TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY ROOM 5030 JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
SEPTEMBER-1951
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
September 1951
Table of Contents
Page
<table><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 account and other transactions.</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>21</td></tr><tr><td>Debt operations.</td><td>22</td></tr><tr><td>United States savings bonds.</td><td>27</td></tr><tr><td>Treasury savings notes.</td><td>31</td></tr><tr><td>Ownership of Federal securities.</td><td>32</td></tr><tr><td>Treasury survey of ownership of Federal securities.</td><td>34</td></tr><tr><td>Treasury survey - commercial bank ownership of Federal securities.</td><td>38</td></tr><tr><td>Market quotations.</td><td>42</td></tr><tr><td>Yields of Treasury and corporate bonds.</td><td>46</td></tr><tr><td>Internal revenue collections.</td><td>48</td></tr><tr><td>Monetary statistics.</td><td>52</td></tr><tr><td>Capital movements.</td><td>56</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.
September 1951
A-1
Treasury Financing Operations
September-October Certificate Offerings
On August 27, 1951, the Secretary of the Treasury announced that holders of the 3 percent Treasury bonds of 1951-55 which had been called for redemption on September 15, 1951, and holders of the 1-1/4 percent Treasury notes, Series A-1951, maturing October 1, 1951, each would be offered an issue of 11-month 1-7/8 percent certificates of indebtedness to be dated September 15 and October 1, respectively. The called bonds were outstanding in the amount of $755 million and the Treasury notes in the amount of $1,918 million.
The subscription books were opened on September for the exchange of the called bonds, and will open on September 18 for the exchange of the maturing notes.
Announcement on Treasury Bonds Callable December 15
On August 14, 1951, the Secretary of the Treasury announced that the 2-1/4 percent Treasury bonds of 1951-53, dated December 22, 1939, due December 15, 1953, are called for redemption on December 15, 1951. There are $1,118 million of this issue outstanding. The announcement stated that in advance of the
redemption date holders of these bonds may be offered the privilege of exchanging all or any part of their called bonds for other interest-bearing obligations of the United States, in which event public notice will hereafter be given.
The announcement stated also that the 2 percent Treasury bonds of 1951-55, which also were callable on December 15, 1951, would not be called for redemption on that date. This issue is outstanding in the amount of $510 million.
Treasury Bills Increased
Treasury bills matured in August in the amount of $5.5 billion and the new offerings totaled $6.1 billion. Each weekly maturity amounted to $1.1 billion. The new offerings of August 2, 9, and 16 were for $1.3 billion each, and the offerings of August 23 and 30 were for $1.1 billion each. The average rates of discount on the five new offerings were 1.611 percent for August 2, 1.651 percent for August 9, 1.660 percent for August 16, 1.651 percent for August 23, and 1.645 percent for August 30.
Note: Details of Treasury market financing operations are shown elsewhere in this issue of the "Treasury Bulletin", in the tables on "Offerings" and "Dis-
position", respectively, of marketable issues of bonds, notes, and certificates of indebtedness, and in the table "Offerings of Treasury Bills".
September 1951
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th colspan="3">Budget receipts and expenditures</th><th rowspan="2">Trust account and other transactions 2/ 3/</th><th rowspan="2">Clearing account 1/</th><th rowspan="2">Net increase in public debt, or decrease (-)</th><th rowspan="2">Not increase in General Fund balance, or decrease (-)</th><th colspan="4">Levels, end of period</th></tr><tr><th>Not receipts 1/</th><th>Expenditures 2/</th><th>Surplus, or deficit (-) 2/</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>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>2,291</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>66,274</td><td>6,515</td><td>9,527</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>66,307</td><td>10,662</td><td>20,169</td><td>201,203</td><td>1,623</td><td>202,826</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>4,529</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>11,238</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>-195</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</td><td>37,045</td><td>40,167</td><td>-3,122</td><td>95</td><td>483</td><td>4,587</td><td>2,047</td><td>5,517</td><td>257,357</td><td>20</td><td>257,377</td></tr><tr><td>1951</td><td>48,143</td><td>44,633</td><td>3,510</td><td>679</td><td>-214</td><td>-2,135</td><td>1,839</td><td>7,357</td><td>255,222</td><td>29</td><td>255,251</td></tr><tr><td>1952 (Est.)</td><td>55,138 5/</td><td>71,594 5/</td><td>-16,456 5/</td><td>464</td><td>-8</td><td>16,000</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Calendar years:</td></tr><tr><td>1942</td><td>16,290</td><td>57,751</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>162,877</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>87,522</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>1950</td><td>37,834</td><td>38,255</td><td>-422</td><td>311</td><td>87</td><td>-123</td><td>-447</td><td>4,232</td><td>256,708</td><td>24</td><td>256,731</td></tr><tr><td colspan="11">Months:</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>-1,771</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>255,952</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>1,301</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>-255</td><td>370</td><td>5,049</td><td>256,865</td><td>27</td><td>256,892</td></tr><tr><td>February</td><td>2,972</td><td>2,496</td><td>476</td><td>170</td><td>-11</td><td>-497</td><td>137</td><td>5,186</td><td>256,368</td><td>27</td><td>256,395</td></tr><tr><td>March</td><td>4,820</td><td>3,269</td><td>1,551</td><td>-93</td><td>122</td><td>-645</td><td>935</td><td>6,121</td><td>255,724</td><td>24</td><td>255,747</td></tr><tr><td>April</td><td>1,488</td><td>2,847</td><td>-1,358</td><td>-79</td><td>25</td><td>-6</td><td>-1,419</td><td>4,702</td><td>255,718</td><td>22</td><td>255,740</td></tr><tr><td>May</td><td>2,320</td><td>2,962</td><td>-642</td><td>147</td><td>-376</td><td>632</td><td>-238</td><td>4,464</td><td>256,350</td><td>20</td><td>256,370</td></tr><tr><td>June</td><td>4,404</td><td>4,296</td><td>108</td><td>-53</td><td>-8</td><td>1,007</td><td>1,053</td><td>5,517</td><td>257,357</td><td>20</td><td>257,377</td></tr><tr><td>July</td><td>1,881</td><td>3,013</td><td>-1,132</td><td>-99</td><td>31</td><td>183</td><td>-1,017</td><td>4,500</td><td>257,541</td><td>16</td><td>257,557</td></tr><tr><td>August</td><td>2,850</td><td>2,515</td><td>344</td><td>147</td><td>-140</td><td>333</td><td>685</td><td>5,185</td><td>257,874</td><td>18</td><td>257,891</td></tr><tr><td>September</td><td>4,605</td><td>3,520</td><td>1,084</td><td>-27</td><td>-80</td><td>-658</td><td>319</td><td>5,505</td><td>257,216</td><td>20</td><td>257,236</td></tr><tr><td>October</td><td>2,056</td><td>3,170</td><td>-1,114</td><td>-17</td><td>49</td><td>-273</td><td>-1,359</td><td>4,145</td><td>256,937</td><td>22</td><td>256,959</td></tr><tr><td>November</td><td>2,851</td><td>3,102 6/</td><td>-252 6/</td><td>169 6/</td><td>-63</td><td>140</td><td>-5</td><td>4,139</td><td>257,077</td><td>24</td><td>257,100</td></tr><tr><td>December</td><td>4,211</td><td>3,742 6/</td><td>470 6/</td><td>45 6/</td><td>-52</td><td>-359</td><td>93</td><td>4,232</td><td>256,703</td><td>24</td><td>256,731</td></tr><tr><td>1951-January</td><td>4,448</td><td>3,808</td><td>640</td><td>-83</td><td>247</td><td>-583</td><td>221</td><td>4,451</td><td>256,125</td><td>18</td><td>256,143</td></tr><tr><td>February</td><td>4,257</td><td>3,211</td><td>1,047</td><td>227</td><td>-161</td><td>-184</td><td>929</td><td>5,382</td><td>255,941</td><td>18</td><td>255,958</td></tr><tr><td>March</td><td>8,112</td><td>4,058</td><td>4,054</td><td>-34</td><td>111</td><td>-944</td><td>3,187</td><td>8,569</td><td>254,997</td><td>21</td><td>255,018</td></tr><tr><td>April</td><td>2,626</td><td>4,007</td><td>-1,381</td><td>-69</td><td>106</td><td>-270</td><td>-1,614</td><td>6,955</td><td>254,727</td><td>21</td><td>254,748</td></tr><tr><td>May</td><td>3,146</td><td>4,517</td><td>-1,370</td><td>136</td><td>-304</td><td>366</td><td>-1,173</td><td>5,782</td><td>255,093</td><td>29</td><td>255,122</td></tr><tr><td>June</td><td>7,089</td><td>5,969</td><td>1,119</td><td>284</td><td>43</td><td>129</td><td>1,574</td><td>7,357</td><td>255,222</td><td>29</td><td>255,251</td></tr><tr><td>July</td><td>2,571</td><td>4,739</td><td>-2,168</td><td>11</td><td>-14</td><td>435</td><td>-1,737</td><td>5,620</td><td>255,657</td><td>28</td><td>255,685</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1952 Budget document, including effect of proposed legislation (see also footnote 5). More detailed information with respect to the figures in this table is given elsewhere in the "Treasury Bulletin". 1/ Gross receipts less appropriations to the Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts. 2/ Transactions of the Foreign Economic Cooperation Trust Fund, established under Section 114 (f) of the Economic Cooperation Act of 1948 (62 Stat. 150), are consolidated with budget expenditures. 3/ Excess of receipts, or expenditures (-). 4/ For outstanding checks and interest coupons, and telegraphic reports
5/ In testimony before the Senate Finance Committee on June 28, 1951, Secretary Snyder, estimated 1952 net receipts under present law at $58.5 billion and expenditures at $68.4 billion, with a resulting deficit of $9.9 billion.
6/ Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures and included with other such investments under "Trust account and other transactions". Adjustments for July-October investments were made in the November and January figures.
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="3">Internal revenue 1/</th><th colspan="2"></th><th rowspan="2">Customs</th><th rowspan="2">Other receipts 2/</th><th rowspan="2">Gross receipts</th><th colspan="2">Deductions</th><th rowspan="2">Net receipts</th></tr><tr><th>Income and profits taxes</th><th colspan="2">Employment taxes 3/</th><th>Miscellaneous internal revenue</th><th>Total internal revenue</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 5/</th><th>Refunds of receipts 6/</th></tr><tr><th></th><th>Withheld by employers 2/</th><th>Other</th><th>Total</th><th>Employment taxes 3/</th><th>Miscellaneous internal revenue</th><th>Total internal revenue</th><th></th><th></th><th></th><th></th><th></th></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>357</td><td>43,892</td></tr><tr><td>1945.........</td><td>10,289</td><td>24,884</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>1,579</td><td>44,762</td></tr><tr><td>1946.........</td><td>9,392</td><td>21,493</td><td>30,895</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>454</td><td>4,635</td><td>44,508</td><td>1,459</td><td>3,005</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>8,318</td><td>40,307</td><td>304</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.........</td><td>10,073</td><td>18,189</td><td>28,263</td><td>2,883</td><td>8,303</td><td>39,449</td><td>423</td><td>1,439</td><td>41,311</td><td>2,106</td><td>2,160</td><td>37,045</td></tr><tr><td>1951.........</td><td>13,535</td><td>24,218</td><td>37,753</td><td>3,331</td><td>9,423</td><td>51,106</td><td>624</td><td>1,639</td><td>53,369</td><td>3,120</td><td>2,107</td><td>48,113</td></tr><tr><td>1952 (Est.)...</td><td>16,358</td><td>29,667</td><td>46,025</td><td>4,974</td><td>8,977</td><td>59,976</td><td>620</td><td>1,343</td><td>61,939</td><td>3,823</td><td>2,703</td><td>55,138 1/</td></tr><tr><td>1951-January</td><td>680 8/</td><td>2,709</td><td>3,389</td><td>149 8/</td><td>853</td><td>4,391</td><td>57</td><td>173</td><td>4,621</td><td>131 8/</td><td>42</td><td>4,448</td></tr><tr><td>February</td><td>2,044</td><td>1,281</td><td>3,325</td><td>527</td><td>797</td><td>4,649</td><td>49</td><td>122</td><td>4,820</td><td>374</td><td>189</td><td>4,257</td></tr><tr><td>March....</td><td>1,273</td><td>6,152</td><td>7,425</td><td>393</td><td>838</td><td>8,656</td><td>59</td><td>96</td><td>8,811</td><td>239</td><td>459</td><td>8,112</td></tr><tr><td>April....</td><td>578</td><td>1,688</td><td>2,266</td><td>157</td><td>690</td><td>3,113</td><td>54</td><td>123</td><td>3,289</td><td>150</td><td>513</td><td>2,626</td></tr><tr><td>May.....</td><td>2,038</td><td>432</td><td>2,520</td><td>554</td><td>717</td><td>3,821</td><td>53</td><td>164</td><td>4,039</td><td>534</td><td>359</td><td>3,146</td></tr><tr><td>June....</td><td>1,123</td><td>5,065</td><td>6,188</td><td>423</td><td>719</td><td>7,330</td><td>48</td><td>225</td><td>7,603</td><td>280</td><td>234</td><td>7,089</td></tr><tr><td>July....</td><td>726</td><td>983</td><td>1,709</td><td>177</td><td>722</td><td>2,608</td><td>48</td><td>177</td><td>2,833</td><td>175</td><td>88</td><td>2,571</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1952 Budget document, including effect of proposed change in employment taxes for medical care insurance. For June 28, 1951, revision of estimated net receipts, see page 1, footnote 5. Receipt classifi-
cations shown here are based on the Daily Treasury Statement, and therefore differ somewhat from those in the Budget. Footnotes at end of Tables 2 and 4.
Table 2.- Expenditures by Major Classifications
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 9/</th><th>National defense and related activities</th><th>International finance and aid</th><th>Interest on the public debt 10/</th><th>Veterans' Administration 11/</th><th>Other</th></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</td><td>4,928</td><td>4,958</td><td>7,259</td><td>5,332</td></tr><tr><td>1948</td><td>33,791 12/</td><td>11,500</td><td>4,143 12/</td><td>5,211</td><td>6,469</td><td>6,467</td></tr><tr><td>1949</td><td>40,057 12/</td><td>12,158</td><td>6,016 12/</td><td>5,339</td><td>6,878</td><td>9,666</td></tr><tr><td>1950</td><td>40,167</td><td>12,378</td><td>4,657</td><td>5,750</td><td>6,517</td><td>10,865</td></tr><tr><td>1951</td><td>44,633 13/</td><td>19,958</td><td>4,431</td><td>5,613</td><td>5,281</td><td>9,350 13/</td></tr><tr><td>1952 (Estimated)</td><td>71,594</td><td>41,431</td><td>7,138</td><td>5,800</td><td>4,913</td><td>12,312</td></tr><tr><td>1951-January</td><td>3,808</td><td>1,651</td><td>334</td><td>514</td><td>472</td><td>836</td></tr><tr><td>February</td><td>3,211</td><td>1,695</td><td>328</td><td>156</td><td>426</td><td>606</td></tr><tr><td>March</td><td>4,058</td><td>2,057</td><td>346</td><td>580</td><td>456</td><td>620</td></tr><tr><td>April</td><td>4,007</td><td>2,160</td><td>392</td><td>253</td><td>427</td><td>775</td></tr><tr><td>May</td><td>4,517</td><td>2,396</td><td>437</td><td>163</td><td>425</td><td>1,046</td></tr><tr><td>June</td><td>5,969</td><td>2,495</td><td>785</td><td>1,557</td><td>384</td><td>748</td></tr><tr><td>July</td><td>4,739</td><td>2,930</td><td>318</td><td>232</td><td>435</td><td>823</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1952 Budget document, including effect of proposed legislation. For June 28, 1951, revision of estimated total expenditures, see page 1, footnote 5. Expenditure classifications shown here are based on the Daily Treasury Statement and therefore differ somewhat from those in the Budget.
1/ For further detail, see tables under "Internal Revenue Collections".
2/ Under Current Tax Payment Act of 1943, as amended (26 U.S.C. 1621-1632 for basis of figures shown, beginning January 1951, see footnote 8.
3/ Consists of receipts for old-age insurance, unemployment insurance,
railroad retirement, and medical care insurance in the 1952 estimate; for details of actual receipts see Tables 7 and 8. Railroad unemployment insurance contributions for administrative expenses are included in "Other receipts".
4/ Includes 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/ See Table 7.
6/ Interest on refunds is included in Table 5 under "Miscellaneous". Footnotes 7 through 12 on page 3.
September 1951
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 14/</th><th>Department of the Army 15/</th><th>Department of the Navy 16/</th><th>Payments under Armed Forces Leave Act</th><th>Reconstruction Finance Corporation 17/</th><th>United States Maritime Commission 18/</th><th>UIFRA</th><th>Surplus property disposal 19/ 20/</th><th>Strategic and critical materials 21/</th><th>Other 22/</th></tr><tr><td>1944</td><td>89,720</td><td>-</td><td>49,242</td><td>26,538</td><td>-</td><td>2,682</td><td>3,812</td><td>-</td><td>-</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>472</td><td>3,227</td><td>114</td><td>-</td><td>-</td><td>6,305</td></tr><tr><td>1946</td><td>48,870</td><td>-</td><td>27,800</td><td>15,151</td><td>-</td><td>328</td><td>694</td><td>664</td><td>106</td><td>-</td><td>4,117</td></tr><tr><td>1947</td><td>16,812</td><td>-</td><td>6,911</td><td>4,998</td><td>1,986</td><td>138</td><td>271</td><td>1,501</td><td>442</td><td>11</td><td>554</td></tr><tr><td>1948</td><td>11,500</td><td>-</td><td>6,046</td><td>4,171</td><td>270</td><td>-</td><td>277</td><td>268</td><td>325</td><td>99</td><td>44</td></tr><tr><td>1949</td><td>12,158</td><td>1,690</td><td>5,417</td><td>4,412</td><td>10</td><td>-</td><td>136</td><td>25</td><td>98</td><td>299</td><td>71</td></tr><tr><td>1950</td><td>12,378</td><td>3,506</td><td>4,090</td><td>4,110</td><td>1</td><td>-</td><td>-</td><td>*</td><td>7</td><td>439</td><td>225</td></tr><tr><td>1951</td><td>19,958</td><td>6,237</td><td>6,875</td><td>5,756</td><td>2</td><td>-</td><td>-</td><td>*</td><td>1</td><td>656</td><td>431</td></tr><tr><td>1952 (Estimated)</td><td>41,431</td><td></td><td>40,007 23/</td><td></td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>1,300</td><td>124</td></tr><tr><td>1951-January</td><td>1,651</td><td>483</td><td>518</td><td>560</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>55</td><td>34</td></tr><tr><td>February</td><td>1,695</td><td>483</td><td>567</td><td>535</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>66</td><td>25</td></tr><tr><td>March</td><td>2,057</td><td>656</td><td>718</td><td>585</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>72</td><td>26</td></tr><tr><td>April</td><td>2,160</td><td>622</td><td>842</td><td>524</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>72</td><td>100</td></tr><tr><td>May</td><td>2,396</td><td>733</td><td>842</td><td>718</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>63</td><td>40</td></tr><tr><td>June</td><td>2,495</td><td>746</td><td>1,041</td><td>620</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>47</td><td>42</td></tr><tr><td>July</td><td>2,930</td><td>916</td><td>1,182</td><td>759</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34</td><td>39</td></tr></table>
Source: (Same as Table 2). Footnote at end of Tables 4 and 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 Wood Agreement Act</th><th>Export-Import Bank 24/</th><th>Credit to United Kingdom</th><th>Government and relief in occupied areas 25/</th><th>Greek-Turkish Aseiet-ance</th><th>Economic Cooper-ation Act</th><th>Mutual defense aseiet-ance</th><th>Other 26/</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></tr><tr><td>1947</td><td>4,928</td><td>1,426</td><td>938</td><td>2,050</td><td>514</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1948</td><td>4,143 12/</td><td>-</td><td>465</td><td>1,700</td><td>881</td><td>161</td><td>134 12/</td><td>-</td><td>803</td></tr><tr><td>1949</td><td>6,016 12/</td><td>-</td><td>-60</td><td>-</td><td>1,333</td><td>279</td><td>4,043 12/</td><td>-</td><td>420</td></tr><tr><td>1950</td><td>4,657</td><td>-</td><td>45</td><td>-</td><td>753</td><td>121</td><td>3,523</td><td>44</td><td>170</td></tr><tr><td>1951</td><td>4,431</td><td>-</td><td>88</td><td>-</td><td>354</td><td>65</td><td>2,810</td><td>824</td><td>232</td></tr><tr><td>1952 (Estimated)</td><td>7,138</td><td>-</td><td>106</td><td>-</td><td>200</td><td>17</td><td>1,200</td><td>5,500 27/</td><td>115</td></tr><tr><td>1951-January</td><td>334</td><td>-</td><td>13</td><td>-</td><td>30</td><td>3</td><td>209</td><td>62</td><td>17</td></tr><tr><td>February</td><td>328</td><td>-</td><td>6</td><td>-</td><td>33</td><td>3</td><td>188</td><td>85</td><td>13</td></tr><tr><td>March</td><td>346</td><td>-</td><td>11</td><td>-</td><td>14</td><td>4</td><td>222</td><td>81</td><td>12</td></tr><tr><td>April</td><td>392</td><td>-</td><td>39</td><td>-</td><td>27</td><td>4</td><td>203</td><td>95</td><td>24</td></tr><tr><td>May</td><td>487</td><td>-</td><td>7</td><td>-</td><td>81</td><td>2</td><td>235</td><td>140</td><td>21</td></tr><tr><td>June</td><td>785</td><td>-</td><td>29</td><td>-</td><td>19</td><td>1</td><td>545</td><td>174</td><td>17</td></tr><tr><td>July</td><td>318</td><td>-</td><td>-34</td><td>-</td><td>8</td><td>*</td><td>220</td><td>109</td><td>15</td></tr></table>
Source: (Same as Table 2). Footnotes 1 through 6 on page 2 and 13 through 35 on page 4.
