><td>26,973</td><td>28,754</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>375</td><td>500</td><td>446</td><td>457</td><td>414</td><td>458</td><td>353</td><td>357</td><td>399</td><td>455</td><td>775</td><td>922</td><td>809</td></tr><tr><td>Panama</td><td>2,789</td><td>2,875</td><td>1,135</td><td>1,145</td><td>1,780</td><td>1,628</td><td>1,347</td><td>928</td><td>855</td><td>845</td><td>1,297</td><td>1,603</td><td>1,680</td></tr><tr><td>Peru</td><td>3,504</td><td>3,803</td><td>3,646</td><td>3,845</td><td>3,488</td><td>3,378</td><td>3,598</td><td>2,968</td><td>2,695</td><td>2,713</td><td>3,713</td><td>5,436</td><td>6,531</td></tr><tr><td>Venezuela</td><td>6,861</td><td>7,699</td><td>7,392</td><td>7,719</td><td>7,909</td><td>8,136</td><td>8,074</td><td>6,984</td><td>4,781</td><td>6,570</td><td>8,697</td><td>10,386</td><td>15,638</td></tr><tr><td>Other Latin America</td><td>25,935</td><td>26,089</td><td>26,580</td><td>21,189</td><td>22,124</td><td>24,029</td><td>25,832</td><td>27,011</td><td>24,922</td><td>21,691</td><td>23,130</td><td>27,128</td><td>27,902</td></tr><tr><td>Total Latin America</td><td>161,190</td><td>178,441</td><td>166,122</td><td>158,030</td><td>164,724</td><td>170,350</td><td>185,282</td><td>182,607</td><td>182,076</td><td>200,204</td><td>226,762</td><td>260,414</td><td>279,611</td></tr><tr><td colspan="14">Asia</td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>9,741</td><td>22,844</td><td>25,610</td><td>22,587</td><td>23,920</td><td>19,049</td><td>28,581</td><td>34,668</td><td>34,587</td><td>40,772</td><td>53,869</td><td>43,758</td><td>36,801</td></tr><tr><td>French Indo-China</td><td>19</td><td>176</td><td>19</td><td>46</td><td>20</td><td>58</td><td>19</td><td>19</td><td>19</td><td>28</td><td>25</td><td>67</td><td>25</td></tr><tr><td>Hong Kong</td><td>794</td><td>1,451</td><td>1,548</td><td>1,953</td><td>2,038</td><td>2,162</td><td>2,935</td><td>3,244</td><td>6,491</td><td>3,962</td><td>5,920</td><td>4,964</td><td>5,061</td></tr><tr><td>India, Burma, and Ceylon</td><td>6,956</td><td>6,812</td><td>7,215</td><td>6,618</td><td>7,366</td><td>9,366</td><td>10,782</td><td>11,743</td><td>10,068</td><td>9,105</td><td>12,009</td><td>12,665</td><td>12,908</td></tr><tr><td>British Malaya</td><td>333</td><td>235</td><td>190</td><td>336</td><td>88</td><td>1,680</td><td>129</td><td>152</td><td>198</td><td>174</td><td>212</td><td>518</td><td>537</td></tr><tr><td>Japan</td><td>305</td><td>305</td><td>302</td><td>303</td><td>300</td><td>300</td><td>300</td><td>300</td><td>483</td><td>238</td><td>245</td><td>247</td><td>245</td></tr><tr><td>Netherlands East Indies</td><td>1,394</td><td>1,394</td><td>1,374</td><td>1,390</td><td>1,381</td><td>1,171</td><td>1,258</td><td>1,160</td><td>1,023</td><td>902</td><td>959</td><td>1,054</td><td>948</td></tr><tr><td>Philippine Islands</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,696</td><td>16,667</td><td>18,543</td><td>19,204</td><td>16,569</td><td>16,046</td><td>14,705</td><td>20,182</td><td>25,284</td><td>22,983</td></tr><tr><td>Turkey</td><td>1,120</td><td>1,083</td><td>866</td><td>856</td><td>939</td><td>895</td><td>914</td><td>918</td><td>1,332</td><td>948</td><td>1,398</td><td>1,409</td><td>1,496</td></tr><tr><td>Other Asia</td><td>2,833</td><td>3,332</td><td>3,924</td><td>3,625</td><td>3,517</td><td>3,919</td><td>3,868</td><td>3,928</td><td>4,036</td><td>4,155</td><td>4,372</td><td>4,495</td><td>4,042</td></tr><tr><td>Total Asia</td><td>43,575</td><td>53,599</td><td>57,133</td><td>54,410</td><td>56,236</td><td>57,143</td><td>67,990</td><td>72,701</td><td>74,283</td><td>74,989</td><td>99,191</td><td>94,461</td><td>85,046</td></tr><tr><td colspan="14">Other countries</td><td></td><td></td></tr><tr><td>Australia</td><td>1,787</td><td>1,317</td><td>1,453</td><td>1,790</td><td>1,904</td><td>2,874</td><td>2,887</td><td>3,297</td><td>2,707</td><td>3,067</td><td>3,410</td><td>4,295</td><td>6,203</td></tr><tr><td>New Zealand</td><td>710</td><td>674</td><td>585</td><td>591</td><td>579</td><td>1,102</td><td>1,240</td><td>1,192</td><td>990</td><td>867</td><td>1,077</td><td>1,160</td><td>1,308</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>251</td><td>210</td><td>198</td><td>213</td><td>296</td><td>250</td><td>438</td><td>330</td><td>384</td><td>385</td><td>398</td><td>413</td><td>438</td></tr><tr><td>French Morocco</td><td>50</td><td>72</td><td>62</td><td>34</td><td>154</td><td>112</td><td>36</td><td>36</td><td>32</td><td>19</td><td>14</td><td>13</td><td>13</td></tr><tr><td>Oaion of South Africa</td><td>5,319</td><td>5,821</td><td>6,650</td><td>7,797</td><td>8,453</td><td>8,035</td><td>8,060</td><td>7,731</td><td>8,443</td><td>9,063</td><td>10,094</td><td>10,460</td><td>14,664</td></tr><tr><td>All other</td><td>2,198</td><td>2,514</td><td>2,397</td><td>2,389</td><td>3,840</td><td>2,350</td><td>2,661</td><td>2,482</td><td>1,943</td><td>2,259</td><td>2,241</td><td>3,434</td><td>4,465</td></tr><tr><td>Total other countries</td><td>10,315</td><td>10,608</td><td>11,345</td><td>12,814</td><td>15,226</td><td>14,723</td><td>15,322</td><td>15,068</td><td>14,499</td><td>15,660</td><td>17,234</td><td>19,775</td><td>27,091</td></tr><tr><td>Unidentified</td><td>199</td><td>342</td><td>211</td><td>71</td><td>55</td><td>105</td><td>310</td><td>41</td><td>23</td><td>93</td><td>6</td><td>3</td><td>-</td></tr><tr><td>Grand total</td><td>406,801</td><td>431,930</td><td>434,270</td><td>490,703</td><td>511,024</td><td>561,416</td><td>581,450</td><td>615,658</td><td>602,716</td><td>642,600</td><td>708,253</td><td>730,693</td><td>754,576</td></tr></table>
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td colspan="14">1946</td><td colspan="2">1947</td></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>630,499</td><td>553,759</td><td>553,420</td><td>434,360</td><td>335,059</td><td>661,071</td><td>525,328</td><td>570,314</td><td>638,085</td><td>586,821</td><td>458,916</td><td>484,354</td><td>443,281</td></tr><tr><td>France</td><td>380,667</td><td>364,453</td><td>305,782</td><td>319,659</td><td>285,961</td><td>275,207</td><td>250,769</td><td>275,520</td><td>284,606</td><td>261,376</td><td>245,945</td><td>237,173</td><td>209,082</td></tr><tr><td>Belgium</td><td>167,558</td><td>166,263</td><td>176,442</td><td>177,786</td><td>175,748</td><td>169,008</td><td>160,098</td><td>158,668</td><td>177,023</td><td>186,036</td><td>159,540</td><td>165,349</td><td>149,303</td></tr><tr><td>Denmark</td><td>41,555</td><td>44,243</td><td>47,375</td><td>48,554</td><td>49,745</td><td>50,361</td><td>52,087</td><td>56,793</td><td>58,909</td><td>57,040</td><td>66,474</td><td>73,307</td><td>68,302</td></tr><tr><td>Finland</td><td>10,737</td><td>11,244</td><td>10,116</td><td>11,907</td><td>11,179</td><td>11,874</td><td>13,142</td><td>13,574</td><td>17,008</td><td>18,573</td><td>22,205</td><td>21,640</td><td>28,909</td></tr><tr><td>Germany</td><td>6,770</td><td>6,613</td><td>6,620</td><td>6,505</td><td>6,354</td><td>6,436</td><td>6,467</td><td>6,447</td><td>6,842</td><td>7,276</td><td>7,120</td><td>5,275</td><td>5,531</td></tr><tr><td>Greece</td><td>69,666</td><td>74,932</td><td>76,677</td><td>75,514</td><td>72,277</td><td>64,143</td><td>60,095</td><td>64,387</td><td>58,431</td><td>55,525</td><td>49,322</td><td>43,729</td><td>43,027</td></tr><tr><td>Italy</td><td>97,480</td><td>100,507</td><td>123,446</td><td>130,491</td><td>136,954</td><td>165,511</td><td>174,344</td><td>178,863</td><td>188,885</td><td>205,521</td><td>267,922</td><td>320,998</td><td>247,380</td></tr><tr><td>Luxembourg</td><td>22,359</td><td>22,342</td><td>22,041</td><td>22,059</td><td>22,613</td><td>22,932</td><td>22,756</td><td>21,675</td><td>21,576</td><td>21,790</td><td>22,599</td><td>22,451</td><td>22,468</td></tr><tr><td>Netherlands</td><td>282,182</td><td>294,959</td><td>294,909</td><td>268,366</td><td>256,090</td><td>234,137</td><td>227,080</td><td>238,996</td><td>215,685</td><td>202,404</td><td>228,851</td><td>212,201</td><td>214,393</td></tr><tr><td>Norway</td><td>175,002</td><td>174,016</td><td>159,290</td><td>161,645</td><td>161,051</td><td>148,865</td><td>142,283</td><td>140,764</td><td>135,961</td><td>123,139</td><td>123,521</td><td>117,436</td><td>106,790</td></tr><tr><td>Portugal</td><td>45,254</td><td>45,378</td><td>49,667</td><td>49,488</td><td>48,582</td><td>47,644</td><td>50,202</td><td>49,073</td><td>48,792</td><td>43,453</td><td>39,037</td><td>45,415</td><td>44,001</td></tr><tr><td>Rumania</td><td>9,218</td><td>9,222</td><td>10,029</td><td>10,152</td><td>10,001</td><td>10,870</td><td>8,489</td><td>8,700</td><td>8,684</td><td>8,982</td><td>8,930</td><td>8,929</td><td>8,951</td></tr><tr><td>Spain</td><td>37,355</td><td>35,363</td><td>36,205</td><td>35,467</td><td>32,330</td><td>20,732</td><td>18,225</td><td>18,896</td><td>20,195</td><td>15,280</td><td>16,432</td><td>19,785</td><td>19,957</td></tr><tr><td>Sveden</td><td>212,880</td><td>205,164</td><td>199,991</td><td>195,957</td><td>191,700</td><td>204,443</td><td>196,294</td><td>183,110</td><td>159,893</td><td>165,407</td><td>172,590</td><td>164,237</td><td>159,064</td></tr><tr><td>Switzerland</td><td>316,218</td><td>321,155</td><td>324,414</td><td>323,231</td><td>332,538</td><td>336,746</td><td>359,032</td><td>351,069</td><td>359,087</td><td>366,782</td><td>372,624</td><td>377,217</td><td>384,112</td></tr><tr><td>O. S. S. R.</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,428</td><td>55,499</td><td>50,205</td><td>47,920</td><td>37,465</td><td>46,438</td><td>53,245</td><td>60,478</td><td>60,395</td><td>58,479</td></tr><tr><td>Yugoslavia</td><td>6,555</td><td>6,766</td><td>7,675</td><td>7,257</td><td>7,429</td><td>8,275</td><td>8,739</td><td>8,464</td><td>8,350</td><td>10,373</td><td>12,364</td><td>12,948</td><td>13,885</td></tr><tr><td>Other Europe</td><td>48,384</td><td>51,217</td><td>53,563</td><td>57,422</td><td>62,326</td><td>65,915</td><td>67,658</td><td>74,667</td><td>87,831</td><td>90,278</td><td>89,873</td><td>103,385</td><td>107,762</td></tr><tr><td>Total Europe</td><td>2,586,818</td><td>2,512,425</td><td>2,502,544</td><td>2,393,247</td><td>2,257,436</td><td>2,554,375</td><td>2,391,008</td><td>2,457,445</td><td>2,538,281</td><td>2,439,301</td><td>2,420,742</td><td>2,496,220</td><td>2,334,577</td></tr><tr><td>Canada</td><td>1,349,736</td><td>1,359,712</td><td>1,344,138</td><td>1,248,229</td><td>1,263,755</td><td>1,284,303</td><td>1,219,566</td><td>1,177,525</td><td>1,103,314</td><td>1,045,289</td><td>931,820</td><td>855,920</td><td>816,182</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>Argentinea</td><td>79,983</td><td>83,937</td><td>84,235</td><td>92,623</td><td>116,589</td><td>124,374</td><td>147,879</td><td>144,510</td><td>147,931</td><td>131,350</td><td>112,614</td><td>165,951</td><td>179,961</td></tr><tr><td>Bolivia</td><td>13,361</td><td>13,371</td><td>12,693</td><td>11,910</td><td>10,700</td><td>12,288</td><td>11,499</td><td>13,523</td><td>14,336</td><td>13,590</td><td>13,955</td><td>12,355</td><td>13,680</td></tr><tr><td>Brazil</td><td>199,622</td><td>210,631</td><td>206,827</td><td>222,014</td><td>218,846</td><td>231,064</td><td>255,861</td><td>230,961</td><td>223,542</td><td>205,597</td><td>173,965</td><td>183,419</td><td>157,803</td></tr><tr><td>Chile</td><td>64,630</td><td>63,883</td><td>60,313</td><td>55,304</td><td>59,262</td><td>62,103</td><td>53,863</td><td>51,221</td><td>49,837</td><td>50,458</td><td>50,721</td><td>46,180</td><td>45,191</td></tr><tr><td>Colombia</td><td>80,604</td><td>77,539</td><td>72,413</td><td>69,597</td><td>66,344</td><td>75,241</td><td>67,361</td><td>65,223</td><td>61,451</td><td>60,688</td><td>57,829</td><td>50,962</td><td>55,903</td></tr><tr><td>Costa Rica</td><td>5,693</td><td>6,297</td><td>6,005</td><td>6,901</td><td>6,730</td><td>6,754</td><td>6,536</td><td>6,687</td><td>7,137</td><td>8,606</td><td>7,736</td><td>7,346</td><td>9,042</td></tr><tr><td>Cuba</td><td>120,488</td><td>139,473</td><td>152,692</td><td>163,653</td><td>169,636</td><td>167,024</td><td>175,613</td><td>160,602</td><td>158,016</td><td>159,090</td><td>153,456</td><td>147,306</td><td>145,908</td></tr><tr><td>French West Indies and Guiana</td><td>7,098</td><td>6,582</td><td>6,627</td><td>7,029</td><td>6,985</td><td>7,647</td><td>7,413</td><td>7,806</td><td>6,723</td><td>5,969</td><td>5,356</td><td>4,874</td><td>3,934</td></tr><tr><td>Mexico</td><td>128,287</td><td>140,729</td><td>122,317</td><td>119,765</td><td>137,075</td><td>135,301</td><td>143,070</td><td>142,191</td><td>133,220</td><td>143,206</td><td>152,232</td><td>149,333</td><td>142,058</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>22,846</td><td>20,650</td><td>21,720</td><td>19,196</td><td>16,738</td><td>14,692</td><td>14,106</td><td>13,730</td><td>13,609</td><td>13,529</td><td>16,118</td><td>13,590</td><td>11,757</td></tr><tr><td>Panama</td><td>87,476</td><td>91,181</td><td>90,325</td><td>88,913</td><td>87,083</td><td>84,813</td><td>84,280</td><td>85,372</td><td>84,576</td><td>84,108</td><td>77,228</td><td>78,196</td><td>75,164</td></tr><tr><td>Peru</td><td>45,019</td><td>41,875</td><td>39,780</td><td>40,320</td><td>40,586</td><td>39,236</td><td>38,793</td><td>39,113</td><td>43,803</td><td>40,663</td><td>40,889</td><td>36,987</td><td>34,341</td></tr><tr><td>Venezuela</td><td>42,374</td><td>41,304</td><td>49,477</td><td>50,339</td><td>46,060</td><td>42,328</td><td>50,916</td><td>52,451</td><td>68,666</td><td>67,295</td><td>74,040</td><td>51,549</td><td>45,459</td></tr><tr><td>Other Latino America</td><td>145,988</td><td>156,300</td><td>152,323</td><td>160,508</td><td>168,637</td><td>171,489</td><td>169,367</td><td>167,339</td><td>167,625</td><td>166,697</td><td>168,665</td><td>183,791</td><td>182,354</td></tr><tr><td>Total Latino America</td><td>1,043,489</td><td>1,093,952</td><td>1,077,717</td><td>1,108,072</td><td>1,151,271</td><td>1,174,354</td><td>1,226,557</td><td>1,180,728</td><td>1,180,472</td><td>1,150,846</td><td>1,104,804</td><td>1,131,839</td><td>1,102,555</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 and Manchuria</td><td>737,967</td><td>732,087</td><td>717,030</td><td>695,384</td><td>657,045</td><td>611,924</td><td>561,842</td><td>525,332</td><td>490,086</td><td>456,457</td><td>431,937</td><td>338,650</td><td>359,731</td></tr><tr><td>French Indo-China</td><td>34,550</td><td>37,928</td><td>37,993</td><td>39,042</td><td>43,554</td><td>47,224</td><td>54,956</td><td>42,936</td><td>37,741</td><td>36,151</td><td>39,935</td><td>42,146</td><td>35,954</td></tr><tr><td>Bong Kongo</td><td>31,828</td><td>34,801</td><td>36,426</td><td>35,360</td><td>37,755</td><td>33,238</td><td>34,117</td><td>37,868</td><td>35,576</td><td>46,115</td><td>44,916</td><td>39,235</td><td>40,781</td></tr><tr><td>Iodie, Burma, and Ceylon</td><td>36,729</td><td>25,654</td><td>34,620</td><td>37,585</td><td>36,097</td><td>33,161</td><td>28,275</td><td>35,836</td><td>33,303</td><td>40,052</td><td>43,512</td><td>42,513</td><td>44,221</td></tr><tr><td>British Malaya</td><td>1,644</td><td>1,471</td><td>1,617</td><td>1,404</td><td>1,599</td><td>2,176</td><td>10,306</td><td>9,250</td><td>9,481</td><td>17,174</td><td>17,315</td><td>8,713</td><td>7,084</td></tr><tr><td>Japan</td><td>3,853</td><td>3,805</td><td>3,661</td><td>3,670</td><td>3,526</td><td>9,165</td><td>13,390</td><td>9,537</td><td>14,056</td><td>14,122</td><td>16,567</td><td>17,165</td><td>17,689</td></tr><tr><td>Netherlands East Indies</td><td>100,745</td><td>99,028</td><td>102,084</td><td>103,645</td><td>100,222</td><td>114,263</td><td>120,140</td><td>128,898</td><td>133,444</td><td>134,535</td><td>127,051</td><td>117,387</td><td>116,627</td></tr><tr><td>Philippine Islands</td><td>635,693</td><td>598,421</td><td>617,014</td><td>580,211</td><td>505,528</td><td>482,366</td><td>466,899</td><td>465,226</td><td>466,561</td><td>466,334</td><td>446,649</td><td>448,253</td><td>430,894</td></tr><tr><td>Turkey</td><td>62,184</td><td>66,067</td><td>66,918</td><td>71,998</td><td>69,278</td><td>64,474</td><td>62,926</td><td>60,993</td><td>58,610</td><td>64,342</td><td>54,714</td><td>60,834</td><td>56,498</td></tr><tr><td>Other Asia</td><td>78,385</td><td>86,336</td><td>81,924</td><td>87,369</td><td>86,817</td><td>89,466</td><td>84,631</td><td>80,573</td><td>80,490</td><td>89,221</td><td>93,778</td><td>88,536</td><td>85,080</td></tr><tr><td>Total Asia</td><td>1,723,578</td><td>1,685,593</td><td>1,699,285</td><td>1,655,668</td><td>1,541,421</td><td>1,487,457</td><td>1,437,482</td><td>1,396,449</td><td>1,359,348</td><td>1,364,503</td><td>1,316,374</td><td>1,263,492</td><td>1,194,159</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>26,078</td><td>24,323</td><td>26,642</td><td>23,830</td><td>24,366</td><td>28,665</td><td>33,645</td><td>39,940</td><td>41,128</td><td>35,147</td><td>45,512</td><td>40,873</td><td>59,367</td></tr><tr><td>New Zealand</td><td>3,963</td><td>3,765</td><td>3,841</td><td>4,795</td><td>7,528</td><td>6,429</td><td>5,198</td><td>5,514</td><td>5,476</td><td>5,734</td><td>7,977</td><td>8,207</td><td>8
