Copy 2
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY
BULLETIN
MARCH-1950
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
March 1950
Table of Contents
<table><tr><th></th><th>Page</th></tr><tr><td>Treasury financing operations</td><td>A-1</td></tr><tr><td>Summary of Federal fiscal operations</td><td>1</td></tr><tr><td>Budget receipts and expenditures</td><td>2</td></tr><tr><td>Trust accounts, etc.</td><td>8</td></tr><tr><td>Treasury cash income and outgo</td><td>12</td></tr><tr><td>General Fund of the Treasury</td><td>15</td></tr><tr><td>Debt outstanding</td><td>16</td></tr><tr><td>Statutory debt limitation</td><td>20</td></tr><tr><td>Debt operations</td><td>21</td></tr><tr><td>United States savings bonds</td><td>26</td></tr><tr><td>Treasury savings notes</td><td>30</td></tr><tr><td>Ownership of Federal securities</td><td>31</td></tr><tr><td>Treasury survey of ownership of Federal securities</td><td>33</td></tr><tr><td>Treasury survey - commercial bank ownership of Federal securities</td><td>37</td></tr><tr><td>Market quotations</td><td>41</td></tr><tr><td>Yields of Treasury and corporate bonds</td><td>44</td></tr><tr><td>Internal revenue collections</td><td>46</td></tr><tr><td>Monetary statistics</td><td>50</td></tr><tr><td>Capital movements</td><td>54</td></tr><tr><td>Cumulative table of contents</td><td>69</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
March 1950
A-1
Treasury Financing Operations
March and April Certificate, Note, and Bond Maturities
On February 14, 1950, the Secretary of the Treasury announced that new issues of Treasury notes would be offered in exchange for the four marketable securities, other than Treasury bills, maturing in March and April. The announcement stated that 1-1/4 percent Treasury notes to mature on July 1, 1951 would be offered to refund the issues of 1-1/4 percent certificates of indebtedness maturing on March 1, and April 1, 1950; and that an issue of 1-1/2 percent Treasury notes to mature on March 15, 1955, would be offered to refund the 2 percent Treasury bonds of 1950-52 (dated October 19, 1942) which had been called for redemption March 15, 1950, and the 1-3/8 percent Treasury notes maturing on April 1, 1950. The four maturing securities aggregate $9,443 million.
Pursuant to the announcement, on February 17 the following offerings were made:
An issue of 1-1/4 percent notes dated March 1, 1950, to mature July 1, 1951, was offered in exchange for the issue of one-year1-1/4 percent certificates maturing March 1, Series C-1950, in the amount of $2,922 million.
An issue of 1-1/2 percent notes to be dated March 15, 1950, to mature March 15, 1955, was offered in exchange for the 2 percent Treasury bonds of 1950-52 (dated October 19, 1942) which had been called for redemption on March 15, 1950, and will be reopened in exchange for the 18-1/2 month 1-3/8 percent Treasury notes, Series A-1950, maturing April 1, 1950. The maturing bonds amounted to $1,963 million and the maturing notes amount to $3,596 million.
An issue of 1-1/4 percent notes to be dated April 1, 1950, to mature July 1, 1951, will be offered in exchange for the issue of one-year 1-1/4 percent certificates maturing April 1, 1950.
Pursuant to the announcement, subscription books were opened on February 17, for the new 1-1/4 percent Treasury notes, Series B-1951, in exchange
for the 1-1/4 percent certificates maturing March 1, and for the new 1-1/2 percent Treasury notes, Series A-1955, in exchange for the 2 percent Treasury bonds of 1950-52 (dated October 19, 1942). The subscription books were closed at the close of business February 21. Exchanges were made par for par, and cash subscriptions were not received. Both securities were issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000,and $1,000,000. Neither issue is subject to call for redemption before maturity.
The notes of Series B-1951 are dated March 1, 1950, and bear interest from that date at the rate of 1-1/4 percent per annum, payable on a semiannual basis on January 1 and July 1, 1951. They will mature July 1, 1951.
The notes of Series A-1955 are dated March 15, 1950, and bear interest from that date at the rate of 1-1/2 percent per annum, payable semiannually on September 15, 1950, and thereafter on March 15 and September 15 in each year until the principal amount becomes payable. They will mature March 15, 1955.
Reports to the Treasury on the ownership of Government securities indicate that on December 31, 1949, about 58 percent of the maturing certificates and about 78 percent of the called bonds were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for December 31 are the latest available for the holdings of commercial banks.
Subscriptions to the new 1-1/4 percent Treasury notes, Series B-1951, amounted to $2,741 million, leaving $180 million to be paid in cash. Subscriptions to the new 1-1/2 percent Treasury notes, Series A-1955, amounted to $1,860 million, leaving $103 million to be paid in cash.
Treasury Bills Refunded
Treasury bills maturing in February were refunded in the full amount of $4.0 billion. Each maturity and each offering was for $1,000 million. The average rates of discount on the four new issues were for February 2 and 9, 1.119 percent, for February 16, 1.131 percent, and for February 23, 1.132 percent.
Note: Details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of bonds, notes,
and certificates of indebtedness, and in the table "Offerings of Treasury Bills", in this issue of the "Treasury Bulletin".
March 1950
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th colspan="3">Budget receipts and expenditures 1/</th><th rowspan="2">Trust accounts, etc. - net receipts, or expenditures (-) 3/</th><th rowspan="2">Clearing account 5/</th><th rowspan="2">Net increase in public debt, or decrease (-)</th><th rowspan="2">Net increase in General Fund balance, or decrease (-)</th><th colspan="4">Levels, end of period</th></tr><tr><th>Net receipts 2/</th><th>Expenditures 3/</th><th>Surplus, or deficit (-) 3/</th><th>General Fund balance</th><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th></tr><tr><td colspan="11">Fiscal years:</td></tr><tr><td>1937</td><td>4,979</td><td>7,756</td><td>-2,777</td><td>3</td><td>-</td><td>2,646</td><td>-128</td><td>2,553</td><td>36,425</td><td>4,665</td><td>41,089</td></tr><tr><td>1938</td><td>5,802</td><td>6,979</td><td>-1,177</td><td>99</td><td>-</td><td>740</td><td>-338</td><td>2,216</td><td>37,165</td><td>4,853</td><td>42,018</td></tr><tr><td>1939</td><td>5,103</td><td>8,966</td><td>-3,862</td><td>1,210</td><td>-</td><td>3,275</td><td>622</td><td>2,838</td><td>40,440</td><td>5,451</td><td>45,890</td></tr><tr><td>1940</td><td>5,265</td><td>9,183</td><td>-3,918</td><td>443</td><td>-</td><td>2,528</td><td>-947</td><td>1,891</td><td>42,968</td><td>5,529</td><td>48,497</td></tr><tr><td>1941</td><td>7,227</td><td>13,387</td><td>-6,159</td><td>908</td><td>-</td><td>5,994</td><td>782</td><td>2,633</td><td>48,961</td><td>6,370</td><td>55,332</td></tr><tr><td>1942</td><td>12,696</td><td>34,187</td><td>-21,490</td><td>-1,613</td><td>-</td><td>23,461</td><td>358</td><td>2,991</td><td>72,422</td><td>4,568</td><td>76,991</td></tr><tr><td>1943</td><td>22,202</td><td>79,622</td><td>-57,420</td><td>-338</td><td>-</td><td>64,274</td><td>6,515</td><td>9,507</td><td>136,696</td><td>4,100</td><td>140,796</td></tr><tr><td>1944</td><td>43,892</td><td>95,315</td><td>-51,423</td><td>-2,222</td><td>-</td><td>64,307</td><td>10,662</td><td>20,169</td><td>201,003</td><td>1,623</td><td>202,626</td></tr><tr><td>1945</td><td>44,762</td><td>98,703</td><td>-53,941</td><td>791</td><td>-</td><td>57,679</td><td>4,589</td><td>24,698</td><td>258,682</td><td>433</td><td>259,115</td></tr><tr><td>1946</td><td>40,027</td><td>60,703</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>1947</td><td>40,043</td><td>39,289</td><td>754</td><td>-1,103</td><td>555</td><td>-11,136</td><td>-10,930</td><td>3,308</td><td>258,286</td><td>90</td><td>258,376</td></tr><tr><td>1948</td><td>42,211</td><td>33,791</td><td>8,419</td><td>-294</td><td>-507</td><td>-5,994</td><td>1,624</td><td>4,932</td><td>252,292</td><td>73</td><td>252,366</td></tr><tr><td>1949</td><td>38,246</td><td>40,057</td><td>-1,811</td><td>-495</td><td>366</td><td>478</td><td>-1,462</td><td>3,470</td><td>252,770</td><td>27</td><td>252,798</td></tr><tr><td>1950 (Estimated)</td><td>37,763</td><td>43,297</td><td>-5,533</td><td>-354</td><td>200</td><td>5,630</td><td>-58</td><td>3,413</td><td>258,400</td><td>39</td><td>258,439</td></tr><tr><td>1951 (Estimated)</td><td>37,306</td><td>42,439</td><td>-5,133</td><td>-218</td><td>-</td><td>5,400</td><td>48</td><td>3,461</td><td>263,800</td><td>44</td><td>263,844</td></tr><tr><td colspan="11">Calendar years:</td></tr><tr><td>1942</td><td>16,290</td><td>57,731</td><td>-41,461</td><td>-1,788</td><td>-</td><td>50,232</td><td>6,983</td><td>10,543</td><td>108,170</td><td>4,301</td><td>112,471</td></tr><tr><td>1943</td><td>34,483</td><td>90,174</td><td>-55,691</td><td>-266</td><td>-</td><td>57,707</td><td>1,751</td><td>12,294</td><td>155,877</td><td>4,230</td><td>170,108</td></tr><tr><td>1944</td><td>43,531</td><td>97,181</td><td>-53,650</td><td>-1,161</td><td>-</td><td>64,753</td><td>9,942</td><td>22,236</td><td>230,630</td><td>1,514</td><td>232,144</td></tr><tr><td>1945</td><td>43,928</td><td>87,582</td><td>-43,594</td><td>-123</td><td>-</td><td>47,484</td><td>3,767</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td></tr><tr><td>1946</td><td>38,810</td><td>41,322</td><td>-2,512</td><td>-1,386</td><td>362</td><td>-18,966</td><td>-22,502</td><td>3,502</td><td>259,149</td><td>339</td><td>259,487</td></tr><tr><td>1947</td><td>41,010</td><td>38,576</td><td>2,434</td><td>-350</td><td>-240</td><td>-2,249</td><td>-405</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td></tr><tr><td>1948</td><td>41,450</td><td>36,209</td><td>5,241</td><td>-229</td><td>199</td><td>-4,100</td><td>1,111</td><td>4,208</td><td>252,800</td><td>55</td><td>252,854</td></tr><tr><td>1949</td><td>38,122</td><td>41,714</td><td>-3,592</td><td>-502</td><td>234</td><td>4,331</td><td>471</td><td>4,679</td><td>257,130</td><td>30</td><td>257,160</td></tr><tr><td colspan="11">Months:</td></tr><tr><td>1948-January</td><td>4,196</td><td>2,800</td><td>1,396</td><td>259</td><td>222</td><td>-326</td><td>1,551</td><td>4,648</td><td>256,574</td><td>77</td><td>256,651</td></tr><tr><td>February</td><td>4,158</td><td>2,224</td><td>1,934</td><td>-194</td><td>-101</td><td>-1,969</td><td>-330</td><td>4,318</td><td>254,605</td><td>79</td><td>254,683</td></tr><tr><td>March</td><td>5,874</td><td>3,086</td><td>2,788</td><td>-86</td><td>-53</td><td>-1,615</td><td>1,035</td><td>5,353</td><td>252,990</td><td>78</td><td>253,068</td></tr><tr><td>April</td><td>2,239</td><td>2,541</td><td>-302</td><td>86</td><td>226</td><td>-750</td><td>-741</td><td>4,612</td><td>252,240</td><td>75</td><td>252,315</td></tr><tr><td>May</td><td>2,324</td><td>2,222</td><td>103</td><td>378</td><td>-144</td><td>-3</td><td>334</td><td>4,946</td><td>252,236</td><td>75</td><td>252,311</td></tr><tr><td>June</td><td>4,859</td><td>4,018</td><td>841</td><td>-685</td><td>-226</td><td>56</td><td>-14</td><td>4,932</td><td>252,292</td><td>73</td><td>252,366</td></tr><tr><td>July</td><td>2,096</td><td>3,741</td><td>-1,645</td><td>4</td><td>700</td><td>1,082</td><td>141</td><td>5,074</td><td>253,374</td><td>55</td><td>253,429</td></tr><tr><td>August</td><td>2,505</td><td>2,335</td><td>169</td><td>202</td><td>-289</td><td>-324</td><td>-241</td><td>4,832</td><td>253,049</td><td>51</td><td>253,101</td></tr><tr><td>September</td><td>4,543</td><td>3,066</td><td>1,477</td><td>-374</td><td>9</td><td>-362</td><td>751</td><td>5,583</td><td>252,687</td><td>50</td><td>252,738</td></tr><tr><td>October</td><td>2,101</td><td>2,911</td><td>-810</td><td>82</td><td>174</td><td>-227</td><td>-781</td><td>4,802</td><td>252,460</td><td>52</td><td>252,513</td></tr><tr><td>November</td><td>2,540</td><td>3,163</td><td>-623</td><td>317</td><td>-158</td><td>46</td><td>-417</td><td>4,385</td><td>252,506</td><td>57</td><td>252,563</td></tr><tr><td>December</td><td>4,014</td><td>4,102</td><td>-88</td><td>-219</td><td>-163</td><td>294</td><td>-177</td><td>4,208</td><td>252,800</td><td>55</td><td>252,854</td></tr><tr><td>1949-January</td><td>3,579</td><td>3,205</td><td>374</td><td>-84</td><td>340</td><td>-179</td><td>451</td><td>4,659</td><td>252,620</td><td>36</td><td>252,656</td></tr><tr><td>February</td><td>3,381</td><td>2,972</td><td>409</td><td>172</td><td>-51</td><td>101</td><td>631</td><td>5,291</td><td>252,721</td><td>26</td><td>252,747</td></tr><tr><td>March</td><td>5,435</td><td>3,651</td><td>1,783</td><td>-315</td><td>87</td><td>-1,080</td><td>476</td><td>5,767</td><td>251,642</td><td>24</td><td>251,666</td></tr><tr><td>April</td><td>1,340</td><td>3,151</td><td>-1,811</td><td>-62</td><td>213</td><td>-111</td><td>-1,772</td><td>3,995</td><td>251,530</td><td>23</td><td>251,553</td></tr><tr><td>May</td><td>1,945</td><td>3,104</td><td>-1,159</td><td>291</td><td>-324</td><td>359</td><td>-833</td><td>3,163</td><td>251,889</td><td>23</td><td>251,912</td></tr><tr><td>June</td><td>4,767</td><td>4,656</td><td>111</td><td>-511</td><td>-173</td><td>881</td><td>308</td><td>3,470</td><td>252,770</td><td>27</td><td>252,798</td></tr><tr><td>July</td><td>1,946</td><td>3,434</td><td>-1,488</td><td>30</td><td>218</td><td>1,107</td><td>-133</td><td>3,337</td><td>253,877</td><td>26</td><td>253,902</td></tr><tr><td>August</td><td>2,479</td><td>3,585</td><td>-1,106</td><td>345</td><td>-133</td><td>1,975</td><td>1,081</td><td>4,418</td><td>255,852</td><td>27</td><td>255,879</td></tr><tr><td>September</td><td>4,832</td><td>3,995</td><td>837</td><td>-404</td><td>20</td><td>828</td><td>1,281</td><td>5,699</td><td>256,680</td><td>29</td><td>256,709</td></tr><tr><td>October</td><td>1,881</td><td>3,111</td><td>-1,230</td><td>10</td><td>160</td><td>98</td><td>-962</td><td>4,737</td><td>256,778</td><td>28</td><td>256,805</td></tr><tr><td>November</td><td>2,344</td><td>3,127</td><td>-783</td><td>299</td><td>-36</td><td>204</td><td>-315</td><td>4,422</td><td>256,982</td><td>29</td><td>257,011</td></tr><tr><td>December</td><td>4,191</td><td>3,722</td><td>469</td><td>-272</td><td>-88</td><td>148</td><td>257</td><td>4,679</td><td>257,130</td><td>30</td><td>257,160</td></tr><tr><td>1950-January</td><td>3,366</td><td>3,323</td><td>44</td><td>2</td><td>589</td><td>-265</td><td>370</td><td>5,049</td><td>256,865</td><td>27</td><td>256,892</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1951 Budget document, including effect of proposed legislation.
1/ Both receipts and expenditures exclude (1) refunds of receipts and (2) payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and for disposition of earnings.
2/ Gross receipts less appropriations to Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts (see "Budget Receipts and Expenditures", Table 1).
3/ To make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, all transactions relating
to the Foreign Economic Cooperation Trust Fund (established under Section 114 (b) of the Economic Cooperation Act of 1948) have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin". 
Consists of: trust accounts; sales and redemptions of securities of Government corporations, etc., in the market (net); increment on gold; seigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable against increment on gold (fiscal years 1937-39). 
For outstanding checks and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-).
2
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Internal revenue 1/</th><th rowspan="2">Customs</th><th rowspan="2">Other receipts 1/</th><th rowspan="2">Gross receipts 2/</th><th colspan="3">Deductions</th><th rowspan="2">Net receipts 2/</th></tr><tr><th>Income and profits taxee</th><th></th><th></th><th></th><th>Miscellaneous internal revenue</th><th>Total internal revenue</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 6/</th><th>Refunds of receipts 1/</th></tr><tr><th></th><th>Withheld by employers 2/</th><th>Other 2/</th><th>Total</th><th>Employment taxes 3/</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1942</td><td>-</td><td>7,960</td><td>7,960</td><td>1,186</td><td>3,847</td><td>12,993</td><td>389</td><td>295</td><td>13,677</td><td>896</td><td>85</td><td>12,696</td></tr><tr><td>1943</td><td>-</td><td>16,094</td><td>16,094</td><td>1,498</td><td>4,553</td><td>22,144</td><td>324</td><td>934</td><td>23,402</td><td>1,130</td><td>70</td><td>22,202</td></tr><tr><td>1944</td><td>8,393</td><td>26,262</td><td>34,655</td><td>1,739</td><td>5,291</td><td>41,685</td><td>431</td><td>3,325</td><td>45,441</td><td>1,292</td><td>257</td><td>43,892</td></tr><tr><td>1945</td><td>10,289</td><td>24,988</td><td>35,173</td><td>1,780</td><td>6,949</td><td>43,902</td><td>355</td><td>3,494</td><td>47,750</td><td>1,310</td><td>1,679</td><td>44,762</td></tr><tr><td>1946</td><td>9,392</td><td>21,493</td><td>30,885</td><td>1,701</td><td>7,725</td><td>40,310</td><td>435</td><td>3,492</td><td>44,238</td><td>1,238</td><td>2,973</td><td>40,027</td></tr><tr><td>1947</td><td>10,013</td><td>19,292</td><td>29,306</td><td>2,024</td><td>8,049</td><td>39,379</td><td>494</td><td>4,635</td><td>44,508</td><td>1,459</td><td>3,006</td><td>40,043</td></tr><tr><td>1948</td><td>11,436</td><td>19,735</td><td>31,171</td><td>2,381</td><td>8,301</td><td>41,853</td><td>422</td><td>3,824</td><td>46,099</td><td>1,616</td><td>2,272</td><td>42,211</td></tr><tr><td>1949</td><td>9,842</td><td>19,641</td><td>29,482</td><td>2,477</td><td>8,348</td><td>40,307</td><td>384</td><td>2,082</td><td>42,774</td><td>1,690</td><td>2,838</td><td>38,246</td></tr><tr><td>1950 (Estimated)</td><td>9,839</td><td>19,307</td><td>29,146</td><td>3,038</td><td>8,328</td><td>40,512</td><td>375</td><td>1,298</td><td>42,185</td><td>2,245</td><td>2,177</td><td>37,763</td></tr><tr><td>1951 (Estimated)</td><td>10,075</td><td>18,689</td><td>28,764</td><td>4,783</td><td>8,334</td><td>41,881</td><td>375</td><td>1,166</td><td>43,422</td><td>3,715</td><td>2,151</td><td>37,306 8/</td></tr><tr><td>1949-July</td><td>554</td><td>655</td><td>1,209</td><td>65</td><td>653</td><td>1,927</td><td>25</td><td>110</td><td>2,061</td><td>58</td><td>57</td><td>1,946</td></tr><tr><td>August</td><td>1,161</td><td>407</td><td>1,568</td><td>404</td><td>749</td><td>2,720</td><td>32</td><td>165</td><td>2,917</td><td>381</td><td>57</td><td>2,479</td></tr><tr><td>September</td><td>657</td><td>3,237</td><td>3,893</td><td>144</td><td>714</td><td>4,751</td><td>33</td><td>101</td><td>4,885</td><td>7</td><td>45</td><td>4,832</td></tr><tr><td>October</td><td>564</td><td>496</td><td>1,060</td><td>65</td><td>753</td><td>1,879</td><td>35</td><td>79</td><td>1,993</td><td>62</td><td>49</td><td>1,881</td></tr><tr><td>November</td><td>1,134</td><td>355</td><td>1,489</td><td>356</td><td>722</td><td>2,566</td><td>37</td><td>124</td><td>2,727</td><td>337</td><td>46</td><td>2,344</td></tr><tr><td>December</td><td>695</td><td>2,580</td><td>3,214</td><td>139</td><td>720</td><td>4,074</td><td>35</td><td>117</td><td>4,255</td><td>5</td><td>59</td><td>4,191</td></tr><tr><td>1950-January</td><td>588</td><td>1,957</td><td>2,545</td><td>67</td><td>645</td><td>3,257</td><td>37</td><td>186</td><td>3,480</td><td>47</td><td>67</td><td>3,366</td></tr><tr><td>Fiscal year 1950 to date</td><td>5,351</td><td>9,626</td><td>14,978</td><td>1,241</td><td>4,956</td><td>21,174</td><td>233</td><td>911</td><td>22,319</td><td>897</td><td>381</td><td>21,041</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1951 Budget document, including effect of proposed changes in employment taxes and miscellaneous receipts. Receipt classifications
shown here are based on the Daily Treasury Statement and therefore differ somewhat from those in the Budget. Footnotes at end of Table 5.
Table 2.- Expenditures by Major Classifications
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 2/ 9/ 10/</th><th>National defense</th><th>International finance and aid 10/</th><th>Interest on the public debt 11/</th><th>Veterans' Administration 12/</th><th>Other</th></tr><tr><td>1942</td><td>34,187</td><td>28,266</td><td>-</td><td>1,260</td><td>556</td><td>1,105</td></tr><tr><td>1943</td><td>79,622</td><td>75,297</td><td>-</td><td>1,808</td><td>602</td><td>1,914</td></tr><tr><td>1944</td><td>95,315</td><td>89,720</td><td>-</td><td>2,609</td><td>730</td><td>2,256</td></tr><tr><td>1945</td><td>98,703</td><td>90,501</td><td>-</td><td>3,617</td><td>2,060</td><td>2,525</td></tr><tr><td>1946</td><td>60,703</td><td>48,870</td><td>727</td><td>4,722</td><td>4,253</td><td>2,133</td></tr><tr><td>1947</td><td>39,289</td><td>16,812 r</td><td>4,928</td><td>1,958</td><td>7,259</td><td>5,332 r</td></tr><tr><td>1948</td><td>33,791 r</td><td>11,500 r</td><td>4,113 r</td><td>5,211</td><td>6,459</td><td>6,467 r</td></tr><tr><td>1949</td><td>40,057 r</td><td>12,158 r</td><td>6,011 r</td><td>5,339</td><td>6,878</td><td>9,670 r</td></tr><tr><td>1950 (Estimated)</td><td>43,297</td><td>13,434 r</td><td>5,402 r</td><td>5,725</td><td>6,766</td><td>11,969 r</td></tr><tr><td>1951 (Estimated)</td><td>42,439</td><td>13,837 r</td><td>4,264 r</td><td>5,625</td><td>5,989</td><td>12,723 r</td></tr><tr><td>1949-July</td><td>3,433</td><td>1,040 r</td><td>478</td><td>322</td><td>494</td><td>1,100 r</td></tr><tr><td>August</td><td>3,585</td><td>1,173 r</td><td>421</td><td>125</td><td>522</td><td>1,343 r</td></tr><tr><td>September</td><td>3,995</td><td>1,032 r</td><td>455</td><td>544</td><td>859</td><td>1,106 r</td></tr><tr><td>October</td><td>3,111</td><td>1,006 r</td><td>389</td><td>255</td><td>512</td><td>949 r</td></tr><tr><td>November</td><td>3,127</td><td>1,063 r</td><td>353</td><td>306</td><td>547</td><td>859 r</td></tr><tr><td>December</td><td>3,722</td><td>1,100 r</td><td>347</td><td>1,008</td><td>489</td><td>779 r</td></tr><tr><td>1950-January</td><td>3,323</td><td>1,054</td><td>286</td><td>463</td><td>516</td><td>1,004</td></tr><tr><td>Fiscal year 1950 to date</td><td>24,297</td><td>7,468</td><td>2,728</td><td>3,022</td><td>3,939</td><td>7,139</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1951 Budget document, including effect of proposed legislation. Expenditure classifications shown here are based on the Daily Treasury Statement
and therefore differ somewhat from those in the Budget. Footnotes at end of Table 5.
March 1950
3
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of the Air Force 13/</th><th>Department of the Army 14/</th><th>Department of the Navy 15/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission 16/</th><th>UNRRA</th><th>Surplus property disposal 17/ 18/</th><th>Reconstruction Finance Corporation 19/</th><th>Strategic and critical materiale</th><th>Other 20/</th></tr><tr><td>1942</td><td>28,266</td><td>-</td><td>14,070</td><td>8,580</td><td>-</td><td>929</td><td>-</td><td>-</td><td>2,255</td><td>-</td><td>2,432</td></tr><tr><td>1943</td><td>75,297</td><td>-</td><td>42,265</td><td>20,888</td><td>-</td><td>2,776</td><td>-</td><td>-</td><td>3,189</td><td>-</td><td>6,180</td></tr><tr><td>1944</td><td>89,720</td><td>-</td><td>49,242</td><td>26,538</td><td>-</td><td>3,812</td><td>-</td><td>-</td><td>2,682</td><td>-</td><td>7,447</td></tr><tr><td>1945</td><td>90,501</td><td>-</td><td>50,337</td><td>30,047</td><td>-</td><td>3,227</td><td>114</td><td>-</td><td>472</td><td>-</td><td>6,305</td></tr><tr><td>1946</td><td>48,870</td><td>-</td><td>27,800</td><td>15,161</td><td>-</td><td>694</td><td>664</td><td>106</td><td>328</td><td>-</td><td>4,117</td></tr><tr><td>1947</td><td>16,812 r</td><td>-</td><td>6,911</td><td>4,998</td><td>1,986</td><td>271</td><td>1,501</td><td>442</td><td>138</td><td>11</td><td>554 r</td></tr><tr><td>1948</td><td>11,500 r</td><td>-</td><td>6,046</td><td>4,171</td><td>270</td><td>277</td><td>268</td><td>325</td><td>-</td><td>98</td><td>45 r</td></tr><tr><td>1949</td><td>12,158 r</td><td>1,690</td><td>5,417</td><td>4,412</td><td>10</td><td>136</td><td>25</td><td>98</td><td>-</td><td>299</td><td>71 r</td></tr><tr><td>1950 (Estimated)</td><td>13,431 r</td><td>3,745</td><td>4,307</td><td>4,394</td><td>2</td><td>162</td><td>*</td><td>11</td><td>-</td><td>580</td><td>232 r</td></tr><tr><td>1951 (Estimated)</td><td>13,837 r</td><td>4,415</td><td>4,175</td><td>4,160</td><td>*</td><td>222</td><td>-</td><td>3</td><td>-</td><td>650</td><td>211 r</td></tr><tr><td>1949-July</td><td>1,040 r</td><td>155</td><td>463</td><td>356</td><td>*</td><td>6</td><td>*</td><td>1 r</td><td>-</td><td>52</td><td>6 r</td></tr><tr><td>August</td><td>1,173 r</td><td>205</td><td>515</td><td>400</td><td>*</td><td>8</td><td>*</td><td>1 r</td><td>-</td><td>38</td><td>5 r</td></tr><tr><td>September</td><td>1,032 r</td><td>279</td><td>332</td><td>354</td><td>*</td><td>8</td><td>-</td><td>1 r</td><td>-</td><td>44</td><td>15 r</td></tr><tr><td>October</td><td>1,006 r</td><td>329</td><td>230</td><td>378</td><td>*</td><td>4</td><td>*</td><td>1 r</td><td>-</td><td>45</td><td>20 r</td></tr><tr><td>November</td><td>1,063 r</td><td>294</td><td>329</td><td>376</td><td>*</td><td>7</td><td>-</td><td>1 r</td><td>-</td><td>37</td><td>20 r</td></tr><tr><td>December</td><td>1,100 r</td><td>351</td><td>318</td><td>367</td><td>*</td><td>6</td><td>*</td><td>1 r</td><td>-</td><td>30</td><td>29 r</td></tr><tr><td>1950-January</td><td>1,054</td><td>305</td><td>335</td><td>357</td><td>*</td><td>8</td><td>-</td><td>1</td><td>-</td><td>34</td><td>15</td></tr><tr><td>Fiscal year 1950 to date</td><td>7,468</td><td>1,918</td><td>2,521</td><td>2,588</td><td>*</td><td>47</td><td>*</td><td>5</td><td>-</td><td>279</td><td>110</td></tr></table>
Source: (Same as Table 2). Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Bretton Woods Agreements Act</th><th>Export-Import Bank 21/</th><th>Credit to United Kingdom</th><th>Greek-Turkish assistance</th><th>Relief in war devastated countries</th><th>Government and relief in occupied areas 22/</th><th>Economic Cooperation Act 10/</th><th>Foreign Aid Act of 1947</th><th>China Aid Act of 1948</th><th>Mutual defense assistance</th><th>Other 23/</th></tr><tr><td>1946</td><td>727</td><td>159</td><td>568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>4,928</td><td>1,426</td><td>938</td><td>2,050</td><td>-</td><td>-</td><td>514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1948</td><td>4,143 r</td><td>-</td><td>465</td><td>1,700</td><td>161</td><td>272</td><td>881</td><td>134 r</td><td>498</td><td>-</td><td>-</td><td>33</td></tr><tr><td>1949</td><td>6,011 r</td><td>-</td><td>-60</td><td>-</td><td>279</td><td>10</td><td>1,329</td><td>4,043 r</td><td>75</td><td>296</td><td>-</td><td>39</td></tr><tr><td>1950 (Estimated)</td><td>5,402 r</td><td>-</td><td>71</td><td>-</td><td>195</td><td>5</td><td>998</td><td>3,895</td><td>2</td><td>*</td><td>160</td><td>77 r</td></tr><tr><td>1951 (Estimated)</td><td>4,264 r</td><td>-</td><td>48</td><td>-</td><td>-</td><td>-</td><td>279</td><td>3,250</td><td>1</td><td>2</td><td>445</td><td>239 r</td></tr><tr><td>1949-July</td><td>478</td><td>-</td><td>-23</td><td>-</td><td>33</td><td>*</td><td>113</td><td>35h</td><td>*</td><td>1</td><td>-</td><td>*</td></tr><tr><td>August</td><td>421</td><td>-</td><td>5</td><td>-</td><td>6</td><td>*</td><td>85</td><td>319</td><td>*</td><td>1</td><td>-</td><td>5</td></tr><tr><td>September</td><td>455</td><td>-</td><td>6</td><td>-</td><td>16</td><td>*</td><td>114</td><td>31h</td><td>*</td><td>1</td><td>-</td><td>4</td></tr><tr><td>October</td><td>389</td><td>-</td><td>6</td><td>-</td><td>18</td><td>*</td><td>100</td><td>260</td><td>*</td><td>-7</td><td>-</td><td>11</td></tr><tr><td>November</td><td>353</td><td>-</td><td>5</td><td>-</td><td>-2</td><td>*</td><td>68</td><td>280</td><td>*</td><td>-3</td><td>-</td><td>5</td></tr><tr><td>December</td><td>347</td><td>-</td><td>7</td><td>-</td><td>8</td><td>*</td><td>52</td><td>276</td><td>*</td><td>1</td><td>-</td><td>3</td></tr><tr><td>1950-January</td><td>286</td><td>-</td><td>-20</td><td>-</td><td>-12</td><td>*</td><td>38</td><td>267</td><td>*</td><td>*</td><td>*</td><td>13</td></tr><tr><td>Fiscal year 1950 to date</td><td>2,728</td><td>-</td><td>-15</td><td>-</td><td>67</td><td>*</td><td>571</td><td>2,070</td><td>-1</td><td>-5</td><td>*</td><td>41</td></tr></table>
Source: (Same as Table 2). Footnotes at end of Table 5.
4
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(In millions of dollars)
<table><tr><th>Fiecal year or month</th><th>Total</th><th>Aid to agriculture 24/</th><th>Social security program 25/</th><th>Public works 18/ 26/</th><th>Housing and home finance 27/</th><th>Direct and work relief 28/</th><th>Atomic Energy Commission 29/</th><th>Miscellaneous 29/</th></tr><tr><td>1942</td><td>4,105</td><td>1,335</td><td>656</td><td>673</td><td>-201</td><td>970</td><td>-</td><td>622</td></tr><tr><td>1943</td><td>1,914</td><td>585</td><td>732</td><td>535</td><td>-354</td><td>299</td><td>-</td><td>118</td></tr><tr><td>1944</td><td>2,256</td><td>696</td><td>798</td><td>425</td><td>-360</td><td>17</td><td>-</td><td>579</td></tr><tr><td>1945</td><td>2,525</td><td>969</td><td>807</td><td>313</td><td>-307</td><td>*</td><td>-</td><td>742</td></tr><tr><td>1946</td><td>2,133</td><td>-203</td><td>845</td><td>359</td><td>-246</td><td>-</td><td>-</td><td>1,378</td></tr><tr><td>1947</td><td>5,332 r</td><td>1,226</td><td>1,066</td><td>690</td><td>129</td><td>-</td><td>159</td><td>2,062 r</td></tr><tr><td>1948</td><td>6,467 r</td><td>782</td><td>1,619</td><td>1,126</td><td>-68</td><td>-</td><td>456</td><td>2,553 r</td></tr><tr><td>1949</td><td>9,670 r</td><td>2,661</td><td>1,696</td><td>1,520</td><td>-56</td><td>-</td><td>647</td><td>3,201 r</td></tr><tr><td>1950 (Estimated)</td><td>11,969 r</td><td>2,838</td><td>1,971</td><td>1,813</td><td>-49</td><td>-</td><td>673</td><td>4,724 r</td></tr><tr><td>1951 (Estimated)</td><td>12,723 r</td><td>2,400</td><td>2,250</td><td>2,013</td><td>116</td><td>-</td><td>817</td><td>5,127 r</td></tr><tr><td>1949-July</td><td>1,100 r</td><td>64</td><td>547</td><td>140 r</td><td>-12</td><td>-</td><td>50</td><td>311 r</td></tr><tr><td>August</td><td>1,343 r</td><td>327</td><td>157</td><td>153 r</td><td>-11</td><td>-</td><td>36</td><td>681 r</td></tr><tr><td>September</td><td>1,106 r</td><td>495</td><td>62</td><td>168 r</td><td>-4</td><td>-</td><td>41</td><td>345 r</td></tr><tr><td>October</td><td>949 r</td><td>242</td><td>228</td><td>144 r</td><td>-28</td><td>-</td><td>44</td><td>318 r</td></tr><tr><td>November</td><td>859 r</td><td>212</td><td>111</td><td>168 r</td><td>-13</td><td>-</td><td>38</td><td>344 r</td></tr><tr><td>December</td><td>779 r</td><td>311</td><td>84</td><td>130 r</td><td>-26</td><td>-</td><td>46</td><td>234 r</td></tr><tr><td>1950-January</td><td>1,004</td><td>314</td><td>186</td><td>125</td><td>-37</td><td>-</td><td>40</td><td>376</td></tr><tr><td>Fiecal year 1950 to date...</td><td>7,139</td><td>1,965</td><td>1,374</td><td>1,029</td><td>-132</td><td>-</td><td>295</td><td>2,609</td></tr></table>
Source: (Same as Table 2).
1/ For further detail, see tables under "Internal Revenue Collections".
2/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 are classified as "Other" income and profit taxes.
3/ Consists of receipts for old-age insurance, unemployment insurance, railroad retirement, and health insurance in the 1951 estimate; for details see Tables 7 and 3 in this section. Excludes railroad unemployment insurance contributions, which are included in "Other receipts".
4/ Include proceeds from sale of surplus property and from Government-owned securities; also deposits resulting from renegotiation of war contracts (see "Treasury Bulletin" for February 1948, page 5).
5/ Both budget receipts and budget expenditures exclude payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and for disposition of earnings (see "Treasury Bulletin" for February 1949, page A-2).
5/ See Table 7 in this section.
7/ Excludes interest on refunds.
3/ Allows for deduction of appropriation of $250 million for Health Insurance Trust Fund, under proposed legislation.
2/ In addition to the exclusion of certain payments to the Treasury as indicated in footnote 5, total expenditures shown here exclude refunds of receipts (see Table 1 in this section). Interest on refunds is shown under "Other" expenditures. Budget expenditures also exclude amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and include transfers to trust accounts and net expenditures of wholly owned Government Corporations, etc., except payments to the Treasury mentioned above.
10/ To make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, all transactions relating to the Foreign Economic Cooperation Trust Fund (established under Section 114 (b) of the Economic Cooperation Act of 1948) have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin".
11/ Beginning November 1, 1949, interest on the public debt is reported as an expenditure when such interest becomes due and payable, as distinguished from the previous practice of showing it as an expenditure at the time interest was paid by the Treasurer of the United States. In order to take care of the transition in the basis of reporting, the expenditures for interest in the fiscal year 1950 represent not only the interest which becomes due and payable during that year but also the interest for prior years which had not been presented as of June 30, 1949, for payment by the Treasurer of the United States, amounting to $225 million.
12/ Includes public works undertaken by the Veterans' Administration.
13/ See footnote 11/.
14/ Includes expenditures on behalf of the Department of the Air Force which are made out of appropriations to the Department of the Army, but excludes expenditures as follows: those shown separately in Table 3; international finance and aid, shown in Table 4; river and harbor work and flood control, included in Table 5 under "Public works"; and Panama Canal. War expenditures of the Panama Canal, all prior to July 1, 1947, are included in Table 3 under "Other"; other expenditures of the Panama Canal are included in Table 5 under "Miscellaneous".
15/ Excludes expenditures shown separately in Table 3, and those for international finance and aid, shown in Table 4.
16/ Excludes expenditures shown separately in Table 3.
17/ Beginning March 1948, includes reimbursement for expenditures by the Departments of the Army and the Navy for care and handling of surplus property overseas.
18/ Effective January 1, 1950, certain administrative functions of the General Services Administration were consolidated pursuant to Section 106 of Public Law 152, approved June 30, 1949, and appropriated funds relating to such functions were transferred to and combined in one operating account. Accordingly, expenditures by this agency for surplus property disposal and for public buildings other than construction are not reported separately after that date, and are not included in the totals for these purposes shown in Tables 3 and 5. Figures for the preceding months of the fiscal year 1950 have been revised to a comparable basis.
19/ After July 1, 1947, expenditures for national defense and related activities were not segregated from the other expenditures of the Corporation and its affiliates, which are included in Table 5 under "Miscellaneous".
20/ For content before July 1948 see "Treasury Bulletin" for September 1948, page 4, and February 1948, page 7, except that beginning with the fiscal year 1947 figures have been revised to include expenditures of the National Advisory Committee for Aeronautics. Beginning July 1948, consists of expenditures of that Committee, the Selective Service System, and the Office of the Secretary of Defense. The letter includes retired pay for the military service beginning September 1949.
21/ Excludes expenditures made through the Bank under Economic Cooperation Act of 1948.
22/ Beginning June 1949, includes Department of Agriculture expenditures for agricultural commodities and raw materials for occupied areas.
23/ Consists principally of expenditures by the Department of State for the International Children's Emergency Fund and for the loan for construction and furnishing of United Nations headquarters.
24/ Department of Agriculture expenditures except those included in Tables 3 and 4 and those for forest roads and trails, included in Table 5 in this section under "Public works".
25/ For more detail of these expenditures, see Table 7, 8, and 9 in this section.
26/ Consists of expenditures for the following: public roads, except those for assistance to Greece and Turkey; public buildings, consisting of construction only, beginning with July 1949 (see footnote 18); and Bureau of Community Facilities (these three categories of expenditures having been under the Federal Works Agency until it was abolished by Public Law 152, approved June 30, 1949); Bureau of Reclamation; Tennessee Valley Authority; river and harbor work and flood control under the Department of the Army; and forest roads and trails under the Department of Agriculture. Prior to July 1949, included all other Federal Works Agency expenditures except those included in Table 3.
27/ Excludes expenditures included in Table 3.
28/ Not classified separately for fiscal years after 1945. For additional information, see "Treasury Bulletin" for August 1945, page 6.
29/ Includes expenditures for executive departments not included elsewhere (including interest on refunds of receipts) and for legislative and judicial functions; Government contributions to Government employee' retirement; aids to education, labor, finance, commerce, and industry; civil aeronautics; Panama Canal, except war expenditures; Post Office deficiency; and for 1950 and 1951 estimates, reserves for contingencies.
* Less than $500,000.
r Revised.
March 1950
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Calendar Years
(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>267</td><td>363</td><td>682</td><td>208</td><td>340</td><td>592</td><td>267</td><td>444</td><td>672</td><td>295</td><td>345</td><td>668</td><td>4,851</td></tr><tr><td>1939</td><td>309</td><td>439</td><td>791</td><td>296</td><td>393</td><td>599</td><td>325</td><td>365</td><td>701</td><td>272</td><td>357</td><td>513</td><td>5,712</td></tr><tr><td>1940</td><td>334</td><td>411</td><td>1,557</td><td>383</td><td>386</td><td>1,270</td><td>407</td><td>390</td><td>1,128</td><td>437</td><td>558</td><td>1,205</td><td>8,467</td></tr><tr><td>1941</td><td>571</td><td>751</td><td>3,538</td><td>686</td><td>556</td><td>2,469</td><td>739</td><td>581</td><td>2,511</td><td>599</td><td>594</td><td>2,695</td><td>16,290</td></tr><tr><td>1942</td><td>783</td><td>949</td><td>5,202</td><td>1,508</td><td>1,472</td><td>4,567</td><td>2,001</td><td>2,714</td><td>5,441</td><td>2,024</td><td>2,093</td><td>5,730</td><td>34,483</td></tr><tr><td>1943</td><td>2,780</td><td>2,494</td><td>6,532</td><td>3,047</td><td>2,895</td><td>6,182</td><td>2,078</td><td>2,432</td><td>5,803</td><td>1,900</td><td>2,105</td><td>5,324</td><td>43,531</td></tr><tr><td>1944</td><td>3,459</td><td>3,613</td><td>6,661</td><td>2,786</td><td>2,900</td><td>5,702</td><td>2,135</td><td>2,656</td><td>4,875</td><td>2,453</td><td>2,322</td><td>4,067</td><td>43,928</td></tr><tr><td>1945</td><td>3,770</td><td>3,584</td><td>5,501</td><td>2,159</td><td>2,213</td><td>3,963</td><td>2,182</td><td>2,246</td><td>4,386</td><td>2,440</td><td>2,288</td><td>4,050</td><td>38,810</td></tr><tr><td>1946</td><td>3,725</td><td>4,196</td><td>5,342</td><td>1,962</td><td>2,297</td><td>1,929</td><td>2,281</td><td>2,438</td><td>4,612</td><td>2,339</td><td>2,692</td><td>4,197</td><td>41,010</td></tr><tr><td>1947</td><td>4,196</td><td>4,158</td><td>5,874</td><td>2,239</td><td>2,324</td><td>4,859</td><td>2,096</td><td>2,505</td><td>4,543</td><td>2,101</td><td>2,540</td><td>4,014</td><td>41,450</td></tr><tr><td>1948</td><td>3,579</td><td>3,381</td><td>5,435</td><td>1,340</td><td>1,945</td><td>4,767</td><td>1,946</td><td>2,479</td><td>4,832</td><td>1,881</td><td>2,344</td><td>4,191</td><td>38,122</td></tr><tr><td>1949</td><td>3,366</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950</td><td></td><td></td><td></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>
Budget expenditure 2/
<table><tr><td>1938</td><td>653</td><td>585</td><td>785</td><td>665</td><td>694</td><td>884</td><td>956</td><td>703</td><td>751</td><td>777</td><td>967</td><td>835</td><td>9,151</td></tr><tr><td>1939</td><td>677</td><td>624</td><td>798</td><td>710</td><td>605</td><td>884</td><td>813</td><td>1,020</td><td>692</td><td>752</td><td>631</td><td>815</td><td>9,645</td></tr><tr><td>1940</td><td>1,133</td><td>1,076</td><td>1,482</td><td>1,404</td><td>1,352</td><td>1,591</td><td>1,631</td><td>1,668</td><td>1,989</td><td>2,328</td><td>1,890</td><td>2,684</td><td>20,229</td></tr><tr><td>1941</td><td>2,680</td><td>2,652</td><td>3,515</td><td>3,939</td><td>4,400</td><td>4,810</td><td>5,257</td><td>5,456</td><td>5,921</td><td>6,184</td><td>6,012</td><td>6,926</td><td>57,751</td></tr><tr><td>1942</td><td>6,728</td><td>6,358</td><td>7,746</td><td>7,300</td><td>7,475</td><td>8,260</td><td>7,499</td><td>7,831</td><td>7,667</td><td>7,619</td><td>7,947</td><td>7,744</td><td>90,174</td></tr><tr><td>1943</td><td>7,737</td><td>8,012</td><td>10,412</td><td>7,337</td><td>6,979</td><td>8,631</td><td>8,014</td><td>8,208</td><td>7,779</td><td>8,034</td><td>7,811</td><td>8,327</td><td>97,181</td></tr><tr><td>1944</td><td>8,142</td><td>7,127</td><td>9,034</td><td>7,758</td><td>8,927</td><td>9,540</td><td>8,561</td><td>6,949</td><td>6,372</td><td>5,619</td><td>4,530</td><td>4,962</td><td>87,522</td></tr><tr><td>1945</td><td>4,811</td><td>3,340</td><td>3,598</td><td>3,750</td><td>3,374</td><td>4,836</td><td>3,287</td><td>2,745</td><td>2,663</td><td>2,860</td><td>2,453</td><td>3,605</td><td>41,322</td></tr><tr><td>1946</td><td>3,019</td><td>3,731</td><td>3,239</td><td>3,407</td><td>3,284</td><td>4,996</td><td>3,553</td><td>2,962</td><td>2,673</td><td>2,394</td><td>2,143</td><td>3,176</td><td>38,576</td></tr><tr><td>1947</td><td>2,800</td><td>2,224</td><td>3,086</td><td>2,541</td><td>2,222</td><td>4,018</td><td>3,741</td><td>2,335</td><td>3,066</td><td>2,911</td><td>3,163</td><td>4,102</td><td>36,209</td></tr><tr><td>1948</td><td>3,205</td><td>2,972</td><td>3,651</td><td>3,151</td><td>3,104</td><td>4,656</td><td>3,434</td><td>3,585</td><td>3,995</td><td>3,111</td><td>3,127</td><td>3,722</td><td>41,714</td></tr><tr><td>1949</td><td>3,323</td><td></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>
Budget surplus, or deficit (-) 3/
<table><tr><td>1938</td><td>-385</td><td>-222</td><td>-103</td><td>-157</td><td>-354</td><td>-332</td><td>-399</td><td>-259</td><td>-80</td><td>-183</td><td>-622</td><td>-166</td><td>-4,300</td></tr><tr><td>1939</td><td>-368</td><td>-184</td><td>-7</td><td>-414</td><td>-213</td><td>-285</td><td>-519</td><td>-361</td><td>-34</td><td>-564</td><td>-532</td><td>-452</td><td>-3,934</td></tr><tr><td>1940</td><td>-799</td><td>-665</td><td>75</td><td>-1,022</td><td>-966</td><td>-321</td><td>-1,224</td><td>-1,278</td><td>-861</td><td>-1,891</td><td>-1,332</td><td>-1,479</td><td>-11,762</td></tr><tr><td>1941</td><td>-2,109</td><td>-1,901</td><td>23</td><td>-3,253</td><td>-3,844</td><td>-2,341</td><td>-4,518</td><td>-4,875</td><td>-3,410</td><td>-5,585</td><td>-5,417</td><td>-4,231</td><td>-41,661</td></tr><tr><td>1942</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,002</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,854</td><td>-2,014</td><td>-55,691</td></tr><tr><td>1943</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,984</td><td>-2,449</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-53,650</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>-6,126</td><td>-4,293</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-895</td><td>-43,594</td></tr><tr><td>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>-120</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>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td><td>2,434</td></tr><tr><td>1947</td><td>1,396</td><td>1,934</td><td>2,783</td><td>-302</td><td>103</td><td>841</td><td>-1,645</td><td>169</td><td>1,477</td><td>-810</td><td>-623</td><td>-88</td><td>5,241</td></tr><tr><td>1948</td><td>374</td><td>409</td><td>1,783</td><td>-1,811</td><td>-1,159</td><td>111</td><td>-1,888</td><td>-1,106</td><td>837</td><td>-1,230</td><td>-783</td><td>469</td><td>-3,592</td></tr><tr><td>1949</td><td>44</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950</td><td></td><td></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/ Grosse receipts less deductions for appropriations to Federal Old-Age and Survivors Insurance Trust Fund and for refunde of receipts.
2/ Excludes refunds of receipts, which are shown as a deduction from receipts (see footnote 1), certain payments to the Treasury, principally by wholly owned Government corporations, and amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law; includes transfers to trust accounts, and net expenditures of
wholly owned Government corporations, etc., except payments to the Treasury mentioned above. In order to make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, all transactions relating to the Foreign Economic Cooperation Trust Fund (established under Section 114 (b) of the Economic Cooperation Act of 1948) have been consolidated with Budget expenditures, beginning with the March 1950 issues of the "Treasury Bulletin". 3/ Net receipts less expenditures.
6
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 7.- Social Security Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of net receipts, or expenditures (-) 1/</th><th colspan="3">Gross receipts</th><th colspan="2">Deductions</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Refunds of social security taxes 3/</th></tr><tr><td>1942</td><td>-384.5</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>895.6</td><td>3.3</td><td>116.6</td></tr><tr><td>1943</td><td>-368.8</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,130.5</td><td>2.7</td><td>155.7</td></tr><tr><td>1944</td><td>-344.3</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,252.1</td><td>4.0</td><td>175.9</td></tr><tr><td>1945</td><td>-306.7</td><td>1,494.5</td><td>1,309.9</td><td>194.5</td><td>1,309.9</td><td>7.2</td><td>177.1</td></tr><tr><td>1946</td><td>-363.5</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,238.2</td><td>5.8</td><td>174.1</td></tr><tr><td>1947</td><td>-573.3</td><td>1,644.3</td><td>1,459.5</td><td>194.8</td><td>1,459.5</td><td>8.2</td><td>176.7</td></tr><tr><td>1948</td><td>-639.7</td><td>1,824.1</td><td>1,616.2</td><td>207.9</td><td>1,616.2</td><td>7.2</td><td>200.7</td></tr><tr><td>1949</td><td>-889.9</td><td>1,913.1</td><td>1,690.3</td><td>222.8</td><td>1,690.3</td><td>9.7</td><td>213.1</td></tr><tr><td>1949-July</td><td>-152.7</td><td>62.1</td><td>57.5</td><td>4.6</td><td>57.5</td><td>.7</td><td>3.9</td></tr><tr><td>August</td><td>-120.8</td><td>394.4</td><td>380.6</td><td>13.8</td><td>380.6</td><td>1.4</td><td>12.4</td></tr><tr><td>September</td><td>-60.8</td><td>8.3</td><td>7.2</td><td>1.0</td><td>7.2</td><td>.7</td><td>.4</td></tr><tr><td>October</td><td>-148.8</td><td>64.7</td><td>62.4</td><td>2.3</td><td>62.4</td><td>.6</td><td>1.7</td></tr><tr><td>November</td><td>-96.5</td><td>350.5</td><td>336.9</td><td>13.7</td><td>336.9</td><td>.4</td><td>13.3</td></tr><tr><td>December</td><td>-82.6</td><td>6.3</td><td>5.5</td><td>.9</td><td>5.5</td><td>.4</td><td>.5</td></tr><tr><td>1950-January</td><td>-128.4</td><td>66.5</td><td>46.8</td><td>19.7</td><td>46.8</td><td>.3</td><td>19.4</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expense</th><th rowspan="2">Transfer to Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="8">Grants to States</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>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>Public Health Service</th><th>U.S. Employment Service</th></tr><tr><td>1942</td><td>501.1</td><td>31.6</td><td>-</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>5.9</td><td>4.0</td><td>1.6</td><td>11.4</td><td>-</td></tr><tr><td>1943</td><td>524.5</td><td>33.4</td><td>-</td><td>491.1</td><td>315.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>6.5</td><td>3.8</td><td>1.6</td><td>10.7</td><td>20.7</td></tr><tr><td>1944</td><td>520.2</td><td>32.2</td><td>-</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>6.2</td><td>3.8</td><td>1.4</td><td>10.9</td><td>1.3</td></tr><tr><td>1945</td><td>484.1</td><td>32.2</td><td>-</td><td>451.9</td><td>333.5</td><td>52.8</td><td>10.0</td><td>34.2</td><td>5.4</td><td>3.8</td><td>1.4</td><td>10.7</td><td>1.1</td></tr><tr><td>1946</td><td>537.6</td><td>39.2</td><td>-</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>6.3</td><td>4.2</td><td>1.3</td><td>1.2</td><td>*</td></tr><tr><td>1947</td><td>750.0</td><td>25.5</td><td>.4</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>59.8</td><td>10.7</td><td>7.5</td><td>2.0</td><td>-</td><td>*</td></tr><tr><td>1948</td><td>840.4</td><td>20.1</td><td>.7</td><td>819.6</td><td>573.1</td><td>141.7</td><td>16.9</td><td>66.6</td><td>10.5</td><td>7.4</td><td>3.4</td><td>-</td><td>*</td></tr><tr><td>1949</td><td>1,103.0</td><td>14.6</td><td>3.3</td><td>1,085.1</td><td>710.3</td><td>190.0</td><td>20.3</td><td>140.7</td><td>11.3</td><td>8.2</td><td>3.7</td><td>-</td><td>-</td></tr><tr><td>1949-July</td><td>156.6</td><td>1.2</td><td>3.6</td><td>151.8</td><td>87.1</td><td>24.8</td><td>2.7</td><td>35.3</td><td>.7</td><td>.5</td><td>.8</td><td>-</td><td>*</td></tr><tr><td>August</td><td>133.2</td><td>.7</td><td>-</td><td>132.5</td><td>98.5</td><td>28.4</td><td>2.6</td><td>.2</td><td>1.7</td><td>1.0</td><td>.1</td><td>-</td><td>*</td></tr><tr><td>September</td><td>61.2</td><td>1.2</td><td>-</td><td>60.0</td><td>35.2</td><td>11.6</td><td>1.1</td><td>-</td><td>1.3</td><td>.9</td><td>.4</td><td>-</td><td>9.4</td></tr><tr><td>October</td><td>150.6</td><td>1.1</td><td>-</td><td>149.5</td><td>84.9</td><td>25.7</td><td>2.3</td><td>-</td><td>2.8</td><td>2.1</td><td>.5</td><td>-</td><td>31.2</td></tr><tr><td>November</td><td>109.8</td><td>1.1</td><td>-</td><td>108.6</td><td>69.8</td><td>20.4</td><td>2.0</td><td>-</td><td>1.1</td><td>.8</td><td>.6</td><td>-</td><td>16.2</td></tr><tr><td>December</td><td>83.1</td><td>1.1</td><td>-</td><td>82.0</td><td>57.0</td><td>17.7</td><td>1.6</td><td>-</td><td>.5</td><td>.5</td><td>.6</td><td>-</td><td>3.3</td></tr><tr><td>1950-January</td><td>147.8</td><td>1.2</td><td>-</td><td>146.6</td><td>80.0</td><td>22.8</td><td>2.2</td><td>-</td><td>1.3</td><td>.7</td><td>.4</td><td>-</td><td>39.2</td></tr></table>
Source: Daily Treasury Statement.
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Represents appropriations equal to "Social security - employment taxes" collected and deposited as provided under Section 201 (a) of the Social Security Act Amendments of 1939.
3/ Tax refunds deducted from receipts exclude interest on refunds, which is included under "Administrative expenses".
4/ Includes expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended; administrative expenses under the Wagner-Peyser Act; and interest on refunds of social security taxes (see footnote 3).
5/ Beginning July 1, 1948, includes grants and payments for operation of employment facilities; beginning September 1, 1949, expenditures for these purposes are shown under "U. S. Employment Service" in accordance with the Reorganization Act of 1949, Plan No. 2, effective August 19, 1949.
6/ Beginning July 1, 1945 payments previously made under the Social Security Act were discontinued, and thereafter were made under provisions of the Public Health Service Act of 1944.
7/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946. Beginning September 1, 1949, includes expenditures formerly made under "Unemployment Compensation Administration" in the Social Security Administration (see footnote 5).
* Less than $50,000.
March 1950
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of net receipts, or expenditures (-) 1/</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th></th><th>Taxes on carriers and their employees</th><th>Deduction: Refunds of taxes on carriers and their employees 2/</th><th>Net receipts</th><th>Total</th><th>Administrative expenses 2/</th><th>Transfers to Railroad Retirement Account (trust account)</th></tr><tr><td>1942</td><td>21.6</td><td>170.0</td><td>*</td><td>170.0</td><td>148.4</td><td>7.6</td><td>140.9</td></tr><tr><td>1943</td><td>-11.4</td><td>208.8</td><td>*</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td></tr><tr><td>1944</td><td>1.8</td><td>267.1</td><td>*</td><td>267.0</td><td>265.2</td><td>2.5</td><td>262.7</td></tr><tr><td>1945</td><td>-26.3</td><td>285.0</td><td>.2</td><td>284.3</td><td>311.1</td><td>2.3</td><td>308.8</td></tr><tr><td>1946</td><td>-12.8</td><td>282.6</td><td>.9</td><td>281.7</td><td>294.5</td><td>2.6</td><td>291.9</td></tr><tr><td>1947</td><td>77.3</td><td>380.1</td><td>*</td><td>380.0</td><td>302.8</td><td>4.3</td><td>298.5</td></tr><tr><td>1948</td><td>-206.5</td><td>557.1</td><td>*</td><td>557.0</td><td>763.5</td><td>5.0</td><td>758.5</td></tr><tr><td>1949</td><td>-15.5</td><td>563.8</td><td>.5</td><td>563.4</td><td>578.9</td><td>4.4</td><td>574.5</td></tr><tr><td>1949-July</td><td>-383.9</td><td>2.7</td><td>.1</td><td>2.6</td><td>386.5</td><td>.5</td><td>386.0</td></tr><tr><td>August</td><td>-13.5</td><td>9.7</td><td>*</td><td>9.7</td><td>23.1</td><td>.1</td><td>23.0</td></tr><tr><td>September</td><td>136.0</td><td>136.0</td><td>*</td><td>136.0</td><td>*</td><td>*</td><td>-</td></tr><tr><td>October</td><td>-76.3</td><td>.7</td><td>*</td><td>.7</td><td>77.0</td><td>*</td><td>77.0</td></tr><tr><td>November</td><td>5.0</td><td>5.1</td><td>.1</td><td>5.0</td><td>.1</td><td>.1</td><td>-</td></tr><tr><td>December</td><td>132.8</td><td>132.8</td><td>*</td><td>132.8</td><td>*</td><td>*</td><td>-</td></tr><tr><td>1950-January</td><td>-36.5</td><td>.9</td><td>*</td><td>.9</td><td>37.4</td><td>.1</td><td>37.3</td></tr></table>
Source: Daily Treasury Statement. 1/ Excess of expenditures is covered by appropriations by Congress. 2/ Tax refunds deducted from receipts exclude interest on refunds, which is included under "Administrative expenses".