7/ Allows for deduction of appropriation of $275 million for Medical Care Insurance Trust Fund, under proposed legislation.
8/ The Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950, change the basis of appropriating social security employment taxes on employers and employees. Effective January 1, 1951, these taxes and withheld income taxes are paid into the Treasury in combined amounts without separation as to type of tax. The amounts of such taxes credited currently as appropriations to the Federal Old-Age and Survivors Insurance Trust Fund are based initially on estimates by the Secretary of the Treasury and are later adjusted on the basis of wage records maintained by the Social Security Administration. For the
purposes of this table, beginning January 1951, the same amount as is credited each month to the Trust Fund is included under "Employment taxes" as receipts for old-age Insurance, and the balance of the combined receipts is shown under income tax as "Withheld by employers". For description of content, see Table 6, footnote 3. Beginning November 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 the expenditure on the basis of interest paid by the Treasurer of the United States. Includes public works undertaken by the Veterans' Administration. For transactions relating to the Foreign Economic Cooperation Trust Fund, see page 1.
4
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5. "Other" Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of Agriculture 28/</th><th>Department of Commerce 29/</th><th>Housing and home finance 30/</th><th>Postal deficiency</th><th>Public works 20/ 31/</th><th>Reconstruction Finance Corporation 32/</th><th>Social security program 33/</th><th>Atomic Energy Commission</th><th>Miecellaneous 34/</th></tr><tr><td>1944</td><td>2,256</td><td>696</td><td>71</td><td>-360</td><td>-29</td><td>425</td><td>-247</td><td>798</td><td>-</td><td>901</td></tr><tr><td>1945</td><td>2,525</td><td>969</td><td>92</td><td>-307</td><td>1</td><td>313</td><td>-288</td><td>807</td><td>-</td><td>937</td></tr><tr><td>1946</td><td>2,133</td><td>-203</td><td>98</td><td>-246</td><td>161</td><td>359</td><td>-23</td><td>845</td><td>-</td><td>1,142</td></tr><tr><td>1947</td><td>5,332</td><td>1,226</td><td>149</td><td>129</td><td>242</td><td>690</td><td>215</td><td>1,066</td><td>159</td><td>1,456</td></tr><tr><td>1948</td><td>6,467</td><td>782</td><td>172</td><td>-68</td><td>310</td><td>1,126</td><td>438</td><td>1,619</td><td>456</td><td>1,633</td></tr><tr><td>1949</td><td>9,666</td><td>2,656</td><td>239</td><td>-56</td><td>524</td><td>1,520</td><td>314</td><td>1,696</td><td>647</td><td>2,124</td></tr><tr><td>1950</td><td>10,865</td><td>2,984</td><td>385</td><td>-270</td><td>593</td><td>1,577</td><td>589</td><td>1,967</td><td>524</td><td>2,515</td></tr><tr><td>1951</td><td>9,350 13/</td><td>636</td><td>379</td><td>460</td><td>624</td><td>1,531</td><td>-71</td><td>2,027</td><td>908</td><td>2,857</td></tr><tr><td>1952 (Estimated)</td><td>12,312</td><td>1,612</td><td>643</td><td>-468</td><td>160</td><td>1,625</td><td>23</td><td>2,164</td><td>1,277</td><td>5,276</td></tr><tr><td>1951-January</td><td>836</td><td>115</td><td>41</td><td>62</td><td>-</td><td>109</td><td>-18</td><td>251</td><td>86</td><td>191</td></tr><tr><td>February</td><td>606</td><td>*</td><td>26</td><td>65</td><td>60</td><td>85</td><td>-7</td><td>110</td><td>93</td><td>175</td></tr><tr><td>March</td><td>620</td><td>68</td><td>29</td><td>71</td><td>-</td><td>96</td><td>-2</td><td>63</td><td>73</td><td>222</td></tr><tr><td>April</td><td>775</td><td>104</td><td>33</td><td>29</td><td>25</td><td>102</td><td>14</td><td>212</td><td>87</td><td>169</td></tr><tr><td>May</td><td>1,046</td><td>91</td><td>35</td><td>49</td><td>270</td><td>119</td><td>-5</td><td>149</td><td>103</td><td>235</td></tr><tr><td>June</td><td>748</td><td>92</td><td>11</td><td>26</td><td>9</td><td>124</td><td>-8</td><td>105</td><td>126</td><td>263</td></tr><tr><td>July</td><td>823</td><td>40</td><td>46</td><td>89</td><td>-</td><td>143</td><td>3</td><td>179</td><td>80</td><td>243</td></tr></table>
Source: (Same as Table 2). Footnotee 1 through 6 on page 2 and 7 through 12 on page 3.
13/ Beginning November 1950, net investments of wholly owned Government corporations and agencies in public debt securities are excluded from budget expenditures and included in "Trust Account and Other Transactions", Table 4.
14/ See footnote 15.
15/ Includes those 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. Defense expenditures of the Panama Canal prior to 1947 are included in Table 3 under "Other"; other expenditures are included in Table 5 under "Miscellaneous".
16/ Excludes expenditures shown separately in Table 3, and those for international finance and aid shown in Table 4.
17/ After 1947, expenditures for national defense and related activities were not segregated from other expenditures of the Corporation and its affiliates, which are included in Table 5.
18/ Excludes expenditures shown separately in Table 3. Beginning 1950, expenditures of the Commission until it was abolished are included in Table 5 under "Department of Commerce".
19/ Beginning March 1948, includes reimbursement to the Departments of the Army and Navy for care and handling of surplus property overseas.
20/ Beginning 1950, General Services Administration expenditures for surplus property disposal and for public buildings other than construction are not included in expenditures for these purposes in Tables 3 and 5 because they are not shown separately from other expenditures of the Administration.
21/ Prior to 1947, these expenditures were included in "Other" Treasury Department expenditures, in Table 5 under "Miscellaneous".
22/ For content before 1949 see "Treasury Bulletin" issues for September 1948, page 4, and February 1948, page 7, except that beginning with 1947, figures have been revised to include expenditures of the National Advisory Committee for Aeronautics. Beginning 1949, consists of expenditures of that Committee, the Selective Service System, and the Office of the Secretary of Defense except in the 1951 and 1952 estimates. The Office of the Secretary includes retired pay for the military services beginning September 1949.
23/ Total for Air Force, Army, Navy, and Secretary of Defense. In a de-
talled estimate for the military functions of the Department of Defense, issued April 30, 1951, the 1952 estimate was revised from $40,000 million to $39,517 million, including effect of proposed legislation. 
24/ Excludes Bank expenditures under Economic Cooperation Act of 1948. 
25/ Beginning June 1949, includes the revolving fund for agricultural commodities and raw materials for occupied areas. 
26/ Includes principally relief in countries devastated by war, expenditures under the Foreign Aid Act of 1947 (61 Stat. 934) and the China Aid Act of 1948 (62 Stat. 158), International Children's Emergency Fund, loan for construction and furnishing of United Nations Headquarters, and Korean Aid. Beginning 1950, includes Department of Agriculture expenditures not previously classified in the Daily Treasury Statement as foreign aid and relief. 
27/ Includes $3,000 million for mutual assistance, military and economic, under proposed legislation. 
28/ Excludes expenditures included in Tables 3 and 4 and those for forest roads and trellis, included in Table 5 under "Public works". 
29/ Excludes expenditures included in Tables 3 and 4 and those for public roads included in Table 5 under "Public works"; includes U. S. Maritime Commission for eleven months of 1950, until it was abolished and its functions were transferred into the Department of Commerce by Reorganization Plan No. 21 of 1950. 
30/ Excludes expenditures included in Table 3; beginning September 1950 includes Federal National Mortgage Association and Prefabricated Housing Loans Program, which were transferred from the Reconstruction Finance Corporation by Reorganization Plans Nos. 22 and 23 of 1950. 
31/ Consists of expenditures for the following: public roads, except assistance to Greece and Turkey; public buildings, consisting of construction only, beginning 1950 (see footnote 20); and Bureau of Community Facilities through 1950, these three categories of expenditures having been under the Federal Works Agency until it was abolished by the act of June 30, 1949 (63 Stat. 380); Bureau of Reclamation; Tennessee Valley Authority; river and harbor work and flood control under the Department of the Army; and forest roads and trellis under the Department of Agriculture. Prior to 1950, includes all other Federal Works Agency expenditures except those included in Table 3. 
32/ Excludes expenditures included in Table 3. 
33/ For more detail of these expenditures, see Tables 7, 8, and 9. 
34/ Includes expenditures for executive departments and other agencies not included elsewhere and for legislative and judicial functions. 
* Less than $500,000.
September 1951
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Years
(In millions of dollars)
<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><th>Total Calendar year</th><th>Total Fiscal year 1/</th></tr><tr><td colspan="15">Net budget receipts 2/</td></tr><tr><td>1932</td><td></td><td></td><td></td><td></td><td></td><td></td><td>82</td><td>96</td><td>243</td><td>124</td><td>108</td><td>335</td><td></td><td>1,924</td></tr><tr><td>1933</td><td>112</td><td>11u</td><td>270</td><td>109</td><td>149</td><td>282</td><td>159</td><td>182</td><td>318</td><td>252</td><td>203</td><td>328</td><td>2,474</td><td>2,021</td></tr><tr><td>1934</td><td>205</td><td>203</td><td>417</td><td>179</td><td>233</td><td>386</td><td>214</td><td>282</td><td>443</td><td>251</td><td>241</td><td>377</td><td>3,431</td><td>3,064</td></tr><tr><td>1935</td><td>197</td><td>208</td><td>595</td><td>221</td><td>241</td><td>458</td><td>274</td><td>294</td><td>417</td><td>229</td><td>230</td><td>427</td><td>3,792</td><td>3,730</td></tr><tr><td>1936</td><td>225</td><td>216</td><td>750</td><td>228</td><td>254</td><td>527</td><td>289</td><td>339</td><td>495</td><td>268</td><td>230</td><td>514</td><td>4,333</td><td>4,069</td></tr><tr><td>1937</td><td>236</td><td>225</td><td>964</td><td>313</td><td>285</td><td>822</td><td>364</td><td>408</td><td>742</td><td>288</td><td>283</td><td>818</td><td>5,747</td><td>4,979</td></tr><tr><td>1938</td><td>290</td><td>304</td><td>910</td><td>257</td><td>369</td><td>730</td><td>267</td><td>444</td><td>672</td><td>295</td><td>345</td><td>668</td><td>5,550</td><td>5,762</td></tr><tr><td>1939</td><td>267</td><td>363</td><td>682</td><td>208</td><td>340</td><td>552</td><td>260</td><td>365</td><td>671</td><td>272</td><td>357</td><td>513</td><td>4,851</td><td>5,103</td></tr><tr><td>1940</td><td>309</td><td>439</td><td>791</td><td>296</td><td>393</td><td>599</td><td>325</td><td>440</td><td>703</td><td>327</td><td>356</td><td>734</td><td>5,712</td><td>5,265</td></tr><tr><td>1941</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><td>7,227</td></tr><tr><td>1942</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><td>12,696</td></tr><tr><td>1943</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><td>22,202</td></tr><tr><td>1944</td><td>2,740</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><td>43,892</td></tr><tr><td>1945</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>2,435</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><td>44,762</td></tr><tr><td>1946</td><td>3,770</td><td>3,584</td><td>5,501</td><td>2,159</td><td>2,243</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><td>40,027</td></tr><tr><td>1947</td><td>3,725</td><td>4,196</td><td>5,342</td><td>1,962</td><td>2,297</td><td>4,929</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><td>40,043</td></tr><tr><td>1948</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><td>42,211</td></tr><tr><td>1949</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>1,681</td><td>2,344</td><td>4,121</td><td>38,122</td><td>38,246</td></tr><tr><td>1950</td><td>3,366</td><td>2,972</td><td>4,820</td><td>1,488</td><td>2,320</td><td>4,404</td><td>1,881</td><td>2,860</td><td>4,605</td><td>2,056</td><td>2,851</td><td>4,211</td><td>37,834</td><td>37,045</td></tr><tr><td>1951</td><td>4,448</td><td>4,257</td><td>8,112</td><td>2,626</td><td>3,146</td><td>7,089</td><td>2,571</td><td></td><td></td><td></td><td></td><td></td><td></td><td>48,143</td></tr></table>
Budget expenditures 3/
<table><tr><td>1932</td><td>334</td><td>346</td><td>428</td><td>442</td><td>433</td><td>466</td><td>495</td><td>347</td><td>261</td><td>435</td><td>266</td><td>368</td><td>5,017</td><td>4,659</td></tr><tr><td>1933</td><td>250</td><td>633</td><td>607</td><td>672</td><td>539</td><td>728</td><td>462</td><td>509</td><td>510</td><td>661</td><td>594</td><td>633</td><td>7,495</td><td>6,694</td></tr><tr><td>1935</td><td>457</td><td>490</td><td>541</td><td>605</td><td>408</td><td>652</td><td>727</td><td>519</td><td>492</td><td>636</td><td>507</td><td>612</td><td>6,646</td><td>6,521</td></tr><tr><td>1936</td><td>458</td><td>459</td><td>571</td><td>625</td><td>551</td><td>2,336</td><td>425</td><td>592</td><td>659</td><td>680</td><td>532</td><td>651</td><td>8,539</td><td>8,493</td></tr><tr><td>1937</td><td>587</td><td>513</td><td>695</td><td>668</td><td>505</td><td>1,248</td><td>574</td><td>501</td><td>617</td><td>565</td><td>491</td><td>671</td><td>7,635</td><td>7,756</td></tr><tr><td>1938</td><td>513</td><td>450</td><td>587</td><td>667</td><td>417</td><td>786</td><td>666</td><td>703</td><td>751</td><td>777</td><td>967</td><td>835</td><td>8,220</td><td>6,938</td></tr><tr><td>1939</td><td>553</td><td>585</td><td>755</td><td>665</td><td>694</td><td>884</td><td>956</td><td>1,020</td><td>692</td><td>752</td><td>631</td><td>835</td><td>9,151</td><td>8,966</td></tr><tr><td>1940</td><td>677</td><td>624</td><td>798</td><td>710</td><td>605</td><td>804</td><td>843</td><td>801</td><td>738</td><td>891</td><td>888</td><td>1,187</td><td>9,645</td><td>9,183</td></tr><tr><td>1941</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><td>13,387</td></tr><tr><td>1942</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><td>34,187</td></tr><tr><td>1943</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><td>79,622</td></tr><tr><td>1944</td><td>7,737</td><td>8,012</td><td>10,412</td><td>7,337</td><td>6,879</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><td>95,315</td></tr><tr><td>1945</td><td>8,142</td><td>7,127</td><td>9,034</td><td>7,758</td><td>8,927</td><td>9,550</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><td>98,703</td></tr><tr><td>1946</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><td>60,703</td></tr><tr><td>1947</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><td>39,289</td></tr><tr><td>1948</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><td>33,792</td></tr><tr><td>1949</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><td>40,057</td></tr><tr><td>1950</td><td>3,323</td><td>2,496</td><td>3,269</td><td>2,847</td><td>2,962</td><td>4,296</td><td>3,013</td><td>2,515</td><td>3,520</td><td>3,170</td><td>3,102</td><td>3,742</td><td>38,255</td><td>40,167</td></tr><tr><td>1951</td><td>3,808</td><td>3,211</td><td>4,058</td><td>4,007</td><td>4,517</td><td>5,969</td><td>4,739</td><td></td><td></td><td></td><td></td><td></td><td></td><td>44,633</td></tr></table>
Budget surplus, or deficit (-)
<table><tr><td>1932</td><td>-222</td><td>-236</td><td>-158</td><td>-333</td><td>-284</td><td>-184</td><td>-413</td><td>-251</td><td>-18</td><td>-311</td><td>-158</td><td>-32</td><td>-2,735</td></tr><tr><td>1933</td><td>-745</td><td>-430</td><td>-190</td><td>-492</td><td>-305</td><td>-342</td><td>-248</td><td>-227</td><td>-66</td><td>-409</td><td>-353</td><td>-256</td><td>-1,064</td><td>-3,630</td></tr><tr><td>1935</td><td>-260</td><td>-281</td><td>55</td><td>-383</td><td>-168</td><td>-194</td><td>-453</td><td>-226</td><td>-75</td><td>-407</td><td>-277</td><td>-185</td><td>-2,854</td><td>-2,791</td></tr><tr><td>1936</td><td>-233</td><td>-243</td><td>179</td><td>-397</td><td>-298</td><td>-1,809</td><td>-135</td><td>-253</td><td>-164</td><td>-413</td><td>-303</td><td>-137</td><td>-4,206</td><td>-4,425</td></tr><tr><td>1937</td><td>-351</td><td>-287</td><td>268</td><td>-354</td><td>-221</td><td>-426</td><td>-210</td><td>-93</td><td>125</td><td>-277</td><td>-209</td><td>148</td><td>-1,888</td><td>-2,777</td></tr><tr><td>1938</td><td>-223</td><td>-146</td><td>223</td><td>-410</td><td>-48</td><td>-56</td><td>-399</td><td>-259</td><td>-80</td><td>-483</td><td>-622</td><td>-166</td><td>-2,670</td><td>-1,177</td></tr><tr><td>1939</td><td>-385</td><td>-222</td><td>-103</td><td>-457</td><td>-354</td><td>-332</td><td>-696</td><td>-655</td><td>-21</td><td>-480</td><td>-273</td><td>-321</td><td>-4,300</td><td>-3,862</td></tr><tr><td>1940</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><td>-3,918</td></tr><tr><td>1941</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><td>-6,159</td></tr><tr><td>1942</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>-41,461</td><td>-21,490</td></tr><tr><td>1943</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><td>-57,420</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-6,291</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><td>-51,423</td></tr><tr><td>1945</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-6,972</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><td>-53,941</td></tr><tr><td>1946</td><td>-1,042</td><td>243</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>1,723</td><td>-420</td><td>-165</td><td>445</td><td>-2,512</td><td>-20,676</td></tr><tr><td>1947</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><td>754</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td>2,788</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><td>8,419</td></tr><tr><td>1949</td><td>374</td><td>409</td><td>1,783</td><td>-1,811</td><td>-1,159</td><td>111</td><td>-1,488</td><td>-1,106</td><td>837</td><td>-1,230</td><td>-783</td><td>469</td><td>-3,592</td><td>-1,811</td></tr><tr><td>1950</td><td>44</td><td>476</td><td>1,551</td><td>-1,358</td><td>-642</td><td>108</td><td>-1,132</td><td>344</td><td>1,084</td><td>-1,114</td><td>-252</td><td>470</td><td>-422</td><td>-3,122</td></tr><tr><td>1951</td><td>640</td><td>1,047</td><td>4,054</td><td>-1,381</td><td>-1,370</td><td>1,119</td><td>-2,168</td><td></td><td></td><td></td><td></td><td></td><td></td><td>3,510</td></tr></table>
Source: Daily Treasury Statement.