July 1947
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 7. - Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td colspan="14">1945</td><td colspan="2">1947</td></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>2,067</td><td>1,800</td><td>2,079</td><td>1,928</td><td>1,825</td><td>2,016</td><td>1,381</td><td>1,267</td><td>1,282</td><td>1,091</td><td>1,123</td><td>1,135</td><td>1,073</td></tr><tr><td>France</td><td>334</td><td>347</td><td>337</td><td>267</td><td>268</td><td>287</td><td>254</td><td>339</td><td>288</td><td>290</td><td>254</td><td>221</td><td>197</td></tr><tr><td>Belgium</td><td>130</td><td>127</td><td>75</td><td>68</td><td>118</td><td>110</td><td>104</td><td>107</td><td>97</td><td>198</td><td>111</td><td>129</td><td>59</td></tr><tr><td>Denmark</td><td>107</td><td>109</td><td>82</td><td>78</td><td>80</td><td>60</td><td>70</td><td>-</td><td>-</td><td>-</td><td>18</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>8</td><td>8</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>131</td><td>7</td><td>7</td><td>7</td><td>7</td><td>14</td></tr><tr><td>Germany</td><td>-</td><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>Greece</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Italy</td><td>3</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>94</td><td>2</td><td>2</td><td>2</td><td>18</td><td>2</td></tr><tr><td>Luxembourg</td><td>12</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>32</td><td>32</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>140</td><td>128</td><td>113</td><td>118</td><td>152</td><td>127</td><td>130</td><td>139</td><td>95</td><td>115</td><td>104</td><td>105</td><td>91</td></tr><tr><td>Norway</td><td>568</td><td>502</td><td>466</td><td>386</td><td>252</td><td>276</td><td>185</td><td>346</td><td>359</td><td>244</td><td>232</td><td>218</td><td>224</td></tr><tr><td>Portugal</td><td>40</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>36</td><td>10</td><td>8</td><td>8</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>214</td><td>174</td><td>115</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Spain</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>87</td><td>84</td><td>81</td><td>72</td><td>75</td></tr><tr><td>Sweden</td><td>209</td><td>133</td><td>123</td><td>106</td><td>175</td><td>157</td><td>62</td><td>58</td><td>767</td><td>714</td><td>815</td><td>824</td><td>1,252</td></tr><tr><td>Switzerland</td><td>1,036</td><td>1,071</td><td>920</td><td>1,058</td><td>825</td><td>847</td><td>660</td><td>959</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>-</td><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>Yugoslavia</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>1</td><td>4</td><td>-</td></tr><tr><td>Other Europe</td><td>409</td><td>404</td><td>353</td><td>320</td><td>275</td><td>233</td><td>193</td><td>2</td><td>2</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>5,065</td><td>4,652</td><td>4,577</td><td>4,357</td><td>3,987</td><td>4,130</td><td>3,056</td><td>3,670</td><td>3,200</td><td>2,950</td><td>2,792</td><td>2,763</td><td>3,010</td></tr><tr><td>Canada</td><td>7,912</td><td>6,374</td><td>7,260</td><td>6,729</td><td>7,188</td><td>5,382</td><td>5,676</td><td>5,632</td><td>4,807</td><td>4,817</td><td>5,208</td><td>4,527</td><td>5,344</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,649</td><td>1,770</td><td>1,766</td><td>1,895</td><td>2,040</td><td>3,211</td><td>1,440</td><td>1,104</td><td>1,134</td><td>1,107</td><td>1,035</td><td>1,175</td><td>1,161</td></tr><tr><td>Bolivia</td><td>40</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></tr><tr><td>Brazil</td><td>1,564</td><td>1,519</td><td>1,602</td><td>1,635</td><td>1,753</td><td>1,649</td><td>1,707</td><td>1,635</td><td>1,576</td><td>1,482</td><td>1,319</td><td>1,654</td><td>1,821</td></tr><tr><td>Chile</td><td>594</td><td>808</td><td>1,290</td><td>1,173</td><td>1,499</td><td>1,199</td><td>808</td><td>874</td><td>1,078</td><td>817</td><td>768</td><td>743</td><td>861</td></tr><tr><td>Colombia</td><td>297</td><td>211</td><td>160</td><td>151</td><td>99</td><td>141</td><td>98</td><td>82</td><td>79</td><td>80</td><td>192</td><td>51</td><td>911</td></tr><tr><td>Costa Rica</td><td>19</td><td>21</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>3</td><td>2</td><td>2</td><td>4</td></tr><tr><td>Cuba</td><td>5,331</td><td>4,056</td><td>4,224</td><td>4,442</td><td>5,707</td><td>5,025</td><td>5,258</td><td>5,763</td><td>5,961</td><td>5,898</td><td>6,967</td><td>6,179</td><td>6,200</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>38</td><td>43</td><td>38</td><td>33</td><td>33</td><td>71</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td></tr><tr><td>Mexico</td><td>1,941</td><td>1,778</td><td>1,580</td><td>1,469</td><td>1,805</td><td>2,172</td><td>1,524</td><td>1,683</td><td>2,231</td><td>2,153</td><td>2,449</td><td>2,242</td><td>2,677</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>30</td><td>4</td><td>3</td><td>-</td><td>-</td><td>1</td><td>91</td><td>-</td><td>-</td><td>-</td><td>13</td><td>-</td><td>9</td></tr><tr><td>Panama</td><td>362</td><td>394</td><td>245</td><td>89</td><td>55</td><td>48</td><td>82</td><td>39</td><td>36</td><td>37</td><td>86</td><td>40</td><td>115</td></tr><tr><td>Peru</td><td>337</td><td>301</td><td>117</td><td>3</td><td>4</td><td>5</td><td>30</td><td>27</td><td>5</td><td>5</td><td>4</td><td>2</td><td>81</td></tr><tr><td>Venezuela</td><td>3,561</td><td>3,372</td><td>3,132</td><td>2,156</td><td>2,362</td><td>1,792</td><td>1,717</td><td>1,859</td><td>1,880</td><td>119</td><td>1,823</td><td>1,579</td><td>1,877</td></tr><tr><td>Other Latin America</td><td>5,313</td><td>4,209</td><td>4,154</td><td>4,585</td><td>4,556</td><td>4,784</td><td>4,801</td><td>4,227</td><td>3,523</td><td>5,413</td><td>3,926</td><td>4,042</td><td>4,472</td></tr><tr><td>Total Latin America</td><td>21,038</td><td>18,482</td><td>18,317</td><td>17,636</td><td>19,913</td><td>20,060</td><td>17,627</td><td>17,326</td><td>17,536</td><td>17,144</td><td>18,614</td><td>17,999</td><td>19,540</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 and Manchuria</td><td>6,090</td><td>5,815</td><td>6,051</td><td>6,272</td><td>6,472</td><td>6,792</td><td>6,460</td><td>5,225</td><td>4,910</td><td>4,112</td><td>4,084</td><td>3,402</td><td>3,509</td></tr><tr><td>French Indo-China</td><td>108</td><td>70</td><td>40</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>117</td><td>68</td><td>73</td><td>175</td><td>31</td><td>224</td><td>90</td><td>294</td><td>29</td><td>69</td><td>34</td><td>33</td><td>31</td></tr><tr><td>British Malaya</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>85</td><td>346</td><td>5</td><td>6</td><td>6</td><td>4</td><td>1</td><td>676</td><td>987</td><td>1,251</td><td>1,338</td><td>863</td><td>955</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>43</td><td>41</td><td>37</td><td>36</td><td>6</td><td>5</td><td>5</td><td>3</td><td>4</td><td>8</td><td>4</td><td>23</td><td>6</td></tr><tr><td>Total Asia</td><td>6,444</td><td>6,341</td><td>6,207</td><td>6,500</td><td>6,516</td><td>7,026</td><td>6,556</td><td>6,198</td><td>5,930</td><td>5,440</td><td>5,460</td><td>4,321</td><td>4,501</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>24</td><td>18</td><td>15</td><td>16</td><td>14</td><td>13</td><td>13</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>New Zealand</td><td>-</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>Egypt and Anglo-Egyptian Sudan</td><td>29</td><td>28</td><td>25</td><td>24</td><td>15</td><td>19</td><td>19</td><td>15</td><td>3</td><td>3</td><td>2</td><td>3</td><td>8</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83</td><td>82</td><td>82</td><td>79</td><td>80</td><td>78</td></tr><tr><td>All other</td><td>17</td><td>41</td><td>44</td><td>53</td><td>42</td><td>25</td><td>38</td><td>40</td><td>27</td><td>35</td><td>30</td><td>7</td><td>62</td></tr><tr><td>Total other countries</td><td>72</td><td>87</td><td>84</td><td>93</td><td>71</td><td>57</td><td>70</td><td>143</td><td>116</td><td>124</td><td>115</td><td>95</td><td>152</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></tr><tr><td>Grand total</td><td>40,531</td><td>35,936</td><td>36,445</td><td>35,315</td><td>37,675</td><td>36,655</td><td>32,985</td><td>32,969</td><td>31,589</td><td>30,475</td><td>32,189</td><td>29,705</td><td>32,517</td></tr></table>
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 8.--Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Portion at end of month in thousands of dollars)
<table><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</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>6,759</td><td>5,795</td><td>5,270</td><td>5,023</td><td>5,107</td><td>4,902</td><td>4,576</td><td>3,851</td><td>4,460</td><td>4,227</td><td>4,305</td><td>4,329</td><td>4,852</td></tr><tr><td>France</td><td>11,044</td><td>10,462</td><td>10,626</td><td>10,505</td><td>10,565</td><td>10,738</td><td>10,005</td><td>8,454</td><td>8,747</td><td>8,358</td><td>6,819</td><td>6,391</td><td>6,186</td></tr><tr><td>Belgium</td><td>1,543</td><td>1,523</td><td>1,559</td><td>1,444</td><td>1,466</td><td>1,926</td><td>2,197</td><td>2,159</td><td>2,189</td><td>2,207</td><td>2,073</td><td>1,850</td><td>1,793</td></tr><tr><td>Denmark</td><td>240</td><td>167</td><td>166</td><td>161</td><td>161</td><td>148</td><td>146</td><td>180</td><td>110</td><td>101</td><td>83</td><td>94</td><td>156</td></tr><tr><td>Finland</td><td>54</td><td>34</td><td>1</td><td>1</td><td>3</td><td>2</td><td>2</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>2</td></tr><tr><td>Germany</td><td>290</td><td>275</td><td>297</td><td>319</td><td>316</td><td>326</td><td>302</td><td>169</td><td>301</td><td>297</td><td>324</td><td>284</td><td>276</td></tr><tr><td>Greece</td><td>65</td><td>25</td><td>25</td><td>26</td><td>26</td><td>12</td><td>21</td><td>21</td><td>22</td><td>26</td><td>13</td><td>11</td><td>13</td></tr><tr><td>Italy</td><td>245</td><td>254</td><td>316</td><td>342</td><td>282</td><td>325</td><td>264</td><td>160</td><td>300</td><td>288</td><td>260</td><td>274</td><td>254</td></tr><tr><td>Luxembourg</td><td>824</td><td>899</td><td>768</td><td>769</td><td>543</td><td>782</td><td>657</td><td>695</td><td>966</td><td>989</td><td>979</td><td>973</td><td>861</td></tr><tr><td>Setherlands</td><td>10,028</td><td>9,986</td><td>9,491</td><td>9,779</td><td>9,795</td><td>9,968</td><td>9,608</td><td>9,545</td><td>10,077</td><td>9,924</td><td>11,308</td><td>11,093</td><td>8,691</td></tr><tr><td>Norway</td><td>1,661</td><td>1,608</td><td>1,530</td><td>1,270</td><td>1,500</td><td>1,112</td><td>1,060</td><td>1,655</td><td>1,421</td><td>2,049</td><td>1,758</td><td>1,535</td><td>1,387</td></tr><tr><td>Portugal</td><td>125</td><td>143</td><td>69</td><td>63</td><td>90</td><td>30</td><td>125</td><td>101</td><td>36</td><td>98</td><td>19</td><td>29</td><td>11</td></tr><tr><td>Rumania</td><td>43</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>48</td><td>43</td><td>43</td><td>43</td><td>43</td><td>44</td><td>55</td></tr><tr><td>Spain</td><td>160</td><td>124</td><td>108</td><td>102</td><td>103</td><td>111</td><td>113</td><td>171</td><td>201</td><td>176</td><td>153</td><td>156</td><td>214</td></tr><tr><td>Svedeo</td><td>484</td><td>671</td><td>647</td><td>574</td><td>528</td><td>612</td><td>646</td><td>548</td><td>531</td><td>513</td><td>543</td><td>569</td><td>540</td></tr><tr><td>Switzerland</td><td>26,689</td><td>27,920</td><td>27,720</td><td>28,088</td><td>29,036</td><td>29,399</td><td>31,401</td><td>32,691</td><td>33,486</td><td>34,154</td><td>35,233</td><td>35,167</td><td>35,943</td></tr><tr><td>U. S. S. R.