3/ Consists of expenditures from appropriations made specifically for administrative expenses relating to the Railroad Retirement Act, and interest on refunds of taxes (see footnote 2). * Less than $50,000.
Table 9.- Railroad Unemployment Insurance Act 1/ - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditures (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th>Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 4/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 5/</th></tr><tr><td>1942</td><td>2.1</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td></tr><tr><td>1943</td><td>2.1</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td></tr><tr><td>1944</td><td>-2.7</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td></tr><tr><td>1945</td><td>.6</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td></tr><tr><td>1946</td><td>-.2</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td></tr><tr><td>1947</td><td>.5</td><td>14.2</td><td>13.7</td><td>4.5</td><td>9.2</td></tr><tr><td>1948</td><td>-.6</td><td>14.5</td><td>15.1</td><td>5.5</td><td>9.7</td></tr><tr><td>1949</td><td>-5.1</td><td>9.7</td><td>14.8</td><td>5.9</td><td>9.0</td></tr><tr><td>1949-July</td><td>-4.2</td><td>-</td><td>4.2</td><td>.2</td><td>3.9</td></tr><tr><td>August</td><td>-.7</td><td>*</td><td>.8</td><td>.8</td><td>-</td></tr><tr><td>September</td><td>1.9</td><td>2.4</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>October</td><td>-.4</td><td>*</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>November</td><td>-.8</td><td>*</td><td>.8</td><td>.8</td><td>-</td></tr><tr><td>December</td><td>1.3</td><td>1.9</td><td>.6</td><td>.6</td><td>-</td></tr><tr><td>1950-January</td><td>*</td><td>.4</td><td>.4</td><td>.4</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Excess of expenditures is covered by appropriations by Congress.
3/ 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 "Trust Accounts," etc., Table 7).
4/ Consists of expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
5/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
* Less than $50,000.
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 1.- Summary of Receipts and Expenditures of All Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net receipts, or expenditures (-)</th><th>Receipts 1/</th><th colspan="3">Expenditures 1/</th></tr><tr><th></th><th></th><th></th><th>Investments</th><th>Other</th><th>Total</th></tr><tr><td>1942</td><td>-1,613</td><td>3,218</td><td>1,925</td><td>2,905</td><td>4,830</td></tr><tr><td>1943</td><td>-338</td><td>3,954</td><td>3,004</td><td>1,287</td><td>4,292</td></tr><tr><td>1944</td><td>-2,222</td><td>5,085</td><td>4,129</td><td>3,178</td><td>7,307</td></tr><tr><td>1945</td><td>791</td><td>7,086</td><td>5,200</td><td>1,094</td><td>6,294</td></tr><tr><td>1946</td><td>-524</td><td>7,712</td><td>3,668</td><td>4,568</td><td>8,236</td></tr><tr><td>1947</td><td>-1,103</td><td>6,244</td><td>3,362</td><td>3,985</td><td>7,347</td></tr><tr><td>1948</td><td>-294</td><td>6,515</td><td>3,060</td><td>3,750</td><td>6,810</td></tr><tr><td>1949</td><td>-495</td><td>5,714</td><td>2,311</td><td>3,998</td><td>6,209</td></tr><tr><td>1950 (Estimated)</td><td>-354</td><td>6,709</td><td>287</td><td>6,776</td><td>7,063</td></tr><tr><td>1951 (Estimated)</td><td>-218</td><td>8,199</td><td>2,311</td><td>6,106</td><td>8,417</td></tr><tr><td>1949-July</td><td>30</td><td>588</td><td>223</td><td>335</td><td>559</td></tr><tr><td>August</td><td>345</td><td>1,032</td><td>311</td><td>376</td><td>687</td></tr><tr><td>September</td><td>-404</td><td>550</td><td>576</td><td>378</td><td>954</td></tr><tr><td>October</td><td>10</td><td>285</td><td>-86</td><td>361</td><td>275</td></tr><tr><td>November</td><td>299</td><td>659</td><td>22</td><td>338</td><td>360</td></tr><tr><td>December</td><td>-272</td><td>116</td><td>53</td><td>336</td><td>389</td></tr><tr><td>1950-January</td><td>2</td><td>412</td><td>-453</td><td>863</td><td>410</td></tr></table>
Sources: Actual figures from Daily Treasury Statement; estimates based on 1951 Budget document, including effect of proposed legislation. 1/ To make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, they exclude transactions
of the Foreign Economic Cooperation Trust Fund (established under Section 114 (b) of the Economic Cooperation Act of 1948). These transactions have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin".
Table 2.- Receipts by Principal Accounts
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 1/</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government employees' retirement funds 2/</th><th>Miscellaneous 1/ 3/</th></tr><tr><td>1942</td><td>3,218</td><td>967</td><td>144</td><td>1,244</td><td>46</td><td>92</td><td>222</td><td>504</td></tr><tr><td>1943</td><td>3,954</td><td>1,218</td><td>221</td><td>1,399</td><td>316</td><td>90</td><td>374</td><td>337</td></tr><tr><td>1944</td><td>5,085</td><td>1,395</td><td>273</td><td>1,567</td><td>905</td><td>94</td><td>501</td><td>351</td></tr><tr><td>1945</td><td>7,086</td><td>1,434</td><td>324</td><td>1,508</td><td>2,127</td><td>97</td><td>557</td><td>1,038</td></tr><tr><td>1946</td><td>7,712</td><td>1,386</td><td>312</td><td>1,280</td><td>2,351</td><td>103</td><td>614</td><td>1,666</td></tr><tr><td>1947</td><td>6,244</td><td>1,623</td><td>323</td><td>1,289</td><td>1,504</td><td>134</td><td>578</td><td>792</td></tr><tr><td>1948</td><td>6,515</td><td>1,807</td><td>797</td><td>1,313</td><td>760</td><td>90</td><td>594</td><td>1,174</td></tr><tr><td>1949</td><td>5,714</td><td>1,924</td><td>625</td><td>1,173</td><td>690</td><td>92</td><td>680</td><td>529</td></tr><tr><td>1950 (Estimated)</td><td>6,709</td><td>2,506</td><td>663</td><td>1,179</td><td>1,103</td><td>92</td><td>821</td><td>345</td></tr><tr><td>1951 (Estimated)</td><td>8,199 4/</td><td>4,018</td><td>658</td><td>1,359</td><td>617</td><td>91</td><td>854</td><td>352</td></tr><tr><td>1949-July</td><td>588</td><td>61</td><td>386</td><td>42</td><td>32</td><td>4</td><td>28</td><td>35</td></tr><tr><td>August</td><td>1,032</td><td>381</td><td>23</td><td>234</td><td>35</td><td>4</td><td>332</td><td>24</td></tr><tr><td>September</td><td>550</td><td>18</td><td>*</td><td>18</td><td>446</td><td>4</td><td>29</td><td>35</td></tr><tr><td>October</td><td>285</td><td>63</td><td>77</td><td>32</td><td>35</td><td>3</td><td>33</td><td>42</td></tr><tr><td>November</td><td>659</td><td>337</td><td>*</td><td>225</td><td>34</td><td>3</td><td>29</td><td>30</td></tr><tr><td>December</td><td>116</td><td>22</td><td>*</td><td>26</td><td>5</td><td>3</td><td>30</td><td>30</td></tr><tr><td>1950-January</td><td>412</td><td>144</td><td>38</td><td>110</td><td>55</td><td>4</td><td>31</td><td>30</td></tr></table>
1/ Excludes receipts of Foreign Economic Cooperation Trust Fund (all in 1948); see Table 1, footnote 1.
2/ Consists of Civil Service and Foreign Service retirement funds. The Civil Service fund includes the former Alaska Railroad and Canal Zone retirement funds, beginning September 1949, these two funds having been abolished and their assets transferred in accordance with
3/ provides of the Act of July 21, 1949.
Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, insular possessions, increment resulting from reduction in the weight of the gold dollar, and seigniorage on silver.
4/ Total includes $250 million for Health Insurance Trust Fund under proposed legislation.
* Less than $500,000.
March 1950
9
TRUST ACCOUNTS, ETC.
Table 3.- Investments by Principal Accounts
(In millions of dollars; negative figures are excess of redemptions)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government employees' retirement funds 1/</th><th>Adjusted Service Certificate Fund</th></tr><tr><td>1942</td><td>1,925</td><td>821</td><td>18</td><td>866</td><td>35</td><td>47</td><td>140</td><td>-1</td></tr><tr><td>1943</td><td>3,004</td><td>1,035</td><td>86</td><td>1,228</td><td>314</td><td>61</td><td>280</td><td>*</td></tr><tr><td>1944</td><td>4,129</td><td>1,172</td><td>140</td><td>1,503</td><td>862</td><td>60</td><td>393</td><td>-1</td></tr><tr><td>1945</td><td>5,200</td><td>1,137</td><td>182</td><td>1,437</td><td>1,974</td><td>73</td><td>399</td><td>-2</td></tr><tr><td>1946</td><td>3,668</td><td>1,002</td><td>156</td><td>102</td><td>2,053</td><td>47</td><td>309</td><td>-2</td></tr><tr><td>1947</td><td>3,362</td><td>1,194</td><td>118</td><td>443</td><td>1,234</td><td>60</td><td>282</td><td>*</td></tr><tr><td>1948</td><td>3,060</td><td>1,194</td><td>569</td><td>446</td><td>461</td><td>32</td><td>363</td><td>-6</td></tr><tr><td>1949</td><td>2,311</td><td>1,294</td><td>346</td><td>-160</td><td>353</td><td>32</td><td>447</td><td>*</td></tr><tr><td>1950 (Estimated)</td><td>287</td><td>1,729</td><td>349</td><td>-833</td><td>-1,518</td><td>-19</td><td>579</td><td>*</td></tr><tr><td>1951 (Estimated)</td><td>2,311 2/</td><td>1,715</td><td>312</td><td>-216</td><td>-311</td><td>20</td><td>577</td><td>*</td></tr><tr><td>1949-July</td><td>223</td><td>-57</td><td>361</td><td>-105</td><td>5</td><td>-</td><td>19</td><td>-</td></tr><tr><td>August</td><td>311</td><td>-</td><td>-1</td><td>47</td><td>3</td><td>-42</td><td>304</td><td>*</td></tr><tr><td>September</td><td>576</td><td>315</td><td>-24</td><td>-140</td><td>418</td><td>-2</td><td>9</td><td>*</td></tr><tr><td>October</td><td>-86</td><td>-30</td><td>52</td><td>-114</td><td>5</td><td>-2</td><td>3</td><td>*</td></tr><tr><td>November</td><td>22</td><td>-</td><td>-24</td><td>37</td><td>-</td><td>-2</td><td>11</td><td>*</td></tr><tr><td>December</td><td>53</td><td>269</td><td>-25</td><td>-167</td><td>-23</td><td>-2</td><td>*</td><td>*</td></tr><tr><td>1950-January</td><td>-453</td><td>40</td><td>11</td><td>-80</td><td>-432</td><td>-2</td><td>11</td><td>*</td></tr></table>
Source: (Same as Table 1). 1/ See Table 2, footnote 2.
2/ Total includes $215 million by Health Insurance Trust Fund under proposed legislation.
* Less than $500,000.
Table 4.- Expenditures Other Than Investments by Principal Accounts
(In millions of dollars; negative figures are excess of credit)
<table><tr><th>Fiscal year or month</th><th>Total 1/</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government employees' retirement fund 2/</th><th>Miscellaneous 3/</th><th>Special deposit accounts (net)</th><th>Redemption, or sale (-), of securities of Government corporations, etc., in the market (net)</th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Guaranteed</th><th>Not guaranteed</th></tr><tr><td>1942</td><td>2,905</td><td>137</td><td>126</td><td>377</td><td>1</td><td>45</td><td>78</td><td>461</td><td>-129</td><td>1,809</td><td>*</td></tr><tr><td>1943</td><td>1,287</td><td>177</td><td>130</td><td>176</td><td>6</td><td>30</td><td>85</td><td>260</td><td>-271</td><td>599</td><td>95</td></tr><tr><td>1944</td><td>3,178</td><td>217</td><td>134</td><td>61</td><td>31</td><td>34</td><td>103</td><td>233</td><td>-508</td><td>2,683</td><td>190</td></tr><tr><td>1945</td><td>1,094</td><td>267</td><td>141</td><td>71</td><td>128</td><td>25</td><td>151</td><td>428</td><td>-1,669</td><td>1,276</td><td>277</td></tr><tr><td>1946</td><td>4,568</td><td>358</td><td>152</td><td>1,146</td><td>280</td><td>50</td><td>267</td><td>1,574</td><td>647</td><td>160</td><td>-66</td></tr><tr><td>1947</td><td>3,985</td><td>466</td><td>173</td><td>869</td><td>282</td><td>67</td><td>323</td><td>1,073</td><td>372</td><td>387</td><td>-28</td></tr><tr><td>1948</td><td>3,750</td><td>559</td><td>222</td><td>859</td><td>302</td><td>70</td><td>244</td><td>1,231</td><td>367</td><td>16</td><td>-123</td></tr><tr><td>1949</td><td>3,898</td><td>661</td><td>278</td><td>1,314</td><td>348</td><td>61</td><td>222</td><td>526</td><td>414</td><td>46</td><td>28</td></tr><tr><td>1950 (Estimated)</td><td>6,776</td><td>783</td><td>314</td><td>2,034</td><td>2,620</td><td>111</td><td>255</td><td>425</td><td>287</td><td>-12</td><td>-40</td></tr><tr><td>1951 (Estimated)</td><td>6,106</td><td>2,300</td><td>346</td><td>1,570</td><td>928</td><td>72</td><td>277</td><td>387</td><td>278</td><td>-5</td><td>-82</td></tr><tr><td>1949-July</td><td>335</td><td>61</td><td>24</td><td>158</td><td>29</td><td>7</td><td>19</td><td>26</td><td>-36</td><td>2</td><td>46</td></tr><tr><td>August</td><td>376</td><td>62</td><td>25</td><td>175</td><td>30</td><td>5</td><td>21</td><td>33</td><td>25</td><td>-2</td><td>1</td></tr><tr><td>September</td><td>378</td><td>62</td><td>25</td><td>178</td><td>29</td><td>46</td><td>20</td><td>28</td><td>-11</td><td>-2</td><td>1</td></tr><tr><td>October</td><td>361</td><td>63</td><td>25</td><td>144</td><td>29</td><td>6</td><td>21</td><td>27</td><td>113</td><td>2</td><td>-70</td></tr><tr><td>November</td><td>338</td><td>63</td><td>25</td><td>168</td><td>29</td><td>6</td><td>22</td><td>21</td><td>6</td><td>-2</td><td>*</td></tr><tr><td>December</td><td>336</td><td>64</td><td>25</td><td>187</td><td>29</td><td>5</td><td>25</td><td>24</td><td>-24</td><td>*</td><td>*</td></tr><tr><td>1950-January</td><td>863</td><td>67</td><td>25</td><td>203</td><td>480</td><td>6</td><td>24</td><td>42</td><td>-6</td><td>3</td><td>19</td></tr></table>
Source: (Same as Table 1). 1/ Excludes expenditures of Foreign Economic Cooperation Trust Fund (all in 1949); see Table 1, footnote 1. 2/ See Table 2, footnote 2. 3/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian
tribal funds, expenditures chargeable against increment on gold, etc. 
Total includes $35 million by Health Insurance Trust Fund under proposed legislation. 
Less than $500,000.
10
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 5.- Federal Old-Age and Survivors Insurance Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="4">Assets, end of period</th></tr><tr><th>Total</th><th>Appropriations by Congress</th><th>Interest and profit on investment</th><th>Transfers from General Fund</th><th>Total</th><th>Benefit payments</th><th>Reimbursement to General Fund 2/</th><th>Salariee, etc., Bureau of Old-Age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>To credit of fund account</th><th>In disbursing officer's account</th></tr><tr><td>1937-1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>-</td><td>138.6</td><td>99.5</td><td>39.1</td><td>-</td><td>2,397.6</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>966.6</td><td>895.6</td><td>71.0</td><td>-</td><td>137.0</td><td>110.3</td><td>26.8</td><td>-</td><td>829.6</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>1,217.9</td><td>1,130.5</td><td>87.4</td><td>-</td><td>176.8</td><td>149.3</td><td>27.5</td><td>-</td><td>1,041.1</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>1,395.3</td><td>1,292.1</td><td>103.2</td><td>-</td><td>217.2</td><td>184.6</td><td>32.6</td><td>-</td><td>1,178.1</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>1,433.8</td><td>1,309.9</td><td>123.9</td><td>-</td><td>266.8</td><td>239.8</td><td>26.9</td><td>-</td><td>1,167.0</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>1,386.0</td><td>1,238.2</td><td>147.8</td><td>-</td><td>357.9</td><td>320.5</td><td>37.4</td><td>-</td><td>1,028.0</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947</td><td>1,623.3</td><td>1,459.5</td><td>163.5</td><td>.4</td><td>466.4</td><td>425.6</td><td>15.6</td><td>25.2</td><td>1,157.0</td><td>8,798.4</td><td>8,742.3</td><td>7.3</td><td>48.8</td></tr><tr><td>1948</td><td>1,807.4</td><td>1,616.2</td><td>190.6</td><td>.7</td><td>559.1</td><td>511.7</td><td>13.0</td><td>34.4</td><td>1,248.3</td><td>10,046.7</td><td>9,936.8</td><td>35.0</td><td>74.9</td></tr><tr><td>1949</td><td>1,923.8</td><td>1,690.3</td><td>230.2</td><td>3.3</td><td>660.5</td><td>607.0</td><td>13.8</td><td>39.7</td><td>1,263.3</td><td>11,309.9</td><td>11,230.7</td><td>12.4</td><td>66.9</td></tr><tr><td>1950 (Estimated)</td><td>2,506.0</td><td>2,245.0</td><td>257.4</td><td>3.6</td><td>782.8</td><td>725.0</td><td>14.2</td><td>43.7</td><td>1,723.2</td><td>13,033.1</td><td>12,959.8</td><td>73.3</td><td>1/4</td></tr><tr><td>1951 (Estimated)</td><td>4,018.2</td><td>3,715.0</td><td>299.6</td><td>3.6</td><td>2,300.0</td><td>2,239.6</td><td>14.6</td><td>45.8</td><td>1,718.2</td><td>14,751.3</td><td>14,674.5</td><td>76.8</td><td>1/2</td></tr><tr><td>1949-July</td><td>61.2</td><td>57.5</td><td>.1</td><td>3.6</td><td>60.9</td><td>55.9</td><td>1.2</td><td>3.9</td><td>.3</td><td>11,310.3</td><td>11,173.7</td><td>60.0</td><td>76.6</td></tr><tr><td>August</td><td>380.6</td><td>380.6</td><td>-</td><td>-</td><td>62.0</td><td>57.0</td><td>.7</td><td>4.3</td><td>318.6</td><td>11,628.9</td><td>11,173.7</td><td>381.0</td><td>72.2</td></tr><tr><td>September</td><td>18.2</td><td>7.2</td><td>11.0</td><td>-</td><td>62.4</td><td>57.9</td><td>1.2</td><td>3.3</td><td>-44.2</td><td>11,584.7</td><td>11,488.7</td><td>16.6</td><td>79.4</td></tr><tr><td>October</td><td>62.6</td><td>62.4</td><td>.2</td><td>-</td><td>62.6</td><td>58.1</td><td>1.1</td><td>3.4</td><td>*</td><td>11,584.7</td><td>11,458.7</td><td>49.5</td><td>76.5</td></tr><tr><td>November</td><td>336.9</td><td>336.9</td><td>-</td><td>-</td><td>63.0</td><td>58.6</td><td>1.1</td><td>3.3</td><td>273.9</td><td>11,858.6</td><td>11,458.7</td><td>325.4</td><td>74.5</td></tr><tr><td>December</td><td>21.6</td><td>5.5</td><td>16.1</td><td>-</td><td>64.3</td><td>59.9</td><td>1.1</td><td>3.3</td><td>-42.7</td><td>11,815.9</td><td>11,728.0</td><td>4.6</td><td>83.3</td></tr><tr><td>1950-January</td><td>143.7</td><td>46.8</td><td>96.9</td><td>-</td><td>66.6</td><td>60.7</td><td>1.2</td><td>4.7</td><td>77.2</td><td>11,893.1</td><td>11,768.0</td><td>45.5</td><td>79.6</td></tr><tr><td>Inception to date</td><td>15,315.1</td><td>13,922.4</td><td>1,384.8</td><td>8.0</td><td>3,422.1</td><td>3,056.4</td><td>240.2</td><td>125.4</td><td>11,893.1</td><td>11,893.1</td><td>11,768.0</td><td>45.5</td><td>79.6</td></tr></table>
Source: (Same as Table 1). 1/ Includes transactions 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 Appropriation Act.
1947, these salaries are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund. 
4/ Distribution of unexpended balance not available. 
* Less than $50,000.
Table 6.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="4">Assets, end of period</th></tr><tr><th>Total 1/</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Benefit payments</th><th>Administrative expenses 2/</th><th>Total</th><th>Investments</th><th>To credit of appropriation</th><th>In disbursing officer's account</th></tr><tr><td>1936-1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>419.9</td><td>-</td><td>87.0</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>144.0</td><td>140.8</td><td>3.1</td><td>126.2</td><td>126.2</td><td>-</td><td>17.7</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>220.6</td><td>214.8</td><td>5.8</td><td>130.5</td><td>130.5</td><td>-</td><td>90.1</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>272.6</td><td>262.7</td><td>9.8</td><td>134.4</td><td>134.4</td><td>-</td><td>138.1</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>324.1</td><td>308.8</td><td>15.2</td><td>141.4</td><td>141.4</td><td>-</td><td>182.6</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>312.0</td><td>292.1</td><td>19.9</td><td>152.0</td><td>152.0</td><td>-</td><td>160.1</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1947</td><td>322.4</td><td>298.2</td><td>24.2</td><td>173.3</td><td>173.3</td><td>-</td><td>149.1</td><td>824.9</td><td>805.5</td><td>1.2</td><td>18.2</td></tr><tr><td>1948</td><td>797.4</td><td>758.5</td><td>38.9</td><td>222.3</td><td>222.3</td><td>-</td><td>575.1</td><td>1,399.9</td><td>1,374.5</td><td>1.5</td><td>23.9</td></tr><tr><td>1949</td><td>677.4</td><td>626.5</td><td>50.9</td><td>278.2</td><td>278.2</td><td>-</td><td>399.2</td><td>1,799.1</td><td>1,720.0</td><td>53.3</td><td>25.8</td></tr><tr><td>1950 (Estimated)</td><td>663.0</td><td>602.3</td><td>60.7</td><td>313.8</td><td>309.0</td><td>4.8</td><td>349.2</td><td>2,148.3</td><td>2,069.0</td><td>79.3 3/</td><td>3/</td></tr><tr><td>1951 (Estimated)</td><td>658.0</td><td>594.0</td><td>64.0</td><td>345.9</td><td>340.5</td><td>5.4</td><td>312.1</td><td>2,460.4</td><td>2,381.5</td><td>78.9 3/</td><td>3/</td></tr><tr><td>1949-July</td><td>687.0</td><td>687.0</td><td>*</td><td>23.9</td><td>23.9</td><td>-</td><td>663.1</td><td>2,462.2</td><td>2,081.2</td><td>354.4</td><td>26.6</td></tr><tr><td>August</td><td>.1</td><td>-</td><td>.1</td><td>24.8</td><td>24.2</td><td>.5</td><td>-24.6</td><td>2,437.6</td><td>2,080.2</td><td>330.9</td><td>26.5</td></tr><tr><td>September</td><td>.2</td><td>-</td><td>.2</td><td>24.7</td><td>24.3</td><td>.3</td><td>-24.5</td><td>2,413.1</td><td>2,056.2</td><td>330.7</td><td>26.2</td></tr><tr><td>October</td><td>.2</td><td>-</td><td>.2</td><td>25.2</td><td>24.8</td><td>.5</td><td>-25.0</td><td>2,388.1</td><td>2,108.0</td><td>254.6</td><td>25.5</td></tr><tr><td>November</td><td>.3</td><td>-</td><td>.3</td><td>24.7</td><td>24.6</td><td>.1</td><td>-24.4</td><td>2,363.7</td><td>2,084.0</td><td>254.4</td><td>25.2</td></tr><tr><td>December</td><td>.4</td><td>-</td><td>.4</td><td>25.4</td><td>25.0</td><td>.4</td><td>-25.0</td><td>2,338.6</td><td>2,059.0</td><td>254.1</td><td>25.5</td></tr><tr><td>1950-January</td><td>.4</td><td>-</td><td>.4</td><td>25.3</td><td>24.7</td><td>.6</td><td>-24.9</td><td>2,313.8</td><td>2,070.0</td><td>217.5</td><td>26.3</td></tr><tr><td>Inception to date</td><td>4,265.9</td><td>4,088.0</td><td>177.9</td><td>1,952.2</td><td>1,949.7</td><td>2.5</td><td>2,313.8</td><td>2,313.8</td><td>2,070.0</td><td>217.5</td><td>26.3</td></tr></table>
Source: (Same as Table 1).
1/ Figures differ from those shown in Table 2 in this section for the reason that Table 6 reflects appropriations when they are made while Table 2 shows the amounts when transferred to the trust account.
2/ Paid from the trust fund under Title IV, Act of June 24, 1949
3/ Distribution of unexpended balance not available.
* Less than $50,000.
March 1950
11
TRUST ACCOUNTS, ETC.
Table 7.- Unemployment Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th rowspan="2">Interest on investments</th><th colspan="4">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>State account</th><th>Railroad Unemployment Insurance Account 1/</th><th>State account</th><th>Total</th><th>State account</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Contributions from States 2/</th><th>Transfers from Administration Fund 3/</th><th>With-drawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Benefit payments</th><th></th><th>In trust account 5/</th><th>In disbursing officer's account 2/</th></tr><tr><td>1936-1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>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>1,243.6</td><td>1,096.0</td><td>76.3</td><td>-</td><td>3.9</td><td>377.1</td><td>368.1</td><td>-</td><td>9.1</td><td>866.4</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>1,398.5</td><td>1,217.7</td><td>92.4</td><td>-</td><td>6.0</td><td>176.2</td><td>174.3</td><td>-</td><td>1.8</td><td>1,222.4</td><td>4,372.5</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>1,566.9</td><td>1,349.3</td><td>109.4</td><td>-</td><td>11.7</td><td>60.6</td><td>60.0</td><td>-</td><td>.6</td><td>1,506.3</td><td>5,878.8</td><td>5,870.0</td><td>.5</td></tr><tr><td>1945</td><td>1,507.8</td><td>1,256.0</td><td>118.3</td><td>.4</td><td>8.9</td><td>71.3</td><td>70.1</td><td>.4</td><td>.8</td><td>1,436.5</td><td>7,315.3</td><td>7,307.2</td><td>.8</td></tr><tr><td>1946</td><td>1,279.8</td><td>1,009.9</td><td>116.2</td><td>.4</td><td>9.6</td><td>1,145.9</td><td>1,128.3</td><td>.4</td><td>17.2</td><td>133.9</td><td>7,849.1</td><td>7,809.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>1,289.4</td><td>1,005.3</td><td>127.6</td><td>.4</td><td>9.2</td><td>869.5</td><td>817.4</td><td>.5</td><td>51.7</td><td>419.9</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1948</td><td>1,312.9</td><td>1,007.3</td><td>130.6</td><td>-</td><td>9.7</td><td>858.9</td><td>798.1</td><td>-</td><td>60.8</td><td>454.0</td><td>8,323.0</td><td>8,298.4</td><td>18.1</td><td>6.5</td></tr><tr><td>1949</td><td>1,173.2</td><td>984.0</td><td>.1</td><td>-</td><td>9.0</td><td>1,313.9</td><td>1,227.1</td><td>-</td><td>86.7</td><td>6/</td><td>8,182.4</td><td>8,138.3</td><td>41.8</td><td>2.7</td></tr><tr><td>1950 (Estimated)</td><td>1,179.2</td><td>1,004.0</td><td>10.8</td><td>-</td><td>2.9</td><td>2,033.9</td><td>1,900.0</td><td>-</td><td>133.9</td><td>6/</td><td>7,327.8</td><td>7,305.4</td><td>22.4</td><td>1/</td></tr><tr><td>1951 (Estimated)</td><td>1,358.8</td><td>1,175.0</td><td>14.9</td><td>-</td><td>3.5</td><td>1,570.4</td><td>1,500.0</td><td>-</td><td>70.4</td><td>6/</td><td>7,116.2</td><td>7,089.4</td><td>26.8</td><td>1/</td></tr><tr><td>1949-July</td><td>41.5</td><td>37.5</td><td>*</td><td>-</td><td>3.9</td><td>157.8</td><td>150.3</td><td>-</td><td>7.5</td><td>116.3</td><td>8,066.1</td><td>8,033.3</td><td>28.8</td><td>4.0</td></tr><tr><td>August</td><td>233.7</td><td>233.6</td><td>*</td><td>-</td><td>-</td><td>175.4</td><td>164.0</td><td>-</td><td>11.4</td><td>58.3</td><td>8,124.5</td><td>8,080.3</td><td>39.5</td><td>4.6</td></tr><tr><td>September</td><td>18.3</td><td>13.5</td><td>.2</td><td>-</td><td>-</td><td>178.2</td><td>164.3</td><td>-</td><td>14.0</td><td>6/</td><td>7,964.5</td><td>7,940.3</td><td>19.4</td><td>4.8</td></tr><tr><td>October</td><td>31.8</td><td>31.1</td><td>*</td><td>-</td><td>-</td><td>144.3</td><td>128.4</td><td>-</td><td>15.9</td><td>-112.5</td><td>7,852.0</td><td>7,826.3</td><td>21.7</td><td>4.0</td></tr><tr><td>November</td><td>225.2</td><td>225.0</td><td>.1</td><td>-</td><td>-</td><td>167.9</td><td>147.7</td><td>-</td><td>20.1</td><td>57.4</td><td>7,909.4</td><td>7,863.3</td><td>37.1</td><td>9.0</td></tr><tr><td>December</td><td>26.2</td><td>15.7</td><td>2.8</td><td>-</td><td>-</td><td>187.2</td><td>171.8</td><td>-</td><td>15.4</td><td>-161.0</td><td>7,748.4</td><td>7,696.3</td><td>46.3</td><td>5.9</td></tr><tr><td>1950-January</td><td>109.5</td><td>36.8</td><td>*</td><td>-</td><td>-</td><td>72.8</td><td>203.4</td><td>187.7</td><td>-</td><td>15.7</td><td>6/</td><td>-93.8</td><td>7,654.7</td><td>7,616.3</td><td>31.8</td><td>6.5</td></tr><tr><td>Inception to date</td><td>15,430.3</td><td>13,140.1</td><td>880.1</td><td>107.2</td><td>79.4</td><td>1,223.5</td><td>7,775.7</td><td>7,307.7</td><td>107.2</td><td>360.8</td><td>6/</td><td>7,654.7</td><td>7,616.3</td><td>31.8</td><td>6.5</td></tr></table>
Source: (Seme as Table 1). 1/ Excludes interim 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 "Budget Receipts and Expenditures", Table 9). 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. 
6/ Includes transfers to the Railroad Unemployment Administration fund as follows: $9.7 million in fiscal year 1949, $2.3 million in September 1949, $.4 million in January 1950, and $2.5 million estimated in fiscal year 1950, representing adjustment for over-collections due to retroactive change in tax rate (under Act of June 23, 1948). 
7/ Distribution of unexpended balance not available. 
* Less than $50,000.
Table 8.- National Service Life Insurance Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipte</th><th colspan="3">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>Premiums and other receipts</th><th>Transfer from General Fund</th><th>Interest on investments</th><th>Total</th><th>Benefits and refunds</th><th>Special dividends</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1941</td><td>3.5</td><td>3.5</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>3.5</td><td>3.5</td><td>2.8</td><td>.7</td></tr><tr><td>1942</td><td>46.4</td><td>44.9</td><td>1.0</td><td>.4</td><td>.9</td><td>.9</td><td>-</td><td>45.5</td><td>49.0</td><td>37.6</td><td>11.4</td></tr><tr><td>1943</td><td>316.1</td><td>280.7</td><td>30.5</td><td>5.0</td><td>6.0</td><td>6.0</td><td>-</td><td>310.1</td><td>359.1</td><td>351.7</td><td>7.4</td></tr><tr><td>1944</td><td>904.5</td><td>781.1</td><td>101.2</td><td>22.2</td><td>31.4</td><td>31.4</td><td>-</td><td>873.2</td><td>1,232.3</td><td>1,213.4</td><td>18.9</td></tr><tr><td>1945</td><td>2,127.4</td><td>954.1</td><td>1,116.5</td><td>56.7</td><td>128.2</td><td>128.2</td><td>-</td><td>1,999.3</td><td>3,231.6</td><td>3,187.1</td><td>44.4</td></tr><tr><td>1946</td><td>2,351.0</td><td>844.7</td><td>1,381.4</td><td>124.9</td><td>279.8</td><td>279.8</td><td>-</td><td>2,071.2</td><td>5,302.8</td><td>5,239.7</td><td>63.1</td></tr><tr><td>1947</td><td>1,504.1</td><td>516.6</td><td>816.7</td><td>170.9</td><td>279.3</td><td>279.3</td><td>-</td><td>1,224.8</td><td>6,527.6</td><td>6,473.7</td><td>53.9</td></tr><tr><td>1948</td><td>739.7</td><td>387.5</td><td>153.0</td><td>199.2</td><td>301.9</td><td>301.9</td><td>-</td><td>437.7</td><td>6,965.3</td><td>6,934.7</td><td>30.6</td></tr><tr><td>1949</td><td>690.1</td><td>392.8</td><td>87.0</td><td>210.3</td><td>348.1</td><td>348.1</td><td>-</td><td>341.9</td><td>7,307.2</td><td>7,287.7</td><td>19.6</td></tr><tr><td>1950 (Estimated)</td><td>1,102.6</td><td>405.7</td><td>484.9</td><td>212.0</td><td>2,619.7</td><td>369.7</td><td>2,250.0</td><td>-1,517.1</td><td>5,790.2</td><td>5,769.7</td><td>20.5</td></tr><tr><td>1951 (Estimated)</td><td>616.7</td><td>426.2</td><td>31.2</td><td>159.3</td><td>923.0</td><td>378.0</td><td>550.0</td><td>-311.2</td><td>5,479.0</td><td>5,458.7</td><td>20.3</td></tr><tr><td>1949-July</td><td>32.4</td><td>27.7</td><td>4.7</td><td>-</td><td>28.7</td><td>28.7</td><td>-</td><td>3.7</td><td>7,310.9</td><td>7,292.7</td><td>18.2</td></tr><tr><td>August</td><td>34.3</td><td>30.9</td><td>3.9</td><td>-</td><td>29.9</td><td>29.9</td><td>-</td><td>4.9</td><td>7,315.8</td><td>7,295.7</td><td>20.2</td></tr><tr><td>September</td><td>415.9</td><td>27.6</td><td>418.3</td><td>-</td><td>28.9</td><td>28.9</td><td>-</td><td>416.9</td><td>7,732.8</td><td>7,713.7</td><td>19.1</td></tr><tr><td>October</td><td>35.3</td><td>27.7</td><td>7.6</td><td>-</td><td>29.4</td><td>29.4</td><td>-</td><td>5.8</td><td>7,738.6</td><td>7,718.7</td><td>19.9</td></tr><tr><td>November</td><td>34.0</td><td>27.2</td><td>6.8</td><td>-</td><td>29.3</td><td>29.3</td><td>-</td><td>4.8</td><td>7,743.4</td><td>7,718.7</td><td>24.7</td></tr><tr><td>December</td><td>5.3</td><td>31.5</td><td>-26.5</td><td>.3</td><td>29.3</td><td>29.3</td><td>-</td><td>-24.0</td><td>7,719.4</td><td>7,695.7</td><td>23.7</td></tr><tr><td>1950-January</td><td>55.4</td><td>40.3</td><td>7.5</td><td>7.6</td><td>479.6</td><td>30.1</td><td>449.6</td><td>-424.3</td><td>7,295.1</td><td>7,263.2</td><td>31.9</td></tr><tr><td>Inception to date</td><td>9,325.8</td><td>4,418.8</td><td>4,109.5</td><td>797.5</td><td>2,030.7</td><td>1,581.1</td><td>449.6</td><td>7,295.1</td><td>7,295.1</td><td>7,263.2</td><td>31.9</td></tr></table>
Source: (Same as Table 1). * Less than $50,000.
12
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="5">Cash operating outgo</th><th rowspan="2">Net cash borrowing, or repayment of borrowing (-)</th><th rowspan="2">Increase or decrease (-), in General Fund balance</th><th rowspan="2">Memorandum: Net receipts from exercise of monetary authority 2/</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust expenditures</th><th>Exchange Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th><th>Net cash operating income, or outgo (-)</th></tr><tr><td>1942</td><td>12,663</td><td>2,542</td><td>15,205</td><td>33,433</td><td>1,068</td><td>-</td><td>-</td><td>34,501</td><td>-19,294</td><td>19,652</td><td>358</td><td>101</td></tr><tr><td>1943</td><td>22,137</td><td>3,037</td><td>25,174</td><td>78,424</td><td>485</td><td>-</td><td>-</td><td>78,909</td><td>-53,735</td><td>60,250</td><td>6,515</td><td>77</td></tr><tr><td>1944</td><td>43,925</td><td>3,936</td><td>47,861</td><td>93,845</td><td>111</td><td>-</td><td>-</td><td>93,956</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>43</td></tr><tr><td>1945</td><td>45,519</td><td>4,721</td><td>50,240</td><td>95,952</td><td>-768</td><td>-</td><td>-</td><td>95,184</td><td>-44,945</td><td>49,474</td><td>4,529</td><td>78</td></tr><tr><td>1946</td><td>38,902</td><td>4,937</td><td>43,839</td><td>57,422</td><td>4,316</td><td>-</td><td>-</td><td>61,738</td><td>-17,899</td><td>7,439</td><td>-10,460</td><td>302</td></tr><tr><td>1947</td><td>39,884</td><td>3,707</td><td>43,591</td><td>33,190</td><td>3,270</td><td>1,026</td><td>-555</td><td>35,931</td><td>6,659</td><td>-19,389</td><td>-10,930 3/</td><td>60</td></tr><tr><td>1948</td><td>41,804</td><td>3,595</td><td>45,400</td><td>32,482</td><td>2,944</td><td>563</td><td>507</td><td>36,496</td><td>8,903</td><td>-7,280</td><td>1,624</td><td>37</td></tr><tr><td>1949</td><td>38,145</td><td>3,183</td><td>41,628</td><td>37,517 1/</td><td>3,328 1/</td><td>93</td><td>-366</td><td>40,576</td><td>1,051</td><td>-2,513</td><td>-1,462</td><td>46</td></tr><tr><td>1950 (Est.)</td><td>37,661</td><td>4,033</td><td>41,700</td><td>40,122</td><td>6,493</td><td>113</td><td>-200</td><td>46,528</td><td>4,828</td><td>4,771</td><td>-58</td><td>27</td></tr><tr><td>1951 (Est.)</td><td>37,126</td><td>5,960</td><td>43,086</td><td>39,858</td><td>5,926</td><td>-</td><td>-</td><td>45,784</td><td>2,698</td><td>2,746</td><td>48</td><td>34</td></tr><tr><td>1949-July</td><td>1,931</td><td>150</td><td>2,081</td><td>2,929</td><td>255</td><td>-</td><td>-218</td><td>2,966</td><td>-885</td><td>752</td><td>-133</td><td>*</td></tr><tr><td>Aug.</td><td>2,477</td><td>672</td><td>3,150</td><td>3,225</td><td>357</td><td>-</td><td>133</td><td>3,715</td><td>-566</td><td>1,646</td><td>1,081</td><td>1</td></tr><tr><td>Sept.</td><td>4,829</td><td>87</td><td>4,915</td><td>3,486</td><td>375</td><td>6</td><td>-20</td><td>3,847</td><td>1,068</td><td>213</td><td>1,281</td><td>2</td></tr><tr><td>Oct.</td><td>1,080</td><td>166</td><td>2,046</td><td>2,959</td><td>439</td><td>27</td><td>-160</td><td>3,266</td><td>-1,220</td><td>258</td><td>-962</td><td>1</td></tr><tr><td>Nov.</td><td>2,343</td><td>622</td><td>2,965</td><td>3,007</td><td>362</td><td>22</td><td>36</td><td>3,426</td><td>-461</td><td>145</td><td>-315</td><td>3</td></tr><tr><td>Dec.</td><td>4,175</td><td>88</td><td>4,263</td><td>3,604 p</td><td>369</td><td>-</td><td>88</td><td>4,061p</td><td>202p</td><td>55p</td><td>257</td><td>3</td></tr><tr><td>1950-Jan.</td><td>3,327</td><td>159</td><td>3,485</td><td>3,040</td><td>727</td><td>-</td><td>-589</td><td>3,177</td><td>308</td><td>62</td><td>370</td><td>2</td></tr><tr><td>Fiscal year 1950 to date</td><td>20,961</td><td>1,944</td><td>22,905</td><td>22,251</td><td>2,884</td><td>55</td><td>-731</td><td>24,458</td><td>-1,553</td><td>3,131</td><td>1,579</td><td>14</td></tr></table>
Source: Actual figures are based on Daily Treasury Statement; estimates are based on the 1951 Budget document, including effect of proposed legislation as outlined in Budget detail.
1/ The U.S. subscription to the capital of the International Monetary Fund was paid in part from the Exchange Stabilization Fund (see "Treasury Bulletin" for September 1947, page 17).
2/ Consists of seigniorage on silver and increment resulting from reduction in weight of the gold dollar. This item is part of the cash budget receipts of the Treasury shown in these tables, but is excluded from the 1951 Budget
3/ In addition to this decrease in the General Fund balance, the Exchange Stabilization Fund was drawn down by $1,800 million for subscription to the capital of the International Monetary Fund (see footnote 1). 4/ Adjusted for reclassification of Foreign Economic Cooperation Trust Fund transactions; see Tables 3 and 4 in this section. * Less than $500,000. p Preliminary.
Table 2.- Derivation of Cash Budget Receipts
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net budget receipts 1/</th><th>Plus: Noncash items deducted from budget receipts - exceed profit tax refund bonds 2/</th><th>Total</th><th colspan="3">Loss: Noncash budget receipts</th><th>Reimbursement for administrative expenses 4/</th><th>Equals: Cash budget receipts</th></tr><tr><th></th><th></th><th></th><th></th><th colspan="3">Payments to Treasury by Government enterprises</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th>R. F. C.</th><th>Interest</th><th>Other</th><th>Repayment of capital stock and paid-in surplus 3/</th><th></th></tr><tr><td>1942</td><td>12,696</td><td>-</td><td>33</td><td>1</td><td>5</td><td>-</td><td>27</td><td>12,663</td></tr><tr><td>1943</td><td>22,202</td><td>-</td><td>64</td><td>24</td><td>13</td><td>-</td><td>27</td><td>22,137</td></tr><tr><td>1944</td><td>43,892</td><td>134</td><td>100</td><td>54</td><td>13</td><td>-</td><td>33</td><td>43,925</td></tr><tr><td>1945</td><td>44,762</td><td>894</td><td>136</td><td>83</td><td>26</td><td>-</td><td>27</td><td>45,519</td></tr><tr><td>1946</td><td>40,027</td><td>-970</td><td>155</td><td>90</td><td>27</td><td>-</td><td>37</td><td>38,902</td></tr><tr><td>1947</td><td>40,043</td><td>-39</td><td>120</td><td>91</td><td>13</td><td>-</td><td>16</td><td>39,884</td></tr><tr><td>1948</td><td>42,211</td><td>-10</td><td>396</td><td>89</td><td>23</td><td>270</td><td>14</td><td>41,804</td></tr><tr><td>1949</td><td>38,246</td><td>-4</td><td>96</td><td>1</td><td>34</td><td>38</td><td>24</td><td>38,145</td></tr><tr><td>1950 (Est.)</td><td>37,763</td><td>-2</td><td>101</td><td>20</td><td>52</td><td>12</td><td>17</td><td>37,661</td></tr><tr><td>1951 (Est.)</td><td>37,306</td><td>-1</td><td>179</td><td>34</td><td>63</td><td>67</td><td>15</td><td>37,126</td></tr><tr><td>1949-July</td><td>1,946</td><td>*</td><td>15</td><td>7</td><td>1</td><td>7</td><td>1</td><td>1,931</td></tr><tr><td>Aug.</td><td>2,479</td><td>*</td><td>1</td><td>*</td><td>*</td><td>-</td><td>1</td><td>2,477</td></tr><tr><td>Sept.</td><td>4,832</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>3</td><td>4,829</td></tr><tr><td>Oct.</td><td>1,881</td><td>*</td><td>2</td><td>-</td><td>*</td><td>-</td><td>1</td><td>1,880</td></tr><tr><td>Nov.</td><td>2,344</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>1</td><td>2,343</td></tr><tr><td>Dec.</td><td>4,191</td><td>*</td><td>16</td><td>*</td><td>15</td><td>-</td><td>1</td><td>4,175</td></tr><tr><td>1950-Jan.</td><td>3,366</td><td>*</td><td>39</td><td>10</td><td>11</td><td>16</td><td>2</td><td>3,327</td></tr></table>
1/ See "Budget Receipts and Expenditures", Table 1.
2/ Deduction from budget receipts of the tax refunds represented by these bonds is treated as a noncash deduction at the time of issuance of the bonds and as a cash deduction at the time of redemption of the bonds (see Table 5 in this section). The figures shown are not issuance, or net redemption (-).
By partially owned Government corporations. By Federal Old-Age and Survivors Insurance Trust Fund through October 1948. Thereafter includes also transfers from Railroad Unemployment Insurance Account to Railroad Unemployment Administration Fund (see "Trust Accounts", Table 7), and reimbursement by the District of Columbia. * Less than $500,000.
March 1950
13
TREASURY CASH INCOME AND OUTGO
Table 3.- Derivation of Cash Budget Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget expenditures 1/</th><th colspan="3">Interest payments by Treasury</th><th rowspan="2">Transfers to trust accounts</th><th rowspan="2">Payroll deductions for Government employees' retirement</th><th colspan="3">Budget expenditures involving issuances of Federal securities 4/</th><th colspan="2">Payments to Treasury by Government enterprises</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 2/</th><th>To partially owned Government corporations 3/</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund</th><th>Interest</th><th>Investments in Federal securities</th></tr><tr><td>1942......</td><td>34,187</td><td>754</td><td>81</td><td>-</td><td>207</td><td>384</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>6</td><td>-</td><td>33,433</td></tr><tr><td>1943......</td><td>79,622</td><td>1,198</td><td>130</td><td>2</td><td>254</td><td>440</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>37</td><td>115</td><td>78,424</td></tr><tr><td>1944......</td><td>95,315</td><td>1,470</td><td>213</td><td>3</td><td>325</td><td>559</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>67</td><td>39</td><td>93,845</td></tr><tr><td>1945......</td><td>98,703</td><td>2,750</td><td>342</td><td>4</td><td>429</td><td>1,659</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>108</td><td>25</td><td>95,952</td></tr><tr><td>1946......</td><td>60,703</td><td>3,281</td><td>435</td><td>22</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-86</td><td>-</td><td>118</td><td>18</td><td>57,422</td></tr><tr><td>1947......</td><td>39,289</td><td>6,099</td><td>467</td><td>25</td><td>646</td><td>1,361</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>105</td><td>31</td><td>33,190</td></tr><tr><td>1948......</td><td>33,791 5/</td><td>1,309 5/</td><td>559</td><td>24</td><td>746</td><td>1,178 5/</td><td>236</td><td>-1,221</td><td>-4</td><td>-350</td><td>112</td><td>30</td><td>32,482</td></tr><tr><td>1949......</td><td>40,057 5/</td><td>2,540</td><td>580</td><td>29</td><td>841</td><td>916</td><td>327</td><td>-164</td><td>-2</td><td>-25</td><td>33</td><td>6</td><td>37,517 5/</td></tr><tr><td>1950 (Est.)</td><td>43,297</td><td>3,174</td><td>525</td><td>35</td><td>882</td><td>1,413</td><td>374</td><td>-90</td><td>-2</td><td>-87</td><td>72</td><td>53</td><td>40,122</td></tr><tr><td>1951 (Est.)</td><td>42,439</td><td>2,581</td><td>610</td><td>43</td><td>902</td><td>982</td><td>353</td><td>-250</td><td>-1</td><td>-200</td><td>96</td><td>46</td><td>39,858</td></tr><tr><td>1949-July...</td><td>3,434</td><td>505</td><td>69</td><td>-</td><td>*</td><td>413</td><td>24</td><td>-9</td><td>*</td><td>-</td><td>7</td><td>2</td><td>2,929</td></tr><tr><td>Aug.......</td><td>3,585</td><td>359</td><td>36</td><td>-</td><td>1</td><td>330</td><td>30</td><td>-9</td><td>*</td><td>-41</td><td>*</td><td>14</td><td>3,225</td></tr><tr><td>Sept......</td><td>3,995</td><td>509</td><td>43</td><td>1</td><td>16</td><td>419</td><td>29</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>11</td><td>3,486</td></tr><tr><td>Oct.....</td><td>3,111</td><td>152</td><td>46</td><td>1</td><td>1</td><td>85</td><td>33</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>-6</td><td>2,959</td></tr><tr><td>Nov.....</td><td>3,127</td><td>120</td><td>47</td><td>1</td><td>1</td><td>7</td><td>29</td><td>-8</td><td>*</td><td>-</td><td>*</td><td>42</td><td>3,007</td></tr><tr><td>Dec.....</td><td>3,722</td><td>118p</td><td>76p</td><td>12</td><td>25</td><td>-26</td><td>29</td><td>-7</td><td>*</td><td>-</td><td>15</td><td>-5</td><td>3,604p</td></tr><tr><td>1950-Jan....</td><td>3,323</td><td>283</td><td>37</td><td>*</td><td>178</td><td>45</td><td>31</td><td>-8</td><td>*</td><td>-</td><td>20</td><td>-20</td><td>3,040</td></tr></table>
Source: (Same as Table 1).
1/ See "Budget Receipts and Expenditures", Table 2.
2/ See Table 5, footnote b, in this section.
3/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations; hence payments and receipts offset each other.
b/ Budget expenditures involving the issuance of Federal securities are
5/ Adjusted for reclassification of Foreign Economic Cooperation Trust Fund transactions; see "Budget Receipts and Expenditures", Table 2, footnote 10.
* Less than $500,000.
Preliminary
Table 4.- Derivation of Cash Trust Account Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Trust account receipts</th><th colspan="5">Trust account expenditures 2/</th></tr><tr><th>Total receipts</th><th>Total noncash receipts</th><th>Interest on investments in Federal securities</th><th>Transfers shown as budget expenditures</th><th>Payroll deductions for Government employees' retirement</th><th>Other 1/</th><th>Equals: Cash receipts</th><th>Total expenditures</th><th>Total noncash expenditures</th><th>Investments in Federal securities By trust account owned Government corporations</th><th>Other 3/</th><th>Equals: Cash expenditures</th></tr><tr><td>1942</td><td>3,218</td><td>676</td><td>207</td><td>381</td><td>88</td><td>-</td><td>2,542</td><td>4,830</td><td>3,763</td><td>1,925</td><td>5</td><td>1,832</td><td>1,068</td></tr><tr><td>1943</td><td>3,954</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>3,037</td><td>4,292</td><td>3,806</td><td>3,004</td><td>88</td><td>714</td><td>495</td></tr><tr><td>1944</td><td>5,085</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>3,936</td><td>7,307</td><td>7,197</td><td>4,129</td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,086</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>4,721</td><td>6,294</td><td>7,062</td><td>5,200</td><td>299</td><td>1,563</td><td>-768</td></tr><tr><td>1946</td><td>7,712</td><td>2,775</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>4,937</td><td>8,236</td><td>3,919</td><td>3,668</td><td>141</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>6,244</td><td>2,538</td><td>646</td><td>1,361</td><td>259</td><td>271</td><td>3,707</td><td>7,347</td><td>4,076</td><td>3,362</td><td>147</td><td>568</td><td>3,270</td></tr><tr><td>1948</td><td>6,515 4/</td><td>2,920 4/</td><td>746</td><td>1,178 4/</td><td>236</td><td>760</td><td>3,595</td><td>6,810</td><td>3,865</td><td>3,060</td><td>-99</td><td>904</td><td>2,944</td></tr><tr><td>1949</td><td>5,714</td><td>2,323</td><td>841</td><td>916</td><td>327</td><td>148</td><td>3,183</td><td>6,209 4/</td><td>2,881</td><td>2,311</td><td>313</td><td>258</td><td>3,328 4/</td></tr><tr><td>1950 (Est.)</td><td>6,709</td><td>2,670</td><td>882</td><td>1,413</td><td>374</td><td>2</td><td>4,038</td><td>7,063</td><td>570</td><td>287</td><td>340</td><td>-56</td><td>6,493</td></tr><tr><td>1951 (Est.)</td><td>8,199</td><td>2,239</td><td>902</td><td>982</td><td>353</td><td>2</td><td>5,960</td><td>8,417</td><td>2,491</td><td>2,311</td><td>225</td><td>-45</td><td>5,926</td></tr><tr><td>1949-July</td><td>588</td><td>439</td><td>*</td><td>413</td><td>24</td><td>2</td><td>150</td><td>559</td><td>303</td><td>223</td><td>23</td><td>57</td><td>255</td></tr><tr><td>Aug.</td><td>1,032</td><td>360</td><td>1</td><td>330</td><td>30</td><td>-</td><td>672</td><td>637</td><td>330</td><td>311</td><td>19</td><td>*</td><td>357</td></tr><tr><td>Sept.</td><td>550</td><td>463</td><td>16</td><td>419</td><td>29</td><td>-</td><td>87</td><td>954</td><td>579</td><td>576</td><td>-2</td><td>5</td><td>375</td></tr><tr><td>Oct.</td><td>285</td><td>119</td><td>1</td><td>85</td><td>33</td><td>-</td><td>166</td><td>275</td><td>-164</td><td>-86</td><td>-9</td><td>-68</td><td>439</td></tr><tr><td>Nov.</td><td>659</td><td>37</td><td>1</td><td>7</td><td>29</td><td>-</td><td>622</td><td>360</td><td>-2</td><td>23</td><td>-23</td><td>-1</td><td>362</td></tr><tr><td>Dec.</td><td>116</td><td>28</td><td>25</td><td>-26</td><td>29</td><td>-</td><td>88</td><td>388</td><td>20</td><td>52</td><td>-21</td><td>-12</td><td>369</td></tr><tr><td>1950-Jan.</td><td>412</td><td>254</td><td>178</td><td>45</td><td>31</td><td>*</td><td>158</td><td>410</td><td>-317</td><td>-457</td><td>100</td><td>40</td><td>727</td></tr></table>
Source: (Same as Table 1). 1/ Principally proceeds of ship sales allocable to surplus property receipts. Figures for 1947 and 1948 include $53 million and $8 million, respectively, of armed forces leave bonds redeemed for insurance premiums; after August 31, 1947, all these bonds were redeemable for cash. 2/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
3/ Principally proceeds of ship sales allocable to miscellaneous receipts, F.D.I.C. repayments of capital stock, and net redemption, or issuance (-), in the market of securities of Government corporations.
4/ Adjusted for reclassification of Foreign Economic Cooperation Trust Fund transactions; see "Trust Accounts, Etc.", Table 1, footnote 1.
* Less than $500,000.
14
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Increase, or decrease (-), in Federal securities outstanding</th><th colspan="9">Lease: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equale: Net cash borrowing, or repayment of borrowing (-)/+</th></tr><tr><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>By trust accounts</th><th>By Government corporations</th><th>Armed forces leave bonds 1/</th><th>Adjusted service bonds 1/</th><th>Notes for International Bank and Fund 1/ 2/</th><th>Excess profit tax refund bonds 3/</th><th>Interest on savings bonds and Treasury bills 4/</th><th>Net transactions in guaranteed securities not reflected in Treasurer's accounts</th></tr><tr><td>1942</td><td>3,461</td><td>-1,802</td><td>21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>*</td><td>19,652</td></tr><tr><td>1943</td><td>64,271</td><td>-468</td><td>63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-95</td><td>60,250</td></tr><tr><td>1944</td><td>64,307</td><td>-2,477</td><td>61,830</td><td>4,883</td><td>4,129</td><td>206</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>213</td><td>207</td><td>-190</td><td>56,757</td></tr><tr><td>1945</td><td>57,679</td><td>-1,190</td><td>56,489</td><td>6,733</td><td>5,200</td><td>324</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>342</td><td>86</td><td>-277</td><td>49,474</td></tr><tr><td>1946</td><td>10,740</td><td>43</td><td>10,783</td><td>3,409</td><td>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>435</td><td>203</td><td>66</td><td>7,439</td></tr><tr><td>1947</td><td>-11,136</td><td>-387</td><td>-11,523</td><td>7,892</td><td>3,362</td><td>178</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>467</td><td>-</td><td>28</td><td>-19,389</td></tr><tr><td>1948</td><td>-5,994</td><td>-16</td><td>-6,010</td><td>1,394</td><td>3,060</td><td>-69</td><td>-1,229</td><td>-4</td><td>-913</td><td>-10</td><td>559</td><td>-</td><td>123</td><td>-7,280</td></tr><tr><td>1949</td><td>478</td><td>-46</td><td>432</td><td>2,916</td><td>2,311</td><td>319</td><td>-164</td><td>-2</td><td>-123</td><td>-4</td><td>580</td><td>-</td><td>-28</td><td>-2,513</td></tr><tr><td>1950 (Est.)</td><td>5,630</td><td>12</td><td>5,642</td><td>911</td><td>287</td><td>393</td><td>-90</td><td>-2</td><td>-200</td><td>-2</td><td>525</td><td>-</td><td>40</td><td>4,771</td></tr><tr><td>1951 (Est.)</td><td>5,400</td><td>5</td><td>5,405</td><td>2,740</td><td>2,311</td><td>271</td><td>-250</td><td>-1</td><td>-200</td><td>-1</td><td>610</td><td>-</td><td>82</td><td>2,746</td></tr><tr><td>1949-July</td><td>1,107</td><td>-2</td><td>1,105</td><td>307</td><td>223</td><td>24</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>69</td><td>-</td><td>-46</td><td>752</td></tr><tr><td>Aug.</td><td>1,975</td><td>2</td><td>1,977</td><td>329</td><td>311</td><td>32</td><td>-9</td><td>*</td><td>-41</td><td>*</td><td>36</td><td>-</td><td>-1</td><td>1,646</td></tr><tr><td>Sept.</td><td>828</td><td>2</td><td>830</td><td>613</td><td>576</td><td>9</td><td>-9</td><td>*</td><td>-6</td><td>*</td><td>43</td><td>-</td><td>-4</td><td>213</td></tr><tr><td>Oct.</td><td>98</td><td>-2</td><td>96</td><td>-92</td><td>-86</td><td>-16</td><td>-9</td><td>*</td><td>-27</td><td>*</td><td>46</td><td>-</td><td>70</td><td>258</td></tr><tr><td>Nov.</td><td>204</td><td>2</td><td>206</td><td>59</td><td>23</td><td>19</td><td>-8</td><td>*</td><td>-22</td><td>*</td><td>47</td><td>-</td><td>*</td><td>146</td></tr><tr><td>Dec.</td><td>148</td><td>*</td><td>149</td><td>94p</td><td>52</td><td>-26</td><td>-7</td><td>*</td><td>-</td><td>*</td><td>76p</td><td>-</td><td>*</td><td>55p</td></tr><tr><td>1950-Jan.</td><td>-265</td><td>-3</td><td>-268</td><td>-348</td><td>-457</td><td>81</td><td>-8</td><td>*</td><td>-</td><td>*</td><td>37</td><td>-</td><td>-19</td><td>62</td></tr></table>
Source: (same as Table 1). 1/ The issuance of these securities is treated as a noncash budget expenditure at the time of issuance and as a cash budget expenditure at the time of cash redemption. The figures shown are net issuance, or net redemption (-). 2/ See Table 1, footnote 1, in this section. 3/ The issuance of these securities is treated as a noncash deduction from budget receipts at the time of issuance and as a cash deduction
at the time of cash redemption. The figures shown are net issuance, or net redemption (-).