1/ Fiscal year ending June 30 of year indicated.
2/ Gross receipts less appropriations to Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts.
3/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law; includes transfers to trust accounts, transactions of the Foreign Economic Cooperation Trust Fund, established under the Economic Cooperation
Act of 1948 (62 Stat. 150), and net expenditures of wholly owned Government corporations and agencies, except net investments in public debt securities beginning November 1950. Payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and disposition of earnings are excluded from both receipts and expenditures. (For amount of adjustments for capital transfers and Foreign Economic Cooperation Trust Fund, see 1950 Annual Report of the Secretary of the Treasury, pages 452 and 453.)
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">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>1944</td><td>-344.3</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,292.1</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>184.5</td><td>1,309.9</td><td>7.2</td><td>177.4</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>184.8</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>1950</td><td>-1,155.0</td><td>2,332.7</td><td>2,106.4</td><td>226.3</td><td>2,106.4</td><td>9.9</td><td>216.4</td></tr><tr><td>1951</td><td>-1,192.1</td><td>3,353.1</td><td>3,119.5</td><td>233.5</td><td>3,119.5</td><td>12.2</td><td>221.3</td></tr><tr><td>1951-January</td><td>-172.2</td><td>147.6</td><td>131.3 1/</td><td>16.3</td><td>131.3 1/</td><td>.7</td><td>15.6</td></tr><tr><td>February</td><td>36.9</td><td>520.8</td><td>373.8</td><td>147.0</td><td>373.8</td><td>.7</td><td>146.3</td></tr><tr><td>March</td><td>-49.8</td><td>253.3</td><td>239.3</td><td>14.0</td><td>239.3</td><td>1.3</td><td>12.7</td></tr><tr><td>April</td><td>-127.8</td><td>153.6</td><td>150.1</td><td>3.5</td><td>150.1</td><td>1.7</td><td>1.8</td></tr><tr><td>May</td><td>-134.4</td><td>549.8</td><td>534.0</td><td>15.8</td><td>534.0</td><td>2.0</td><td>13.7</td></tr><tr><td>June</td><td>-103.8</td><td>283.5</td><td>280.2</td><td>3.3</td><td>280.2</td><td>1.9</td><td>1.4</td></tr><tr><td>July</td><td>-112.1</td><td>176.2</td><td>174.5</td><td>1.7</td><td>174.5</td><td>.2</td><td>1.5</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Expenditures</th><th colspan="7">Grants to States</th></tr><tr><th>Total</th><th>Administrative expenses 2/</th><th>Transfers to F.O.A. and S.I. Trust Fund</th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Aid to disabled 5/</th><th>Maternal and child health</th><th>Crippled children</th><th>Child welfare</th><th>Bureau of Employment Security 7/</th></tr><tr><td>1944</td><td>520.28/</td><td>32.2</td><td>-</td><td>488.08</td><td>360.6</td><td>57.0</td><td>10.3</td><td>-</td><td>6.2</td><td>3.8</td><td>1.4</td><td>37.7</td></tr><tr><td>1945</td><td>484.18/</td><td>32.2</td><td>-</td><td>451.98</td><td>333.6</td><td>52.8</td><td>10.0</td><td>-</td><td>5.4</td><td>3.8</td><td>1.4</td><td>34.4</td></tr><tr><td>1946</td><td>537.68/</td><td>39.2</td><td>-</td><td>498.48</td><td>361.2</td><td>59.3</td><td>10.3</td><td>-</td><td>6.3</td><td>4.2</td><td>1.3</td><td>55.6</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>-</td><td>10.7</td><td>7.5</td><td>2.0</td><td>59.8</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>-</td><td>10.5</td><td>7.4</td><td>3.4</td><td>66.6</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>710.8</td><td>190.0</td><td>20.3</td><td>-</td><td>11.3</td><td>8.2</td><td>3.7</td><td>140.7</td></tr><tr><td>1950</td><td>1,371.4</td><td>14.1</td><td>3.6</td><td>1,353.7</td><td>843.2</td><td>256.1</td><td>24.2</td><td>-</td><td>11.2</td><td>7.6</td><td>3.9</td><td>207.5</td></tr><tr><td>1951</td><td>1,413.4</td><td>17.8</td><td>3.7</td><td>1,391.8</td><td>826.1</td><td>316.5</td><td>26.2</td><td>17.0</td><td>12.9</td><td>9.7</td><td>5.5</td><td>178.0</td></tr><tr><td>1951-January</td><td>187.8</td><td>1.3</td><td>-</td><td>186.5</td><td>90.7</td><td>40.6</td><td>2.8</td><td>6.9</td><td>2.1</td><td>1.3</td><td>1.2</td><td>40.9</td></tr><tr><td>February</td><td>109.4</td><td>1.3</td><td>-</td><td>108.1</td><td>72.6</td><td>28.6</td><td>2.2</td><td>3.9</td><td>.4</td><td>.4</td><td>*</td><td>.1</td></tr><tr><td>March...</td><td>62.5</td><td>1.3</td><td>-</td><td>61.2</td><td>39.2</td><td>16.9</td><td>1.3</td><td>1.1</td><td>.8</td><td>.8</td><td>1.0</td><td>.2</td></tr><tr><td>April...</td><td>129.6</td><td>2.1</td><td>-</td><td>127.5</td><td>80.9</td><td>38.1</td><td>2.8</td><td>1.4</td><td>1.3</td><td>.9</td><td>.6</td><td>1.5</td></tr><tr><td>May.....</td><td>148.1</td><td>2.1</td><td>-</td><td>146.1</td><td>80.8</td><td>30.7</td><td>2.3</td><td>1.8</td><td>.5</td><td>.7</td><td>.1</td><td>29.1</td></tr><tr><td>June....</td><td>105.2</td><td>2.1</td><td>-</td><td>103.1</td><td>41.6</td><td>16.6</td><td>2.8</td><td>1.3</td><td>.4</td><td>.2</td><td>.1</td><td>40.2</td></tr><tr><td>July....</td><td>113.6</td><td>2.0</td><td>-</td><td>111.5</td><td>71.0</td><td>27.7</td><td>2.3</td><td>5.0</td><td>1.5</td><td>1.4</td><td>1.4</td><td>1.3</td></tr></table>
Source: Daily Treasury Statement.
1/ Excuse 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, as amended; beginning January 1951, appropriations are made in accordance with the provisions of Section 109 (a) (2) of the Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950. 
3/ Excludes interest on refunds which is included under "Administrative expenses".
4/ See Table 1, footnote 8.
5/ Includes expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act, as amended; 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 of 1933, as amended (29 U.S.C. 494).
6/ Aid to permanently and totally disabled (Title XIV), added by Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950.
For unemployment insurance benefits and maintenance of public employment offices; includes expenditures made directly by the Federal Government beginning January 1942 for maintenance of employment offices, and expenditures of the U. S. Employment Service for the period December 1942 through June 1948, when it was not in the Bureau of Employment Security.
8/ Total includes expenditures for grants to States, Public Health Service, as follows; 1944, $10.9 million; 1945, $10.7 million; and 1946, $.2 million. After 1945 expenditures were made under provisions of the Public Health Service Act of 1944 (58 Stat. 682). * Less than $50,000.
September 1951
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>Exceeds 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 employee 2/</th><th>Net receipts</th><th>Total</th><th>Administrative expenses 3/</th><th>Transfers to Railroad Retirement Account (trust account)</th></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>284.8</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>1950</td><td>-34.1</td><td>550.2</td><td>.5</td><td>549.6</td><td>583.7</td><td>.9</td><td>582.8</td></tr><tr><td>1951</td><td>-30.5</td><td>577.5</td><td>*</td><td>577.5</td><td>608.0</td><td>*</td><td>608.0</td></tr><tr><td>1951-January</td><td>-60.8</td><td>1.6</td><td>*</td><td>1.6</td><td>62.3</td><td>-</td><td>62.3</td></tr><tr><td>February</td><td>6.5</td><td>6.5</td><td>*</td><td>6.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>139.5</td><td>139.5</td><td>*</td><td>139.5</td><td>*</td><td>*</td><td>-</td></tr><tr><td>April</td><td>-79.0</td><td>3.0</td><td>*</td><td>3.0</td><td>82.0</td><td>*</td><td>82.0</td></tr><tr><td>May</td><td>4.8</td><td>4.8</td><td>*</td><td>4.8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>139.2</td><td>139.2</td><td>*</td><td>139.2</td><td>*</td><td>*</td><td>-</td></tr><tr><td>July</td><td>-59.7</td><td>.6</td><td>*</td><td>.6</td><td>60.3</td><td>*</td><td>60.3</td></tr></table>
Source: Daily Treasury Statement. 1/ Excess of expenditures is covered by appropriations by Congress. 2/ Interest on refunds 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 footnats 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>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>-2.2</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>-6.6</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>1950</td><td>-3.2</td><td>9.1</td><td>12.3</td><td>6.9</td><td>5.4</td></tr><tr><td>1951</td><td>4.0</td><td>9.8</td><td>5.8</td><td>5.8</td><td>-</td></tr><tr><td>1951-January</td><td>-5</td><td>*</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>February</td><td>-4</td><td>.1</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>March</td><td>2.0</td><td>2.3</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>April</td><td>-3</td><td>.1</td><td>.3</td><td>.3</td><td>-</td></tr><tr><td>May</td><td>-5</td><td>.1</td><td>.6</td><td>.6</td><td>-</td></tr><tr><td>June</td><td>2.1</td><td>2.4</td><td>.3</td><td>.3</td><td>-</td></tr><tr><td>July</td><td>-4.9</td><td>*</td><td>4.9</td><td>.5</td><td>4.4</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/ Through 1943 represented 10% of contributions under the Railroad Unemployment Insurance Act of 1938; the remaining 90% was deposited in the Railroad Unemployment Insurance Account in the Unemployment Trust Fund. Beginning 1949, represents contributions equal to 0.2% of the taxable pay roll; the remaining contributions are deposited
in the Railroad Unemployment Insurance Account (45 U.S.C. 358 (f)). (See "Trust Account and Other Transactions", 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 (54 Stat. 1099). * Less than $50,000.
8
Treasury Bulletin
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 1.- Summary of Trust Account and Other Transactions
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net of trust account and other transactions 1/</th><th colspan="3">Trust accounts, etc.</th><th>Net investments of Government agencies in public debt securities 2/</th><th colspan="2">Net redemptions, or sales (-), of securities of Government agencies in the market 2/</th></tr><tr><th></th><th></th><th>Net receipts, or expenditures (-)</th><th>Receipts</th><th>Expenditures (other than investments)</th><th></th><th>Guaranteed</th><th>Not guaranteed</th></tr><tr><td>1944</td><td>-2,222</td><td>4,780</td><td>5,085</td><td>305</td><td>4,129</td><td>2,683</td><td>190</td></tr><tr><td>1945</td><td>791</td><td>7,544</td><td>7,086</td><td>-458</td><td>5,200</td><td>1,276</td><td>277</td></tr><tr><td>1946</td><td>-524</td><td>3,238</td><td>7,712</td><td>4,474</td><td>3,668</td><td>160</td><td>-66</td></tr><tr><td>1947</td><td>-1,103</td><td>2,619</td><td>6,244</td><td>3,625</td><td>3,362</td><td>387</td><td>-28</td></tr><tr><td>1948</td><td>-294</td><td>2,658</td><td>6,515 3/</td><td>3,857</td><td>3,060</td><td>16</td><td>-123</td></tr><tr><td>1949</td><td>-495</td><td>1,890</td><td>5,714</td><td>3,824 3/</td><td>2,311</td><td>46</td><td>28</td></tr><tr><td>1950</td><td>99</td><td>-281</td><td>6,669</td><td>6,950</td><td>-402</td><td>8</td><td>14</td></tr><tr><td>1951</td><td>679</td><td>3,852</td><td>7,796</td><td>3,945</td><td>3,557 4/</td><td>-10</td><td>-374</td></tr><tr><td>1952 (Estimated)</td><td>464</td><td>3,475</td><td>8,620</td><td>5,145</td><td>3,174</td><td>7</td><td>-170</td></tr><tr><td>1951-January</td><td>-83</td><td>350</td><td>572</td><td>222</td><td>427</td><td>6</td><td>*</td></tr><tr><td>February</td><td>227</td><td>449</td><td>708</td><td>258</td><td>209</td><td>*</td><td>13</td></tr><tr><td>March</td><td>-34</td><td>91</td><td>430</td><td>339</td><td>127</td><td>-3</td><td>*</td></tr><tr><td>April</td><td>-69</td><td>63</td><td>467</td><td>403</td><td>107</td><td>*</td><td>25</td></tr><tr><td>May</td><td>136</td><td>638</td><td>1,055</td><td>417</td><td>487</td><td>-9</td><td>24</td></tr><tr><td>June</td><td>284</td><td>899</td><td>1,003</td><td>104</td><td>664</td><td>*</td><td>-48</td></tr><tr><td>July</td><td>11</td><td>118</td><td>409</td><td>292</td><td>106</td><td>1</td><td>*</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1952 Budget document, including effect of proposed legislation. 1/ Excess of receipts, or expenditures (-). 2/ Consists of transactions which clear through accounts of the Treasurer
of the United States. Excludes Foreign Economic Cooperation Trust Fund (see page 1). See Table 4. Less than $500,000.
Table 2.- Trust Account Receipts
(In millions of dollars)
<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 employee's retirement funds 1/</th><th>Other trust funds and accounts 2/</th></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>1,299</td><td>1,504</td><td>134</td><td>578</td><td>792</td></tr><tr><td>1948</td><td>6,515 3/</td><td>1,807</td><td>797</td><td>1,313</td><td>740</td><td>90</td><td>594</td><td>1,174 3/</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</td><td>6,669</td><td>2,367</td><td>645</td><td>1,281</td><td>1,076</td><td>87</td><td>809</td><td>403</td></tr><tr><td>1951</td><td>7,796</td><td>3,411</td><td>678</td><td>1,541</td><td>684</td><td>86</td><td>850</td><td>545</td></tr><tr><td>1952 (Estimated)</td><td>8,620 4/</td><td>4,140</td><td>721</td><td>1,480</td><td>697</td><td>89</td><td>811</td><td>407</td></tr><tr><td>1951-January</td><td>572</td><td>246</td><td>63</td><td>105</td><td>60</td><td>5</td><td>35</td><td>58</td></tr><tr><td>February</td><td>708</td><td>374</td><td>1</td><td>208</td><td>49</td><td>3</td><td>30</td><td>42</td></tr><tr><td>March</td><td>430</td><td>250</td><td>1</td><td>29</td><td>60</td><td>4</td><td>33</td><td>53</td></tr><tr><td>April</td><td>467</td><td>158</td><td>83</td><td>42</td><td>32</td><td>4</td><td>36</td><td>112</td></tr><tr><td>May</td><td>1,055</td><td>534</td><td>1</td><td>394</td><td>52</td><td>2</td><td>44</td><td>29</td></tr><tr><td>June</td><td>1,003</td><td>407</td><td>66</td><td>97</td><td>205</td><td>48</td><td>179</td><td>1</td></tr><tr><td>July</td><td>409</td><td>175</td><td>60</td><td>58</td><td>44</td><td>4</td><td>30</td><td>40</td></tr></table>
Source: (Same as Table 1). 1/ Consists of Civil Service and Foreign Service retirement funds. 2/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, island possessions, increment resulting from reduction in the weight of the gold dollar, and through June 1950 seigniorage on silver under the Silver Purchase Act of 1934.
after such seigniorage is included with other seigniorage under budget receipts.
3/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
4/ Total includes $275 million for Medical Care Insurance Trust Fund under proposed legislation.