</td><td>44</td><td>44</td><td>44</td><td>44</td><td>21</td><td>49</td><td>89</td><td>47</td><td>49</td><td>49</td><td>50</td><td>50</td><td>53</td></tr><tr><td>Yugoslavia</td><td>44</td><td>44</td><td>44</td><td>44</td><td>48</td><td>49</td><td>89</td><td>47</td><td>49</td><td>49</td><td>50</td><td>50</td><td>53</td></tr><tr><td>Other Europe</td><td>1,638</td><td>1,635</td><td>1,625</td><td>1,736</td><td>1,628</td><td>1,565</td><td>1,626</td><td>1,655</td><td>1,606</td><td>1,588</td><td>1,737</td><td>1,630</td><td>1,644</td></tr><tr><td>Total Europe</td><td>61,936</td><td>61,610</td><td>60,307</td><td>60,291</td><td>61,263</td><td>62,052</td><td>62,846</td><td>62,148</td><td>64,548</td><td>65,090</td><td>65,703</td><td>64,482</td><td>62,931</td></tr><tr><td>Canada</td><td>7,437</td><td>6,907</td><td>7,322</td><td>6,919</td><td>6,347</td><td>5,805</td><td>5,387</td><td>5,446</td><td>5,500</td><td>6,928</td><td>7,355</td><td>7,245</td><td>7,669</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>4,785</td><td>5,590</td><td>6,469</td><td>6,229</td><td>6,400</td><td>5,750</td><td>7,275</td><td>6,667</td><td>6,888</td><td>5,881</td><td>5,955</td><td>6,102</td><td>8,257</td></tr><tr><td>Bolivia</td><td>65</td><td>65</td><td>51</td><td>49</td><td>30</td><td>40</td><td>35</td><td>37</td><td>32</td><td>31</td><td>31</td><td>29</td><td>28</td></tr><tr><td>Brazil</td><td>1,541</td><td>1,436</td><td>1,443</td><td>929</td><td>1,649</td><td>1,425</td><td>746</td><td>751</td><td>614</td><td>685</td><td>807</td><td>983</td><td>975</td></tr><tr><td>Chile</td><td>800</td><td>779</td><td>743</td><td>620</td><td>604</td><td>555</td><td>545</td><td>540</td><td>600</td><td>542</td><td>571</td><td>483</td><td>470</td></tr><tr><td>Colombia</td><td>346</td><td>259</td><td>278</td><td>265</td><td>267</td><td>254</td><td>294</td><td>299</td><td>213</td><td>207</td><td>209</td><td>345</td><td>619</td></tr><tr><td>Costa Rica</td><td>40</td><td>80</td><td>38</td><td>87</td><td>66</td><td>59</td><td>59</td><td>97</td><td>95</td><td>41</td><td>71</td><td>113</td><td>143</td></tr><tr><td>Cuba</td><td>1,087</td><td>1,220</td><td>1,193</td><td>1,075</td><td>1,385</td><td>845</td><td>527</td><td>967</td><td>873</td><td>849</td><td>924</td><td>1,144</td><td>1,534</td></tr><tr><td>French West Indies and Guiana</td><td>14</td><td>-</td><td>-</td><td>3</td><td>1</td><td>1</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Mexico</td><td>2,268</td><td>3,431</td><td>5,305</td><td>5,310</td><td>4,788</td><td>4,483</td><td>5,563</td><td>12,121</td><td>11,243</td><td>11,163</td><td>10,404</td><td>6,118</td><td>13,083</td></tr><tr><td>Setherlands West Indies and Surinam</td><td>255</td><td>221</td><td>209</td><td>193</td><td>173</td><td>175</td><td>239</td><td>69</td><td>224</td><td>221</td><td>278</td><td>238</td><td>270</td></tr><tr><td>Panama</td><td>7,998</td><td>7,887</td><td>8,249</td><td>7,970</td><td>8,716</td><td>8,905</td><td>9,041</td><td>7,370</td><td>7,360</td><td>6,928</td><td>6,820</td><td>6,870</td><td>6,167</td></tr><tr><td>Pern</td><td>186</td><td>118</td><td>187</td><td>274</td><td>183</td><td>259</td><td>145</td><td>171</td><td>156</td><td>146</td><td>130</td><td>239</td><td>134</td></tr><tr><td>Venezuela</td><td>2,103</td><td>2,133</td><td>2,405</td><td>2,563</td><td>2,875</td><td>2,964</td><td>2,932</td><td>3,158</td><td>2,992</td><td>2,150</td><td>2,305</td><td>2,084</td><td>2,201</td></tr><tr><td>Other Latino America</td><td>1,566</td><td>1,522</td><td>1,111</td><td>1,000</td><td>1,075</td><td>969</td><td>1,124</td><td>1,489</td><td>1,429</td><td>1,645</td><td>1,613</td><td>1,643</td><td>1,696</td></tr><tr><td>Total Latino America</td><td>23,054</td><td>24,741</td><td>27,681</td><td>26,567</td><td>28,212</td><td>26,684</td><td>28,558</td><td>33,736</td><td>32,719</td><td>30,489</td><td>30,118</td><td>26,392</td><td>35,577</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 and Manchuria</td><td>1,774</td><td>1,154</td><td>1,940</td><td>1,752</td><td>2,297</td><td>1,980</td><td>2,026</td><td>1,714</td><td>1,704</td><td>1,639</td><td>1,564</td><td>1,628</td><td>1,507</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Roog Koog</td><td>89</td><td>13</td><td>61</td><td>84</td><td>117</td><td>95</td><td>164</td><td>195</td><td>157</td><td>196</td><td>180</td><td>151</td><td>144</td></tr><tr><td>India, Burma, and Ceylon</td><td>25</td><td>24</td><td>25</td><td>33</td><td>68</td><td>33</td><td>38</td><td>33</td><td>32</td><td>32</td><td>31</td><td>27</td><td>61</td></tr><tr><td>British Malaya</td><td>5</td><td>5</td><td>5</td><td>5</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>3</td><td>3</td></tr><tr><td>Japan</td><td>24</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>44</td><td>44</td><td>44</td><td>35</td><td>36</td><td>36</td><td>36</td></tr><tr><td>Netherlande East Indies</td><td>7</td><td>9</td><td>12</td><td>12</td><td>11</td><td>11</td><td>4</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>13</td></tr><tr><td>Philippine islands</td><td>1,771</td><td>2,875</td><td>2,195</td><td>1,963</td><td>2,127</td><td>2,192</td><td>1,976</td><td>1,310</td><td>1,297</td><td>1,904</td><td>1,768</td><td>1,087</td><td>1,303</td></tr><tr><td>Turkey</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Other Asia</td><td>212</td><td>263</td><td>325</td><td>301</td><td>230</td><td>170</td><td>253</td><td>207</td><td>238</td><td>208</td><td>229</td><td>223</td><td>192</td></tr><tr><td>Total Asia</td><td>3,915</td><td>4,369</td><td>4,589</td><td>4,176</td><td>4,879</td><td>4,510</td><td>4,508</td><td>3,511</td><td>3,483</td><td>4,022</td><td>3,820</td><td>3,165</td><td>3,263</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>106</td><td>111</td><td>71</td><td>93</td><td>79</td><td>111</td><td>58</td><td>117</td><td>56</td><td>68</td><td>145</td><td>100</td><td>98</td></tr><tr><td>New Zealand</td><td>36</td><td>35</td><td>50</td><td>42</td><td>42</td><td>44</td><td>39</td><td>12</td><td>39</td><td>36</td><td>27</td><td>6</td><td>12</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>107</td><td>141</td><td>175</td><td>161</td><td>140</td><td>150</td><td>166</td><td>186</td><td>155</td><td>132</td><td>131</td><td>133</td><td>130</td></tr><tr><td>French Morocco</td><td>75</td><td>80</td><td>78</td><td>85</td><td>85</td><td>86</td><td>87</td><td>83</td><td>84</td><td>81</td><td>81</td><td>80</td><td>78</td></tr><tr><td>Union of South Africa</td><td>42</td><td>27</td><td>23</td><td>11</td><td>24</td><td>80</td><td>49</td><td>62</td><td>53</td><td>44</td><td>41</td><td>39</td><td>66</td></tr><tr><td>All other</td><td>832</td><td>879</td><td>891</td><td>970</td><td>1,050</td><td>1,132</td><td>1,122</td><td>1,143</td><td>1,108</td><td>1,375</td><td>1,560</td><td>1,528</td><td>2,391</td></tr><tr><td>Total other countries</td><td>1,198</td><td>1,273</td><td>1,288</td><td>1,362</td><td>1,420</td><td>1,603</td><td>1,521</td><td>1,603</td><td>1,495</td><td>1,736</td><td>1,985</td><td>1,886</td><td>2,775</td></tr><tr><td>Unidentified</td><td>55</td><td>56</td><td>71</td><td>71</td><td>71</td><td>74</td><td>74</td><td>92</td><td>74</td><td>74</td><td>75</td><td>77</td><td>75</td></tr><tr><td>Grand total</td><td>97,595</td><td>98,956</td><td>101,258</td><td>99,386</td><td>102,192</td><td>100,728</td><td>102,894</td><td>106,536</td><td>107,819</td><td>108,339</td><td>109,056</td><td>103,247</td><td>112,290</td></tr></table>
July 1947
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of February 1947
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="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>39,356</td><td>30,774</td><td>21,182</td><td>2,524</td><td>7,068</td><td>8,582</td><td>3,326</td><td>2,519</td><td>2,737</td></tr><tr><td>France</td><td>12,988</td><td>766</td><td>116</td><td>539</td><td>111</td><td>12,222</td><td>3,245</td><td>447</td><td>8,530</td></tr><tr><td>Belgium</td><td>7,373</td><td>172</td><td>87</td><td>3</td><td>82</td><td>7,201</td><td>287</td><td>696</td><td>6,218</td></tr><tr><td>Denmark</td><td>373</td><td>59</td><td>36</td><td>22</td><td>1</td><td>314</td><td>-</td><td>103</td><td>211</td></tr><tr><td>Finland</td><td>6,126</td><td>2</td><td>1</td><td>-</td><td>1</td><td>6,124</td><td>3,060</td><td>2,927</td><td>137</td></tr><tr><td>Germany</td><td>30,353</td><td>49</td><td>6</td><td>26</td><td>17</td><td>30,304</td><td>17,063</td><td>67</td><td>13,174</td></tr><tr><td>Greece</td><td>12,530</td><td>9</td><td>-</td><td>8</td><td>1</td><td>12,521</td><td>10,812</td><td>-</td><td>1,709</td></tr><tr><td>Italy</td><td>17,702</td><td>398</td><td>5</td><td>207</td><td>186</td><td>17,304</td><td>8,393</td><td>1,797</td><td>7,114</td></tr><tr><td>Luxembourg</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td><td>-</td><td>-</td><td>51</td></tr><tr><td>Netherlands</td><td>153,683</td><td>282</td><td>229</td><td>40</td><td>13</td><td>153,401</td><td>121,526</td><td>879</td><td>30,996</td></tr><tr><td>Norway</td><td>4,043</td><td>100</td><td>56</td><td>28</td><td>16</td><td>3,943</td><td>119</td><td>206</td><td>3,618</td></tr><tr><td>Portugal</td><td>929</td><td>176</td><td>75</td><td>98</td><td>3</td><td>753</td><td>133</td><td>1</td><td>619</td></tr><tr><td>Rumania</td><td>38</td><td>3</td><td>-</td><td>3</td><td>-</td><td>35</td><td>1</td><td>-</td><td>34</td></tr><tr><td>Spain</td><td>6,178</td><td>170</td><td>17</td><td>13</td><td>140</td><td>6,008</td><td>446</td><td>-</td><td>5,562</td></tr><tr><td>S Sweden</td><td>5,630</td><td>1,456</td><td>929</td><td>517</td><td>10</td><td>4,174</td><td>7</td><td>952</td><td>3,215</td></tr><tr><td>Switzerland</td><td>12,205</td><td>1,252</td><td>862</td><td>386</td><td>4</td><td>10,953</td><td>8,774</td><td>181</td><td>1,998</td></tr><tr><td>U.S.S.R.</td><td>19</td><td>12</td><td>12</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>7</td></tr><tr><td>Yugoslavia</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Other Europe</td><td>10,226</td><td>309</td><td>243</td><td>55</td><td>11</td><td>9,917</td><td>5,941</td><td>223</td><td>4,153</td></tr><tr><td>Total Europe</td><td>319,807</td><td>35,989</td><td>23,856</td><td>4,469</td><td>7,664</td><td>283,818</td><td>180,733</td><td>10,998</td><td>90,087</td></tr><tr><td>Canada</td><td>43,021</td><td>24,206</td><td>18,090</td><td>5,244</td><td>872</td><td>18,815</td><td>5,967</td><td>1,289</td><td>11,559</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>45,479</td><td>991</td><td>292</td><td>661</td><td>48</td><td>44,488</td><td>27,429</td><td>2,467</td><td>14,592</td></tr><tr><td>Bolivia</td><td>2,573</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,573</td><td>411</td><td>-</td><td>2,162</td></tr><tr><td>Brazil</td><td>63,109</td><td>129</td><td>106</td><td>1</td><td>22</td><td>62,980</td><td>9,458</td><td>1,392</td><td>52,130</td></tr><tr><td>Chile</td><td>15,259</td><td>5</td><td>1</td><td>-</td><td>4</td><td>15,254</td><td>418</td><td>1,615</td><td>13,221</td></tr><tr><td>Colombia</td><td>30,155</td><td>40</td><td>-</td><td>38</td><td>2</td><td>30,115</td><td>9,720</td><td>4,107</td><td>15,288</td></tr><tr><td>Costa Rica</td><td>3,696</td><td>10</td><td>-</td><td>10</td><td>-</td><td>3,686</td><td>1,081</td><td>35</td><td>2,570</td></tr><tr><td>Cuba</td><td>37,910</td><td>405</td><td>405</td><td>-</td><td>-</td><td>37,505</td><td>14,303</td><td>6,272</td><td>15,930</td></tr><tr><td>French West Indies and Guiana</td><td>116</td><td>-</td><td>-</td><td>-</td><td>-</td><td>116</td><td>103</td><td>-</td><td>13</td></tr><tr><td>Mexico</td><td>28,754</td><td>2,031</td><td>1,353</td><td>115</td><td>563</td><td>26,723</td><td>5,196</td><td>3,741</td><td>17,786</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>809</td><td>3</td><td>-</td><td>-</td><td>3</td><td>806</td><td>-</td><td>-</td><td>806</td></tr><tr><td>Panama</td><td>1,680</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,679</td><td>19</td><td>-</td><td>1,660</td></tr><tr><td>Peru</td><td>6,531</td><td>10</td><td>1</td><td>1</td><td>8</td><td>6,521</td><td>474</td><td>391</td><td>5,656</td></tr><tr><td>Venezuela</td><td>15,638</td><td>180</td><td>146</td><td>30</td><td>4</td><td>15,458</td><td>5,772</td><td>365</td><td>9,321</td></tr><tr><td>Other Latin America</td><td>27,902</td><td>176</td><td>143</td><td>-</td><td>33</td><td>27,726</td><td>7,637</td><td>2,127</td><td>17,962</td></tr><tr><td>Total Latin America</td><td>279,611</td><td>3,981</td><td>2,437</td><td>856</td><td>688</td><td>275,630</td><td>82,021</td><td>22,512</td><td>171,097</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>36,801</td><td>2,800</td><td>2,798</td><td>2</td><td>-</td><td>34,001</td><td>23,659</td><td>1,838</td><td>8,504</td></tr><tr><td>French Indo-China</td><td>25</td><td>1</td><td>-</td><td>1</td><td>1</td><td>24</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Hong Kong</td><td>5,061</td><td>1,197</td><td>1,035</td><td>89</td><td>73</td><td>3,864</td><td>2,677</td><td>499</td><td>688</td></tr><tr><td>India, Burma, and Ceylon</td><td>12,908</td><td>4,003</td><td>852</td><td>3,126</td><td>25</td><td>8,905</td><td>3,887</td><td>3,081</td><td>1,937</td></tr><tr><td>British Malaya</td><td>537</td><td>4</td><td>-</td><td>4</td><td>-</td><td>533</td><td>22</td><td>296</td><td>215</td></tr><tr><td>Japan</td><td>245</td><td>3</td><td>2</td><td>1</td><td>-</td><td>242</td><td>208</td><td>-</td><td>34</td></tr><tr><td>Netherlands East Indies</td><td>948</td><td>4</td><td>4</td><td>-</td><td>-</td><td>944</td><td>1</td><td>816</td><td>127</td></tr><tr><td>Philippine Islands</td><td>22,983</td><td>708</td><td>336</td><td>-</td><td>372</td><td>22,275</td><td>11,607</td><td>3,530</td><td>7,138</td></tr><tr><td>Turkey</td><td>1,496</td><td>8</td><td>45</td><td>8</td><td>7</td><td>1,488</td><td>245</td><td>115</td><td>1,243</td></tr><tr><td>Other Asia</td><td>4,042</td><td>52</td><td>45</td><td>-</td><td>7</td><td>3,990</td><td>143</td><td>-</td><td>3,732</td></tr><tr><td>Total Asia</td><td>85,046</td><td>8,780</td><td>5,072</td><td>3,230</td><td>478</td><td>76,266</td><td>42,449</td><td>10,175</td><td>23,642</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>6,203</td><td>2,032</td><td>1,841</td><td>158</td><td>33</td><td>4,171</td><td>486</td><td>2,054</td><td>1,631</td></tr><tr><td>New Zealand</td><td>1,308</td><td>305</td><td>301</td><td>-</td><td>4</td><td>1,003</td><td>-</td><td>108</td><td>892</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>438</td><td>7</td><td>3</td><td>-</td><td>4</td><td>431</td><td>67</td><td>-</td><td>364</td></tr><tr><td>French Morocco</td><td>13</td><td>1</td><td>1</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Union of South Africa</td><td>14,664</td><td>3,381</td><td>8</td><td>1,810</td><td>1,563</td><td>11,283</td><td>3</td><td>241</td><td>11,039</td></tr><tr><td>All other</td><td>4,465</td><td>38</td><td>17</td><td>-</td><td>21</td><td>4,427</td><td>1,411</td><td>-</td><td>3,016</td></tr><tr><td>Total other countries</td><td>27,091</td><td>5,764</td><td>2,171</td><td>1,968</td><td>1,625</td><td>21,327</td><td>1,967</td><td>2,403</td><td>16,957</td></tr><tr><td>Unidentified</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>754,576</td><td>78,720</td><td>51,626</td><td>15,767</td><td>11,327</td><td>675,856</td><td>315,137</td><td>47,377</td><td>313,342</td></tr></table>