4/ Accrued discount on savings bonds and bille leee interest paid on savings bonds and bills redeemed.
5/ Includes borrowing through Postal Saving System.
* Lees than $500,000.
p Preliminary.
Table 6.- Summary of Cash Operating Income and Outgo by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Annual total Calendar year</th><th>Annual total Fiecal year 1/1</th></tr><tr><td>Cash operating 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><td></td></tr><tr><td>1943</td><td>896</td><td>1,476</td><td>5,293</td><td>1,618</td><td>2,069</td><td>4,663</td><td>2,170</td><td>3,372</td><td>5,562</td><td>2,213</td><td>2,705</td><td>5,852</td><td>37,919</td><td>25,174</td></tr><tr><td>1941</td><td>2,915</td><td>3,104</td><td>6,675</td><td>3,319</td><td>3,612</td><td>6,332</td><td>2,327</td><td>3,238</td><td>6,015</td><td>2,212</td><td>2,877</td><td>5,538</td><td>48,194</td><td>47,861</td></tr><tr><td>1945</td><td>3,724</td><td>4,275</td><td>7,001</td><td>3,164</td><td>3,850</td><td>6,016</td><td>2,764</td><td>3,371</td><td>5,276</td><td>2,809</td><td>3,030</td><td>4,328</td><td>49,608</td><td>50,240</td></tr><tr><td>1946</td><td>3,032</td><td>4,068</td><td>5,649</td><td>2,366</td><td>2,965</td><td>4,183</td><td>2,332</td><td>2,803</td><td>4,585</td><td>2,683</td><td>2,813</td><td>4,156</td><td>41,635</td><td>43,839</td></tr><tr><td>1947</td><td>3,821</td><td>4,947</td><td>5,585</td><td>2,228</td><td>2,746</td><td>4,886</td><td>2,446</td><td>3,112</td><td>4,666</td><td>2,589</td><td>3,305</td><td>3,987</td><td>44,319</td><td>43,591</td></tr><tr><td>1948</td><td>4,182</td><td>4,518</td><td>6,019</td><td>2,402</td><td>2,969</td><td>4,877</td><td>2,268</td><td>3,162</td><td>4,667</td><td>2,280</td><td>3,190</td><td>4,106</td><td>44,971</td><td>45,400</td></tr><tr><td>1949</td><td>3,683</td><td>3,893</td><td>5,555</td><td>1,430</td><td>2,595</td><td>4,798</td><td>2,081</td><td>3,150</td><td>4,915</td><td>2,046</td><td>2,965</td><td>4,263</td><td>41,374</td><td>41,628</td></tr><tr><td>1950</td><td>3,485</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating 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><td></td></tr><tr><td>1943</td><td>6,497</td><td>6,396</td><td>7,620</td><td>7,432</td><td>7,390</td><td>7,988</td><td>7,017</td><td>7,740</td><td>7,693</td><td>7,625</td><td>7,766</td><td>7,823</td><td>88,987</td><td>78,909</td></tr><tr><td>1941</td><td>7,537</td><td>8,009</td><td>8,564</td><td>7,677</td><td>8,027</td><td>8,478</td><td>7,249</td><td>8,186</td><td>7,686</td><td>7,886</td><td>7,373</td><td>8,178</td><td>94,810</td><td>93,956</td></tr><tr><td>1945</td><td>7,729</td><td>7,118</td><td>9,786</td><td>7,765</td><td>8,436</td><td>8,829</td><td>7,750</td><td>7,512</td><td>6,326</td><td>5,913</td><td>4,754</td><td>5,224</td><td>86,112</td><td>95,184</td></tr><tr><td>1946</td><td>4,668</td><td>3,700</td><td>3,876</td><td>3,600</td><td>3,953</td><td>4,562</td><td>2,745</td><td>2,760</td><td>2,944</td><td>2,844</td><td>2,269</td><td>3,578</td><td>41,399</td><td>61,738</td></tr><tr><td>1947</td><td>2,715</td><td>3,487</td><td>2,961</td><td>3,063</td><td>2,781</td><td>4,784</td><td>3,272</td><td>3,073</td><td>3,943</td><td>2,570</td><td>2,490</td><td>3,476</td><td>38,616</td><td>36,931</td></tr><tr><td>1948</td><td>2,497</td><td>2,726</td><td>3,418</td><td>2,397</td><td>2,507</td><td>4,129</td><td>2,588</td><td>2,950</td><td>3,197</td><td>2,779</td><td>3,474</td><td>4,235</td><td>36,897</td><td>36,496</td></tr><tr><td>1949</td><td>2,855</td><td>3,259</td><td>3,850</td><td>3,130</td><td>3,709</td><td>4,550</td><td>2,966</td><td>3,715</td><td>3,847</td><td>3,266</td><td>3,426</td><td>4,061p</td><td>42,634p</td><td>40,576</td></tr><tr><td>1950</td><td>3,177</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash operating income or 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><td></td></tr><tr><td>1943</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,368</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,971</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1941</td><td>-4,622</td><td>-4,905</td><td>-1,889</td><td>-4,358</td><td>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,680</td><td>-46,616</td><td>-46,095</td></tr><tr><td>1945</td><td>-4,005</td><td>-2,843</td><td>-1,705</td><td>-4,601</td><td>-4,596</td><td>-2,813</td><td>-4,986</td><td>-4,141</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-44,945</td></tr><tr><td>1946</td><td>-1,636</td><td>363</td><td>1,773</td><td>-1,234</td><td>-288</td><td>-379</td><td>-413</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,890</td></tr><tr><td>1947</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>41</td><td>723</td><td>18</td><td>816</td><td>510</td><td>5,703</td><td>6,659</td></tr><tr><td>1948</td><td>1,986</td><td>1,824</td><td>2,601</td><td>4</td><td>462</td><td>748</td><td>-320</td><td>212</td><td>1,469</td><td>-499</td><td>-283</td><td>-128</td><td>8,076</td><td>8,903</td></tr><tr><td>1949</td><td>829</td><td>635</td><td>1,704</td><td>-1,699</td><td>-1,114</td><td>248</td><td>-885</td><td>-566</td><td>1,068</td><td>-1,220</td><td>-461</td><td>202p</td><td>-1,259p</td><td>1,051</td></tr><tr><td>1950</td><td>308</td><td></td><td></td><td></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: (Same as Table 1). 1/ Fiscal year ending June 30 of year indicated.
p Preliminary.
March 1950
15
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="2">Bullion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th>Deposits in special depositories</th><th>Other deposits and collections</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><th></th><th>Total</th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th>1/</th><th></th><th></th></tr><tr><td>1942</td><td>3,443</td><td>155</td><td>742</td><td>603</td><td>-</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>150</td><td>761</td><td>1,038</td><td>-</td><td>7,667</td><td>533</td><td>613</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>154</td><td>666</td><td>1,442</td><td>-</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>150</td><td>558</td><td>1,500</td><td>-</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>160</td><td>243</td><td>1,006</td><td>-</td><td>12,993</td><td>305</td><td>470</td><td>14,238</td></tr><tr><td>1947</td><td>3,730</td><td>1,023</td><td>232</td><td>1,202</td><td>-</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1948</td><td>5,370</td><td>1,073</td><td>191</td><td>1,928</td><td>123</td><td>1,773</td><td>283</td><td>438</td><td>1,932</td></tr><tr><td>1949</td><td>3,862</td><td>1,022</td><td>219</td><td>438</td><td>103</td><td>1,771</td><td>309</td><td>392</td><td>3,470</td></tr><tr><td>1949-July</td><td>3,699</td><td>1,037</td><td>198</td><td>529</td><td>104</td><td>1,485</td><td>346</td><td>362</td><td>3,337</td></tr><tr><td>August</td><td>4,767</td><td>1,047</td><td>199</td><td>610</td><td>86</td><td>2,313</td><td>312</td><td>349</td><td>1,418</td></tr><tr><td>September</td><td>6,080</td><td>1,054</td><td>193</td><td>1,176</td><td>119</td><td>3,226</td><td>314</td><td>381</td><td>5,699</td></tr><tr><td>October</td><td>5,080</td><td>1,065</td><td>180</td><td>595</td><td>94</td><td>2,831</td><td>315</td><td>343</td><td>4,737</td></tr><tr><td>November</td><td>4,789</td><td>1,049</td><td>205</td><td>517</td><td>80</td><td>2,632</td><td>308</td><td>367</td><td>1,422</td></tr><tr><td>December</td><td>5,033</td><td>1,053</td><td>200</td><td>841</td><td>94</td><td>2,557</td><td>288</td><td>354</td><td>1,679</td></tr><tr><td>1950-January</td><td>5,421</td><td>1,029</td><td>221</td><td>677</td><td>216</td><td>2,898</td><td>381</td><td>372</td><td>5,049</td></tr></table>
Source: Daily Treasury Statement. 1/ On account of withheld taxes and sales of Government securities.
Table 2.- Analysis of Change in Balance in the General Fund
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net increase in General Fund balance, or decrease (-)</th><th>Budget surplus, or deficit (-) 1/</th><th>Net increase in public debt, or decrease (-)</th><th>Total 1/</th><th>Trust accounts 1/ 2/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 3/</th><th>Sales and redemptions of securities of Government corporations, etc., in the market 4/</th><th>Clearing account 5/</th></tr><tr><td>1942</td><td>358</td><td>-21,490</td><td>23,451</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>-51,423</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>1,529</td><td>-53,241</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>1947</td><td>-10,930</td><td>754</td><td>-11,136</td><td>-1,103</td><td>-372</td><td>*</td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>1948</td><td>1,624</td><td>8,419</td><td>-5,994</td><td>-294</td><td>-35</td><td>*</td><td>*</td><td>-367</td><td>107</td><td>-507</td></tr><tr><td>1949</td><td>-1,462</td><td>-1,811</td><td>478</td><td>-495</td><td>-7</td><td>*</td><td>*</td><td>-414</td><td>-74</td><td>366</td></tr><tr><td>1949-July</td><td>-133</td><td>-1,488</td><td>1,107</td><td>30</td><td>41</td><td>*</td><td>-</td><td>36</td><td>-47</td><td>218</td></tr><tr><td>August</td><td>1,081</td><td>-1,106</td><td>1,975</td><td>345</td><td>369</td><td>*</td><td>-</td><td>-25</td><td>*</td><td>-133</td></tr><tr><td>September</td><td>1,281</td><td>837</td><td>828</td><td>-404</td><td>-414</td><td>*</td><td>-</td><td>11</td><td>-2</td><td>20</td></tr><tr><td>October</td><td>-962</td><td>-1,230</td><td>98</td><td>10</td><td>55</td><td>*</td><td>-</td><td>-113</td><td>68</td><td>160</td></tr><tr><td>November</td><td>-315</td><td>-783</td><td>204</td><td>299</td><td>303</td><td>*</td><td>-</td><td>-6</td><td>1</td><td>-36</td></tr><tr><td>December</td><td>257</td><td>469</td><td>148</td><td>-272</td><td>-298</td><td>*</td><td>1</td><td>24</td><td>*</td><td>-88</td></tr><tr><td>1950-January</td><td>370</td><td>44</td><td>-265</td><td>2</td><td>18</td><td>*</td><td>-</td><td>6</td><td>-22</td><td>589</td></tr></table>
Sources: Daily Treasury Statement. 1/ Figures for 1948 and 1949 are adjusted for reclassification of Foreign Economic Cooperation Trust Fund transactions; see page 1, footnote 3. 2/ Consists of Federal Old-Age and Survivors Insurance Trust Fund, Rail-Road Retirement Account, Unemployment Trust Fund, veterans' life insurance funds, Government employees' retirement funds, and certain other trust funds and accounts (see footnote 3). 3/ Consists of special deposits (net), Public Works Administration revolving
fund, and, prior to July 1, 1945, transactions in commodity food stamps by the Department of Agriculture. Beginning on that date such transactions in commodity food stamps are included in the column "Trust accounts".
4/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of securities.
5/ For outstanding checks and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-).
* Less than $500,000.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th><th rowspan="2">Guaranteed securities 1/(matured)</th></tr><tr><th></th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>Matured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>4,568</td><td>76,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>-</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>-</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,543</td><td>1,516</td><td>1,567</td><td>1,460</td><td>201</td><td>-</td><td>-</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>-</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>1,161</td><td>802</td><td>6</td></tr><tr><td>1948</td><td>252,366</td><td>252,292</td><td>73</td><td>250,132</td><td>250,063</td><td>69</td><td>2,234</td><td>2,229</td><td>280</td><td>66</td><td>1,161</td><td>1,063</td><td>722</td><td>5</td></tr><tr><td>1949</td><td>252,798</td><td>252,770</td><td>27</td><td>250,785</td><td>250,762</td><td>24</td><td>2,012</td><td>2,009</td><td>245</td><td>41</td><td>1,063</td><td>660</td><td>660</td><td>3</td></tr><tr><td>1950 (Estimated)</td><td>258,439</td><td>258,400</td><td>39</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>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1951 (Estimated)</td><td>263,844</td><td>263,800</td><td>44</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>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Debt peak, Feb. 1946</td><td>279,764</td><td>279,214</td><td>551</td><td>278,451</td><td>277,912</td><td>539</td><td>1,313</td><td>1,301</td><td>238</td><td>-</td><td>-</td><td>1,063</td><td>12</td></tr><tr><td>1949-July</td><td>253,902</td><td>253,877</td><td>26</td><td>251,903</td><td>251,880</td><td>22</td><td>2,000</td><td>1,996</td><td>237</td><td>41</td><td>1,063</td><td>655</td><td>3</td></tr><tr><td>August</td><td>255,879</td><td>255,852</td><td>27</td><td>253,945</td><td>253,921</td><td>24</td><td>1,934</td><td>1,931</td><td>218</td><td>-</td><td>1,063</td><td>650</td><td>3</td></tr><tr><td>September</td><td>256,709</td><td>256,680</td><td>29</td><td>254,783</td><td>254,756</td><td>26</td><td>1,926</td><td>1,923</td><td>221</td><td>-</td><td>1,057</td><td>645</td><td>3</td></tr><tr><td>October</td><td>256,805</td><td>256,778</td><td>28</td><td>254,901</td><td>254,876</td><td>25</td><td>1,904</td><td>1,901</td><td>229</td><td>-</td><td>1,030</td><td>642</td><td>3</td></tr><tr><td>November</td><td>257,011</td><td>256,982</td><td>29</td><td>255,150</td><td>255,124</td><td>26</td><td>1,861</td><td>1,858</td><td>211</td><td>-</td><td>1,008</td><td>639</td><td>3</td></tr><tr><td>December</td><td>257,160</td><td>257,130</td><td>30</td><td>255,046</td><td>255,019</td><td>27</td><td>2,114</td><td>2,111</td><td>467</td><td>-</td><td>1,008</td><td>636</td><td>3</td></tr><tr><td>1950-January</td><td>256,892</td><td>256,865</td><td>27</td><td>254,893</td><td>254,869</td><td>24</td><td>1,999</td><td>1,997</td><td>356</td><td>-</td><td>1,008</td><td>632</td><td>3</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1951 Budget document, including effect of proposed legislation.
Footnotes at end of Table 2.
Table 2.- Net Change in Federal Securities
(Increase, or decrease (-), in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th></tr><tr><th>Total</th><th>Public debt</th><th>Guaranteed securities</th><th>Total</th><th>Public debt</th><th>Guaranteed securities</th><th>Total</th><th>Total</th><th>Public debt</th><th>International Bank</th><th>Monetary Fund</th><th>Other</th><th>Guaranteed securities (matured)</th></tr><tr><td>1942</td><td>21,659</td><td>23,461</td><td>-1,802</td><td>21,770</td><td>23,581</td><td>-1,811</td><td>-111</td><td>-120</td><td>-107</td><td>-</td><td>-</td><td>-13</td><td>9</td></tr><tr><td>1943</td><td>63,805</td><td>64,274</td><td>-468</td><td>62,955</td><td>63,412</td><td>-457</td><td>850</td><td>862</td><td>42</td><td>-</td><td>-</td><td>820</td><td>-11</td></tr><tr><td>1944</td><td>61,830</td><td>64,307</td><td>-2,477</td><td>61,587</td><td>64,163</td><td>-2,576</td><td>243</td><td>144</td><td>60</td><td>-</td><td>-</td><td>84</td><td>99</td></tr><tr><td>1945</td><td>56,489</td><td>57,579</td><td>-1,190</td><td>55,707</td><td>56,813</td><td>-1,107</td><td>782</td><td>866</td><td>68</td><td>-</td><td>-</td><td>798</td><td>-83</td></tr><tr><td>1946</td><td>10,783</td><td>10,740</td><td>43</td><td>11,812</td><td>11,754</td><td>58</td><td>-1,029</td><td>-1,014</td><td>108</td><td>-</td><td>-</td><td>-1,122</td><td>-14</td></tr><tr><td>1947</td><td>-11,523</td><td>-11,136</td><td>-397</td><td>-13,381</td><td>-12,997</td><td>-383</td><td>1,858</td><td>1,862</td><td>-145</td><td>416</td><td>1,724</td><td>-133</td><td>-3</td></tr><tr><td>1948</td><td>-6,010</td><td>-5,994</td><td>-16</td><td>-5,065</td><td>-5,050</td><td>-14</td><td>-946</td><td>-944</td><td>49</td><td>-350</td><td>-563</td><td>-80</td><td>-2</td></tr><tr><td>1949</td><td>432</td><td>478</td><td>-46</td><td>653</td><td>698</td><td>-45</td><td>-221</td><td>-220</td><td>-35</td><td>-25</td><td>-98</td><td>-62</td><td>-1</td></tr><tr><td>1950 (Estimated)</td><td>5,642</td><td>5,630</td><td>12</td><td>n.a.</td><td>n.e.</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>n.a.</td><td>n.a.</td></tr><tr><td>1951 (Estimated)</td><td>5,405</td><td>5,400</td><td>5</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>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1949-July</td><td>1,105</td><td>1,107</td><td>-2</td><td>1,117</td><td>1,119</td><td>-2</td><td>-12</td><td>-12</td><td>-7</td><td>-</td><td>-</td><td>-5</td><td>*</td></tr><tr><td>August</td><td>1,977</td><td>1,975</td><td>2</td><td>2,042</td><td>2,040</td><td>2</td><td>-65</td><td>-65</td><td>-20</td><td>-41</td><td>-</td><td>-5</td><td>*</td></tr><tr><td>September</td><td>830</td><td>828</td><td>2</td><td>838</td><td>836</td><td>2</td><td>-8</td><td>-8</td><td>3</td><td>-</td><td>-6</td><td>-5</td><td>*</td></tr><tr><td>October</td><td>96</td><td>98</td><td>-2</td><td>118</td><td>120</td><td>-2</td><td>-22</td><td>-22</td><td>9</td><td>-</td><td>-27</td><td>-3</td><td>*</td></tr><tr><td>November</td><td>206</td><td>204</td><td>2</td><td>249</td><td>247</td><td>2</td><td>-43</td><td>-43</td><td>-18</td><td>-</td><td>-22</td><td>-3</td><td>*</td></tr><tr><td>December</td><td>149</td><td>143</td><td>*</td><td>-104</td><td>-104</td><td>1</td><td>253</td><td>253</td><td>256</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>1950-January</td><td>-268</td><td>-265</td><td>-3</td><td>-153</td><td>-151</td><td>-3</td><td>-114</td><td>-114</td><td>-110</td><td>-</td><td>-</td><td>-4</td><td>*</td></tr></table>
1/ Excludee guaranteed securities held by the Treasury.
2/ Includee savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see "Statutory Debt Limitation", Table 2.
* Less than $500,000. n.a. Not available.
March 1950
17
DEBT OUTSTANDING
Table 3.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="6">Public issues</th><th colspan="4">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="5">Marketable</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Treasury bonds, investment series</th><th>Other 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds eligible</th><th>Treasury bonds restricted 1/</th><th>Other bonds 2/</th><th></th><th></th><th></th><th></th></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>6,689</td><td>37,202</td><td>882</td><td>196</td><td>13,510</td><td>10,188</td><td>3,015</td><td>-</td><td>-</td><td>307</td><td>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,864</td><td>16,561</td><td>9,168</td><td>18,809</td><td>8,711</td><td>196</td><td>29,200</td><td>21,256</td><td>7,495</td><td>-</td><td>-</td><td>448</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>9,557</td><td>-</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,497</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>10,136</td><td>-</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>6,711</td><td>-</td><td>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>5,560</td><td>1,793</td><td>-</td><td>325</td><td>27,366</td></tr><tr><td>1948</td><td>250,063</td><td>219,852</td><td>160,346</td><td>13,757</td><td>22,588</td><td>11,375</td><td>62,826</td><td>49,636</td><td>164</td><td>59,506</td><td>53,274</td><td>4,394</td><td>563</td><td>-</td><td>316</td><td>30,211</td></tr><tr><td>1949</td><td>250,762</td><td>217,986</td><td>155,147</td><td>11,536</td><td>29,427</td><td>3,596</td><td>60,789</td><td>49,636</td><td>162</td><td>62,839</td><td>56,260</td><td>4,860</td><td>396</td><td>-</td><td>369</td><td>32,776</td></tr><tr><td>Debt peak, Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>8,043</td><td>-</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>1949-July</td><td>251,880</td><td>218,831</td><td>154,959</td><td>11,531</td><td>29,246</td><td>3,596</td><td>60,789</td><td>49,636</td><td>161</td><td>63,872</td><td>56,453</td><td>5,705</td><td>385</td><td>-</td><td>954</td><td>376</td><td>33,049</td></tr><tr><td>Aug.</td><td>253,921</td><td>220,563</td><td>155,552</td><td>12,124</td><td>29,246</td><td>3,596</td><td>60,789</td><td>49,636</td><td>161</td><td>65,011</td><td>56,537</td><td>6,768</td><td>376</td><td>-</td><td>954</td><td>376</td><td>33,358</td></tr><tr><td>Sept.</td><td>254,756</td><td>220,842</td><td>155,647</td><td>12,315</td><td>30,441</td><td>3,596</td><td>59,497</td><td>49,636</td><td>161</td><td>65,195</td><td>56,600</td><td>6,89/</td><td>368</td><td>-</td><td>954</td><td>377</td><td>33,914</td></tr><tr><td>Oct.</td><td>254,876</td><td>221,066</td><td>155,362</td><td>12,317</td><td>30,155</td><td>3,596</td><td>59,497</td><td>49,636</td><td>161</td><td>65,705</td><td>56,670</td><td>7,345</td><td>357</td><td>-</td><td>954</td><td>379</td><td>33,810</td></tr><tr><td>Nov.</td><td>255,124</td><td>221,295</td><td>155,365</td><td>12,320</td><td>30,155</td><td>3,596</td><td>59,497</td><td>49,636</td><td>161</td><td>65,929</td><td>56,717</td><td>7,527</td><td>350</td><td>-</td><td>954</td><td>380</td><td>33,829</td></tr><tr><td>Dec.</td><td>255,019</td><td>221,123</td><td>155,123</td><td>12,319</td><td>29,636</td><td>8,249</td><td>55,122</td><td>49,636</td><td>161</td><td>66,000</td><td>56,707 1/</td><td>7,610</td><td>343</td><td>-</td><td>954</td><td>386</td><td>33,896</td></tr><tr><td>1950-Jan.</td><td>254,869</td><td>221,367</td><td>154,833</td><td>12,331</td><td>29,314</td><td>8,271</td><td>55,122</td><td>49,636</td><td>160</td><td>66,533</td><td>56,958</td><td>7,906</td><td>332</td><td>-</td><td>954</td><td>384</td><td>33,502</td></tr></table>
Source: Daily Treasury Statement
Footnotes at end of Table 4.
Table 4.- Net Change in Interest-Bearing Public Debt
(Increase, or decrease (-), in millions of dollars)
<table><tr><th rowspan="2">Fiecal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th rowspan="2">Total public issues</th><th colspan="6">Marketable</th><th colspan="5">Normarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total</th><th>Bille</th><th>Certific-atee</th><th>Notes</th><th>Treasury bonds Bank-eligible</th><th>Bank re-stricted 1/</th><th>Other bonds 2/</th><th>Total</th><th>U. S. savings bonde</th><th>Treasury savings notes</th><th>Armed force leave bonds</th><th>Treasury bonds investment series</th><th>Other 3/</th></tr><tr><td>1942</td><td>23,581</td><td>21,816</td><td>12,860</td><td>905</td><td>3,096</td><td>990</td><td>6,987</td><td>882</td><td>*</td><td>8,956</td><td>5,874</td><td>3,015</td><td>-</td><td>-</td><td>67</td><td>1,765</td></tr><tr><td>1943</td><td>63,412</td><td>60,126</td><td>44,736</td><td>9,356</td><td>13,466</td><td>2,479</td><td>11,607</td><td>7,829</td><td>*</td><td>15,690</td><td>11,068</td><td>4,481</td><td>-</td><td>-</td><td>141</td><td>2,986</td></tr><tr><td>1944</td><td>64,163</td><td>60,747</td><td>45,092</td><td>2,870</td><td>12,261</td><td>5,237</td><td>9,274</td><td>12,450</td><td>*</td><td>15,655</td><td>13,350</td><td>2,061</td><td>-</td><td>-</td><td>244</td><td>3,416</td></tr><tr><td>1945</td><td>56,813</td><td>52,289</td><td>40,917</td><td>2,307</td><td>5,313</td><td>6,092</td><td>11,610</td><td>15,595</td><td>*</td><td>11,371</td><td>10,979</td><td>579</td><td>-</td><td>-</td><td>-187</td><td>4,525</td></tr><tr><td>1946</td><td>11,754</td><td>8,234</td><td>8,287</td><td>-2</td><td>668</td><td>-5,237</td><td>-3,829</td><td>16,703</td><td>-16</td><td>-53</td><td>3,449</td><td>-3,424</td><td>-</td><td>-</td><td>-78</td><td>3,520</td></tr><tr><td>1947</td><td>-12,997</td><td>-18,032</td><td>-20,904</td><td>-1,264</td><td>-9,508</td><td>-10,119</td><td>3,823</td><td>-3,823</td><td>-14</td><td>2,872</td><td>2,332</td><td>-1,151</td><td>1,793</td><td>-</td><td>-101</td><td>5,035</td></tr><tr><td>1948</td><td>-5,050</td><td>-7,895</td><td>-8,356</td><td>-2,018</td><td>-2,708</td><td>3,232</td><td>-6,861</td><td>*</td><td>-2</td><td>461</td><td>1,907</td><td>-1,166</td><td>-1,230</td><td>959</td><td>-9</td><td>2,845</td></tr><tr><td>1949</td><td>698</td><td>-1,965</td><td>-5,199</td><td>-2,221</td><td>6,840</td><td>-7,779</td><td>-2,036</td><td>*</td><td>-2</td><td>3,332</td><td>2,986</td><td>467</td><td>-167</td><td>-5</td><td>52</td><td>2,564</td></tr><tr><td>1949-July</td><td>1,119</td><td>845</td><td>-188</td><td>-6</td><td>-181</td><td>-</td><td>*</td><td>-</td><td>-1</td><td>1,034</td><td>193</td><td>845</td><td>-11</td><td>*</td><td>7</td><td>273</td></tr><tr><td>Aug.</td><td>2,040</td><td>1,732</td><td>593</td><td>593</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,139</td><td>85</td><td>1,063</td><td>-9</td><td>*</td><td>*</td><td>309</td></tr><tr><td>Sept.</td><td>836</td><td>279</td><td>95</td><td>192</td><td>1,195</td><td>-</td><td>-1,292</td><td>-</td><td>-</td><td>184</td><td>63</td><td>129</td><td>-8</td><td>*</td><td>1</td><td>557</td></tr><tr><td>Oct.</td><td>120</td><td>224</td><td>-285</td><td>1</td><td>-287</td><td>-</td><td>*</td><td>-</td><td>-</td><td>510</td><td>69</td><td>448</td><td>-10</td><td>-</td><td>3</td><td>-104</td></tr><tr><td>Nov.</td><td>247</td><td>228</td><td>4</td><td>3</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>224</td><td>48</td><td>183</td><td>-7</td><td>*</td><td>1</td><td>19</td></tr><tr><td>Dec.</td><td>-104</td><td>-171</td><td>-242</td><td>-1</td><td>-519</td><td>4,653</td><td>-4,375</td><td>*</td><td>-</td><td>71</td><td>-104</td><td>82</td><td>-7</td><td>*</td><td>6</td><td>67</td></tr><tr><td>1950-Jan.</td><td>-151</td><td>243</td><td>-290</td><td>12</td><td>-322</td><td>21</td><td>*</td><td>*</td><td>-1</td><td>533</td><td>251</td><td>296</td><td>-12</td><td>*</td><td>-2</td><td>-394</td></tr></table>
Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to specified dates with three exceptions: (1) concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. Bank restricted bonds may be redeemed at par and accrued interest upon the death of the owner, if the proceeds are used
2/ Consists of postal savings and Panama Canal bonds, and also conversion bonds prior to 1947.
3/ Consists of depository bonds, and also adjusted service bonds until they matured on June 15, 1945.
4/ Outstanding savings bonds Series D-1939 in the amount of $1168 million were transferred to matured debt as of December 31, 1949.
* Less than $500,000.
18
Treasury Bulletin
DEBT OUTSTANDING
Table 5.- Interest-Bearing Securities Guaranteed by the United States Government 1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="7">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation 2/</th><th>Reconstruction Finance Corporation 3/</th></tr><tr><td>1942</td><td>4,549</td><td>4,549</td><td>701</td><td>930</td><td>21</td><td>1,563</td><td>114</td><td>1,219</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>4,092</td><td>3,908</td><td>412</td><td>930</td><td>23</td><td>1,533</td><td>114</td><td>896</td><td>183</td><td>68</td><td>115</td></tr><tr><td>1944</td><td>1,516</td><td>1,190</td><td>412</td><td>-</td><td>24</td><td>755</td><td>-</td><td>-</td><td>326</td><td>150</td><td>176</td></tr><tr><td>1945</td><td>409</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>375</td><td>375</td><td>-</td></tr><tr><td>1946</td><td>467</td><td>43</td><td>-</td><td>-</td><td>43</td><td>-</td><td>-</td><td>-</td><td>424</td><td>424</td><td>-</td></tr><tr><td>1947</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>1948</td><td>62</td><td>27</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>-</td><td>42</td><td>42</td><td>-</td></tr><tr><td>1949</td><td>24</td><td>13</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>1949-July</td><td>22</td><td>13</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>-</td></tr><tr><td>August</td><td>24</td><td>13</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>September</td><td>26</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>-</td></tr><tr><td>October</td><td>25</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>-</td></tr><tr><td>November</td><td>26</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>December</td><td>27</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>-</td></tr><tr><td>1950-January</td><td>24</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury.
2/ Consists of demand obligations stated as of the close of the previous month.
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.
Table 6.- Special Issues to United States Government Investment Accounts
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total 1/</th><th>Adjusted Service Certificate Fund</th><th>Federal Deposit Insurance Corporation</th><th>Federal home loan banks</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government employees' retirement funds</th><th>Government Life Insurance Fund</th><th>Housing insurance 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></tr><tr><td>1942</td><td>7,885</td><td>18</td><td>95</td><td>-</td><td>3,133</td><td>5</td><td>796</td><td>537</td><td>-</td><td>39</td><td>56</td><td>92</td><td>3,114</td></tr><tr><td>1943</td><td>10,871</td><td>18</td><td>103</td><td>-</td><td>4,044</td><td>106</td><td>1,076</td><td>538</td><td>-</td><td>352</td><td>199</td><td>178</td><td>4,257</td></tr><tr><td>1944</td><td>14,287</td><td>17</td><td>98</td><td>-</td><td>4,766</td><td>27</td><td>1,869</td><td>502</td><td>-</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td></tr><tr><td>1945</td><td>18,812</td><td>14</td><td>97</td><td>-</td><td>5,308</td><td>37</td><td>1,868</td><td>589</td><td>-</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td></tr><tr><td>1946</td><td>22,332</td><td>12</td><td>120</td><td>-</td><td>5,910</td><td>49</td><td>2,177</td><td>684</td><td>-</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td></tr><tr><td>1947</td><td>27,366</td><td>12</td><td>408</td><td>-</td><td>7,104</td><td>62</td><td>2,460</td><td>1,254</td><td>18</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td></tr><tr><td>1948</td><td>30,211</td><td>6</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,823</td><td>1,286</td><td>4</td><td>6,935</td><td>1,912</td><td>1,374</td><td>7,500</td></tr><tr><td>1949</td><td>32,776</td><td>6</td><td>666</td><td>117</td><td>9,003</td><td>95</td><td>3,270</td><td>1,318</td><td>-</td><td>7,288</td><td>1,952</td><td>1,720</td><td>7,340</td></tr><tr><td>1949-July</td><td>33,049</td><td>6</td><td>715</td><td>117</td><td>8,946</td><td>97</td><td>3,289</td><td>1,318</td><td>-</td><td>7,293</td><td>1,952</td><td>2,081</td><td>7,235</td></tr><tr><td>August</td><td>33,358</td><td>6</td><td>725</td><td>118</td><td>8,946</td><td>97</td><td>3,294</td><td>1,276</td><td>-</td><td>7,296</td><td>1,936</td><td>2,080</td><td>7,282</td></tr><tr><td>September</td><td>33,914</td><td>5</td><td>725</td><td>118</td><td>9,261</td><td>98</td><td>3,603</td><td>1,274</td><td>-</td><td>7,714</td><td>1,916</td><td>2,056</td><td>7,142</td></tr><tr><td>October</td><td>33,810</td><td>5</td><td>725</td><td>122</td><td>9,231</td><td>99</td><td>3,608</td><td>1,272</td><td>-</td><td>7,719</td><td>1,892</td><td>2,108</td><td>7,028</td></tr><tr><td>November</td><td>33,829</td><td>5</td><td>725</td><td>126</td><td>9,231</td><td>100</td><td>3,622</td><td>1,270</td><td>-</td><td>7,719</td><td>1,882</td><td>2,084</td><td>7,065</td></tr><tr><td>December</td><td>33,896</td><td>5</td><td>737</td><td>126</td><td>9,501</td><td>102</td><td>3,622</td><td>1,268</td><td>-</td><td>7,696</td><td>1,882</td><td>2,059</td><td>6,898</td></tr><tr><td>1950-January</td><td>33,502</td><td>6</td><td>791</td><td>128</td><td>9,541</td><td>105</td><td>3,633</td><td>1,265</td><td>-</td><td>7,263</td><td>1,882</td><td>2,070</td><td>6,813</td></tr></table>
Source: Daily Treasury Statement. Total includes $1 million issued to the Farm Tenant Mortgage Insurance
Fund beginning March 1948. 2/ Includes Canal Zone Postal Savings System.
March 1950
19
DEBT OUTSTANDING
Table 7.- Computed Interest Charge and Computed Interest Rate on Federal Securities
(Dollar amounts in millions)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Total interest-bearing securities</th><th colspan="8">Computed annual interest rate</th></tr><tr><th>Amount outstanding</th><th>Public debt and guaranteed securities 1/</th><th>Public debt</th><th>Computed annual interest charge</th><th>Total interest-bearing securities</th><th>Total public debt</th><th colspan="4">Public debt</th><th>Guaranteed securities 1/</th></tr><tr><th></th><th></th><th>Public debt and guaranteed securities 1/</th><th>Public debt</th><th>Public debt and guaranteed securities 1/</th><th></th><th></th><th>Total 2/</th><th>Bills 3/</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Non-marketable issues 4/</th><th>Special issues</th></tr><tr><td>1942.</td><td>76,517</td><td>71,968</td><td>1,729</td><td>1,644</td><td>2,260</td><td>2,235</td><td>2,225</td><td>.350</td><td>.564</td><td>1,092r</td><td>2,680r</td><td>2,277</td><td>2,681</td><td>1,961</td></tr><tr><td>1943.</td><td>139,472</td><td>135,330</td><td>2,759</td><td>2,679</td><td>1,978</td><td>1,979</td><td>1,829</td><td>.330</td><td>.875</td><td>1,155</td><td>2,494r</td><td>2,330</td><td>2,408</td><td>1,968</td></tr><tr><td>1944.</td><td>201,059</td><td>193,543</td><td>3,869</td><td>3,949</td><td>1,925</td><td>1,929</td><td>1,725</td><td>.381</td><td>.875</td><td>1,281</td><td>2,379r</td><td>2,117</td><td>2,405</td><td>1,335</td></tr><tr><td>1945.</td><td>256,756</td><td>256,357</td><td>4,969</td><td>4,961</td><td>1,935</td><td>1,936</td><td>1,718</td><td>.381</td><td>.875</td><td>1,204</td><td>2,31hr</td><td>2,473</td><td>2,436</td><td>1,321</td></tr><tr><td>1946.</td><td>268,578</td><td>268,111</td><td>5,357</td><td>5,351</td><td>1,995</td><td>1,996</td><td>1,773</td><td>.381</td><td>.875</td><td>1,289</td><td>2,307</td><td>2,567</td><td>2,448</td><td>1,410</td></tr><tr><td>1947.</td><td>255,197</td><td>255,113</td><td>5,376</td><td>5,374</td><td>2,107</td><td>2,107</td><td>1,971</td><td>.382</td><td>.975</td><td>1,448</td><td>2,307</td><td>2,593</td><td>2,510</td><td>1,758</td></tr><tr><td>1948.</td><td>250,132</td><td>250,063</td><td>5,457</td><td>5,455</td><td>2,182</td><td>2,182</td><td>1,942</td><td>1.014</td><td>1.082</td><td>1,204</td><td>2,309</td><td>2,523</td><td>2,588</td><td>1,924</td></tr><tr><td>1949.</td><td>250,785</td><td>250,762</td><td>5,606</td><td>5,606</td><td>2,236</td><td>2,236</td><td>2,001</td><td>1.176</td><td>1.225</td><td>1,375</td><td>2,313</td><td>2,629</td><td>2,596</td><td>2,210</td></tr><tr><td>1949-July.</td><td>251,903</td><td>251,880</td><td>5,632</td><td>5,631</td><td>2,236</td><td>2,236</td><td>2,002</td><td>1.113</td><td>1.250</td><td>1,375</td><td>2,313</td><td>2,613</td><td>2,603</td><td>2,280</td></tr><tr><td>August.</td><td>253,945</td><td>253,921</td><td>5,662</td><td>5,662</td><td>2,230</td><td>2,230</td><td>1,995</td><td>1.078</td><td>1.250</td><td>1,375</td><td>2,313</td><td>2,594</td><td>2,514</td><td>2,232</td></tr><tr><td>September.</td><td>254,783</td><td>254,756</td><td>5,667</td><td>5,666</td><td>2,224</td><td>2,224</td><td>1,985</td><td>1.041</td><td>1.245</td><td>1,375</td><td>2,316</td><td>2,592</td><td>2,616</td><td>2,200</td></tr><tr><td>October.</td><td>254,901</td><td>254,876</td><td>5,664</td><td>5,663</td><td>2,222</td><td>2,222</td><td>1,933</td><td>1.060</td><td>1.219</td><td>1,375</td><td>2,316</td><td>2,585</td><td>2,619</td><td>2,270</td></tr><tr><td>November.</td><td>255,150</td><td>255,124</td><td>5,670</td><td>5,669</td><td>2,222</td><td>2,222</td><td>1,934</td><td>1.073</td><td>1.219</td><td>1,375</td><td>2,316</td><td>2,582</td><td>2,619</td><td>2,224</td></tr><tr><td>December.</td><td>255,046</td><td>255,019</td><td>5,630</td><td>5,629</td><td>2,208</td><td>2,208</td><td>1,959</td><td>1.090</td><td>1.219</td><td>1,375</td><td>2,316</td><td>2,581</td><td>2,617</td><td>2,208</td></tr><tr><td>1950-January.</td><td>254,993</td><td>254,969</td><td>5,620</td><td>5,619</td><td>2,205</td><td>2,205</td><td>1,957</td><td>1.104</td><td>1.195</td><td>1,375</td><td>2,316</td><td>2,576</td><td>2,512</td><td>2,227</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes guaranteed securities held by the Treasury. 2/ Totel includes "Other bonds"; see Table 3 preceding. 1/ Treasury bills are included in debt outstanding at face amount, but in computing the annual interest charge and the annual interest rate
the discount value is used. In computing the annual interest charge and the annual interest rate 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%. Revised.
Table 8.- Treasury Holdings of Securities Issued by Corporations and Certain Other Business-Type Activities of the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total 2/</th><th>Commodity Credit Corporation</th><th>Economic Cooperation Administration</th><th>Export-Import Bank of Washington</th><th>Federal Farm Mortgage Corporation</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Rural Electrification Administration</th><th>Secretary of Agriculture 3/</th><th>Secretary of the Army 4/</th><th>Tennessee Valley Authority</th></tr><tr><td>1942.</td><td>4,079</td><td>1,000</td><td>-</td><td>-</td><td>263</td><td>551</td><td>274</td><td>2,534</td><td>-</td><td>-</td><td>-</td><td>57</td></tr><tr><td>1943.</td><td>7,535</td><td>1,950</td><td>-</td><td>-</td><td>-</td><td>212</td><td>283</td><td>5,033</td><td>-</td><td>-</td><td>-</td><td>57</td></tr><tr><td>1944.</td><td>10,717</td><td>900</td><td>-</td><td>-</td><td>366</td><td>580</td><td>393</td><td>8,416</td><td>-</td><td>-</td><td>-</td><td>57</td></tr><tr><td>1945.</td><td>12,169</td><td>1,591</td><td>-</td><td>-</td><td>108</td><td>1,010</td><td>383</td><td>9,220</td><td>-</td><td>-</td><td>-</td><td>57</td></tr><tr><td>1946.</td><td>11,673</td><td>1,301</td><td>-</td><td>-</td><td>13</td><td>737</td><td>360</td><td>9,205</td><td>-</td><td>-</td><td>-</td><td>57</td></tr><tr><td>1947.</td><td>11,945</td><td>510</td><td>-</td><td>516</td><td>21</td><td>529</td><td>347</td><td>9,966</td><td>-</td><td>-</td><td>-</td><td>56</td></tr><tr><td>1948.</td><td>2,789</td><td>440</td><td>-</td><td>971</td><td>-</td><td>244</td><td>362</td><td>5/</td><td>718</td><td>-</td><td>-</td><td>54</td></tr><tr><td>1949.</td><td>6,951</td><td>1,669</td><td>782</td><td>914</td><td>1</td><td>125</td><td>337</td><td>1,356</td><td>1,015</td><td>-</td><td>100</td><td>52</td></tr><tr><td>1949-July.</td><td>7,005</td><td>1,740</td><td>830</td><td>890</td><td>-</td><td>115</td><td>337</td><td>1,906</td><td>1,025</td><td>10</td><td>100</td><td>52</td></tr><tr><td>August.</td><td>7,281</td><td>1,893</td><td>853</td><td>895</td><td>-</td><td>104</td><td>337</td><td>1,969</td><td>1,060</td><td>20</td><td>100</td><td>52</td></tr><tr><td>September.</td><td>7,612</td><td>2,116</td><td>853</td><td>899</td><td>-</td><td>95</td><td>337</td><td>2,029</td><td>1,100</td><td>30</td><td>100</td><td>52</td></tr><tr><td>October.</td><td>7,812</td><td>2,215</td><td>853</td><td>906</td><td>-</td><td>80</td><td>337</td><td>2,088</td><td>1,110</td><td>41</td><td>100</td><td>52</td></tr><tr><td>November.</td><td>8,060</td><td>2,333</td><td>854</td><td>914</td><td>-</td><td>54</td><td>337</td><td>2,161</td><td>1,140</td><td>55</td><td>100</td><td>52</td></tr><tr><td>December.</td><td>7,304</td><td>2,563</td><td>854</td><td>917</td><td>-</td><td>32</td><td>337</td><td>1,222</td><td>1,160</td><td>70</td><td>100</td><td>49</td></tr><tr><td>1950-January.</td><td>7,461</td><td>2,693</td><td>867</td><td>899</td><td>-</td><td>-</td><td>337</td><td>1,311</td><td>1,171</td><td>33</td><td>100</td><td>49</td></tr></table>
Source: Daily Treasury Statement.
1/ The securities shown in this table were issued to the Treasury to finance Government corporations and certain other business-type activities of the Government, with the Treasury itself raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables.
2/ Total for the period September 1947 through September 1949 includes notes amounting to less than $1 million issued by the Virgin Islands Company. The Company was dissolved and its liabilities were assumed by the Virgin Islands Corporation under the Act of June 30, 1949, which set up the Corporation.
3/ Notes issued under authority of Public Law 116, approved June 29, 1949, and Public Law 171, approved July 15, 1949, for Fannese' Home Administration programs.
h/ Notes issued under authority of Public Law 820, approved June 29, 1948, for Natural Fibers Revolving Fund.
5/ Notes issued by the Reconstruction Finance Corporation and outstanding in the amount of $9,365 million, including interest, were canceled on June 30, 1948, pursuant to the Government Corporations Appropriations Act, 1949.
20
Treasury Bulletin
STATUTORY DEBT LIMITATION
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligatione issued under authority of that Act, and the face amount of obligatione 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.- Status under Limitation, January 31,1950
(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:</td><td></td></tr><tr><td>U.S. Government securities issued under the Second Liberty Bond Act, as amended</td><td>256,124</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury)</td><td>27</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>256,151</td></tr><tr><td>Balance issuable under limitation</td><td>18,849</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding January 31, 1950
(In millions of dollars)
<table><tr><th>Class of security</th><th>Subject to statutory debt limitation</th><th>Not subject to statutory debt limitation</th><th>Total outstanding</th></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:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>12,331</td><td>-</td><td>12,331</td></tr><tr><td>Certificates of indebtedness</td><td>29,314</td><td>-</td><td>29,314</td></tr><tr><td>Treasury notes</td><td>8,271</td><td>-</td><td>8,271</td></tr><tr><td>Treasury bonds - bank eligible</td><td>55,122</td><td>-</td><td>55,122</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>-</td><td>160</td><td>160</td></tr><tr><td>Total marketable</td><td>154,674</td><td>160</td><td>154,833</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>56,958</td><td>-</td><td>56,958</td></tr><tr><td>Treasury savings notes</td><td>7,906</td><td>-</td><td>7,906</td></tr><tr><td>Depository bonds</td><td>384</td><td>-</td><td>384</td></tr><tr><td>Armed forces leave bonds</td><td>332</td><td>-</td><td>332</td></tr><tr><td>Treasury bonds, investment series</td><td>954</td><td>-</td><td>954</td></tr><tr><td>Total nonmarketable</td><td>66,533</td><td>-</td><td>66,533</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>33,502</td><td>-</td><td>33,502</td></tr><tr><td>Total interest-bearing securities</td><td>254,709</td><td>160</td><td>254,869</td></tr><tr><td>Matured securities on which interest has ceased</td><td>352</td><td>4</td><td>356</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States saving stamps</td><td>50</td><td>-</td><td>50</td></tr><tr><td>Excess profit tax refund bonds</td><td>4</td><td>-</td><td>4</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>1,008</td><td>-</td><td>1,008</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States notes (less gold reserve)</td><td>-</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>-</td><td>382</td><td>382</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,062</td><td>578</td><td>1,640</td></tr><tr><td>Total public debt</td><td>256,124</td><td>742</td><td>256,865</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Matured</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Total guaranteed securities</td><td>27</td><td>-</td><td>27</td></tr><tr><td>Total public debt and guaranteed securities</td><td>256,151</td><td>742</td><td>256,892</td></tr></table>
Source: Bureau of the Public Debt. 1/ Issues which commercial banks may not acquire prior to specified dates
2/ Excludes guaranteed securities held by the Treasury.
March 1950
21
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding January 31, 1950
(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 bank re-stricted issues become eligible 3/</th><th rowspan="2">Year and month</th><th rowspan="2">Deescription of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issues become eligible 3/</th></tr><tr><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>Bille. 1-1/4% Certificate - 2/1/50-B.</td><td>4,006</td><td>......</td><td>......</td><td>......</td><td>June. 2%</td><td>Bond - 6/15/53-55</td><td>......</td><td>725</td><td>......</td><td>......</td></tr><tr><td>Mar.</td><td>Bille. 1-1/4% Certificate - 3/1/50-C. 2% Bond - 3/15/50-52</td><td>4,708 2,922 1,963</td><td>......</td><td>......</td><td>......</td><td>Sept. 2%</td><td>Bond - 9/15/51-53</td><td>......</td><td>......</td><td>7,986</td><td>......</td></tr><tr><td>Apr.</td><td>Bille. 1-3/8% Note - 4/1/50-A. 1-1/4% Certificate - 4/1/50-D.</td><td>3,617 3,596 963</td><td>......</td><td>......</td><td>......</td><td>Dec. 2-1/4% Bond - 12/15/51-53</td><td>......</td><td>......</td><td>1,113</td><td>......</td><td>......</td></tr><tr><td>June.</td><td>1-1/4% Certificate - 6/1/50-E.</td><td>5,019</td><td>......</td><td>......</td><td>......</td><td colspan="3">Total</td><td>725</td><td>9,104</td><td>......</td></tr><tr><td>July.</td><td>1-1/4% Certificate - 7/1/50-F.</td><td>5,601</td><td>......</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/8% Certificate - 9/15/50-G. 2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>1,197 1,186 4,939</td><td>......</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1-1/8% Certificate - 10/1/50-B.</td><td>6,248</td><td>......</td><td>......</td><td>......</td><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Bond - 12/15/50...</td><td>2,635</td><td>......</td><td>......</td><td>......</td><td>Mar. 1-3/8% Note - 3/15/54-A 2-1/2% Bond - 3/15/52-54</td><td>4,675</td><td>......</td><td>1,024</td><td>......</td><td>......</td></tr><tr><td></td><td>Total</td><td>44,467</td><td>6,125</td><td>......</td><td>......</td><td>June. 2-3/4% Bond - 6/15/51-54 2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/54-56</td><td>......</td><td>......</td><td>1,627 5,825 681</td><td>......</td><td>......</td></tr><tr><td>1951</td><td></td><td></td><td></td><td></td><td></td><td>Dec. 2% Bond - 12/15/52-54</td><td>......</td><td>......</td><td>8,662</td><td>......</td><td>......</td></tr><tr><td>Jan.</td><td>1-1/8% Certificate - 1/1/50-A.</td><td>5,373</td><td>......</td><td>......</td><td>......</td><td colspan="3">Total</td><td>4,675</td><td>681</td><td>17,138</td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/51-54</td><td>......</td><td>1,627</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/51-53 3% Bond - 9/15/51-55</td><td>......</td><td>7,986 755</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/51-53 2% Bond - 12/15/51-55</td><td>......</td><td>1,118 510</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>5,373</td><td>11,997</td><td>......</td><td>......</td><td>1955</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1952</td><td></td><td></td><td></td><td></td><td></td><td>Mar. 2-7/8% Bond - 3/15/55-60</td><td>......</td><td>2,611</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td>......</td><td>1,024</td><td>......</td><td>......</td><td>June. 2-1/4% Bond - 6/15/52-55 2% Bond - 6/15/53-55</td><td>......</td><td>......</td><td>1,501 725</td><td>......</td><td>......</td></tr><tr><td>June.</td><td>2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/52-55</td><td>......</td><td>5,825 1,501</td><td>......</td><td>......</td><td>Sept. 3% Bond - 9/15/51-55</td><td>......</td><td>......</td><td>755</td><td>......</td><td>......</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>......</td><td>1,186 4,939</td><td>......</td><td>......</td><td>Dec. 2% Bond - 12/15/51-55</td><td>......</td><td>......</td><td>510</td><td>......</td><td>......</td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td>......</td><td>8,662</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>......</td><td>17,012</td><td>6,125</td><td>......</td><td>Total</td><td>......</td><td>2,611</td><td>3,491</td><td>......</td><td>......</td></tr></table>
Footnote at end of table.
(Continued on following page)
22
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government
and Outstanding January 31, 1950 1/ (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 bank restricted issues become eligible 3/</th><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 bank restricted issues become eligible 3/</th></tr><tr><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1956</td><td></td><td></td><td></td><td></td><td></td><td>1964</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>2-1/2% Bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>June..</td><td>2-1/2% Bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>June...</td><td>2-1/4% Bond - 6/15/54-56</td><td>.....</td><td>681</td><td>.....</td><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td>Sept...</td><td>2-3/4% Bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td></td><td>Total</td><td>.....</td><td>7,599</td><td>.....</td><td></td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>.....</td><td>6,253</td><td>681</td><td>1965</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958</td><td></td><td></td><td></td><td></td><td></td><td>Mar...</td><td>2-1/2% Bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td>Mar....</td><td>2-1/2% Bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>Dec...</td><td>2-3/4% Bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>.....</td></tr><tr><td>June...</td><td>2-3/4% Bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td></td><td></td></tr><tr><td></td><td>Total</td><td>.....</td><td>919</td><td>1,449</td><td>1966</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1959</td><td></td><td></td><td></td><td></td><td></td><td>Mar...</td><td>2-1/2% Bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>June...</td><td>2-1/4% Bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>1967</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept...</td><td>2-3/4% Bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>June..</td><td>2-1/2% Bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/52</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>2-1/2% Bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td>Dec...</td><td>2-1/4% Bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>Sept..</td><td>2-1/2% Bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>8,754</td><td>4,804</td><td>Dec...</td><td>2-1/2% Bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td>1960</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>.....</td><td>22,372</td><td>2,118</td><td></td><td></td></tr><tr><td>Mar....</td><td>2-7/8% Bond - 3/15/55-60</td><td>.....</td><td>2,611</td><td>.....</td><td>1968</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2-3/4% Bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>Dec...</td><td>2-1/2% Bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>1969</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1961</td><td></td><td></td><td></td><td></td><td>June..</td><td>2-1/2% Bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>June...</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>Total</td><td>.....</td><td>7,599</td><td></td><td></td><td></td></tr><tr><td>1962</td><td></td><td></td><td></td><td></td><td>1970</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June...</td><td>2-1/4% Bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>Mar...</td><td>2-1/2% Bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td></td><td>2-1/2% Bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>1971</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>Mar...</td><td>2-1/2% Bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>1972</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1963</td><td></td><td></td><td></td><td></td><td>June..</td><td>2-1/2% Bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td>June...</td><td>2-3/4% Bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>Sept..</td><td>2-1/2% Bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>Dec...</td><td>2-1/2% Bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>Total</td><td>.....</td><td>22,372</td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement and Bureau of the Public Debt.
1/ Excludes postal savings bonds.
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/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to specified dates; see "Debt Outstanding", Table 3, footnote 1.