September 1951
9
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 3.- Trust Account Expenditures Other Than Investments
(In millions of dollars; negative figures are excess of credits)
<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>Other trust funds and accounts 2/ 3/</th><th>Deposit fund accounts (net) 3/</th></tr><tr><td>1944</td><td>305</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></tr><tr><td>1945</td><td>4,458</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></tr><tr><td>1946</td><td>4,474</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></tr><tr><td>1947</td><td>3,625</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></tr><tr><td>1948</td><td>3,857</td><td>559</td><td>222</td><td>859</td><td>302</td><td>70</td><td>244</td><td>1,234</td><td>367</td></tr><tr><td>1949</td><td>3,824 4/</td><td>661</td><td>278</td><td>1,314</td><td>348</td><td>61</td><td>222</td><td>526 4/</td><td>414</td></tr><tr><td>1950</td><td>5,950</td><td>784</td><td>304</td><td>2,026</td><td>2,988</td><td>114</td><td>268</td><td>370</td><td>96</td></tr><tr><td>1951</td><td>3,945</td><td>1,569</td><td>321</td><td>900</td><td>614</td><td>77</td><td>271</td><td>387</td><td>-194</td></tr><tr><td>1952 (Estimated)</td><td>5,145 5/</td><td>2,177</td><td>350</td><td>715</td><td>971</td><td>80</td><td>312</td><td>326</td><td>179</td></tr><tr><td>1951-January</td><td>222</td><td>149</td><td>27</td><td>102</td><td>38</td><td>6</td><td>22</td><td>27</td><td>-150</td></tr><tr><td>February</td><td>258</td><td>157</td><td>27</td><td>74</td><td>35</td><td>6</td><td>21</td><td>15</td><td>-77</td></tr><tr><td>March</td><td>339</td><td>161</td><td>27</td><td>72</td><td>39</td><td>7</td><td>23</td><td>34</td><td>-23</td></tr><tr><td>April</td><td>403</td><td>162</td><td>27</td><td>67</td><td>46</td><td>6</td><td>24</td><td>35</td><td>37</td></tr><tr><td>May</td><td>417</td><td>163</td><td>27</td><td>75</td><td>89</td><td>6</td><td>25</td><td>79</td><td>-48</td></tr><tr><td>June</td><td>104</td><td>164</td><td>27</td><td>70</td><td>105</td><td>8</td><td>23</td><td>32</td><td>-325</td></tr><tr><td>July</td><td>292</td><td>168</td><td>28</td><td>69</td><td>98</td><td>9</td><td>24</td><td>-3</td><td>-101</td></tr></table>
Source: (Same as Table 1). 1/ See Table 2, footnote 1. 2/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, expenditures chargeable against increase on gold, and beginning 1950, Mutual Defense Assistance Trust Fund. Excludes net investments in public debt securities beginning 1951
(see Table 4, footnote 3). 3/ Excludes net investments in public debt securities beginning 1951 (see Table 4, footnotes 3 and 4). 4/ Excludes Foreign Economic Cooperation Trust Fund (see page 1). 5/ Total includes $35 million by Medical Care Insurance Trust Fund under proposed legislation.
Table 4.- Net Investments of Government Agencies in Public Debt Securities
(In million of dollars; negative figures are excess of redemptions)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="8">Trust accounts, etc.</th><th>Government corporations and agencies 4/</th></tr><tr><th></th><th></th><th>Total trust accounts, etc.</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>Other trust funds and accounts 3/</th><th></th></tr><tr><td>1944</td><td>4,129</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><td>-</td></tr><tr><td>1945</td><td>5,200</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><td>-</td></tr><tr><td>1946</td><td>3,668</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><td>-</td></tr><tr><td>1947</td><td>3,362</td><td>3,362</td><td>1,194</td><td>148</td><td>443</td><td>1,234</td><td>60</td><td>282</td><td>*</td><td>-</td></tr><tr><td>1948</td><td>3,060</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><td>-</td></tr><tr><td>1949</td><td>2,311</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><td>-</td></tr><tr><td>1950</td><td>-1402</td><td>-1402</td><td>1,414</td><td>338</td><td>-724</td><td>-1,946</td><td>-26</td><td>543</td><td>*</td><td>-</td></tr><tr><td>1951</td><td>3,557</td><td>3,369</td><td>1,678</td><td>357</td><td>650</td><td>94</td><td>8</td><td>573</td><td>9</td><td>187</td></tr><tr><td>1952 (Estimated)</td><td>3,174</td><td>3,061</td><td>1,987</td><td>371</td><td>467</td><td>-274</td><td>10</td><td>499</td><td>1</td><td>113</td></tr><tr><td>1951-January</td><td>427</td><td>281</td><td>198</td><td>35</td><td>-</td><td>18</td><td>-1</td><td>18</td><td>13</td><td>147</td></tr><tr><td>February</td><td>209</td><td>207</td><td>82</td><td>-27</td><td>139</td><td>13</td><td>-4</td><td>4</td><td>*</td><td>2</td></tr><tr><td>March</td><td>127</td><td>115</td><td>167</td><td>-26</td><td>-40</td><td>8</td><td>-3</td><td>9</td><td>*</td><td>13</td></tr><tr><td>April</td><td>107</td><td>99</td><td>67</td><td>56</td><td>-10</td><td>-1</td><td>-3</td><td>12</td><td>8</td><td>8</td></tr><tr><td>May</td><td>487</td><td>430</td><td>212</td><td>-26</td><td>325</td><td>-38</td><td>-4</td><td>7</td><td>4</td><td>8</td></tr><tr><td>June</td><td>664</td><td>638</td><td>267</td><td>38</td><td>41</td><td>100</td><td>36</td><td>164</td><td>-8</td><td>25</td></tr><tr><td>July</td><td>106</td><td>81</td><td>130</td><td>33</td><td>-35</td><td>-58</td><td>-</td><td>12</td><td>*</td><td>25</td></tr></table>
Sources: (Same as Table 1).
1/ Consists of transactions which clear through accounts of the Treasurer of the United States.
2/ See Table 2, footnote 1.
3/ Consists of Adjusted Service Certificate Fund prior to 1951; beginning with that year, includes also investments of other accounts which for prior years are included in Table 3 under "Other trust funds and
4/ accounts" and "Deposit fund accounts (net)". Consists of net investments of Government corporations which for prior year are included in Table 3 under "Deposit fund accounts (net); and net investments of wholly owned Government corporations and agencies, which for prior years are included in budget expenditures. * Less than $500,000.
10
Treasury Bulletin
TRUST ACCOUNT AND OTHER TRANSACTIONS
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 profits on investments</th><th>Transfers from General Fund</th><th>Total</th><th>Benefit payments</th><th>Reimbursement to General Fund 2/</th><th>Administrative expense</th><th>Salariee and expenses 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>1937-1944.</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>-</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</td><td>-</td><td>5,446.4</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>-</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>-</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>4.4</td><td>466.4</td><td>425.6</td><td>15.6</td><td>25.2</td><td>-</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>7.7</td><td>559.1</td><td>511.7</td><td>13.0</td><td>34.4</td><td>-</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>-</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.</td><td>2,366.8</td><td>2,106.4</td><td>256.8</td><td>3.6</td><td>781.1</td><td>727.3</td><td>13.7</td><td>43.1</td><td>-</td><td>1,582.7</td><td>12,892.6</td><td>12,644.8</td><td>167.9</td><td>79.9</td></tr><tr><td>1951.</td><td>3,411.5 4/</td><td>3,119.5</td><td>287.4</td><td>3.7</td><td>1,568.5</td><td>1,498.1</td><td>17.5</td><td>52.9</td><td>-</td><td>1,843.0</td><td>14,735.6</td><td>14,322.8</td><td>212.3</td><td>200.5</td></tr><tr><td>1952 (Est.)</td><td>4,139.9</td><td>3,823.0</td><td>313.2</td><td>3.7</td><td>2,177.0</td><td>2,100.0</td><td>15.9</td><td>61.1</td><td>-</td><td>1,962.9</td><td></td><td></td><td></td><td></td></tr><tr><td>1951-Jan.</td><td>246.4</td><td>131.3</td><td>115.1</td><td>-</td><td>148.8</td><td>141.7</td><td>1.3</td><td>5.8</td><td>-</td><td>97.6</td><td>13,818.9</td><td>13,528.3</td><td>86.4</td><td>204.1</td></tr><tr><td>Feb.</td><td>373.8</td><td>373.8</td><td>-</td><td>-</td><td>157.0</td><td>151.7</td><td>1.3</td><td>4.0</td><td>-</td><td>216.8</td><td>14,035.7</td><td>13,610.3</td><td>229.9</td><td>195.4</td></tr><tr><td>Mar.</td><td>250.2</td><td>239.3</td><td>10.9</td><td>-</td><td>150.5</td><td>154.8</td><td>1.3</td><td>4.4</td><td>-</td><td>89.7</td><td>14,125.4</td><td>13,777.3</td><td>143.1</td><td>205.0</td></tr><tr><td>Apr.</td><td>158.0</td><td>150.1</td><td>7.9</td><td>-</td><td>161.8</td><td>154.7</td><td>2.1</td><td>5.1</td><td>-</td><td>-3.8</td><td>14,121.5</td><td>13,844.2</td><td>71.0</td><td>206.3</td></tr><tr><td>May.</td><td>534.1 4/</td><td>534.0</td><td>-</td><td>-</td><td>163.4</td><td>156.8</td><td>2.1</td><td>4.6</td><td>-</td><td>370.6</td><td>14,492.2</td><td>14,055.7</td><td>230.5</td><td>205.9</td></tr><tr><td>June.</td><td>406.9 4/</td><td>280.2</td><td>125.9</td><td>-</td><td>163.6</td><td>157.0</td><td>2.1</td><td>4.5</td><td>-</td><td>243.4</td><td>14,735.6</td><td>14,322.8</td><td>212.3</td><td>200.5</td></tr><tr><td>July.</td><td>174.5 4/</td><td>174.5</td><td>-</td><td>-</td><td>167.9</td><td>159.1</td><td>2.0</td><td>6.7</td><td>-</td><td>6.6</td><td>14,742.2</td><td>14,452.8</td><td>92.0</td><td>197.4</td></tr><tr><td>Inception to date</td><td>20,243.1 4/</td><td>18,425.9</td><td>1,804.7</td><td>11.7</td><td>5,500.9</td><td>5,032.8</td><td>266.1</td><td>202.1</td><td>-</td><td>14,742.2</td><td>14,742.2</td><td>14,452.8</td><td>92.0</td><td>197.4</td></tr></table>
1/ Includes transactions under the predecessor Old-Age Reserve Account. 
2/ Under Section 201 (f) of the Social Security Act Amendments of 1939, as amended. 
3/ Consists of salaries and expenses of the Bureau of Old-Age and Survivors Insurance, which are paid directly from the Trust Fund under Labor-Federal Security Appropriation Act, 1947 (60 Stat. 679), and,
beginning 1949, certain other administrative expenses reimbursed to the Federal Security Agency. Total includes deposits by States under Title II of the Social Security Act, Section 218 (e), added by Section 106 of Public Law 734, approved August 28, 1950, of amounts as follows: In May, $43,939; in June, $823,265; in July, $12,936.
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</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 colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>To credit of appropriations</th><th>In disbursing officer's account</th></tr><tr><td>1936-1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>811.0</td><td>-</td><td>333.0</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>182.5</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>322.1</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>797.1</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>677.1</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</td><td>749.2</td><td>687.0</td><td>62.2</td><td>304.1</td><td>299.9</td><td>4.5</td><td>444.8</td><td>2,244.0</td><td>2,057.6</td><td>157.7</td><td>28.7</td></tr><tr><td>1951</td><td>561.0</td><td>490.8</td><td>70.2</td><td>321.0</td><td>316.2</td><td>4.9</td><td>240.0</td><td>2,483.9</td><td>2,414.5</td><td>39.9</td><td>29.5</td></tr><tr><td>1952 (Est.)</td><td>721.2</td><td>646.0</td><td>75.2</td><td>349.9</td><td>344.5</td><td>5.3</td><td>371.4</td><td></td><td></td><td></td><td></td></tr><tr><td>1951-Jan.</td><td>.5</td><td>-</td><td>.5</td><td>26.7</td><td>26.2</td><td>.5</td><td>-26.2</td><td>2,551.0</td><td>2,400.0</td><td>122.5</td><td>28.5</td></tr><tr><td>Feb.</td><td>.5</td><td>-</td><td>.5</td><td>26.7</td><td>26.3</td><td>.4</td><td>-26.2</td><td>2,524.8</td><td>2,373.0</td><td>122.2</td><td>29.6</td></tr><tr><td>Mar.</td><td>.6</td><td>-</td><td>.6</td><td>27.1</td><td>26.7</td><td>.3</td><td>-26.5</td><td>2,498.4</td><td>2,346.8</td><td>122.0</td><td>29.6</td></tr><tr><td>Apr.</td><td>.7</td><td>-</td><td>.7</td><td>27.1</td><td>26.7</td><td>.4</td><td>-26.4</td><td>2,471.9</td><td>2,402.6</td><td>39.8</td><td>29.5</td></tr><tr><td>May.</td><td>.7</td><td>-</td><td>.7</td><td>27.4</td><td>27.0</td><td>.4</td><td>-26.7</td><td>2,445.3</td><td>2,376.1</td><td>40.5</td><td>28.7</td></tr><tr><td>June.</td><td>66.0</td><td>-</td><td>66.0</td><td>27.3</td><td>27.0</td><td>.4</td><td>38.7</td><td>2,483.9</td><td>2,414.5</td><td>39.9</td><td>29.6</td></tr><tr><td>July.</td><td>60.3</td><td>60.3</td><td>-</td><td>27.5</td><td>27.1</td><td>.5</td><td>32.8</td><td>2,516.7</td><td>2,447.5</td><td>39.1</td><td>30.1</td></tr><tr><td>Inception to date.</td><td>4,947.3</td><td>4,639.1</td><td>308.7</td><td>2,431.1</td><td>2,421.3</td><td>9.8</td><td>2,516.7</td><td>2,516.7</td><td>2,447.5</td><td>39.1</td><td>30.1</td></tr></table>
Source: (Same as Table 1). 
1/ Figures differ from those shown in Table 2 for the reason that Table 6 reflects appropriations when they are made while Table 2 shows the
2/ Paid from the trust fund under Title IV, act of June 29, 1949 (63 Stat. 297).
September 1951
11
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 7.- Unemployment Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</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 accounts</th><th>Railroad Unemployment Insurance Account 1/</th><th>Interest on investments</th><th>Total</th><th>State accounts</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance In trust account 5/</th><th>In disbursing officer's account 5/</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Administration Fund 4/</th><th></th><th>Withdrawals by States</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1936-1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>1,507.8</td><td>1,256.0</td><td>118.8</td><td>.4</td><td>8.9</td><td>123.6</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>7.8</td><td>.3</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>143.6</td><td>1,115.9</td><td>1,128.3</td><td>.4</td><td>17.2</td><td>133.9</td><td>7,449.1</td><td>7,409.0</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>146.9</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>165.3</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>180.1</td><td>1,313.9</td><td>1,227.1</td><td>-</td><td>86.7</td><td>6/</td><td>140.6</td><td>8,182.4</td><td>8,138.3</td><td>41.4</td><td>2.7</td></tr><tr><td>1950</td><td>1,281.0</td><td>1,098.8</td><td>9.7</td><td>-</td><td>5.4</td><td>167.1</td><td>2,025.5</td><td>1,879.0</td><td>-</td><td>146.5</td><td>6/</td><td>714.5</td><td>7,437.9</td><td>7,414.3</td><td>22.1</td><td>1.5</td></tr><tr><td>1951</td><td>1,541.6</td><td>1,362.6</td><td>14.9</td><td>-</td><td>-</td><td>164.1</td><td>900.3</td><td>848.3</td><td>-</td><td>52.0</td><td>641.3</td><td>8,079.2</td><td>8,064.2</td><td>14.4</td><td>.5</td></tr><tr><td>1952 (Est.)</td><td>1,479.7</td><td>1,279.0</td><td>15.0</td><td>-</td><td>3.1</td><td>182.6</td><td>715.4</td><td>650.0</td><td>-</td><td>65.4</td><td>764.3</td><td></td><td></td><td></td><td></td></tr><tr><td>1951-Jan.</td><td>105.2</td><td>34.5</td><td>*</td><td>-</td><td>-</td><td>70.7</td><td>102.3</td><td>96.4</td><td>-</td><td>5.9</td><td>2.9</td><td>7,666.3</td><td>7,639.2</td><td>25.5</td><td>1.6</td></tr><tr><td>Feb.</td><td>207.9</td><td>207.8</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>73.9</td><td>69.4</td><td>-</td><td>4.4</td><td>134.0</td><td>7,800.3</td><td>7,778.2</td><td>20.7</td><td>1.4</td></tr><tr><td>Mar.</td><td>29.2</td><td>21.7</td><td>3.5</td><td>-</td><td>-</td><td>4.1</td><td>71.5</td><td>66.8</td><td>-</td><td>4.8</td><td>42.3</td><td>7,758.0</td><td>7,738.2</td><td>19.0</td><td>.8</td></tr><tr><td>Apr.</td><td>42.1</td><td>39.2</td><td>.1</td><td>-</td><td>-</td><td>2.7</td><td>66.5</td><td>63.0</td><td>-</td><td>3.5</td><td>-24.4</td><td>7,733.6</td><td>7,698.2</td><td>34.6</td><td>.7</td></tr><tr><td>May.</td><td>393.7</td><td>393.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>75.2</td><td>72.1</td><td>-</td><td>3.1</td><td>318.4</td><td>8,052.0</td><td>8,023.2</td><td>27.9</td><td>.9</td></tr><tr><td>June.</td><td>97.3</td><td>17.9</td><td>3.6</td><td>-</td><td>-</td><td>75.8</td><td>70.1</td><td>67.4</td><td>-</td><td>2.7</td><td>27.2</td><td>8,079.2</td><td>8,064.2</td><td>14.4</td><td>.6</td></tr><tr><td>July.</td><td>57.7</td><td>53.3</td><td>*</td><td>-</td><td>4.4</td><td>*</td><td>68.7</td><td>66.5</td><td>-</td><td>2.2</td><td>-11.0</td><td>8,068.2</td><td>8,029.2</td><td>37.3</td><td>1.7</td></tr><tr><td>Inception to date.</td><td>17,624.3</td><td>15,061.6</td><td>901.6</td><td>107.2</td><td>85.3</td><td>1,468.6</td><td>9,556.1</td><td>8,987.2</td><td>107.2</td><td>461.7</td><td>6/</td><td>8,068.2</td><td>8,068.2</td><td>8,029.2</td><td>37.3</td><td>1.7</td></tr></table>
Source: (Same 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 contributions under the Railroad Unemployment Insurance Act of 1938, as amended (45 U.S.C. 360 (a)), in excess of the amount specified 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 employers who come
Within the purview of the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration Fund, under act of Oct. 10, 1940 (54 Stat. 1099). For railroad unemployment benefits and refunds. Includes transfers to the Railroad Unemployment Administration Fund as follows: $9.7 million in 1949 and $2.6 million in 1950, representing adjustment for over-collections due to retroactive change in tax rate under the Railroad Unemployment Insurance Act, as amended (45 U.S.C. 358 (a)). 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">Receipts</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>Transfers 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>1941-1944.</td><td>1,270.6</td><td>1,110.2</td><td>132.8</td><td>27.6</td><td>38.3</td><td>38.3</td><td>-</td><td>1,232.3</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>6,955.3</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......</td><td>1,076.4</td><td>398.7</td><td>472.8</td><td>205.0</td><td>2,987.9</td><td>354.9</td><td>2,633.0</td><td>-1,911.5</td><td>5,395.7</td><td>5,342.1</td><td>53.6</td></tr><tr><td>1951......</td><td>683.7</td><td>480.1</td><td>43.4</td><td>160.3</td><td>613.6</td><td>391.4</td><td>222.2</td><td>70.1</td><td>5,465.8</td><td>5,435.6</td><td>30.2</td></tr><tr><td>1952 (Est.)</td><td>697.3</td><td>476.9</td><td>66.4</td><td>154.0</td><td>971.2</td><td>971.2</td><td>-</td><td>-273.9</td><td></td><td></td><td></td></tr><tr><td>1951-Jan.</td><td>59.9</td><td>48.9</td><td>10.9</td><td>*</td><td>38.2</td><td>34.9</td><td>3.4</td><td>21.6</td><td>5,381.7</td><td>5,353.0</td><td>28.7</td></tr><tr><td>Feb.</td><td>49.2</td><td>40.7</td><td>8.5</td><td>*</td><td>35.4</td><td>32.0</td><td>3.3</td><td>13.9</td><td>5,395.6</td><td>5,365.5</td><td>30.0</td></tr><tr><td>Mar.</td><td>59.8</td><td>57.8</td><td>1.9</td><td>*</td><td>39.2</td><td>36.7</td><td>2.5</td><td>20.6</td><td>5,416.1</td><td>5,373.7</td><td>42.5</td></tr><tr><td>Apr.</td><td>32.2</td><td>31.5</td><td>.4</td><td>.3</td><td>45.6</td><td>34.2</td><td>11.4</td><td>-13.5</td><td>5,402.7</td><td>5,373.0</td><td>29.7</td></tr><tr><td>May.</td><td>52.3</td><td>49.7</td><td>1.1</td><td>1.4</td><td>89.5</td><td>35.1</td><td>54.4</td><td>-37.2</td><td>5,365.5</td><td>5,335.4</td><td>30.1</td></tr><tr><td>June.</td><td>205.4</td><td>46.7</td><td>.4</td><td>158.2</td><td>105.0</td><td>37.0</td><td>68.0</td><td>100.3</td><td>5,465.8</td><td>5,435.6</td><td>30.2</td></tr><tr><td>July.</td><td>43.6</td><td>41.6</td><td>1.9</td><td>.1</td><td>97.7</td><td>28.5</td><td>69.2</td><td>-54.1</td><td>5,411.7</td><td>5,377.4</td><td>34.3</td></tr><tr><td>Inception to date.</td><td>10,486.6</td><td>5,126.3</td><td>4,205.3</td><td>1,155.0</td><td>5,074.8</td><td>2,150.4</td><td>2,924.4</td><td>5,411.7</td><td>5,411.7</td><td>5,377.4</td><td>34.3</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="4">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>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>49,174</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>7,139</td><td>-10,460</td><td>302</td></tr><tr><td>1947</td><td>39,804</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>36,931</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>3,483</td><td>41,628</td><td>37,517</td><td>3,328</td><td>98</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</td><td>36,925</td><td>4,046</td><td>40,970</td><td>36,977</td><td>6,868</td><td>-207</td><td>-483</td><td>43,155</td><td>-2,185</td><td>4,231</td><td>2,047</td><td>25</td></tr><tr><td>1951</td><td>47,887</td><td>5,552</td><td>53,439</td><td>41,795</td><td>3,807</td><td>-13</td><td>214</td><td>45,804</td><td>7,635</td><td>-5,795</td><td>1,839</td><td>43</td></tr><tr><td>1952 (Est.)</td><td>55,019</td><td>6,301</td><td>61,320</td><td>68,898</td><td>5,144</td><td>-</td><td>8</td><td>74,050</td><td>-12,730</td><td>12,730</td><td>-</td><td>29</td></tr><tr><td>1951-January</td><td>4,419</td><td>277</td><td>4,696</td><td>3,465</td><td>220</td><td>-</td><td>-247</td><td>3,438</td><td>1,259</td><td>-1,037</td><td>221</td><td>5</td></tr><tr><td>February</td><td>4,209</td><td>668</td><td>4,877</td><td>3,150</td><td>211</td><td>-</td><td>161</td><td>3,522</td><td>1,356</td><td>-427</td><td>929</td><td>5</td></tr><tr><td>March</td><td>8,110</td><td>379</td><td>8,489</td><td>3,991</td><td>339</td><td>-</td><td>-111</td><td>4,219</td><td>4,270</td><td>-1,083</td><td>3,187</td><td>1</td></tr><tr><td>April</td><td>2,624</td><td>337</td><td>2,960</td><td>3,859</td><td>404</td><td>-13</td><td>-106</td><td>4,144</td><td>-1,184</td><td>-430</td><td>-1,614</td><td>3</td></tr><tr><td>May</td><td>3,135</td><td>1,013</td><td>4,148</td><td>4,435</td><td>415</td><td>-</td><td>304</td><td>5,154</td><td>-1,006</td><td>-167</td><td>-1,173</td><td>3</td></tr><tr><td>June</td><td>7,019</td><td>349</td><td>7,367</td><td>5,193</td><td>73</td><td>-</td><td>-43</td><td>5,223</td><td>2,144</td><td>-570</td><td>1,574</td><td>7</td></tr><tr><td>July</td><td>2,542</td><td>312</td><td>2,854</td><td>4,549</td><td>280</td><td>-</td><td>14</td><td>4,843</td><td>-1,989</td><td>252</td><td>-1,737</td><td>5</td></tr></table>
Source: Actual figures are based on Daily Treasury Statement; estimates are based on the 1952 Budget document, including effect of proposed legislation as outlined in Budget detail. For June 28, 1951, revision of 1952 estimated net budget receipts and total budget expenditures, see page 1, footnote 5. 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 shown in these tables, but is excluded from the 1952 Budget document figures for "Receipts from the public." 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.