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of February 1947 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Poetion at end of month in thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>443,281</td><td>428,214</td><td>409,307</td><td>2,749</td><td>10,867</td><td>5,291</td><td>15,067</td><td>1,648</td><td>7,212</td><td>6,207</td></tr><tr><td>France</td><td>209,082</td><td>208,660</td><td>185,949</td><td>393</td><td>21,101</td><td>1,217</td><td>422</td><td>205</td><td>200</td><td>17</td></tr><tr><td>Belgium</td><td>149,303</td><td>149,080</td><td>137,066</td><td>1,535</td><td>10,454</td><td>25</td><td>223</td><td>170</td><td>-</td><td>53</td></tr><tr><td>Denmark</td><td>68,302</td><td>68,287</td><td>59,538</td><td>8,713</td><td>2</td><td>34</td><td>15</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>28,909</td><td>28,906</td><td>28,874</td><td>32</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>5,531</td><td>5,516</td><td>5,444</td><td>22</td><td>12</td><td>38</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>43,027</td><td>43,000</td><td>42,462</td><td>330</td><td>208</td><td>-</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>247,380</td><td>247,374</td><td>172,047</td><td>1,546</td><td>73,697</td><td>84</td><td>6</td><td>5</td><td>-</td><td>1</td></tr><tr><td>Luxembourg</td><td>22,468</td><td>22,468</td><td>21,377</td><td>-</td><td>1,091</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>214,393</td><td>214,346</td><td>200,281</td><td>151</td><td>13,875</td><td>39</td><td>47</td><td>26</td><td>-</td><td>21</td></tr><tr><td>Norway</td><td>106,790</td><td>106,772</td><td>69,337</td><td>39</td><td>37,396</td><td>-</td><td>18</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>44,001</td><td>43,947</td><td>42,963</td><td>984</td><td>-</td><td>-</td><td>54</td><td>14</td><td>-</td><td>40</td></tr><tr><td>Rumania</td><td>8,851</td><td>8,851</td><td>8,823</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>19,957</td><td>19,856</td><td>19,625</td><td>170</td><td>50</td><td>11</td><td>101</td><td>96</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>159,064</td><td>158,902</td><td>137,800</td><td>13,133</td><td>7,500</td><td>469</td><td>162</td><td>142</td><td>-</td><td>20</td></tr><tr><td>Switzerland</td><td>384,112</td><td>383,239</td><td>364,351</td><td>5,205</td><td>9,391</td><td>4,292</td><td>873</td><td>270</td><td>-</td><td>603</td></tr><tr><td>U. S. S. R.</td><td>58,479</td><td>58,479</td><td>58,460</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>13,885</td><td>13,885</td><td>13,858</td><td>25</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>107,762</td><td>107,748</td><td>107,241</td><td>151</td><td>320</td><td>36</td><td>14</td><td>2</td><td>-</td><td>12</td></tr><tr><td>Total Europe</td><td>2,334,577</td><td>2,317,530</td><td>2,084,803</td><td>35,225</td><td>185,964</td><td>11,538</td><td>17,047</td><td>2,652</td><td>7,412</td><td>6,983</td></tr><tr><td>Canada</td><td>816,182</td><td>810,733</td><td>303,948</td><td>1,574</td><td>502,429</td><td>2,782</td><td>5,449</td><td>208</td><td>6</td><td>5,235</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>179,961</td><td>179,907</td><td>174,698</td><td>2,074</td><td>2,635</td><td>500</td><td>54</td><td>36</td><td>-</td><td>18</td></tr><tr><td>Bolivia</td><td>13,680</td><td>13,680</td><td>11,572</td><td>270</td><td>-</td><td>1,838</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>157,803</td><td>157,726</td><td>145,132</td><td>12,573</td><td>11</td><td>10</td><td>77</td><td>77</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>45,191</td><td>45,184</td><td>42,847</td><td>2,337</td><td>-</td><td>-</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>55,903</td><td>55,902</td><td>55,314</td><td>400</td><td>-</td><td>188</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>9,042</td><td>9,042</td><td>6,702</td><td>2,340</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>145,908</td><td>145,784</td><td>143,266</td><td>2,214</td><td>304</td><td>-</td><td>124</td><td>-</td><td>-</td><td>124</td></tr><tr><td>French West Indies and Guiana</td><td>3,934</td><td>3,934</td><td>3,933</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>142,058</td><td>141,277</td><td>138,125</td><td>1,851</td><td>1,250</td><td>51</td><td>781</td><td>5</td><td>-</td><td>776</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>11,757</td><td>11,757</td><td>10,591</td><td>-</td><td>1,166</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>75,164</td><td>75,162</td><td>63,041</td><td>31</td><td>12,090</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Peru</td><td>34,341</td><td>31,327</td><td>29,496</td><td>606</td><td>1,225</td><td>-</td><td>3,014</td><td>3,014</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>45,459</td><td>45,396</td><td>44,945</td><td>450</td><td>-</td><td>-</td><td>63</td><td>63</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>182,354</td><td>182,025</td><td>149,333</td><td>5,076</td><td>27,390</td><td>226</td><td>329</td><td>319</td><td>-</td><td>10</td></tr><tr><td>Total Latin America</td><td>1,102,555</td><td>1,098,103</td><td>1,018,996</td><td>30,223</td><td>46,071</td><td>2,813</td><td>4,452</td><td>3,522</td><td>-</td><td>930</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 and Manchurie</td><td>359,731</td><td>358,472</td><td>155,886</td><td>1,929</td><td>199,398</td><td>1,259</td><td>1,259</td><td>343</td><td>-</td><td>916</td></tr><tr><td>French Indo-China</td><td>35,954</td><td>35,954</td><td>17,894</td><td>-</td><td>18,033</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>40,781</td><td>35,739</td><td>35,091</td><td>267</td><td>292</td><td>89</td><td>5,042</td><td>4,906</td><td>-</td><td>136</td></tr><tr><td>Indie, Burma, and Ceylon</td><td>44,221</td><td>42,675</td><td>38,733</td><td>3,837</td><td>-</td><td>105</td><td>1,546</td><td>682</td><td>73</td><td>791</td></tr><tr><td>British Malaya</td><td>7,084</td><td>7,067</td><td>5,900</td><td>860</td><td>300</td><td>7</td><td>17</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>17,689</td><td>17,655</td><td>17,178</td><td>455</td><td>22</td><td>-</td><td>34</td><td>22</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>116,627</td><td>116,625</td><td>41,735</td><td>180</td><td>74,710</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>430,494</td><td>430,444</td><td>421,929</td><td>5,986</td><td>81</td><td>2,448</td><td>50</td><td>50</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>56,498</td><td>56,498</td><td>56,105</td><td>393</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>85,080</td><td>84,920</td><td>73,490</td><td>754</td><td>10,636</td><td>40</td><td>160</td><td>158</td><td>-</td><td>2</td></tr><tr><td>Total Asia</td><td>1,194,159</td><td>1,186,049</td><td>863,941</td><td>14,661</td><td>303,472</td><td>3,975</td><td>8,110</td><td>6,180</td><td>73</td><td>1,857</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>59,367</td><td>59,173</td><td>57,289</td><td>890</td><td>502</td><td>492</td><td>194</td><td>3</td><td>-</td><td>191</td></tr><tr><td>New Zealand</td><td>8,311</td><td>8,280</td><td>8,032</td><td>248</td><td>-</td><td>-</td><td>31</td><td>15</td><td>-</td><td>16</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>18,363</td><td>18,306</td><td>17,753</td><td>321</td><td>-</td><td>232</td><td>57</td><td>-</td><td>-</td><td>37</td></tr><tr><td>French Morocco</td><td>16,855</td><td>16,855</td><td>16,775</td><td>80</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>33,903</td><td>32,916</td><td>8,963</td><td>1,908</td><td>22,030</td><td>15</td><td>987</td><td>987</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>70,238</td><td>69,960</td><td>68,804</td><td>182</td><td>951</td><td>23</td><td>278</td><td>128</td><td>-</td><td>150</td></tr><tr><td>Total other countries</td><td>207,037</td><td>205,490</td><td>177,616</td><td>3,629</td><td>23,483</td><td>762</td><td>1,547</td><td>1,133</td><td>-</td><td>414</td></tr><tr><td>International</td><td>2,725,574</td><td>2,725,574</td><td>389,239</td><td>-</td><td>2,336,335</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>20,434</td><td>20,434</td><td>20,434</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>8,400,518</td><td>8,363,913</td><td>4,858,977</td><td>85,312</td><td>3,397,754</td><td>21,870</td><td>36,605</td><td>13,695</td><td>7,491</td><td>15,419</td></tr></table>
July 1947
97
Capital Movements Between the United States and Foreign Countries - (Continued
Section III - Details for Month of February 1947 - (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>Stocke</th><th>Bonde</th><th>Total</th><th>Stocke</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>9,632</td><td>749</td><td>564</td><td>185</td><td>8,883</td><td>405</td><td>8,478</td><td>7,782</td><td>2,117</td><td>1,522</td><td>595</td><td>5,665</td><td>483</td><td>5,182</td></tr><tr><td>France</td><td>1,049</td><td>872</td><td>538</td><td>334</td><td>177</td><td>69</td><td>108</td><td>2,808</td><td>2,489</td><td>1,936</td><td>553</td><td>319</td><td>144</td><td>175</td></tr><tr><td>Belgium</td><td>929</td><td>726</td><td>675</td><td>51</td><td>203</td><td>7</td><td>196</td><td>702</td><td>588</td><td>424</td><td>164</td><td>114</td><td>5</td><td>109</td></tr><tr><td>Denmark</td><td>124</td><td>87</td><td>77</td><td>10</td><td>37</td><td>-</td><td>37</td><td>205</td><td>181</td><td>141</td><td>40</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Finland</td><td>12</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>13</td><td>13</td><td>7</td><td>6</td><td>-</td><td>-</td><td>-</td><td>13</td><td>9</td><td>-</td><td>9</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Greece</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>120</td><td>118</td><td>15</td><td>103</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Italy</td><td>115</td><td>115</td><td>74</td><td>41</td><td>-</td><td>-</td><td>-</td><td>10,215</td><td>10,076</td><td>53</td><td>10,023</td><td>139</td><td>-</td><td>139</td></tr><tr><td>Luxembourg</td><td>33</td><td>33</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>28</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>1,337</td><td>1,260</td><td>890</td><td>370</td><td>77</td><td>46</td><td>31</td><td>7,487</td><td>6,292</td><td>4,318</td><td>1,974</td><td>1,195</td><td>65</td><td>1,130</td></tr><tr><td>Norway</td><td>3,205</td><td>148</td><td>138</td><td>10</td><td>3,057</td><td>16</td><td>3,057</td><td>1,753</td><td>1,397</td><td>113</td><td>1,284</td><td>356</td><td>121</td><td>235</td></tr><tr><td>Portugal</td><td>88</td><td>32</td><td>32</td><td>-</td><td>56</td><td>-</td><td>40</td><td>36</td><td>19</td><td>19</td><td>-</td><td>17</td><td>2</td><td>15</td></tr><tr><td>Romania</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>141</td><td>44</td><td>44</td><td>-</td><td>97</td><td>-</td><td>97</td><td>135</td><td>33</td><td>26</td><td>7</td><td>102</td><td>-</td><td>102</td></tr><tr><td>Sweden</td><td>290</td><td>204</td><td>187</td><td>17</td><td>86</td><td>4</td><td>82</td><td>264</td><td>165</td><td>165</td><td>-</td><td>99</td><td>7</td><td>92</td></tr><tr><td>Switzerland</td><td>9,267</td><td>7,283</td><td>5,415</td><td>1,868</td><td>1,984</td><td>427</td><td>1,557</td><td>8,660</td><td>6,925</td><td>5,557</td><td>1,368</td><td>1,735</td><td>358</td><td>1,377</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</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>3</td><td>3</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>62</td><td>52</td><td>24</td><td>28</td><td>10</td><td>1</td><td>9</td><td>142</td><td>120</td><td>82</td><td>38</td><td>22</td><td>-</td><td>22</td></tr><tr><td>Total Europe</td><td>26,304</td><td>11,623</td><td>8,703</td><td>2,920</td><td>14,681</td><td>975</td><td>13,706</td><td>40,353</td><td>30,560</td><td>14,399</td><td>16,161</td><td>9,793</td><td>1,189</td><td>8,604</td></tr><tr><td>Canada</td><td>33,388</td><td>7,518</td><td>4,171</td><td>3,347</td><td>25,870</td><td>8,181</td><td>17,689</td><td>109,215</td><td>12,286</td><td>5,828</td><td>6,458</td><td>96,929</td><td>2,437</td><td>94,492</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>3,299</td><td>875</td><td>795</td><td>80</td><td>2,424</td><td>543</td><td>1,881</td><td>1,597</td><td>968</td><td>851</td><td>117</td><td>629</td><td>33</td><td>596</td></tr><tr><td>Bolivia</td><td>48</td><td>38</td><td>38</td><td>-</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,170</td><td>420</td><td>269</td><td>151</td><td>750</td><td>-</td><td>750</td><td>1,688</td><td>1,599</td><td>1,433</td><td>166</td><td>89</td><td>25</td><td>64</td></tr><tr><td>Chile</td><td>203</td><td>163</td><td>156</td><td>7</td><td>40</td><td>3</td><td>40</td><td>177</td><td>173</td><td>166</td><td>7</td><td>4</td><td>2</td><td>2</td></tr><tr><td>Colombia</td><td>290</td><td>145</td><td>141</td><td>4</td><td>145</td><td>3</td><td>142</td><td>420</td><td>416</td><td>412</td><td>4</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Costa Rica</td><td>65</td><td>58</td><td>58</td><td>-</td><td>7</td><td>7</td><td>-</td><td>19</td><td>19</td><td>13</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,694</td><td>1,779</td><td>1,754</td><td>25</td><td>1,915</td><td>218</td><td>1,697</td><td>2,345</td><td>2,065</td><td>1,959</td><td>106</td><td>280</td><td>191</td><td>89</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>775</td><td>754</td><td>494</td><td>260</td><td>21</td><td>21</td><td>-</td><td>703</td><td>647</td><td>614</td><td>33</td><td>56</td><td>33</td><td>23</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>35</td><td>29</td><td>29</td><td>-</td><td>6</td><td>-</td><td>6</td><td>38</td><td>31</td><td>31</td><td>-</td><td>7</td><td>1</td><td>6</td></tr><tr><td>Panama</td><td>6,196</td><td>6,056</td><td>499</td><td>5,557</td><td>140</td><td>47</td><td>93</td><td>3,601</td><td>3,315</td><td>3,306</td><td>9</td><td>286</td><td>145</td><td>141</td></tr><tr><td>Peru</td><td>224</td><td>221</td><td>216</td><td>5</td><td>3</td><td>3</td><td>-</td><td>64</td><td>63</td><td>63</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Venezuela</td><td>379</td><td>214</td><td>152</td><td>62</td><td>165</td><td>146</td><td>19</td><td>568</td><td>518</td><td>516</td><td>2</td><td>50</td><td>50</td><td>-</td></tr><tr><td>Other Latin America</td><td>1,458</td><td>1,215</td><td>1,120</td><td>95</td><td>243</td><td>70</td><td>173</td><td>923</td><td>813</td><td>689</td><td>124</td><td>110</td><td>44</td><td>66</td></tr><tr><td>Total Latin America</td><td>17,837</td><td>11,968</td><td>5,722</td><td>6,246</td><td>5,869</td><td>1,068</td><td>4,801</td><td>12,143</td><td>10,627</td><td>10,053</td><td>574</td><td>1,516</td><td>527</td><td>989</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 and Manchurie</td><td>997</td><td>966</td><td>423</td><td>543</td><td>31</td><td>2</td><td>29</td><td>1,395</td><td>1,384</td><td>1,048</td><td>336</td><td>11</td><td>3</td><td>8</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>21</td><td>19</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>15</td><td>8</td><td>8</td><td>-</td><td>7</td><td>-</td><td>7</td><td>506</td><td>501</td><td>-</td><td>501</td><td>5</td><td>-</td><td>5</td></tr><tr><td>British Malaya</td><td>8</td><td>8</td><td>8</td><td>-</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</td><td>4</td><td>4</td><td>4</td><td>-</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>14</td><td>14</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>4</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>199</td><td>192</td><td>185</td><td>7</td><td>7</td><td>7</td><td>-</td><td>516</td><td>499</td><td>350</td><td>149</td><td>17</td><td>16</td><td>1</td></tr><tr><td>Turkey</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td><td>9</td><td>9</td><td>-</td><td>22</td><td>12</td><td>10</td></tr><tr><td>Other Asia</td><td>375</td><td>252</td><td>77</td><td>175</td><td>123</td><td>23</td><td>100</td><td>380</td><td>299</td><td>126</td><td>173</td><td>81</td><td>18</td><td>63</td></tr><tr><td>Total Asia</td><td>1,618</td><td>1,450</td><td>711</td><td>739</td><td>168</td><td>32</td><td>136</td><td>2,856</td><td>2,720</td><td>1,556</td><td>1,164</td><td>136</td><td>49</td><td>87</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>12,470</td><td>66</td><td>62</td><td>4</td><td>12,404</td><td>-</td><td>12,404</td><td>28,948</td><td>30</td><td>28</td><td>2</td><td>28,918</td><td>-</td><td>28,918</td></tr><tr><td>New Zealand</td><td>3</td><td>3</td><td>2</td><td>1</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>6</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>91</td><td>68</td><td>50</td><td>18</td><td>23</td><td>13</td><td>10</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83</td><td>81</td><td>81</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Union of South Africa</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>92</td><td>64</td><td>52</td><td>12</td><td>28</td><td>28</td><td>-</td></tr><tr><td>All other</td><td>32</td><td>28</td><td>7</td><td>21</td><td>4</td><td>2</td><td>2</td><td>1,081</td><td>1,046</td><td>1,046</td><td>35</td><td>35</td><td>8</td><td>27</td></tr><tr><td>Total other countries</td><td>12,613</td><td>182</td><td>138</td><td>44</td><td>12,431</td><td>15</td><td>12,416</td><td>30,229</td><td>1,246</td><td>1,229</td><td>17</td><td>28,983</td><td>38</td><td>28,945</td></tr><tr><td>Unidentified</td><td>14</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td><td>14</td><td>11</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>11</td></tr><tr><td>Grand total</td><td>91,774</td><td>32,741</td><td>19,445</td><td>13,296</td><td>59,033</td><td>10,271</td><td>48,762</td><td>194,807</td><td>57,439</td><td>33,965</td><td>24,374</td><td>137,368</td><td>4,240</td><td>133,128</td></tr></table>