March 1950
23
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Dollar amounts in millions)
<table><tr><th>Issue date</th><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount:</th><th colspan="3">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>On competitive basis</th><th>On non-competitive basis 1/</th><th>In exchange</th><th></th><th></th></tr><tr><td>1949-Sept. 1......</td><td>1949-Dec. 1......</td><td>91</td><td>1,620.4</td><td>1,001.6</td><td>921.5</td><td>80.1</td><td>365.2</td><td>901.2</td><td>12,224.1</td></tr><tr><td>Sept. 8......</td><td>Dec. 8......</td><td>91</td><td>1,579.9</td><td>1,000.2</td><td>924.6</td><td>75.7</td><td>342.5</td><td>904.6</td><td>12,319.7</td></tr><tr><td>Sept. 15......</td><td>Dec. 15......</td><td>91</td><td>1,472.3</td><td>904.8</td><td>800.7</td><td>104.0</td><td>233.4</td><td>907.5</td><td>12,317.0</td></tr><tr><td>Sept. 22......</td><td>Dec. 22......</td><td>91</td><td>1,550.1</td><td>900.8</td><td>810.1</td><td>90.7</td><td>418.3</td><td>903.0</td><td>12,314.8</td></tr><tr><td>Sept. 29......</td><td>Dec. 29......</td><td>91</td><td>1,462.3</td><td>901.6</td><td>832.5</td><td>69.1</td><td>385.7</td><td>901.0</td><td>12,315.4</td></tr><tr><td>Oct. 6......</td><td>1950-Jan. 5......</td><td>91</td><td>1,699.5</td><td>900.2</td><td>829.2</td><td>71.0</td><td>403.5</td><td>900.6</td><td>12,315.1</td></tr><tr><td>Oct. 13......</td><td>Jan. 12......</td><td>91</td><td>1,706.8</td><td>900.8</td><td>793.5</td><td>107.3</td><td>261.9</td><td>900.7</td><td>12,315.1</td></tr><tr><td>Oct. 20......</td><td>Jan. 19......</td><td>91</td><td>1,777.6</td><td>903.3</td><td>804.8</td><td>98.5</td><td>82.5</td><td>901.7</td><td>12,316.7</td></tr><tr><td>Oct. 27......</td><td>Jan. 26......</td><td>91</td><td>1,619.1</td><td>900.6</td><td>816.3</td><td>84.3</td><td>233.1</td><td>900.5</td><td>12,316.8</td></tr><tr><td>Nov. 3......</td><td>Feb. 2......</td><td>91</td><td>1,608.2</td><td>1,000.8</td><td>915.5</td><td>85.3</td><td>403.3</td><td>1,000.0</td><td>12,317.6</td></tr><tr><td>Nov. 10......</td><td>Feb. 9......</td><td>91</td><td>1,525.2</td><td>1,001.8</td><td>904.6</td><td>97.3</td><td>315.6</td><td>1,001.6</td><td>12,317.8</td></tr><tr><td>Nov. 17......</td><td>Feb. 16......</td><td>91</td><td>1,643.1</td><td>1,000.5</td><td>902.0</td><td>98.5</td><td>330.9</td><td>1,000.8</td><td>12,317.5</td></tr><tr><td>Nov. 25......</td><td>Feb. 23......</td><td>90</td><td>1,656.8</td><td>1,003.2</td><td>905.1</td><td>98.1</td><td>25.9</td><td>1,000.5</td><td>12,320.2</td></tr><tr><td>Dec. 1......</td><td>Mar. 2......</td><td>91</td><td>1,587.9</td><td>1,000.8</td><td>917.2</td><td>83.6</td><td>244.7</td><td>1,001.6</td><td>12,319.4</td></tr><tr><td>Dec. 8......</td><td>Mar. 9......</td><td>91</td><td>1,505.9</td><td>1,002.1</td><td>917.0</td><td>85.1</td><td>360.5</td><td>1,000.2</td><td>12,321.3</td></tr><tr><td>Dec. 15......</td><td>Mar. 16......</td><td>91</td><td>1,486.3</td><td>903.5</td><td>805.4</td><td>98.1</td><td>302.1</td><td>904.8</td><td>12,320.0</td></tr><tr><td>Dec. 22......</td><td>Mar. 23......</td><td>91</td><td>1,524.2</td><td>900.6</td><td>809.8</td><td>90.8</td><td>432.0</td><td>900.8</td><td>12,319.8</td></tr><tr><td>Dec. 29......</td><td>Mar. 30......</td><td>91</td><td>1,482.3</td><td>900.9</td><td>834.1</td><td>66.9</td><td>370.7</td><td>901.6</td><td>12,319.1</td></tr><tr><td>1950-Jan. 5......</td><td>Apr. 6......</td><td>91</td><td>1,782.4</td><td>905.0</td><td>828.3</td><td>76.7</td><td>120.2</td><td>900.2</td><td>12,324.0</td></tr><tr><td>Jan. 12......</td><td>Apr. 13......</td><td>91</td><td>1,646.7</td><td>905.8</td><td>787.5</td><td>118.2</td><td>29.8</td><td>900.8</td><td>12,328.9</td></tr><tr><td>Jan. 19......</td><td>Apr. 20......</td><td>91</td><td>1,683.8</td><td>903.0</td><td>788.2</td><td>114.8</td><td>287.5</td><td>903.3</td><td>12,328.7</td></tr><tr><td>Jan. 26......</td><td>Apr. 27......</td><td>91</td><td>1,614.1</td><td>902.8</td><td>796.6</td><td>106.2</td><td>272.0</td><td>900.6</td><td>12,331.0</td></tr><tr><td>Feb. 2......</td><td>May 4......</td><td>91</td><td>1,686.7</td><td>1,002.8</td><td>908.1</td><td>94.7</td><td>328.7</td><td>1,000.8</td><td>12,332.9</td></tr><tr><td>Feb. 9 p......</td><td>May 11......</td><td>91</td><td>1,637.1</td><td>1,004.4</td><td>900.9</td><td>103.6</td><td>220.0</td><td>1,001.8</td><td>12,335.5</td></tr><tr><td>Feb. 16 p......</td><td>May 18......</td><td>91</td><td>1,551.5</td><td>1,003.6</td><td>918.1</td><td>85.5</td><td>435.4</td><td>1,000.5</td><td>12,338.5</td></tr><tr><td>Feb. 23 p......</td><td>May 25......</td><td>91</td><td>1,554.9</td><td>1,000.9</td><td>901.7</td><td>99.2</td><td>279.3</td><td>1,003.2</td><td>12,336.2</td></tr></table>
<table><tr><th rowspan="2">Issue date</th><th colspan="2">On total bids accepted-</th><th colspan="4">On competitive bids accepted-</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 2/ (Percent)</th><th>High Price per hundred</th><th>Equivalent rate 2/ (Percent)</th><th>Low Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1949- Sept. 1</td><td>99.734</td><td>1.054</td><td>99.747</td><td>1.001</td><td>99.732</td><td>1.060</td></tr><tr><td>Sept. 8</td><td>99.733</td><td>1.056</td><td>99.746</td><td>1.005</td><td>99.732</td><td>1.060</td></tr><tr><td>Sept. 15</td><td>99.732</td><td>1.059</td><td>99.746</td><td>1.005</td><td>99.732</td><td>1.060</td></tr><tr><td>Sept. 22</td><td>99.732</td><td>1.061</td><td>99.746</td><td>1.005</td><td>99.730</td><td>1.068</td></tr><tr><td>Sept. 29</td><td>99.728</td><td>1.076</td><td>99.742</td><td>1.021</td><td>99.726</td><td>1.084</td></tr><tr><td>Oct. 6</td><td>99.732</td><td>1.059</td><td>99.745</td><td>1.009</td><td>99.731</td><td>1.064</td></tr><tr><td>Oct. 13</td><td>99.735</td><td>1.049</td><td>99.750</td><td>0.989</td><td>99.733</td><td>1.056</td></tr><tr><td>Oct. 20</td><td>99.740</td><td>1.027</td><td>99.744</td><td>1.013</td><td>99.739</td><td>1.033</td></tr><tr><td>Oct. 27</td><td>99.738</td><td>1.036</td><td>99.746</td><td>1.005</td><td>99.737</td><td>1.040</td></tr><tr><td>Nov. 3</td><td>99.731</td><td>1.063</td><td>99.746</td><td>1.005</td><td>99.729</td><td>1.072</td></tr><tr><td>Nov. 10</td><td>99.728</td><td>1.074</td><td>99.755</td><td>0.969</td><td>99.726</td><td>1.084</td></tr><tr><td>Nov. 17</td><td>99.733</td><td>1.056</td><td>99.742</td><td>1.021</td><td>99.732</td><td>1.060</td></tr><tr><td>Nov. 25</td><td>99.737</td><td>1.052</td><td>99.750 3/</td><td>1.000</td><td>99.734</td><td>1.064</td></tr><tr><td>Dec. 1</td><td>99.720</td><td>1.108</td><td>99.750 4/</td><td>0.989</td><td>99.717</td><td>1.120</td></tr><tr><td>Dec. 8</td><td>99.718</td><td>1.115</td><td>99.735 4/</td><td>1.048</td><td>99.717</td><td>1.120</td></tr><tr><td>Dec. 15</td><td>99.718</td><td>1.116</td><td>99.735 5/</td><td>1.048</td><td>99.717</td><td>1.120</td></tr><tr><td>Dec. 22</td><td>99.725</td><td>1.087</td><td>99.735</td><td>1.048</td><td>99.723</td><td>1.096</td></tr><tr><td>Dec. 29</td><td>99.725</td><td>1.087</td><td>99.740</td><td>1.029</td><td>99.724</td><td>1.092</td></tr><tr><td>1950-Jan. 5</td><td>99.727</td><td>1.081</td><td>99.733</td><td>1.056</td><td>99.726</td><td>1.084</td></tr><tr><td>Jan. 12</td><td>99.728</td><td>1.076</td><td>99.733</td><td>1.056</td><td>99.726</td><td>1.084</td></tr><tr><td>Jan. 19</td><td>99.722</td><td>1.101</td><td>99.735</td><td>1.048</td><td>99.720</td><td>1.108</td></tr><tr><td>Jan. 26</td><td>99.721</td><td>1.103</td><td>99.735</td><td>1.048</td><td>99.720</td><td>1.108</td></tr><tr><td>Feb. 2</td><td>99.717</td><td>1.119</td><td>99.735</td><td>1.048</td><td>99.716</td><td>1.124</td></tr><tr><td>Feb. 9 p.</td><td>99.717</td><td>1.119</td><td>99.730</td><td>1.068</td><td>99.716</td><td>1.124</td></tr><tr><td>Feb. 16 p.</td><td>99.714</td><td>1.131</td><td>99.730</td><td>1.068</td><td>99.713</td><td>1.135</td></tr><tr><td>Feb. 23 p.</td><td>99.714</td><td>1.132</td><td>99.722</td><td>1.100</td><td>99.712</td><td>1.139</td></tr></table>
Source: Bureau of the Public Debt. 1/ Tenders for $200,000 or less from any one bidder are accepted in full at average price on competitive bids. 2/ Bank discount basis.
3/ Except $700,000 at 99.766.
4/ Except $200,000 at 99.750.
5/ Except $100,000 at 99.750.
p Preliminary.
24
Treasury Bulletin
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Data subscription books were opened</th><th>Data of issue</th><th>Description of security</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 2/</th><th>In exchange for other securities</th><th></th></tr><tr><td>1/21/46</td><td>2/1/46</td><td>7/8% Certificate - 2/1/47-B</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>3/1/46</td><td>7/8% Certificate - 3/1/47-C</td><td>1 yr</td><td>-</td><td>4,106</td><td>-</td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>4/1/46</td><td>7/8% Certificate - 4/1/47-D</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/8% Certificate - 6/1/47-E</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/8% Certificate - 7/1/47-F</td><td>1 yr</td><td>-</td><td>4,673</td><td>-</td><td>2,916</td><td>62</td></tr><tr><td>7/17/46</td><td>8/1/46</td><td>7/8% Certificate - 8/1/47-G</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>1,223</td><td>52</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/8% Certificate - 9/1/47-H</td><td>1 yr</td><td>-</td><td>4,145</td><td>-</td><td>2,341</td><td>56</td></tr><tr><td>9/18/46</td><td>10/1/46</td><td>7/8% Certificate - 10/1/47-J</td><td>1 yr</td><td>-</td><td>3,203</td><td>-</td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>11/1/46</td><td>7/8% Certificate - 11/1/47-K</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/8% Certificate - 12/1/47-L</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>1/1/47</td><td>7/8% Certificate - 1/1/48-A</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>2/1/47</td><td>7/8% Certificate - 2/1/48-B</td><td>1 yr</td><td>-</td><td>4,801</td><td>-</td><td>3,947</td><td>82</td></tr><tr><td>2/17/47</td><td>3/1/47</td><td>7/8% Certificate - 3/1/48-C</td><td>1 yr</td><td>-</td><td>2,951</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/8% Certificate - 4/1/48-D</td><td>1 yr</td><td>-</td><td>2,669</td><td>-</td><td>1,321</td><td>48</td></tr><tr><td>5/21/47</td><td>6/1/47</td><td>7/8% Certificate - 6/1/48-E</td><td>1 yr</td><td>-</td><td>2,510</td><td>-</td><td>1,777</td><td>70</td></tr><tr><td>6/23/47</td><td>7/1/47</td><td>7/8% Certificate - 7/1/48-F</td><td>1 yr</td><td>-</td><td>2,742</td><td>-</td><td>2,742</td><td>100</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/8% Certificate - 7/1/48-G</td><td>11 m</td><td>-</td><td>1,127</td><td>-</td><td>1,127</td><td>100</td></tr><tr><td>8/20/47</td><td>9/1/47</td><td>7/8% Certificate - 7/1/48-H</td><td>10 m</td><td>-</td><td>2,209</td><td>-</td><td>2,209</td><td>100</td></tr><tr><td>9/2/47</td><td>9/15/47</td><td>1% Note - 10/1/48-J</td><td>12 1/2 m</td><td>-</td><td>4,092</td><td>-</td><td>4,092</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>1% Certificate - 10/1/48-J</td><td>1 yr</td><td>-</td><td>1,354</td><td>-</td><td>1,354</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>1% Certificate - 10/1/48-K</td><td>11 m</td><td>-</td><td>1,467</td><td>-</td><td>1,467</td><td>100</td></tr><tr><td>11/19/47</td><td>12/1/47</td><td>1-1/8% Note - 1/1/49-A</td><td>1 yr 1 m</td><td>-</td><td>3,535</td><td>-</td><td>3,535</td><td>100</td></tr><tr><td>12/19/47</td><td>1/1/48</td><td>1-1/8% Certificate - 1/1/49-A</td><td>1 yr</td><td>-</td><td>2,592</td><td>-</td><td>2,592</td><td>100</td></tr><tr><td>1/20/48</td><td>2/1/48</td><td>1-1/8% Certificate - 2/1/49-B</td><td>1 yr</td><td>-</td><td>2,189</td><td>-</td><td>2,189</td><td>100</td></tr><tr><td>2/18/48</td><td>3/1/48</td><td>1-1/8% Certificate - 3/1/49-C</td><td>1 yr</td><td>-</td><td>3,553</td><td>-</td><td>3,553</td><td>100</td></tr><tr><td>3/22/48</td><td>4/1/48</td><td>1-1/8% Certificate - 4/1/49-D</td><td>1 yr</td><td>-</td><td>1,055</td><td>-</td><td>1,055</td><td>100</td></tr><tr><td>5/19/48</td><td>6/1/48</td><td>1-1/8% Certificate - 6/1/49-E</td><td>1 yr</td><td>-</td><td>4,301</td><td>-</td><td>4,301</td><td>100</td></tr><tr><td>6/21/48</td><td>7/1/48</td><td>1-1/8% Certificate - 7/1/49-F</td><td>1 yr</td><td>-</td><td>5,783</td><td>-</td><td>5,783</td><td>100</td></tr><tr><td>9/1/48</td><td>9/15/48</td><td>1-3/8% Note - 4/1/50-A</td><td>1 yr 6 1/2 m</td><td>-</td><td>3,596</td><td>-</td><td>3,596</td><td>100</td></tr><tr><td>9/20/48</td><td>10/1/48</td><td>1-1/8% Certificate - 10/1/49-G</td><td>1 yr</td><td>-</td><td>6,535</td><td>-</td><td>6,535</td><td>100</td></tr><tr><td>12/6/48</td><td>12/15/48</td><td>1-1/8% Certificate - 12/15/49-H</td><td>1 yr</td><td>-</td><td>519</td><td>-</td><td>519</td><td>100</td></tr><tr><td>12/15/48</td><td>1/1/49</td><td>1-1/8% Certificate - 1/1/50-A</td><td>1 yr</td><td>-</td><td>5,695</td><td>-</td><td>5,695</td><td>100</td></tr><tr><td>1/19/49</td><td>2/1/49</td><td>1-1/8% Certificate - 2/1/50-B</td><td>1 yr</td><td>-</td><td>1,993</td><td>-</td><td>1,993</td><td>100</td></tr><tr><td>2/15/49</td><td>3/1/49</td><td>1-1/8% Certificate - 3/1/50-C</td><td>1 yr</td><td>-</td><td>2,922</td><td>-</td><td>2,922</td><td>100</td></tr><tr><td>3/21/49</td><td>4/1/49</td><td>1-1/8% Certificate - 4/1/50-D</td><td>1 yr</td><td>-</td><td>963</td><td>-</td><td>963</td><td>100</td></tr><tr><td>5/19/49</td><td>6/1/49</td><td>1-1/8% Certificate - 6/1/50-E</td><td>1 yr</td><td>-</td><td>5,019</td><td>-</td><td>5,019</td><td>100</td></tr><tr><td>6/20/49</td><td>7/1/49</td><td>1-1/8% Certificate - 7/1/50-F</td><td>1 yr</td><td>-</td><td>5,601</td><td>-</td><td>5,601</td><td>100</td></tr><tr><td>8/31/49</td><td>9/15/49</td><td>1-1/8% Certificate - 9/15/50-G</td><td>1 yr</td><td>-</td><td>1,197</td><td>-</td><td>1,197</td><td>100</td></tr><tr><td>9/21/49</td><td>10/1/49</td><td>1-1/8% Certificate - 10/1/50-E</td><td>1 yr</td><td>-</td><td>6,248</td><td>-</td><td>6,248</td><td>100</td></tr><tr><td>12/15/49</td><td>12/15/49</td><td>1-3/8% Note - 3/15/54-A</td><td>4 yr 3 m</td><td>-</td><td>4,675</td><td>-</td><td>4,675</td><td>100</td></tr><tr><td>12/19/49</td><td>1/1/50</td><td>1-1/8% Certificate - 1/1/51-A</td><td>1 yr</td><td>-</td><td>5,373</td><td>-</td><td>5,373</td><td>100</td></tr><tr><td>1/20/50</td><td>2/1/50</td><td>1-1/8% Note - 10/1/51-A</td><td>1 yr 8 m</td><td>-</td><td>1,918</td><td>-</td><td>1,918</td><td>100</td></tr><tr><td>2/17/50</td><td>3/1/50</td><td>1-1/8% Note - 7/1/51-B</td><td>1 yr 4 m</td><td>-</td><td>2,741 p</td><td>-</td><td>2,741 p</td><td>100</td></tr><tr><td>2/17/50 3/1/50</td><td>3/15/50</td><td>1-1/2% Note - 3/15/55-A</td><td>5 yr</td><td>-</td><td>1,360 p</td><td>-</td><td>1,360 p</td><td>100</td></tr><tr><td></td><td>4/1/50</td><td>1-1/8% Note - 7/1/51-C</td><td>1 yr 3 m</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td><td>100</td></tr></table>
Sources: Bureau of the Public Debt.
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 subscriptions by
U.S. Government investment accounts.
3/ Books for this issue will be reopened for the exchange of the Series A-1950 notes maturing April 1, 1950.
4/ Date to be announced later.
p Preliminary.
n.a. Not available.
March 1950
25
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government
<table><tr><th rowspan="2">Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury</th><th colspan="3">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Date of issue</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash By Federal Reserve Bankes2/</th><th>By other investors</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>7/1/48</td><td>7/8% Certificate - 7/1/48-F<br>7/8% Certificate - 7/1/48-G<br>7/8% Certificate - 7/1/48-H<br>Total</td><td>7/1/47<br>8/1/47<br>9/1/47</td><td>2,742<br>1,127<br>2,209<br>6,078</td><td>-<br>-<br>-<br>-</td><td>2,742<br>1,127<br>2,209<br>6,078</td><td>2,601<br>1,079<br>2,103<br>5,783</td><td>-<br>-<br>-<br>-</td><td>141<br>48<br>106<br>295</td><td>1-1/8% Certificate - 7/1/49-F</td></tr><tr><td>9/15/48</td><td>2-1/2% Bond - 9/15/48..<br>1-1/2% Note - 9/15/48-A</td><td>3/15/38<br>3/15/44</td><td>451<br>3,748</td><td>451<br>-</td><td>-<br>3,748</td><td>-<br>3,596</td><td>-<br>-</td><td>-<br>152</td><td>1-3/8% Treas. note - 4/1/50-A</td></tr><tr><td>10/1/48</td><td>1% Note - 10/1/48-B<br>1% Certificate - 10/1/48-J<br>1% Certificate - 10/1/48-K<br>Total</td><td>9/15/47<br>10/1/47<br>11/1/47</td><td>4,092<br>1,354<br>1,457<br>6,913</td><td>-<br>-<br>-<br>-</td><td>4,092<br>1,354<br>1,457<br>6,913</td><td>3,912<br>1,257<br>1,366<br>6,535</td><td>-<br>-<br>-<br>-</td><td>180<br>97<br>101<br>378</td><td>1-1/4% Certificate - 10/1/49-G</td></tr><tr><td>12/15/48</td><td>2% Bond - 12/15/48..</td><td>12/8/39</td><td>571</td><td>-</td><td>571</td><td>519</td><td>-</td><td>52</td><td>1-1/4% Certificate - 12/15/49-H</td></tr><tr><td>1/1/49</td><td>1-1/8% Note - 1/1/49-A<br>1-1/8% Certificate - 1/1/49-A<br>Total</td><td>12/1/47<br>1/1/48</td><td>3,535<br>2,592<br>6,127</td><td>-<br>-<br>-</td><td>3,535<br>2,592<br>6,127</td><td>3,299<br>2,396<br>5,695</td><td>-<br>-<br>-</td><td>236<br>196<br>432</td><td>1-1/4% Certificate - 1/1/50-A</td></tr><tr><td>2/1/49</td><td>1-1/8% Certificate - 2/1/49-B</td><td>2/1/48</td><td>2,189</td><td>-</td><td>2,189</td><td>1,993</td><td>88</td><td>108</td><td>1-1/4% Certificate - 2/1/50-B</td></tr><tr><td>3/1/49</td><td>1-1/8% Certificate - 3/1/49-C</td><td>3/1/48</td><td>3,553</td><td>-</td><td>3,553</td><td>2,922</td><td>400</td><td>232</td><td>1-1/4% Certificate - 3/1/50-C</td></tr><tr><td>4/1/49</td><td>1-1/8% Certificate - 4/1/49-D</td><td>4/1/48</td><td>1,055</td><td>-</td><td>1,055</td><td>963</td><td>-</td><td>92</td><td>1-1/4% Certificate - 4/1/50-D</td></tr><tr><td>6/1/49</td><td>1-1/8% Certificate - 6/1/49-E<br>2% Bond - 6/15/49<br>Total</td><td>6/1/48<br>1/15/42</td><td>4,301<br>1,014<br>5,315</td><td>-<br>-<br>-</td><td>4,301<br>1,014<br>5,315</td><td>4,106<br>913<br>5,019</td><td>-<br>-<br>-</td><td>195<br>101<br>296</td><td>1-1/4% Certificate - 6/1/50-E</td></tr><tr><td>7/1/49</td><td>1-1/8% Certificate - 7/1/49-F</td><td>7/1/48</td><td>5,783</td><td>-</td><td>5,783</td><td>5,601</td><td>-</td><td>182</td><td>1-1/4% Certificate - 7/1/50-F</td></tr><tr><td>9/15/49</td><td>2% Bond - 9/15/49..</td><td>5/15/42</td><td>1,292</td><td>-</td><td>1,292</td><td>1,197</td><td>-</td><td>96</td><td>1-1/8% Certificate - 9/15/50-G</td></tr><tr><td>10/1/49</td><td>1-1/4% Certificate - 10/1/49-G</td><td>10/1/48</td><td>6,535</td><td>-</td><td>6,535</td><td>6,248</td><td>-</td><td>288</td><td>1-1/8% Certificate - 10/1/50-H</td></tr><tr><td>12/15/49</td><td>1-1/4% Certificate - 12/15/49-B<br>2% Bond - 12/15/49<br>3-1/8% Bond - 12/15/49<br>2-1/2% Bond - 12/15/49<br>Total</td><td>12/15/48<br>7/15/42<br>12/15/34<br>12/15/36</td><td>519<br>2,098<br>491<br>1,786<br>4,894</td><td>-<br>-<br>-<br>-<br>-</td><td>519<br>2,098<br>491<br>1,786<br>4,894</td><td>484<br>2,028<br>467<br>1,696<br>4,675</td><td>-<br>-<br>-<br>-<br>-</td><td>35<br>70<br>24<br>90<br>219</td><td>1-3/8% Note - 3/15/54-A</td></tr><tr><td>1/1/50</td><td>1-1/4% Certificate - 1/1/50-A</td><td>1/1/49</td><td>5,695</td><td>-</td><td>5,695</td><td>5,373</td><td>-</td><td>322</td><td>1-1/8% Certificate - 1/1/51-A</td></tr><tr><td>2/1/50</td><td>1-1/4% Certificate - 2/1/50-B</td><td>2/1/49</td><td>1,993</td><td>-</td><td>1,993</td><td>1,918</td><td>-</td><td>75</td><td>1-1/4% Note - 10/1/51-A</td></tr><tr><td>3/1/50</td><td>1-1/4% Certificate - 3/1/50-C</td><td>3/1/49</td><td>2,922</td><td>-</td><td>2,922</td><td>2,741 p</td><td>-</td><td>180 p</td><td>1-1/4% Note - 7/1/51-B</td></tr><tr><td>3/15/50</td><td>2% Bond - 3/15/50<br>1-3/8% Note - 4/1/50-A<br>Total</td><td>10/19/42<br>9/15/48</td><td>1,963<br>3,596<br>5,559</td><td>-<br>-<br>-</td><td>1,963<br>3,596<br>5,559</td><td>1,860 p<br>n.e.<br>n.e.</td><td>-<br>n.e.<br>n.e.</td><td>103 p<br>n.e.<br>n.e.</td><td>1-1/2% Note - 3/15/55-A3/</td></tr><tr><td>4/1/50</td><td>1-1/4% Certificate - 4/1/50-D</td><td>4/1/49</td><td>963</td><td>-</td><td>963</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>1-1/4% Note - 7/1/51-C</td></tr></table>
Source: Bureau of the Public Debt.
1/ Original cell and maturity dates are used.
2/ Beginning with the November 1947 operation, arrangements were made between the Treasury and the Federal Reserve System whereby all or a part of the System's holdings of certain maturing and called
3/ Books for this issue will be reopened for the exchange of the Series A-1950 notes maturing April 1, 1950. p Preliminary. n.e. Not available.
26
Treasury Bulletin
UNITED STATES SAVINGS BONDS
United States savings bonds were first offered for sale in March 1935 and began to mature in March 1945. Series A-D were sold from March 1935 to April 1941. Series E, F, and G bonds have been on sale since May 1, 1941. For information on the terms and conditions of these bonds, see "Treasury Bulletin" issues for December 1947, page 31, and October 1945, pages A-4 and A-5.
In addition to the information on savings bonds operations which appears each month, data by denominations and dollar sales by States are published as of June 30 and December 31, covering the intervening months. Beginning with the figures through December 31, 1949, data by de-
nominations include both sales and redemptions in thousands of pieces, instead of sales figures alone, previously given in dollar volume at issue price. Redemptions by States were discontinued with the figures through June 30, 1949.
For dollar figures, sales are shown at issue price, and redemptions and amounts outstanding at current redemption values, except that Series G is shown at par. Matured bonds which have been redeemed are included in redemptions. Matured bonds outstanding are included 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.
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through January 31, 1950
(Dollar amounts in millions)
<table><tr><th>Series</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions 2/</th><th colspan="2">Amount outstanding</th><th>Percent of redemptions of unmatured series to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>252</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>455</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Series C</td><td>1,010</td><td>264</td><td>1,274</td><td>1,235</td><td>39</td><td>-</td><td>-</td></tr><tr><td>Series D-1939</td><td>862</td><td>233</td><td>1,095</td><td>996</td><td>99</td><td>-</td><td>-</td></tr><tr><td>Total matured series</td><td>2,445</td><td>642</td><td>3,087</td><td>2,937</td><td>150</td><td>-</td><td>-</td></tr><tr><td>Series D-1940 and D-1941</td><td>1,503</td><td>369</td><td>1,873</td><td>593</td><td>-</td><td>1,280</td><td>31.67</td></tr><tr><td>Series E</td><td>57,064</td><td>3,289</td><td>60,353</td><td>26,417</td><td>-</td><td>33,936</td><td>43.77</td></tr><tr><td>Series F</td><td>4,409</td><td>295</td><td>4,704</td><td>1,057</td><td>-</td><td>3,647</td><td>22.47</td></tr><tr><td>Series G</td><td>20,888</td><td>-</td><td>20,888</td><td>2,792</td><td>-</td><td>18,096</td><td>13.37</td></tr><tr><td>Total unmatured series</td><td>83,865</td><td>3,953</td><td>87,818</td><td>30,860</td><td>-</td><td>56,958</td><td>35.14</td></tr><tr><td>Total Series A-G</td><td>86,310</td><td>4,595</td><td>90,905</td><td>33,797</td><td>150</td><td>56,958</td><td>-</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U.S. Footnotes at end of Table 3.
Table 2.- Sales and Redemptions, All Series Combined, by Period
Dollar amounts in millions)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 3/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></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>1935-1941</td><td>4,612</td><td>161</td><td>4,773</td><td>459</td><td>447</td><td>12</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>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>5,324</td><td>221</td><td>40</td><td>51,367</td><td>-</td></tr><tr><td>1948</td><td>6,235</td><td>804</td><td>7,039</td><td>5,113</td><td>4,845</td><td>268</td><td>59</td><td>53,274</td><td>-</td></tr><tr><td>1949</td><td>7,141</td><td>927</td><td>8,068</td><td>5,067</td><td>4,721</td><td>346</td><td>73</td><td>56,260</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>1935-1942</td><td>15,643</td><td>303</td><td>15,946</td><td>896</td><td>874</td><td>22</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>7,427</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>1947</td><td>6,694</td><td>742</td><td>7,436</td><td>5,126</td><td>4,889</td><td>237</td><td>122</td><td>52,053</td><td>-</td></tr><tr><td>1948</td><td>7,295</td><td>872</td><td>8,167</td><td>5,144</td><td>4,840</td><td>303</td><td>146</td><td>55,051</td><td>-</td></tr><tr><td>1949</td><td>5,833</td><td>981</td><td>6,815</td><td>5,101</td><td>4,716 p</td><td>385 p</td><td>203</td><td>56,707</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>1949-July</td><td>511</td><td>104</td><td>614</td><td>425</td><td>393</td><td>32</td><td>69</td><td>56,453</td><td>.75</td></tr><tr><td>August</td><td>449</td><td>71</td><td>520</td><td>439</td><td>404</td><td>35</td><td>65</td><td>56,537</td><td>.78</td></tr><tr><td>September</td><td>398</td><td>73</td><td>471</td><td>411</td><td>382</td><td>29</td><td>62</td><td>56,600</td><td>.73</td></tr><tr><td>October</td><td>388</td><td>74</td><td>462</td><td>396</td><td>367</td><td>28</td><td>59</td><td>56,670</td><td>.70</td></tr><tr><td>November</td><td>383</td><td>77</td><td>461</td><td>415</td><td>385</td><td>31</td><td>57</td><td>56,717</td><td>.73</td></tr><tr><td>December</td><td>495</td><td>107</td><td>602</td><td>466</td><td>434 p</td><td>32 p</td><td>203</td><td>56,707</td><td>.82</td></tr><tr><td>1950-January</td><td>707</td><td>109</td><td>816</td><td>618</td><td>545</td><td>73</td><td>150</td><td>56,958</td><td>1.08</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. Footnotes at end of Table 3.
March 1950
27
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods (Dollar amounts in millions)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/ 3/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">Series A-D</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>1935-1941</td><td>3,948</td><td>161</td><td>4,109</td><td>458</td><td>446</td><td>12</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>143</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>1947</td><td>*</td><td>107</td><td>107</td><td>482</td><td>370</td><td>113</td><td>40</td><td>2,968</td><td>-</td></tr><tr><td>1948</td><td>*</td><td>110</td><td>110</td><td>516</td><td>393</td><td>123</td><td>59</td><td>2,543</td><td>-</td></tr><tr><td>1949</td><td>*</td><td>101</td><td>101</td><td>703</td><td>530</td><td>172</td><td>73</td><td>1,927</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>1935-42</td><td>3,949</td><td>291</td><td>4,240</td><td>637</td><td>615</td><td>22</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>1947</td><td>*</td><td>109</td><td>109</td><td>481</td><td>367</td><td>114</td><td>122</td><td>2,742</td><td>-</td></tr><tr><td>1948</td><td>*</td><td>108</td><td>108</td><td>576</td><td>436</td><td>139</td><td>146</td><td>2,250</td><td>-</td></tr><tr><td>1949</td><td>*</td><td>86</td><td>86</td><td>838</td><td>639 p</td><td>200 p</td><td>203</td><td>1,440</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>1949-July</td><td>*</td><td>13</td><td>13</td><td>68</td><td>51</td><td>17</td><td>69</td><td>1,876</td><td>3.49</td></tr><tr><td>August</td><td>-</td><td>8</td><td>8</td><td>74</td><td>56</td><td>18</td><td>65</td><td>1,813</td><td>3.95</td></tr><tr><td>September</td><td>-</td><td>5</td><td>5</td><td>51</td><td>38</td><td>13</td><td>62</td><td>1,771</td><td>2.78</td></tr><tr><td>October</td><td>*</td><td>4</td><td>4</td><td>51</td><td>38</td><td>13</td><td>59</td><td>1,727</td><td>2.93</td></tr><tr><td>November</td><td>*</td><td>3</td><td>3</td><td>56</td><td>42</td><td>14</td><td>57</td><td>1,677</td><td>3.22</td></tr><tr><td>December</td><td>-</td><td>5</td><td>5</td><td>96</td><td>81 p</td><td>15 p</td><td>203</td><td>1,440</td><td>5.85</td></tr><tr><td>1950-January</td><td>-</td><td>11</td><td>11</td><td>224</td><td>168 p</td><td>57 p</td><td>150</td><td>1,280</td><td>15.70</td></tr><tr><td colspan="10">Series E, F, and G</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>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</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>-</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>-</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>-</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>-</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>-</td><td>45,670</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>583</td><td>7,791</td><td>5,063</td><td>4,954</td><td>109</td><td>-</td><td>48,398</td><td>-</td></tr><tr><td>1948</td><td>6,235</td><td>694</td><td>6,929</td><td>4,597</td><td>4,453</td><td>144</td><td>-</td><td>50,730</td><td>-</td></tr><tr><td>1949</td><td>7,141</td><td>826</td><td>7,967</td><td>4,365</td><td>4,191</td><td>174</td><td>-</td><td>54,333</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>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</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>-</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>-</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>-</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>-</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>-</td><td>46,628</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>633</td><td>7,327</td><td>4,645</td><td>4,522</td><td>123</td><td>-</td><td>49,311</td><td>-</td></tr><tr><td>1948</td><td>7,295</td><td>764</td><td>8,059</td><td>4,568</td><td>4,404</td><td>164</td><td>-</td><td>52,801</td><td>-</td></tr><tr><td>1949</td><td>5,833</td><td>896</td><td>6,729</td><td>4,263</td><td>4,077 p</td><td>186 p</td><td>-</td><td>55,267</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>1949-July</td><td>511</td><td>91</td><td>602</td><td>357</td><td>342</td><td>16</td><td>-</td><td>54,577</td><td>.65</td></tr><tr><td>August</td><td>449</td><td>63</td><td>512</td><td>365</td><td>348</td><td>17</td><td>-</td><td>54,724</td><td>.67</td></tr><tr><td>September</td><td>398</td><td>68</td><td>466</td><td>360</td><td>344</td><td>17</td><td>-</td><td>54,830</td><td>.66</td></tr><tr><td>October</td><td>388</td><td>69</td><td>458</td><td>345</td><td>329</td><td>16</td><td>-</td><td>54,942</td><td>.63</td></tr><tr><td>November</td><td>383</td><td>74</td><td>458</td><td>360</td><td>343</td><td>17</td><td>-</td><td>55,040</td><td>.65</td></tr><tr><td>December</td><td>495</td><td>102</td><td>597</td><td>370</td><td>354 p</td><td>17 p</td><td>-</td><td>55,267</td><td>.67</td></tr><tr><td>1950-January</td><td>707</td><td>98</td><td>805</td><td>394</td><td>378 p</td><td>16 p</td><td>-</td><td>55,679</td><td>.71</td></tr></table>
Footnotes at end of table.
(Continued on following page)
28
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods - (Continued)
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemption 2/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">Series E</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>1947</td><td>4,287</td><td>536</td><td>4,824</td><td>4,391</td><td>4,288</td><td>103</td><td>30,791</td><td>-</td></tr><tr><td>1948</td><td>4,026</td><td>633</td><td>4,659</td><td>3,825</td><td>3,689</td><td>136</td><td>31,625</td><td>-</td></tr><tr><td>1949</td><td>4,278</td><td>753</td><td>5,032</td><td>3,530</td><td>3,368</td><td>162</td><td>33,127</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>30,253</td><td>-</td></tr><tr><td>1947</td><td>4,085</td><td>579</td><td>4,664</td><td>3,930</td><td>3,813</td><td>116</td><td>30,997</td><td>-</td></tr><tr><td>1948</td><td>4,224</td><td>696</td><td>4,920</td><td>3,728</td><td>3,575</td><td>154</td><td>32,188</td><td>-</td></tr><tr><td>1949</td><td>4,208</td><td>818</td><td>5,025</td><td>3,448</td><td>3,275 p</td><td>173 p</td><td>33,766</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>1949-July</td><td>378</td><td>81</td><td>459</td><td>283</td><td>269</td><td>14</td><td>33,303</td><td>.85</td></tr><tr><td>August</td><td>329</td><td>59</td><td>388</td><td>298</td><td>283</td><td>16</td><td>33,393</td><td>.89</td></tr><tr><td>September</td><td>299</td><td>62</td><td>361</td><td>296</td><td>281</td><td>16</td><td>33,457</td><td>.89</td></tr><tr><td>October</td><td>289</td><td>64</td><td>353</td><td>278</td><td>264</td><td>15</td><td>33,532</td><td>.83</td></tr><tr><td>November</td><td>286</td><td>69</td><td>354</td><td>293</td><td>277</td><td>16</td><td>33,594</td><td>.87</td></tr><tr><td>December</td><td>377</td><td>92</td><td>469</td><td>297</td><td>281 p</td><td>16 p</td><td>33,766</td><td>.88</td></tr><tr><td>1950-January</td><td>402</td><td>88</td><td>490</td><td>320</td><td>305 p</td><td>15 p</td><td>33,936</td><td>.94</td></tr><tr><td colspan="9">Series F</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>1947</td><td>360</td><td>47</td><td>407</td><td>203</td><td>197</td><td>6</td><td>3,099</td><td>-</td></tr><tr><td>1948</td><td>301</td><td>61</td><td>362</td><td>206</td><td>198</td><td>9</td><td>3,255</td><td>-</td></tr><tr><td>1949</td><td>473</td><td>73</td><td>545</td><td>216</td><td>204</td><td>12</td><td>3,584</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>4</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>105</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>1947</td><td>342</td><td>54</td><td>396</td><td>203</td><td>196</td><td>7</td><td>3,162</td><td>-</td></tr><tr><td>1948</td><td>498</td><td>67</td><td>566</td><td>222</td><td>211</td><td>11</td><td>3,505</td><td>-</td></tr><tr><td>1949</td><td>233</td><td>78</td><td>311</td><td>202</td><td>189 p</td><td>12 p</td><td>3,615</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>1949-July</td><td>17</td><td>10</td><td>27</td><td>18</td><td>17</td><td>1</td><td>3,593</td><td>.51</td></tr><tr><td>August</td><td>16</td><td>5</td><td>21</td><td>16</td><td>15</td><td>1</td><td>3,598</td><td>.46</td></tr><tr><td>September</td><td>13</td><td>6</td><td>19</td><td>16</td><td>15</td><td>1</td><td>3,600</td><td>.45</td></tr><tr><td>October</td><td>13</td><td>5</td><td>18</td><td>16</td><td>15</td><td>1</td><td>3,602</td><td>.45</td></tr><tr><td>November</td><td>14</td><td>6</td><td>19</td><td>15</td><td>14</td><td>1</td><td>3,606</td><td>.42</td></tr><tr><td>December</td><td>16</td><td>10</td><td>25</td><td>17</td><td>16 p</td><td>1 p</td><td>3,615</td><td>.48</td></tr><tr><td>1950-January</td><td>38</td><td>11</td><td>49</td><td>16</td><td>15 p</td><td>1 p</td><td>3,647</td><td>.45</td></tr></table>
Footnotes at end of table.
(Continued on following page)
March 1950
29
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods - (Continued
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/</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">Series G</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>1947</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</td><td>-</td></tr><tr><td>1948</td><td>1,907</td><td>-</td><td>1,907</td><td>566</td><td>566</td><td>-</td><td>15,850</td><td>-</td></tr><tr><td>1949</td><td>2,390</td><td>-</td><td>2,390</td><td>619</td><td>619</td><td>-</td><td>17,621</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>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>1947</td><td>2,267</td><td>-</td><td>2,267</td><td>512</td><td>512</td><td>-</td><td>15,152</td><td>-</td></tr><tr><td>1948</td><td>2,573</td><td>-</td><td>2,573</td><td>618</td><td>618</td><td>-</td><td>17,108</td><td>-</td></tr><tr><td>1949</td><td>1,392</td><td>-</td><td>1,392</td><td>613</td><td>613</td><td>-</td><td>17,887</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>1949-July</td><td>115</td><td>-</td><td>115</td><td>56</td><td>56</td><td>-</td><td>17,631</td><td>.32</td></tr><tr><td>August</td><td>104</td><td>-</td><td>104</td><td>50</td><td>50</td><td>-</td><td>17,734</td><td>.28</td></tr><tr><td>September</td><td>86</td><td>-</td><td>86</td><td>48</td><td>48</td><td>-</td><td>17,772</td><td>.27</td></tr><tr><td>October</td><td>86</td><td>-</td><td>86</td><td>50</td><td>50</td><td>-</td><td>17,808</td><td>.28</td></tr><tr><td>November</td><td>84</td><td>-</td><td>84</td><td>52</td><td>52</td><td>-</td><td>17,840</td><td>.29</td></tr><tr><td>December</td><td>103</td><td>-</td><td>103</td><td>56</td><td>56</td><td>-</td><td>17,887</td><td>.31</td></tr><tr><td>1950-January</td><td>267</td><td>-</td><td>267</td><td>57</td><td>57</td><td>-</td><td>18,096</td><td>.32</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. 1/ Beginning with June 1947, Series E sales include unclassified sales consisting of Series E, F, and G. The amounts are substantially less than the sales reported as unclassified in the Daily Treasury Statement. The greater part of that item consists of sales for which information is available as to the series but not the year of issue. On the basis of that information such sales are included in this table according to series. Prior to June 1947, it was possible to distribute
by series all sales reported as unclassified in the Daily Treasury Statement.
2/ Series E redemptions include unclassified Series A-D redemptions beginning with October 1944, and also unclassified F and C redemptions, beginning with June 1947.
3/ Includes both matured and unmatured bonds; see Table 4.
p Preliminary.
Table 4.- Redemptions of Matured and Unmatured Savings Bonds, All Series Combined
(In millions of dollars)
<table><tr><th>Period 1/</th><th>Total</th><th colspan="3">Matured bonds 2/</th><th colspan="3">Ummatured bonds 3/</th></tr><tr><th></th><th></th><th>Total matured</th><th>Sale price</th><th>Accrued discount</th><th>Total unmatured</th><th>Sale price</th><th>Accrued discount</th></tr><tr><td>1950-January</td><td>618</td><td>218</td><td>164</td><td>55</td><td>400</td><td>382</td><td>18</td></tr></table>
Source: Daily Treasury Statement.
1/ Breakdown of redemptions between matured and unmatured bonds not available prior to January 1950.
2/ Includes for each month redemptions of Series D-1940 which have matured
through that month. Outstanding matured bonds of this series, however, are included in the interest-bearing debt until all bonds of the series have matured. 3/ Includes redemptions not yet classified; see Table 3, footnote 2.
30
Treasury Bulletin
TREASURY SAVINGS NOTES
Treasury savings notes (originally designated tax savings notes) have been issued in four series: Series A from August 1, 1941, through June 22, 1943; Series B from August 1, 1941, through September 12, 1942; Series C from September 14, 1942, through August 31, 1948; and Series D on continuous sale beginning September 1, 1948. Details concerning terms and conditions for purchase and redemption, and investment yields of Series D notes will be found in the "Treasury Bulletin" for October 1948, page A-1. Similar information concerning Series C notes will be found in the "Treasury Bulletin" for October 1945, pages A-4 and A-5. For details concerning terms and conditions, investment yields, and tax payment or redemption values
Of Series A and B, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220, and for sales and redemptions by fiscal years and months, see "Treasury Bulletin" for February 1946, pages 42 and 43.
In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes redeemed (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.
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through January 31, 1950
(In millions of dollars)
<table><tr><th rowspan="2">Series</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><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 1/</td><td>405</td><td>67 1/</td><td>338</td><td>2</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,944</td><td>182 1/</td><td>4,761</td><td>•</td><td>-</td></tr><tr><td>Series C</td><td>32,438 1/</td><td>31,528</td><td>10,273</td><td>21,255</td><td>34</td><td>875</td></tr><tr><td>Series D</td><td>8,390</td><td>1,359</td><td>498</td><td>861</td><td>-</td><td>7,031</td></tr><tr><td>Total</td><td>46,178</td><td>38,236</td><td>11,020</td><td>27,216</td><td>36</td><td>7,906</td></tr></table>
Source: Office of the Treasurer of the U.S.; Daily Treasury Statement. 1/ Includes exchanges in connection with the offering in September 1942
of Series A-1945 and Series C. Less than $500,000.
Table 2.- Sales and Redemptions of Series C and D Combined by Periods
(In millions of dollars)
<table><tr><th>Period</th><th>Salee</th><th colspan="3">Redemptions 1/</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>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td>1948</td><td>2,144</td><td>3,301</td><td>1,971</td><td>1,330</td><td>32</td><td>4,339</td></tr><tr><td>1949</td><td>3,994</td><td>3,531</td><td>2,078</td><td>1,452</td><td>29</td><td>4,860</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>1947</td><td>2,925</td><td>3,241</td><td>1,880</td><td>1,361</td><td>89</td><td>5,384</td></tr><tr><td>1948</td><td>3,032</td><td>3,869</td><td>2,445</td><td>1,424</td><td>63</td><td>4,572</td></tr><tr><td>1949</td><td>5,971</td><td>2,950</td><td>1,584</td><td>1,366</td><td>47</td><td>7,610</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1949-July</td><td>1,096</td><td>252</td><td>223</td><td>29</td><td>28</td><td>5,705</td></tr><tr><td>August</td><td>1,159</td><td>98</td><td>76</td><td>22</td><td>26</td><td>6,768</td></tr><tr><td>September</td><td>496</td><td>369</td><td>87</td><td>282</td><td>25</td><td>6,897</td></tr><tr><td>October</td><td>589</td><td>142</td><td>114</td><td>28</td><td>24</td><td>7,345</td></tr><tr><td>November</td><td>324</td><td>142</td><td>122</td><td>21</td><td>23</td><td>7,527</td></tr><tr><td>December</td><td>516</td><td>409</td><td>195</td><td>214</td><td>47</td><td>7,610</td></tr><tr><td>1950-January</td><td>411</td><td>128</td><td>80</td><td>48</td><td>34</td><td>7,906</td></tr></table>
Source: Office of the Treasurer of the U.S.; Daily Treasury Statement. 1/ Includes both matured and unmatured notes.
March 1950
31
OWNERSHIP OF FEDERAL SECURITIES
Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total Federal securities outstanding</th><th colspan="7">Interest-bearing securities issued by the U. S. Government</th><th colspan="5">Interest-bearing securities guaranteed by the U. S. Government 1/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total outstanding</th><th colspan="3">Held by U. S. Government investment accounts 2/</th><th colspan="2">Held by Federal Reserve Banks - public marketable issues</th><th colspan="3">Held by private investors 3/</th><th>Total outstanding</th><th colspan="2">Held by U. S. Government investment accounts and Federal Reserve Banks 2/ 5/</th><th colspan="2">Held by private investors 6/</th></tr><tr><th></th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 3/</th><th>Special issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th></th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th></tr><tr><td>1942</td><td>76,991</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>4,262</td><td>474</td></tr><tr><td>1943</td><td>140,796</td><td>135,380</td><td>14,001</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>285</td><td>3,738</td><td>1,324</td></tr><tr><td>1944</td><td>202,626</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>180</td><td>1,186</td><td>1,567</td></tr><tr><td>1945</td><td>259,115</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>28</td><td>2,350</td></tr><tr><td>1946</td><td>269,899</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>34</td><td>1,321</td></tr><tr><td>1947</td><td>258,376</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>37</td><td>3,179</td></tr><tr><td>1948</td><td>252,366</td><td>250,063</td><td>35,749</td><td>5,401</td><td>137</td><td>30,211</td><td>21,366</td><td>192,948</td><td>133,578</td><td>59,370</td><td>69</td><td>-</td><td>27</td><td>2,234</td></tr><tr><td>1949</td><td>252,798</td><td>250,762</td><td>38,274</td><td>5,374</td><td>124</td><td>32,776</td><td>19,343</td><td>193,145</td><td>130,431</td><td>62,714</td><td>24</td><td>-</td><td>13</td><td>2,012</td></tr><tr><td>1949-July</td><td>253,902</td><td>251,880</td><td>38,520</td><td>5,347</td><td>124</td><td>33,049</td><td>18,529</td><td>194,831</td><td>131,083</td><td>63,748</td><td>22</td><td>-</td><td>13</td><td>2,000</td></tr><tr><td>Aug.</td><td>255,879</td><td>253,921</td><td>38,850</td><td>5,370</td><td>123</td><td>33,358</td><td>17,446</td><td>197,625</td><td>132,736</td><td>64,888</td><td>24</td><td>-</td><td>13</td><td>1,934</td></tr><tr><td>Sept.</td><td>256,709</td><td>254,756</td><td>39,414</td><td>5,378</td><td>123</td><td>33,914</td><td>17,997</td><td>197,345</td><td>132,273</td><td>65,073</td><td>26</td><td>-</td><td>14</td><td>1,926</td></tr><tr><td>Oct.</td><td>256,805</td><td>254,876</td><td>39,287</td><td>5,355</td><td>123</td><td>33,810</td><td>17,316</td><td>198,273</td><td>132,690</td><td>65,582</td><td>25</td><td>-</td><td>15</td><td>1,904</td></tr><tr><td>Nov.</td><td>257,011</td><td>255,124</td><td>39,320</td><td>5,368</td><td>123</td><td>33,829</td><td>17,682</td><td>198,122</td><td>132,315</td><td>65,806</td><td>26</td><td>-</td><td>15</td><td>1,861</td></tr><tr><td>Dec.</td><td>257,160</td><td>255,019</td><td>39,346</td><td>5,327</td><td>123</td><td>33,996</td><td>18,885</td><td>196,789</td><td>130,912</td><td>65,877</td><td>27</td><td>*</td><td>15</td><td>2,114</td></tr><tr><td>1950-Jan.</td><td>256,892</td><td>254,869</td><td>38,983</td><td>5,357</td><td>124</td><td>33,502</td><td>17,827</td><td>198,058</td><td>131,649</td><td>66,409</td><td>24</td><td>-</td><td>14</td><td>1,999</td></tr></table>
Source: Daily Treasury Statement for total amounts outstanding; reports from agencies and trust funds for securities held by U. S. Government investment accounts; and reports from Federal Reserve System for securities held by Federal Reserve Banks.
1/ Excludes guaranteed securities held by the Treasury.
2/ Includes accounts under the control of certain U. S. Government agencies whose investments are handled outside the Treasury; excludes Federal land banks after June 26, 1947, when the United States' proprietary interest in these banks ended.
3/ Includes U. S. savings bonds, Series A-F at maturity value.
4/ The total amount of interest-bearing securities held by private investors is calculated by deducting from the total amount outstanding the amount held by U. S. Government investment accounts and Federal Reserve Banks.
5/ All public marketable leases except R. F. C. notes in the amount of $115 million for 1943 and $175 million for 1944.
6/ Consiste of Commodity Credit Corporation demand obligations stated as of the close of the previous month.
* Less than $500,000.
Table 2.- Net Market Purchases or Sales of Federal Securities for Investment Accounts Handled by the Treasury
(In millions of dollars; negative figures are net sales)
<table><tr><th>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></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>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-.2</td><td>176.9</td><td>106.8</td><td>-12.1</td><td>-30.4</td><td>1.1</td><td>5.4</td><td>4.4</td><td>7.2</td><td>.1</td><td>-.8</td><td>-.2</td></tr><tr><td>1949</td><td>8.8</td><td>-1.8</td><td>5.1</td><td>1.5</td><td>-54.7</td><td>-88.4</td><td>-.1</td><td>3.8</td><td>4.6</td><td>-1.7</td><td>11.5</td><td>-.1</td></tr><tr><td>1950</td><td>-6.6</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/ Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U. S. Government for (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. It will be noted that these transactions
differ from those reflected in Table 1 because they exclude those Government investment accounts for which investments are not handled by the Treasury. Table 2 also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund. Less than $50,000.
32
Treasury Bulletin
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by nonbank 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/ 6/</th><th>State and local governments 7/</th><th>U.S. Government investment accounts 6/</th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>29.3</td><td>10.4</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>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.9</td><td>10.3</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>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>31.5</td><td>10.9</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>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>33.5</td><td>11.5</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>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.6</td><td>14.1</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>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>48.3</td><td>18.4</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>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>65.2</td><td>24.5</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>119.9</td><td>50.1</td><td>44.2</td><td>5.9</td><td>69.8</td><td>27.7</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>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>81.4</td><td>31.7</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>162.3</td><td>57.2</td><td>58.3</td><td>8.9</td><td>95.1</td><td>36.0</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>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>98.7</td><td>38.4</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>187.0</td><td>76.2</td><td>64.0</td><td>12.1</td><td>110.8</td><td>43.6</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>119.3</td><td>46.5</td><td>17.3</td><td>7.3</td><td>25.9</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>211.1</td><td>87.1</td><td>70.5</td><td>16.7</td><td>123.9</td><td>49.2</td><td>18.3</td><td>7.7</td><td>24.8</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>232.1</td><td>96.5</td><td>77.7</td><td>18.8</td><td>135.6</td><td>53.5</td><td>19.6</td><td>8.3</td><td>28.1</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>235.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>137.7</td><td>54.9</td><td>20.4</td><td>8.7</td><td>26.5</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>153.1</td><td>59.8</td><td>22.7</td><td>9.6</td><td>30.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>262.6</td><td>107.3</td><td>84.0</td><td>23.3</td><td>155.2</td><td>60.7</td><td>22.5</td><td>10.0</td><td>29.9</td><td>5.5</td><td>26.6</td></tr><tr><td>December</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>163.6</td><td>64.8</td><td>24.4</td><td>10.7</td><td>30.2</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February (Peak)</td><td>279.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>163.1</td><td>64.6</td><td>24.8</td><td>11.1</td><td>27.9</td><td>6.7</td><td>28.0</td></tr><tr><td>March</td><td>276.6</td><td>112.8</td><td>90.2</td><td>22.6</td><td>163.8</td><td>64.8</td><td>25.0</td><td>11.2</td><td>28.0</td><td>6.7</td><td>28.2</td></tr><tr><td>June</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>161.7</td><td>64.1</td><td>25.3</td><td>11.5</td><td>25.3</td><td>6.5</td><td>29.1</td></tr><tr><td>September</td><td>265.8</td><td>104.3</td><td>80.2</td><td>24.0</td><td>161.5</td><td>64.0</td><td>25.4</td><td>11.7</td><td>23.6</td><td>6.4</td><td>30.1</td></tr><tr><td>December</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>161.6</td><td>64.9</td><td>25.3</td><td>11.8</td><td>22.4</td><td>6.3</td><td>30.9</td></tr><tr><td>1947-March</td><td>259.3</td><td>94.1</td><td>71.5</td><td>22.6</td><td>165.2</td><td>66.5</td><td>25.1</td><td>12.0</td><td>23.3</td><td>6.7</td><td>31.6</td></tr><tr><td>June</td><td>258.4</td><td>91.9</td><td>70.0</td><td>21.9</td><td>166.5</td><td>67.1</td><td>25.0</td><td>12.1</td><td>22.3</td><td>7.1</td><td>32.8</td></tr><tr><td>September</td><td>259.2</td><td>92.2</td><td>69.9</td><td>22.3</td><td>167.0</td><td>66.7</td><td>24.7</td><td>12.1</td><td>22.3</td><td>7.2</td><td>33.9</td></tr><tr><td>December</td><td>257.0</td><td>91.3</td><td>68.7</td><td>22.6</td><td>165.7</td><td>66.6</td><td>24.3</td><td>12.0</td><td>21.2</td><td>7.3</td><td>34.4</td></tr><tr><td>1948-January</td><td>256.7</td><td>90.9</td><td>69.0</td><td>21.9</td><td>165.7</td><td>66.6</td><td>24.1</td><td>12.0</td><td>21.1</td><td>7.3</td><td>34.6</td></tr><tr><td>February</td><td>254.7</td><td>88.4</td><td>67.4</td><td>21.0</td><td>166.2</td><td>66.7</td><td>23.9</td><td>12.0</td><td>21.3</td><td>7.4</td><td>34.9</td></tr><tr><td>March</td><td>253.1</td><td>86.0</td><td>65.1</td><td>20.9</td><td>167.0</td><td>66.8</td><td>23.8</td><td>12.1</td><td>21.7</td><td>7.8</td><td>35.0</td></tr><tr><td>April</td><td>252.3</td><td>86.5</td><td>66.1</td><td>20.3</td><td>165.8</td><td>66.8</td><td>23.5</td><td>12.0</td><td>20.9</td><td>7.8</td><td>34.8</td></tr><tr><td>May</td><td>252.3</td><td>86.2</td><td>65.6</td><td>20.7</td><td>166.1</td><td>66.9</td><td>23.4</td><td>12.0</td><td>21.2</td><td>7.7</td><td>34.9</td></tr><tr><td>June</td><td>252.4</td><td>85.9</td><td>64.6</td><td>21.4</td><td>166.4</td><td>67.0</td><td>23.2</td><td>12.0</td><td>20.7</td><td>7.8</td><td>35.7</td></tr><tr><td>July</td><td>253.4</td><td>86.4</td><td>65.1</td><td>21.3</td><td>167.0</td><td>67.3</td><td>23.0</td><td>12.0</td><td>20.4</td><td>7.9</td><td>36.4</td></tr><tr><td>August</td><td>253.1</td><td>86.4</td><td>64.8</td><td>21.6</td><td>166.7</td><td>67.4</td><td>22.6</td><td>11.9</td><td>20.5</td><td>8.0</td><td>36.5</td></tr><tr><td>September</td><td>252.7</td><td>85.8</td><td>62.4</td><td>23.4</td><td>166.9</td><td>67.4</td><td>22.3</td><td>11.7</td><td>20.8</td><td>7.8</td><td>36.8</td></tr><tr><td>October</td><td>252.5</td><td>86.0</td><td>63.0</td><td>23.0</td><td>166.5</td><td>67.5</td><td>21.9</td><td>11.6</td><td>20.8</td><td>7.8</td><td>36.8</td></tr><tr><td>November</td><td>252.6</td><td>85.6</td><td>62.4</td><td>23.2</td><td>166.9</td><td>67.5</td><td>21.7</td><td>11.5</td><td>21.3</td><td>7.9</td><td>37.0</td></tr><tr><td>December</td><td>252.9</td><td>85.8</td><td>62.5</td><td>23.3</td><td>167.1</td><td>67.6</td><td>21.5</td><td>11.5</td><td>21.4</td><td>7.9</td><td>37.3</td></tr><tr><td>1949-January</td><td>252.7</td><td>84.8</td><td>62.7</td><td>22.1</td><td>167.9</td><td>67.9</td><td>21.6</td><td>11.6</td><td>21.6</td><td>7.8</td><td>37.4</td></tr><tr><td>February</td><td>252.7</td><td>84.5</td><td>62.1</td><td>22.3</td><td>168.3</td><td>68.3</td><td>21.5</td><td>11.6</td><td>21.5</td><td>7.9</td><td>37.5</td></tr><tr><td>March</td><td>251.7</td><td>82.2</td><td>60.5</td><td>21.7</td><td>169.5</td><td>68.6</td><td>21.4</td><td>11.6</td><td>22.3</td><td>7.9</td><td>37.7</td></tr><tr><td>April</td><td>251.6</td><td>82.9</td><td>61.8</td><td>21.1</td><td>168.7</td><td>68.5</td><td>21.2</td><td>11.6</td><td>21.9</td><td>7.9</td><td>37.5</td></tr><tr><td>May</td><td>251.9</td><td>82.4</td><td>62.7</td><td>19.7</td><td>169.5</td><td>68.8</td><td>21.0</td><td>11.6</td><td>22.6</td><td>8.0</td><td>37.5</td></tr><tr><td>June</td><td>252.8</td><td>82.4</td><td>63.0</td><td>19.3</td><td>170.4</td><td>68.9</td><td>20.9</td><td>11.6</td><td>22.7</td><td>8.0</td><td>38.3</td></tr><tr><td>July</td><td>253.9</td><td>83.2</td><td>64.7</td><td>18.5</td><td>170.7</td><td>69.1</td><td>20.7</td><td>11.6</td><td>22.8</td><td>8.0</td><td>38.5</td></tr><tr><td>August</td><td>255.9</td><td>84.0</td><td>66.5</td><td>17.5</td><td>171.9</td><td>69.2</td><td>20.6</td><td>11.6</td><td>23.6</td><td>8.1</td><td>38.8</td></tr><tr><td>September</td><td>256.7</td><td>84.5</td><td>66.5</td><td>18.0</td><td>172.2</td><td>69.2</td><td>20.5</td><td>11.6</td><td>23.3</td><td>8.1</td><td>39.4</td></tr><tr><td>October</td><td>256.8</td><td>84.7</td><td>67.4</td><td>17.3</td><td>172.1</td><td>69.3</td><td>20.5</td><td>11.5</td><td>23.4</td><td>8.1</td><td>39.3</td></tr><tr><td>November</td><td>257.0</td><td>84.6</td><td>66.9</td><td>17.7</td><td>172.4</td><td>69.3</td><td>20.4</td><td>11.4</td><td>23.8</td><td>8.1</td><td>39.3</td></tr><tr><td>December p</td><td>257.2</td><td>85.8</td><td>67.0</td><td>18.9</td><td>171.3</td><td>69.5</td><td>20.5</td><td>11.4</td><td>22.4</td><td>8.1</td><td>39.3</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F, are included at current redemption values.