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 - excess profits tax refund bonds 2/</th><th>Total</th><th colspan="3">Less: 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="2">Payments to Treasury by Government agencies</th><th>Repayment of capital stock and paid-in surplus 3/</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th>R. F. C.</th><th>Interest Other</th><th></th><th></th><th></th></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</td><td>37,045</td><td>-1</td><td>119</td><td>17</td><td>57</td><td>27</td><td>17</td><td>36,925</td></tr><tr><td>1951</td><td>48,143</td><td>-1</td><td>255</td><td>20</td><td>149</td><td>65</td><td>21</td><td>47,887</td></tr><tr><td>1952 (Est.)</td><td>55,138</td><td>*</td><td>119</td><td>10</td><td>75</td><td>15</td><td>19</td><td>55,019</td></tr><tr><td>1951-January</td><td>4,448</td><td>*</td><td>29</td><td>2</td><td>26</td><td>-</td><td>2</td><td>4,419</td></tr><tr><td>February</td><td>4,257</td><td>*</td><td>43</td><td>*</td><td>1</td><td>46</td><td>2</td><td>4,209</td></tr><tr><td>March</td><td>8,112</td><td>*</td><td>2</td><td>*</td><td>1</td><td>-</td><td>1</td><td>8,110</td></tr><tr><td>April</td><td>2,626</td><td>*</td><td>3</td><td>*</td><td>*</td><td>-</td><td>2</td><td>2,624</td></tr><tr><td>May</td><td>3,146</td><td>*</td><td>12</td><td>*</td><td>9</td><td>-</td><td>2</td><td>3,135</td></tr><tr><td>June</td><td>7,089</td><td>*</td><td>70</td><td>*</td><td>67</td><td>-</td><td>3</td><td>7,019</td></tr><tr><td>July</td><td>2,571</td><td>*</td><td>29</td><td>2</td><td>14</td><td>10</td><td>2</td><td>2,542</td></tr></table>
Source: (Same as Table 1).
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); net issuance, or net redemption (-).
3/ By Government corporations not wholly owned.
By Federal Old-Age and Survivors Insurance Trust Fund through October 1948. Thereafter includes also transfer from Railroad Unemployment Insurance Account to Railroad Unemployment Administration Fund (see "Trust Account and Other Transactions", Table 7), and reimbursement by the District of Columbia.
Less than $500,000.
September 1951
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</th><th colspan="4">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 issuance of Federal securities</th><th colspan="2">Payments to Treasury by Government agencies</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 Government corporations not wholly owned 3/</th><th>To trust funds and accounts</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>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>1,046</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</td><td>1,309</td><td>559</td><td>24</td><td>746</td><td>1,178</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</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</td></tr><tr><td>1950</td><td>40,167</td><td>3,190</td><td>574</td><td>32</td><td>880</td><td>1,383</td><td>358</td><td>-95</td><td>-2</td><td>-41</td><td>73</td><td>28</td><td>36,977</td></tr><tr><td>1951</td><td>44,633</td><td>2,837</td><td>638</td><td>31</td><td>892</td><td>972</td><td>378</td><td>-160</td><td>-1</td><td>-</td><td>87</td><td>-</td><td>41,795</td></tr><tr><td>1952 (Est.)</td><td>71,594</td><td>2,696</td><td>325</td><td>35</td><td>950</td><td>1,058</td><td>309</td><td>-65</td><td>-1</td><td>-</td><td>85</td><td>-</td><td>68,898</td></tr><tr><td>1951-Jan.</td><td>3,808</td><td>344</td><td>64</td><td>*</td><td>187</td><td>73</td><td>34</td><td>-33</td><td>*</td><td>-</td><td>27</td><td>-9 5/</td><td>3,465</td></tr><tr><td>Feb.</td><td>3,211</td><td>61</td><td>39</td><td>-</td><td>1</td><td>9</td><td>30</td><td>-19</td><td>*</td><td>-</td><td>1</td><td>-</td><td>3,150</td></tr><tr><td>Mar.</td><td>4,058</td><td>68</td><td>28</td><td>1</td><td>16</td><td>2</td><td>32</td><td>-12</td><td>*</td><td>-</td><td>1</td><td>-</td><td>3,991</td></tr><tr><td>Apr.</td><td>4,007</td><td>148</td><td>34</td><td>2</td><td>12</td><td>82</td><td>35</td><td>-19</td><td>*</td><td>-</td><td>*</td><td>-</td><td>3,859</td></tr><tr><td>May.</td><td>4,517</td><td>82</td><td>44</td><td>*</td><td>3</td><td>1</td><td>38</td><td>-13</td><td>*</td><td>-</td><td>9</td><td>-</td><td>4,435</td></tr><tr><td>June</td><td>5,969</td><td>776</td><td>92</td><td>12</td><td>630</td><td>*</td><td>23</td><td>-9</td><td>*</td><td>-</td><td>27</td><td>-</td><td>5,193</td></tr><tr><td>July</td><td>4,739</td><td>189</td><td>86</td><td>*</td><td>*</td><td>67</td><td>30</td><td>-10</td><td>*</td><td>-</td><td>16</td><td>-</td><td>4,549</td></tr></table>
Source: (Same as Table 1). 1/ See "Budget Receipts and Expenditures", Table 2. 2/ See Table 5, footnote 4. 3/ Payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations.
4/ Treated as noncash expenditures at the time of issuance and as cash expenditures at the time of redemption; net issuance or net redemption (-). 5/ Consists of adjustment items; see "Treasury Bulletin" for August 1951. * Less than $500,000.
Table 4.- Derivation of Cash Trust Account Transactions
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust account receipts</th><th colspan="5">Loes: Noncash receipts</th><th>Equals: Cash trust account receipts</th><th>Total trust account and other expenditures 2/</th><th colspan="3">Lees: Noncash expenditures</th><th>Equals: Cash trust account expenditures</th></tr><tr><th></th><th></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></th><th></th><th>Total noncash expenditures</th><th>Investments in Federal securities By trust funds and accounts</th><th>By Government agencies 1/</th><th>Other 3/</th><th></th></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</td><td>2,920</td><td>746</td><td>1,178</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>2,232</td><td>841</td><td>916</td><td>327</td><td>148</td><td>3,483</td><td>6,209</td><td>2,881</td><td>2,311</td><td>313</td><td>258</td><td>3,328</td></tr><tr><td>1950</td><td>6,669</td><td>2,623</td><td>880</td><td>1,383</td><td>358</td><td>2</td><td>4,046</td><td>6,570</td><td>-298</td><td>-405</td><td>69</td><td>37</td><td>6,868</td></tr><tr><td>1951</td><td>7,796</td><td>2,244</td><td>892</td><td>972</td><td>378</td><td>2</td><td>5,552</td><td>7,117</td><td>3,310</td><td>3,369</td><td>187 1/</td><td>-246</td><td>3,807</td></tr><tr><td>1952 (Est.)</td><td>8,620</td><td>2,319</td><td>950</td><td>1,058</td><td>309</td><td>2</td><td>6,301</td><td>8,157</td><td>3,013</td><td>3,061</td><td>113</td><td>-161</td><td>5,144</td></tr><tr><td>1951-Jan.</td><td>572</td><td>294</td><td>187</td><td>73</td><td>34</td><td>-</td><td>277</td><td>655</td><td>435</td><td>281</td><td>147</td><td>7</td><td>220</td></tr><tr><td>Feb.</td><td>708</td><td>40</td><td>1</td><td>9</td><td>30</td><td>-</td><td>668</td><td>481</td><td>270</td><td>207</td><td>2</td><td>61</td><td>211</td></tr><tr><td>Mar.</td><td>430</td><td>50</td><td>16</td><td>2</td><td>32</td><td>-</td><td>379</td><td>463</td><td>125</td><td>115</td><td>13</td><td>-3</td><td>339</td></tr><tr><td>Apr.</td><td>467</td><td>130</td><td>12</td><td>82</td><td>35</td><td>-</td><td>337</td><td>535</td><td>132</td><td>29</td><td>8</td><td>25</td><td>404</td></tr><tr><td>May.</td><td>1,055</td><td>42</td><td>3</td><td>1</td><td>38</td><td>-</td><td>1,013</td><td>920</td><td>505</td><td>480</td><td>8</td><td>18</td><td>415</td></tr><tr><td>June.</td><td>1,003</td><td>654</td><td>630</td><td>*</td><td>23</td><td>-</td><td>349</td><td>720</td><td>647</td><td>638</td><td>25</td><td>-17</td><td>73</td></tr><tr><td>July.</td><td>409</td><td>97</td><td>*</td><td>67</td><td>30</td><td>-</td><td>312</td><td>399</td><td>119</td><td>81</td><td>25</td><td>13</td><td>280</td></tr></table>
Source: (Same as Table 1). 1/ Principally proceeds of ship sales carried in trust accounts pending allocation to budget receipts from sale of surplus property. 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, these bonds were redeemable for cash. 2/ Includes net investments of Government agencies in public debt securities and net redemption, or issuance (-), in the market of securities of Government agencies (see "Trust Account and Other Transactions", Table 1).
3/ Principally proceeds of ship sales (see footnote 1); payment of earnings or repayment of capital stock and paid-in surplus by corporations not wholly owned; and net redemption, or issuance (-), in the market of securities of Government agencies.
4/ Prior to 1951 consists of net investments of corporations not wholly owned; beginning with that year, includes also those of wholly owned corporations and agencies which for prior years are included in budget expenditures.
* 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">Less: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equals: Net cash borrowing, or repayment of borrowing (-) 5/</th></tr><tr><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>Net investments in Federal securities</th><th>Issuance of Federal securities resulting from budget expenditures, etc., or refunds of receipts</th><th>Interest on savings bonds and Treasury bills</th><th>Net transactions in guaranteed securities not reflected in Treasurer's accounts</th></tr><tr><th></th><th>By trust funds and accounts</th><th>By Government agencies</th><th>Armed forces leave bonds</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></th><th></th><th></th><th></th></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>6,738</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>3,658</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</td><td>4,587</td><td>-8</td><td>4,579</td><td>334</td><td>-405</td><td>97</td><td>-95</td><td>-2</td><td>166</td><td>-1</td><td>574</td><td>-</td><td>-14</td><td>4,231</td></tr><tr><td>1951</td><td>-2,135</td><td>10</td><td>-2,126</td><td>4,045</td><td>3,369</td><td>187</td><td>-160</td><td>-1</td><td>13</td><td>-1</td><td>638</td><td>-</td><td>374</td><td>-5,795</td></tr><tr><td>1952 (Est.)</td><td>16,000</td><td>-7</td><td>15,993</td><td>3,433</td><td>3,061</td><td>113</td><td>-65</td><td>-1</td><td>-</td><td>*</td><td>325</td><td>-</td><td>170</td><td>12,730</td></tr><tr><td>1951-Jan.</td><td>-583</td><td>-6</td><td>-589</td><td>449</td><td>281</td><td>138</td><td>-33</td><td>*</td><td>-</td><td>*</td><td>64</td><td>-</td><td>*</td><td>-1,037</td></tr><tr><td>Feb.</td><td>-184</td><td>*</td><td>-184</td><td>230</td><td>207</td><td>2</td><td>-19</td><td>*</td><td>-</td><td>*</td><td>39</td><td>-</td><td>-13</td><td>-427</td></tr><tr><td>Mar.</td><td>-944</td><td>3</td><td>-941</td><td>143</td><td>115</td><td>13</td><td>-12</td><td>*</td><td>-</td><td>*</td><td>28</td><td>-</td><td>*</td><td>-1,083</td></tr><tr><td>Apr.</td><td>-270</td><td>*</td><td>-270</td><td>135</td><td>99</td><td>8</td><td>-19</td><td>*</td><td>13</td><td>*</td><td>34</td><td>-</td><td>-25</td><td>-430</td></tr><tr><td>May.</td><td>366</td><td>9</td><td>375</td><td>518</td><td>490</td><td>8</td><td>-13</td><td>*</td><td>-</td><td>*</td><td>44</td><td>-</td><td>-24</td><td>-167</td></tr><tr><td>June.</td><td>129</td><td>*</td><td>129</td><td>747</td><td>638</td><td>25</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>92</td><td>-</td><td>48</td><td>-570</td></tr><tr><td>July.</td><td>435</td><td>-1</td><td>434</td><td>181</td><td>81</td><td>25</td><td>-10</td><td>*</td><td>-</td><td>*</td><td>86</td><td>-</td><td>*</td><td>252</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; net issuance or net redemption (-). 
2/ See Table 1, footnote 1. 
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; net issuance, or net redemption (-). Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed. Includes borrowing through Postal Savings System. Less than $500,000.
Table 6.- 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 colspan="2">Annual total</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Calendar year</th><th>Fiscal year 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></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>1944</td><td>2,915</td><td>3,104</td><td>6,675</td><td>3,319</td><td>3,642</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>1,182</td><td>1,548</td><td>6,019</td><td>2,402</td><td>2,969</td><td>4,877</td><td>2,268</td><td>3,152</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>3,595</td><td>5,162</td><td>1,683</td><td>2,939</td><td>4,687</td><td>2,110</td><td>3,524</td><td>4,865</td><td>2,426</td><td>3,487</td><td>4,488</td><td>42,451</td><td>40,970</td></tr><tr><td>1951</td><td>4,696</td><td>4,877</td><td>8,489</td><td>2,960</td><td>4,118</td><td>7,367</td><td>2,854</td><td></td><td></td><td></td><td></td><td></td><td></td><td>53,439</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></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>1944</td><td>7,537</td><td>8,009</td><td>8,561</td><td>7,677</td><td>8,027</td><td>8,478</td><td>7,249</td><td>8,116</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>8,786</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>86,142</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>3,853</td><td>4,562</td><td>2,715</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>2,990</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>4,070</td><td>42,642</td><td>40,576</td></tr><tr><td>1950</td><td>3,177</td><td>3,537</td><td>4,046</td><td>3,344</td><td>3,700</td><td>4,061</td><td>3,143</td><td>3,009</td><td>3,199</td><td>3,335</td><td>3,415</td><td>4,004</td><td>41,969</td><td>43,155</td></tr><tr><td>1951</td><td>3,438</td><td>3,522</td><td>4,219</td><td>4,114</td><td>5,154</td><td>5,223</td><td>4,843</td><td></td><td></td><td></td><td></td><td></td><td></td><td>45,804</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></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>1944</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>-2,640</td><td>-46,616</td><td>-46,095</td></tr><tr><td>1945</td><td>-4,005</td><td>-2,843</td><td>-1,785</td><td>-4,601</td><td>-4,586</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>368</td><td>1,773</td><td>-1,234</td><td>-888</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>-17,899</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>1,804</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>-895</td><td>-566</td><td>1,068</td><td>-1,220</td><td>-461</td><td>193</td><td>-1,267</td><td>1,051</td></tr><tr><td>1950</td><td>308</td><td>58</td><td>1,116</td><td>-1,661</td><td>-762</td><td>626</td><td>-1,032</td><td>514</td><td>1,666</td><td>-909</td><td>72</td><td>485</td><td>482</td><td>-2,185</td></tr><tr><td>1951</td><td>1,259</td><td>1,356</td><td>4,270</td><td>-1,184</td><td>-1,006</td><td>2,144</td><td>-1,989</td><td></td><td></td><td></td><td></td><td></td><td></td><td>7,635</td></tr></table>
Source: (Same as Table 1)
1/ Fiscal year ending June 30 of year indicated.