98
Treasury Bulletin
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="10">1946</th><th colspan="2">1947</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</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>-2,773</td><td>-2,201</td><td>-727</td><td>-289</td><td>-2,159</td><td>10,489</td><td>9,623</td><td>5,195</td><td>2,795</td><td>3,494</td><td>1,085</td><td>242</td><td>-2,621</td></tr><tr><td>France</td><td>-56</td><td>-43</td><td>-58</td><td>-50</td><td>-73</td><td>-111</td><td>-108</td><td>-167</td><td>-39</td><td>-148</td><td>-197</td><td>-167</td><td>-165</td></tr><tr><td>Belgium</td><td>-165</td><td>-72</td><td>-99</td><td>-322</td><td>-145</td><td>27</td><td>110</td><td>-25</td><td>-56</td><td>-48</td><td>-133</td><td>41</td><td>127</td></tr><tr><td>Germany</td><td>-27</td><td>-27</td><td>-27</td><td>-26</td><td>-26</td><td>-25</td><td>-13</td><td>-12</td><td>-13</td><td>-13</td><td>-13</td><td>-13</td><td>-13</td></tr><tr><td>Italy</td><td>-64</td><td>-64</td><td>-54</td><td>-53</td><td>-53</td><td>-53</td><td>-57</td><td>-72</td><td>-55</td><td>-58</td><td>-46</td><td>-46</td><td>12</td></tr><tr><td>Netherlands</td><td>-310</td><td>-6</td><td>8</td><td>15</td><td>33</td><td>192</td><td>202</td><td>204</td><td>217</td><td>229</td><td>156</td><td>163</td><td>202</td></tr><tr><td>Portugal</td><td>56</td><td>19</td><td>8</td><td>22</td><td>74</td><td>133</td><td>76</td><td>43</td><td>24</td><td>-66</td><td>-5</td><td>-25</td><td>8</td></tr><tr><td>Spain</td><td>-93</td><td>-94</td><td>-111</td><td>-109</td><td>-95</td><td>-74</td><td>-120</td><td>-86</td><td>-83</td><td>-86</td><td>-81</td><td>-81</td><td>-77</td></tr><tr><td>Sweden</td><td>-81</td><td>56</td><td>87</td><td>-133</td><td>196</td><td>423</td><td>112</td><td>1,294</td><td>129</td><td>17</td><td>507</td><td>178</td><td>-25</td></tr><tr><td>Switzerland</td><td>88</td><td>264</td><td>138</td><td>132</td><td>132</td><td>237</td><td>225</td><td>229</td><td>235</td><td>210</td><td>-108</td><td>65</td><td>110</td></tr><tr><td>Other Europe</td><td>1</td><td>-52</td><td>-</td><td>31</td><td>36</td><td>131</td><td>135</td><td>160</td><td>169</td><td>69</td><td>207</td><td>263</td><td>198</td></tr><tr><td>Total Europe</td><td>-3,424</td><td>-2,220</td><td>-835</td><td>-782</td><td>-2,080</td><td>11,369</td><td>10,185</td><td>6,763</td><td>3,323</td><td>3,600</td><td>1,372</td><td>620</td><td>-2,244</td></tr><tr><td>Canada</td><td>4,809</td><td>5,445</td><td>5,054</td><td>6,394</td><td>5,137</td><td>9,426</td><td>9,397</td><td>10,135</td><td>10,803</td><td>10,248</td><td>11,271</td><td>8,101</td><td>7,868</td></tr><tr><td>Latin America</td><td>283</td><td>237</td><td>265</td><td>361</td><td>484</td><td>1,101</td><td>1,411</td><td>919</td><td>1,003</td><td>1,112</td><td>1,161</td><td>1,269</td><td>1,444</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 and Manchuria</td><td>118</td><td>-153</td><td>-363</td><td>-479</td><td>-199</td><td>-12</td><td>-12</td><td>45</td><td>27</td><td>174</td><td>115</td><td>134</td><td>118</td></tr><tr><td>Hong Kong</td><td>-4,537</td><td>-4,515</td><td>-3,683</td><td>-3,673</td><td>-3,598</td><td>-3,093</td><td>-3,576</td><td>-3,383</td><td>-3,034</td><td>-2,879</td><td>-3,375</td><td>-3,538</td><td>-3,227</td></tr><tr><td>Japan</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td></tr><tr><td>Other Asia</td><td>-859</td><td>-707</td><td>-1,632</td><td>-1,348</td><td>-2,108</td><td>-2,028</td><td>-1,052</td><td>-1,011</td><td>-862</td><td>-833</td><td>-1,039</td><td>-1,551</td><td>-1,372</td></tr><tr><td>Total Asia</td><td>-5,293</td><td>-5,390</td><td>-5,693</td><td>-5,515</td><td>-5,920</td><td>-5,148</td><td>-4,655</td><td>-1,364</td><td>-3,884</td><td>-3,553</td><td>-4,314</td><td>-4,970</td><td>-4,496</td></tr><tr><td>All other</td><td>158</td><td>74</td><td>246</td><td>231</td><td>183</td><td>768</td><td>1,340</td><td>2,005</td><td>1,576</td><td>1,079</td><td>820</td><td>945</td><td>892</td></tr><tr><td>Grand total</td><td>-3,467</td><td>-1,854</td><td>-663</td><td>689</td><td>-2,196</td><td>17,516</td><td>17,678</td><td>15,458</td><td>12,821</td><td>12,486</td><td>10,310</td><td>5,955</td><td>3,458</td></tr></table>
July 1947
99
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><td rowspan="2">Contracte as of end of month</td><td rowspan="2">Grand total</td><td colspan="9">Currency of: Europe (continued on following page)</td></tr><tr><td>Total Europe</td><td>United Kingdom</td><td>France</td><td>Belgium</td><td>Germany</td><td>Italy</td><td>Nether-lands</td><td>Portugal</td><td>Spain</td><td>Sweden</td></tr></table>
<table><tr><th colspan="10">Purchase contracts</th></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-March</td><td>20,433</td><td>14,663</td><td>14,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>May</td><td>21,309</td><td>16,549</td><td>16,532</td><td>-</td><td>68</td><td>-</td><td>10</td><td>-</td><td>21</td></tr><tr><td>June</td><td>24,178</td><td>18,755</td><td>18,650</td><td>-</td><td>68</td><td>-</td><td>10</td><td>-</td><td>336</td></tr><tr><td>July</td><td>51,390</td><td>44,868</td><td>44,425</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>188</td></tr><tr><td>August</td><td>47,162</td><td>40,258</td><td>40,041</td><td>2</td><td>-</td><td>5</td><td>20</td><td>-</td><td>80</td></tr><tr><td>September</td><td>45,503</td><td>37,378</td><td>37,211</td><td>3</td><td>-</td><td>-</td><td>32</td><td>-</td><td>28</td></tr><tr><td>October</td><td>42,496</td><td>31,711</td><td>31,673</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>8</td></tr><tr><td>November</td><td>43,434</td><td>32,270</td><td>32,199</td><td>1</td><td>-</td><td>4</td><td>22</td><td>-</td><td>70</td></tr><tr><td>December</td><td>44,840</td><td>30,885</td><td>30,698</td><td>-</td><td>5</td><td>-</td><td>20</td><td>-</td><td>23</td></tr><tr><td>1947-January</td><td>46,242</td><td>33,305</td><td>33,026</td><td>-</td><td>116</td><td>-</td><td>-</td><td>-</td><td>37</td></tr><tr><td>February</td><td>52,359</td><td>40,103</td><td>39,727</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</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></tr><tr><td>1946-March</td><td>1,072</td><td>313</td><td>313</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>78</td></tr><tr><td>May</td><td>548</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,488</td><td>388</td><td>367</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td>July</td><td>1,643</td><td>646</td><td>646</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,116</td><td>820</td><td>808</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td></tr><tr><td>September</td><td>1,942</td><td>640</td><td>605</td><td>3</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,183</td><td>1,159</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>4,464</td><td>2,164</td><td>2,119</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>-</td></tr><tr><td>December</td><td>3,767</td><td>1,042</td><td>1,016</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>3,296</td><td>1,420</td><td>1,400</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,792</td><td>1,049</td><td>1,007</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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></tr><tr><td>1946-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></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></tr><tr><td>May</td><td>20,761</td><td>16,463</td><td>16,446</td><td>-</td><td>68</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>22,690</td><td>18,367</td><td>18,283</td><td>-</td><td>68</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>July</td><td>49,747</td><td>44,222</td><td>43,779</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>336</td></tr><tr><td>August</td><td>45,046</td><td>39,438</td><td>39,233</td><td>-</td><td>-</td><td>5</td><td>20</td><td>-</td><td>178</td></tr><tr><td>September</td><td>43,561</td><td>36,738</td><td>36,606</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>80</td></tr><tr><td>October</td><td>40,313</td><td>30,592</td><td>30,514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>November</td><td>38,970</td><td>30,106</td><td>30,080</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>December</td><td>41,073</td><td>29,843</td><td>29,682</td><td>-</td><td>5</td><td>4</td><td>-</td><td>-</td><td>70</td></tr><tr><td>1947-January</td><td>42,946</td><td>31,885</td><td>31,626</td><td>-</td><td>116</td><td>-</td><td>-</td><td>-</td><td>23</td></tr><tr><td>February</td><td>49,607</td><td>39,054</td><td>38,720</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td><td>37</td></tr></table>
<table><tr><th colspan="12">Salee contracts</th></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-March</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>April</td><td>49,539</td><td>40,464</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>May</td><td>45,833</td><td>38,535</td><td>38,348</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>137</td></tr><tr><td>June</td><td>52,636</td><td>40,900</td><td>40,447</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>401</td></tr><tr><td>July</td><td>105,310</td><td>92,280</td><td>90,958</td><td>19</td><td>42</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>1,081</td></tr><tr><td>August</td><td>96,494</td><td>84,343</td><td>83,283</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>863</td></tr><tr><td>September</td><td>89,762</td><td>77,177</td><td>76,310</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>118</td><td>1</td><td>644</td></tr><tr><td>October</td><td>83,707</td><td>70,186</td><td>69,080</td><td>25</td><td>2</td><td>-</td><td>10</td><td>5</td><td>6</td><td>1</td><td>1,044</td></tr><tr><td>November</td><td>75,874</td><td>67,072</td><td>66,432</td><td>22</td><td>1</td><td>-</td><td>11</td><td>9</td><td>45</td><td>1</td><td>505</td></tr><tr><td>December</td><td>75,662</td><td>61,781</td><td>60,940</td><td>14</td><td>10</td><td>-</td><td>11</td><td>9</td><td>22</td><td>1</td><td>650</td></tr><tr><td>1947-January</td><td>80,063</td><td>66,840</td><td>65,735</td><td>12</td><td>2</td><td>-</td><td>11</td><td>9</td><td>20</td><td>1</td><td>792</td></tr><tr><td>February</td><td>77,261</td><td>64,749</td><td>63,719</td><td>16</td><td>2</td><td>-</td><td>10</td><td>9</td><td>-</td><td>1</td><td>580</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>1946-March</td><td>926</td><td>773</td><td>703</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td><td>-</td><td>-</td><td>-</td><td>120</td></tr><tr><td>May</td><td>764</td><td>728</td><td>591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td></tr><tr><td>June</td><td>1,284</td><td>1,280</td><td>879</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>401</td></tr><tr><td>July</td><td>2,666</td><td>2,666</td><td>2,098</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565</td></tr><tr><td>August</td><td>4,520</td><td>4,020</td><td>3,568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>452</td></tr><tr><td>September</td><td>1,310</td><td>680</td><td>588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>60</td></tr><tr><td>October</td><td>1,430</td><td>760</td><td>429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>331</td></tr><tr><td>November</td><td>2,185</td><td>867</td><td>476</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>350</td></tr><tr><td>December</td><td>3,049</td><td>344</td><td>133</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>182</td></tr><tr><td>1947-January</td><td>2,644</td><td>747</td><td>463</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>192</td></tr><tr><td>February</td><td>3,914</td><td>1,333</td><td>1,085</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</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>1946-March</td><td>42,461</td><td>35,385</td><td>35,333</td><td>-</td><td>3</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><tr><td>May</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>-</td></tr><tr><td>June</td><td>51,352</td><td>39,620</td><td>39,568</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr><tr><td>July</td><td>102,644</td><td>89,614</td><td>88,860</td><td>19</td><td>39</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>516</td></tr><tr><td>August</td><td>91,974</td><td>80,323</td><td>79,715</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>411</td></tr><tr><td>September</td><td>88,452</td><td>76,497</td><td>75,722</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>86</td><td>1</td><td>584</td></tr><tr><td>October</td><td>82,277</td><td>69,426</td><td>68,651</td><td>25</td><td>2</td><td>-</td><td>10</td><td>5</td><td>6</td><td>1</td><td>713</td></tr><tr><td>November</td><td>73,689</td><td>66,205</td><td>65,956</td><td>22</td><td>1</td><td>-</td><td>11</td><td>9</td><td>4</td><td>1</td><td>155</td></tr><tr><td>December</td><td>72,613</td><td>61,437</td><td>60,807</td><td>14</td><td>10</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>468</td></tr><tr><td>1947-January</td><td>77,419</td><td>66,093</td><td>65,272</td><td>12</td><td>2</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>600</td></tr><tr><td>February</td><td>73,347</td><td>63,116</td><td>62,634</td><td>16</td><td>2</td><td>-</td><td>10</td><td>9</td><td>-</td><td>1</td><td>564</td></tr></table>
(Continued on following page)
100