2/ Securities issued or guaranteed by the U. S. Government, excluding guaranteed securities held by the Treasury.
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and insular possessions. Figures exclude securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning with December 1946, includes investments by the International Bank for Reconstruction and Development and International Monetary Fund
6/ Holdings by federal land banks are included under "Other corporations and associations" instead of "U.S. Government investment accounts" beginning with June 30, 1947, since the proprietary interest of the United States in these banks ended June 26, 1947.
7/ Consists of trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions.
p Preliminary.
March 1950
33
TREASURY SURVEY OF OWNERSHIP,
DECEMBER 31, 1949
The Treasury Survey of Ownership covers securities issued by the United States Government and by Federal agencies. The banks and insurance companies included in the Survey account for approximately 95 percent of such securities held by all banks and insurance companies in the United States. Data were first published for March 31, 1941, in the May 1941 "Treasury Bulletin".
Information on the distribution of ownership by type of banks and insurance companies is published each month. Additional information showing the holdings of commercial banks distributed according to Federal Reserve member- bank classes and nonmember banks is published for June 30 and December 31.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,249 commercial 2/</th><th>530 mutual savings</th><th>Insurance companies</th><th>327 life</th><th>621 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable</td><td>155,138</td><td>59,856</td><td>10,772</td><td>14,625</td><td>3,910</td><td>24,212</td><td>41,764</td></tr><tr><td>Public nonmarketable 4/ 5/</td><td>66,012</td><td>1,760</td><td>645</td><td>552</td><td>637</td><td>123</td><td>62,283</td></tr><tr><td>Special lequee</td><td>33,896</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33,896</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>255,046</td><td>61,616</td><td>11,418</td><td>15,177</td><td>4,548</td><td>58,230</td><td>104,046</td></tr><tr><td>Matured debt and debt bearing no interest 6/</td><td>2,114</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total securities issued or guaranteed by the U. S. Government 7/</td><td>257,160</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes et end of Section II.
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstand-ing</th><th colspan="2">Banke 1/</th><th colspan="2">Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,249 commercial 2/</th><th>530 mutual savings</th><th>327 life</th><th>621 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issued by U. S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>12,319</td><td>3,514</td><td>15</td><td>27</td><td>43</td><td>4,840</td><td>3,880</td></tr><tr><td>Certificate of indebtedness</td><td>29,636</td><td>11,320</td><td>169</td><td>137</td><td>497</td><td>6,324</td><td>10,990</td></tr><tr><td>Treasury notes</td><td>8,249</td><td>5,569</td><td>107</td><td>38</td><td>207</td><td>577</td><td>1,752</td></tr><tr><td>Treasury bonds - bank eligible</td><td>55,122</td><td>38,331</td><td>1,547</td><td>1,459</td><td>1,415</td><td>2,976</td><td>9,393</td></tr><tr><td>Treasury bonds - bank restricted 8/</td><td>49,636</td><td>904</td><td>8,932</td><td>12,958</td><td>1,747</td><td>9,458</td><td>15,636</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>161</td><td>13</td><td>*</td><td>*</td><td>1</td><td>37</td><td>110</td></tr><tr><td>Guaranteed by U. S. Government 7/</td><td>15</td><td>5</td><td>1</td><td>7</td><td>*</td><td>*</td><td>2</td></tr><tr><td>Total</td><td>155,138</td><td>59,856</td><td>10,772</td><td>14,625</td><td>3,910</td><td>24,212</td><td>41,764</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>56,386</td><td>24,060</td><td>423</td><td>295</td><td>878</td><td>12,114</td><td>18,617</td></tr><tr><td>1 to 5 years</td><td>35,067</td><td>24,907</td><td>1,121</td><td>812</td><td>829</td><td>2,108</td><td>5,290</td></tr><tr><td>5 to 10 years</td><td>18,537</td><td>6,995</td><td>2,640</td><td>1,224</td><td>1,005</td><td>1,956</td><td>4,716</td></tr><tr><td>10 to 15 years</td><td>14,084</td><td>1,294</td><td>3,078</td><td>4,776</td><td>564</td><td>1,205</td><td>3,167</td></tr><tr><td>15 to 20 years</td><td>31,050</td><td>2,595</td><td>3,510</td><td>7,511</td><td>634</td><td>6,828</td><td>9,972</td></tr><tr><td>Over 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>15</td><td>5</td><td>1</td><td>7</td><td>*</td><td>*</td><td>2</td></tr><tr><td>Total</td><td>155,138</td><td>59,856</td><td>10,772</td><td>14,625</td><td>3,910</td><td>24,212</td><td>41,764</td></tr><tr><td>Tax status: 2/</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>161</td><td>13</td><td>*</td><td>*</td><td>1</td><td>37</td><td>110</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>12,088</td><td>9,457</td><td>22</td><td>8</td><td>553</td><td>489</td><td>1,560</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>142,889</td><td>50,387</td><td>10,750</td><td>14,616</td><td>3,357</td><td>23,686</td><td>40,093</td></tr><tr><td>Total</td><td>155,138</td><td>59,856</td><td>10,772</td><td>14,625</td><td>3,910</td><td>24,212</td><td>41,764</td></tr></table>
Footnotes at end of Section II.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, 1949
Section I - Securities Issued or Guaranteed by the United States Government
Table 3. - Interest-Bearing Public Marketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="2">Banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,249 commercial 2/</th><th>530 mutual savings</th><th>327 life</th><th>621 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>12,319</td><td>3,514</td><td>15</td><td>27</td><td>43</td><td>4,840</td><td>3,880</td></tr><tr><td>Certificatee of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% January 1950-A......(taxable)</td><td>5,695</td><td>2,175</td><td>31</td><td>30</td><td>104</td><td>1,021</td><td>2,334</td></tr><tr><td>1-1/4% February 1950-B......(taxable)</td><td>1,993</td><td>889</td><td>7</td><td>3</td><td>35</td><td>114</td><td>946</td></tr><tr><td>1-1/4% March 1950-C......(taxable)</td><td>2,922</td><td>1,117</td><td>21</td><td>31</td><td>56</td><td>573</td><td>1,123</td></tr><tr><td>1-1/4% April 1950-D......(taxable)</td><td>963</td><td>341</td><td>3</td><td>3</td><td>16</td><td>86</td><td>514</td></tr><tr><td>1-1/4% June 1950-E......(taxable)</td><td>5,019</td><td>2,180</td><td>29</td><td>19</td><td>76</td><td>902</td><td>1,813</td></tr><tr><td>1-1/4% July 1950-F......(taxable)</td><td>5,601</td><td>1,929</td><td>26</td><td>14</td><td>69</td><td>1,818</td><td>1,745</td></tr><tr><td>1-1/8% September 1950-G......(taxable)</td><td>1,197</td><td>722</td><td>11</td><td>24</td><td>15</td><td>249</td><td>176</td></tr><tr><td>1-1/8% October 1950-H......(taxable)</td><td>6,248</td><td>2,166</td><td>41</td><td>12</td><td>127</td><td>1,560</td><td>2,340</td></tr><tr><td>Total certificates of indebtedness</td><td>29,636</td><td>11,520</td><td>169</td><td>137</td><td>497</td><td>6,324</td><td>10,990</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8% April 1950-A......(taxable)</td><td>3,596</td><td>1,964</td><td>29</td><td>27</td><td>92</td><td>313</td><td>1,171</td></tr><tr><td>1-3/8% March 1954-A......(taxable)</td><td>4,653</td><td>3,605</td><td>78</td><td>10</td><td>115</td><td>264</td><td>581</td></tr><tr><td>Total Treasury notes</td><td>8,249</td><td>5,569</td><td>107</td><td>38</td><td>207</td><td>577</td><td>1,752</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,415</td><td>53</td><td>21</td><td>35</td><td>117</td><td>322</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>996</td><td>5</td><td>1</td><td>53</td><td>81</td><td>51</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>3,099</td><td>130</td><td>82</td><td>115</td><td>403</td><td>1,110</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,635</td><td>1,540</td><td>21</td><td>*</td><td>43</td><td>*</td><td>1,031</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,329</td><td>3</td><td>1</td><td>46</td><td>92</td><td>156</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>5,194</td><td>285</td><td>250</td><td>143</td><td>699</td><td>1,415</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>459</td><td>3</td><td>*</td><td>29</td><td>64</td><td>200</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>967</td><td>3</td><td>1</td><td>49</td><td>40</td><td>58</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>362</td><td>10</td><td>23</td><td>14</td><td>9</td><td>92</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>533</td><td>153</td><td>16</td><td>20</td><td>85</td><td>217</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>4,112</td><td>180</td><td>82</td><td>132</td><td>446</td><td>873</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>927</td><td>123</td><td>187</td><td>37</td><td>120</td><td>154</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>8,662</td><td>6,177</td><td>282</td><td>288</td><td>185</td><td>287</td><td>1,444</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>656</td><td>1</td><td>*</td><td>27</td><td>*</td><td>42</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>587</td><td>1</td><td>*</td><td>32</td><td>2</td><td>58</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>1,666</td><td>3</td><td>1</td><td>116</td><td>154</td><td>670</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>812</td><td>66</td><td>291</td><td>23</td><td>62</td><td>194</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>829</td><td>1</td><td>1</td><td>49</td><td>42</td><td>60</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>2,652</td><td>106</td><td>191</td><td>93</td><td>109</td><td>672</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>774</td><td>2</td><td>1</td><td>72</td><td>1</td><td>69</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>1,194</td><td>1</td><td>3</td><td>79</td><td>12</td><td>196</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>2,052</td><td>116</td><td>66</td><td>23</td><td>150</td><td>309</td></tr><tr><td>Total bank eligible</td><td>55,122</td><td>38,331</td><td>1,547</td><td>1,459</td><td>1,415</td><td>2,976</td><td>9,393</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
March 1950
35
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, 1949
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 9/ is shown in parentheses)</th><th>Total amount outstand-ing</th><th colspan="2">Banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>Held by all other investore 3/</th></tr><tr><th></th><th></th><th>7,249 commercial 2/</th><th>530 mutual savings</th><th>327 life</th><th>621 fire, casualty, and marine</th><th></th><th></th></tr><tr><td colspan="8">Treasury bonds (continued):</td></tr><tr><td>Bank restricted: 8/</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>88</td><td>1,787</td><td>456</td><td>418</td><td>739</td><td>1,795</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>174</td><td>675</td><td>284</td><td>233</td><td>848</td><td>1,256</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>22</td><td>518</td><td>871</td><td>93</td><td>212</td><td>402</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>21</td><td>587</td><td>1,138</td><td>162</td><td>342</td><td>581</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>35</td><td>1,117</td><td>1,449</td><td>102</td><td>174</td><td>884</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>22</td><td>855</td><td>1,315</td><td>127</td><td>465</td><td>1,055</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>68</td><td>506</td><td>2,110</td><td>113</td><td>1,112</td><td>1,288</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>53</td><td>376</td><td>1,454</td><td>71</td><td>687</td><td>839</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>66</td><td>1,345</td><td>2,020</td><td>177</td><td>1,808</td><td>2,551</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>356</td><td>1,166</td><td>1,860</td><td>251</td><td>3,071</td><td>4,985</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>904</td><td>8,932</td><td>12,958</td><td>1,747</td><td>9,458</td><td>15,636</td></tr><tr><td>Total Treasury bonds</td><td>104,758</td><td>39,235</td><td>10,480</td><td>14,417</td><td>3,163</td><td>12,435</td><td>25,029</td></tr><tr><td colspan="8">Other bonds:</td></tr><tr><td>Postal savings bonds......(wholly)</td><td>111</td><td>12</td><td>*</td><td>*</td><td>1</td><td>37</td><td>62</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>48</td></tr><tr><td>Total other bonds</td><td>161</td><td>13</td><td>*</td><td>*</td><td>1</td><td>37</td><td>110</td></tr><tr><td colspan="8">Guaranteed securities: 1/</td></tr><tr><td>Federal Housing Administration debentures......(taxable 11/)</td><td>15</td><td>5</td><td>1</td><td>7</td><td>*</td><td>*</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>155,138</td><td>59,856</td><td>10,772</td><td>14,625</td><td>3,910</td><td>24,212</td><td>41,764</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 9/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>Banks 1/ 7,249 commercial 2/</th><th>530 mutual savings</th><th>Insurance companies 327 life</th><th>621 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series D - 1940 and 1941 k/.............(12/)</td><td>1,440</td><td>53</td><td>2</td><td>1</td><td>3</td><td>*</td><td>1,382</td></tr><tr><td>Series E k/.............(taxable)</td><td>33,766</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>33,765</td></tr><tr><td>Series F k/.............(taxable)</td><td>3,615</td><td>338</td><td>17</td><td>33</td><td>57</td><td>1</td><td>3,167</td></tr><tr><td>Series G.............(taxable)</td><td>17,887</td><td>697</td><td>483</td><td>226</td><td>355</td><td>16</td><td>16,111</td></tr><tr><td>Total United States savings bonds........</td><td>56,707</td><td>1,087</td><td>502</td><td>260</td><td>415</td><td>17</td><td>54,425</td></tr><tr><td>Other U. S. securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury savings notes.............(taxable)</td><td>7,610</td><td>150</td><td>21</td><td>1</td><td>186</td><td>5</td><td>7,247</td></tr><tr><td>Depositary bonds.............(taxable)</td><td>386</td><td>335</td><td>*</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>Armed forces leave bonds.............(taxable)</td><td>343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>343</td></tr><tr><td>Treasury bonds, investment series(taxable)</td><td>954</td><td>188</td><td>122</td><td>291</td><td>36</td><td>100</td><td>216</td></tr><tr><td>Total other U. S. securities............</td><td>9,293</td><td>673</td><td>143</td><td>292</td><td>222</td><td>105</td><td>7,858</td></tr><tr><td>Guaranteed securities: 1/</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>12</td><td>2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2/</td></tr><tr><td>Total public nonmarketable securities 5/</td><td>66,012</td><td>1,760</td><td>645</td><td>552</td><td>637</td><td>123</td><td>62,283</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, 1949
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>Bank 1/</th><th colspan="4">Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><th></th><th></th><th>7,249 commercial 2/</th><th>530 mutual savings</th><th colspan="2">327 life</th><th>621 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Federal intermediate credit banks:</td><td></td><td></td><td></td><td></td><td>-</td><td>14</td><td>-</td><td>121</td></tr><tr><td>Debentures..................... (taxable)</td><td>518</td><td>354</td><td>30</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td>-</td><td>1</td><td>-</td><td>14</td></tr><tr><td>1-5/8% January 1950 (Notes)..... (taxable)</td><td>43</td><td>27</td><td>2</td><td></td><td>-</td><td>1</td><td>-</td><td>12</td></tr><tr><td>1-1/4% February 1950 (Notes)..... (taxable)</td><td>88</td><td>75</td><td>*</td><td>-</td><td>-</td><td>1</td><td>-</td><td>11</td></tr><tr><td>1.35% September 1950 (Notes)..... (taxable)</td><td>75</td><td>60</td><td>2</td><td>-</td><td>-</td><td>2</td><td>-</td><td></td></tr><tr><td>Total Federal home loan bank securities....</td><td>206</td><td>162</td><td>4</td><td>-</td><td>-</td><td>3</td><td>-</td><td>37</td></tr><tr><td>Federal land banks: 13/</td><td></td><td></td><td></td><td></td><td>-</td><td></td><td>-</td><td></td></tr><tr><td>1-1/4% May 1950-52 (Bonds) (taxable)</td><td>208</td><td>151</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>53</td></tr><tr><td>1-1/2% January 1951-53 (Bonds) (taxable)</td><td>186</td><td>160</td><td>*</td><td>*</td><td>1</td><td>-</td><td>-</td><td>24</td></tr><tr><td>2-1/4% February 1953-55 (Bonds) (taxable)</td><td>114</td><td>94</td><td>3</td><td>*</td><td>2</td><td>-</td><td>-</td><td>15</td></tr><tr><td>1-3/4% October 1955-57 (Bonds) (taxable)</td><td>215</td><td>177</td><td>3</td><td>*</td><td>3</td><td>-</td><td>-</td><td>32</td></tr><tr><td>Total Federal land bank securities........</td><td>723</td><td>583</td><td>9</td><td>1</td><td>7</td><td>-</td><td>-</td><td>123</td></tr></table>
1/ Excludes trust departments.
2/ Includes trust companies and, beginning with figures for July 1949, also includes stock savings banks. Formerly these banks were shown as a separate classification, but they are no longer so reported.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ United States savings bonds, Series D-1940 and 1941, E, and F, are shown at current redemption values. They were reported at maturity value by the banks and insurance companies included in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
5/ C. C. C. demand obligations in the amount of $12 million, all held by commercial banks, are shown only in the total amount outstanding; holdings by reporting banks are not available.
6/ Holdings by reporting agencies not available.
7/ Excludes guaranteed securities held by the Treasury.
8/ Issues which commercial banks may not acquire prior to specified dates (with minor exceptions); see "Debt Outstanding", Table 3, footnote 1.
9/ Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on income derived from them. "Holly" tax-exempt securities are those with the income exempt from both normal tax and surtax. "Partially" tax-exempt securities are those with the income exempt from the normal tax 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. "Taxable" securities are those with the income subject to normal tax and surtax.
10/ Includes F. B. A. debentures; see footnote 11.
11/ A small indeterminate amount of these debentures is partially tax-exempt.
12/ United States savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable.
13/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
March 1950
37
TREASURY SURVEY
COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1949
The tables which follow provide an analysis of the security holdings of commercial banks reporting in the Treasury survey of ownership of securities issued by the United States Government and by Federal agencies. The figures show the total holdings distributed according to Federal Reserve member-bank classes and nonmember banks.
This analysis of commercial bank ownership was first published in the May 1944 issue of the "Treasury Bulletin", based on the survey data for December 31, 1943. It has appeared at semiannual or quarterly intervals since that time, and is now being published for the June 30 and December 31 survey data.
Section I
Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Held by 7,249 commercial banks 1/</th><th colspan="6">Federal Reserve member banks</th><th>2,545 nonmember banks</th></tr><tr><th></th><th></th><th>4,704 member banks</th><th colspan="4">Central reserve city</th><th>334 reserve city</th><th>4,332 country</th><th></th></tr><tr><th></th><th></th><th></th><th>38 central reserve city</th><th>25 New York City</th><th>13 Chicago</th><th></th><th></th><th></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</td><td>59,856</td><td>53,034</td><td>13,878</td><td>10,600</td><td>3,278</td><td>20,334</td><td>18,822</td><td>6,822</td></tr><tr><td>Nonmarketable 2/ 3/</td><td>1,760</td><td>1,355</td><td>110</td><td>88</td><td>22</td><td>318</td><td>927</td><td>405</td></tr><tr><td>Total public securities 3/</td><td>61,616</td><td>54,389</td><td>13,988</td><td>10,688</td><td>3,300</td><td>20,652</td><td>19,749</td><td>7,228</td></tr></table>
Footnotes at end of Section II.
Table 2
Summary of Public Marketable Securities
(Per values - in millions of dollars)
<table><tr><th>Classification</th><th>Held by 7,249 commercial banks 1/</th><th>4,704 member banks</th><th colspan="4">Federal Reserve member banks</th><th>2,545 nonmember banks</th></tr><tr><th></th><th></th><th></th><th colspan="3">Central reserve city</th><th>33h reserve city</th><th>4,332 country</th><th></th></tr><tr><th>Type of security:</th><th></th><th></th><th>38 central reserve city</th><th>25 New York City</th><th>13 Chicago</th><th></th><th></th><th></th></tr><tr><td>Issued by U.S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>3,514</td><td>3,234</td><td>1,052</td><td>721</td><td>331</td><td>1,182</td><td>1,000</td><td>280</td></tr><tr><td>Certificates of indebtedness</td><td>11,520</td><td>10,007</td><td>2,502</td><td>1,812</td><td>690</td><td>4,171</td><td>3,334</td><td>1,513</td></tr><tr><td>Treasury notes</td><td>5,569</td><td>4,903</td><td>1,179</td><td>826</td><td>353</td><td>2,063</td><td>1,661</td><td>666</td></tr><tr><td>Treasury bonds - bank eligible</td><td>38,331</td><td>34,342</td><td>9,138</td><td>7,237</td><td>1,901</td><td>12,821</td><td>12,383</td><td>3,989</td></tr><tr><td>Treasury bonds - bank restricted ly.</td><td>904</td><td>535</td><td>7</td><td>4</td><td>3</td><td>94</td><td>434</td><td>370</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>13</td><td>10</td><td>1</td><td>-</td><td>1</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Guaranteed by U.S. Government</td><td>5</td><td>4</td><td>*</td><td>-</td><td>*</td><td>-</td><td>4</td><td>1</td></tr><tr><td>Total</td><td>59,856</td><td>53,034</td><td>13,878</td><td>10,600</td><td>3,278</td><td>20,334</td><td>18,822</td><td>6,822</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>24,060</td><td>21,130</td><td>5,500</td><td>4,092</td><td>1,409</td><td>8,298</td><td>7,332</td><td>2,930</td></tr><tr><td>1 to 5 years</td><td>21,907</td><td>22,271</td><td>6,096</td><td>4,914</td><td>1,181</td><td>8,367</td><td>7,808</td><td>2,636</td></tr><tr><td>5 to 10 years</td><td>6,995</td><td>6,322</td><td>1,845</td><td>1,363</td><td>482</td><td>2,352</td><td>2,125</td><td>673</td></tr><tr><td>10 to 15 years</td><td>1,294</td><td>1,145</td><td>357</td><td>152</td><td>204</td><td>503</td><td>285</td><td>149</td></tr><tr><td>15 to 20 years</td><td>2,595</td><td>2,162</td><td>80</td><td>78</td><td>2</td><td>814</td><td>1,269</td><td>433</td></tr><tr><td>Over 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>5</td><td>4</td><td>*</td><td>-</td><td>*</td><td>*</td><td>4</td><td>1</td></tr><tr><td>Total</td><td>59,856</td><td>53,034</td><td>13,878</td><td>10,600</td><td>3,278</td><td>20,334</td><td>18,822</td><td>6,822</td></tr><tr><td>Tax status: 5/</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>13</td><td>10</td><td>1</td><td>-</td><td>1</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>9,457</td><td>8,867</td><td>2,989</td><td>2,074</td><td>915</td><td>3,802</td><td>2,076</td><td>589</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>50,387</td><td>44,156</td><td>10,888</td><td>8,526</td><td>2,362</td><td>16,529</td><td>16,739</td><td>6,230</td></tr><tr><td>Total</td><td>59,856</td><td>53,034</td><td>13,878</td><td>10,600</td><td>3,278</td><td>20,334</td><td>18,822</td><td>6,822</td></tr></table>
Footnotes at end of Section II.
Treasury Bulletin
38
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1949
Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,249 commercial banks 1/</th><th>4,704 member banks</th><th colspan="4">Federal Reserve member banks</th><th>2,545 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>38 central reserve city</th><th>25 New York City</th><th>13 Chicago</th><th>33 reserve city</th><th>4,332 country</th><th></th></tr><tr><td>Treasury bills..................... (taxable)</td><td>3,514</td><td>3,234</td><td>1,052</td><td>721</td><td>331</td><td>1,182</td><td>1,000</td><td>280</td></tr><tr><td>Certificatee of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% January 1950-A................ (taxable)</td><td>2,175</td><td>1,910</td><td>509</td><td>309</td><td>201</td><td>838</td><td>563</td><td>265</td></tr><tr><td>1-1/4% February 1950-B................ (taxable)</td><td>889</td><td>767</td><td>181</td><td>115</td><td>66</td><td>319</td><td>267</td><td>122</td></tr><tr><td>1-1/4% March 1950-C................ (taxable)</td><td>1,117</td><td>941</td><td>257</td><td>217</td><td>41</td><td>347</td><td>336</td><td>176</td></tr><tr><td>1-1/4% April 1950-D................ (taxable)</td><td>341</td><td>265</td><td>35</td><td>15</td><td>20</td><td>103</td><td>127</td><td>76</td></tr><tr><td>1-1/4% June 1950-E................ (taxable)</td><td>2,180</td><td>1,934</td><td>554</td><td>427</td><td>128</td><td>810</td><td>570</td><td>246</td></tr><tr><td>1-1/4% July 1950-F................ (taxable)</td><td>1,929</td><td>1,700</td><td>504</td><td>405</td><td>99</td><td>692</td><td>504</td><td>229</td></tr><tr><td>1-1/8% September 1950-G................ (taxable)</td><td>722</td><td>657</td><td>141</td><td>89</td><td>52</td><td>297</td><td>219</td><td>65</td></tr><tr><td>1-1/8% October 1950-H................ (taxable)</td><td>2,166</td><td>1,833</td><td>319</td><td>237</td><td>83</td><td>765</td><td>749</td><td>333</td></tr><tr><td>Total certificates of indebtedness.........</td><td>11,520</td><td>10,007</td><td>2,502</td><td>1,812</td><td>690</td><td>4,171</td><td>3,334</td><td>1,513</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>1-3/8% April 1950-A................ (taxable)</td><td>1,954</td><td>1,694</td><td>318</td><td>235</td><td>113</td><td>654</td><td>692</td><td>270</td></tr><tr><td>1-3/8% March 1954-A................ (taxable)</td><td>3,605</td><td>3,209</td><td>831</td><td>591</td><td>240</td><td>1,409</td><td>969</td><td>396</td></tr><tr><td>Total Treasury notes....................</td><td>5,569</td><td>4,903</td><td>1,179</td><td>826</td><td>353</td><td>2,063</td><td>1,661</td><td>666</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 eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>24 March 1950-52................ (taxable)</td><td>1,415</td><td>1,243</td><td>382</td><td>318</td><td>65</td><td>463</td><td>397</td><td>171</td></tr><tr><td>2-1/2% September 1950-52............ (partially)</td><td>996</td><td>933</td><td>308</td><td>267</td><td>41</td><td>402</td><td>222</td><td>63</td></tr><tr><td>24 September 1950-52............ (taxable)</td><td>3,099</td><td>2,768</td><td>820</td><td>689</td><td>132</td><td>979</td><td>969</td><td>331</td></tr><tr><td>1-1/2% December 1950................ (taxable)</td><td>1,540</td><td>1,242</td><td>86</td><td>50</td><td>37</td><td>445</td><td>711</td><td>299</td></tr><tr><td>2-3/4% June 1951-54................ (partially)</td><td>1,329</td><td>1,270</td><td>553</td><td>461</td><td>92</td><td>518</td><td>199</td><td>59</td></tr><tr><td>24 September 1951-53............ (taxable)</td><td>5,194</td><td>4,626</td><td>1,287</td><td>1,020</td><td>267</td><td>1,641</td><td>1,698</td><td>568</td></tr><tr><td>3% September 1951-55............ (partially)</td><td>459</td><td>426</td><td>215</td><td>161</td><td>54</td><td>132</td><td>79</td><td>33</td></tr><tr><td>2-1/4% December 1951-53............ (partially)</td><td>957</td><td>909</td><td>207</td><td>180</td><td>27</td><td>456</td><td>245</td><td>58</td></tr><tr><td>24 December 1951-55............ (taxable)</td><td>352</td><td>301</td><td>65</td><td>57</td><td>8</td><td>71</td><td>164</td><td>61</td></tr><tr><td>2-1/2% March 1952-54............ (taxable)</td><td>533</td><td>465</td><td>121</td><td>118</td><td>3</td><td>169</td><td>174</td><td>68</td></tr><tr><td>24 June 1952-54............ (taxable)</td><td>4,112</td><td>3,667</td><td>1,025</td><td>919</td><td>106</td><td>1,220</td><td>1,423</td><td>445</td></tr><tr><td>2-1/4% June 1952-55............ (taxable)</td><td>927</td><td>812</td><td>227</td><td>212</td><td>15</td><td>236</td><td>348</td><td>115</td></tr><tr><td>24 December 1952-54............ (taxable)</td><td>6,177</td><td>5,444</td><td>1,276</td><td>1,051</td><td>225</td><td>2,045</td><td>2,123</td><td>732</td></tr><tr><td>24 June 1953-55............ (partially)</td><td>656</td><td>608</td><td>167</td><td>67</td><td>100</td><td>233</td><td>207</td><td>88</td></tr><tr><td>2-1/4% June 1954-56............ (partially)</td><td>587</td><td>536</td><td>122</td><td>78</td><td>44</td><td>235</td><td>179</td><td>52</td></tr><tr><td>2-7/8% March 1955-60............ (partially)</td><td>1,666</td><td>1,568</td><td>548</td><td>406</td><td>142</td><td>702</td><td>317</td><td>98</td></tr><tr><td>2-1/2% March 1956-58............ (taxable)</td><td>812</td><td>731</td><td>210</td><td>205</td><td>5</td><td>179</td><td>342</td><td>82</td></tr><tr><td>2-3/4% September 1956-59............ (partially)</td><td>829</td><td>773</td><td>266</td><td>156</td><td>110</td><td>342</td><td>165</td><td>96</td></tr><tr><td>2-1/4% September 1956-59............ (taxable)</td><td>2,652</td><td>2,366</td><td>572</td><td>450</td><td>123</td><td>808</td><td>986</td><td>286</td></tr><tr><td>2-3/4% June 1958-63............ (partially)</td><td>774</td><td>720</td><td>287</td><td>146</td><td>101</td><td>289</td><td>184</td><td>54</td></tr><tr><td>2-3/4% December 1960-65............ (partially)</td><td>1,194</td><td>1,126</td><td>356</td><td>152</td><td>204</td><td>492</td><td>278</td><td>68</td></tr><tr><td>2-1/2% September 1967-72............ (taxable)</td><td>2,052</td><td>1,811</td><td>76</td><td>75</td><td>1</td><td>763</td><td>972</td><td>241</td></tr><tr><td>Total bank eligible....................</td><td>38,331</td><td>34,342</td><td>9,138</td><td>7,237</td><td>1,901</td><td>12,821</td><td>12,383</td><td>3,989</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
March 1950
39
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1949
Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities by Issues - (Continued)
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,249 commercial banks 1/</th><th colspan="5">Federal Reserve member banks</th><th>2,545 nonmember banks</th></tr><tr><th></th><th></th><th>1,704 member banks</th><th colspan="3">Central reserve city</th><th>334 reserve city</th><th>1,332 country</th><th></th></tr><tr><th></th><th></th><th></th><th>38 central reserve city</th><th>25 New York City</th><th>13 Chicago</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank 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>88</td><td>45</td><td>1</td><td>*</td><td>1</td><td>10</td><td>34</td><td>43</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>174</td><td>120</td><td>1</td><td>1</td><td>*</td><td>23</td><td>97</td><td>54</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>22</td><td>4</td><td>*</td><td>*</td><td>*</td><td>1</td><td>3</td><td>18</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>21</td><td>3</td><td>*</td><td>*</td><td>*</td><td>1</td><td>2</td><td>18</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>35</td><td>10</td><td>*</td><td>*</td><td>*</td><td>9</td><td>1</td><td>25</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>22</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>20</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>68</td><td>37</td><td>*</td><td>*</td><td>*</td><td>6</td><td>31</td><td>32</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>53</td><td>30</td><td>*</td><td>*</td><td>*</td><td>2</td><td>28</td><td>23</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>66</td><td>33</td><td>1</td><td>*</td><td>*</td><td>7</td><td>25</td><td>33</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>356</td><td>252</td><td>2</td><td>2</td><td>1</td><td>37</td><td>213</td><td>103</td></tr><tr><td>Total bank restricted</td><td>904</td><td>535</td><td>7</td><td>4</td><td>3</td><td>94</td><td>434</td><td>370</td></tr><tr><td>Total Treasury bonds</td><td>39,235</td><td>34,877</td><td>9,114</td><td>7,240</td><td>1,904</td><td>12,915</td><td>12,817</td><td>4,359</td></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>12</td><td>9</td><td>*</td><td>-</td><td>*</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>1</td><td>1</td><td>*</td><td>-</td><td>*</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Total other bonds</td><td>13</td><td>10</td><td>1</td><td>-</td><td>1</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Guaranteed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(taxable 1/)</td><td>5</td><td>4</td><td>*</td><td>-</td><td>*</td><td>*</td><td>4</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>59,856</td><td>53,034</td><td>13,878</td><td>10,600</td><td>3,278</td><td>20,334</td><td>18,822</td><td>6,822</td></tr></table>
Footnotes at end of Section II.
Table 4.- Public Nonmarketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,249 commercial banks 1/</th><th>4,704 member banks</th><th colspan="4">Federal Reserve member banks Central reserve city</th><th>334 reserve city</th><th>4,332 country</th><th>2,545 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>38 central reserve city</th><th>25 New York City</th><th>13 Chicago</th><th></th><th></th><th></th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series D-1940 and 1941 2/......(8/)</td><td>53</td><td>35</td><td>*</td><td>*</td><td>*</td><td>2</td><td>33</td><td>18</td></tr><tr><td>Series F 2/.................(taxable)</td><td>338</td><td>219</td><td>2</td><td>*</td><td>2</td><td>19</td><td>198</td><td>120</td></tr><tr><td>Series G....................(taxable)</td><td>697</td><td>508</td><td>5</td><td>2</td><td>3</td><td>44</td><td>460</td><td>188</td></tr><tr><td>Total United States savings bonds......</td><td>1,087</td><td>762</td><td>7</td><td>3</td><td>4</td><td>65</td><td>690</td><td>325</td></tr><tr><td>Other U. S. securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury saving notes.........(taxable)</td><td>150</td><td>135</td><td>33</td><td>30</td><td>4</td><td>79</td><td>23</td><td>15</td></tr><tr><td>Depositary bonds.............(taxable)</td><td>335</td><td>309</td><td>60</td><td>52</td><td>8</td><td>115</td><td>134</td><td>25</td></tr><tr><td>Treasury bonds, investment series...(taxable)</td><td>188</td><td>149</td><td>10</td><td>4</td><td>6</td><td>59</td><td>80</td><td>40</td></tr><tr><td>Total other U. S. securities.........</td><td>673</td><td>593</td><td>103</td><td>85</td><td>18</td><td>253</td><td>237</td><td>80</td></tr><tr><td>Total public normarketable securities 3/.....</td><td>1,760</td><td>1,355</td><td>110</td><td>88</td><td>22</td><td>318</td><td>927</td><td>405</td></tr></table>
Footnotes at end of Section II.
40
Treasury Bulletin
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1949
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,249 commercial banks 1/</th><th>4,704 member banks</th><th colspan="4">Federal Reserve member banks Central reserve city</th><th>2,545 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>38 central reserve city</th><th>25 New York City</th><th>13 Chicago</th><th>334 reserve city</th><th>4,332 country</th></tr><tr><td>Federal intermediate credit banks: Debturuses....................(taxable)</td><td>354</td><td>325</td><td>47</td><td>27</td><td>20</td><td>174</td><td>104</td><td>29</td></tr><tr><td>Federal home loan banks: 1-5/8% January 1950 (Notes)........(taxable) 1-1/4% February 1950 (Notes)........(taxable) 1.35% September 1950 (Notes)........(taxable)</td><td>27 75 60</td><td>22 70 56</td><td>1 14 14</td><td>* 10 8</td><td>1 4 5</td><td>14 39 28</td><td>8 17 15</td><td>4 6 4</td></tr><tr><td>Total Federal home loan bank securities.....</td><td>162</td><td>148</td><td>29</td><td>19</td><td>10</td><td>80</td><td>39</td><td>14</td></tr><tr><td>Federal land banks: 9/ 1-1/4% May 1950-52 (Bonds)....(taxable) 1-1/2% January 1951-53 (Bonds)....(taxable) 2-1/4% February 1953-55 (Bonds)....(taxable) 1-3/4% October 1955-57 (Bonds)....(taxable)</td><td>151 160 94 177</td><td>131 146 81 162</td><td>6 11 5 22</td><td>* 7 3 18</td><td>6 3 2 4</td><td>63 87 43 84</td><td>62 48 34 56</td><td>20 15 13 15</td></tr><tr><td>Total Federal land bank securities.........</td><td>583</td><td>520</td><td>44</td><td>28</td><td>15</td><td>277</td><td>200</td><td>63</td></tr></table>
1/ Includes trust companies and stock savings banks but excludes securities held in trust departments; see page 35, footnote 2.
2/ United States savings bonds, Serise D-1940 and 1941 and F, are shown at current redemption values. They were reported at maturity value by the banks included in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
3/ Excludes C.C.C. demand obligations in the amount of $12 million, all held by commercial banks; data for reporting banks are not available.
4/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions); see "Debt Outstanding", Table 3, footnote 1.
5/ Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on income derived from them. "Wholly tax-exempt securities are those with the income exempt from both normal
tax and surtax. "Partially" tax-exempt securities are those with the income exempt from the normal tax 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. "Taxable" securities are those with the income subject to both normal tax and surtax.
6/ Includes P.H.A. debentures; see footnote 7.
7/ A small indeterminate amount of these debentures is partially tax-exempt.
8/ United States savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable.
9/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
March 1950
41
MARKET QUOTATIONS, JANUARY 31, 1950
Market quotations shown here are over-the-counter closing quotations in the New York market for the last trading day of the month, as reported to the Treasury by the Federal Reserve Bank of New York. The securities listed in Section I include all public marketable securities issued or guaranteed by the United States Government except those not regularly quoted in the market. The issues excluded are postal savings bonds and Federal Housing Administration debentures. The latter are
the only public marketable interest-bearing guaranteed securities outstanding. Section II lists the public marketable securities issued by Federal agencies but not guaranteed by the United States Government. Daily quotations for the securities listed in Sections I and II are published monthly in the Treasury Department statement, "Prices and Yields of Public Marketable Securities Issued by the United States Government and by Federal Agencies".
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="3">Bank discount</th><th>Change in mean from last month</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th></tr><tr><td>$1,001</td><td>2/2/50</td><td>11/3/49</td><td>1.13%</td><td>.90%</td><td>1.02%</td><td>-.04%</td></tr><tr><td>1,002</td><td>2/9/50</td><td>11/10/49</td><td>1.13</td><td>1.02</td><td>1.08</td><td>+0.02</td></tr><tr><td>1,001</td><td>2/16/50</td><td>11/17/49</td><td>1.13</td><td>1.04</td><td>1.08</td><td>+0.02</td></tr><tr><td>1,003</td><td>2/23/50</td><td>11/25/49</td><td>1.13</td><td>1.05</td><td>1.09</td><td>+0.03</td></tr><tr><td>1,001</td><td>3/2/50</td><td>12/1/49</td><td>1.13</td><td>1.06</td><td>1.10</td><td>+0.03</td></tr><tr><td>1,002</td><td>3/9/50</td><td>12/8/49</td><td>1.13</td><td>1.06</td><td>1.10</td><td>+0.03</td></tr><tr><td>903</td><td>3/16/50</td><td>12/15/49</td><td>1.13</td><td>1.07</td><td>1.10</td><td>+0.03</td></tr><tr><td>901</td><td>3/23/50</td><td>12/22/49</td><td>1.13</td><td>1.08</td><td>1.10</td><td>+0.02</td></tr><tr><td>901</td><td>3/30/50</td><td>12/29/49</td><td>1.13</td><td>1.08</td><td>1.10</td><td>+0.02</td></tr><tr><td>905</td><td>4/5/50</td><td>1/5/50</td><td>1.13</td><td>1.06</td><td>1.10</td><td>-</td></tr><tr><td>906</td><td>4/13/50</td><td>1/12/50</td><td>1.13</td><td>1.08</td><td>1.10</td><td>-</td></tr><tr><td>903</td><td>4/20/50</td><td>1/19/50</td><td>1.13</td><td>1.08</td><td>1.10</td><td>-</td></tr><tr><td>903</td><td>4/27/50</td><td>1/26/50</td><td>1.13</td><td>1.08</td><td>1.10</td><td>-</td></tr><tr><td>1/</td><td>5/4/50</td><td>2/2/50</td><td>1.13</td><td>1.09</td><td>1.11</td><td>-</td></tr></table>
Footnotes at end of Section II.
Table 2.- Certificates (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Issue date</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,993</td><td>1-1/4% - 2/1/50-B</td><td>2/1/49</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>2,922</td><td>1-1/4 - 3/1/50-C</td><td>3/1/49</td><td>.80%</td><td>.70%</td><td>.75%</td><td>-.30%</td></tr><tr><td>963</td><td>1-1/4 - 4/1/50-D</td><td>4/1/49</td><td>.95</td><td>.80</td><td>.88</td><td>-.17</td></tr><tr><td>5,019</td><td>1-1/4 - 6/1/50-E</td><td>6/1/49</td><td>1.10</td><td>1.08</td><td>1.09</td><td>.01</td></tr><tr><td>5,601</td><td>1-1/4 - 7/1/50-F</td><td>7/1/49</td><td>1.11</td><td>1.09</td><td>1.10</td><td>.01</td></tr><tr><td>1,197</td><td>1-1/8 - 9/15/50-G</td><td>9/15/49</td><td>1.08</td><td>1.04</td><td>1.06</td><td>-.02</td></tr><tr><td>6,218</td><td>1-1/8 - 10/1/50-B</td><td>10/1/49</td><td>1.14</td><td>1.12</td><td>1.13</td><td>.04</td></tr><tr><td>5,373</td><td>1-1/8 - 1/1/51-A</td><td>1/1/50</td><td>1.15</td><td>1.13</td><td>1.14</td><td>.04</td></tr></table>
Footnotes at end of Section II.
Table 3. - Other Taxable Issues
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th rowspan="2">Change in mean from last month</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 3/</th><th colspan="2">In 1949-1950</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>To first call</th><th>Change from last month</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="2">Treasury notes:</td><td colspan="2"></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr><tr><td>$3,596</td><td>1-3/8% - 4/1/50-A 1/1-1/4 - 10/1/51-A</td><td>.95%</td><td>.85%</td><td>.90%</td><td>-.15%</td><td>-</td><td>-</td><td>9/15/48</td><td>.83%</td><td>1/27/50</td><td>1.35%</td><td>11/9/48</td><td>.83%</td><td>1/27/50</td><td>1.28%</td><td>1/17/49</td></tr><tr><td>4,675</td><td>1-3/8 - 3/15/54-A</td><td>100.00½</td><td>100.01½</td><td>100.01</td><td>-.123%</td><td>1.23%</td><td>2/1/50</td><td>100.02</td><td>1/24/50</td><td>100.01</td><td>1/31/50</td><td>100.02</td><td>1/24/50</td><td>100.01</td><td>1/31/50</td></tr><tr><td></td><td></td><td>100.03</td><td>100.04</td><td>100.03</td><td>-.06½</td><td>1.35%</td><td>12/15/49</td><td>100.10½</td><td>1/10/50</td><td>100.03½</td><td>1/31/50</td><td>100.10½</td><td>1/10/50</td><td>100.03½</td><td>1/31/50</td></tr><tr><td colspan="2">Treasury bonds - bank eligible:</td><td colspan="2"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1,963</td><td>2% - 3/15/53-52 2/100.06</td><td>100.07</td><td>100.06</td><td>100.06½</td><td>-.04½</td><td>.25</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>100.28</td><td>1/20/49</td><td>100.06½</td><td>1/31/50</td></tr><tr><td>1,939</td><td>2 - 9/15/50-52</td><td>100.20½</td><td>100.21½</td><td>100.21</td><td>-.02½</td><td>.93</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>101.04</td><td>7/18/49</td><td>100.21</td><td>1/31/50</td></tr><tr><td>2,635</td><td>1-1/2 - 12/15/50</td><td>100.11½</td><td>100.12½</td><td>100.12</td><td>-.01½</td><td>1.06</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.04</td><td>11/1/48</td><td>100.21</td><td>7/18/49</td><td>100.10</td><td>4/5/49</td></tr><tr><td>7,986</td><td>2 - 9/15/51-53</td><td>101.08</td><td>101.10</td><td>101.09</td><td>-.03½</td><td>1.20</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>101.27</td><td>7/20/49</td><td>101.09</td><td>1/31/50</td></tr><tr><td>510</td><td>2 - 12/15/51-55</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.05</td><td>1.22</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>102.01</td><td>8/17/49</td><td>101.11</td><td>1/3/49</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.09</td><td>1.30</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>103.12</td><td>7/15/49</td><td>102.16</td><td>1/31/50</td></tr><tr><td>5,825</td><td>2 - 6/15/52-54</td><td>101.19</td><td>101.21</td><td>101.20</td><td>-.08</td><td>1.30</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>102.08</td><td>8/11/49</td><td>101.13</td><td>1/3/49</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>102.05</td><td>102.07</td><td>102.06</td><td>-.08</td><td>1.31</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>102.31</td><td>7/15/49</td><td>102.02</td><td>1/3/49</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.08</td><td>1.32</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>102.16</td><td>8/11/49</td><td>101.14</td><td>1/3/49</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>105.16</td><td>105.18</td><td>105.17</td><td>-.21</td><td>1.55</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>106.18</td><td>9/6/49</td><td>103.29</td><td>1/3/49</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/56-59</td><td>104.15</td><td>104.17</td><td>104.16</td><td>-.16</td><td>1.53</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>105.07</td><td>9/7/49</td><td>102.12</td><td>1/3/49</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 6/105.03</td><td>105.05</td><td>105.05</td><td>105.04</td><td>-.28</td><td>2.15</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>106.04</td><td>9/7/49</td><td>101.31</td><td>1/3/49</td></tr><tr><td colspan="2">Treasury bonds - bank restricted: 7/</td><td colspan="2"></td><td></td><td></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% - 6/15/59-62</td><td>102.18</td><td>102.20</td><td>102.19</td><td>-.25</td><td>1.95</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.01</td><td>12/24/48</td><td>103.12</td><td>1/6/50</td><td>100.07</td><td>1/3/49</td></tr><tr><td>3,470</td><td>2-1/4 - 12/15/59-62</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.25</td><td>1.97</td><td>11/25/45</td><td>104.21</td><td>4/6/46</td><td>100.01</td><td>12/24/48</td><td>103.10</td><td>1/6/50</td><td>100.07</td><td>1/3/49</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>104.26</td><td>104.28</td><td>104.27</td><td>-.25</td><td>2.05</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>105.21</td><td>1/6/50</td><td>101.29</td><td>1/3/49</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68</td><td>104.11</td><td>104.13</td><td>104.12</td><td>-.23</td><td>2.13</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>105.03</td><td>1/9/50</td><td>101.16</td><td>1/10/49</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/64-69</td><td>103.29</td><td>103.31</td><td>103.30</td><td>-.24</td><td>2.18</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>104.23</td><td>1/9/50</td><td>101.04</td><td>1/10/49</td></tr><tr><td>3,838</td><td>2-1/2 - 12/15/64-69</td><td>103.25</td><td>103.27</td><td>103.26</td><td>-.24</td><td>2.20</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>104.19</td><td>12/21/49</td><td>101.02</td><td>1/10/49</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 6/103.20</td><td>103.22</td><td>103.21</td><td>103.21</td><td>-.25</td><td>2.21</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>104.15</td><td>1/9/50</td><td>101.01</td><td>1/10/49</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71 6/103.18</td><td>103.20</td><td>103.20</td><td>103.19</td><td>-.25</td><td>2.23</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.05</td><td>12/19/44</td><td>104.13</td><td>1/9/50</td><td>100.29</td><td>1/4/49</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 6/103.02</td><td>103.04</td><td>103.04</td><td>103.03</td><td>-.24</td><td>2.28</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>12/13/48</td><td>103.29</td><td>1/6/50</td><td>100.17</td><td>1/3/49</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72 6/103.02</td><td>103.04</td><td>103.04</td><td>103.03</td><td>-.24</td><td>2.29</td><td>11/25/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>12/13/48</td><td>103.29</td><td>1/6/50</td><td>100.17</td><td>1/3/49</td></tr></table>
Footnotes at end of Section II.
42
Treasury Bulletin
MARKET QUOTATIONS, JANUARY 31, 1950
Section I - Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">In 1949-1950</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th colspan="2">Since first traded</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>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="14">Treasury bonds:</td></tr><tr><td>$1,136</td><td>2-1/2%</td><td>9/15/50-52</td><td>101.02</td><td>101.04</td><td>101.03</td><td>-.06</td><td>.72%</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>102.17</td><td>1/6/49</td><td>101.03</td><td>1/31/50</td></tr><tr><td>1,627</td><td>2-3/4%</td><td>6/15/51-54</td><td>102.17</td><td>102.19</td><td>102.18</td><td>-.09</td><td>.86</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>103.29</td><td>2/8/49</td><td>102.18</td><td>1/31/50</td></tr><tr><td>755</td><td>3%</td><td>9/15/51-55</td><td>103.15</td><td>103.17</td><td>103.16</td><td>-.08</td><td>.82</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>104.30</td><td>1/25/49</td><td>103.16</td><td>1/31/50</td></tr><tr><td>1,118</td><td>2-1/4%</td><td>12/15/51-53</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.08</td><td>.88</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>103.10</td><td>7/15/49</td><td>102.17</td><td>1/31/50</td></tr><tr><td>725</td><td>2%</td><td>6/15/53-55</td><td>103.16</td><td>103.19</td><td>103.17</td><td>-.09</td><td>.93</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>104.06</td><td>8/16/49</td><td>103.16</td><td>3/8/49</td></tr><tr><td>681</td><td>2-1/4%</td><td>6/15/54-56</td><td>105.09</td><td>105.12</td><td>105.10</td><td>-.13</td><td>1.00</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>106.07</td><td>9/9/49</td><td>105.00</td><td>1/3/49</td></tr><tr><td>2,611</td><td>2-7/8%</td><td>3/15/55-60</td><td>108.26</td><td>108.29</td><td>108.27</td><td>-.21</td><td>1.09</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>109.29</td><td>9/7/49</td><td>108.12</td><td>1/10/49</td></tr><tr><td>982</td><td>2-3/4%</td><td>9/15/56-59</td><td>110.10</td><td>110.13</td><td>110.11</td><td>-.17</td><td>1.12</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>111.02</td><td>9/7/49</td><td>109.00</td><td>1/3/49</td></tr><tr><td>919</td><td>2-3/4%</td><td>6/15/58-63</td><td>111.19</td><td>111.22</td><td>111.20</td><td>-.17</td><td>1.28</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>112.09</td><td>1/10/50</td><td>109.05</td><td>1/3/49</td></tr><tr><td>1,485</td><td>2-3/4%</td><td>12/15/60-65</td><td>113.18</td><td>113.21</td><td>113.19</td><td>-.17</td><td>1.40</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>114.10</td><td>1/10/50</td><td>109.24</td><td>1/3/49</td></tr><tr><td colspan="14">Panama Canal bonds:</td></tr><tr><td>50</td><td>3%</td><td>6/1/61</td><td>119.16</td><td>120.08</td><td>119.28</td><td>+.16</td><td>1.13</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>120.08</td><td>5/27/49</td><td>118.16</td><td>6/29/49</td></tr></table>
Footnotes at end of Section II.
Section II
- Securities issued by Federal Agencies but not Guaranteed by the United States Government
Table 1.- Federal Intermediate Credit Bank Issues: Debentures (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Description 2/</th><th>Issue date</th><th colspan="3">Yield</th><th>Change in mean from last month</th><th>Amount outstanding (Millions)</th><th>Description 2/</th><th>Issue date</th><th colspan="3">Yield</th><th>Change in mean from last month</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th></tr><tr><td>$52</td><td>1.55% - 2/1/50</td><td>5/2/49</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>$35</td><td>1.30% - 7/3/50</td><td>10/3/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td></tr><tr><td>57</td><td>1.55 - 3/1/50</td><td>6/1/49</td><td>1.25%</td><td>1.15%</td><td>1.20%</td><td>.00%</td><td>53</td><td>1.30 - 8/1/50</td><td>11/1/49</td><td>1.30</td><td>1.15</td><td>1.22</td><td>.00</td></tr><tr><td>58</td><td>1.55 - 4/3/50</td><td>7/1/49</td><td>1.30</td><td>1.15</td><td>1.22</td><td>.00</td><td>52</td><td>1.30 - 9/1/50</td><td>12/1/49</td><td>1.30</td><td>1.15</td><td>1.22</td><td>.00</td></tr><tr><td>65</td><td>1.35 - 5/1/50</td><td>8/1/49</td><td>1.30</td><td>1.15</td><td>1.22</td><td>.00</td><td>56</td><td>1.30 - 10/2/50</td><td>1/3/50</td><td>1.30</td><td>1.15</td><td>1.22</td><td>.00</td></tr><tr><td>32</td><td>1.35 - 6/1/50</td><td>9/1/49</td><td>1.30</td><td>1.15</td><td>1.22</td><td>.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of this section.
Table 2. - Other Issues (Taxable)
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th rowspan="2">Change in mean from last month</th><th rowspan="2">Yield To first call</th><th rowspan="2">Change from last month</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">In 1949-1950</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th colspan="2">Since first traded</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><tr><td>10/</td><td>Central Bank for Cooperatives debentures:</td><td>1-5/8</td><td>2/1/53</td><td>100.03</td><td>100.05</td><td>100.04</td><td>-</td><td>1.59%</td><td>-</td><td>2/1/50</td><td>100.06</td><td>1/12/50</td><td>100.04</td><td>1/31/50</td><td>100.06</td><td>1/12/50</td><td>100.04</td><td>1/31/50</td></tr><tr><td>$88</td><td>Federal home loan bank notes:</td><td>1-1/4</td><td>2/15/50-8</td><td>99.31</td><td>100.01</td><td>100.00</td><td>-.01</td><td>1.26</td><td>+.30%</td><td>9/15/49</td><td>100.01</td><td>1/27/50</td><td>100.00</td><td>1/31/50</td><td>100.01</td><td>1/27/50</td><td>100.00</td><td>1/31/50</td></tr><tr><td>21</td><td>1-1/8</td><td>2/15/50-D</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td><td>1.20</td><td>-.06</td><td>1/20/50</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td><td>11/</td></tr><tr><td>75</td><td>1.35</td><td>9/15/50-C</td><td>100.02</td><td>100.04</td><td>100.03</td><td>+.01</td><td></td><td></td><td></td><td>9/15/49</td><td>100.04</td><td>9/22/49</td><td>100.02</td><td>1/26/50</td><td>100.04</td><td>9/22/49</td><td>100.02</td><td>1/26/50</td></tr><tr><td>208</td><td>Federal land bank bonds:</td><td>1-1/4</td><td>5/1/50-52</td><td>99.26</td><td>99.30</td><td>99.28</td><td>+.04</td><td>1.31 13/</td><td>-.05</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>3/8/48</td><td>99.31</td><td>9/1/49</td><td>97.26</td><td>1/20/49</td></tr><tr><td>186</td><td>1-1/2</td><td>1/2/51-53</td><td>99.30</td><td>100.04</td><td>100.01</td><td>-.04</td><td>1.47</td><td>+.13</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>97.30</td><td>3/8/48</td><td>100.17</td><td>7/15/49</td><td>93.05</td><td>1/20/49</td></tr><tr><td>114</td><td>2-1/4</td><td>2/1/53-55</td><td>101.30</td><td>102.04</td><td>102.01</td><td>-.07</td><td>1.55</td><td>+.05</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>100.08</td><td>2/16/48</td><td>102.28</td><td>9/6/49</td><td>101.00</td><td>1/4/49</td></tr><tr><td>217</td><td>1-3/4</td><td>10/1/55-57</td><td>100.04</td><td>100.08</td><td>100.06</td><td>-.03</td><td>1.72</td><td>+.02</td><td>10/1/49</td><td>100.12</td><td>9/22/49</td><td>100.06</td><td>1/31/50</td><td>100.12</td><td>9/22/49</td><td>100.06</td><td>1/31/50</td></tr></table>
(with minor exceptions); see "Debt Operations", Table 1, for eligibility dates. 8/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt. 9/ These securities are not shown until date of issue. 10/ Issued on February 1, 1950, in the amount of $30 million. 11/ Not quoted since date of issue. 12/ Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in the Federal land banks ceased on June 26, 1947. 13/ Yield to maturity. 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.
1/ Issued after January 31, 1950; see "Debt Operations", Tables 2 and 3.
2/ Not quoted on January 31, 1950.
3/ 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.
4/ Quoted on a yield basis.
5/ Called on November 14, 1949, for redemption on March 15, 1950.
6/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds".