September 1951
15
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Assets</th><th rowspan="2">Liabilities</th><th rowspan="2">Balance in the General Fund</th></tr><tr><th>Total</th><th colspan="2">Bullion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th>Deposite in special depositarise 1/</th><th>Other deposite and collections</th></tr><tr><th></th><th></th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th></th><th></th><th></th><th></th></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>4,932</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>1950</td><td>5,927</td><td>1,052</td><td>191</td><td>950</td><td>143</td><td>3,268</td><td>323</td><td>410</td><td>5,517</td></tr><tr><td>1951</td><td>7,871</td><td>1,046</td><td>176</td><td>338</td><td>250</td><td>5,680</td><td>380</td><td>514</td><td>7,357</td></tr><tr><td>1950-December</td><td>4,724</td><td>1,052</td><td>181</td><td>690</td><td>129</td><td>2,344</td><td>327</td><td>492</td><td>4,232</td></tr><tr><td>1951-January</td><td>4,865</td><td>1,036</td><td>204</td><td>807</td><td>298</td><td>2,117</td><td>403</td><td>412</td><td>4,454</td></tr><tr><td>February</td><td>5,806</td><td>1,038</td><td>194</td><td>465</td><td>148</td><td>3,614</td><td>347</td><td>423</td><td>5,382</td></tr><tr><td>March</td><td>8,992</td><td>1,043</td><td>191</td><td>1,120</td><td>348</td><td>5,900</td><td>390</td><td>422</td><td>8,569</td></tr><tr><td>April</td><td>7,360</td><td>1,043</td><td>185</td><td>611</td><td>123</td><td>5,030</td><td>369</td><td>405</td><td>6,955</td></tr><tr><td>May</td><td>6,376</td><td>1,052</td><td>181</td><td>666</td><td>110</td><td>4,029</td><td>337</td><td>594</td><td>5,782</td></tr><tr><td>June</td><td>7,871</td><td>1,046</td><td>176</td><td>338</td><td>250</td><td>5,680</td><td>380</td><td>514</td><td>7,357</td></tr><tr><td>July</td><td>6,032</td><td>1,060</td><td>179</td><td>584</td><td>145</td><td>3,694</td><td>369</td><td>412</td><td>5,620</td></tr></table>
Source: Daily Treasury Statement. 1/ On account of withheld taxes and sales of Government securities.
Table 2.- General Fund Balance By Months
(End of month, in millions of dollars)
<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>1932</td><td>340</td><td>376</td><td>647</td><td>292</td><td>384</td><td>417</td><td>145</td><td>339</td><td>862</td><td>755</td><td>590</td><td>555</td></tr><tr><td>1933</td><td>327</td><td>221</td><td>493</td><td>241</td><td>364</td><td>862</td><td>834</td><td>1,200</td><td>1,116</td><td>909</td><td>1,107</td><td>1,026</td></tr><tr><td>1934</td><td>1,537</td><td>4,902</td><td>4,818</td><td>2,294</td><td>2,022</td><td>2,582</td><td>2,472</td><td>2,137</td><td>2,133</td><td>1,812</td><td>1,597</td><td>2,564</td></tr><tr><td>1935</td><td>2,319</td><td>2,081</td><td>2,445</td><td>1,935</td><td>1,957</td><td>1,841</td><td>1,789</td><td>1,475</td><td>1,739</td><td>1,473</td><td>1,434</td><td>2,209</td></tr><tr><td>1936</td><td>2,004</td><td>1,767</td><td>2,866</td><td>2,442</td><td>2,358</td><td>2,682</td><td>2,230</td><td>1,904</td><td>2,188</td><td>1,764</td><td>1,405</td><td>1,906</td></tr><tr><td>1937</td><td>1,726</td><td>1,539</td><td>1,826</td><td>1,702</td><td>1,754</td><td>2,553</td><td>2,639</td><td>2,902</td><td>2,860</td><td>2,676</td><td>2,608</td><td>2,973</td></tr><tr><td>1938</td><td>2,950</td><td>2,975</td><td>3,110</td><td>2,689</td><td>2,567</td><td>2,216</td><td>2,116</td><td>2,260</td><td>2,978</td><td>2,569</td><td>2,447</td><td>3,033</td></tr><tr><td>1939</td><td>2,933</td><td>3,343</td><td>3,389</td><td>3,044</td><td>2,924</td><td>2,833</td><td>2,447</td><td>2,231</td><td>2,178</td><td>1,913</td><td>2,165</td><td>2,476</td></tr><tr><td>1940</td><td>2,282</td><td>2,350</td><td>2,514</td><td>2,210</td><td>2,030</td><td>1,891</td><td>2,258</td><td>2,454</td><td>2,415</td><td>1,920</td><td>1,817</td><td>1,928</td></tr><tr><td>1941</td><td>2,025</td><td>1,701</td><td>2,715</td><td>2,425</td><td>1,924</td><td>2,633</td><td>2,599</td><td>2,873</td><td>2,266</td><td>2,641</td><td>2,319</td><td>3,560</td></tr><tr><td>1942</td><td>2,950</td><td>3,562</td><td>3,493</td><td>2,851</td><td>2,812</td><td>2,991</td><td>3,288</td><td>3,154</td><td>4,302</td><td>4,896</td><td>3,082</td><td>10,543</td></tr><tr><td>1943</td><td>7,724</td><td>5,392</td><td>4,219</td><td>12,617</td><td>12,687</td><td>9,507</td><td>8,595</td><td>6,364</td><td>18,158</td><td>19,297</td><td>14,958</td><td>12,294</td></tr><tr><td>1944</td><td>12,239</td><td>19,155</td><td>16,606</td><td>12,279</td><td>8,522</td><td>20,169</td><td>21,924</td><td>17,672</td><td>15,117</td><td>9,990</td><td>9,803</td><td>22,236</td></tr><tr><td>1945</td><td>19,606</td><td>17,313</td><td>15,277</td><td>11,366</td><td>9,625</td><td>24,698</td><td>22,082</td><td>18,631</td><td>16,134</td><td>12,813</td><td>14,445</td><td>26,003</td></tr><tr><td>1946</td><td>25,427</td><td>25,961</td><td>24,367</td><td>20,935</td><td>18,536</td><td>14,238</td><td>12,029</td><td>11,040</td><td>10,171</td><td>8,070</td><td>6,665</td><td>3,502</td></tr><tr><td>1947</td><td>4,711</td><td>7,134</td><td>6,909</td><td>4,312</td><td>4,066</td><td>3,303</td><td>3,069</td><td>3,400</td><td>3,952</td><td>4,107</td><td>3,935</td><td>3,037</td></tr><tr><td>1948</td><td>4,648</td><td>4,318</td><td>5,353</td><td>4,612</td><td>4,946</td><td>4,932</td><td>5,074</td><td>4,832</td><td>5,583</td><td>4,802</td><td>4,385</td><td>4,208</td></tr><tr><td>1949</td><td>4,659</td><td>5,291</td><td>5,767</td><td>3,995</td><td>3,163</td><td>3,470</td><td>3,337</td><td>4,418</td><td>5,699</td><td>4,737</td><td>4,422</td><td>4,879</td></tr><tr><td>1950</td><td>5,049</td><td>5,186</td><td>6,121</td><td>4,702</td><td>4,464</td><td>5,517</td><td>4,500</td><td>5,185</td><td>5,505</td><td>4,145</td><td>4,139</td><td>4,232</td></tr><tr><td>1951</td><td>4,454</td><td>5,382</td><td>8,569</td><td>6,955</td><td>5,782</td><td>7,357</td><td>5,620</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities
(In millions of dollars)
<table><tr><th rowspan="2">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></tr><tr><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>Natured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed securities 2/ (matured)</th></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>1,400</td><td>201</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>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>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>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>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>3</td></tr><tr><td>1950</td><td>257,377</td><td>257,357</td><td>20</td><td>255,226</td><td>255,209</td><td>17</td><td>2,150</td><td>2,148</td><td>265</td><td>-</td><td>1,270</td><td>613</td><td>2</td></tr><tr><td>1951</td><td>255,251</td><td>255,222</td><td>29</td><td>252,879</td><td>252,852</td><td>27</td><td>2,372</td><td>2,370</td><td>512</td><td>-</td><td>1,283</td><td>575</td><td>2</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>1950-December</td><td>256,731</td><td>256,708</td><td>24</td><td>254,304</td><td>254,283</td><td>22</td><td>2,427</td><td>2,425</td><td>562</td><td>-</td><td>1,270</td><td>593</td><td>2</td></tr><tr><td>1951-January</td><td>256,143</td><td>256,125</td><td>18</td><td>253,720</td><td>253,704</td><td>16</td><td>2,423</td><td>2,421</td><td>561</td><td>-</td><td>1,270</td><td>590</td><td>2</td></tr><tr><td>February</td><td>255,958</td><td>255,941</td><td>18</td><td>253,397</td><td>253,382</td><td>15</td><td>2,561</td><td>2,559</td><td>702</td><td>-</td><td>1,270</td><td>587</td><td>2</td></tr><tr><td>March</td><td>255,018</td><td>254,997</td><td>21</td><td>252,572</td><td>252,553</td><td>19</td><td>2,446</td><td>2,444</td><td>590</td><td>-</td><td>1,270</td><td>584</td><td>2</td></tr><tr><td>April</td><td>254,748</td><td>254,727</td><td>21</td><td>252,299</td><td>252,280</td><td>19</td><td>2,449</td><td>2,447</td><td>583</td><td>-</td><td>1,283</td><td>581</td><td>2</td></tr><tr><td>May</td><td>255,122</td><td>255,093</td><td>29</td><td>252,756</td><td>252,729</td><td>27</td><td>2,366</td><td>2,364</td><td>503</td><td>-</td><td>1,283</td><td>578</td><td>2</td></tr><tr><td>June</td><td>255,251</td><td>255,222</td><td>29</td><td>252,879</td><td>252,852</td><td>27</td><td>2,372</td><td>2,370</td><td>512</td><td>-</td><td>1,283</td><td>575</td><td>2</td></tr><tr><td>July</td><td>255,685</td><td>255,657</td><td>28</td><td>253,351</td><td>253,325</td><td>26</td><td>2,334</td><td>2,332</td><td>477</td><td>-</td><td>1,283</td><td>572</td><td>2</td></tr></table>
Source: Daily Treasury Statement. 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="5">Matured debt and debt bearing no interest</th><th rowspan="2">Guaranteed securities 1/ (matured)</th></tr><tr><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 colspan="4">Public debt</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Matured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th></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>57,679</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>-387</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>178</td><td>-16</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</td><td>4,579</td><td>4,587</td><td>-8</td><td>4,441</td><td>4,448</td><td>-7</td><td>138</td><td>139</td><td>20</td><td>-41</td><td>207</td><td>-47</td><td>-1</td></tr><tr><td>1951</td><td>-2,126</td><td>-2,135</td><td>10</td><td>-2,347</td><td>-2,358</td><td>10</td><td>222</td><td>222</td><td>247</td><td>-</td><td>13</td><td>-38</td><td>-1</td></tr><tr><td>1951-January</td><td>-589</td><td>-583</td><td>-6</td><td>-585</td><td>-579</td><td>-6</td><td>-4</td><td>-4</td><td>-1</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>February</td><td>-184</td><td>-184</td><td>*</td><td>-323</td><td>-322</td><td>*</td><td>138</td><td>138</td><td>141</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>March</td><td>-941</td><td>-944</td><td>3</td><td>-825</td><td>-829</td><td>3</td><td>-115</td><td>-115</td><td>-111</td><td>-</td><td>-</td><td>-4</td><td>*</td></tr><tr><td>April</td><td>-270</td><td>-270</td><td>*</td><td>-273</td><td>-273</td><td>*</td><td>3</td><td>3</td><td>-7</td><td>-</td><td>13</td><td>-3</td><td>*</td></tr><tr><td>May</td><td>375</td><td>366</td><td>9</td><td>458</td><td>449</td><td>9</td><td>-83</td><td>-83</td><td>-80</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>June</td><td>129</td><td>129</td><td>*</td><td>123</td><td>123</td><td>*</td><td>6</td><td>6</td><td>9</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>July</td><td>434</td><td>435</td><td>-1</td><td>472</td><td>473</td><td>-1</td><td>-38</td><td>-38</td><td>-35</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr></table>
1/ At present includes only C.C.C. demand obligations and F.H.A. debentures. Details were shown in the "Treasury Bulletin" for August 1951 and in prior issues. Guaranteed securities held by the Treasury are excluded.
2/ Includes savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see "Statutory Debt Limitation", Table 2.
* Less than $500,000.
September 1951
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">Marketable</th><th colspan="5">Normarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th>Total</th><th>Bills</th><th>Certificate</th><th>Notes</th><th>Treasury bonds</th><th>Treasury bonds, investment series</th><th>Other bonds 2/</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Other 3/</th></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>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>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>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>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>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>954</td><td>32,776</td></tr><tr><td>1950</td><td>255,209</td><td>222,853</td><td>155,310</td><td>13,533</td><td>18,418</td><td>20,404</td><td>53,159</td><td>49,636</td><td>160</td><td>67,544</td><td>57,536</td><td>8,472</td><td>297</td><td>954</td><td>32,356</td></tr><tr><td>1951</td><td>252,852</td><td>218,198</td><td>137,917</td><td>13,614</td><td>9,509</td><td>35,806</td><td>42,772</td><td>36,061</td><td>156</td><td>80,281</td><td>57,572</td><td>7,818</td><td>47</td><td>14,526</td><td>319</td><td>34,653</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>471</td><td>20,897</td></tr><tr><td>1950-Dec.</td><td>254,283</td><td>220,575</td><td>152,450</td><td>13,627</td><td>5,373</td><td>39,258</td><td>44,398</td><td>49,636</td><td>158</td><td>68,125</td><td>58,019</td><td>8,640</td><td>221</td><td>953</td><td>292</td><td>33,707</td></tr><tr><td>1951-Jan.</td><td>253,704</td><td>219,712</td><td>151,620</td><td>13,629</td><td>-</td><td>43,800</td><td>44,398</td><td>49,636</td><td>156</td><td>68,092</td><td>58,017</td><td>8,748</td><td>84</td><td>953</td><td>291</td><td>33,992</td></tr><tr><td>Feb.</td><td>253,382</td><td>219,448</td><td>151,625</td><td>13,632</td><td>-</td><td>43,802</td><td>44,398</td><td>49,636</td><td>156</td><td>67,824</td><td>57,769</td><td>8,730</td><td>78</td><td>953</td><td>294</td><td>33,933</td></tr><tr><td>Mar.</td><td>252,553</td><td>219,028</td><td>151,623</td><td>13,630</td><td>-</td><td>43,802</td><td>44,398</td><td>49,636</td><td>156</td><td>67,405</td><td>57,764</td><td>8,296</td><td>93</td><td>953</td><td>299</td><td>33,525</td></tr><tr><td>Apr.</td><td>252,280</td><td>218,690</td><td>138,075</td><td>13,627</td><td>-</td><td>43,802</td><td>44,398</td><td>36,091</td><td>156</td><td>80,615</td><td>57,692</td><td>8,109</td><td>49</td><td>14,498</td><td>307</td><td>33,590</td></tr><tr><td>May.</td><td>252,729</td><td>218,680</td><td>138,041</td><td>13,614</td><td>-</td><td>43,802</td><td>44,398</td><td>36,070</td><td>156</td><td>80,639</td><td>57,607</td><td>8,158</td><td>48</td><td>14,518</td><td>308</td><td>34,049</td></tr><tr><td>June.</td><td>252,852</td><td>218,198</td><td>137,917</td><td>13,614</td><td>9,509</td><td>35,806</td><td>42,772</td><td>36,061</td><td>156</td><td>80,281</td><td>57,572</td><td>7,818</td><td>47</td><td>14,526</td><td>319</td><td>34,653</td></tr><tr><td>July.</td><td>253,325</td><td>218,618</td><td>139,279</td><td>14,413</td><td>9,524</td><td>36,360</td><td>42,772</td><td>36,058</td><td>152</td><td>79,339</td><td>57,538</td><td>7,926</td><td>28</td><td>13,524</td><td>324</td><td>34,707</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">Fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="7">Marketable</th><th colspan="6">Normarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th>Total</th><th>Bill</th><th>Certificates</th><th>Notes</th><th>Treasury bonds eligible</th><th>Treasury bonds restricted 1/</th><th>Other bonds 2/</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><td>1944</td><td>64,163</td><td>60,747</td><td>45,092</td><td>2,870</td><td>12,261</td><td>3,237</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>-1,866</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>1950</td><td>4,448</td><td>4,867</td><td>162</td><td>1,997</td><td>-11,009</td><td>16,808</td><td>-7,630</td><td>*</td><td>-2</td><td>4,705</td><td>1,277</td><td>3,612</td><td>-99</td><td>-1</td><td>-84</td><td>-420</td></tr><tr><td>1951</td><td>-2,358</td><td>-4,655</td><td>-17,393</td><td>81</td><td>-8,909</td><td>15,402</td><td>-10,387</td><td>-13,576</td><td>-4</td><td>12,738</td><td>36</td><td>-655</td><td>-250</td><td>13,572</td><td>34</td><td>2,297</td></tr><tr><td>1951-Jan.</td><td>-579</td><td>-863</td><td>-830</td><td>2</td><td>-5,373</td><td>4,543</td><td>-</td><td>*</td><td>-2</td><td>-33</td><td>-2</td><td>108</td><td>-137</td><td>*</td><td>*</td><td>284</td></tr><tr><td>Feb.</td><td>-322</td><td>-264</td><td>5</td><td>3</td><td>-</td><td>2</td><td>*</td><td>*</td><td>-</td><td>-269</td><td>-247</td><td>-18</td><td>-6</td><td>*</td><td>2</td><td>-58</td></tr><tr><td>Mar.</td><td>-829</td><td>-420</td><td>-1</td><td>-2</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-418</td><td>-6</td><td>-434</td><td>16</td><td>-</td><td>6</td><td>-409</td></tr><tr><td>Apr.</td><td>-273</td><td>-339</td><td>-13,548</td><td>-3</td><td>-</td><td>-</td><td>*</td><td>-13,545</td><td>-</td><td>13,209</td><td>-112</td><td>-187</td><td>-44</td><td>13,545</td><td>8</td><td>66</td></tr><tr><td>May.</td><td>449</td><td>-10</td><td>-34</td><td>-13</td><td>-</td><td>*</td><td>*</td><td>-21</td><td>-</td><td>24</td><td>-45</td><td>48</td><td>-1</td><td>20</td><td>1</td><td>459</td></tr><tr><td>June</td><td>123</td><td>-481</td><td>-124</td><td>*</td><td>9,509</td><td>-7,996</td><td>-1,627</td><td>-9</td><td>-</td><td>-358</td><td>-35</td><td>-340</td><td>-1</td><td>8</td><td>10</td><td>604</td></tr><tr><td>July</td><td>473</td><td>419</td><td>1,362</td><td>800</td><td>15</td><td>554</td><td>*</td><td>-3</td><td>-4</td><td>-942</td><td>-34</td><td>108</td><td>-19</td><td>-1,002</td><td>5</td><td>53</td></tr></table>
1/ Issues which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to specified dates, except that: (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
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.