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracte as of end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>China and Manchurie</th><th>Asia Hong Kong</th><th>Japan</th><th>Other Aelia</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-March</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>April</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>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>1,175</td><td>18</td><td>986</td><td>-</td><td>171</td><td>60</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>2,574</td><td>322</td><td>1,418</td><td>-</td><td>834</td><td>24</td></tr><tr><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>2,352</td><td>190</td><td>1,028</td><td>-</td><td>1,334</td><td>616</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,376</td><td>2,283</td><td>20</td><td>1,158</td><td>-</td><td>1,105</td><td>701</td></tr><tr><td>September</td><td>31</td><td>16</td><td>3,179</td><td>1,374</td><td>3,039</td><td>-</td><td>1,849</td><td>-</td><td>1,190</td><td>533</td></tr><tr><td>October</td><td>-</td><td>10</td><td>3,058</td><td>1,659</td><td>2,877</td><td>-</td><td>1,733</td><td>-</td><td>1,144</td><td>191</td></tr><tr><td>November</td><td>11</td><td>10</td><td>2,107</td><td>1,370</td><td>4,575</td><td>-</td><td>3,057</td><td>-</td><td>1,518</td><td>112</td></tr><tr><td>December</td><td>61</td><td>25</td><td>3,647</td><td>5,469</td><td>4,715</td><td>-</td><td>1,816</td><td>-</td><td>2,899</td><td>124</td></tr><tr><td>1947-January</td><td>106</td><td>14</td><td>3,642</td><td>5,302</td><td>3,868</td><td>-</td><td>1,095</td><td>-</td><td>2,773</td><td>125</td></tr><tr><td>February</td><td>221</td><td>18</td><td>3,550</td><td>5,041</td><td>3,539</td><td>-</td><td>1,222</td><td>-</td><td>2,317</td><td>126</td></tr><tr><td>From foreign customere:</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-March</td><td>-</td><td>-</td><td>-</td><td>4</td><td>703</td><td>-</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>May</td><td>-</td><td>-</td><td>-</td><td>-</td><td>410</td><td>-</td><td>241</td><td>-</td><td>169</td><td>52</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,076</td><td>-</td><td>514</td><td>-</td><td>562</td><td>24</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>-</td><td>875</td><td>10</td><td>613</td><td>-</td><td>252</td><td>122</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>19</td><td>1,155</td><td>-</td><td>440</td><td>-</td><td>715</td><td>122</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>17</td><td>1,181</td><td>-</td><td>676</td><td>-</td><td>505</td><td>104</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>17</td><td>903</td><td>-</td><td>407</td><td>-</td><td>496</td><td>104</td></tr><tr><td>November</td><td>4</td><td>-</td><td>-</td><td>17</td><td>2,179</td><td>-</td><td>1,726</td><td>-</td><td>453</td><td>104</td></tr><tr><td>December</td><td>-</td><td>4</td><td>-</td><td>47</td><td>2,560</td><td>-</td><td>1,050</td><td>-</td><td>1,510</td><td>118</td></tr><tr><td>1947-January</td><td>-</td><td>-</td><td>-</td><td>125</td><td>1,729</td><td>-</td><td>400</td><td>-</td><td>1,329</td><td>22</td></tr><tr><td>February</td><td>42</td><td>-</td><td>53</td><td>125</td><td>1,503</td><td>-</td><td>250</td><td>-</td><td>1,253</td><td>22</td></tr><tr><td>From domestic customere:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-March</td><td>-</td><td>7</td><td>3,100</td><td>988</td><td>923</td><td>2</td><td>179</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>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>765</td><td>18</td><td>745</td><td>-</td><td>2</td><td>8</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>1,498</td><td>322</td><td>904</td><td>-</td><td>272</td><td>-</td></tr><tr><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>1,677</td><td>180</td><td>415</td><td>-</td><td>1,082</td><td>494</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,357</td><td>1,128</td><td>20</td><td>718</td><td>-</td><td>390</td><td>579</td></tr><tr><td>September</td><td>31</td><td>16</td><td>3,179</td><td>1,357</td><td>1,858</td><td>-</td><td>1,173</td><td>-</td><td>685</td><td>429</td></tr><tr><td>October</td><td>-</td><td>10</td><td>3,058</td><td>1,642</td><td>1,974</td><td>-</td><td>1,326</td><td>-</td><td>648</td><td>87</td></tr><tr><td>November</td><td>7</td><td>10</td><td>2,107</td><td>1,353</td><td>2,396</td><td>-</td><td>1,331</td><td>-</td><td>1,065</td><td>8</td></tr><tr><td>December</td><td>61</td><td>21</td><td>3,647</td><td>5,422</td><td>2,155</td><td>-</td><td>766</td><td>-</td><td>1,389</td><td>6</td></tr><tr><td>1947-January</td><td>106</td><td>14</td><td>3,642</td><td>5,177</td><td>2,139</td><td>-</td><td>695</td><td>-</td><td>1,444</td><td>103</td></tr><tr><td>February</td><td>179</td><td>18</td><td>3,497</td><td>1,916</td><td>2,036</td><td>-</td><td>972</td><td>-</td><td>1,064</td><td>104</td></tr></table>
<table><tr><th colspan="10">Salee contracte</th></tr><tr><td>Total:</td><td></td><td></td><td>7</td><td>4,508</td><td>580</td><td>2,054</td><td>19</td><td>379</td><td>1,652</td><td>85</td></tr><tr><td>1946-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>2,451</td><td>64</td></tr><tr><td>April.</td><td>-</td><td>8</td><td>5,249</td><td>218</td><td>1,778</td><td>19</td><td>-</td><td>1,755</td><td>53</td></tr><tr><td>May.</td><td>-</td><td>6</td><td>8,029</td><td>395</td><td>3,251</td><td>19</td><td>-</td><td>3,228</td><td>61</td></tr><tr><td>June.</td><td>-</td><td>47</td><td>5,245</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td>4,616</td><td>1,793</td></tr><tr><td>July.</td><td>-</td><td>46</td><td>4,596</td><td>1,865</td><td>3,553</td><td>19</td><td>21</td><td>3,509</td><td>2,137</td></tr><tr><td>August.</td><td>-</td><td>25</td><td>5,593</td><td>1,904</td><td>3,160</td><td>19</td><td>21</td><td>3,003</td><td>1,928</td></tr><tr><td>September.</td><td>31</td><td>13</td><td>4,750</td><td>4,887</td><td>2,684</td><td>19</td><td>172</td><td>2,489</td><td>1,200</td></tr><tr><td>October.</td><td>-</td><td>7</td><td>3,457</td><td>1,632</td><td>2,686</td><td>19</td><td>58</td><td>2,605</td><td>1,027</td></tr><tr><td>November.</td><td>76</td><td>39</td><td>5,613</td><td>2,520</td><td>4,757</td><td>19</td><td>68</td><td>4,666</td><td>991</td></tr><tr><td>December.</td><td>214</td><td>44</td><td>5,615</td><td>2,127</td><td>4,694</td><td>19</td><td>88</td><td>4,583</td><td>787</td></tr><tr><td>1947-January.</td><td>365</td><td>47</td><td>5,691</td><td>1,964</td><td>4,120</td><td>19</td><td>-</td><td>4,097</td><td>737</td></tr><tr><td>To foreign customers:</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>1946-March.</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April.</td><td>-</td><td>-</td><td>10</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May.</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June.</td><td>-</td><td>-</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>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August.</td><td>-</td><td>-</td><td>-</td><td>500</td><td>130</td><td>-</td><td>-</td><td>130</td><td>-</td></tr><tr><td>September.</td><td>-</td><td>-</td><td>-</td><td>500</td><td>170</td><td>-</td><td>-</td><td>170</td><td>-</td></tr><tr><td>October.</td><td>-</td><td>-</td><td>18</td><td>500</td><td>800</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>November.</td><td>-</td><td>7</td><td>-</td><td>1,905</td><td>800</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>December.</td><td>72</td><td>-</td><td>-</td><td>502</td><td>1,395</td><td>-</td><td>-</td><td>1,395</td><td>-</td></tr><tr><td>1947-January.</td><td>232</td><td>-</td><td>19</td><td>1,802</td><td>760</td><td>-</td><td>-</td><td>760</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>1946-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>1,652</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>2,451</td><td>64</td></tr><tr><td>May.</td><td>-</td><td>8</td><td>5,239</td><td>192</td><td>1,778</td><td>19</td><td>-</td><td>1,755</td><td>53</td></tr><tr><td>June.</td><td>-</td><td>6</td><td>8,029</td><td>391</td><td>3,251</td><td>19</td><td>-</td><td>3,228</td><td>61</td></tr><tr><td>July.</td><td>-</td><td>47</td><td>5,245</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td>4,616</td><td>1,793</td></tr><tr><td>August.</td><td>-</td><td>46</td><td>4,596</td><td>1,365</td><td>3,553</td><td>19</td><td>21</td><td>3,509</td><td>2,137</td></tr><tr><td>September.</td><td>31</td><td>25</td><td>5,593</td><td>1,404</td><td>3,030</td><td>19</td><td>21</td><td>2,873</td><td>1,928</td></tr><tr><td>October.</td><td>-</td><td>13</td><td>4,750</td><td>4,387</td><td>2,514</td><td>19</td><td>172</td><td>2,319</td><td>1,200</td></tr><tr><td>November.</td><td>7</td><td>39</td><td>3,439</td><td>1,132</td><td>1,886</td><td>19</td><td>58</td><td>1,805</td><td>1,027</td></tr><tr><td>December.</td><td>69</td><td>44</td><td>5,613</td><td>615</td><td>3,957</td><td>19</td><td>68</td><td>3,866</td><td>991</td></tr><tr><td>1947-January.</td><td>142</td><td>44</td><td>5,615</td><td>1,625</td><td>3,299</td><td>19</td><td>88</td><td>3,188</td><td>787</td></tr><tr><td>February.</td><td>133</td><td>47</td><td>5,672</td><td>162</td><td>3,360</td><td>19</td><td>-</td><td>3,337</td><td>737</td></tr></table>
July 1947
101
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 rowspan="2">Tranections during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1946-March</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>Spot</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>Forward</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>April</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>Spot</td><td>129,496</td><td>73,040</td><td>59,076</td><td>1,492</td><td>898</td><td>-</td><td>17</td><td>626</td><td>1,024</td><td>369</td></tr><tr><td>Forward</td><td>12,999</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>May</td><td>129,739</td><td>67,383</td><td>54,232</td><td>1,388</td><td>779</td><td>-</td><td>10</td><td>206</td><td>1,654</td><td>370</td></tr><tr><td>Spot</td><td>13,898</td><td>8,319</td><td>8,230</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>209,795</td><td>114,571</td><td>123,091</td><td>2,282</td><td>1,201</td><td>-</td><td>49</td><td>485</td><td>1,329</td><td>410</td></tr><tr><td>July</td><td>44,812</td><td>37,888</td><td>37,403</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>136,613</td><td>75,813</td><td>62,113</td><td>2,001</td><td>1,669</td><td>-</td><td>113</td><td>309</td><td>923</td><td>294</td></tr><tr><td>Forward</td><td>20,086</td><td>15,233</td><td>15,216</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>August</td><td>134,646</td><td>77,268</td><td>60,724</td><td>1,858</td><td>764</td><td>-</td><td>25</td><td>120</td><td>3,008</td><td>307</td></tr><tr><td>Spot</td><td>22,356</td><td>17,545</td><td>17,489</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Forward</td><td>158,676</td><td>130,792</td><td>86,923</td><td>1,938</td><td>1,041</td><td>-</td><td>53</td><td>333</td><td>1,492</td><td>174</td></tr><tr><td>September</td><td>26,067</td><td>17,362</td><td>17,247</td><td>133</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>140,714</td><td>81,398</td><td>69,305</td><td>1,408</td><td>1,011</td><td>-</td><td>10</td><td>157</td><td>807</td><td>254</td></tr><tr><td>November</td><td>21,365</td><td>15,398</td><td>15,342</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>December</td><td>167,768</td><td>92,496</td><td>73,866</td><td>3,750</td><td>1,189</td><td>-</td><td>35</td><td>223</td><td>1,123</td><td>318</td></tr><tr><td>Forward</td><td>26,396</td><td>17,597</td><td>17,435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>1947-January</td><td>162,022</td><td>98,409</td><td>79,033</td><td>1,999</td><td>1,042</td><td>-</td><td>20</td><td>496</td><td>831</td><td>119</td></tr><tr><td>Spot</td><td>27,652</td><td>22,383</td><td>21,932</td><td>-</td><td>115</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Forward</td><td>157,975</td><td>97,920</td><td>78,420</td><td>2,282</td><td>1,392</td><td>-</td><td>14</td><td>265</td><td>878</td><td>63</td></tr><tr><td>February</td><td>23,252</td><td>19,281</td><td>19,019</td><td>2</td><td>125</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1946-March</td><td>95,259</td><td>55,383</td><td>43,121</td><td>687</td><td>742</td><td>-</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>Spot</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>Forward</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>April</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>Spot</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>-</td><td>12</td><td>624</td><td>973</td><td>352</td></tr><tr><td>Forward</td><td>7,257</td><td>4,165</td><td>4,146</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>May</td><td>81,782</td><td>47,898</td><td>35,405</td><td>1,276</td><td>676</td><td>-</td><td>10</td><td>198</td><td>1,649</td><td>312</td></tr><tr><td>Spot</td><td>10,889</td><td>6,601</td><td>6,580</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>154,151</td><td>117,486</td><td>97,961</td><td>2,026</td><td>1,159</td><td>-</td><td>49</td><td>485</td><td>1,194</td><td>372</td></tr><tr><td>June</td><td>30,633</td><td>25,713</td><td>25,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>82,573</td><td>49,620</td><td>37,440</td><td>1,582</td><td>1,485</td><td>-</td><td>113</td><td>288</td><td>831</td><td>220</td></tr><tr><td>Spot</td><td>13,566</td><td>9,810</td><td>9,798</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>82,326</td><td>48,948</td><td>35,175</td><td>1,740</td><td>664</td><td>-</td><td>23</td><td>117</td><td>2,966</td><td>280</td></tr><tr><td>August</td><td>15,099</td><td>12,299</td><td>12,244</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>September</td><td>103,736</td><td>72,213</td><td>59,867</td><td>1,756</td><td>934</td><td>-</td><td>53</td><td>314</td><td>1,439</td><td>118</td></tr><tr><td>October</td><td>15,334</td><td>12,865</td><td>12,754</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>81,816</td><td>50,314</td><td>39,980</td><td>1,467</td><td>933</td><td>-</td><td>8</td><td>127</td><td>794</td><td>177</td></tr><tr><td>December</td><td>15,185</td><td>11,751</td><td>11,695</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Spot</td><td>102,682</td><td>60,134</td><td>45,306</td><td>1,793</td><td>1,025</td><td>-</td><td>18</td><td>218</td><td>1,032</td><td>261</td></tr><tr><td>Forward</td><td>16,338</td><td>10,771</td><td>10,633</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>1947-January</td><td>106,119</td><td>70,792</td><td>53,975</td><td>1,734</td><td>988</td><td>-</td><td>14</td><td>470</td><td>794</td><td>110</td></tr><tr><td>Spot</td><td>20,365</td><td>16,347</td><td>16,279</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>February</td><td>97,734</td><td>65,338</td><td>47,702</td><td>1,773</td><td>1,349</td><td>-</td><td>14</td><td>166</td><td>869</td><td>41</td></tr><tr><td>Spot</td><td>16,239</td><td>13,750</td><td>13,690</td><td>2</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Purchases from others:</td></tr><tr><td>1946-March</td><td>41,827</td><td>18,495</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>Forward</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>April</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><tr><td>Spot</td><td>56,329</td><td>28,190</td><td>27,413</td><td>262</td><td>119</td><td>-</td><td>5</td><td>2</td><td>51</td><td>17</td></tr><tr><td>May</td><td>5,732</td><td>4,492</td><td>4,492</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>47,957</td><td>19,485</td><td>18,827</td><td>112</td><td>103</td><td>-</td><td>-</td><td>8</td><td>5</td><td>58</td></tr><tr><td>June</td><td>3,009</td><td>1,718</td><td>1,650</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>55,644</td><td>27,085</td><td>25,127</td><td>256</td><td>42</td><td>-</td><td>-</td><td>-</td><td>135</td><td>38</td></tr><tr><td>July</td><td>14,179</td><td>12,175</td><td>11,690</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>August</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Spot</td><td>52,320</td><td>28,320</td><td>25,549</td><td>118</td><td>100</td><td>-</td><td>2</td><td>3</td><td>42</td><td>37</td></tr><tr><td>September</td><td>7,257</td><td>5,246</td><td>5,245</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>54,940</td><td>28,579</td><td>27,056</td><td>182</td><td>107</td><td>-</td><td>-</td><td>19</td><td>53</td><td>56</td></tr><tr><td>November</td><td>10,733</td><td>4,497</td><td>4,493</td><td>-</td><td>-</td><td>-</td><td>2</td><td>30</td><td>13</td><td>77</td></tr><tr><td>December</td><td>58,898</td><td>31,074</td><td>29,325</td><td>341</td><td>78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>5,880</td><td>3,647</td><td>3,647</td><td>-</td><td>-</td><td>-</td><td>17</td><td>5</td><td>91</td><td>57</td></tr><tr><td>Forward</td><td>65,086</td><td>32,362</td><td>28,560</td><td>1,957</td><td>164</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>10,058</td><td>6,826</td><td>6,802</td><td>265</td><td>54</td><td>-</td><td>6</td><td>26</td><td>37</td><td>9</td></tr><tr><td>Spot</td><td>55,903</td><td>27,617</td><td>25,058</td><td>-</td><td>115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>7,287</td><td>6,036</td><td>5,653</td><td>-</td><td>43</td><td>-</td><td>-</td><td>99</td><td>9</td><td>22</td></tr><tr><td>Spot</td><td>60,241</td><td>32,582</td><td>30,718</td><td>500</td><td>115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>7,013</td><td>5,521</td><td>5,329</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