7/ Issues which commercial banks may not acquire prior to specified dates
March 1950
43
MARKET QUOTATIONS, JANUARY 31, 1950
YIELDS OF TREASURY SECURITIES JAN. 31, 1950
Based on Mean of Closing Bid and Ask 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 at the Secretary of the Treasury, Office of the Technical Staff
F-235-G
44
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
<table><tr><th>Dete</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Dete</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Dete</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th></tr><tr><td colspan="12">Annual series - calendar year averages of monthly series</td></tr><tr><td>1933</td><td>3.31</td><td>-</td><td>4.38</td><td>1939</td><td>2.41</td><td>-</td><td>2.92</td><td>1945</td><td>1.66 1/</td><td>2.37</td><td>2.54</td></tr><tr><td>1934</td><td>3.12</td><td>-</td><td>3.93</td><td>1940</td><td>2.26</td><td>-</td><td>2.77</td><td>1946</td><td>-</td><td>2.19</td><td>2.44</td></tr><tr><td>1935</td><td>2.79</td><td>-</td><td>3.46</td><td>1941</td><td>2.05</td><td>-</td><td>2.67</td><td>1947</td><td>-</td><td>2.25</td><td>2.57</td></tr><tr><td>1936</td><td>2.69</td><td>-</td><td>3.19</td><td>1942</td><td>2.09</td><td>2.46</td><td>2.75</td><td>1948</td><td>-</td><td>2.44</td><td>2.81</td></tr><tr><td>1937</td><td>2.74</td><td>-</td><td>3.27</td><td>1943</td><td>1.98</td><td>2.47</td><td>2.64</td><td>1949</td><td>-</td><td>2.31</td><td>2.65</td></tr><tr><td>1938</td><td>2.61</td><td>-</td><td>3.12</td><td>1944</td><td>1.92</td><td>2.48</td><td>2.60</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Monthly series - averages of daily series</td></tr><tr><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1946-Apr.</td><td>2.08</td><td>2.37</td><td>1948-July</td><td>2.44</td><td>2.30</td><td></td><td></td></tr><tr><td>Feb</td><td>1.93</td><td>2.49</td><td>2.65</td><td>May</td><td>2.19</td><td>2.44</td><td>Aug.</td><td>2.45</td><td>2.86</td><td></td><td></td></tr><tr><td>Mar</td><td>1.91</td><td>2.48</td><td>2.64</td><td>June</td><td>2.16</td><td>2.42</td><td>Sept.</td><td>2.45</td><td>2.85</td><td></td><td></td></tr><tr><td>Apr</td><td>1.94</td><td>2.48</td><td>2.61</td><td>July</td><td>2.18</td><td>2.41</td><td>Oct.</td><td>2.45</td><td>2.85</td><td></td><td></td></tr><tr><td>May</td><td>1.94</td><td>2.49</td><td>2.58</td><td>Aug</td><td>2.23</td><td>2.44</td><td>Nov.</td><td>2.44</td><td>2.86</td><td></td><td></td></tr><tr><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td><td>Sept.</td><td>2.28</td><td>2.50</td><td>Dec.</td><td>2.44</td><td>2.81</td><td></td><td></td></tr><tr><td>July</td><td>1.99</td><td>2.49</td><td>2.59</td><td>Oct.</td><td>2.26</td><td>2.51</td><td>1949-Jan.</td><td>2.42</td><td>2.73</td><td></td><td></td></tr><tr><td>Aug</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Nov.</td><td>2.25</td><td>2.51</td><td>Feb</td><td>2.39</td><td>2.73</td><td></td><td></td></tr><tr><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>Dec.</td><td>2.24</td><td>2.55</td><td>Mar.</td><td>2.38</td><td>2.71</td><td></td><td></td></tr><tr><td>Oct</td><td>1.93</td><td>2.48</td><td>2.55</td><td>1947-Jan.</td><td>2.21</td><td>2.48</td><td>Apr</td><td>2.38</td><td>2.70</td><td></td><td></td></tr><tr><td>Nov</td><td>1.90</td><td>2.48</td><td>2.61 2/</td><td>Feb</td><td>2.21</td><td>2.48</td><td>May</td><td>2.38</td><td>2.71</td><td></td><td></td></tr><tr><td>Dec</td><td>1.97</td><td>2.48</td><td>2.59</td><td>Mar</td><td>2.19</td><td>2.49</td><td>June</td><td>2.38</td><td>2.72</td><td></td><td></td></tr><tr><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td><td>Apr</td><td>2.19</td><td>2.49 3/</td><td>July</td><td>2.27</td><td>2.66</td><td></td><td></td></tr><tr><td>Feb</td><td>1.75</td><td>2.38</td><td>2.56</td><td>May</td><td>2.19</td><td>2.49</td><td>Aug</td><td>2.24</td><td>2.60</td><td></td><td></td></tr><tr><td>Mar</td><td>1.70</td><td>2.40</td><td>2.51</td><td>June</td><td>2.22</td><td>2.50</td><td>Sept.</td><td>2.22</td><td>2.59</td><td></td><td></td></tr><tr><td>Apr</td><td>1.68</td><td>2.39</td><td>2.49</td><td>July</td><td>2.25</td><td>2.51</td><td>Oct</td><td>2.22</td><td>2.59</td><td></td><td></td></tr><tr><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td><td>Aug</td><td>2.24</td><td>2.51</td><td>Nov</td><td>2.20</td><td>2.56</td><td></td><td></td></tr><tr><td>June</td><td>1.63</td><td>2.35</td><td>2.54</td><td>Sept</td><td>2.24</td><td>2.57</td><td>Dec</td><td>2.19</td><td>2.55 4/</td><td></td><td></td></tr><tr><td>July</td><td>1.63</td><td>2.34</td><td>2.53</td><td>Oct</td><td>2.27</td><td>2.68</td><td>1950-Jan</td><td>2.20</td><td>2.54</td><td></td><td></td></tr><tr><td>Aug</td><td>1.68</td><td>2.36</td><td>2.56</td><td>Nov</td><td>2.36</td><td>2.75</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>1.68</td><td>2.37</td><td>2.56</td><td>Dec</td><td>2.39</td><td>2.86</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct</td><td>1.62</td><td>2.35</td><td>2.54</td><td>1948-Jan.</td><td>2.45</td><td>2.35</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Nov</td><td>1.56</td><td>2.33</td><td>2.54</td><td>Feb</td><td>2.45</td><td>2.34</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>1.51 1/</td><td>2.33</td><td>2.54</td><td>Mar</td><td>2.44</td><td>2.81</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-Jan</td><td>2.21</td><td>2.43</td><td>1949-Oct.</td><td>2.23</td><td>2.60</td><td>1949-Dec.</td><td>2.20</td><td>2.56</td><td></td><td></td><td></td></tr><tr><td>Feb</td><td>2.12</td><td>2.36</td><td>8</td><td>2.22</td><td>2.60</td><td>10</td><td>2.19</td><td>2.56</td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>2.09</td><td>2.35</td><td>15</td><td>2.22</td><td>2.60</td><td>17</td><td>2.19</td><td>2.55</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td>22</td><td>2.22</td><td>2.59</td><td>24</td><td>2.18</td><td>2.56 5/</td><td></td><td></td><td></td></tr><tr><td>1949-Aug.</td><td>6</td><td>2.27</td><td>2.64</td><td>29</td><td>2.22</td><td>2.58</td><td>31</td><td>2.18</td><td>2.54</td><td></td><td></td></tr><tr><td>13</td><td>2.23</td><td>2.60</td><td>1949-Sept.</td><td>3</td><td>2.21</td><td>2.58</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>20</td><td>2.23</td><td>2.59</td><td>5</td><td>2.20</td><td>2.56</td><td>1950-Jan.</td><td>7</td><td>2.18</td><td>2.54</td><td></td><td></td></tr><tr><td>27</td><td>2.24</td><td>2.59</td><td>12</td><td>2.18</td><td>2.56</td><td>14</td><td>2.18</td><td>2.54</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3</td><td>2.23</td><td>2.58</td><td>19</td><td>2.19</td><td>2.56</td><td>21</td><td>2.21</td><td>2.53</td><td></td><td></td></tr><tr><td>10</td><td>2.22</td><td>2.57</td><td>Nov.</td><td>26</td><td>2.19</td><td>2.56</td><td>28</td><td>2.22</td><td>2.54</td><td></td><td></td></tr><tr><td>17</td><td>2.23</td><td>2.58</td><td>12</td><td>2.21</td><td>2.58</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>24</td><td>2.22</td><td>2.60</td><td>19</td><td>2.20</td><td>2.56</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Daily series - unweighted average</td></tr><tr><td>1950-Jan.</td><td>2</td><td>5/</td><td>5/</td><td>1950-Jan.</td><td>12</td><td>2.19</td><td>2.54</td><td>1950-Jan.</td><td>23</td><td>2.23</td><td>2.54</td><td></td></tr><tr><td>3</td><td>2.18</td><td>2.54</td><td>13</td><td>2.19</td><td>2.54</td><td>24</td><td>2.22</td><td>2.54</td><td></td><td></td><td></td></tr><tr><td>4</td><td>2.18</td><td>2.54</td><td>14</td><td>2.19</td><td>2.54</td><td>25</td><td>2.22</td><td>2.55</td><td></td><td></td><td></td></tr><tr><td>5</td><td>2.18</td><td>2.54</td><td>16</td><td>2.20</td><td>2.54</td><td>26</td><td>2.22</td><td>2.54</td><td></td><td></td><td></td></tr><tr><td>6</td><td>2.18</td><td>2.54</td><td>17</td><td>2.20</td><td>2.53</td><td>27</td><td>2.22</td><td>2.54</td><td></td><td></td><td></td></tr><tr><td>7</td><td>5/</td><td>2.55</td><td>18</td><td>2.21</td><td>2.53</td><td>28</td><td>2.22</td><td>2.54</td><td></td><td></td><td></td></tr><tr><td>9</td><td>2.18</td><td>2.54</td><td>19</td><td>2.21</td><td>2.53</td><td>30</td><td>2.23</td><td>2.55</td><td></td><td></td><td></td></tr><tr><td>10</td><td>2.18</td><td>2.55</td><td>20</td><td>2.21</td><td>2.53</td><td>31</td><td>2.23</td><td>2.55</td><td></td><td></td><td></td></tr><tr><td>11</td><td>2.18</td><td>2.54</td><td>21</td><td>2.21</td><td>2.54</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Treasury bonds included in the averages, beginning with December 1935, are those neither due nor callable for fifteen years. Prior to that time, for years shown in this table, the bonds included were neither due nor callable for twelve years. For a discussion of the composition of these averages, see the "Treasury Bulletin" for March 1944, page 58; for the composition of the high-grade corporate bond average, see the "Treasury Bulletin" for July 1947, page 59, and January 1945, page 56. Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market as reported to the Treasury by the Federal Reserve Bank of New York, beginning September 2, 1941. Prior to that time, yields were computed on the basis of closing prices on the New York Stock Exchange, except that on days when an issue did not sell the yield was computed on the mean of closing bid and ask quotations on the Exchange. 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.
1/ For definition of taxable and partially tax-exempt bonds, see foot-notes to the "Treasury Survey of Ownership", in this issue of the "Treasury Bulletin". The partially tax-exempt average was discontinued on December 15, 1945, because there were no longer any bonds in this category with fifteen or more years to maturity or first call.
2/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.56%.
3/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.47%.
4/ Beginning December 21, 1949, the average includes nine bonds instead of ten, the Consolidated Gas Electric Light and Power Company of Baltimore 2-3/4 percent bonds of 1981 having been called and exchanged for a new issue.
5/ Market closed.
March 1950
45
YIELDS OF TREASURY AND CORPORATE BONDS
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Inverted Scale PERCENT
1940 1941 1942 1943 1944 1945 1946 1947 1948 1949
0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0
Partially Tax-Exempt Treasury Bonds
Taxable Treasury Bonds
High-Grade Corporate Bonds
Revisions in Series
Monthly averages of daily figures.
* Discontinued, see footnote 1 accompanying table.
Office of the Secretary of the Treasury, Office of the Technical Staff
F-220-H
46
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources
(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="3">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profit</th><th>Individual income</th><th>Corporation income and profit 2/</th><th>Total employment</th><th>Social security Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th></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>4,744,083</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,113,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,668,956</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,766,796</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>16,027,213</td><td>1,779,177</td><td>1,307,931</td><td>166,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,922</td><td>31,258,138</td><td>15,704,536</td><td>12,553,602</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1947</td><td>39,379,109</td><td>+271,136</td><td>39,108,273</td><td>29,019,756</td><td>19,343,297</td><td>9,676,459</td><td>2,024,365</td><td>1,458,934</td><td>185,876</td><td>379,555</td></tr><tr><td>1948</td><td>41,853,485</td><td>-11,051</td><td>41,864,536</td><td>31,172,191</td><td>20,997,781</td><td>10,174,410</td><td>2,351,342</td><td>1,612,721</td><td>208,508</td><td>560,113</td></tr><tr><td>1949</td><td>40,307,285</td><td>-155,334</td><td>40,463,119</td><td>29,605,491</td><td>18,051,822</td><td>11,553,669</td><td>2,476,113</td><td>1,687,151</td><td>226,228</td><td>562,734</td></tr><tr><td>1949-January</td><td>3,452,881</td><td>-226,718</td><td>3,679,599</td><td>2,952,787</td><td>2,552,584</td><td>410,203</td><td>105,406</td><td>73,813</td><td>30,044</td><td>1,549</td></tr><tr><td>February</td><td>3,782,837</td><td>-448,290</td><td>4,231,127</td><td>3,152,591</td><td>2,827,425</td><td>325,166</td><td>429,178</td><td>256,651</td><td>134,495</td><td>38,032</td></tr><tr><td>March</td><td>5,987,657</td><td>+557,321</td><td>5,430,337</td><td>4,554,667</td><td>2,001,883</td><td>2,552,784</td><td>124,867</td><td>11,555</td><td>11,413</td><td>101,899</td></tr><tr><td>April</td><td>2,032,818</td><td>-332,267</td><td>2,365,085</td><td>1,609,773</td><td>1,194,120</td><td>415,653</td><td>155,916</td><td>147,625</td><td>5,453</td><td>2,839</td></tr><tr><td>May</td><td>2,609,193</td><td>-324,246</td><td>2,933,439</td><td>1,846,719</td><td>1,604,795</td><td>241,925</td><td>375,741</td><td>316,199</td><td>11,689</td><td>47,853</td></tr><tr><td>June</td><td>4,659,962</td><td>+695,001</td><td>3,974,961</td><td>3,180,410</td><td>1,008,685</td><td>2,171,725</td><td>94,999</td><td>5,331</td><td>1,745</td><td>87,923</td></tr><tr><td>July</td><td>1,926,654</td><td>-325,951</td><td>2,252,605</td><td>1,488,894</td><td>995,381</td><td>493,514</td><td>128,185</td><td>123,978</td><td>2,885</td><td>1,322</td></tr><tr><td>August</td><td>2,720,400</td><td>-380,446</td><td>3,100,847</td><td>1,932,315</td><td>1,655,629</td><td>276,686</td><td>395,084</td><td>321,560</td><td>12,460</td><td>61,064</td></tr><tr><td>September</td><td>4,751,246</td><td>+659,013</td><td>4,092,233</td><td>3,283,957</td><td>1,017,321</td><td>2,266,635</td><td>89,899</td><td>5,122</td><td>952</td><td>83,824</td></tr><tr><td>October</td><td>1,879,138</td><td>-423,193</td><td>2,302,332</td><td>1,430,003</td><td>1,073,919</td><td>356,084</td><td>131,105</td><td>125,749</td><td>3,537</td><td>1,819</td></tr><tr><td>November</td><td>2,566,013</td><td>-223,220</td><td>2,789,233</td><td>1,725,126</td><td>1,492,615</td><td>232,511</td><td>336,241</td><td>273,646</td><td>12,506</td><td>50,088</td></tr><tr><td>December</td><td>4,073,564</td><td>+723,498</td><td>3,350,066</td><td>2,591,663</td><td>328,058</td><td>2,263,605</td><td>93,085</td><td>5,146</td><td>1,147</td><td>86,792</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock 3/</th><th>Estate and gift</th><th>Liquor</th><th>Tobacco</th><th>Stamp</th><th>Manufacturers' and retailers' excise</th><th>Miscellaneous 4/</th></tr><tr><td>1942</td><td>3,337,570</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>670,012</td><td>732,335</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>988,483</td><td>50,800</td><td>728,694</td><td>1,075,402</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>613,055</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>7,712,956</td><td>352,121</td><td>676,532</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,064,152</td><td>1,597</td><td>779,291</td><td>2,474,756</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,551,140</td></tr><tr><td>1948</td><td>8,311,003</td><td>1,723</td><td>899,345</td><td>2,255,320</td><td>1,300,280</td><td>79,466</td><td>2,119,157</td><td>1,655,712</td></tr><tr><td>1949</td><td>8,381,515</td><td>6,138</td><td>796,538</td><td>2,210,601</td><td>1,321,875</td><td>72,828</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1949-January</td><td>611,406</td><td>5</td><td>64,026</td><td>145,477</td><td>104,753</td><td>7,302</td><td>180,413</td><td>109,428</td></tr><tr><td>February</td><td>649,358</td><td>3</td><td>52,877</td><td>153,170</td><td>95,145</td><td>5,286</td><td>206,595</td><td>136,283</td></tr><tr><td>March</td><td>750,803</td><td>3</td><td>104,543</td><td>188,633</td><td>116,539</td><td>5,581</td><td>179,499</td><td>155,999</td></tr><tr><td>April</td><td>599,396</td><td>4</td><td>62,787</td><td>160,969</td><td>102,467</td><td>5,600</td><td>153,626</td><td>113,942</td></tr><tr><td>May</td><td>710,979</td><td>3</td><td>66,171</td><td>176,247</td><td>115,293</td><td>5,481</td><td>187,427</td><td>160,357</td></tr><tr><td>June</td><td>699,552</td><td>580</td><td>52,898</td><td>188,651</td><td>122,428</td><td>5,801</td><td>192,952</td><td>136,242</td></tr><tr><td>July</td><td>635,526</td><td>204</td><td>48,371</td><td>185,810</td><td>96,794</td><td>6,031</td><td>166,851</td><td>131,465</td></tr><tr><td>August</td><td>773,448</td><td>14</td><td>60,833</td><td>196,273</td><td>132,149</td><td>5,867</td><td>192,138</td><td>136,175</td></tr><tr><td>September</td><td>718,377</td><td>1</td><td>72,974</td><td>199,501</td><td>119,417</td><td>5,719</td><td>178,972</td><td>141,794</td></tr><tr><td>October</td><td>741,224</td><td>5</td><td>53,199</td><td>216,314</td><td>111,450</td><td>6,065</td><td>202,854</td><td>151,336</td></tr><tr><td>November</td><td>727,867</td><td>8</td><td>56,319</td><td>223,781</td><td>111,264</td><td>6,526</td><td>191,803</td><td>138,135</td></tr><tr><td>December</td><td>665,318</td><td>3</td><td>58,888</td><td>169,557</td><td>92,279</td><td>6,712</td><td>188,024</td><td>149,856</td></tr></table>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax. Receipts on the Daily Treasury Statement basis are compiled from the latest daily reports from Government depositaries. Reports of collections do not coincide because of a lag in deposits of collections. Detail by tax is reported on a collection basis because it is not available on the basis of deposits. Excludes collections for credit to certain trust accounts for Territories
2/ Beginning with the fiscal year 1947, collections from the unjust enrichment tax, previously carried in this column, are included with other repealed taxes under "Miscellaneous".
3/ Repealed for years ending after June 30, 1945.
1/ Repealed taxes not separately shown are included under "Miscellaneous", beginning with figures for the fiscal year 1943.
March 1950
47
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Office of the Secretary of the Treasury Office of the Technical Staff
8-165-J
48
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First 6 months of fiscal year</th><th colspan="2">Sixth month of fiscal year</th></tr><tr><th></th><th>1948</th><th>1949</th><th>1949</th><th>1950</th><th>1949 (December 1948)</th><th>1950 (December 1949)</th></tr><tr><td colspan="7">Income and profits taxes:</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>11,533,577</td><td>10,055,502</td><td>4,932,527</td><td>4,801,689</td><td>34,475</td><td>35,981</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 2/</td><td>8,847,469</td><td>7,363,329</td><td>1,631,894</td><td>1,475,102</td><td>280,080</td><td>244,560</td></tr><tr><td>Back</td><td>616,734</td><td>632,991</td><td>297,910</td><td>286,132</td><td>62,454</td><td>47,517</td></tr><tr><td>Total individual income taxes</td><td>20,997,781</td><td>18,051,822</td><td>6,862,330</td><td>6,562,923</td><td>377,009</td><td>328,058</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 2/</td><td>8,864,251</td><td>10,504,602</td><td>5,066,282</td><td>5,540,102</td><td>1,919,754</td><td>2,211,649</td></tr><tr><td>Back</td><td>987,248</td><td>838,042</td><td>266,320</td><td>301,302</td><td>39,879</td><td>44,507</td></tr><tr><td>Excess profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value 3/</td><td>17,643</td><td>16,233</td><td>8,392</td><td>4,300</td><td>1,306</td><td>316</td></tr><tr><td>Revenue Act of 1940 1/</td><td>305,251</td><td>194,495</td><td>95,188</td><td>43,128</td><td>16,481</td><td>6,966</td></tr><tr><td>Army and Navy contracts 2/</td><td>16</td><td>297</td><td>32</td><td>204</td><td>-</td><td>167</td></tr><tr><td>Total corporation income and profits taxes</td><td>10,174,410</td><td>11,553,669</td><td>5,436,214</td><td>5,889,035</td><td>1,977,420</td><td>2,263,605</td></tr><tr><td>Total income and profits taxes</td><td>31,172,191</td><td>29,605,491</td><td>12,298,544</td><td>12,451,958</td><td>2,354,429</td><td>2,591,663</td></tr><tr><td colspan="7">Employment taxes:</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</td><td>1,612,721</td><td>1,687,151</td><td>875,977</td><td>855,202</td><td>4,570</td><td>5,146</td></tr><tr><td>Unemployment insurance</td><td>208,508</td><td>286,228</td><td>31,390</td><td>33,487</td><td>1,628</td><td>1,147</td></tr><tr><td>Total social security taxes</td><td>1,821,229</td><td>1,913,379</td><td>907,367</td><td>888,689</td><td>6,199</td><td>6,293</td></tr><tr><td>Railroad retirement</td><td>560,113</td><td>562,734</td><td>282,638</td><td>284,910</td><td>82,474</td><td>86,792</td></tr><tr><td>Total employment taxes</td><td>2,381,342</td><td>2,476,113</td><td>1,190,005</td><td>1,173,599</td><td>88,672</td><td>93,085</td></tr><tr><td colspan="7">Miscellaneous internal revenue:</td></tr><tr><td>Capital stock tax 6/</td><td>1,723</td><td>6,138</td><td>5,540</td><td>236</td><td>2,780</td><td>3</td></tr><tr><td>Estate tax</td><td>822,380</td><td>735,781</td><td>387,987</td><td>345,073</td><td>64,178</td><td>57,840</td></tr><tr><td>Gift tax</td><td>76,965</td><td>60,757</td><td>5,243</td><td>5,542</td><td>821</td><td>1,048</td></tr><tr><td>Liquor taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>109,965</td><td>121,773</td><td>67,194</td><td>71,003</td><td>14,122</td><td>13,809</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,326,261</td><td>1,276,175</td><td>699,875</td><td>700,997</td><td>97,689</td><td>97,233</td></tr><tr><td>Distilled spirits, rectification tax</td><td>31,983</td><td>33,793</td><td>19,280</td><td>16,958</td><td>2,548</td><td>2,120</td></tr><tr><td>Wines, cordiale, etc. (imported, excise)</td><td>2,533</td><td>2,448</td><td>1,414</td><td>1,382</td><td>398</td><td>610</td></tr><tr><td>Wines, cordiale, etc. (domestic, excise)</td><td>58,429</td><td>63,334</td><td>32,833</td><td>35,822</td><td>5,953</td><td>6,779</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>9,500</td><td>9,973</td><td>6,453</td><td>6,227</td><td>140</td><td>141</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>7</td><td>6</td><td>2</td><td>6</td><td>1</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>447</td><td>375</td><td>208</td><td>383</td><td>14</td><td>68</td></tr><tr><td>Container stamps</td><td>12,036</td><td>11,907</td><td>6,472</td><td>6,317</td><td>838</td><td>826</td></tr><tr><td>Floor taxes</td><td>43</td><td>20</td><td>13</td><td>2</td><td>1</td><td>*</td></tr><tr><td>Fermented malt liquors</td><td>697,097</td><td>686,368</td><td>360,720</td><td>348,969</td><td>53,181</td><td>47,898</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>4,020</td><td>4,430</td><td>2,990</td><td>3,171</td><td>73</td><td>74</td></tr><tr><td>Total liquor taxes</td><td>2,255,320</td><td>2,210,601</td><td>1,197,454</td><td>1,191,236</td><td>174,958</td><td>169,557</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>46,686</td><td>45,530</td><td>24,328</td><td>22,314</td><td>3,459</td><td>2,915</td></tr><tr><td>Cigars (small)</td><td>36</td><td>59</td><td>31</td><td>33</td><td>5</td><td>3</td></tr><tr><td>Cigarettes (large)</td><td>5</td><td>7</td><td>3</td><td>3</td><td>1</td><td>*</td></tr><tr><td>Cigarettes (small)</td><td>1,208,199</td><td>1,232,728</td><td>618,500</td><td>618,879</td><td>86,363</td><td>86,300</td></tr><tr><td>Snuff</td><td>7,372</td><td>7,272</td><td>3,613</td><td>3,757</td><td>618</td><td>683</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>37,024</td><td>35,435</td><td>18,361</td><td>17,848</td><td>2,351</td><td>2,298</td></tr><tr><td>Cigarette papers and tubes</td><td>926</td><td>841</td><td>414</td><td>518</td><td>72</td><td>81</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>2</td><td>2</td><td>1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>1,300,280</td><td>1,321,875</td><td>665,251</td><td>663,353</td><td>92,869</td><td>92,879</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>50,771</td><td>46,667</td><td>24,458</td><td>22,720</td><td>4,267</td><td>4,048</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>20,374</td><td>17,910</td><td>9,259</td><td>9,429</td><td>1,771</td><td>1,760</td></tr><tr><td>Playing cards</td><td>7,867</td><td>7,564</td><td>3,870</td><td>4,714</td><td>738</td><td>898</td></tr><tr><td>Silver bullion sales or transfers</td><td>454</td><td>687</td><td>190</td><td>55</td><td>16</td><td>6</td></tr><tr><td>Total stamp taxes</td><td>79,466</td><td>72,828</td><td>37,776</td><td>36,919</td><td>6,793</td><td>6,712</td></tr></table>
Footnotes at end of table.
(Continued on following page)
March 1950
49
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax - (Continued
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First 6 months of fiscal year</th><th colspan="2">Sixth month of fiscal year</th></tr><tr><th></th><th>1948</th><th>1949</th><th>1949</th><th>1950</th><th>1949 (December 1948)</th><th>1950 (December 1949)</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>80,887</td><td>81,760</td><td>39,971</td><td>38,529</td><td>6,843</td><td>4,810</td></tr><tr><td>Gasoline</td><td>478,638</td><td>503,647</td><td>271,685</td><td>272,101</td><td>53,870</td><td>45,589</td></tr><tr><td>Tires and tubes</td><td>159,284</td><td>150,899</td><td>84,015</td><td>79,424</td><td>12,985</td><td>7,909</td></tr><tr><td>Automobile trucks and buses</td><td>91,963</td><td>136,797</td><td>82,327</td><td>60,062</td><td>15,131</td><td>6,618</td></tr><tr><td>Other automobiles and motorcycles</td><td>270,958</td><td>332,812</td><td>133,986</td><td>250,048</td><td>31,377</td><td>42,735</td></tr><tr><td>Parts and accessories for automobiles</td><td>122,951</td><td>120,138</td><td>68,848</td><td>47,033</td><td>13,447</td><td>7,687</td></tr><tr><td>Electrical energy</td><td>69,701</td><td>79,347</td><td>37,508</td><td>40,710</td><td>7,666</td><td>7,203</td></tr><tr><td>Electric, gas, and oil appliances</td><td>87,858</td><td>80,935</td><td>48,302</td><td>36,909</td><td>9,301</td><td>8,394</td></tr><tr><td>Electric light bulbs and tubes</td><td>24,936</td><td>26,172</td><td>12,140</td><td>9,245</td><td>2,798</td><td>2,747</td></tr><tr><td>Radio eote, phonograph, componente, etc.</td><td>67,267</td><td>49,160</td><td>26,712</td><td>18,191</td><td>5,634</td><td>4,499</td></tr><tr><td>Phonograph records</td><td>7,532</td><td>6,483</td><td>2,946</td><td>2,400</td><td>613</td><td>440</td></tr><tr><td>Musical instruments</td><td>10,573</td><td>9,293</td><td>4,174</td><td>4,174</td><td>936</td><td>661</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>58,473</td><td>77,833</td><td>39,474</td><td>27,503</td><td>6,575</td><td>3,012</td></tr><tr><td>Matches</td><td>10,610</td><td>8,738</td><td>4,013</td><td>4,806</td><td>890</td><td>554</td></tr><tr><td>Business and store machine</td><td>32,707</td><td>33,344</td><td>17,935</td><td>14,413</td><td>5,241</td><td>3,159</td></tr><tr><td>Photographic apparatus</td><td>43,935</td><td>43,140</td><td>23,664</td><td>21,617</td><td>4,307</td><td>2,930</td></tr><tr><td>Sporting goode</td><td>18,828</td><td>19,846</td><td>10,729</td><td>7,354</td><td>1,354</td><td>992</td></tr><tr><td>Firearms, shells and cartridges</td><td>11,277</td><td>10,379</td><td>6,719</td><td>5,441</td><td>1,107</td><td>828</td></tr><tr><td>Pistole and revolvere</td><td>858</td><td>810</td><td>406</td><td>245</td><td>73</td><td>35</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,649,234</td><td>1,771,533</td><td>916,100</td><td>940,204</td><td>180,138</td><td>151,803</td></tr><tr><td>Retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pure</td><td>79,539</td><td>61,946</td><td>27,981</td><td>19,771</td><td>9,876</td><td>6,738</td></tr><tr><td>Jewelry</td><td>217,899</td><td>210,688</td><td>94,551</td><td>82,487</td><td>19,246</td><td>15,985</td></tr><tr><td>Luggage</td><td>80,632</td><td>82,607</td><td>38,580</td><td>34,926</td><td>7,413</td><td>6,187</td></tr><tr><td>Toilet preparations</td><td>91,852</td><td>93,969</td><td>43,017</td><td>43,255</td><td>8,080</td><td>7,312</td></tr><tr><td>Total retailers' excise taxes</td><td>469,923</td><td>449,211</td><td>204,130</td><td>180,438</td><td>44,614</td><td>36,221</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sugar Act of 1937</td><td>71,247</td><td>76,174</td><td>44,265</td><td>39,824</td><td>7,575</td><td>5,054</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities</td><td>275,255</td><td>311,380</td><td>161,790</td><td>155,676</td><td>36,273</td><td>29,167</td></tr><tr><td>Local telephone service</td><td>193,521</td><td>224,531</td><td>113,370</td><td>118,667</td><td>24,562</td><td>23,664</td></tr><tr><td>Transportation of oil by pipe line</td><td>18,773</td><td>19,325</td><td>9,963</td><td>9,403</td><td>2,316</td><td>1,536</td></tr><tr><td>Transportation of persons, etc.</td><td>246,323</td><td>251,389</td><td>139,965</td><td>126,185</td><td>22,269</td><td>17,385</td></tr><tr><td>Transportation of property</td><td>317,203</td><td>337,030</td><td>178,723</td><td>163,412</td><td>34,572</td><td>29,744</td></tr><tr><td>Leases of safe-deposit boxes</td><td>9,081</td><td>9,461</td><td>4,361</td><td>4,433</td><td>683</td><td>535</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>385,101</td><td>385,843</td><td>210,255</td><td>201,945</td><td>38,100</td><td>33,561</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>53,527</td><td>48,857</td><td>26,486</td><td>21,464</td><td>4,661</td><td>3,569</td></tr><tr><td>Club dues and initiation fees</td><td>25,499</td><td>27,790</td><td>12,792</td><td>13,043</td><td>2,076</td><td>2,170</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,086</td><td>3,805</td><td>2,981</td><td>2,848</td><td>-346</td><td>65</td></tr><tr><td>Coin operated devices</td><td>19,271</td><td>21,088</td><td>17,482</td><td>16,638</td><td>836</td><td>138</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheese</td><td>20</td><td>21</td><td>15</td><td>2</td><td>*</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes</td><td>9,806</td><td>17,541</td><td>9,092</td><td>15,478</td><td>1,122</td><td>2,713</td></tr><tr><td>Narcotice, including marijuana and special taxes</td><td>889</td><td>815</td><td>395</td><td>368</td><td>41</td><td>29</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>25,704</td><td>17,460</td><td>8,607</td><td>9,085</td><td>1,565</td><td>504</td></tr><tr><td>National Firearms Act</td><td>9</td><td>11</td><td>6</td><td>4</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not shown separately</td><td>397</td><td>273</td><td>92</td><td>284</td><td>10</td><td>20</td></tr><tr><td>Total miscellaneous taxes</td><td>1,655,712</td><td>1,752,792</td><td>940,540</td><td>898,761</td><td>176,316</td><td>149,856</td></tr><tr><td>Total miscellaneous internal revenue</td><td>8,311,003</td><td>8,381,515</td><td>4,360,022</td><td>4,261,760</td><td>743,465</td><td>665,318</td></tr><tr><td>Total internal revenue collections</td><td>41,864,536</td><td>40,463,119</td><td>17,848,572</td><td>17,887,316</td><td>3,186,567</td><td>3,350,066</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-11,051</td><td>-155,834</td><td>-66,635</td><td>+29,700</td><td>+691,920</td><td>+723,498</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,853,485</td><td>40,307,285</td><td>17,781,937</td><td>17,917,017</td><td>3,878,487</td><td>4,073,564</td></tr></table>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax. Receipts on the Daily Treasury Statement basis are compiled from the latest daily reports from Government depositaries. Reports of collections do not coincide because of a lag in deposits of collections. Detail by tax is reported on a collection basis because it is not available on the basis of deposits.
1/ Excludes collections for credit to certain trust accounts for Territories and insular possessions, etc.; includes corporation income tax on Alaska Railroad.
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.
3/ Repealed for years ending after June 30, 1946.
4/ Repealed for years ending after December 31, 1945.
5/ Under the Vinson Act.
6/ Repealed for years ending after June 30, 1945.
* Less than $500.
50
Treasury Bulletin
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="8">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Coin certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</th></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>17,121</td><td>16,492</td><td>57</td><td>1,619</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,857</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>1947</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr><tr><td>1948</td><td>27,903</td><td>26,182</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</td></tr><tr><td>1949</td><td>27,493</td><td>26,034</td><td>43</td><td>2,061</td><td>1</td><td>319</td><td>23,209</td><td>309</td><td>93</td></tr><tr><td>1949-July</td><td>27,394</td><td>25,937</td><td>43</td><td>2,050</td><td>1</td><td>316</td><td>23,130</td><td>306</td><td>92</td></tr><tr><td>August</td><td>27,393</td><td>25,931</td><td>42</td><td>2,071</td><td>1</td><td>317</td><td>23,106</td><td>302</td><td>91</td></tr><tr><td>September</td><td>27,412</td><td>25,945</td><td>42</td><td>2,095</td><td>1</td><td>315</td><td>23,101</td><td>299</td><td>91</td></tr><tr><td>October</td><td>27,407</td><td>25,933</td><td>42</td><td>2,104</td><td>1</td><td>315</td><td>23,085</td><td>296</td><td>90</td></tr><tr><td>November</td><td>27,533</td><td>26,059</td><td>42</td><td>2,114</td><td>1</td><td>317</td><td>23,202</td><td>293</td><td>90</td></tr><tr><td>December</td><td>27,600</td><td>26,116</td><td>42</td><td>2,120</td><td>1</td><td>312</td><td>23,262</td><td>291</td><td>89</td></tr><tr><td>1950-January p</td><td>26,940</td><td>25,483</td><td>41</td><td>2,023</td><td>1</td><td>306</td><td>22,736</td><td>286</td><td>89</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></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>191.61</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>199.99</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.46</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>316</td><td>190.37</td></tr><tr><td>1949</td><td>1,459</td><td>164</td><td>940</td><td>355</td><td>184.25</td></tr><tr><td>1949-July</td><td>1,457</td><td>165</td><td>937</td><td>356</td><td>183.30</td></tr><tr><td>August</td><td>1,462</td><td>166</td><td>938</td><td>357</td><td>182.99</td></tr><tr><td>September</td><td>1,468</td><td>166</td><td>943</td><td>358</td><td>182.81</td></tr><tr><td>October</td><td>1,474</td><td>167</td><td>948</td><td>359</td><td>182.49</td></tr><tr><td>November</td><td>1,434</td><td>167</td><td>956</td><td>361</td><td>183.14</td></tr><tr><td>December</td><td>1,484</td><td>168</td><td>955</td><td>361</td><td>183.25</td></tr><tr><td>1950-January p.</td><td>1,457</td><td>168</td><td>934</td><td>356</td><td>178.62</td></tr></table>
Source: Circulation Statement of United States Money.
1/ Excludes money held by the Treasury, money held by or for the account of the Federal Reserve Banks and their agents, and coin estimated to be held outside the continental limits of the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates were withdrawn from circulation in 1933.
3/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
p Preliminary.
March 1950
51
MONETARY STATISTICS
Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts in millions)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29× per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks (in percent)</th></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>22,397.5</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>1947</td><td>21,266.5</td><td>3,325.7</td><td>14.2</td></tr><tr><td>1948</td><td>23,532.5</td><td>3,571.0</td><td>13.2</td></tr><tr><td>1949</td><td>24,466.3</td><td>3,618.3</td><td>12.9</td></tr><tr><td>1949-July</td><td>24,520.0</td><td>3,622.4</td><td>12.9</td></tr><tr><td>August</td><td>24,507.9</td><td>3,626.3</td><td>12.8</td></tr><tr><td>September</td><td>24,601.8</td><td>3,629.2</td><td>12.9</td></tr><tr><td>October</td><td>24,583.6</td><td>3,631.9</td><td>12.9</td></tr><tr><td>November</td><td>24,479.0</td><td>3,638.2</td><td>12.9</td></tr><tr><td>December</td><td>24,427.1</td><td>3,643.1</td><td>13.0</td></tr><tr><td>1950-January p.</td><td>24,394.6</td><td>3,645.8</td><td>13.0</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures. For detail of silver monetary stock, see Table 4.
p Preliminary.
Table 3.- Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>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>21,937.3</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>194.9</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>1947</td><td>22,753.9</td><td>21,544.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>1948</td><td>24,243.9</td><td>23,010.0</td><td>156.0</td><td>-</td><td>1,077.9</td></tr><tr><td>1949</td><td>24,427.1</td><td>23,217.9</td><td>156.0</td><td>-</td><td>1,053.2</td></tr><tr><td>1949-July</td><td>24,520.0</td><td>23,327.4</td><td>156.0</td><td>-</td><td>1,036.6</td></tr><tr><td>August</td><td>24,607.9</td><td>23,404.3</td><td>156.0</td><td>-</td><td>1,047.6</td></tr><tr><td>September</td><td>24,601.8</td><td>23,392.1</td><td>156.0</td><td>-</td><td>1,053.6</td></tr><tr><td>October</td><td>24,583.6</td><td>23,362.4</td><td>156.0</td><td>-</td><td>1,065.2</td></tr><tr><td>November</td><td>24,479.0</td><td>23,273.7</td><td>156.0</td><td>-</td><td>1,049.2</td></tr><tr><td>December</td><td>24,427.1</td><td>23,217.9</td><td>156.0</td><td>-</td><td>1,053.2</td></tr><tr><td>1950-January p</td><td>24,394.6</td><td>23,209.6</td><td>156.0</td><td>-</td><td>1,029.0</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - Board of Governors, Federal Reserve System, and
(b) the redemption fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1990. 3/ Excludes gold in active portion of Exchange Stabilization Fund. p Preliminary.
52
Treasury Bulletin
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29+ per fine ounce</th></tr><tr><th>Securing silver certificate 1/ Silver bullion 2/</th><th>Silver dollars</th><th>Subdiary coin 3/</th><th>In General Fund Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollar 1/</th><th>Subdiary coin 3/</th></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>400.1</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>771.5</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>1947</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1948</td><td>1,971.5</td><td>328.1</td><td>5.9</td><td>-</td><td>89.3</td><td>165.0</td><td>971.5</td><td>3,596.7</td></tr><tr><td>1949</td><td>2,003.2</td><td>321.9</td><td>11.4</td><td>-</td><td>94.4</td><td>171.0</td><td>982.2</td><td>3,643.1</td></tr><tr><td>1949-July</td><td>1,989.2</td><td>325.3</td><td>14.9</td><td>.3</td><td>90.8</td><td>167.6</td><td>974.6</td><td>3,622.4</td></tr><tr><td>August</td><td>1,992.1</td><td>324.1</td><td>14.3</td><td>.3</td><td>91.2</td><td>168.7</td><td>975.4</td><td>3,626.3</td></tr><tr><td>September</td><td>1,995.7</td><td>323.2</td><td>13.5</td><td>.3</td><td>90.8</td><td>169.6</td><td>976.6</td><td>3,629.2</td></tr><tr><td>October</td><td>1,997.2</td><td>322.9</td><td>12.4</td><td>.7</td><td>91.4</td><td>170.0</td><td>978.0</td><td>3,631.9</td></tr><tr><td>November</td><td>2,001.1</td><td>322.4</td><td>11.6</td><td>.4</td><td>92.0</td><td>170.4</td><td>980.7</td><td>3,638.2</td></tr><tr><td>December</td><td>2,003.2</td><td>321.9</td><td>11.4</td><td>-</td><td>94.4</td><td>171.0</td><td>982.2</td><td>3,643.1</td></tr><tr><td>1950-January p.</td><td>2,006.5</td><td>321.8</td><td>12.9</td><td>.1</td><td>93.6</td><td>171.0</td><td>982.1</td><td>3,645.8</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for certain preliminary figures.
1/ Valued at $1.294 per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government (see Daily Treasury Statement for amount). Does not include silver leased to foreign governments (these transactions all took place during the fiscal years 1942 through 1946; see 1946 Annual Report of the
3 Secretary of the Treasury for amounts). Valued at $1.38+ per fine ounce. Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion is held for recoining of subsidiary silver coins or for recoining of standard silver dollars. p Preliminary. * Less than $50,000.
Table 5.- Silver Production In the United States and Acquisitions 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>Ouncee</th><th>Ouncee</th><th>Dollare</th><th>Ouncee</th><th>Dollare</th><th>Ouncee</th><th>Dollare</th></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</td><td>4.4</td><td>-</td><td>-</td><td>4.9</td><td>4.4</td></tr><tr><td>1947</td><td>36.1</td><td>30.3 4/</td><td>27.4 4/</td><td>-</td><td>-</td><td>30.3 4/</td><td>27.4 4/</td></tr><tr><td>1948</td><td>36.1</td><td>36.8</td><td>33.3</td><td>-</td><td>-</td><td>36.8</td><td>33.3</td></tr><tr><td>1949</td><td>34.6</td><td>33.0</td><td>29.9</td><td>-</td><td>-</td><td>33.0</td><td>29.9</td></tr><tr><td>1949-January</td><td>2.8</td><td>2.8</td><td>2.6</td><td>-</td><td>-</td><td>2.8</td><td>2.6</td></tr><tr><td>February</td><td>2.8</td><td>2.3</td><td>2.1</td><td>-</td><td>-</td><td>2.3</td><td>2.1</td></tr><tr><td>March</td><td>2.7</td><td>3.7</td><td>3.3</td><td>-</td><td>-</td><td>3.7</td><td>3.3</td></tr><tr><td>April</td><td>3.3</td><td>3.1</td><td>2.8</td><td>-</td><td>-</td><td>3.1</td><td>2.8</td></tr><tr><td>May</td><td>3.6</td><td>3.1</td><td>2.8</td><td>-</td><td>-</td><td>3.1</td><td>2.8</td></tr><tr><td>June</td><td>2.7</td><td>1.7</td><td>1.5</td><td>-</td><td>-</td><td>1.7</td><td>1.5</td></tr><tr><td>July</td><td>2.3</td><td>3.2</td><td>2.9</td><td>-</td><td>-</td><td>3.2</td><td>2.9</td></tr><tr><td>August</td><td>2.9</td><td>3.0</td><td>2.8</td><td>-</td><td>-</td><td>3.0</td><td>2.8</td></tr><tr><td>September</td><td>2.2</td><td>2.2</td><td>2.0</td><td>-</td><td>-</td><td>2.2</td><td>2.0</td></tr><tr><td>October</td><td>2.9</td><td>2.1</td><td>1.9</td><td>-</td><td>-</td><td>2.1</td><td>1.9</td></tr><tr><td>November</td><td>3.1</td><td>1.9</td><td>1.7</td><td>-</td><td>-</td><td>1.9</td><td>1.7</td></tr><tr><td>December</td><td>3.2</td><td>4.0</td><td>3.6</td><td>-</td><td>-</td><td>4.0</td><td>3.6</td></tr></table>
Source: Annual figures from the Bureau of the Mint. Monthly figures on U. S. silver production from releases of the American Bureau of Metal Statistics; these will not agree with the annual figures.
1/ For information on silver production in other countries, see annual reports of the Director of the Mint. Data from 1933 through 1941 are summarized in the "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cente per fine ounce from that date until April 23, 1935; at 77.57 cente per fine ounce from April 23, 1935, to December 31, 1937; at 64.64 cente
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. 3/ Acquired at various pricee averaging approximately 51 cente per fine ounce. 4/ Include 0.2 million ounces valued at 71.11 cente per fine ounce totalling $0.2 million, and 30.1 million ounces valued at 90.5 cente per fine ounce totalling $27.2 million. * Less than 50,000 ounces or $50,000.
March 1950
53
MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Acts 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>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>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>1947</td><td>520.5</td><td>48.7</td><td>87.6</td><td>74.5</td><td>832.1</td><td>34.7</td><td>1,077.6</td><td>146.8</td></tr><tr><td>1948</td><td>559.2</td><td>48.7</td><td>87.6</td><td>84.6</td><td>832.2</td><td>34.7</td><td>1,087.8</td><td>129.9</td></tr><tr><td>1949</td><td>578.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>833.6</td><td>34.7</td><td>1,098.1</td><td>127.2</td></tr><tr><td>1949-July</td><td>572.2</td><td>48.7</td><td>87.6</td><td>89.9</td><td>832.2</td><td>34.7</td><td>1,093.1</td><td>126.2</td></tr><tr><td>August</td><td>572.7</td><td>48.7</td><td>87.6</td><td>90.9</td><td>832.2</td><td>34.7</td><td>1,094.1</td><td>124.2</td></tr><tr><td>September</td><td>573.8</td><td>48.7</td><td>87.6</td><td>91.9</td><td>832.2</td><td>34.7</td><td>1,095.1</td><td>123.1</td></tr><tr><td>October</td><td>574.5</td><td>48.7</td><td>87.6</td><td>92.3</td><td>832.2</td><td>34.7</td><td>1,095.5</td><td>124.4</td></tr><tr><td>November</td><td>576.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>832.2</td><td>34.7</td><td>1,096.7</td><td>124.3</td></tr><tr><td>December</td><td>578.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>833.6</td><td>34.7</td><td>1,098.1</td><td>127.2</td></tr><tr><td>1950-January</td><td>579.8</td><td>48.7</td><td>87.6</td><td>94.4</td><td>833.6</td><td>34.7</td><td>1,099.0</td><td>122.2</td></tr></table>
Source: Office of the Treasurer of the United States. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Table 7.- Net Treasury Gold Receipts by Sources
(In millions of dollars at $35 per fine ounce; negative figures indicate net sales)
<table><tr><th>Period</th><th>Foreign 1/</th><th colspan="2">Domestic</th><th>Total</th><th>Period</th><th>Foreign 1/</th><th colspan="2">Domestic</th><th>Total</th></tr><tr><th></th><th></th><th>Newly mined 2/</th><th>Miscellaneous 3/</th><th></th><th></th><th></th><th>Newly mined 2/</th><th>Miscellaneous 3/</th><th></th></tr><tr><td>1944-Jan.-Mar.</td><td>-335.65</td><td>-3.61</td><td>1.50</td><td>-337.76</td><td>1947-Jan.-Mar.</td><td>-66.74</td><td>-1.28</td><td>1.50</td><td>-66.42</td></tr><tr><td>Apr.-June</td><td>-419.55</td><td>-7.11</td><td>.31</td><td>-426.35</td><td>Apr.-June</td><td>793.00</td><td>9.48</td><td>1.45</td><td>803.93</td></tr><tr><td>July-Sept.</td><td>-343.20</td><td>-5.67</td><td>.87</td><td>-348.00</td><td>July-Sept.</td><td>686.81</td><td>.70</td><td>1.30</td><td>688.81</td></tr><tr><td>Oct.-Dec.</td><td>-194.36</td><td>-12.70</td><td>.80</td><td>-206.26</td><td>Oct.-Dec.</td><td>799.82</td><td>-2.54</td><td>1.31</td><td>798.59</td></tr><tr><td>1945-Jan.-Mar.</td><td>-183.33</td><td>-17.89</td><td>1.10</td><td>-200.12</td><td>1948-Jan.-Mar.</td><td>384.63</td><td>-4.89</td><td>2.88</td><td>382.62</td></tr><tr><td>Apr.-June</td><td>-188.08</td><td>-18.48</td><td>.85</td><td>-205.71</td><td>Apr.-June</td><td>405.02</td><td>-10.48</td><td>1.40</td><td>395.94</td></tr><tr><td>July-Sept.</td><td>-126.32</td><td>-14.70</td><td>.85</td><td>-140.17</td><td>July-Sept.</td><td>334.65</td><td>3.81</td><td>1.40</td><td>339.86</td></tr><tr><td>Oct.-Dec.</td><td>10.02</td><td>-18.90</td><td>1.01</td><td>-7.87</td><td>Oct.-Dec.</td><td>369.12</td><td>.90</td><td>1.59</td><td>371.61</td></tr><tr><td>1946-Jan.-Mar.</td><td>213.88</td><td>-24.15</td><td>1.47</td><td>191.20</td><td>1949-Jan.-Mar.</td><td>69.82</td><td>-1.30</td><td>1.61</td><td>70.13</td></tr><tr><td>Apr.-June</td><td>44.77</td><td>-31.56</td><td>.59</td><td>13.80</td><td>Apr.-June</td><td>163.11</td><td>-12.31</td><td>1.45</td><td>152.25</td></tr><tr><td>July-Sept.</td><td>50.95</td><td>-13.61</td><td>-2.00</td><td>35.34</td><td>July-Sept.</td><td>151.65</td><td>-17.50</td><td>1.22</td><td>135.37</td></tr><tr><td>Oct.-Dec.</td><td>241.84</td><td>-15.86</td><td>-2.27</td><td>223.71</td><td>Oct.-Dec.</td><td>-161.17</td><td>-14.82</td><td>1.31</td><td>-174.68</td></tr></table>
1/ Gold received by importation less gold released for exportation, including earmarking transactions.
2/ Receipts less sales to domestic industry.
3/ Receipts of domestic coin, secondary gold, etc., less sales to domestic industry.
54
Treasury Bulletin
CAPITAL MOVEMENTS
Monthly data relating to capital movements between the United States and foreign countries as reported by banks, bankers, and brokers throughout the United States appear in the first four sections of "Capital Movements". Supplementary data are presented at less frequent intervals in Section V. All reports are made initially to the Federal Reserve Banks, which forward consolidated figures to the Treasury.
Section I contains the historical summary of principal types of monthly data on capital movements, beginning with 1935 when the information was first compiled. Section II supplies a summary by countries for recent months of the principal series. Section III presents data by countries for certain components of total short-term claims and liabilities and total long-term security transactions. This information is given for the latest month for which final figures are available. Similar information for the latest month for which preliminary figures are available is presented in Section III A. "Short-term" as used in all tables on capital movements refers to original maturities of one-year or less, and "long-term" refers to all other maturities. Section IV contains data for recent months on
outstanding contracts of banks for forward purchases and sales of foreign exchange.
The supplementary information in Section V is presented in two tables, appearing at different times. Table I gives data by countries on short-term claims on and liabilities to foreigners as reported quarterly by exporters, importers, and industrial and commercial concerns in the United States. This information was published for the first time in the October 1949 issue of the "Treasury Bulletin" and begins with data for September 30, 1946. Table 2 supplies information by countries on long-term claims on and liabilities to foreigners as reported by banks and bankers in the United States. This table appeared for the first time in the December 1949 issue. Data are for the end of the calendar year beginning with 1942.
Publication of detailed figures in the monthly series on capital movements was discontinued between the March 1942 and the November 1945 issues of the "Treasury Bulletin", but data omitted during that period were supplied in the November 1945 issue and supplement.
Section I - Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(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>1935-41</td><td>5,354,071</td><td>3,770,922</td><td>100,870</td><td>626,731</td><td>855,548</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</td><td>325,663</td><td>395,524</td><td>-11,318</td><td>-97,555</td><td>39,012</td></tr><tr><td>1948</td><td>225,417</td><td>531,777</td><td>-19,313</td><td>-192,215</td><td>-94,832</td></tr><tr><td>1949 p.</td><td>231,773</td><td>130,147</td><td>1,120</td><td>84,963</td><td>15,543</td></tr><tr><td>1949-January</td><td>91,463</td><td>193,050</td><td>-2,817</td><td>-103,561</td><td>4,791</td></tr><tr><td>February</td><td>60,404</td><td>55,729</td><td>-2,216</td><td>5,545</td><td>1,346</td></tr><tr><td>March</td><td>-74,464</td><td>-66,955</td><td>4,528</td><td>5,652</td><td>-17,689</td></tr><tr><td>April</td><td>-48,193</td><td>-52,329</td><td>-3,704</td><td>2,222</td><td>5,618</td></tr><tr><td>May</td><td>-121,056</td><td>-132,680</td><td>-3,808</td><td>11,080</td><td>4,352</td></tr><tr><td>June</td><td>90,228</td><td>81,036</td><td>1,180</td><td>-2,046</td><td>10,058</td></tr><tr><td>July</td><td>-109,541</td><td>-142,725</td><td>3,189</td><td>20,982</td><td>9,013</td></tr><tr><td>August</td><td>76,742</td><td>-29,363</td><td>1,696</td><td>96,426</td><td>3,983</td></tr><tr><td>September</td><td>-43,271</td><td>-13,241</td><td>5,806</td><td>47,217</td><td>-80,053</td></tr><tr><td>October</td><td>167,839</td><td>117,501</td><td>-187</td><td>-2,387</td><td>52,912</td></tr><tr><td>November p.</td><td>3,686</td><td>5,337</td><td>-5,246</td><td>-8,341</td><td>11,936</td></tr><tr><td>December p.</td><td>134,936</td><td>110,787</td><td>2,699</td><td>12,174</td><td>9,276</td></tr></table>
P Preliminary
March 1950
55
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Poetion at end of period in thousande of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Short-term claims on foreigners</th><th colspan="4">Short-term liabilities to foreigners</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th colspan="2">Payable in dollar</th><th>Total</th><th colspan="2">Payable in dollars</th><th>Payable in foreign currencies</th><th></th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></th><th></th></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>1,218,533</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>1,910,898</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>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,529</td><td>5,772,009</td></tr><tr><td>1947</td><td>948,936</td><td>165,439</td><td>292,866</td><td>490,631</td><td>7,116,419</td><td>4,809,245</td><td>2,257,510</td><td>49,664</td><td>6,167,483</td></tr><tr><td>1948</td><td>1,018,700</td><td>100,371</td><td>361,197</td><td>557,132</td><td>7,717,960</td><td>5,209,820</td><td>2,437,751</td><td>70,339</td><td>6,699,260</td></tr><tr><td>1949 p</td><td>807,278</td><td>112,223</td><td>222,470</td><td>472,585</td><td>7,628,234</td><td>5,080,307</td><td>2,496,829</td><td>51,098</td><td>6,820,956</td></tr><tr><td>1949-January</td><td>996,140</td><td>97,354</td><td>332,029</td><td>566,757</td><td>7,888,450</td><td>5,225,430</td><td>2,596,439</td><td>66,581</td><td>6,892,310</td></tr><tr><td>February</td><td>997,107</td><td>97,463</td><td>333,763</td><td>565,881</td><td>7,945,146</td><td>5,226,812</td><td>2,652,076</td><td>66,258</td><td>6,948,039</td></tr><tr><td>March</td><td>983,008</td><td>105,865</td><td>329,724</td><td>547,419</td><td>7,864,092</td><td>5,084,794</td><td>2,714,566</td><td>64,732</td><td>6,881,084</td></tr><tr><td>April</td><td>957,508</td><td>82,615</td><td>334,958</td><td>539,935</td><td>7,786,263</td><td>5,032,161</td><td>2,691,236</td><td>62,866</td><td>6,828,755</td></tr><tr><td>May</td><td>886,073</td><td>83,146</td><td>283,165</td><td>519,762</td><td>7,582,148</td><td>4,821,892</td><td>2,695,069</td><td>65,187</td><td>6,696,075</td></tr><tr><td>June</td><td>860,453</td><td>77,517</td><td>262,741</td><td>520,205</td><td>7,637,574</td><td>4,873,826</td><td>2,694,534</td><td>69,214</td><td>6,777,111</td></tr><tr><td>July</td><td>847,998</td><td>77,808</td><td>251,840</td><td>518,350</td><td>7,482,384</td><td>4,720,384</td><td>2,693,578</td><td>68,422</td><td>6,634,386</td></tr><tr><td>August</td><td>797,452</td><td>74,662</td><td>227,395</td><td>195,395</td><td>7,406,475</td><td>4,759,289</td><td>2,574,278</td><td>72,908</td><td>6,609,023</td></tr><tr><td>September</td><td>817,484</td><td>112,314</td><td>226,971</td><td>478,199</td><td>7,413,266</td><td>4,893,288</td><td>2,505,341</td><td>54,637</td><td>6,595,782</td></tr><tr><td>October</td><td>848,461</td><td>131,667</td><td>223,826</td><td>492,968</td><td>7,561,744</td><td>5,004,933</td><td>2,504,619</td><td>52,192</td><td>6,713,283</td></tr><tr><td>November p</td><td>832,600</td><td>122,615</td><td>223,410</td><td>486,575</td><td>7,542,769</td><td>4,975,370</td><td>2,514,746</td><td>52,653</td><td>6,710,169</td></tr><tr><td>December p</td><td>807,278</td><td>112,223</td><td>222,470</td><td>472,585</td><td>7,628,234</td><td>5,080,307</td><td>2,496,829</td><td>51,098</td><td>6,820,956</td></tr></table>
Preliminary
Table 3.- Net Movements 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 movement of short-term banking fund</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>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currency</th></tr><tr><td>1935-41</td><td>736,307</td><td>307,187</td><td>6,109</td><td>422,711</td><td>3,034,615</td><td>2,806,001</td><td>266,156</td><td>-37,542</td><td>3,770,922</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>1,179,314</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>-13,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</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</td><td>-240,683</td><td>-67,320</td><td>26,773</td><td>-200,136</td><td>636,207</td><td>115,364</td><td>511,788</td><td>9,035</td><td>395,524</td></tr><tr><td>1948</td><td>-69,764</td><td>65,068</td><td>-68,331</td><td>-66,501</td><td>601,541</td><td>400,575</td><td>180,241</td><td>20,725</td><td>531,777</td></tr><tr><td>1949 p</td><td>217,373</td><td>-11,852</td><td>149,727</td><td>79,198</td><td>-87,226</td><td>-127,913</td><td>59,978</td><td>-19,291</td><td>130,147</td></tr><tr><td>1949-January</td><td>22,560</td><td>3,017</td><td>29,168</td><td>-9,625</td><td>170,490</td><td>15,610</td><td>158,688</td><td>-3,808</td><td>193,050</td></tr><tr><td>February</td><td>-967</td><td>-109</td><td>-1,734</td><td>876</td><td>56,696</td><td>1,382</td><td>55,637</td><td>-323</td><td>55,729</td></tr><tr><td>March</td><td>14,099</td><td>-8,402</td><td>4,039</td><td>18,462</td><td>-81,054</td><td>-142,018</td><td>62,490</td><td>-1,526</td><td>-66,955</td></tr><tr><td>April</td><td>25,500</td><td>23,250</td><td>-5,234</td><td>7,404</td><td>-77,829</td><td>-52,633</td><td>-23,330</td><td>-1,866</td><td>-52,329</td></tr><tr><td>May</td><td>71,435</td><td>-531</td><td>51,793</td><td>20,173</td><td>-204,115</td><td>-210,269</td><td>3,833</td><td>2,321</td><td>-132,680</td></tr><tr><td>June</td><td>25,610</td><td>5,629</td><td>20,424</td><td>-443</td><td>55,426</td><td>51,934</td><td>-535</td><td>4,027</td><td>81,036</td></tr><tr><td>July</td><td>12,465</td><td>-291</td><td>10,901</td><td>1,855</td><td>-155,190</td><td>-153,442</td><td>-956</td><td>-792</td><td>-142,725</td></tr><tr><td>August</td><td>50,546</td><td>3,146</td><td>24,445</td><td>22,955</td><td>-75,909</td><td>38,905</td><td>-119,300</td><td>4,436</td><td>-25,361</td></tr><tr><td>September</td><td>-20,032</td><td>-37,652</td><td>424</td><td>17,196</td><td>6,791</td><td>93,999</td><td>-68,937</td><td>-18,271</td><td>-13,241</td></tr><tr><td>October</td><td>-30,977</td><td>-19,353</td><td>3,445</td><td>-14,769</td><td>148,478</td><td>151,645</td><td>-722</td><td>-2,445</td><td>117,501</td></tr><tr><td>November p</td><td>21,812</td><td>9,052</td><td>11,416</td><td>1,344</td><td>-16,475</td><td>-27,963</td><td>11,027</td><td>461</td><td>5,337</td></tr><tr><td>December p</td><td>25,322</td><td>10,392</td><td>940</td><td>13,990</td><td>85,465</td><td>104,937</td><td>-17,917</td><td>-1,555</td><td>110,787</td></tr></table>
Preliminary.