* Less than $500,000.
18
Treasury Bulletin
DEBT OUTSTANDING
Table 5.- Special Issues to United States Government Investment Accounts
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</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 employee retirement funds</th><th>Government Life Insurance Fund</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 1/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Other 2/</th></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>-</td><td>4,766</td><td>27</td><td>1,469</td><td>502</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td></tr><tr><td>1945</td><td>18,812</td><td>97</td><td>-</td><td>5,308</td><td>37</td><td>1,868</td><td>589</td><td>3,187</td><td>464</td><td>501</td><td>6,717</td><td>14</td></tr><tr><td>1946</td><td>22,332</td><td>120</td><td>-</td><td>5,910</td><td>49</td><td>2,177</td><td>684</td><td>5,240</td><td>782</td><td>677</td><td>6,699</td><td>12</td></tr><tr><td>1947</td><td>27,366</td><td>408</td><td>-</td><td>7,104</td><td>62</td><td>2,460</td><td>1,254</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td><td>30</td></tr><tr><td>1948</td><td>30,211</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,823</td><td>1,286</td><td>6,935</td><td>1,912</td><td>1,374</td><td>7,500</td><td>11</td></tr><tr><td>1949</td><td>32,776</td><td>666</td><td>117</td><td>9,003</td><td>95</td><td>3,270</td><td>1,318</td><td>7,288</td><td>1,952</td><td>1,720</td><td>7,340</td><td>7</td></tr><tr><td>1950</td><td>32,356</td><td>808</td><td>119</td><td>10,418</td><td>79</td><td>3,817</td><td>1,292</td><td>5,342</td><td>1,802</td><td>2,058</td><td>6,616</td><td>6</td></tr><tr><td>1951</td><td>34,653</td><td>868</td><td>77</td><td>12,096</td><td>86</td><td>4,391</td><td>1,300</td><td>5,436</td><td>706</td><td>2,414</td><td>7,266</td><td>13</td></tr><tr><td>1950-December</td><td>33,707</td><td>839</td><td>50</td><td>11,104</td><td>81</td><td>4,177</td><td>1,278</td><td>5,335</td><td>1,630</td><td>2,365</td><td>6,841</td><td>7</td></tr><tr><td>1951-January</td><td>33,992</td><td>896</td><td>50</td><td>11,302</td><td>84</td><td>4,195</td><td>1,277</td><td>5,353</td><td>1,587</td><td>2,400</td><td>6,841</td><td>7</td></tr><tr><td>February</td><td>33,933</td><td>899</td><td>65</td><td>11,384</td><td>85</td><td>4,199</td><td>1,274</td><td>5,366</td><td>1,302</td><td>2,373</td><td>6,980</td><td>7</td></tr><tr><td>March</td><td>33,525</td><td>899</td><td>65</td><td>11,551</td><td>86</td><td>4,208</td><td>1,270</td><td>5,374</td><td>777</td><td>2,347</td><td>6,940</td><td>7</td></tr><tr><td>April</td><td>33,590</td><td>899</td><td>65</td><td>11,618</td><td>86</td><td>4,220</td><td>1,268</td><td>5,373</td><td>752</td><td>2,403</td><td>6,900</td><td>7</td></tr><tr><td>May</td><td>34,049</td><td>899</td><td>65</td><td>11,829</td><td>86</td><td>4,227</td><td>1,264</td><td>5,335</td><td>732</td><td>2,376</td><td>7,225</td><td>11</td></tr><tr><td>June</td><td>34,653</td><td>868</td><td>77</td><td>12,096</td><td>86</td><td>4,391</td><td>1,300</td><td>5,436</td><td>706</td><td>2,414</td><td>7,266</td><td>13</td></tr><tr><td>July</td><td>34,707</td><td>868</td><td>67</td><td>12,226</td><td>79</td><td>4,402</td><td>1,300</td><td>5,377</td><td>692</td><td>2,447</td><td>7,231</td><td>16</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes Canal Zone Postal Savings System. 2/ Consists of Adjusted Service Certificate Fund, various housing insurance funds, and the Farm Tenant Mortgage Insurance Fund.
Table 6.- 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 rowspan="2">Total interest-bearing securities</th><th colspan="7">Computed annual interest rate Public debt</th></tr><tr><th>Amount outstanding</th><th>Computed annual interest charge</th><th>Public debt and guaranteed securities 1/</th><th>Total public debt</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><th>Guaranteed securities 1/</th></tr><tr><td>1944</td><td>201,059</td><td>199,543</td><td>3,869</td><td>1.925</td><td>1.929</td><td>1.725</td><td>.381</td><td>.975</td><td>1.281</td><td>2.379</td><td>2.417</td><td>2.405</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>256,357</td><td>4,969</td><td>1.935</td><td>1.936</td><td>1.718</td><td>.381</td><td>.975</td><td>1.204</td><td>2.314</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>1.995</td><td>1.996</td><td>1.773</td><td>.381</td><td>.975</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>2.107</td><td>2.107</td><td>1.871</td><td>.382</td><td>.875</td><td>1.148</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>2.182</td><td>2.182</td><td>1.942</td><td>1.014</td><td>1.042</td><td>1.204</td><td>2.309</td><td>2.623</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>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>1950</td><td>255,226</td><td>255,209</td><td>5,613</td><td>2.200</td><td>2.200</td><td>1.958</td><td>1.187</td><td>1.163</td><td>1.344</td><td>2.322</td><td>2.569</td><td>2.589</td><td>2.684</td></tr><tr><td>1951</td><td>252,879</td><td>252,852</td><td>5,740</td><td>2.270</td><td>2.270</td><td>1.981</td><td>1.569</td><td>1.975</td><td>1.399</td><td>2.327</td><td>2.623</td><td>2.606</td><td>2.656</td></tr><tr><td>1951-Jan.</td><td>253,720</td><td>253,704</td><td>5,642</td><td>2.224</td><td>2.224</td><td>1.988</td><td>1.396</td><td>-</td><td>1.372</td><td>2.359</td><td>2.563</td><td>2.598</td><td>2.701</td></tr><tr><td>Feb.</td><td>253,397</td><td>253,382</td><td>5,635</td><td>2.224</td><td>2.224</td><td>1.989</td><td>1.406</td><td>-</td><td>1.372</td><td>2.359</td><td>2.561</td><td>2.599</td><td>2.757</td></tr><tr><td>Mar.</td><td>252,572</td><td>252,553</td><td>5,624</td><td>2.227</td><td>2.227</td><td>1.991</td><td>1.427</td><td>-</td><td>1.372</td><td>2.359</td><td>2.569</td><td>2.607</td><td>2.726</td></tr><tr><td>Apr.</td><td>252,299</td><td>252,280</td><td>5,659</td><td>2.243</td><td>2.243</td><td>1.945</td><td>1.468</td><td>-</td><td>1.372</td><td>2.336</td><td>2.602</td><td>2.608</td><td>2.721</td></tr><tr><td>May</td><td>252,756</td><td>252,729</td><td>5,679</td><td>2.247</td><td>2.247</td><td>1.953</td><td>1.547</td><td>-</td><td>1.372</td><td>2.336</td><td>2.602</td><td>2.600</td><td>2.656</td></tr><tr><td>June.</td><td>252,879</td><td>252,852</td><td>5,740</td><td>2.270</td><td>2.270</td><td>1.981</td><td>1.569</td><td>1.975</td><td>1.399</td><td>2.327</td><td>2.623</td><td>2.606</td><td>2.656</td></tr><tr><td>July.</td><td>253,351</td><td>253,325</td><td>5,743</td><td>2.267</td><td>2.267</td><td>1,980</td><td>1.593</td><td>1.975</td><td>1.404</td><td>2.327</td><td>2.623</td><td>2.606</td><td>2.646</td></tr></table>
Source: Daily Treasury Statement. 1/ Exclude guaranteed securities held by the Treasury. 2/ Total includes "Other bonds"; see Table 3. 3/ Included in debt outstanding at face amount, but in computing annual interest charge and annual interest rate discount value is used. 4/ In computing annual interest charge and 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%.
September 1951
19
DEBT OUTSTANDING
Table 7.- Treasury Holdings of Securities Issued by Government Corporations and Other Agencies
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Defense Production Act 2/</th><th>Economic Cooperation Administration</th><th>Export-Import Bank of Washington</th><th>Housing and Home Finance Administration 3/</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation 4/</th><th>Rural Electrification Administration</th><th>Secretary of Agriculture 5/</th><th>Secretary of the Army 6/</th><th>Tennessee Valley Authority</th><th>Other 1/</th></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>-</td><td>-</td><td>-</td><td>-</td><td>398</td><td>8,416</td><td>-</td><td>-</td><td>-</td><td>57</td><td>946</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>383</td><td>9,020</td><td>-</td><td>-</td><td>-</td><td>57</td><td>1,118</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>-</td><td>-</td><td>-</td><td>-</td><td>360</td><td>9,205</td><td>-</td><td>-</td><td>-</td><td>57</td><td>750</td></tr><tr><td>1947</td><td>11,946</td><td>510</td><td>-</td><td>-</td><td>516</td><td>-</td><td>347</td><td>9,966</td><td>-</td><td>-</td><td>-</td><td>56</td><td>550</td></tr><tr><td>1948</td><td>2,789</td><td>440</td><td>-</td><td>-</td><td>971</td><td>-</td><td>362</td><td>8/</td><td>718</td><td>-</td><td>-</td><td>54</td><td>244</td></tr><tr><td>1949</td><td>6,851</td><td>1,669</td><td>-</td><td>782</td><td>914</td><td>-</td><td>337</td><td>1,856</td><td>1,015</td><td>-</td><td>100</td><td>52</td><td>126</td></tr><tr><td>1950</td><td>8,423</td><td>3,193</td><td>-</td><td>964</td><td>964</td><td>-</td><td>349</td><td>1,456</td><td>1,281</td><td>65</td><td>100</td><td>49</td><td>-</td></tr><tr><td>1951</td><td>9,097</td><td>2,555</td><td>158</td><td>1,097</td><td>1,040</td><td>1,579</td><td>489</td><td>274</td><td>1,540</td><td>114</td><td>100</td><td>44</td><td>107</td></tr><tr><td>1951-Jan.</td><td>8,641</td><td>2,710</td><td>50</td><td>1,041</td><td>953</td><td>1,422</td><td>404</td><td>289</td><td>1,492</td><td>121</td><td>100</td><td>44</td><td>14</td></tr><tr><td>Feb.</td><td>8,639</td><td>2,601</td><td>51</td><td>1,056</td><td>963</td><td>1,478</td><td>419</td><td>281</td><td>1,480</td><td>147</td><td>100</td><td>44</td><td>18</td></tr><tr><td>Mar.</td><td>8,727</td><td>2,566</td><td>52</td><td>1,075</td><td>976</td><td>1,535</td><td>439</td><td>277</td><td>1,480</td><td>159</td><td>100</td><td>44</td><td>24</td></tr><tr><td>Apr.</td><td>8,859</td><td>2,548</td><td>105</td><td>1,086</td><td>1,009</td><td>1,535</td><td>464</td><td>293</td><td>1,540</td><td>105</td><td>100</td><td>44</td><td>31</td></tr><tr><td>May.</td><td>8,903</td><td>2,534</td><td>105</td><td>1,091</td><td>1,020</td><td>1,543</td><td>489</td><td>281</td><td>1,540</td><td>114</td><td>100</td><td>44</td><td>41</td></tr><tr><td>June.</td><td>9,097</td><td>2,555</td><td>158</td><td>1,097</td><td>1,040</td><td>1,579</td><td>489</td><td>274</td><td>1,540</td><td>114</td><td>100</td><td>44</td><td>107</td></tr><tr><td>July.</td><td>9,306</td><td>2,511</td><td>244</td><td>1,109</td><td>1,033</td><td>1,643</td><td>535</td><td>272</td><td>1,587</td><td>122</td><td>100</td><td>44</td><td>107</td></tr></table>
Source: Daily Treasury Statement.
1/ The securities shown in this table were issued to the Treasury to finance Government corporations and other agencies, with the Treasury itself raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guarant-eed debt outstanding as shown in preceding tables.
2/ Approved September 8, 1950. Consists of notes issued by General Services Administration, Secretary of the Interior (Defense Minerals Administration), and Reconstruction Finance Corporation.
3/ For Slum Clearance Program; beginning September 1950, Federal National Mortgage Association and Prefabricated Housing Loans Program, which were transferred from the Reconstruction Finance Corporation, and be-
Excludes securities issued under Defense Production Act. For Farmers' Home Administration programs. For Natural Fibers Revolving Fund. Consists of notes issued by Federal Farm Mortgage Corporation and Home Owners' Loan Corporation prior to 1950, by Virgin Islands Company in 1948-50, and by Veterans Administration for Direct Loan Program beginning August 1950. For detail, see "Treasury Bulletin" issues before March 1951. Notes outstanding in the amount of $9,365 million, including interest, were canceled on June 30, 1948, pursuant to the Government Corporations Appropriation Act, 1949 (62 Stat. 1187).