102
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
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 colspan="2">Currency of:</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>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1946-March</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>6,275</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>4,452</td><td>537</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>Forward</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>April</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>Spot</td><td>3,052</td><td>5,242</td><td>1,244</td><td>33,708</td><td>4,895</td><td>7,240</td><td>-</td><td>7,240</td><td>10,613</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,306</td><td>114</td><td>912</td><td>-</td><td>912</td><td>-</td></tr><tr><td>May</td><td>2,867</td><td>5,502</td><td>375</td><td>38,895</td><td>6,414</td><td>7,281</td><td>-</td><td>7,281</td><td>9,766</td></tr><tr><td>Spot</td><td>21</td><td>-</td><td>-</td><td>3,306</td><td>370</td><td>1,903</td><td>-</td><td>1,903</td><td>-</td></tr><tr><td>Forward</td><td>5,371</td><td>9,600</td><td>753</td><td>37,396</td><td>6,528</td><td>8,422</td><td>-</td><td>8,422</td><td>12,878</td></tr><tr><td>June</td><td>417</td><td>-</td><td>-</td><td>3,468</td><td>856</td><td>1,920</td><td>-</td><td>1,920</td><td>680</td></tr><tr><td>Spot</td><td>2,877</td><td>4,952</td><td>562</td><td>34,647</td><td>6,748</td><td>6,689</td><td>-</td><td>6,689</td><td>12,716</td></tr><tr><td>Forward</td><td>10</td><td>-</td><td>-</td><td>3,168</td><td>500</td><td>1,161</td><td>-</td><td>1,161</td><td>24</td></tr><tr><td>July</td><td>4,664</td><td>5,470</td><td>328</td><td>34,699</td><td>5,768</td><td>7,893</td><td>-</td><td>7,893</td><td>9,018</td></tr><tr><td>Spot</td><td>21</td><td>-</td><td>-</td><td>3,054</td><td>347</td><td>1,404</td><td>-</td><td>1,404</td><td>6</td></tr><tr><td>Forward</td><td>2,295</td><td>6,197</td><td>346</td><td>32,596</td><td>6,628</td><td>7,899</td><td>-</td><td>7,899</td><td>10,801</td></tr><tr><td>August</td><td>12</td><td>5,100</td><td>391</td><td>31,296</td><td>3,386</td><td>1,505</td><td>-</td><td>1,505</td><td>31</td></tr><tr><td>Spot</td><td>2,545</td><td>4</td><td>10</td><td>2,384</td><td>5,856</td><td>8,554</td><td>-</td><td>8,554</td><td>13,620</td></tr><tr><td>Forward</td><td>-</td><td>8,203</td><td>693</td><td>40,131</td><td>10,387</td><td>3,583</td><td>-</td><td>3,583</td><td>-</td></tr><tr><td>September</td><td>3,096</td><td>64</td><td>4</td><td>4,310</td><td>1,359</td><td>9,867</td><td>-</td><td>9,867</td><td>14,887</td></tr><tr><td>Spot</td><td>72</td><td>11,952</td><td>523</td><td>35,551</td><td>5,844</td><td>6,526</td><td>-</td><td>6,526</td><td>15,692</td></tr><tr><td>Forward</td><td>2,334</td><td>106</td><td>-</td><td>2,641</td><td>108</td><td>2,457</td><td>-</td><td>2,457</td><td>63</td></tr><tr><td>October</td><td>2,257</td><td>11,941</td><td>408</td><td>32,111</td><td>6,679</td><td>6,812</td><td>-</td><td>6,812</td><td>14,453</td></tr><tr><td>Spot</td><td>70</td><td>65</td><td>-</td><td>2,755</td><td>-</td><td>1,216</td><td>-</td><td>1,216</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 colspan="10">Purchases from banks:</td></tr><tr><td>1946-March</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>Spot</td><td>-</td><td>-</td><td>-</td><td>2,811</td><td>301</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>Forward</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>April</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>2,953</td><td>5,195</td><td>1,069</td><td>15,766</td><td>3,704</td><td>6,737</td><td>-</td><td>6,737</td><td>2,110</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>432</td><td>-</td><td>432</td><td>-</td></tr><tr><td>May</td><td>2,727</td><td>5,350</td><td>295</td><td>20,188</td><td>5,284</td><td>6,820</td><td>-</td><td>6,820</td><td>1,592</td></tr><tr><td>Spot</td><td>21</td><td>-</td><td>-</td><td>2,725</td><td>-</td><td>1,563</td><td>-</td><td>1,563</td><td>-</td></tr><tr><td>Forward</td><td>4,194</td><td>9,480</td><td>563</td><td>19,558</td><td>5,355</td><td>7,977</td><td>-</td><td>7,977</td><td>3,775</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>2,582</td><td>-</td><td>1,658</td><td>-</td><td>1,658</td><td>680</td></tr><tr><td>Spot</td><td>2,453</td><td>4,858</td><td>350</td><td>19,443</td><td>4,756</td><td>6,009</td><td>-</td><td>6,009</td><td>2,745</td></tr><tr><td>Forward</td><td>10</td><td>-</td><td>-</td><td>2,571</td><td>-</td><td>1,161</td><td>-</td><td>1,161</td><td>24</td></tr><tr><td>July</td><td>2,703</td><td>5,070</td><td>210</td><td>19,515</td><td>4,131</td><td>7,112</td><td>-</td><td>7,112</td><td>2,620</td></tr><tr><td>Spot</td><td>20</td><td>-</td><td>-</td><td>1,733</td><td>79</td><td>962</td><td>-</td><td>962</td><td>6</td></tr><tr><td>Forward</td><td>1,472</td><td>5,999</td><td>261</td><td>17,222</td><td>4,723</td><td>7,161</td><td>-</td><td>7,161</td><td>2,417</td></tr><tr><td>August</td><td>8</td><td>4,928</td><td>281</td><td>17,791</td><td>3,831</td><td>8,095</td><td>-</td><td>8,095</td><td>1,785</td></tr><tr><td>Spot</td><td>1,619</td><td>4,74</td><td>10</td><td>1,666</td><td>-</td><td>2,068</td><td>-</td><td>2,068</td><td>31</td></tr><tr><td>Forward</td><td>-</td><td>7,752</td><td>474</td><td>24,263</td><td>7,316</td><td>9,272</td><td>-</td><td>9,272</td><td>1,697</td></tr><tr><td>September</td><td>2,255</td><td>40</td><td>4</td><td>2,811</td><td>-</td><td>2,734</td><td>-</td><td>2,734</td><td>22</td></tr><tr><td>Spot</td><td>72</td><td>11,145</td><td>365</td><td>23,423</td><td>3,774</td><td>5,690</td><td>-</td><td>5,690</td><td>2,440</td></tr><tr><td>Forward</td><td>1,197</td><td>48</td><td>-</td><td>2,011</td><td>108</td><td>1,836</td><td>-</td><td>1,836</td><td>63</td></tr><tr><td>October</td><td>1,819</td><td>11,339</td><td>266</td><td>19,765</td><td>4,581</td><td>6,317</td><td>-</td><td>6,317</td><td>1,733</td></tr><tr><td>Spot</td><td>-</td><td>58</td><td>-</td><td>1,541</td><td>-</td><td>938</td><td>-</td><td>938</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 colspan="10">Purchases from others:</td></tr><tr><td>1946-March</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>6,882</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,541</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>April</td><td>-</td><td>-</td><td>-</td><td>1,411</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>99</td><td>47</td><td>175</td><td>17,942</td><td>1,191</td><td>503</td><td>-</td><td>503</td><td>8,503</td></tr><tr><td>Forward</td><td>140</td><td>152</td><td>80</td><td>18,707</td><td>1,130</td><td>480</td><td>-</td><td>480</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>581</td><td>370</td><td>340</td><td>-</td><td>340</td><td>8,174</td></tr><tr><td>Spot</td><td>1,177</td><td>120</td><td>190</td><td>17,838</td><td>1,173</td><td>445</td><td>-</td><td>445</td><td>9,103</td></tr><tr><td>Forward</td><td>417</td><td>-</td><td>-</td><td>886</td><td>856</td><td>262</td><td>-</td><td>262</td><td>-</td></tr><tr><td>June</td><td>424</td><td>94</td><td>212</td><td>15,204</td><td>1,992</td><td>680</td><td>-</td><td>680</td><td>9,971</td></tr><tr><td>Spot</td><td>1,961</td><td>400</td><td>118</td><td>15,184</td><td>1,637</td><td>781</td><td>-</td><td>781</td><td>6,398</td></tr><tr><td>Forward</td><td>1</td><td>-</td><td>-</td><td>1,301</td><td>268</td><td>442</td><td>-</td><td>442</td><td>-</td></tr><tr><td>July</td><td>823</td><td>198</td><td>85</td><td>15,374</td><td>1,905</td><td>698</td><td>-</td><td>698</td><td>8,384</td></tr><tr><td>Spot</td><td>4</td><td>-</td><td>-</td><td>2,125</td><td>3,386</td><td>725</td><td>-</td><td>725</td><td>-</td></tr><tr><td>Forward</td><td>926</td><td>172</td><td>110</td><td>13,505</td><td>2,025</td><td>459</td><td>-</td><td>459</td><td>11,835</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>718</td><td>-</td><td>1,515</td><td>-</td><td>1,515</td><td>-</td></tr><tr><td>Spot</td><td>841</td><td>451</td><td>219</td><td>15,868</td><td>3,071</td><td>595</td><td>-</td><td>595</td><td>13,190</td></tr><tr><td>Forward</td><td>24</td><td>807</td><td>158</td><td>1,499</td><td>1,359</td><td>374</td><td>-</td><td>374</td><td>-</td></tr><tr><td>September</td><td>1,197</td><td>58</td><td>142</td><td>12,346</td><td>2,070</td><td>836</td><td>-</td><td>836</td><td>13,252</td></tr><tr><td>Spot</td><td>210</td><td>602</td><td>-</td><td>630</td><td>-</td><td>621</td><td>-</td><td>621</td><td>-</td></tr><tr><td>Forward</td><td>438</td><td>7</td><td>-</td><td>1,214</td><td>2,098</td><td>495</td><td>-</td><td>495</td><td>12,720</td></tr><tr><td>October</td><td>70</td><td>-</td><td>-</td><td>-</td><td>-</td><td>278</td><td>-</td><td>278</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></table>
(Continued on following page)
July 1947
103
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>Transactions during month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1946-March</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>Spot</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>Forward</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>April</td><td>19,599</td><td>12,141</td><td>12,019</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>Spot</td><td>124,190</td><td>75,340</td><td>61,123</td><td>1,149</td><td>1,119</td><td>-</td><td>16</td><td>617</td><td>1,008</td><td>370</td></tr><tr><td>Forward</td><td>16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>May</td><td>123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>-</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td>Spot</td><td>23,010</td><td>12,120</td><td>11,956</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>-</td><td>52</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td>June</td><td>75,915</td><td>65,774</td><td>64,384</td><td>17</td><td>34</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Spot</td><td>128,836</td><td>75,863</td><td>61,926</td><td>2,006</td><td>1,582</td><td>-</td><td>114</td><td>299</td><td>957</td><td>343</td></tr><tr><td>Forward</td><td>24,074</td><td>19,078</td><td>18,991</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63</td></tr><tr><td>July</td><td>133,078</td><td>81,287</td><td>65,960</td><td>1,878</td><td>889</td><td>-</td><td>37</td><td>110</td><td>3,030</td><td>294</td></tr><tr><td>Spot</td><td>26,815</td><td>20,195</td><td>20,118</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Forward</td><td>152,390</td><td>98,846</td><td>84,493</td><td>1,793</td><td>1,071</td><td>-</td><td>36</td><td>318</td><td>1,548</td><td>174</td></tr><tr><td>August</td><td>33,173</td><td>24,277</td><td>23,582</td><td>105</td><td>-</td><td>-</td><td>13</td><td>141</td><td>897</td><td>259</td></tr><tr><td>Spot</td><td>138,051</td><td>82,170</td><td>69,756</td><td>1,925</td><td>997</td><td>-</td><td>-</td><td>4</td><td>41</td><td>-</td></tr><tr><td>Forward</td><td>24,004</td><td>19,106</td><td>18,969</td><td>-</td><td>6</td><td>-</td><td>21</td><td>289</td><td>1,056</td><td>320</td></tr><tr><td>September</td><td>172,330</td><td>104,662</td><td>86,253</td><td>3,796</td><td>1,275</td><td>-</td><td>-</td><td>8</td><td>22</td><td>-</td></tr><tr><td>Spot</td><td>23,715</td><td>14,490</td><td>14,302</td><td>-</td><td>9</td><td>-</td><td>21</td><td>8</td><td>22</td><td>-</td></tr><tr><td>Forward</td><td>156,721</td><td>97,630</td><td>78,501</td><td>1,974</td><td>984</td><td>-</td><td>-</td><td>488</td><td>864</td><td>119</td></tr><tr><td>1947-January</td><td>37,235</td><td>31,140</td><td>30,539</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Spot</td><td>157,529</td><td>103,876</td><td>84,455</td><td>2,274</td><td>1,418</td><td>-</td><td>14</td><td>227</td><td>843</td><td>66</td></tr><tr><td>February</td><td>27,412</td><td>23,537</td><td>23,123</td><td>6</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>-</td><td>-</td><td>5</td><td>590</td><td>215</td></tr><tr><td>Forward</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>Sales to banks: 