56
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(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 colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of domestic securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</td><td>430,245 1/</td><td>841,610 1/</td><td>-411,365 1/</td><td>396,768 1/</td><td>492,420 1/</td><td>-95,652 1/</td><td>9,322,066</td><td>8,695,335</td><td>626,731</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</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</td><td>226,089</td><td>376,674</td><td>-150,585</td><td>336,305</td><td>283,275</td><td>53,030</td><td>562,394</td><td>659,949</td><td>-97,555</td></tr><tr><td>1948</td><td>369,736</td><td>514,059</td><td>-144,323</td><td>282,415</td><td>330,307</td><td>-47,892</td><td>652,151</td><td>844,366</td><td>-192,215</td></tr><tr><td>1949 p</td><td>353,759</td><td>375,783</td><td>-22,024</td><td>434,095</td><td>327,108</td><td>106,987</td><td>787,854</td><td>702,891</td><td>84,963</td></tr><tr><td>1949-January</td><td>27,708</td><td>23,290</td><td>4,418</td><td>21,271</td><td>129,250</td><td>-107,979</td><td>48,979</td><td>152,540</td><td>-103,561</td></tr><tr><td>February</td><td>18,732</td><td>19,987</td><td>-1,255</td><td>21,674</td><td>14,874</td><td>6,800</td><td>40,406</td><td>34,861</td><td>5,545</td></tr><tr><td>March</td><td>19,305</td><td>26,044</td><td>-6,739</td><td>35,616</td><td>23,225</td><td>12,391</td><td>54,921</td><td>49,269</td><td>5,652</td></tr><tr><td>April</td><td>24,375</td><td>25,243</td><td>-868</td><td>19,339</td><td>16,249</td><td>3,090</td><td>43,714</td><td>41,492</td><td>2,222</td></tr><tr><td>May</td><td>29,788</td><td>26,290</td><td>3,498</td><td>19,295</td><td>11,713</td><td>7,582</td><td>49,083</td><td>38,003</td><td>11,080</td></tr><tr><td>June</td><td>21,590</td><td>23,390</td><td>-1,800</td><td>28,292</td><td>28,538</td><td>-246</td><td>49,882</td><td>51,928</td><td>-2,046</td></tr><tr><td>July</td><td>20,530</td><td>20,436</td><td>94</td><td>40,080</td><td>19,192</td><td>20,888</td><td>60,610</td><td>39,628</td><td>20,982</td></tr><tr><td>August</td><td>25,471</td><td>28,843</td><td>-3,372</td><td>108,858</td><td>9,060</td><td>99,798</td><td>134,329</td><td>37,903</td><td>96,426</td></tr><tr><td>September</td><td>27,855</td><td>31,984</td><td>-4,129</td><td>67,387</td><td>15,041</td><td>51,346</td><td>95,242</td><td>88,025</td><td>47,217</td></tr><tr><td>October</td><td>38,616</td><td>45,444</td><td>-6,828</td><td>19,753</td><td>15,312</td><td>4,441</td><td>58,369</td><td>60,756</td><td>-2,387</td></tr><tr><td>November p</td><td>51,447</td><td>58,202</td><td>-6,755</td><td>16,678</td><td>18,264</td><td>-1,586</td><td>68,125</td><td>76,466</td><td>-8,341</td></tr><tr><td>December p</td><td>48,342</td><td>45,630</td><td>1,712</td><td>35,852</td><td>25,390</td><td>10,462</td><td>84,194</td><td>72,020</td><td>12,174</td></tr></table>
1/ January 4, 1940, through December 31, 1941; the breakdown between stocks and bonds is not available for earlier years.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(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 colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of foreign securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</td><td>n.a.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>4,008,188</td><td>3,152,640</td><td>855,548</td></tr><tr><td>1942</td><td>n.a.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</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</td><td>57,118</td><td>42,558</td><td>14,560</td><td>658,741</td><td>634,289</td><td>24,452</td><td>715,859</td><td>676,847</td><td>39,012</td></tr><tr><td>1948</td><td>81,715</td><td>96,744</td><td>-15,029</td><td>211,621</td><td>291,424</td><td>-79,803</td><td>293,336</td><td>388,168</td><td>-94,832</td></tr><tr><td>1949 p</td><td>87,886</td><td>69,934</td><td>17,952</td><td>309,061</td><td>311,470</td><td>-2,409</td><td>396,947</td><td>381,404</td><td>15,543</td></tr><tr><td>1949-January</td><td>7,533</td><td>7,646</td><td>-113</td><td>13,464</td><td>8,560</td><td>4,904</td><td>20,997</td><td>16,206</td><td>4,791</td></tr><tr><td>February</td><td>5,930</td><td>3,935</td><td>1,995</td><td>11,572</td><td>12,221</td><td>-649</td><td>17,502</td><td>16,156</td><td>1,346</td></tr><tr><td>March</td><td>6,045</td><td>4,477</td><td>1,568</td><td>14,462</td><td>33,719</td><td>-19,257</td><td>20,507</td><td>38,196</td><td>-17,689</td></tr><tr><td>April</td><td>7,808</td><td>3,696</td><td>4,112</td><td>22,596</td><td>21,090</td><td>1,506</td><td>30,404</td><td>24,786</td><td>5,618</td></tr><tr><td>May</td><td>4,785</td><td>4,057</td><td>728</td><td>19,130</td><td>15,506</td><td>3,624</td><td>23,915</td><td>19,563</td><td>4,352</td></tr><tr><td>June</td><td>4,737</td><td>3,472</td><td>1,265</td><td>45,548</td><td>36,755</td><td>8,793</td><td>50,285</td><td>40,227</td><td>10,058</td></tr><tr><td>July</td><td>5,314</td><td>5,540</td><td>-226</td><td>18,333</td><td>9,094</td><td>9,239</td><td>23,647</td><td>14,634</td><td>9,013</td></tr><tr><td>August</td><td>6,160</td><td>5,140</td><td>1,020</td><td>17,861</td><td>14,898</td><td>2,963</td><td>24,021</td><td>20,038</td><td>3,983</td></tr><tr><td>September</td><td>6,687</td><td>6,561</td><td>126</td><td>33,235</td><td>113,414</td><td>-80,179</td><td>39,922</td><td>119,975</td><td>-80,053</td></tr><tr><td>October</td><td>9,279</td><td>7,918</td><td>1,361</td><td>70,011</td><td>18,460</td><td>51,551</td><td>79,290</td><td>26,378</td><td>52,912</td></tr><tr><td>November p</td><td>11,220</td><td>9,432</td><td>1,788</td><td>22,889</td><td>12,741</td><td>10,148</td><td>34,109</td><td>22,173</td><td>11,936</td></tr><tr><td>December p</td><td>12,388</td><td>8,060</td><td>4,328</td><td>19,950</td><td>15,012</td><td>4,948</td><td>32,348</td><td>23,072</td><td>9,276</td></tr></table>
n.a. Not available. p Preliminary.
March 1950
57
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Country</th><th colspan="5">Net capital movement 1949</th><th colspan="5">Short-term banking funds 1949</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</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>5,411</td><td>46,334</td><td>61,856</td><td>59,751</td><td>36,502</td><td>6,390</td><td>44,641</td><td>64,095</td><td>58,270</td><td>33,815</td></tr><tr><td>France</td><td>311</td><td>16,872</td><td>15,717</td><td>14,258</td><td>-11,323</td><td>2,028</td><td>17,615</td><td>17,105</td><td>14,934</td><td>-10,368</td></tr><tr><td>Belgium</td><td>30,222</td><td>-4,886</td><td>-1,882</td><td>-7,497</td><td>3,916</td><td>28,943</td><td>-15,982</td><td>-3,464</td><td>-7,305</td><td>2,584</td></tr><tr><td>Denmark</td><td>-1,787</td><td>-485</td><td>-205</td><td>3,802</td><td>1,139</td><td>-1,849</td><td>83</td><td>-35</td><td>3,686</td><td>-124</td></tr><tr><td>Finland</td><td>-333</td><td>-1,755</td><td>-3,488</td><td>7,847</td><td>2,079</td><td>-333</td><td>-1,717</td><td>-3,508</td><td>7,847</td><td>2,087</td></tr><tr><td>Germany</td><td>-19,162</td><td>-3,015</td><td>-2,602</td><td>4,522</td><td>9,031</td><td>-19,165</td><td>-3,016</td><td>-2,591</td><td>4,514</td><td>9,046</td></tr><tr><td>Greece</td><td>-1,720</td><td>-406</td><td>-1,299</td><td>474</td><td>4,975</td><td>-1,716</td><td>-401</td><td>-1,304</td><td>449</td><td>4,959</td></tr><tr><td>Italy</td><td>19,339</td><td>-109,186</td><td>118</td><td>6,088</td><td>6,930</td><td>19,308</td><td>-109,716</td><td>41</td><td>6,797</td><td>6,834</td></tr><tr><td>Luxembourg</td><td>255</td><td>-230</td><td>-537</td><td>-220</td><td>474</td><td>215</td><td>-315</td><td>-368</td><td>-225</td><td>484</td></tr><tr><td>Netherlands</td><td>-14,997</td><td>45,337</td><td>15,565</td><td>-24,310</td><td>5,813</td><td>-13,345</td><td>46,134</td><td>18,054</td><td>-20,274</td><td>8,180</td></tr><tr><td>Norway</td><td>-3,165</td><td>-1,243</td><td>3,155</td><td>3,875</td><td>3,359</td><td>-3,363</td><td>-1,634</td><td>2,448</td><td>3,665</td><td>3,006</td></tr><tr><td>Portugal</td><td>-3,606</td><td>1,060</td><td>2,558</td><td>-170</td><td>4,420</td><td>-3,426</td><td>1,049</td><td>2,538</td><td>-178</td><td>4,408</td></tr><tr><td>Rumanie</td><td>2,562</td><td>1,413</td><td>-301</td><td>-27</td><td>-11</td><td>2,562</td><td>1,413</td><td>-300</td><td>-23</td><td>-11</td></tr><tr><td>Spain</td><td>-2,232</td><td>62</td><td>1,264</td><td>8,455</td><td>6,131</td><td>-2,257</td><td>99</td><td>1,207</td><td>8,533</td><td>4,126</td></tr><tr><td>Sweden</td><td>3,207</td><td>493</td><td>6,549</td><td>9,841</td><td>10,886</td><td>3,221</td><td>560</td><td>6,888</td><td>9,189</td><td>10,943</td></tr><tr><td>Switzerland</td><td>12,813</td><td>11,520</td><td>23,781</td><td>-15,124</td><td>26,836</td><td>7,369</td><td>9,353</td><td>17,783</td><td>-16,314</td><td>10,819</td></tr><tr><td>U. S. S. R.</td><td>1,771</td><td>770</td><td>612</td><td>-3,636</td><td>1,987</td><td>1,771</td><td>770</td><td>612</td><td>-3,636</td><td>1,987</td></tr><tr><td>Yugoslavia</td><td>1,039</td><td>2,561</td><td>4,641</td><td>-3,204</td><td>-1,932</td><td>1,039</td><td>2,561</td><td>4,641</td><td>-3,204</td><td>-1,934</td></tr><tr><td>Other Europe</td><td>6,364</td><td>-1,704</td><td>-4,189</td><td>-7,051</td><td>169</td><td>6,253</td><td>-1,551</td><td>-4,153</td><td>-7,049</td><td>141</td></tr><tr><td>Total Europe</td><td>36,292</td><td>3,512</td><td>121,313</td><td>57,674</td><td>111,380</td><td>33,645</td><td>-9,984</td><td>119,689</td><td>59,976</td><td>90,982</td></tr><tr><td>Canada</td><td>-5,436</td><td>-10,304</td><td>35,133</td><td>16,237</td><td>34,485</td><td>-7,493</td><td>83,518</td><td>-13,114</td><td>12,921</td><td>35,842</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-1,553</td><td>-3,658</td><td>5,772</td><td>7,734</td><td>-32,017</td><td>-1,441</td><td>-3,251</td><td>5,224</td><td>7,892</td><td>-32,663</td></tr><tr><td>Bolivia</td><td>98</td><td>1,588</td><td>-558</td><td>-1,795</td><td>4</td><td>88</td><td>1,570</td><td>-596</td><td>-1,887</td><td>-36</td></tr><tr><td>Brazil</td><td>8,314</td><td>15,465</td><td>17,549</td><td>52,363</td><td>4,430</td><td>8,329</td><td>15,354</td><td>17,079</td><td>52,066</td><td>2,963</td></tr><tr><td>Chile</td><td>-8,130</td><td>1,197</td><td>326</td><td>-3,497</td><td>1,589</td><td>-8,057</td><td>612</td><td>737</td><td>-4,258</td><td>1,533</td></tr><tr><td>Colombia</td><td>-2,968</td><td>3,592</td><td>6,612</td><td>12,788</td><td>16,934</td><td>-3,007</td><td>3,761</td><td>6,597</td><td>12,716</td><td>17,053</td></tr><tr><td>Costa Rica</td><td>1,260</td><td>-963</td><td>-99</td><td>2,858</td><td>-3,073</td><td>1,252</td><td>-975</td><td>-106</td><td>2,858</td><td>-3,049</td></tr><tr><td>Cuba</td><td>16,706</td><td>-7,523</td><td>-607</td><td>-14,473</td><td>-11,399</td><td>15,624</td><td>-8,099</td><td>-325</td><td>-14,710</td><td>-10,941</td></tr><tr><td>Preach West Iodiee and Guiana</td><td>-911</td><td>1,357</td><td>-544</td><td>-507</td><td>310</td><td>-918</td><td>1,360</td><td>-541</td><td>-509</td><td>303</td></tr><tr><td>Mexico</td><td>10,835</td><td>14,078</td><td>-3,873</td><td>3,223</td><td>28,802</td><td>11,413</td><td>12,593</td><td>-767</td><td>3,621</td><td>28,143</td></tr><tr><td>Netherlands West Indies and</td><td>4,755</td><td>-948</td><td>890</td><td>-5,231</td><td>2,260</td><td>4,761</td><td>-1,253</td><td>859</td><td>-5,256</td><td>2,252</td></tr><tr><td>Surinam</td><td>1,644</td><td>4,998</td><td>2,856</td><td>-2,160</td><td>-1,660</td><td>1,349</td><td>4,588</td><td>2,883</td><td>1,561</td><td>51</td></tr><tr><td>Panama</td><td>3,301</td><td>1,702</td><td>1,813</td><td>-7,578</td><td>357</td><td>3,321</td><td>1,720</td><td>2,013</td><td>-7,604</td><td>344</td></tr><tr><td>Peru</td><td>716</td><td>-61,134</td><td>60,368</td><td>-34,641</td><td>11,406</td><td>-273</td><td>-61,666</td><td>60,387</td><td>-34,500</td><td>12,056</td></tr><tr><td>Venezuela</td><td>-8,427</td><td>-5,785</td><td>-10,794</td><td>-4,209</td><td>7,653</td><td>-8,407</td><td>-6,502</td><td>-10,512</td><td>-3,081</td><td>7,832</td></tr><tr><td>Other Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Latin America</td><td>25,640</td><td>-36,034</td><td>79,711</td><td>4,875</td><td>25,596</td><td>24,054</td><td>-40,188</td><td>82,872</td><td>8,909</td><td>25,841</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>-2,220</td><td>147</td><td>-3,824</td><td>-2,277</td><td>-334</td><td>-2,688</td><td>214</td><td>-6,305</td><td>-2,623</td><td>-155</td></tr><tr><td>French Indo-China</td><td>702</td><td>-536</td><td>-66</td><td>240</td><td>-214</td><td>698</td><td>-533</td><td>-42</td><td>242</td><td>-214</td></tr><tr><td>Hong Kong</td><td>2,097</td><td>953</td><td>-1,050</td><td>746</td><td>4,227</td><td>2,277</td><td>1,393</td><td>-1,132</td><td>671</td><td>4,110</td></tr><tr><td>India</td><td>15,175</td><td>-6,224</td><td>-8,881</td><td>5,636</td><td>6,313</td><td>15,175</td><td>-6,228</td><td>-9,388</td><td>5,636</td><td>6,287</td></tr><tr><td>British Malaya</td><td>463</td><td>-863</td><td>-320</td><td>-1,081</td><td>-1,047</td><td>430</td><td>-866</td><td>-165</td><td>-1,202</td><td>-1,745</td></tr><tr><td>Japan</td><td>20,513</td><td>20,912</td><td>27,552</td><td>15,858</td><td>12,043</td><td>20,520</td><td>20,909</td><td>27,562</td><td>15,845</td><td>7,033</td></tr><tr><td>Netherlands East Indies</td><td>2,586</td><td>-1,676</td><td>-6,761</td><td>-2,052</td><td>-1,386</td><td>2,588</td><td>-1,675</td><td>-6,758</td><td>-2,052</td><td>-1,388</td></tr><tr><td>Philippine Islande</td><td>-5,909</td><td>-12,605</td><td>-15,345</td><td>-27,964</td><td>-7,424</td><td>-5,771</td><td>-12,449</td><td>-15,228</td><td>-28,209</td><td>-7,492</td></tr><tr><td>Turkey</td><td>-7,368</td><td>-3,456</td><td>2,173</td><td>-2,220</td><td>-8</td><td>-7,379</td><td>-3,466</td><td>2,163</td><td>-2,231</td><td>-5</td></tr><tr><td>Other Asia</td><td>-10,514</td><td>-5,501</td><td>-40,558</td><td>-17,216</td><td>-25,394</td><td>-10,483</td><td>-5,480</td><td>-40,552</td><td>-17,222</td><td>-25,246</td></tr><tr><td>Total Asia</td><td>15,525</td><td>-8,849</td><td>-47,030</td><td>-30,330</td><td>-14,024</td><td>15,367</td><td>-8,181</td><td>-49,845</td><td>-31,145</td><td>-18,815</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>-1,165</td><td>11,473</td><td>12,340</td><td>-5,270</td><td>-9,075</td><td>-1,582</td><td>11,330</td><td>12,255</td><td>-5,297</td><td>-9,298</td></tr><tr><td>New Zealand</td><td>-917</td><td>1,999</td><td>-2,206</td><td>-273</td><td>-1,653</td><td>-920</td><td>2,001</td><td>-2,186</td><td>-269</td><td>-1,646</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>578</td><td>8,660</td><td>1,367</td><td>-1,715</td><td>4,703</td><td>594</td><td>8,665</td><td>1,388</td><td>-1,917</td><td>4,698</td></tr><tr><td>Preach Morocco</td><td>237</td><td>-348</td><td>683</td><td>1,352</td><td>-876</td><td>389</td><td>-417</td><td>621</td><td>1,255</td><td>-916</td></tr><tr><td>Union of South Africa</td><td>67</td><td>-1,310</td><td>-1</td><td>726</td><td>-1,176</td><td>37</td><td>-1,287</td><td>5</td><td>742</td><td>-1,175</td></tr><tr><td>All other</td><td>-8,708</td><td>-2,256</td><td>-4,666</td><td>-3,548</td><td>2,526</td><td>-8,725</td><td>-2,030</td><td>-4,452</td><td>-2,546</td><td>2,243</td></tr><tr><td>Total other countries</td><td>-9,908</td><td>18,218</td><td>7,517</td><td>-8,728</td><td>-5,551</td><td>-10,207</td><td>18,262</td><td>7,631</td><td>-8,032</td><td>-6,094</td></tr><tr><td>International</td><td>14,625</td><td>-6,817</td><td>-28,792</td><td>-36,042</td><td>-16,947</td><td>-80,733</td><td>-56,671</td><td>-29,769</td><td>-37,292</td><td>-16,966</td></tr><tr><td>Unidentified</td><td>4</td><td>3</td><td>37</td><td>-</td><td>-3</td><td>4</td><td>3</td><td>37</td><td>-</td><td>-3</td></tr><tr><td>Grand total</td><td>76,742</td><td>-40,271</td><td>167,839</td><td>3,686</td><td>134,936</td><td>-25,363</td><td>-13,241</td><td>117,501</td><td>5,337</td><td>110,787</td></tr></table>
1/ Beginning with March 1947, includee transactions in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, include data for Pakistan, Burma, and Ceylon, previously included with India.
3/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank. p Preliminary.
Treasury Bulletin
58
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners)
<table><tr><th>Country</th><th colspan="5">Movement in brokerage balances 1949</th><th colspan="5">Transactions in long-term securities, domestic and foreign 1949</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</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>46</td><td>621</td><td>-209</td><td>-396</td><td>-62</td><td>-1,025</td><td>1,072</td><td>-2,030</td><td>1,867</td><td>2,749</td></tr><tr><td>France</td><td>-6</td><td>-57</td><td>180</td><td>13</td><td>-34</td><td>-1,711</td><td>-716</td><td>-1,568</td><td>-689</td><td>-921</td></tr><tr><td>Belgium</td><td>583</td><td>-105</td><td>233</td><td>-275</td><td>210</td><td>696</td><td>11,141</td><td>1,349</td><td>83</td><td>1,122</td></tr><tr><td>Denmark</td><td>-11</td><td>14</td><td>-210</td><td>122</td><td>-138</td><td>73</td><td>-582</td><td>40</td><td>-6</td><td>1,401</td></tr><tr><td>Finland</td><td>11</td><td>-2</td><td>20</td><td>-19</td><td>-5</td><td>-8</td><td>-8</td><td>-4</td><td>19</td><td>-12</td></tr><tr><td>Germany</td><td>2</td><td>-2</td><td>5</td><td>42</td><td>15</td><td>-6</td><td>-3</td><td>-17</td><td>1</td><td>1</td></tr><tr><td>Greece</td><td>65</td><td>13</td><td>-45</td><td>21</td><td>55</td><td>-34</td><td>517</td><td>122</td><td>-730</td><td>41</td></tr><tr><td>Italy</td><td>-1</td><td>24</td><td>-35</td><td>36</td><td>-82</td><td>1</td><td>61</td><td>-134</td><td>-31</td><td>72</td></tr><tr><td>Luxembourg</td><td>-368</td><td>313</td><td>742</td><td>298</td><td>-1,052</td><td>-1,284</td><td>-1,110</td><td>-3,231</td><td>-4,334</td><td>-1,315</td></tr><tr><td>Netherlands</td><td>163</td><td>-75</td><td>93</td><td>-130</td><td>-51</td><td>35</td><td>466</td><td>614</td><td>340</td><td>408</td></tr><tr><td>Norway</td><td>-73</td><td>-20</td><td>-15</td><td>-5</td><td>29</td><td>-107</td><td>31</td><td>35</td><td>13</td><td>-17</td></tr><tr><td>Portugal</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rumanie</td><td>-9</td><td>2</td><td>-10</td><td>39</td><td>19</td><td>34</td><td>-39</td><td>97</td><td>-117</td><td>1,936</td></tr><tr><td>Spain</td><td>30</td><td>17</td><td>-10</td><td>-16</td><td>-4</td><td>-14</td><td>-84</td><td>-329</td><td>398</td><td>-54</td></tr><tr><td>Sweden</td><td>-377</td><td>1,561</td><td>2,567</td><td>-1,668</td><td>3,076</td><td>5,821</td><td>596</td><td>3,431</td><td>2,858</td><td>12,941</td></tr><tr><td>Switzerland</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. S. R.</td><td>145</td><td>-143</td><td>-13</td><td>181</td><td>-243</td><td>-34</td><td>-10</td><td>-23</td><td>-183</td><td>271</td></tr><tr><td>Yugoslavia</td><td>200</td><td>2,161</td><td>3,255</td><td>-1,767</td><td>1,731</td><td>2,447</td><td>11,335</td><td>-1,631</td><td>-535</td><td>18,667</td></tr><tr><td>Total Europe</td><td>403</td><td>80</td><td>-1,133</td><td>-1,361</td><td>1,905</td><td>1,654</td><td>-93,902</td><td>49,380</td><td>4,677</td><td>-3,262</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-169</td><td>-234</td><td>427</td><td>-168</td><td>-36</td><td>57</td><td>-173</td><td>121</td><td>10</td><td>682</td></tr><tr><td>Bolivia</td><td>1</td><td>-13</td><td>22</td><td>6</td><td>15</td><td>9</td><td>31</td><td>16</td><td>86</td><td>25</td></tr><tr><td>Brazil</td><td>-204</td><td>-72</td><td>-166</td><td>22</td><td>200</td><td>189</td><td>183</td><td>636</td><td>275</td><td>1,267</td></tr><tr><td>Chile</td><td>-136</td><td>313</td><td>-21</td><td>-100</td><td>-190</td><td>63</td><td>272</td><td>-390</td><td>861</td><td>246</td></tr><tr><td>Colombia</td><td>3</td><td>-169</td><td>-75</td><td>42</td><td>-221</td><td>36</td><td>-</td><td>90</td><td>30</td><td>102</td></tr><tr><td>Costa Rica</td><td>5</td><td>2</td><td>16</td><td>-1</td><td>-3</td><td>3</td><td>10</td><td>-9</td><td>1</td><td>-21</td></tr><tr><td>Cuba</td><td>608</td><td>229</td><td>-418</td><td>3</td><td>-180</td><td>474</td><td>347</td><td>136</td><td>234</td><td>-278</td></tr><tr><td>French West Indies and Guiana</td><td>6</td><td>-3</td><td>-1</td><td>3</td><td>-</td><td>1</td><td>-</td><td>-2</td><td>-1</td><td>7</td></tr><tr><td>Mexico</td><td>-449</td><td>1,492</td><td>-2,912</td><td>-371</td><td>-12</td><td>-129</td><td>-7</td><td>-194</td><td>-27</td><td>671</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>-68</td><td>22</td><td>-62</td><td>-9</td><td>73</td><td>12</td><td>283</td><td>93</td><td>34</td><td>-65</td></tr><tr><td>Panama</td><td>453</td><td>-39</td><td>-330</td><td>-593</td><td>282</td><td>-158</td><td>449</td><td>363</td><td>-3,128</td><td>-1,993</td></tr><tr><td>Paru</td><td>33</td><td>-66</td><td>50</td><td>-16</td><td>32</td><td>-53</td><td>18</td><td>-250</td><td>42</td><td>-19</td></tr><tr><td>Venezuela</td><td>1,061</td><td>518</td><td>-63</td><td>-418</td><td>36</td><td>-72</td><td>14</td><td>44</td><td>277</td><td>-686</td></tr><tr><td>Other Latin America</td><td>288</td><td>1,921</td><td>1,106</td><td>-324</td><td>-1,173</td><td>-308</td><td>-1,204</td><td>-1,388</td><td>-804</td><td>994</td></tr><tr><td>Total Latin America</td><td>1,432</td><td>3,901</td><td>-2,427</td><td>-1,924</td><td>-1,177</td><td>154</td><td>253</td><td>-734</td><td>-2,110</td><td>932</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 Manchuria</td><td>83</td><td>-319</td><td>20</td><td>-79</td><td>153</td><td>385</td><td>252</td><td>2,461</td><td>425</td><td>-332</td></tr><tr><td>French Indo-China</td><td>1</td><td>-3</td><td>3</td><td>-2</td><td>-</td><td>3</td><td>-</td><td>-27</td><td>-</td><td>78</td></tr><tr><td>Hong Kong</td><td>36</td><td>6</td><td>210</td><td>-333</td><td>39</td><td>-216</td><td>-446</td><td>-128</td><td>408</td><td>-</td></tr><tr><td>India</td><td>-</td><td>1</td><td>44</td><td>-30</td><td>-1</td><td>-</td><td>3</td><td>463</td><td>30</td><td>27</td></tr><tr><td>British Malaya</td><td>-9</td><td>3</td><td>1</td><td>12</td><td>-19</td><td>33</td><td>3</td><td>-156</td><td>121</td><td>-101</td></tr><tr><td>Japan</td><td>2</td><td>-</td><td>1</td><td>-</td><td>8</td><td>-4</td><td>-1</td><td>-4</td><td>-</td><td>-6</td></tr><tr><td>Netherlande East Indies</td><td>-108</td><td>-134</td><td>-124</td><td>128</td><td>3</td><td>-30</td><td>-22</td><td>7</td><td>117</td><td>65</td></tr><tr><td>Philippine Islands</td><td>-34</td><td>-4</td><td>1</td><td>-3</td><td>3</td><td>45</td><td>14</td><td>9</td><td>14</td><td>-6</td></tr><tr><td>Turkey</td><td>-40</td><td>3</td><td>-24</td><td>80</td><td>-25</td><td>9</td><td>-24</td><td>18</td><td>-74</td><td>-123</td></tr><tr><td>Other Asia</td><td>-69</td><td>-147</td><td>122</td><td>-227</td><td>160</td><td>227</td><td>-221</td><td>2,643</td><td>1,042</td><td>4,631</td></tr><tr><td>Total 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>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>-32</td><td>2</td><td>-4</td><td>13</td><td>-12</td><td>449</td><td>141</td><td>89</td><td>14</td><td>235</td></tr><tr><td>New Zealand</td><td>-17</td><td>12</td><td>-13</td><td>11</td><td>8</td><td>1</td><td>-17</td><td>-8</td><td>191</td><td>-3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-71</td><td>73</td><td>11</td><td>77</td><td>-53</td><td>-81</td><td>-4</td><td>51</td><td>20</td><td>93</td></tr><tr><td>French Morocco</td><td>6</td><td>2</td><td>1</td><td>-6</td><td>20</td><td>24</td><td>-25</td><td>-7</td><td>-10</td><td>-21</td></tr><tr><td>Union of South Africa</td><td>-156</td><td>22</td><td>1</td><td>-62</td><td>117</td><td>173</td><td>-248</td><td>-215</td><td>-940</td><td>166</td></tr><tr><td>All other</td><td>-270</td><td>111</td><td>-4</td><td>33</td><td>80</td><td>569</td><td>-155</td><td>-110</td><td>-729</td><td>463</td></tr><tr><td>Total 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>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>95,358</td><td>49,854</td><td>977</td><td>1,250</td><td>19</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></tr><tr><td>Grand total</td><td>1,696</td><td>5,806</td><td>-187</td><td>-5,246</td><td>2,699</td><td>100,409</td><td>-32,836</td><td>50,525</td><td>3,595</td><td>21,450</td></tr></table>
1/ Beginning with January 1948, includes date for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank. p Preliminary.
March 1950
59
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Claims on foreigners 1949</th><th colspan="5">Liabilities to foreigners 1949</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</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>14,900</td><td>56,802</td><td>66,415</td><td>54,769</td><td>38,810</td><td>352,391</td><td>438,934</td><td>512,642</td><td>556,666</td><td>574,522</td></tr><tr><td>France</td><td>69,276</td><td>68,167</td><td>68,074</td><td>52,194</td><td>51,055</td><td>150,387</td><td>166,923</td><td>183,935</td><td>183,083</td><td>171,576</td></tr><tr><td>Belgium</td><td>13,641</td><td>14,077</td><td>16,124</td><td>12,630</td><td>13,408</td><td>142,175</td><td>126,689</td><td>125,272</td><td>118,428</td><td>121,790</td></tr><tr><td>Denmark</td><td>1,032</td><td>678</td><td>743</td><td>668</td><td>367</td><td>32,022</td><td>31,751</td><td>31,781</td><td>35,392</td><td>34,967</td></tr><tr><td>Finland</td><td>5,512</td><td>6,606</td><td>8,597</td><td>9,198</td><td>8,224</td><td>17,717</td><td>17,064</td><td>15,547</td><td>23,995</td><td>25,108</td></tr><tr><td>Germany 1/.</td><td>29,679</td><td>30,274</td><td>30,256</td><td>22,132</td><td>22,092</td><td>150,195</td><td>147,774</td><td>145,165</td><td>141,555</td><td>150,561</td></tr><tr><td>Greece</td><td>744</td><td>816</td><td>788</td><td>736</td><td>1,670</td><td>24,992</td><td>24,663</td><td>23,331</td><td>23,728</td><td>29,621</td></tr><tr><td>Italy</td><td>21,111</td><td>15,338</td><td>16,021</td><td>18,832</td><td>20,351</td><td>401,343</td><td>285,854</td><td>286,578</td><td>295,686</td><td>304,039</td></tr><tr><td>Luxembourg</td><td>138</td><td>163</td><td>201</td><td>53</td><td>64</td><td>14,100</td><td>13,810</td><td>13,480</td><td>13,107</td><td>13,602</td></tr><tr><td>Netherlands</td><td>5,959</td><td>6,867</td><td>6,063</td><td>6,318</td><td>5,183</td><td>118,650</td><td>165,692</td><td>182,942</td><td>162,923</td><td>169,968</td></tr><tr><td>Norway</td><td>7,943</td><td>7,961</td><td>7,264</td><td>7,475</td><td>7,380</td><td>62,435</td><td>60,819</td><td>62,570</td><td>66,446</td><td>69,357</td></tr><tr><td>Portugal</td><td>445</td><td>417</td><td>519</td><td>690</td><td>505</td><td>30,274</td><td>31,295</td><td>33,935</td><td>33,928</td><td>38,151</td></tr><tr><td>Rumania</td><td>8,240</td><td>7,053</td><td>6,990</td><td>6,992</td><td>6,992</td><td>6,838</td><td>7,064</td><td>6,701</td><td>6,680</td><td>6,669</td></tr><tr><td>Spain</td><td>2,450</td><td>3,779</td><td>3,787</td><td>6,092</td><td>7,031</td><td>8,184</td><td>9,612</td><td>10,827</td><td>10,665</td><td>15,730</td></tr><tr><td>Sweden</td><td>1,391</td><td>1,802</td><td>2,066</td><td>2,060</td><td>2,387</td><td>61,027</td><td>61,998</td><td>69,150</td><td>78,633</td><td>89,903</td></tr><tr><td>Switzerland</td><td>6,180</td><td>3,636</td><td>4,002</td><td>4,630</td><td>3,818</td><td>551,865</td><td>558,684</td><td>576,833</td><td>558,547</td><td>568,554</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>45</td><td>1</td><td>3</td><td>3</td><td>10,500</td><td>11,313</td><td>11,881</td><td>8,247</td><td>10,238</td></tr><tr><td>Yugoslevia</td><td></td><td>195</td><td></td><td></td><td>9</td><td>6,373</td><td>9,129</td><td>13,575</td><td>10,371</td><td>8,446</td></tr><tr><td>Other Europe</td><td>10,970</td><td>10,995</td><td>11,320</td><td>16,674</td><td>15,586</td><td>112,792</td><td>111,266</td><td>107,438</td><td>105,743</td><td>104,796</td></tr><tr><td>Total Europe</td><td>199,613</td><td>235,671</td><td>249,231</td><td>222,146</td><td>204,935</td><td>2,254,260</td><td>2,280,334</td><td>2,413,583</td><td>2,433,823</td><td>2,507,594</td></tr><tr><td>Canada</td><td>34,357</td><td>35,388</td><td>31,758</td><td>32,992</td><td>37,842</td><td>742,947</td><td>827,496</td><td>810,752</td><td>824,907</td><td>865,599</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>56,144</td><td>52,427</td><td>53,251</td><td>52,058</td><td>51,612</td><td>228,621</td><td>221,653</td><td>227,701</td><td>234,400</td><td>201,291</td></tr><tr><td>Bolivia</td><td>2,196</td><td>2,349</td><td>2,522</td><td>1,899</td><td>2,249</td><td>14,442</td><td>16,165</td><td>15,742</td><td>13,232</td><td>13,546</td></tr><tr><td>Brazil</td><td>160,537</td><td>162,210</td><td>165,093</td><td>161,937</td><td>137,155</td><td>128,009</td><td>145,036</td><td>164,998</td><td>216,908</td><td>195,089</td></tr><tr><td>Chile</td><td>11,835</td><td>11,409</td><td>12,019</td><td>11,693</td><td>15,600</td><td>57,948</td><td>58,134</td><td>59,481</td><td>54,897</td><td>60,337</td></tr><tr><td>Colombia</td><td>24,376</td><td>22,614</td><td>22,555</td><td>22,349</td><td>21,355</td><td>49,024</td><td>51,023</td><td>57,561</td><td>70,071</td><td>86,130</td></tr><tr><td>Costa Rica</td><td>3,015</td><td>3,702</td><td>3,735</td><td>3,661</td><td>4,017</td><td>8,585</td><td>8,297</td><td>8,224</td><td>11,008</td><td>8,315</td></tr><tr><td>Cuba</td><td>17,565</td><td>17,539</td><td>20,013</td><td>26,386</td><td>27,479</td><td>187,702</td><td>179,577</td><td>181,786</td><td>174,389</td><td>164,541</td></tr><tr><td>French West Indies and Guiana</td><td>631</td><td>2</td><td>45</td><td>333</td><td>1</td><td>548</td><td>1,279</td><td>781</td><td>560</td><td>531</td></tr><tr><td>Mexico</td><td>68,043</td><td>64,119</td><td>66,375</td><td>72,024</td><td>72,127</td><td>175,536</td><td>184,205</td><td>185,694</td><td>194,964</td><td>223,210</td></tr><tr><td>Netherlands West Indies and</td><td>1,126</td><td>1,055</td><td>2,977</td><td>1,226</td><td>1,319</td><td>29,085</td><td>27,761</td><td>30,542</td><td>23,535</td><td>25,880</td></tr><tr><td>Surinam</td><td>4,648</td><td>4,557</td><td>5,366</td><td>5,316</td><td>5,339</td><td>64,557</td><td>69,054</td><td>72,686</td><td>74,197</td><td>74,271</td></tr><tr><td>Panama</td><td>6,908</td><td>6,356</td><td>6,286</td><td>5,804</td><td>5,777</td><td>58,271</td><td>59,439</td><td>61,382</td><td>53,296</td><td>53,613</td></tr><tr><td>Peru</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Venezuela</td><td>22,443</td><td>22,314</td><td>22,953</td><td>23,545</td><td>25,671</td><td>161,161</td><td>99,366</td><td>160,392</td><td>129,184</td><td>143,266</td></tr><tr><td>Other Latin America</td><td>30,833</td><td>31,218</td><td>32,975</td><td>35,606</td><td>37,776</td><td>204,836</td><td>198,319</td><td>189,564</td><td>189,114</td><td>199,116</td></tr><tr><td>Total Latin America</td><td>410,300</td><td>401,871</td><td>416,165</td><td>423,937</td><td>407,177</td><td>1,367,925</td><td>1,319,308</td><td>1,416,174</td><td>1,439,755</td><td>1,449,136</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 Manchuria</td><td>17,812</td><td>18,045</td><td>16,503</td><td>16,284</td><td>16,529</td><td>123,685</td><td>124,132</td><td>116,285</td><td>113,443</td><td>113,533</td></tr><tr><td>French Indo-China</td><td>94</td><td>215</td><td>407</td><td>59</td><td>339</td><td>5,530</td><td>5,118</td><td>5,268</td><td>5,162</td><td>5,228</td></tr><tr><td>Hong Kong</td><td>3,356</td><td>3,409</td><td>3,765</td><td>4,155</td><td>3,567</td><td>80,863</td><td>82,309</td><td>81,533</td><td>82,594</td><td>86,116</td></tr><tr><td>India</td><td>19,749</td><td>16,764</td><td>18,833</td><td>16,971</td><td>17,349</td><td>69,141</td><td>59,928</td><td>52,609</td><td>56,383</td><td>63,048</td></tr><tr><td>British Malaya</td><td>406</td><td>486</td><td>452</td><td>356</td><td>620</td><td>12,355</td><td>11,569</td><td>11,370</td><td>10,072</td><td>8,591</td></tr><tr><td>Japan</td><td>21,841</td><td>9,590</td><td>10,066</td><td>9,532</td><td>13,248</td><td>152,836</td><td>161,494</td><td>189,532</td><td>204,843</td><td>215,592</td></tr><tr><td>Netherlands East Indies</td><td>504</td><td>388</td><td>398</td><td>178</td><td>228</td><td>28,990</td><td>27,199</td><td>20,451</td><td>17,779</td><td>16,441</td></tr><tr><td>Philippine Islands</td><td>27,503</td><td>24,610</td><td>25,532</td><td>25,941</td><td>23,763</td><td>363,732</td><td>348,390</td><td>334,084</td><td>306,284</td><td>296,614</td></tr><tr><td>Turkey</td><td>14,461</td><td>19,433</td><td>14,263</td><td>15,656</td><td>14,252</td><td>13,584</td><td>15,090</td><td>12,083</td><td>11,245</td><td>9,836</td></tr><tr><td>Other Asia 2/.</td><td>30,858</td><td>33,728</td><td>43,272</td><td>46,053</td><td>46,764</td><td>226,901</td><td>224,291</td><td>193,283</td><td>176,842</td><td>152,307</td></tr><tr><td>Total Asia</td><td>136,584</td><td>126,668</td><td>133,491</td><td>135,185</td><td>136,659</td><td>1,077,617</td><td>1,059,520</td><td>1,016,498</td><td>984,647</td><td>967,306</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>4,483</td><td>4,645</td><td>4,773</td><td>5,448</td><td>7,935</td><td>20,165</td><td>31,657</td><td>44,040</td><td>39,418</td><td>32,607</td></tr><tr><td>New Zealand</td><td>1,379</td><td>1,029</td><td>863</td><td>537</td><td>487</td><td>10,726</td><td>12,377</td><td>10,025</td><td>9,430</td><td>7,734</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>243</td><td>370</td><td>476</td><td>589</td><td>226</td><td>49,866</td><td>58,658</td><td>60,152</td><td>58,348</td><td>62,681</td></tr><tr><td>French Morocco</td><td>381</td><td>390</td><td>680</td><td>449</td><td>847</td><td>10,224</td><td>9,816</td><td>10,727</td><td>11,751</td><td>11,233</td></tr><tr><td>Union of South Africa</td><td>3,583</td><td>3,963</td><td>3,811</td><td>4,323</td><td>4,505</td><td>6,749</td><td>2,842</td><td>5,695</td><td>6,949</td><td>5,955</td></tr><tr><td>All other</td><td>6,529</td><td>7,489</td><td>7,212</td><td>6,994</td><td>6,365</td><td>67,163</td><td>66,093</td><td>61,364</td><td>58,600</td><td>60,214</td></tr><tr><td>Total other countries</td><td>16,598</td><td>17,886</td><td>17,815</td><td>18,340</td><td>20,365</td><td>164,893</td><td>134,443</td><td>192,003</td><td>184,496</td><td>130,427</td></tr><tr><td>International 1/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,798,747</td><td>1,742,076</td><td>1,712,307</td><td>1,675,015</td><td>1,658,049</td></tr><tr><td>Unideotified</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>86</td><td>89</td><td>127</td><td>126</td><td>123</td></tr><tr><td>Grand total</td><td>797,452</td><td>817,484</td><td>848,461</td><td>832,600</td><td>807,278</td><td>7,406,475</td><td>7,413,266</td><td>7,561,744</td><td>7,542,769</td><td>7,628,234</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1943, includes data for Pakistan, Burma, and Ceylon, previously included with India.
3/ Includes dollar balances of international organizations such as the International Monetary Fund, and the International Bank. p Preliminary.
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Debit balances (due from foreigners)</th><th colspan="5">Credit balances (due to foreigners)</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</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>872</td><td>1,474</td><td>947</td><td>985</td><td>1,124</td><td>1,953</td><td>3,176</td><td>2,440</td><td>2,092</td><td>2,169</td></tr><tr><td>France</td><td>868</td><td>919</td><td>931</td><td>850</td><td>1,100</td><td>2,976</td><td>2,970</td><td>3,162</td><td>3,094</td><td>3,310</td></tr><tr><td>Belgium</td><td>153</td><td>187</td><td>323</td><td>287</td><td>409</td><td>2,169</td><td>2,068</td><td>2,437</td><td>2,126</td><td>2,458</td></tr><tr><td>Denmark</td><td>23</td><td>20</td><td>220</td><td>100</td><td>235</td><td>75</td><td>86</td><td>76</td><td>78</td><td>75</td></tr><tr><td>Finland</td><td>-</td><td>10</td><td>9</td><td>9</td><td>9</td><td>59</td><td>60</td><td>52</td><td>62</td><td>59</td></tr><tr><td>Germany</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>53</td><td>68</td></tr><tr><td>Greece</td><td>6</td><td>7</td><td>7</td><td>4</td><td>4</td><td>10</td><td>9</td><td>378</td><td>451</td><td>465</td></tr><tr><td>Italy</td><td>32</td><td>35</td><td>33</td><td>85</td><td>44</td><td>409</td><td>425</td><td>385</td><td>421</td><td>339</td></tr><tr><td>Luxembourg</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>404</td><td>420</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>205</td><td>191</td><td>124</td><td>143</td><td>157</td><td>3,170</td><td>3,469</td><td>4,144</td><td>4,461</td><td>3,423</td></tr><tr><td>Norway</td><td>338</td><td>389</td><td>285</td><td>394</td><td>424</td><td>1,239</td><td>1,215</td><td>1,204</td><td>1,183</td><td>1,162</td></tr><tr><td>Portugal</td><td>14</td><td>33</td><td>52</td><td>31</td><td>53</td><td>102</td><td>101</td><td>105</td><td>79</td><td>130</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Spain</td><td>11</td><td>11</td><td>11</td><td>11</td><td>3</td><td>64</td><td>66</td><td>26</td><td>65</td><td>76</td></tr><tr><td>Sweden</td><td>25</td><td>27</td><td>31</td><td>40</td><td>46</td><td>219</td><td>238</td><td>232</td><td>195</td><td>197</td></tr><tr><td>Switzerland</td><td>1,995</td><td>1,942</td><td>1,820</td><td>2,832</td><td>3,400</td><td>19,618</td><td>21,126</td><td>23,571</td><td>22,915</td><td>26,559</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>17</td><td>17</td><td>17</td><td>18</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>17</td><td>17</td><td>17</td><td>18</td></tr><tr><td>Other Europe</td><td>233</td><td>220</td><td>227</td><td>166</td><td>199</td><td>792</td><td>636</td><td>630</td><td>750</td><td>540</td></tr><tr><td>Total Europe</td><td>4,820</td><td>5,465</td><td>5,020</td><td>5,937</td><td>7,211</td><td>33,290</td><td>36,096</td><td>38,906</td><td>38,056</td><td>41,061</td></tr><tr><td>Canada</td><td>4,383</td><td>4,228</td><td>4,417</td><td>5,718</td><td>4,598</td><td>5,930</td><td>5,855</td><td>4,911</td><td>4,633</td><td>5,418</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>660</td><td>797</td><td>633</td><td>774</td><td>822</td><td>1,561</td><td>1,464</td><td>1,727</td><td>1,700</td><td>1,712</td></tr><tr><td>Bolivia</td><td>1</td><td>2</td><td>1</td><td>3</td><td>4</td><td>28</td><td>16</td><td>37</td><td>45</td><td>61</td></tr><tr><td>Brazil</td><td>1,364</td><td>1,409</td><td>1,571</td><td>1,674</td><td>1,597</td><td>660</td><td>633</td><td>629</td><td>754</td><td>877</td></tr><tr><td>Chile</td><td>348</td><td>124</td><td>133</td><td>159</td><td>299</td><td>434</td><td>523</td><td>511</td><td>437</td><td>387</td></tr><tr><td>Colombia</td><td>568</td><td>646</td><td>709</td><td>789</td><td>1,060</td><td>493</td><td>402</td><td>390</td><td>512</td><td>562</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td><td>45</td><td>61</td><td>60</td><td>57</td></tr><tr><td>Cuba</td><td>3,706</td><td>3,506</td><td>4,031</td><td>3,598</td><td>3,905</td><td>1,599</td><td>1,628</td><td>1,735</td><td>1,305</td><td>1,432</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>7</td><td>4</td><td>4</td><td>7</td><td>6</td></tr><tr><td>Mexico</td><td>2,055</td><td>2,107</td><td>3,179</td><td>3,246</td><td>3,137</td><td>6,549</td><td>8,093</td><td>6,253</td><td>5,949</td><td>5,828</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>30</td><td>29</td><td>29</td><td>48</td><td>11</td><td>135</td><td>156</td><td>94</td><td>104</td><td>140</td></tr><tr><td>Panama</td><td>79</td><td>113</td><td>103</td><td>264</td><td>180</td><td>3,652</td><td>3,647</td><td>3,307</td><td>2,875</td><td>3,073</td></tr><tr><td>Peru</td><td>122</td><td>139</td><td>108</td><td>113</td><td>112</td><td>135</td><td>86</td><td>105</td><td>94</td><td>125</td></tr><tr><td>Venezuela</td><td>1,380</td><td>1,474</td><td>1,463</td><td>1,333</td><td>1,167</td><td>4,338</td><td>4,950</td><td>4,876</td><td>4,328</td><td>4,198</td></tr><tr><td>Other Latin America</td><td>2,314</td><td>473</td><td>250</td><td>325</td><td>870</td><td>5,984</td><td>6,064</td><td>6,947</td><td>6,698</td><td>6,070</td></tr><tr><td>Total Latin America</td><td>12,627</td><td>10,819</td><td>12,211</td><td>12,327</td><td>13,164</td><td>25,618</td><td>27,711</td><td>26,676</td><td>24,868</td><td>24,528</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 Manchuria</td><td>491</td><td>628</td><td>569</td><td>580</td><td>627</td><td>818</td><td>636</td><td>597</td><td>529</td><td>729</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>82</td><td>150</td><td>116</td><td>153</td><td>159</td><td>451</td><td>186</td><td>191</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></tr><tr><td>India</td><td>22</td><td>22</td><td>3</td><td>7</td><td>13</td><td>9</td><td>10</td><td>35</td><td>9</td><td>14</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>41</td><td>31</td><td>1</td><td>24</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>13</td><td>13</td><td>21</td></tr><tr><td>Netherlands East Indies</td><td>84</td><td>259</td><td>297</td><td>150</td><td>154</td><td>213</td><td>254</td><td>168</td><td>149</td><td>156</td></tr><tr><td>Philippine Islands</td><td>4</td><td>5</td><td>4</td><td>5</td><td>6</td><td>19</td><td>16</td><td>16</td><td>14</td><td>18</td></tr><tr><td>Turkey</td><td>93</td><td>96</td><td>98</td><td>112</td><td>98</td><td>204</td><td>210</td><td>188</td><td>282</td><td>243</td></tr><tr><td>Other 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>Total Asia</td><td>694</td><td>1,010</td><td>1,053</td><td>1,004</td><td>1,014</td><td>1,470</td><td>1,339</td><td>1,504</td><td>1,228</td><td>1,398</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>4</td><td>7</td><td>4</td><td>18</td><td>4</td><td>65</td><td>70</td><td>63</td><td>90</td><td>64</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>26</td><td>38</td><td>25</td><td>36</td><td>46</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>136</td><td>143</td><td>169</td><td>205</td><td>266</td><td>297</td><td>377</td><td>414</td><td>527</td><td>535</td></tr><tr><td>Union of South Africa</td><td>11</td><td>14</td><td>11</td><td>11</td><td>11</td><td>25</td><td>30</td><td>28</td><td>22</td><td>42</td></tr><tr><td>All other</td><td>46</td><td>16</td><td>20</td><td>45</td><td>40</td><td>284</td><td>276</td><td>281</td><td>244</td><td>356</td></tr><tr><td>Total other countries</td><td>197</td><td>180</td><td>204</td><td>279</td><td>323</td><td>697</td><td>791</td><td>811</td><td>919</td><td>1,043</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></tr><tr><td>Grand total</td><td>22,721</td><td>21,702</td><td>22,905</td><td>25,265</td><td>26,310</td><td>67,005</td><td>71,792</td><td>72,808</td><td>69,704</td><td>73,448</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
p Preliminary.
March 1950
61
CAPITAL MOVEMENTS
Section III - Details for Month of October 1949
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</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>66,415</td><td>58,959</td><td>52,445</td><td>4,620</td><td>1,894</td><td>7,456</td><td>3,221</td><td>2,081</td><td>2,154</td></tr><tr><td>France</td><td>68,074</td><td>170</td><td>107</td><td>46</td><td>17</td><td>67,904</td><td>60,183</td><td>298</td><td>7,423</td></tr><tr><td>Belgium</td><td>16,124</td><td>726</td><td>409</td><td>45</td><td>272</td><td>15,398</td><td>2,169</td><td>6,604</td><td>6,625</td></tr><tr><td>Denmark</td><td>743</td><td>77</td><td>67</td><td>7</td><td>3</td><td>666</td><td>110</td><td>313</td><td>243</td></tr><tr><td>Finland</td><td>8,597</td><td>239</td><td>-</td><td>239</td><td>-</td><td>8,358</td><td>4,761</td><td>3,498</td><td>99</td></tr><tr><td>Germany</td><td>30,256</td><td>28</td><td>7</td><td>21</td><td>-</td><td>30,228</td><td>17,652</td><td>67</td><td>12,509</td></tr><tr><td>Greece</td><td>788</td><td>6</td><td>1</td><td>5</td><td>-</td><td>782</td><td>9</td><td>7</td><td>766</td></tr><tr><td>Italy</td><td>16,021</td><td>114</td><td>25</td><td>87</td><td>2</td><td>15,907</td><td>4,283</td><td>846</td><td>10,778</td></tr><tr><td>Luxembourg</td><td>201</td><td>-</td><td>-</td><td>-</td><td>-</td><td>201</td><td>-</td><td>33</td><td>168</td></tr><tr><td>Netherlands</td><td>6,063</td><td>331</td><td>277</td><td>40</td><td>14</td><td>5,732</td><td>1,495</td><td>875</td><td>3,362</td></tr><tr><td>Norway</td><td>7,264</td><td>94</td><td>73</td><td>21</td><td>-</td><td>7,170</td><td>177</td><td>7</td><td>6,986</td></tr><tr><td>Portugal</td><td>519</td><td>80</td><td>31</td><td>49</td><td>-</td><td>439</td><td>29</td><td>-</td><td>410</td></tr><tr><td>Romania</td><td>6,990</td><td>3</td><td>-</td><td>3</td><td>-</td><td>6,987</td><td>6,985</td><td>-</td><td>2</td></tr><tr><td>Spain</td><td>3,787</td><td>70</td><td>5</td><td>12</td><td>53</td><td>3,717</td><td>2,397</td><td>61</td><td>1,259</td></tr><tr><td>Sweden</td><td>2,066</td><td>204</td><td>158</td><td>1</td><td>45</td><td>1,862</td><td>421</td><td>17</td><td>1,424</td></tr><tr><td>Switzerland</td><td>4,002</td><td>1,657</td><td>1,432</td><td>145</td><td>80</td><td>2,345</td><td>383</td><td>96</td><td>1,866</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>1</td><td>1</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>-</td><td>-</td></tr><tr><td>Other Europe</td><td>11,320</td><td>156</td><td>113</td><td>11</td><td>32</td><td>11,164</td><td>7,271</td><td>125</td><td>3,768</td></tr><tr><td>Total Europe</td><td>249,231</td><td>62,915</td><td>55,151</td><td>5,352</td><td>2,412</td><td>186,316</td><td>111,546</td><td>14,928</td><td>59,842</td></tr><tr><td>Canada</td><td>31,758</td><td>9,054</td><td>5,637</td><td>1,638</td><td>1,779</td><td>22,704</td><td>113</td><td>4,771</td><td>17,820</td></tr><tr><td>Latia 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>53,251</td><td>123</td><td>88</td><td>30</td><td>5</td><td>53,128</td><td>28,793</td><td>-</td><td>24,335</td></tr><tr><td>Bolivia</td><td>2,522</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,522</td><td>632</td><td>-</td><td>1,890</td></tr><tr><td>Brazil</td><td>165,093</td><td>8</td><td>7</td><td>1</td><td>-</td><td>165,085</td><td>8,632</td><td>480</td><td>155,973</td></tr><tr><td>Chile</td><td>12,019</td><td>18</td><td>1</td><td>1</td><td>16</td><td>12,001</td><td>109</td><td>1,874</td><td>10,018</td></tr><tr><td>Colombia</td><td>22,555</td><td>8</td><td>-</td><td>-</td><td>8</td><td>22,547</td><td>5,199</td><td>4,941</td><td>12,407</td></tr><tr><td>Costa Rica</td><td>3,735</td><td>1</td><td>-</td><td>-</td><td>1</td><td>3,734</td><td>19</td><td>-</td><td>3,715</td></tr><tr><td>Cuba</td><td>20,013</td><td>161</td><td>156</td><td>-</td><td>5</td><td>19,852</td><td>80</td><td>10,932</td><td>8,840</td></tr><tr><td>French West Indies and Guiana</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45</td><td>44</td><td>-</td><td>1</td></tr><tr><td>Mexico</td><td>66,375</td><td>38,235</td><td>495</td><td>37,065</td><td>675</td><td>28,140</td><td>3,214</td><td>6,974</td><td>17,952</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>2,977</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,977</td><td>2,044</td><td>-</td><td>933</td></tr><tr><td>Panama</td><td>5,366</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,366</td><td>159</td><td>2</td><td>5,205</td></tr><tr><td>Peru</td><td>6,286</td><td>35</td><td>35</td><td>-</td><td>-</td><td>6,251</td><td>16</td><td>-</td><td>6,235</td></tr><tr><td>Venezuela</td><td>22,953</td><td>105</td><td>58</td><td>37</td><td>10</td><td>22,848</td><td>886</td><td>1,286</td><td>20,676</td></tr><tr><td>Other Latin America</td><td>32,975</td><td>25</td><td>23</td><td>-</td><td>2</td><td>32,950</td><td>11,748</td><td>1,793</td><td>19,409</td></tr><tr><td>Total Latin America</td><td>416,165</td><td>38,719</td><td>863</td><td>37,134</td><td>722</td><td>377,446</td><td>61,575</td><td>28,282</td><td>287,589</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>16,503</td><td>6</td><td>6</td><td>-</td><td>-</td><td>16,497</td><td>15,557</td><td>34</td><td>906</td></tr><tr><td>French Indo-China</td><td>407</td><td>-</td><td>-</td><td>-</td><td>-</td><td>407</td><td>215</td><td>147</td><td>45</td></tr><tr><td>Rong Kong</td><td>3,765</td><td>46</td><td>24</td><td>19</td><td>3</td><td>3,719</td><td>2,033</td><td>275</td><td>1,411</td></tr><tr><td>India</td><td>18,833</td><td>14,332</td><td>3,543</td><td>10,741</td><td>48</td><td>4,501</td><td>704</td><td>758</td><td>3,039</td></tr><tr><td>British Malaya</td><td>452</td><td>84</td><td>84</td><td>-</td><td>-</td><td>368</td><td>51</td><td>158</td><td>159</td></tr><tr><td>Japan</td><td>10,066</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,066</td><td>1,213</td><td>-</td><td>8,853</td></tr><tr><td>Netherlands East Indies</td><td>398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>398</td><td>274</td><td>84</td><td>40</td></tr><tr><td>Philippine Islands</td><td>25,532</td><td>386</td><td>329</td><td>23</td><td>34</td><td>25,146</td><td>9,979</td><td>4,006</td><td>11,161</td></tr><tr><td>Turkey</td><td>14,263</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,263</td><td>13,511</td><td>-</td><td>752</td></tr><tr><td>Other Asia</td><td>43,272</td><td>4,279</td><td>16</td><td>3,391</td><td>872</td><td>38,993</td><td>5,407</td><td>268</td><td>33,318</td></tr><tr><td>Total Asia</td><td>133,491</td><td>19,133</td><td>4,002</td><td>14,174</td><td>957</td><td>114,358</td><td>48,944</td><td>5,730</td><td>59,684</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>4,773</td><td>1,464</td><td>1,008</td><td>-</td><td>456</td><td>3,309</td><td>27</td><td>2,082</td><td>1,200</td></tr><tr><td>New Zealand</td><td>863</td><td>92</td><td>92</td><td>-</td><td>-</td><td>771</td><td>-</td><td>179</td><td>592</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>476</td><td>24</td><td>11</td><td>-</td><td>13</td><td>452</td><td>190</td><td>-</td><td>262</td></tr><tr><td>French Morocco</td><td>680</td><td>-</td><td>-</td><td>-</td><td>-</td><td>680</td><td>28</td><td>-</td><td>652</td></tr><tr><td>Union of South Africa</td><td>3,811</td><td>242</td><td>86</td><td>-</td><td>156</td><td>3,569</td><td>-</td><td>-</td><td>3,569</td></tr><tr><td>All other</td><td>7,212</td><td>24</td><td>14</td><td>-</td><td>10</td><td>7,188</td><td>1,403</td><td>-</td><td>5,785</td></tr><tr><td>Total other countries</td><td>17,815</td><td>1,846</td><td>1,211</td><td>-</td><td>635</td><td>15,969</td><td>1,648</td><td>2,261</td><td>12,060</td></tr><tr><td>Unidentified</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Grand total</td><td>848,461</td><td>131,667</td><td>66,864</td><td>58,298</td><td>6,505</td><td>716,794</td><td>223,826</td><td>55,972</td><td>436,996</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
62
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of October 1949
Table 2.- Short-Term Liabilities to Foreigners
(Portion at end of month in thousands of dollars)
<table><tr><th>Country</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 certificate 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>512,682</td><td>469,415</td><td>424,674</td><td>1,722</td><td>36,434</td><td>6,585</td><td>43,227</td><td>233</td><td>40,368</td><td>2,626</td></tr><tr><td>France</td><td>183,935</td><td>183,822</td><td>142,207</td><td>832</td><td>39,743</td><td>1,040</td><td>113</td><td>85</td><td>18</td><td>10</td></tr><tr><td>Belgium</td><td>125,272</td><td>125,056</td><td>111,777</td><td>2,218</td><td>10,521</td><td>580</td><td>216</td><td>104</td><td>44</td><td>68</td></tr><tr><td>Denmark</td><td>31,781</td><td>31,780</td><td>27,686</td><td>2,398</td><td>1,525</td><td>171</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>15,547</td><td>15,547</td><td>15,547</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany 1/</td><td>145,165</td><td>145,150</td><td>144,645</td><td>312</td><td>150</td><td>43</td><td>15</td><td>12</td><td>-</td><td>3</td></tr><tr><td>Greece</td><td>23,331</td><td>23,304</td><td>23,145</td><td>158</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>286,578</td><td>286,572</td><td>223,844</td><td>1,425</td><td>60,785</td><td>518</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>13,480</td><td>13,480</td><td>13,117</td><td>4</td><td>359</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>182,942</td><td>182,886</td><td>158,782</td><td>411</td><td>23,687</td><td>6</td><td>56</td><td>26</td><td>-</td><td>30</td></tr><tr><td>Norway</td><td>62,570</td><td>62,566</td><td>46,430</td><td>3,729</td><td>12,407</td><td>-</td><td>4</td><td>1</td><td>-</td><td>3</td></tr><tr><td>Portugal</td><td>33,935</td><td>33,900</td><td>33,744</td><td>133</td><td>23</td><td>-</td><td>35</td><td>35</td><td>-</td><td>-</td></tr><tr><td>Rumanie</td><td>6,701</td><td>6,701</td><td>6,696</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>10,827</td><td>10,757</td><td>10,442</td><td>207</td><td>105</td><td>3</td><td>70</td><td>68</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>69,150</td><td>69,114</td><td>34,245</td><td>10,622</td><td>22,247</td><td>2,000</td><td>36</td><td>29</td><td>-</td><td>7</td></tr><tr><td>Switzerland</td><td>576,833</td><td>574,174</td><td>417,124</td><td>66,910</td><td>42,759</td><td>47,381</td><td>2,659</td><td>2,179</td><td>155</td><td>325</td></tr><tr><td>U.S.S.R.</td><td>11,881</td><td>11,881</td><td>11,878</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>13,575</td><td>13,575</td><td>12,424</td><td>8</td><td>-</td><td>1,143</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>107,438</td><td>107,408</td><td>71,630</td><td>2,764</td><td>32,980</td><td>34</td><td>30</td><td>29</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>2,413,583</td><td>2,367,088</td><td>1,930,037</td><td>93,861</td><td>283,725</td><td>59,465</td><td>46,495</td><td>2,833</td><td>40,585</td><td>3,077</td></tr><tr><td>Canada</td><td>810,752</td><td>807,527</td><td>318,057</td><td>1,754</td><td>487,666</td><td>50</td><td>3,225</td><td>1,567</td><td>-</td><td>1,658</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>227,701</td><td>227,633</td><td>224,385</td><td>2,059</td><td>540</td><td>649</td><td>68</td><td>47</td><td>-</td><td>21</td></tr><tr><td>Bolivia</td><td>15,742</td><td>15,742</td><td>15,088</td><td>654</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>164,998</td><td>164,987</td><td>148,671</td><td>14,724</td><td>30</td><td>1,562</td><td>11</td><td>8</td><td>-</td><td>3</td></tr><tr><td>Chile</td><td>59,481</td><td>59,479</td><td>58,932</td><td>404</td><td>-</td><td>143</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>57,561</td><td>57,561</td><td>57,145</td><td>416</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,224</td><td>8,224</td><td>8,036</td><td>7</td><td>50</td><td>131</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>181,726</td><td>181,726</td><td>178,327</td><td>2,113</td><td>1,083</td><td>203</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>781</td><td>781</td><td>781</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>185,694</td><td>185,475</td><td>169,748</td><td>1,581</td><td>14,100</td><td>46</td><td>219</td><td>38</td><td>-</td><td>181</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>30,542</td><td>30,542</td><td>17,539</td><td>3</td><td>11,000</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>72,686</td><td>72,683</td><td>58,675</td><td>727</td><td>12,081</td><td>1,200</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Peru</td><td>61,382</td><td>61,381</td><td>61,024</td><td>244</td><td>102</td><td>11</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>160,392</td><td>160,273</td><td>152,550</td><td>73</td><td>-</td><td>7,650</td><td>119</td><td>117</td><td>-</td><td>2</td></tr><tr><td>Other Latin America</td><td>189,564</td><td>189,230</td><td>160,637</td><td>3,702</td><td>24,858</td><td>33</td><td>334</td><td>318</td><td>-</td><td>16</td></tr><tr><td>Total Latin America</td><td>1,416,474</td><td>1,415,717</td><td>1,311,538</td><td>26,707</td><td>63,844</td><td>13,628</td><td>757</td><td>531</td><td>-</td><td>226</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 Manchuria</td><td>116,285</td><td>116,284</td><td>111,439</td><td>941</td><td>3,848</td><td>6</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>French Indo-China</td><td>5,268</td><td>5,268</td><td>4,268</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>81,533</td><td>81,398</td><td>80,435</td><td>945</td><td>-</td><td>18</td><td>135</td><td>135</td><td>-</td><td>-</td></tr><tr><td>India</td><td>52,609</td><td>52,400</td><td>51,264</td><td>1,134</td><td>2</td><td>155</td><td>209</td><td>55</td><td>88</td><td>66</td></tr><tr><td>British Malaya</td><td>11,370</td><td>11,370</td><td>10,779</td><td>436</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>189,532</td><td>189,464</td><td>188,262</td><td>345</td><td>856</td><td>1</td><td>68</td><td>68</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>20,451</td><td>20,307</td><td>19,608</td><td>274</td><td>425</td><td>-</td><td>144</td><td>-</td><td>-</td><td>144</td></tr><tr><td>Philippine Islands</td><td>334,084</td><td>334,058</td><td>287,870</td><td>1,188</td><td>45,000</td><td>-</td><td>26</td><td>26</td><td>-</td><td>6</td></tr><tr><td>Turkey</td><td>12,083</td><td>12,072</td><td>11,941</td><td>122</td><td>9</td><td>-</td><td>11</td><td>5</td><td>-</td><td>6</td></tr><tr><td>Other Asia 2/</td><td>193,283</td><td>192,566</td><td>148,945</td><td>1,099</td><td>42,496</td><td>26</td><td>717</td><td>248</td><td>-</td><td>469</td></tr><tr><td>Total Asia</td><td>1,016,498</td><td>1,015,187</td><td>914,861</td><td>6,148</td><td>93,791</td><td>51</td><td>1,311</td><td>538</td><td>88</td><td>685</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>44,040</td><td>43,774</td><td>42,436</td><td>346</td><td>815</td><td>177</td><td>266</td><td>-</td><td>12</td><td>254</td></tr><tr><td>New Zealand</td><td>10,025</td><td>9,895</td><td>9,712</td><td>183</td><td>-</td><td>-</td><td>130</td><td>63</td><td>-</td><td>67</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>60,152</td><td>60,118</td><td>60,127</td><td>21</td><td>-</td><td>-</td><td>4</td><td>3</td><td>-</td><td>1</td></tr><tr><td>French Morocco</td><td>10,727</td><td>10,726</td><td>9,761</td><td>65</td><td>900</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Union of South Africa</td><td>5,695</td><td>5,693</td><td>4,690</td><td>168</td><td>35</td><td>800</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>All other</td><td>61,364</td><td>61,363</td><td>46,966</td><td>626</td><td>13,765</td><td>6</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total other countries</td><td>192,003</td><td>191,599</td><td>173,692</td><td>1,409</td><td>15,515</td><td>983</td><td>404</td><td>66</td><td>12</td><td>326</td></tr><tr><td>International 3/</td><td>1,712,307</td><td>1,712,307</td><td>356,621</td><td>-</td><td>1,355,686</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>127</td><td>127</td><td>127</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,561,744</td><td>7,509,552</td><td>5,004,933</td><td>130,215</td><td>2,300,227</td><td>74,177</td><td>52,192</td><td>5,535</td><td>40,685</td><td>5,972</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and
Ceylon, previously included with India. 3/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
March 1950
63
CAPITAL MOVEMENTS
Section III - Details for Month of October 1949
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th><th>Total sales</th><th>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>14,524</td><td>12,772</td><td>5,754</td><td>7,018</td><td>1,752</td><td>563</td><td>1,189</td><td>16,554</td><td>10,522</td><td>5,063</td><td>5,459</td><td>6,032</td><td>1,220</td><td>4,812</td></tr><tr><td>France</td><td>1,507</td><td>546</td><td>365</td><td>181</td><td>961</td><td>301</td><td>160</td><td>3,075</td><td>1,836</td><td>1,359</td><td>477</td><td>1,239</td><td>982</td><td>257</td></tr><tr><td>Belgium</td><td>3,352</td><td>2,013</td><td>1,026</td><td>987</td><td>1,339</td><td>647</td><td>692</td><td>2,003</td><td>1,484</td><td>999</td><td>485</td><td>519</td><td>162</td><td>357</td></tr><tr><td>Denmark</td><td>132</td><td>115</td><td>63</td><td>52</td><td>17</td><td>5</td><td>12</td><td>92</td><td>73</td><td>67</td><td>6</td><td>19</td><td>2</td><td>17</td></tr><tr><td>Finland</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</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><td>-</td></tr><tr><td>Greece</td><td>7</td><td>6</td><td>6</td><td>-</td><td>1</td><td>1</td><td>-</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Italy</td><td>889</td><td>830</td><td>767</td><td>63</td><td>58</td><td>22</td><td>36</td><td>766</td><td>707</td><td>680</td><td>27</td><td>59</td><td>-</td><td>59</td></tr><tr><td>Luxembourg</td><td>114</td><td>103</td><td>48</td><td>55</td><td>11</td><td>9</td><td>2</td><td>248</td><td>243</td><td>243</td><td>-</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Netherlands</td><td>1,666</td><td>1,059</td><td>995</td><td>64</td><td>607</td><td>370</td><td>237</td><td>4,897</td><td>4,212</td><td>3,651</td><td>561</td><td>685</td><td>238</td><td>447</td></tr><tr><td>Norway</td><td>866</td><td>207</td><td>132</td><td>75</td><td>659</td><td>4</td><td>655</td><td>252</td><td>189</td><td>163</td><td>26</td><td>63</td><td>-</td><td>63</td></tr><tr><td>Portugal</td><td>145</td><td>125</td><td>111</td><td>14</td><td>20</td><td>16</td><td>4</td><td>110</td><td>107</td><td>81</td><td>26</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Bunania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>144</td><td>144</td><td>91</td><td>53</td><td>50</td><td>4</td><td>46</td><td>47</td><td>47</td><td>46</td><td>1</td><td>244</td><td>1</td><td>243</td></tr><tr><td>Sweden</td><td>74</td><td>24</td><td>24</td><td>-</td><td>50</td><td>4</td><td>46</td><td>403</td><td>159</td><td>53</td><td>106</td><td>244</td><td>1</td><td>243</td></tr><tr><td>Switzerland</td><td>24,676</td><td>19,285</td><td>17,461</td><td>1,824</td><td>5,391</td><td>2,720</td><td>2,671</td><td>21,245</td><td>18,651</td><td>17,281</td><td>1,370</td><td>2,594</td><td>1,052</td><td>1,542</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><td>-</td></tr><tr><td>Yugoelevia</td><td>-</td><td>-</td><td>-</td><td>-</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 Europe</td><td>83</td><td>53</td><td>39</td><td>14</td><td>30</td><td>29</td><td>1</td><td>106</td><td>101</td><td>63</td><td>38</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Total Europe</td><td>48,186</td><td>37,290</td><td>26,890</td><td>10,400</td><td>10,896</td><td>5,191</td><td>5,705</td><td>49,817</td><td>38,350</td><td>29,768</td><td>8,582</td><td>11,467</td><td>3,667</td><td>7,800</td></tr><tr><td>Canada</td><td>73,994</td><td>9,051</td><td>5,612</td><td>3,439</td><td>64,943</td><td>3,021</td><td>61,922</td><td>24,614</td><td>12,059</td><td>7,273</td><td>4,786</td><td>12,555</td><td>3,579</td><td>8,976</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>723</td><td>542</td><td>542</td><td>-</td><td>181</td><td>15</td><td>166</td><td>602</td><td>461</td><td>407</td><td>54</td><td>141</td><td>54</td><td>87</td></tr><tr><td>Bolivia</td><td>24</td><td>14</td><td>14</td><td>-</td><td>10</td><td>-</td><td>10</td><td>8</td><td>4</td><td>4</td><td>-</td><td>4</td><td>1</td><td>3</td></tr><tr><td>Brazil</td><td>1,148</td><td>493</td><td>482</td><td>11</td><td>655</td><td>53</td><td>602</td><td>512</td><td>328</td><td>322</td><td>6</td><td>184</td><td>137</td><td>47</td></tr><tr><td>Chile</td><td>332</td><td>189</td><td>185</td><td>4</td><td>143</td><td>29</td><td>114</td><td>722</td><td>581</td><td>577</td><td>4</td><td>141</td><td>10</td><td>131</td></tr><tr><td>Colombia</td><td>123</td><td>110</td><td>110</td><td>-</td><td>13</td><td>10</td><td>3</td><td>33</td><td>9</td><td>7</td><td>2</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Coste Bica</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>12</td><td>12</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Cuba</td><td>1,398</td><td>1,042</td><td>711</td><td>331</td><td>356</td><td>43</td><td>313</td><td>1,262</td><td>1,113</td><td>545</td><td>568</td><td>149</td><td>111</td><td>38</td></tr><tr><td>French West Indies and Guiana</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>489</td><td>389</td><td>304</td><td>85</td><td>100</td><td>36</td><td>64</td><td>683</td><td>617</td><td>544</td><td>73</td><td>66</td><td>62</td><td>4</td></tr><tr><td>Notherlande West Indies and Surinam</td><td>126</td><td>83</td><td>70</td><td>13</td><td>43</td><td>30</td><td>13</td><td>33</td><td>32</td><td>32</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Panama</td><td>1,108</td><td>511</td><td>411</td><td>100</td><td>597</td><td>538</td><td>59</td><td>745</td><td>688</td><td>595</td><td>93</td><td>57</td><td>46</td><td>11</td></tr><tr><td>Peru</td><td>125</td><td>113</td><td>76</td><td>37</td><td>12</td><td>12</td><td>-</td><td>375</td><td>357</td><td>91</td><td>266</td><td>18</td><td>7</td><td>11</td></tr><tr><td>Venezuela</td><td>747</td><td>422</td><td>419</td><td>3</td><td>325</td><td>66</td><td>259</td><td>703</td><td>691</td><td>418</td><td>273</td><td>12</td><td>11</td><td>1</td></tr><tr><td>Other Latin America</td><td>2,959</td><td>2,263</td><td>1,009</td><td>1,254</td><td>696</td><td>134</td><td>562</td><td>4,347</td><td>3,088</td><td>2,925</td><td>163</td><td>1,259</td><td>123</td><td>1,136</td></tr><tr><td>Total Latin America</td><td>9,310</td><td>6,179</td><td>4,341</td><td>1,838</td><td>3,131</td><td>966</td><td>2,165</td><td>10,044</td><td>7,985</td><td>6,483</td><td>1,502</td><td>2,059</td><td>562</td><td>1,497</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>2,890</td><td>2,890</td><td>457</td><td>2,433</td><td>-</td><td>-</td><td>-</td><td>429</td><td>424</td><td>414</td><td>10</td><td>5</td><td>-</td><td>5</td></tr><tr><td>French Indo-China</td><td>869</td><td>869</td><td>812</td><td>57</td><td>-</td><td>-</td><td>-</td><td>27</td><td>27</td><td>27</td><td>27</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>997</td><td>997</td><td>636</td><td>361</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indie</td><td>549</td><td>544</td><td>7</td><td>537</td><td>5</td><td>-</td><td>5</td><td>86</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>30</td><td>9</td><td>9</td><td>-</td><td>21</td><td>-</td><td>21</td><td>186</td><td>186</td><td>186</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Notherlande East Indies</td><td>5</td><td>5</td><td>2</td><td>3</td><td>-</td><td>-</td><td>-</td><td>9</td><td>8</td><td>8</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Philippine Islands</td><td>48</td><td>39</td><td>39</td><td>-</td><td>9</td><td>9</td><td>-</td><td>41</td><td>23</td><td>21</td><td>2</td><td>18</td><td>18</td><td>-</td></tr><tr><td>Turkey</td><td>18</td><td>10</td><td>8</td><td>2</td><td>8</td><td>6</td><td>2</td><td>9</td><td>9</td><td>9</td><td>-</td><td>16</td><td>1</td><td>15</td></tr><tr><td>Other Asia</td><td>100</td><td>92</td><td>60</td><td>32</td><td>8</td><td>2</td><td>6</td><td>82</td><td>66</td><td>35</td><td>31</td><td>16</td><td>1</td><td>15</td></tr><tr><td>Total Asia</td><td>4,516</td><td>4,465</td><td>1,401</td><td>3,064</td><td>51</td><td>17</td><td>34</td><td>1,873</td><td>1,833</td><td>1,402</td><td>431</td><td>40</td><td>20</td><td>20</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>Australias</td><td>166</td><td>14</td><td>14</td><td>-</td><td>152</td><td>-</td><td>152</td><td>77</td><td>77</td><td>77</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>36</td><td>36</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>33</td><td>33</td><td>-</td><td>11</td><td>-</td><td>11</td></tr><tr><td>French Morocco</td><td>225</td><td>221</td><td>221</td><td>-</td><td>4</td><td>3</td><td>1</td><td>174</td><td>168</td><td>167</td><td>1</td><td>6</td><td>3</td><td>3</td></tr><tr><td>Union of South Africa</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>12</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>242</td><td>129</td><td>94</td><td>35</td><td>113</td><td>81</td><td>32</td><td>457</td><td>217</td><td>209</td><td>8</td><td>240</td><td>87</td><td>153</td></tr><tr><td>Total other countries</td><td>676</td><td>407</td><td>372</td><td>35</td><td>269</td><td>84</td><td>185</td><td>786</td><td>529</td><td>518</td><td>11</td><td>257</td><td>90</td><td>167</td></tr><tr><td>International 2/.</td><td>977</td><td>977</td><td>-</td><td>977</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>137,659</td><td>58,369</td><td>38,616</td><td>19,753</td><td>79,290</td><td>9,279</td><td>70,011</td><td>87,134</td><td>60,756</td><td>45,444</td><td>15,312</td><td>26,378</td><td>7,918</td><td>18,460</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
64
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of December 1949
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claim</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>38,810</td><td>31,832</td><td>25,755</td><td>3,704</td><td>2,373</td><td>6,978</td><td>2,423</td><td>2,298</td><td>2,257</td></tr><tr><td>France</td><td>51,055</td><td>110</td><td>73</td><td>27</td><td>10</td><td>50,945</td><td>45,129</td><td>44</td><td>5,772</td></tr><tr><td>Belgium</td><td>13,408</td><td>408</td><td>398</td><td>4</td><td>6</td><td>13,000</td><td>2,326</td><td>3,051</td><td>7,623</td></tr><tr><td>Denmark</td><td>367</td><td>60</td><td>53</td><td>4</td><td>3</td><td>307</td><td>27</td><td>174</td><td>106</td></tr><tr><td>Finland</td><td>8,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,224</td><td>4,873</td><td>3,320</td><td>31</td></tr><tr><td>Germany</td><td>22,092</td><td>27</td><td>6</td><td>21</td><td>-</td><td>22,065</td><td>17,390</td><td>67</td><td>4,608</td></tr><tr><td>Greece</td><td>1,670</td><td>5</td><td>-</td><td>5</td><td>-</td><td>1,665</td><td>954</td><td>-</td><td>711</td></tr><tr><td>Italy</td><td>20,351</td><td>121</td><td>46</td><td>75</td><td>-</td><td>20,230</td><td>5,974</td><td>2,113</td><td>12,143</td></tr><tr><td> Luxembourg</td><td>64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td><td>-</td><td>64</td></tr><tr><td>Netherlands</td><td>5,183</td><td>373</td><td>321</td><td>41</td><td>11</td><td>4,810</td><td>626</td><td>732</td><td>3,452</td></tr><tr><td>Norway</td><td>7,380</td><td>81</td><td>60</td><td>21</td><td>-</td><td>7,299</td><td>24</td><td>85</td><td>7,190</td></tr><tr><td>Portugal</td><td>505</td><td>56</td><td>25</td><td>31</td><td>-</td><td>449</td><td>55</td><td>-</td><td>394</td></tr><tr><td>Romania</td><td>6,992</td><td>3</td><td>-</td><td>3</td><td>-</td><td>6,989</td><td>6,985</td><td>-</td><td>1</td></tr><tr><td>Spain</td><td>7,031</td><td>70</td><td>8</td><td>10</td><td>52</td><td>6,961</td><td>6,074</td><td>-</td><td>887</td></tr><tr><td>Sweden</td><td>2,387</td><td>170</td><td>123</td><td>-</td><td>47</td><td>2,217</td><td>787</td><td>12</td><td>1,418</td></tr><tr><td>Switzerland</td><td>3,818</td><td>1,364</td><td>1,242</td><td>110</td><td>12</td><td>2,454</td><td>37</td><td>385</td><td>2,032</td></tr><tr><td>U. S. S. R.</td><td>3</td><td>2</td><td>2</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Other Europe</td><td>15,586</td><td>226</td><td>205</td><td>11</td><td>10</td><td>15,360</td><td>11,147</td><td>38</td><td>4,175</td></tr><tr><td>Total Europe</td><td>204,935</td><td>34,908</td><td>28,317</td><td>4,067</td><td>2,524</td><td>170,027</td><td>104,831</td><td>12,319</td><td>52,877</td></tr><tr><td>Canada</td><td>37,842</td><td>15,971</td><td>13,851</td><td>1,645</td><td>475</td><td>21,871</td><td>194</td><td>2,551</td><td>19,126</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>51,612</td><td>96</td><td>63</td><td>28</td><td>5</td><td>51,516</td><td>28,144</td><td>-</td><td>23,372</td></tr><tr><td>Bolivia</td><td>2,249</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,249</td><td>886</td><td>-</td><td>1,363</td></tr><tr><td>Brazil</td><td>137,155</td><td>88</td><td>87</td><td>1</td><td>-</td><td>137,067</td><td>8,033</td><td>191</td><td>128,843</td></tr><tr><td>Chile</td><td>15,600</td><td>61</td><td>1</td><td>1</td><td>59</td><td>15,539</td><td>24</td><td>1,403</td><td>14,112</td></tr><tr><td>Colombia</td><td>21,355</td><td>2</td><td>-</td><td>-</td><td>2</td><td>21,353</td><td>4,155</td><td>4,746</td><td>12,452</td></tr><tr><td>Costa Rica</td><td>4,017</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,017</td><td>42</td><td>-</td><td>3,975</td></tr><tr><td>Cuba</td><td>27,479</td><td>2,016</td><td>2,013</td><td>-</td><td>3</td><td>25,463</td><td>777</td><td>15,400</td><td>9,286</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Mexico</td><td>72,127</td><td>37,862</td><td>604</td><td>37,025</td><td>233</td><td>34,265</td><td>6,124</td><td>4,855</td><td>23,286</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,319</td><td>5</td><td>47</td><td>1,267</td></tr><tr><td>Panama</td><td>5,339</td><td>5</td><td>-</td><td>-</td><td>5</td><td>5,334</td><td>196</td><td>-</td><td>5,138</td></tr><tr><td>Peru</td><td>5,777</td><td>45</td><td>45</td><td>-</td><td>-</td><td>5,732</td><td>9</td><td>-</td><td>5,723</td></tr><tr><td>Venezuela</td><td>25,671</td><td>125</td><td>31</td><td>78</td><td>16</td><td>25,546</td><td>1,376</td><td>1,394</td><td>22,776</td></tr><tr><td>Other Latin America</td><td>37,776</td><td>32</td><td>22</td><td>-</td><td>10</td><td>37,744</td><td>14,708</td><td>3,532</td><td>19,504</td></tr><tr><td>Total Latin America</td><td>407,477</td><td>40,332</td><td>2,866</td><td>37,133</td><td>353</td><td>367,145</td><td>64,479</td><td>31,568</td><td>271,098</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 Manchurie</td><td>16,529</td><td>5</td><td>5</td><td>-</td><td>-</td><td>16,524</td><td>15,298</td><td>305</td><td>921</td></tr><tr><td>French Indo-China</td><td>339</td><td>-</td><td>-</td><td>-</td><td>-</td><td>339</td><td>295</td><td>-</td><td>44</td></tr><tr><td>Hong Kong</td><td>3,567</td><td>40</td><td>24</td><td>13</td><td>3</td><td>3,527</td><td>1,706</td><td>459</td><td>1,362</td></tr><tr><td>India</td><td>17,349</td><td>12,368</td><td>1,799</td><td>10,563</td><td>6</td><td>4,981</td><td>2,517</td><td>668</td><td>1,796</td></tr><tr><td>British Malaya</td><td>620</td><td>21</td><td>21</td><td>-</td><td>-</td><td>599</td><td>300</td><td>86</td><td>213</td></tr><tr><td>Japan</td><td>13,248</td><td>6</td><td>1</td><td>-</td><td>5</td><td>13,242</td><td>523</td><td>-</td><td>12,719</td></tr><tr><td>Netherlands East Indies</td><td>228</td><td>-</td><td>-</td><td>-</td><td>-</td><td>228</td><td>101</td><td>34</td><td>93</td></tr><tr><td>Philippines Islands</td><td>23,763</td><td>353</td><td>306</td><td>26</td><td>21</td><td>23,410</td><td>7,710</td><td>3,706</td><td>11,994</td></tr><tr><td>Turkey</td><td>14,252</td><td>5</td><td>-</td><td>5</td><td>-</td><td>14,247</td><td>13,525</td><td>-</td><td>722</td></tr><tr><td>Other Asia 2/</td><td>6,764</td><td>3,440</td><td>59</td><td>3,197</td><td>184</td><td>43,324</td><td>9,118</td><td>1,816</td><td>32,390</td></tr><tr><td>Total Asia</td><td>136,659</td><td>16,238</td><td>2,215</td><td>13,804</td><td>219</td><td>120,421</td><td>51,093</td><td>7,074</td><td>62,254</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>7,935</td><td>4,228</td><td>3,797</td><td>179</td><td>252</td><td>3,707</td><td>101</td><td>2,422</td><td>1,184</td></tr><tr><td>New Zealand</td><td>487</td><td>93</td><td>82</td><td>-</td><td>11</td><td>394</td><td>-</td><td>2</td><td>392</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>226</td><td>33</td><td>17</td><td>-</td><td>16</td><td>193</td><td>115</td><td>-</td><td>78</td></tr><tr><td>French Morocco</td><td>847</td><td>-</td><td>-</td><td>-</td><td>-</td><td>847</td><td>90</td><td>-</td><td>757</td></tr><tr><td>Union of South Africa</td><td>4,505</td><td>401</td><td>13</td><td>155</td><td>233</td><td>4,104</td><td>-</td><td>-</td><td>4,104</td></tr><tr><td>All other</td><td>6,365</td><td>19</td><td>12</td><td>-</td><td>7</td><td>6,346</td><td>1,567</td><td>-</td><td>4,779</td></tr><tr><td>Total other countries</td><td>20,365</td><td>4,774</td><td>3,921</td><td>334</td><td>519</td><td>15,591</td><td>1,873</td><td>2,424</td><td>11,294</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>807,278</td><td>112,223</td><td>51,170</td><td>56,983</td><td>4,070</td><td>695,055</td><td>222,470</td><td>55,936</td><td>416,649</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
March 1950
65
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of December 1949
Table 2.- Short-Term Liabilities to Foreigners
(Poetion at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="4">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>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>574,522</td><td>533,166</td><td>498,122</td><td>3,083</td><td>28,517</td><td>3,444</td><td>41,356</td><td>1,313</td><td>36,630</td><td>3,413</td></tr><tr><td>France</td><td>171,576</td><td>171,315</td><td>142,982</td><td>807</td><td>25,653</td><td>1,873</td><td>261</td><td>130</td><td>77</td><td>54</td></tr><tr><td>Belgium</td><td>121,790</td><td>121,633</td><td>104,433</td><td>4,404</td><td>12,248</td><td>548</td><td>157</td><td>42</td><td>86</td><td>29</td></tr><tr><td>Denmark</td><td>34,967</td><td>34,966</td><td>22,073</td><td>7,224</td><td>5,608</td><td>61</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>25,108</td><td>25,108</td><td>25,108</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>150,561</td><td>150,550</td><td>149,820</td><td>350</td><td>138</td><td>242</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>29,621</td><td>29,594</td><td>29,437</td><td>126</td><td>-</td><td>31</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>304,039</td><td>304,035</td><td>237,769</td><td>1,243</td><td>64,344</td><td>679</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>13,602</td><td>13,602</td><td>13,204</td><td>5</td><td>382</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlande</td><td>169,968</td><td>169,922</td><td>159,133</td><td>566</td><td>10,183</td><td>40</td><td>46</td><td>17</td><td>1</td><td>28</td></tr><tr><td>Norway</td><td>69,357</td><td>69,350</td><td>46,195</td><td>3,716</td><td>19,401</td><td>38</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>38,151</td><td>38,052</td><td>37,410</td><td>613</td><td>26</td><td>3</td><td>99</td><td>98</td><td>-</td><td>1</td></tr><tr><td>Rumania</td><td>6,669</td><td>6,669</td><td>6,646</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>15,730</td><td>15,723</td><td>15,392</td><td>228</td><td>55</td><td>48</td><td>7</td><td>6</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>89,903</td><td>89,857</td><td>34,106</td><td>15,989</td><td>38,255</td><td>1,507</td><td>46</td><td>9</td><td>-</td><td>37</td></tr><tr><td>Switzerland</td><td>568,554</td><td>563,803</td><td>405,840</td><td>79,286</td><td>35,640</td><td>43,037</td><td>4,751</td><td>4,213</td><td>120</td><td>418</td></tr><tr><td>U. S. S. R.</td><td>10,234</td><td>10,234</td><td>10,212</td><td>4</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8,446</td><td>8,446</td><td>7,452</td><td>17</td><td>-</td><td>977</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>104,796</td><td>104,758</td><td>60,910</td><td>4,020</td><td>39,780</td><td>48</td><td>38</td><td>38</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>2,507,594</td><td>2,460,783</td><td>2,006,244</td><td>121,704</td><td>280,230</td><td>52,605</td><td>46,811</td><td>5,914</td><td>36,914</td><td>3,983</td></tr><tr><td>Canada</td><td>865,599</td><td>863,646</td><td>299,541</td><td>1,698</td><td>561,251</td><td>1,156</td><td>1,953</td><td>191</td><td>-</td><td>1,762</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>201,291</td><td>201,233</td><td>196,675</td><td>1,796</td><td>540</td><td>2,222</td><td>58</td><td>36</td><td>-</td><td>22</td></tr><tr><td>Bolivia</td><td>13,546</td><td>13,546</td><td>13,073</td><td>438</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>195,089</td><td>195,074</td><td>178,062</td><td>13,535</td><td>29</td><td>3,448</td><td>15</td><td>8</td><td>-</td><td>7</td></tr><tr><td>Chile</td><td>60,337</td><td>60,335</td><td>59,824</td><td>419</td><td>-</td><td>92</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>86,130</td><td>86,129</td><td>85,566</td><td>558</td><td>-</td><td>5</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,315</td><td>8,315</td><td>7,643</td><td>488</td><td>50</td><td>134</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>164,541</td><td>164,541</td><td>162,639</td><td>851</td><td>880</td><td>171</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>531</td><td>531</td><td>483</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>223,210</td><td>222,994</td><td>214,833</td><td>818</td><td>6,158</td><td>1,185</td><td>216</td><td>5</td><td>-</td><td>211</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>25,880</td><td>25,880</td><td>16,580</td><td>-</td><td>9,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>74,271</td><td>74,268</td><td>60,719</td><td>1,609</td><td>11,138</td><td>802</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Peru</td><td>53,613</td><td>53,603</td><td>53,319</td><td>162</td><td>100</td><td>22</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>143,266</td><td>143,231</td><td>142,626</td><td>238</td><td>300</td><td>67</td><td>35</td><td>33</td><td>-</td><td>2</td></tr><tr><td>Other Latin America</td><td>199,116</td><td>198,754</td><td>168,450</td><td>5,136</td><td>23,911</td><td>1,257</td><td>362</td><td>344</td><td>-</td><td>18</td></tr><tr><td>Total Latin America</td><td>1,449,136</td><td>1,448,434</td><td>1,360,492</td><td>26,096</td><td>52,406</td><td>9,440</td><td>702</td><td>439</td><td>-</td><td>263</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>113,533</td><td>113,532</td><td>108,654</td><td>825</td><td>3,120</td><td>933</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>French Indo-China</td><td>5,228</td><td>5,228</td><td>4,228</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>86,116</td><td>85,949</td><td>84,042</td><td>1,900</td><td>-</td><td>7</td><td>167</td><td>122</td><td>-</td><td>45</td></tr><tr><td>India</td><td>63,048</td><td>62,922</td><td>60,680</td><td>2,067</td><td>82</td><td>93</td><td>126</td><td>6</td><td>18</td><td>102</td></tr><tr><td>British Malaya</td><td>8,591</td><td>8,574</td><td>7,445</td><td>768</td><td>361</td><td>-</td><td>17</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>215,592</td><td>215,521</td><td>213,185</td><td>532</td><td>1,666</td><td>138</td><td>71</td><td>71</td><td>-</td><td>-</td></tr><tr><td>Netherlande East Indies</td><td>16,441</td><td>16,440</td><td>15,600</td><td>112</td><td>725</td><td>3</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>296,614</td><td>296,522</td><td>286,408</td><td>2,175</td><td>5,000</td><td>2,939</td><td>92</td><td>92</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>9,836</td><td>9,835</td><td>9,630</td><td>203</td><td>-</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Asia 2/.</td><td>152,307</td><td>151,571</td><td>128,329</td><td>1,084</td><td>21,996</td><td>162</td><td>736</td><td>94</td><td>-</td><td>642</td></tr><tr><td>Total Asia</td><td>967,306</td><td>966,094</td><td>918,201</td><td>9,666</td><td>33,950</td><td>4,277</td><td>1,212</td><td>405</td><td>18</td><td>789</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>32,607</td><td>32,356</td><td>30,061</td><td>1,325</td><td>815</td><td>155</td><td>251</td><td>-</td><td>16</td><td>235</td></tr><tr><td>New Zealand</td><td>7,734</td><td>7,578</td><td>7,358</td><td>195</td><td>-</td><td>25</td><td>156</td><td>1</td><td>-</td><td>155</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>62,683</td><td>62,682</td><td>62,664</td><td>18</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>French Morocco</td><td>11,233</td><td>11,232</td><td>10,464</td><td>68</td><td>700</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Union of South Africa</td><td>5,956</td><td>5,956</td><td>5,808</td><td>2</td><td>25</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>60,214</td><td>60,203</td><td>46,042</td><td>384</td><td>13,765</td><td>12</td><td>11</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Total other countries</td><td>180,427</td><td>180,007</td><td>162,397</td><td>1,992</td><td>15,305</td><td>313</td><td>420</td><td>1</td><td>16</td><td>403</td></tr><tr><td>Interational 3/.</td><td>1,658,049</td><td>1,658,049</td><td>333,309</td><td>-</td><td>1,324,740</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>123</td><td>123</td><td>123</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,628,234</td><td>7,577,136</td><td>5,080,307</td><td>161,156</td><td>2,267,882</td><td>67,791</td><td>51,098</td><td>6,950</td><td>36,948</td><td>7,200</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma,
3/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
66
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of December 1949
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</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>Bonde</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonde</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>18,553</td><td>15,399</td><td>6,863</td><td>8,536</td><td>3,154</td><td>776</td><td>2,378</td><td>15,804</td><td>12,656</td><td>5,167</td><td>7,489</td><td>3,148</td><td>1,247</td><td>1,901</td></tr><tr><td>France</td><td>4,762</td><td>3,110</td><td>1,133</td><td>1,977</td><td>1,652</td><td>1,193</td><td>459</td><td>5,683</td><td>4,254</td><td>2,673</td><td>1,581</td><td>1,429</td><td>962</td><td>467</td></tr><tr><td>Belgium</td><td>3,645</td><td>2,290</td><td>1,700</td><td>590</td><td>1,355</td><td>384</td><td>971</td><td>2,523</td><td>1,939</td><td>1,361</td><td>578</td><td>584</td><td>225</td><td>359</td></tr><tr><td>Denmark</td><td>1,818</td><td>1,540</td><td>278</td><td>1,262</td><td>278</td><td>17</td><td>261</td><td>417</td><td>359</td><td>332</td><td>27</td><td>58</td><td>9</td><td>49</td></tr><tr><td>Finland</td><td>13</td><td>8</td><td>8</td><td>-</td><td>5</td><td>-</td><td>5</td><td>16</td><td>11</td><td>11</td><td>-</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Germany</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>28</td><td>28</td><td>24</td><td>4</td><td>-</td><td>-</td><td>-</td><td>27</td><td>27</td><td>3</td><td>24</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>354</td><td>322</td><td>243</td><td>79</td><td>32</td><td>3</td><td>29</td><td>313</td><td>302</td><td>235</td><td>67</td><td>11</td><td>4</td><td>7</td></tr><tr><td>Luxembourg</td><td>241</td><td>210</td><td>210</td><td>-</td><td>31</td><td>21</td><td>10</td><td>169</td><td>166</td><td>138</td><td>28</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Netherlande</td><td>1,570</td><td>660</td><td>568</td><td>92</td><td>910</td><td>460</td><td>450</td><td>2,885</td><td>2,373</td><td>2,174</td><td>199</td><td>512</td><td>177</td><td>335</td></tr><tr><td>Norway</td><td>909</td><td>521</td><td>410</td><td>111</td><td>388</td><td>-</td><td>388</td><td>505</td><td>471</td><td>364</td><td>107</td><td>34</td><td>2</td><td>34</td></tr><tr><td>Portugal</td><td>143</td><td>115</td><td>113</td><td>2</td><td>28</td><td>23</td><td>5</td><td>160</td><td>121</td><td>121</td><td>-</td><td>39</td><td>2</td><td>37</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>2,049</td><td>40</td><td>40</td><td>-</td><td>2,009</td><td>-</td><td>2,009</td><td>63</td><td>57</td><td>31</td><td>26</td><td>6</td><td>1</td><td>5</td></tr><tr><td>Sweden</td><td>111</td><td>43</td><td>42</td><td>1</td><td>68</td><td>38</td><td>30</td><td>165</td><td>143</td><td>76</td><td>67</td><td>22</td><td>1</td><td>21</td></tr><tr><td>Switzerland</td><td>37,256</td><td>32,104</td><td>21,291</td><td>10,813</td><td>5,152</td><td>3,664</td><td>1,488</td><td>24,315</td><td>21,748</td><td>18,055</td><td>3,693</td><td>2,567</td><td>1,357</td><td>1,210</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</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></tr><tr><td>Yugoslavia</td><td>1</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>103</td><td>97</td><td>42</td><td>55</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Other Europe</td><td>374</td><td>148</td><td>128</td><td>20</td><td>226</td><td>1</td><td>225</td><td>103</td><td>97</td><td>42</td><td>55</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Total Europe</td><td>71,829</td><td>56,541</td><td>33,053</td><td>23,488</td><td>15,288</td><td>6,580</td><td>8,708</td><td>53,162</td><td>44,738</td><td>30,790</td><td>13,948</td><td>8,424</td><td>3,994</td><td>4,430</td></tr><tr><td>Canada</td><td>23,844</td><td>12,112</td><td>6,695</td><td>5,417</td><td>11,732</td><td>4,187</td><td>7,545</td><td>27,106</td><td>14,434</td><td>6,111</td><td>8,323</td><td>12,672</td><td>3,530</td><td>9,142</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>1,452</td><td>989</td><td>774</td><td>215</td><td>463</td><td>114</td><td>349</td><td>770</td><td>644</td><td>570</td><td>74</td><td>126</td><td>32</td><td>94</td></tr><tr><td>Bolivia</td><td>71</td><td>64</td><td>61</td><td>3</td><td>7</td><td>-</td><td>7</td><td>46</td><td>42</td><td>42</td><td>-</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Brazil</td><td>1,806</td><td>580</td><td>579</td><td>1</td><td>1,226</td><td>75</td><td>1,151</td><td>539</td><td>482</td><td>394</td><td>88</td><td>57</td><td>21</td><td>36</td></tr><tr><td>Chile</td><td>388</td><td>188</td><td>188</td><td>-</td><td>200</td><td>9</td><td>191</td><td>142</td><td>139</td><td>134</td><td>5</td><td>3</td><td>2</td><td>1</td></tr><tr><td>Colombie</td><td>165</td><td>151</td><td>151</td><td>-</td><td>14</td><td>11</td><td>3</td><td>63</td><td>63</td><td>61</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>22</td><td>19</td><td>18</td><td>1</td><td>3</td><td>1</td><td>2</td></tr><tr><td>Cuba</td><td>1,928</td><td>1,214</td><td>1,180</td><td>34</td><td>714</td><td>120</td><td>594</td><td>2,206</td><td>1,890</td><td>1,493</td><td>397</td><td>316</td><td>57</td><td>259</td></tr><tr><td>French West Indies and Guiana</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,479</td><td>797</td><td>437</td><td>360</td><td>682</td><td>398</td><td>284</td><td>808</td><td>589</td><td>433</td><td>156</td><td>219</td><td>30</td><td>189</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>24</td><td>7</td><td>7</td><td>7</td><td>17</td><td>5</td><td>12</td><td>89</td><td>86</td><td>76</td><td>10</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Panama</td><td>1,262</td><td>1,000</td><td>624</td><td>376</td><td>262</td><td>74</td><td>188</td><td>3,255</td><td>3,006</td><td>2,185</td><td>821</td><td>249</td><td>133</td><td>116</td></tr><tr><td>Peru</td><td>297</td><td>292</td><td>235</td><td>57</td><td>5</td><td>5</td><td>-</td><td>316</td><td>260</td><td>59</td><td>201</td><td>56</td><td>26</td><td>30</td></tr><tr><td>Venezuela</td><td>590</td><td>574</td><td>419</td><td>155</td><td>16</td><td>5</td><td>11</td><td>1,276</td><td>1,260</td><td>270</td><td>990</td><td>16</td><td>15</td><td>1</td></tr><tr><td>Other Latin America</td><td>4,011</td><td>2,763</td><td>2,656</td><td>107</td><td>1,248</td><td>656</td><td>592</td><td>3,017</td><td>2,286</td><td>2,103</td><td>183</td><td>731</td><td>170</td><td>561</td></tr><tr><td>Total Latin America</td><td>13,481</td><td>8,626</td><td>7,318</td><td>1,308</td><td>4,855</td><td>1,473</td><td>3,382</td><td>12,549</td><td>10,766</td><td>7,838</td><td>2,928</td><td>1,783</td><td>491</td><td>1,292</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 Manchuris</td><td>290</td><td>288</td><td>244</td><td>44</td><td>2</td><td>1</td><td>1</td><td>622</td><td>538</td><td>475</td><td>63</td><td>84</td><td>11</td><td>73</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>452</td><td>378</td><td>361</td><td>17</td><td>74</td><td>51</td><td>23</td><td>374</td><td>349</td><td>313</td><td>36</td><td>25</td><td>-</td><td>25</td></tr><tr><td>India</td><td>75</td><td>73</td><td>3</td><td>70</td><td>2</td><td>2</td><td>-</td><td>48</td><td>48</td><td>47</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>102</td><td>100</td><td>100</td><td>1</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Japan</td><td>5,031</td><td>5,028</td><td>28</td><td>5,000</td><td>3</td><td>1</td><td>2</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlande East Indies</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>165</td><td>151</td><td>110</td><td>41</td><td>14</td><td>4</td><td>10</td><td>100</td><td>85</td><td>72</td><td>13</td><td>15</td><td>15</td><td>-</td></tr><tr><td>Turkey</td><td>20</td><td>15</td><td>15</td><td>-</td><td>5</td><td>1</td><td>4</td><td>26</td><td>12</td><td>12</td><td>-</td><td>14</td><td>-</td><td>14</td></tr><tr><td>Other Asia 1/</td><td>127</td><td>120</td><td>52</td><td>68</td><td>7</td><td>2</td><td>5</td><td>250</td><td>242</td><td>187</td><td>55</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Total Asia</td><td>6,166</td><td>6,059</td><td>818</td><td>5,241</td><td>107</td><td>62</td><td>45</td><td>1,535</td><td>1,387</td><td>1,219</td><td>168</td><td>148</td><td>28</td><td>120</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>269</td><td>37</td><td>21</td><td>16</td><td>232</td><td>-</td><td>232</td><td>34</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>10</td><td>10</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>French Morocco</td><td>205</td><td>176</td><td>176</td><td>-</td><td>29</td><td>22</td><td>7</td><td>112</td><td>112</td><td>112</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>18</td><td>17</td><td>17</td><td>-</td><td>1</td><td>1</td><td>-</td><td>39</td><td>39</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>702</td><td>598</td><td>235</td><td>363</td><td>104</td><td>63</td><td>41</td><td>536</td><td>493</td><td>470</td><td>23</td><td>43</td><td>17</td><td>26</td></tr><tr><td>Total other countries</td><td>1,203</td><td>837</td><td>458</td><td>379</td><td>366</td><td>86</td><td>280</td><td>740</td><td>695</td><td>672</td><td>23</td><td>45</td><td>17</td><td>28</td></tr><tr><td>International 2/</td><td>19</td><td>19</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>116,542</td><td>84,194</td><td>48,342</td><td>35,852</td><td>32,348</td><td>12,388</td><td>19,960</td><td>95,092</td><td>72,020</td><td>46,630</td><td>25,390</td><td>23,072</td><td>8,060</td><td>15,012</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
March 1950
67
CAPITAL MOVEMENTS
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(End of month - in thousands of dollars)
<table><tr><th rowspan="2">Currency of -</th><th colspan="2">July</th><th colspan="2">August</th><th colspan="2">September</th><th colspan="2">October</th><th colspan="2">November p</th><th colspan="2">December p</th></tr><tr><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</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></tr><tr><td>United Kingdom</td><td>116,328</td><td>118,544</td><td>132,102</td><td>133,193</td><td>141,243</td><td>189,828</td><td>118,734</td><td>169,940</td><td>93,892</td><td>134,243</td><td>67,498</td><td>94,719</td></tr><tr><td>France</td><td>-</td><td>-</td><td>-</td><td>-</td><td>390</td><td>368</td><td>25</td><td>23</td><td>31</td><td>2</td><td>160</td><td>139</td></tr><tr><td>Belgium</td><td>10</td><td>109</td><td>25</td><td>170</td><td>20</td><td>270</td><td>110</td><td>234</td><td>170</td><td>423</td><td>209</td><td>351</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></tr><tr><td>Italy</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>-</td><td>5</td><td>-</td><td>-</td><td>1</td><td>2</td><td>1</td><td>15</td><td>-</td><td>73</td><td>-</td><td>73</td></tr><tr><td>Portugal</td><td>-</td><td>8</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>6</td><td>2</td><td>-</td><td>1</td><td>-</td><td>2</td><td>-</td><td>3</td><td>-</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Switzerland</td><td>491</td><td>1,868</td><td>603</td><td>2,229</td><td>6,223</td><td>7,979</td><td>10,069</td><td>11,585</td><td>10,154</td><td>12,865</td><td>8,057</td><td>11,964</td></tr><tr><td>Other Europe</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>116,835</td><td>120,539</td><td>132,730</td><td>135,606</td><td>147,877</td><td>198,450</td><td>128,939</td><td>181,801</td><td>104,267</td><td>147,607</td><td>75,924</td><td>107,248</td></tr><tr><td>Canada</td><td>5,133</td><td>4,698</td><td>5,371</td><td>4,907</td><td>8,157</td><td>7,503</td><td>8,486</td><td>8,599</td><td>4,546</td><td>5,319</td><td>5,168</td><td>10,220</td></tr><tr><td>Latin America</td><td>299</td><td>300</td><td>413</td><td>300</td><td>652</td><td>428</td><td>1,082</td><td>1,012</td><td>879</td><td>797</td><td>1,329</td><td>1,247</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></tr><tr><td>China and Manchurie</td><td>450</td><td>-</td><td>100</td><td>570</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Japan</td><td>869</td><td>2,063</td><td>838</td><td>1,204</td><td>1,540</td><td>3,100</td><td>8,605</td><td>11,023</td><td>9,598</td><td>11,730</td><td>10,771</td><td>11,553</td></tr><tr><td>Other 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></tr><tr><td>Total Asia</td><td>1,319</td><td>2,067</td><td>938</td><td>1,778</td><td>1,540</td><td>3,104</td><td>8,605</td><td>11,027</td><td>9,598</td><td>11,734</td><td>10,799</td><td>11,557</td></tr><tr><td>All other</td><td>468</td><td>185</td><td>394</td><td>398</td><td>1,489</td><td>1,875</td><td>1,241</td><td>1,841</td><td>1,846</td><td>3,013</td><td>2,256</td><td>4,690</td></tr><tr><td>Grand total</td><td>124,054</td><td>128,089</td><td>139,846</td><td>142,989</td><td>159,715</td><td>211,360</td><td>148,353</td><td>204,280</td><td>121,136</td><td>168,470</td><td>95,476</td><td>134,962</td></tr></table>
p Preliminary.
68
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
April 1949 through March 1950
<table><tr><th rowspan="2"></th><th colspan="10">Issue and page number</th><th colspan="3">1950</th></tr><tr><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>Jan.</th><th>Feb.</th><th>Mar.</th></tr><tr><td>Articles:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury financing operations</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td></tr><tr><td>Summary of Federal fiscal operations</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></tr><tr><td>Budget 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>Receipts by principal sources</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>Expenditures by major classifications</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>Expenditures for national defense and related activities</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>Expenditures for international finance and aid</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>"Other" expenditures</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Summary by months and calendar years</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Social Security Act</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>Railroad Retirement Act</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>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>Summary of receipts and expenditures of all trust accounts, etc.</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>8</td><td>8</td></tr><tr><td>Receipts by principal accounts</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>8</td><td>8</td></tr><tr><td>Investments by principal accounts</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Expenditures other than investments by principal accounts</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Railroad Retirement Account</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Unemployment Trust Fund</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>National Service Life Insurance Fund</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Treasury cash income and 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></tr><tr><td>Summary of cash transactions</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash budget receipts</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash budget expenditures</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash trust account transactions</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Summary of cash operating income and outgo by months</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>General Fund of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Status of the General Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</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>Analysis of change in balance in the General Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</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>Debt outstanding:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of Federal securities</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Net change in Federal securities</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Interest-bearing public debt</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Net change in interest-bearing public debt</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Interest-bearing guaranteed securities</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Special issues to U. S. Government investment accounts</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Treasury holdings of securities issued by corporations and certain other business-type activities of the U. S. Government</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Statutory debt limitation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Status under limitation</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Application of limitation to public debt and guaranteed securities outstanding</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Debt operations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the U. S. Government</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td></tr><tr><td>Offerings of Treasury bills</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness and guaranteed securities</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td></tr><tr><td>Issuance and retirement of the public debt</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr></table>
(Continued on following page)
March 1950
69
CUMULATIVE TABLE OF CONTENTS
April 1949 through March 1950 - (Continued)
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th colspan="10">1949</th><th colspan="3">1950</th></tr><tr><th></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>Jan.</th><th>Feb.</th><th>Mar.</th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Sales and redemptions, all series combined by periods</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Sales and redemptions of Series A-D, E, F, and G by periods</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Redemptions of matured and unmatured, all series combined</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>29</td></tr><tr><td>Sales and redemptions of Series E and F and G by denominations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>29</td><td></td></tr><tr><td>Sales of Series E and F and G:</td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By States</td><td></td><td></td><td></td><td></td><td>29</td><td></td><td></td><td></td><td></td><td></td><td>30</td><td></td></tr><tr><td>Redemptions of Series A-E by States</td><td></td><td></td><td></td><td></td><td>31</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury savings notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series</td><td>28</td><td>28</td><td>28</td><td>28</td><td>32</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td><td>32</td><td>30</td></tr><tr><td>Salee and redemptions of Series C and D combined by periods</td><td>28</td><td>28</td><td>28</td><td>28</td><td>32</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td><td>32</td><td>30</td></tr><tr><td>Ownership of Federal securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution by classes of investors and types of issues</td><td>29</td><td>29</td><td>29</td><td>29</td><td>33</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>33</td><td>31</td></tr><tr><td>Net market purchases or sales for investment accounts handled by the Treasury</td><td>29</td><td>29</td><td>29</td><td>29</td><td>33</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>33</td><td>31</td></tr><tr><td>Estimated ownership by bank and nonbank investors</td><td>30</td><td>30</td><td>30</td><td>30</td><td>34</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>34</td><td>32</td></tr><tr><td>Treasury survey of ownership:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks, insurance companies, and others</td><td>31</td><td>31</td><td>31</td><td>31</td><td>35</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>35</td><td>33</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date Dec. 31, 1949)</td><td></td><td></td><td></td><td></td><td></td><td>36</td><td></td><td></td><td></td><td></td><td></td><td>37</td></tr><tr><td>Market quotations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Over-the-counter closing quotations on Federal securities by issues</td><td>35</td><td>35</td><td>35</td><td>35</td><td>39</td><td>40</td><td>36</td><td>36</td><td>36</td><td>36</td><td>39</td><td>41</td></tr><tr><td>Chart showing yields of Treasury securities</td><td>37</td><td>37</td><td>37</td><td>37</td><td>41</td><td>42</td><td>38</td><td>38</td><td>38</td><td>38</td><td>41</td><td>43</td></tr><tr><td>Yields of Treasury and corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term bonds by periods</td><td>38</td><td>38</td><td>38</td><td>38</td><td>42</td><td>43</td><td>39</td><td>39</td><td>39</td><td>39</td><td>42</td><td>44</td></tr><tr><td>Chart showing average yields of long-term bonds</td><td>39</td><td>39</td><td>39</td><td>39</td><td>43</td><td>44</td><td>40</td><td>40</td><td>40</td><td>40</td><td>43</td><td>45</td></tr><tr><td>Internal revenue collections:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by principal sources</td><td>40</td><td>40</td><td>40</td><td>40</td><td>44</td><td>45</td><td>41</td><td>41</td><td>41</td><td>41</td><td>44</td><td>46</td></tr><tr><td>Chart showing internal revenue collections</td><td>41</td><td>41</td><td>41</td><td>41</td><td>45</td><td>46</td><td>42</td><td>42</td><td>42</td><td>42</td><td>45</td><td>47</td></tr><tr><td>Detail of collections by type of tax</td><td>42</td><td>42</td><td>42</td><td>42</td><td>46</td><td>47</td><td>43</td><td>43</td><td>43</td><td>43</td><td>46</td><td>48</td></tr><tr><td>Monetary statistics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation</td><td>44</td><td>44</td><td>44</td><td>44</td><td>48</td><td>49</td><td>45</td><td>45</td><td>45</td><td>45</td><td>48</td><td>50</td></tr><tr><td>Monetary stocks of gold and silver</td><td>45</td><td>45</td><td>45</td><td>45</td><td>49</td><td>50</td><td>46</td><td>46</td><td>46</td><td>46</td><td>49</td><td>51</td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>45</td><td>45</td><td>45</td><td>45</td><td>49</td><td>50</td><td>46</td><td>46</td><td>46</td><td>46</td><td>49</td><td>51</td></tr><tr><td>Components of silver monetary stock</td><td>46</td><td>46</td><td>46</td><td>46</td><td>50</td><td>51</td><td>47</td><td>47</td><td>47</td><td>47</td><td>50</td><td>52</td></tr><tr><td>Silver production in the United States and acquisitions by mints and assay offices</td><td>46</td><td>46</td><td>46</td><td>46</td><td>50</td><td>51</td><td>47</td><td>47</td><td>47</td><td>47</td><td>50</td><td>52</td></tr><tr><td>Seigniorage on silver</td><td>47</td><td>47</td><td>47</td><td>47</td><td>51</td><td>52</td><td>48</td><td>48</td><td>48</td><td>48</td><td>51</td><td>53</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date December 31, 1949)</td><td></td><td>47</td><td></td><td></td><td>51</td><td></td><td>48</td><td></td><td></td><td>51</td><td></td><td></td></tr><tr><td>Net Treasury gold receipts (latest quarter ending December 31, 1949)</td><td></td><td></td><td>47</td><td></td><td></td><td>52</td><td></td><td>48</td><td></td><td></td><td></td><td>53</td></tr><tr><td>Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance Sheet (latest date December 31, 1949)</td><td></td><td>48</td><td></td><td></td><td>52</td><td></td><td>49</td><td></td><td></td><td>52</td><td></td><td></td></tr><tr><td>Income and expenses (latest date December 31, 1949)</td><td></td><td>49</td><td></td><td></td><td>53</td><td></td><td>50</td><td></td><td></td><td>53</td><td></td><td></td></tr><tr><td>Capital movements between the United States and foreign 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>Historical summary of capital movements since 1935</td><td>48</td><td>50</td><td>48</td><td>48</td><td>54</td><td>53</td><td>49</td><td>51</td><td>49</td><td>49</td><td>54</td><td>54</td></tr><tr><td>Summary by countries and months</td><td>51</td><td>53</td><td>51</td><td>51</td><td>57</td><td>56</td><td>52</td><td>54</td><td>52</td><td>52</td><td>57</td><td>57</td></tr><tr><td>Details for latest months by countries</td><td>55</td><td>57</td><td>55</td><td>55</td><td>61</td><td>60</td><td>56</td><td>58</td><td>56</td><td>56</td><td>61</td><td>61</td></tr><tr><td>Outstanding contracts for forward purchases and sales of foreign exchange</td><td>61</td><td>63</td><td>61</td><td>61</td><td>67</td><td>66</td><td>62</td><td>64</td><td>62</td><td>62</td><td>67</td><td>67</td></tr><tr><td>Supplementary data by countries</td><td></td><td></td><td></td><td></td><td></td><td>63</td><td></td><td>63</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporations and certain other business-type activities (latest date June 30, 1949):</td><td></td><td></td><td></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</td><td>62</td><td></td><td></td><td></td><td></td><td></td><td>65</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheets</td><td>63</td><td></td><td></td><td></td><td></td><td></td><td>66</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense</td><td></td><td>64</td><td></td><td></td><td></td><td></td><td></td><td>65</td><td></td><td></td><td></td><td></td></tr><tr><td>Source and application of funds</td><td></td><td>67</td><td></td><td></td><td></td><td></td><td></td><td>68</td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1950</td><td></td></tr><tr><td>c.2</td><td></td></tr></table>
U.S. TREASURY LIBRARY
0031967