1946-March</td><td>56,615</td><td>29,545</td><td>25,028</td><td>447</td><td>179</td><td>-</td><td>-</td><td>-</td><td>1,473</td><td>249</td></tr><tr><td>April</td><td>10,219</td><td>7,161</td><td>7,060</td><td>-</td><td>-</td><td>-</td><td>3</td><td>5</td><td>681</td><td>228</td></tr><tr><td>Spot</td><td>52,157</td><td>31,548</td><td>26,453</td><td>438</td><td>424</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>9,349</td><td>7,212</td><td>7,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>475</td><td>191</td></tr><tr><td>May</td><td>53,182</td><td>30,367</td><td>26,585</td><td>246</td><td>165</td><td>-</td><td>-</td><td>135</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>8,919</td><td>6,275</td><td>6,011</td><td>-</td><td>-</td><td>-</td><td>33</td><td>40</td><td>930</td><td>210</td></tr><tr><td>Forward</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>June</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>462</td><td>-</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td>Spot</td><td>58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Forward</td><td>14,639</td><td>12,211</td><td>12,211</td><td>-</td><td>305</td><td>-</td><td>13</td><td>19</td><td>2,763</td><td>89</td></tr><tr><td>July</td><td>64,725</td><td>41,149</td><td>33,361</td><td>453</td><td>305</td><td>-</td><td>5</td><td>47</td><td>784</td><td>44</td></tr><tr><td>Spot</td><td>18,001</td><td>14,987</td><td>14,955</td><td>453</td><td>290</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>75,619</td><td>50,422</td><td>45,381</td><td>-</td><td>-</td><td>-</td><td>5</td><td>47</td><td>784</td><td>44</td></tr><tr><td>August</td><td>17,744</td><td>15,014</td><td>14,676</td><td>2</td><td>269</td><td>-</td><td>-</td><td>33</td><td>640</td><td>78</td></tr><tr><td>Spot</td><td>68,064</td><td>41,697</td><td>37,034</td><td>482</td><td>269</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Forward</td><td>13,532</td><td>10,333</td><td>10,269</td><td>-</td><td>-</td><td>-</td><td>1</td><td>37</td><td>713</td><td>109</td></tr><tr><td>September</td><td>88,208</td><td>56,020</td><td>47,489</td><td>2,171</td><td>429</td><td>-</td><td>6</td><td>96</td><td>643</td><td>30</td></tr><tr><td>Spot</td><td>15,029</td><td>10,954</td><td>10,831</td><td>523</td><td>305</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Forward</td><td>80,653</td><td>53,328</td><td>43,489</td><td>-</td><td>-</td><td>-</td><td>6</td><td>96</td><td>643</td><td>30</td></tr><tr><td>October</td><td>20,044</td><td>17,207</td><td>17,082</td><td>623</td><td>515</td><td>-</td><td>108</td><td>431</td><td>20</td><td>-</td></tr><tr><td>Spot</td><td>86,653</td><td>59,997</td><td>50,625</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>14,947</td><td>13,080</td><td>12,788</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>75,289</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>-</td><td>21</td><td>259</td><td>273</td><td>143</td></tr><tr><td>Forward</td><td>10,185</td><td>6,488</td><td>6,488</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</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>155</td><td>265</td><td>93</td></tr><tr><td>1947-January</td><td>9,380</td><td>4,980</td><td>4,959</td><td>9</td><td>-</td><td>-</td><td>13</td><td>612</td><td>327</td><td>142</td></tr><tr><td>Spot</td><td>72,033</td><td>43,792</td><td>34,670</td><td>1,051</td><td>695</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>February</td><td>7,616</td><td>3,011</td><td>2,997</td><td>-</td><td>-</td><td>-</td><td>12</td><td>50</td><td>1,128</td><td>165</td></tr><tr><td>Spot</td><td>70,040</td><td>38,576</td><td>29,886</td><td>1,152</td><td>512</td><td>-</td><td>19</td><td>284</td><td>276</td><td>183</td></tr><tr><td>Forward</td><td>14,091</td><td>5,845</td><td>5,845</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>44</td><td>-</td></tr><tr><td>Sales to others: 1945-March</td><td>90,194</td><td>60,775</td><td>46,625</td><td>1,601</td><td>773</td><td>-</td><td>17</td><td>283</td><td>329</td><td>211</td></tr><tr><td>April</td><td>47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>-</td><td>17</td><td>283</td><td>329</td><td>51</td></tr><tr><td>Spot</td><td>70,211</td><td>38,593</td><td>30,432</td><td>1,135</td><td>1,120</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>10,235</td><td>6,847</td><td>6,780</td><td>-</td><td>-</td><td>-</td><td>24</td><td>91</td><td>267</td><td>205</td></tr><tr><td>May</td><td>68,353</td><td>40,138</td><td>32,599</td><td>1,425</td><td>584</td><td>-</td><td>24</td><td>91</td><td>267</td><td>205</td></tr><tr><td>Spot</td><td>8,814</td><td>5,208</td><td>5,163</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>76,771</td><td>48,424</td><td>39,112</td><td>1,340</td><td>781</td><td>-</td><td>31</td><td>271</td><td>764</td><td>130</td></tr><tr><td>June</td><td>15,429</td><td>9,263</td><td>8,906</td><td>103</td><td>781</td><td>-</td><td>13</td><td>108</td><td>257</td><td>181</td></tr><tr><td>Spot</td><td>69,987</td><td>40,473</td><td>32,722</td><td>1,443</td><td>728</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>10,472</td><td>8,773</td><td>8,700</td><td>-</td><td>6</td><td>-</td><td>20</td><td>252</td><td>343</td><td>211</td></tr><tr><td>July</td><td>84,122</td><td>48,642</td><td>38,764</td><td>1,625</td><td>846</td><td>-</td><td>8</td><td>392</td><td>221</td><td>89</td></tr><tr><td>Spot</td><td>8,686</td><td>3,536</td><td>3,471</td><td>-</td><td>9</td><td>-</td><td>15</td><td>392</td><td>221</td><td>89</td></tr><tr><td>August</td><td>76,068</td><td>44,302</td><td>35,012</td><td>1,451</td><td>679</td><td>-</td><td>14</td><td>119</td><td>412</td><td>46</td></tr><tr><td>September</td><td>17,191</td><td>13,933</td><td>13,457</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>70,876</td><td>43,879</td><td>33,840</td><td>1,651</td><td>903</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>12,455</td><td>10,457</td><td>10,335</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>
(Continued on following page)
104
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 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</th><th>Other Asia</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales: 1946-March</td><td>Spot</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,387</td><td>8,445</td><td>-</td><td>8,445</td><td>5,170</td></tr><tr><td>1946-March</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>7,372</td><td>-</td><td>7,372</td><td>6,184</td></tr><tr><td>April</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>May</td><td>Spot</td><td>3,129</td><td>5,245</td><td>1,224</td><td>29,480</td><td>5,234</td><td>7,537</td><td>-</td><td>7,537</td><td>6,599</td></tr><tr><td>May</td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>6,139</td><td>123</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>June</td><td>Spot</td><td>2,309</td><td>5,516</td><td>416</td><td>35,016</td><td>5,900</td><td>7,562</td><td>-</td><td>7,562</td><td>5,801</td></tr><tr><td>June</td><td>Forward</td><td>264</td><td>-</td><td>-</td><td>8,468</td><td>530</td><td>1,859</td><td>-</td><td>1,859</td><td>33</td></tr><tr><td>July</td><td>Spot</td><td>4,412</td><td>9,496</td><td>548</td><td>31,188</td><td>5,659</td><td>8,181</td><td>-</td><td>8,181</td><td>6,888</td></tr><tr><td>July</td><td>Forward</td><td>1,161</td><td>-</td><td>114</td><td>5,350</td><td>1,180</td><td>1,743</td><td>-</td><td>1,743</td><td>1,868</td></tr><tr><td>August</td><td>Spot</td><td>3,111</td><td>4,965</td><td>560</td><td>33,219</td><td>6,190</td><td>7,016</td><td>-</td><td>7,016</td><td>6,348</td></tr><tr><td>August</td><td>Forward</td><td>23</td><td>-</td><td>-</td><td>4,342</td><td>645</td><td>425</td><td>-</td><td>425</td><td>384</td></tr><tr><td>September</td><td>Spot</td><td>3,316</td><td>5,470</td><td>303</td><td>31,523</td><td>6,124</td><td>8,877</td><td>-</td><td>8,877</td><td>5,267</td></tr><tr><td>September</td><td>Forward</td><td>35</td><td>-</td><td>-</td><td>5,334</td><td>460</td><td>427</td><td>-</td><td>427</td><td>399</td></tr><tr><td>October</td><td>Spot</td><td>2,890</td><td>6,189</td><td>334</td><td>30,969</td><td>6,386</td><td>8,265</td><td>-</td><td>8,265</td><td>7,924</td></tr><tr><td>October</td><td>Forward</td><td>590</td><td>-</td><td>-</td><td>4,832</td><td>3,325</td><td>695</td><td>-</td><td>695</td><td>44</td></tr><tr><td>November</td><td>Spot</td><td>2,593</td><td>5,120</td><td>469</td><td>31,349</td><td>6,113</td><td>10,520</td><td>-</td><td>10,520</td><td>7,899</td></tr><tr><td>November</td><td>Forward</td><td>49</td><td>7</td><td>30</td><td>3,083</td><td>58</td><td>1,701</td><td>-</td><td>1,701</td><td>56</td></tr><tr><td>December</td><td>Spot</td><td>2,606</td><td>8,526</td><td>520</td><td>39,286</td><td>9,686</td><td>11,532</td><td>-</td><td>11,532</td><td>7,164</td></tr><tr><td>December</td><td>Forward</td><td>70</td><td>70</td><td>9</td><td>4,939</td><td>1,410</td><td>2,844</td><td>-</td><td>2,844</td><td>32</td></tr><tr><td>1947-January</td><td>Spot</td><td>2,597</td><td>11,618</td><td>464</td><td>36,522</td><td>6,412</td><td>8,338</td><td>-</td><td>8,338</td><td>7,819</td></tr><tr><td>1947-January</td><td>Forward</td><td>316</td><td>263</td><td>-</td><td>4,378</td><td>3</td><td>1,646</td><td>-</td><td>1,646</td><td>68</td></tr><tr><td>February</td><td>Spot</td><td>2,523</td><td>11,542</td><td>504</td><td>32,635</td><td>6,551</td><td>6,864</td><td>-</td><td>6,864</td><td>7,603</td></tr><tr><td>February</td><td>Forward</td><td>11</td><td>387</td><td>-</td><td>3,149</td><td>5</td><td>689</td><td>-</td><td>689</td><td>32</td></tr><tr><td colspan="10">Sales to banks:</td></tr><tr><td>1946-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>1946-March</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>April</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>May</td><td>Spot</td><td>1,516</td><td>877</td><td>923</td><td>14,673</td><td>927</td><td>991</td><td>-</td><td>991</td><td>4,018</td></tr><tr><td>May</td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>1,072</td><td>1,408</td><td>90</td><td>17,068</td><td>1,274</td><td>534</td><td>-</td><td>534</td><td>3,939</td></tr><tr><td>June</td><td>Forward</td><td>264</td><td>-</td><td>-</td><td>2,458</td><td>53</td><td>133</td><td>-</td><td>133</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>1,968</td><td>1,326</td><td>148</td><td>15,793</td><td>1,191</td><td>1,102</td><td>-</td><td>1,102</td><td>4,411</td></tr><tr><td>July</td><td>Forward</td><td>417</td><td>-</td><td>38</td><td>2,452</td><td>103</td><td>94</td><td>-</td><td>94</td><td>297</td></tr><tr><td>August</td><td>Spot</td><td>1,928</td><td>1,544</td><td>98</td><td>15,217</td><td>1,663</td><td>431</td><td>-</td><td>431</td><td>4,044</td></tr><tr><td>August</td><td>Forward</td><td>7</td><td>-</td><td>-</td><td>1,846</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>2,237</td><td>1,871</td><td>38</td><td>16,211</td><td>2,176</td><td>1,855</td><td>-</td><td>1,855</td><td>3,334</td></tr><tr><td>September</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,854</td><td>-</td><td>160</td><td>-</td><td>160</td><td>-</td></tr><tr><td>October</td><td>Spot</td><td>1,845</td><td>1,479</td><td>94</td><td>16,764</td><td>2,018</td><td>1,923</td><td>-</td><td>1,923</td><td>4,492</td></tr><tr><td>October</td><td>Forward</td><td>336</td><td>-</td><td>-</td><td>2,104</td><td>36</td><td>586</td><td>-</td><td>586</td><td>4</td></tr><tr><td>November</td><td>Spot</td><td>1,575</td><td>1,473</td><td>113</td><td>16,190</td><td>1,905</td><td>3,525</td><td>-</td><td>3,525</td><td>4,747</td></tr><tr><td>November</td><td>Forward</td><td>16</td><td>7</td><td>-</td><td>1,682</td><td>51</td><td>1,466</td><td>-</td><td>1,466</td><td>-</td></tr><tr><td>December</td><td>Spot</td><td>1,213</td><td>3,769</td><td>89</td><td>20,970</td><td>2,574</td><td>2,718</td><td>-</td><td>2,718</td><td>5,926</td></tr><tr><td>December</td><td>Forward</td><td>70</td><td>31</td><td>-</td><td>2,362</td><td>1,300</td><td>413</td><td>-</td><td>413</td><td>-</td></tr><tr><td>1947-January</td><td>Spot</td><td>1,500</td><td>6,672</td><td>64</td><td>19,943</td><td>2,171</td><td>2,090</td><td>-</td><td>2,090</td><td>3,121</td></tr><tr><td>1947-January</td><td>Forward</td><td>-</td><td>105</td><td>-</td><td>1,888</td><td>-</td><td>886</td><td>-</td><td>886</td><td>63</td></tr><tr><td>February</td><td>Spot</td><td>960</td><td>6,596</td><td>119</td><td>17,258</td><td>1,859</td><td>1,532</td><td>-</td><td>1,532</td><td>6,007</td></tr><tr><td>February</td><td>Forward</td><td>-</td><td>282</td><td>-</td><td>1,842</td><td>-</td><td>25</td><td>-</td><td>25</td><td>-</td></tr><tr><td colspan="10">Sales to others:</td></tr><tr><td>1946-March</td><td>Spot</td><td>1,243</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>1946-March</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>April</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><tr><td>May</td><td>Spot</td><td>1,613</td><td>4,368</td><td>301</td><td>14,807</td><td>4,307</td><td>6,546</td><td>-</td><td>6,546</td><td>2,581</td></tr><tr><td>May</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,105</td><td>20</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>June</td><td>Spot</td><td>1,237</td><td>4,108</td><td>326</td><td>17,948</td><td>4,626</td><td>7,028</td><td>-</td><td>7,028</td><td>1,862</td></tr><tr><td>June</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,010</td><td>477</td><td>1,726</td><td>-</td><td>1,726</td><td>33</td></tr><tr><td>July</td><td>Spot</td><td>2,444</td><td>8,170</td><td>400</td><td>15,395</td><td>4,468</td><td>7,079</td><td>-</td><td>7,079</td><td>2,477</td></tr><tr><td>July</td><td>Forward</td><td>744</td><td>-</td><td>76</td><td>2,898</td><td>1,077</td><td>1,649</td><td>-</td><td>1,649</td><td>1,571</td></tr><tr><td>August</td><td>Spot</td><td>1,183</td><td>3,421</td><td>462</td><td>18,002</td><td>4,727</td><td>6,585</td><td>-</td><td>6,585</td><td>2,304</td></tr><tr><td>August</td><td>Forward</td><td>16</td><td>-</td><td>-</td><td>2,496</td><td>83</td><td>425</td><td>-</td><td>425</td><td>384</td></tr><tr><td>September</td><td>Spot</td><td>1,079</td><td>3,599</td><td>265</td><td>15,312</td><td>3,948</td><td>7,022</td><td>-</td><td>7,022</td><td>1,933</td></tr><tr><td>September</td><td>Forward</td><td>35</td><td>-</td><td>-</td><td>2,480</td><td>460</td><td>267</td><td>-</td><td>267</td><td>395</td></tr><tr><td>October</td><td>Spot</td><td>1,045</td><td>4,710</td><td>240</td><td>14,205</td><td>4,368</td><td>6,342</td><td>-</td><td>6,342</td><td>3,432</td></tr><tr><td>October</td><td>Forward</td><td>254</td><td>-</td><td>-</td><td>2,728</td><td>3,289</td><td>109</td><td>-</td><td>109</td><td>40</td></tr><tr><td>November</td><td>Spot</td><td>1,018</td><td>3,647</td><td>356</td><td>15,159</td><td>4,208</td><td>6,995</td><td>-</td><td>6,995</td><td>3,152</td></tr><tr><td>November</td><td>Forward</td><td>33</td><td>-</td><td>30</td><td>1,401</td><td>7</td><td>235</td><td>-</td><td>235</td><td>56</td></tr><tr><td>December</td><td>Spot</td><td>1,393</td><td>4,757</td><td>431</td><td>18,316</td><td>7,112</td><td>8,814</td><td>-</td><td>8,814</td><td>1,238</td></tr><tr><td>December</td><td>Forward</td><td>-</td><td>39</td><td>9</td><td>2,577</td><td>110</td><td>2,411</td><td>-</td><td>2,411</td><td>32</td></tr><tr><td>1947-January</td><td>Spot</td><td>1,097</td><td>4,946</td><td>400</td><td>16,579</td><td>4,241</td><td>6,248</td><td>-</td><td>6,248</td><td>4,698</td></tr><tr><td>1947-January</td><td>Forward</td><td>316</td><td>158</td><td>-</td><td>2,490</td><td>3</td><td>760</td><td>-</td><td>760</td><td>5</td></tr><tr><td>February</td><td>Spot</td><td>1,563</td><td>4,946</td><td>385</td><td>15,377</td><td>4,692</td><td>5,332</td><td>-</td><td>5,332</td><td>1,596</td></tr><tr><td>February</td><td>Forward</td><td>11</td><td>105</td><td>-</td><td>1,307</td><td>5</td><td>664</td><td>-</td><td>664</td><td>32</td></tr></table>