20
Treasury Bulletin
DEBT OUTSTANDING
Table 8.- Public Debt and Guaranteed Securities Outstanding by Months
(End of month, in millions of dollars)
<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 colspan="13">Public debt</td></tr><tr><td>1932</td><td>17,516</td><td>18,126</td><td>18,507</td><td>18,597</td><td>19,037</td><td>19,487</td><td>19,612</td><td>20,067</td><td>20,611</td><td>20,813</td><td>20,806</td><td>20,806</td></tr><tr><td>1933</td><td>20,802</td><td>20,935</td><td>21,362</td><td>21,441</td><td>21,853</td><td>22,539</td><td>22,610</td><td>23,099</td><td>23,051</td><td>23,050</td><td>23,534</td><td>23,811</td></tr><tr><td>1934</td><td>25,068</td><td>26,052</td><td>26,158</td><td>26,115</td><td>26,155</td><td>27,053</td><td>27,189</td><td>27,080</td><td>27,190</td><td>27,188</td><td>27,299</td><td>28,479</td></tr><tr><td>1935</td><td>28,476</td><td>28,526</td><td>28,817</td><td>28,668</td><td>28,638</td><td>28,701</td><td>29,123</td><td>29,033</td><td>29,421</td><td>29,462</td><td>29,634</td><td>30,557</td></tr><tr><td>1936</td><td>30,516</td><td>30,520</td><td>31,459</td><td>31,425</td><td>31,636</td><td>33,779</td><td>33,444</td><td>33,380</td><td>33,833</td><td>33,833</td><td>33,794</td><td>34,407</td></tr><tr><td>1937</td><td>34,502</td><td>34,601</td><td>34,728</td><td>34,941</td><td>35,213</td><td>36,425</td><td>36,716</td><td>37,045</td><td>36,875</td><td>36,956</td><td>37,094</td><td>37,279</td></tr><tr><td>1938</td><td>37,453</td><td>37,633</td><td>37,556</td><td>37,510</td><td>37,422</td><td>37,165</td><td>37,191</td><td>37,593</td><td>38,393</td><td>38,423</td><td>38,603</td><td>39,427</td></tr><tr><td>1939</td><td>39,631</td><td>39,859</td><td>39,985</td><td>40,063</td><td>40,280</td><td>40,440</td><td>40,661</td><td>40,891</td><td>40,858</td><td>41,036</td><td>41,305</td><td>41,942</td></tr><tr><td>1940</td><td>42,110</td><td>42,365</td><td>42,540</td><td>42,658</td><td>42,808</td><td>42,968</td><td>43,771</td><td>43,905</td><td>44,073</td><td>44,137</td><td>44,273</td><td>45,025</td></tr><tr><td>1941</td><td>45,877</td><td>46,090</td><td>47,173</td><td>47,231</td><td>47,721</td><td>48,961</td><td>49,513</td><td>50,921</td><td>51,346</td><td>53,584</td><td>55,040</td><td>57,938</td></tr><tr><td>1942</td><td>60,012</td><td>62,381</td><td>62,419</td><td>64,961</td><td>68,571</td><td>72,422</td><td>77,136</td><td>81,685</td><td>86,483</td><td>92,904</td><td>96,116</td><td>108,170</td></tr><tr><td>1943</td><td>111,069</td><td>111,024</td><td>115,507</td><td>129,849</td><td>135,913</td><td>136,696</td><td>141,524</td><td>144,059</td><td>158,349</td><td>155,047</td><td>166,158</td><td>165,377</td></tr><tr><td>1944</td><td>170,659</td><td>183,107</td><td>184,715</td><td>184,967</td><td>186,366</td><td>201,003</td><td>203,574</td><td>209,802</td><td>209,496</td><td>210,244</td><td>215,005</td><td>230,630</td></tr><tr><td>1945</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,917</td><td>265,342</td><td>278,115</td></tr><tr><td>1946</td><td>278,887</td><td>279,214</td><td>276,012</td><td>273,898</td><td>272,583</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,369</td><td>263,532</td><td>262,277</td><td>259,119</td></tr><tr><td>1947</td><td>259,776</td><td>261,418</td><td>259,124</td><td>257,701</td><td>258,343</td><td>258,286</td><td>259,448</td><td>260,097</td><td>259,145</td><td>259,071</td><td>258,212</td><td>256,900</td></tr><tr><td>1948</td><td>256,574</td><td>254,605</td><td>252,990</td><td>252,240</td><td>252,236</td><td>252,292</td><td>253,374</td><td>253,049</td><td>252,687</td><td>252,460</td><td>252,506</td><td>252,800</td></tr><tr><td>1949</td><td>252,620</td><td>252,721</td><td>251,642</td><td>251,530</td><td>251,889</td><td>252,770</td><td>253,877</td><td>255,852</td><td>256,680</td><td>256,778</td><td>256,982</td><td>257,130</td></tr><tr><td>1950</td><td>256,865</td><td>256,368</td><td>255,724</td><td>255,718</td><td>256,350</td><td>257,357</td><td>257,541</td><td>257,874</td><td>257,216</td><td>256,937</td><td>257,077</td><td>256,708</td></tr><tr><td>1951</td><td>256,125</td><td>255,941</td><td>254,997</td><td>254,727</td><td>255,093</td><td>255,222</td><td>255,657</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Guaranteed securities 1/</td></tr><tr><td>1932</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>180</td></tr><tr><td>1933</td><td>310</td><td>180</td><td>295</td><td>325</td><td>423</td><td>681</td><td>1,064</td><td>1,615</td><td>1,875</td><td>2,596</td><td>2,823</td><td>3,063</td></tr><tr><td>1934</td><td>3,300</td><td>3,480</td><td>3,589</td><td>3,650</td><td>3,728</td><td>4,123</td><td>4,205</td><td>4,248</td><td>4,369</td><td>4,421</td><td>4,460</td><td>4,494</td></tr><tr><td>1935</td><td>4,552</td><td>4,630</td><td>4,654</td><td>4,676</td><td>4,703</td><td>4,718</td><td>4,724</td><td>4,669</td><td>4,667</td><td>4,657</td><td>4,662</td><td>4,662</td></tr><tr><td>1937</td><td>4,662</td><td>4,662</td><td>4,662</td><td>4,660</td><td>4,660</td><td>4,665</td><td>4,703</td><td>4,633</td><td>4,633</td><td>4,634</td><td>4,644</td><td>4,645</td></tr><tr><td>1938</td><td>4,646</td><td>4,646</td><td>4,646</td><td>4,647</td><td>4,852</td><td>4,853</td><td>5,064</td><td>5,015</td><td>5,009</td><td>5,001</td><td>4,993</td><td>4,992</td></tr><tr><td>1939</td><td>4,987</td><td>5,410</td><td>5,410</td><td>5,410</td><td>5,409</td><td>5,450</td><td>5,480</td><td>5,489</td><td>5,456</td><td>5,448</td><td>5,708</td><td>5,704</td></tr><tr><td>1940</td><td>5,699</td><td>5,673</td><td>5,663</td><td>5,657</td><td>5,535</td><td>5,529</td><td>5,526</td><td>5,813</td><td>5,808</td><td>5,810</td><td>5,919</td><td>5,917</td></tr><tr><td>1941</td><td>5,915</td><td>5,914</td><td>5,916</td><td>6,560</td><td>6,371</td><td>6,370</td><td>6,939</td><td>6,937</td><td>6,937</td><td>6,938</td><td>6,324</td><td>6,324</td></tr><tr><td>1942</td><td>5,703</td><td>5,696</td><td>5,690</td><td>5,688</td><td>5,687</td><td>4,568</td><td>4,581</td><td>4,592</td><td>4,574</td><td>4,265</td><td>4,264</td><td>4,301</td></tr><tr><td>1943</td><td>4,291</td><td>4,287</td><td>4,360</td><td>4,372</td><td>4,091</td><td>4,100</td><td>3,791</td><td>3,941</td><td>3,971</td><td>4,119</td><td>4,160</td><td>4,230</td></tr><tr><td>1944</td><td>4,275</td><td>4,233</td><td>2,278</td><td>2,274</td><td>1,669</td><td>1,623</td><td>1,565</td><td>1,565</td><td>1,568</td><td>1,563</td><td>1,533</td><td>1,514</td></tr><tr><td>1945</td><td>1,530</td><td>1,144</td><td>1,144</td><td>1,155</td><td>1,171</td><td>1,433</td><td>505</td><td>534</td><td>545</td><td>558</td><td>553</td><td>567</td></tr><tr><td>1946</td><td>558</td><td>551</td><td>553</td><td>544</td><td>552</td><td>476</td><td>333</td><td>379</td><td>400</td><td>386</td><td>370</td><td>339</td></tr><tr><td>1947</td><td>270</td><td>188</td><td>182</td><td>178</td><td>177</td><td>90</td><td>80</td><td>79</td><td>76</td><td>83</td><td>89</td><td>81</td></tr><tr><td>1948</td><td>77</td><td>79</td><td>78</td><td>75</td><td>75</td><td>73</td><td>55</td><td>51</td><td>50</td><td>52</td><td>57</td><td>55</td></tr><tr><td>1949</td><td>36</td><td>26</td><td>24</td><td>23</td><td>23</td><td>27</td><td>26</td><td>27</td><td>29</td><td>28</td><td>29</td><td>30</td></tr><tr><td>1950</td><td>27</td><td>27</td><td>24</td><td>22</td><td>20</td><td>20</td><td>16</td><td>18</td><td>20</td><td>22</td><td>24</td><td>24</td></tr><tr><td>1951</td><td>18</td><td>18</td><td>21</td><td>21</td><td>29</td><td>29</td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Total Federal securities</td></tr><tr><td>1932</td><td>17,816</td><td>18,126</td><td>18,507</td><td>18,597</td><td>19,037</td><td>19,487</td><td>19,612</td><td>20,067</td><td>20,611</td><td>20,813</td><td>20,806</td><td>20,806</td></tr><tr><td>1933</td><td>20,802</td><td>20,935</td><td>21,362</td><td>21,441</td><td>21,853</td><td>22,539</td><td>22,610</td><td>23,099</td><td>23,051</td><td>23,052</td><td>23,528</td><td>23,994</td></tr><tr><td>1934</td><td>25,378</td><td>26,232</td><td>26,453</td><td>26,443</td><td>26,578</td><td>27,734</td><td>28,254</td><td>28,695</td><td>29,054</td><td>29,784</td><td>30,122</td><td>31,543</td></tr><tr><td>1935</td><td>31,776</td><td>32,206</td><td>32,406</td><td>32,328</td><td>32,367</td><td>32,824</td><td>33,328</td><td>33,280</td><td>33,790</td><td>33,882</td><td>34,094</td><td>35,052</td></tr><tr><td>1936</td><td>35,078</td><td>35,150</td><td>36,113</td><td>36,101</td><td>36,339</td><td>38,497</td><td>38,168</td><td>38,049</td><td>38,500</td><td>38,500</td><td>38,456</td><td>39,069</td></tr><tr><td>1937</td><td>39,164</td><td>39,263</td><td>39,390</td><td>39,601</td><td>39,872</td><td>41,089</td><td>41,419</td><td>41,578</td><td>41,508</td><td>41,590</td><td>41,738</td><td>41,924</td></tr><tr><td>1938</td><td>42,099</td><td>42,279</td><td>42,202</td><td>42,157</td><td>42,274</td><td>42,017</td><td>42,255</td><td>42,608</td><td>43,402</td><td>43,424</td><td>43,506</td><td>44,119</td></tr><tr><td>1939</td><td>44,618</td><td>45,269</td><td>45,395</td><td>45,473</td><td>45,691</td><td>45,890</td><td>46,111</td><td>46,380</td><td>46,314</td><td>46,484</td><td>47,013</td><td>47,646</td></tr><tr><td>1940</td><td>47,809</td><td>48,038</td><td>48,203</td><td>48,315</td><td>48,342</td><td>48,497</td><td>49,297</td><td>49,728</td><td>49,881</td><td>49,947</td><td>50,132</td><td>50,942</td></tr><tr><td>1941</td><td>51,792</td><td>52,004</td><td>53,089</td><td>53,791</td><td>54,092</td><td>55,332</td><td>56,452</td><td>57,858</td><td>58,283</td><td>60,522</td><td>61,364</td><td>61,262</td></tr><tr><td>1942</td><td>65,715</td><td>68,077</td><td>68,109</td><td>70,649</td><td>74,258</td><td>76,991</td><td>81,717</td><td>86,277</td><td>91,057</td><td>97,169</td><td>100,380</td><td>112,471</td></tr><tr><td>1943</td><td>115,360</td><td>118,311</td><td>119,867</td><td>134,221</td><td>140,004</td><td>140,796</td><td>145,315</td><td>148,000</td><td>162,321</td><td>169,166</td><td>170,318</td><td>170,108</td></tr><tr><td>1944</td><td>174,933</td><td>187,339</td><td>186,993</td><td>187,241</td><td>188,035</td><td>202,626</td><td>210,138</td><td>211,369</td><td>211,064</td><td>211,807</td><td>216,537</td><td>232,144</td></tr><tr><td>1945</td><td>233,938</td><td>234,851</td><td>235,904</td><td>235,224</td><td>240,003</td><td>259,115</td><td>262,550</td><td>263,535</td><td>262,565</td><td>262,376</td><td>265,894</td><td>278,682</td></tr><tr><td>1946</td><td>279,445</td><td>279,764</td><td>276,565</td><td>274,443</td><td>273,135</td><td>269,898</td><td>268,603</td><td>267,924</td><td>265,768</td><td>263,918</td><td>262,616</td><td>259,187</td></tr><tr><td>1947</td><td>260,046</td><td>261,606</td><td>259,306</td><td>257,880</td><td>258,521</td><td>258,376</td><td>259,528</td><td>260,176</td><td>259,221</td><td>259,155</td><td>258,301</td><td>256,981</td></tr><tr><td>1948</td><td>256,651</td><td>254,683</td><td>253,068</td><td>252,315</td><td>252,311</td><td>252,366</td><td>253,429</td><td>253,101</td><td>252,738</td><td>252,513</td><td>252,563</td><td>252,854</td></tr><tr><td>1949</td><td>252,656</td><td>252,747</td><td>251,666</td><td>251,553</td><td>251,912</td><td>252,798</td><td>253,902</td><td>255,879</td><td>256,709</td><td>256,805</td><td>257,011</td><td>257,160</td></tr><tr><td>1950</td><td>256,892</td><td>256,395</td><td>255,747</td><td>255,740</td><td>256,370</td><td>257,377</td><td>257,557</td><td>257,891</td><td>257,236</td><td>256,959</td><td>257,100</td><td>256,731</td></tr><tr
Source: Daily Treasury Statement; Office of the Treasurer of the United States; for guaranteed securities prior to July 1942, Statement of Contingent Liabilities. 1/ Obligations, issued by certain Government corporations and other agencies, which are guaranteed by the United States as to both principal and interest.
Such obligations were first authorized in 1932. Prior to September 1939, the figures represent principal shown as a contingent liability of the United States; beginning September 1939, they represent principal outstanding, both matured and unmatured. Guaranteed securities held by the Treasury are excluded.
September 1951
21
STATUTORY DEBT LIMITATION
The Second Liberty Bond Act, as amended, (31 U.S.C. 757 b), provides that the face amount of obligations issued under authority of that act, and the face amount of obligations guaranteed as to principal and interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not exceed 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, July 31, 1951
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by the act of June 26, 1946 (31 U.S.C. 157 b).</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>254,978</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>28</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>255,007</td></tr><tr><td>Balance issuable under limitation.</td><td>19,993</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding July 31, 1951
(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>14,413</td><td>-</td><td>14,413</td></tr><tr><td>Certificates of indebtedness</td><td>9,524</td><td>-</td><td>9,524</td></tr><tr><td>Treasury notes</td><td>36,360</td><td>-</td><td>36,360</td></tr><tr><td>Treasury bonds - bank eligible</td><td>42,772</td><td>-</td><td>42,772</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>36,058</td><td>-</td><td>36,058</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>-</td><td>152</td><td>152</td></tr><tr><td>Total marketable</td><td>139,127</td><td>152</td><td>139,279</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>57,538</td><td>-</td><td>57,538</td></tr><tr><td>Treasury savings notes</td><td>7,926</td><td>-</td><td>7,926</td></tr><tr><td>Depositary bonds</td><td>324</td><td>-</td><td>324</td></tr><tr><td>Armed forces leave bonds</td><td>28</td><td>-</td><td>28</td></tr><tr><td>Treasury bonds, investment series</td><td>13,524</td><td>-</td><td>13,524</td></tr><tr><td>Total nonmarketable</td><td>79,339</td><td>-</td><td>79,339</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>34,707</td><td>-</td><td>34,707</td></tr><tr><td>Total interest-bearing securities</td><td>253,173</td><td>152</td><td>253,325</td></tr><tr><td>Matured securities on which interest has ceased</td><td>473</td><td>4</td><td>477</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>47</td><td>-</td><td>47</td></tr><tr><td>Excess profit tax refund bonds</td><td>2</td><td>-</td><td>2</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>1,283</td><td>-</td><td>1,283</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>-</td><td>191</td><td>191</td></tr><tr><td>United States notes (less gold reserve)</td><td>-</td><td>326</td><td>326</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total debt bearing no interest</td><td>1,333</td><td>522</td><td>1,855</td></tr><tr><td>Total public debt</td><td>254,978</td><td>678</td><td>255,657</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>26</td><td>-</td><td>26</td></tr><tr><td>Matured</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Total guaranteed securities</td><td>28</td><td>-</td><td>28</td></tr><tr><td>Total public debt and guaranteed securities</td><td>255,007</td><td>678</td><td>255,685</td></tr></table>
Source: Bureau of the Public Debt. 1/ Issues which commercial banks may not acquire prior to specified dates
(with minor exceptions); see "Debt Outstanding", Table 3, footnote 1. 2/ Excludes guaranteed securities held by the Treasury.
22
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding July 31, 1951
(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">Description 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>1951</td><td></td><td></td><td></td><td></td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>Bills 1-1/4% Note - 8/1/51-E.</td><td>5,504 5,351</td><td>- -</td><td>- -</td><td>Mar.</td><td>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></tr><tr><td>Sept.</td><td>Bills 3% Bond - 9/15/51-55</td><td>4,104 755</td><td>- -</td><td>- -</td><td>June</td><td>2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/54-56</td><td>- -</td><td>681 -</td><td>5,825 -</td><td>- -</td></tr><tr><td>Oct.</td><td>Bills 1-1/4% Note - 10/1/51-A. 1-1/4% Nots - 10/15/51-F.</td><td>4,805 1,918 5,941</td><td>- - -</td><td>- - -</td><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td>- -</td><td>- -</td><td>8,662 -</td><td>- -</td></tr><tr><td>Nov.</td><td>1-1/4% Note - 11/1/51-G.</td><td>5,253</td><td>- -</td><td>- -</td><td>Total</td><td></td><td>4,675</td><td>681</td><td>15,511</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>1955</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>33,632</td><td>1,628</td><td>- -</td><td>Mar.</td><td>1-1/2% Note - 3/15/55-A. 2-7/8% Bond - 3/15/55-60</td><td>5,365 -</td><td>2,611 -</td><td>- -</td><td>- -</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>June</td><td>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></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2% Bond - 12/15/51-55 1-3/4% Note - 12/15/55-B.</td><td>6,854 -</td><td>- -</td><td>510 -</td><td>- -</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>12,219</td><td>2,611</td><td>2,736</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>1956</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td>- -</td><td>1,449 -</td><td>- -</td><td>- -</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Apr.</td><td>1-1/2% Note - 4/1/56-EA</td><td>1,003 -</td><td>- -</td><td>- -</td><td>- -</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>June</td><td>2-1/4% Bond - 5/15/54-56</td><td>- -</td><td>- -</td><td>681 -</td><td>- -</td></tr><tr><td>1952</td><td></td><td></td><td></td><td></td><td>Sept</td><td>2-3/4% Bond - 9/15/56-59 2-1/4% Bond - 9/15/56-59</td><td>- -</td><td>982 3,823</td><td>- -</td><td>- -</td></tr><tr><td>Mar.</td><td>2% Bond 4/- 9/15/51-53 2-1/2% Bond - 3/15/52-54</td><td>- -</td><td>7,986 1,024</td><td>- -</td><td>Total</td><td></td><td>1,003</td><td>6,253</td><td>681</td><td></td></tr><tr><td>Apr.</td><td>1-7/8% Certificate - 4/1/52-A.</td><td>9,524</td><td>- -</td><td>- -</td><td>1958</td><td></td><td></td><td></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>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td>- -</td><td>- -</td><td>1,449 -</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>June</td><td>2-3/4% Bond - 6/15/50-63</td><td>- -</td><td>919 -</td><td>- -</td><td>- -</td></tr><tr><td>Total</td><td></td><td>9,524</td><td>28,998</td><td>- -</td><td>Total</td><td></td><td>- -</td><td>919</td><td>1,449</td><td></td></tr><tr><td>1953</td><td></td><td></td><td></td><td></td><td>1959</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2% Bond - 6/15/53-55</td><td>- -</td><td>725 -</td><td>- -</td><td>June</td><td>2-1/4% Bond - 6/15/59-62</td><td>- -</td><td>5,284 -</td><td>- -</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td>- -</td><td>- -</td><td>7,986 -</td><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59 2-1/4% Bond - 9/15/56-59</td><td>- -</td><td>- -</td><td>982 3,823</td><td>- -</td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/51-53</td><td>- -</td><td>- -</td><td>1,118 -</td><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>- -</td><td>3,469 -</td><td>- -</td><td>12/15/52</td></tr><tr><td>Total</td><td></td><td>- -</td><td>725 -</td><td>9,104 -</td><td>Total</td><td></td><td>- -</td><td>8,753</td><td>4,804</td><td></td></tr></table>
Footnotes at end of table.
(Continued on following page)
September 1951
23
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding July 31, 1951 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 re-stricted issues become bank 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 re-stricted issues become bank 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>1960</td><td>2-7/8% Bond - 3/15/55-60......</td><td>-</td><td>-</td><td>2,611</td><td>1966</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>Mar...</td><td>2-3/4% Bond - 12/15/60-65......</td><td>-</td><td>1,485</td><td>-</td><td>Mar...</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec...</td><td>Total</td><td>-</td><td>1,485</td><td>2,611</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1961</td><td>June.. 3% Panama Canal bond- 6/1/61</td><td>50</td><td>-</td><td>-</td><td>1967</td><td>2-1/2% Bond - 6/15/62-67......</td><td>-</td><td>-</td><td>2,118</td><td>5/5/32</td></tr><tr><td></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>2,003</td><td>-</td><td>6/15/62</td></tr><tr><td>June..</td><td></td><td></td><td></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>1962</td><td></td><td></td><td></td><td></td><td>Dec...</td><td>2-1/2% Bond - 12/15/67-72......</td><td>-</td><td>4,077</td><td>-</td><td>12/15/62</td></tr><tr><td>June..</td><td>2-1/4% Bond - 6/15/59-62......</td><td>-</td><td>-</td><td>5,284</td><td>1968</td><td>2-1/2% Bond - 12/15/63-68......</td><td>-</td><td>-</td><td>2,831</td><td>12/1/52</td></tr><tr><td></td><td>2-1/2% Bond - 6/15/62-67......</td><td>-</td><td>2,118</td><td>-</td><td>Dec...</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>-</td><td>3,469</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1963</td><td>Total</td><td>-</td><td>2,118</td><td>8,753</td><td>1969</td><td>2-1/2% Bond - 6/15/64-69......</td><td>-</td><td>-</td><td>3,761</td><td>4/15/53</td></tr><tr><td>June..</td><td>2-3/4% Bond - 6/15/58-63......</td><td>-</td><td>-</td><td>919</td><td>June..</td><td>2-1/2% Bond - 12/15/64-69......</td><td>-</td><td>-</td><td>3,838</td><td>9/15/53</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>Total</td><td>-</td><td>-</td><td>7,599</td><td></td></tr><tr><td>1964</td><td>Total</td><td>-</td><td>2,831</td><td>919</td><td>1970</td><td>2-1/2% Bond - 3/15/65-70......</td><td>-</td><td>-</td><td>5,197</td><td>2/1/54</td></tr><tr><td>June..</td><td>2-1/2% Bond - 6/15/64-69......</td><td>-</td><td>3,761</td><td>-</td><td>1971</td><td>2-1/2% Bond - 3/15/66-71......</td><td>-</td><td>-</td><td>3,481</td><td>12/1/54</td></tr><tr><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69......</td><td>-</td><td>3,838</td><td>-</td><td>Mar...</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1965</td><td>Total</td><td>-</td><td>7,599</td><td>-</td><td>1972</td><td>2-1/2% Bond - 6/15/67-72......</td><td>-</td><td>-</td><td>2,003</td><td>6/15/62</td></tr><tr><td>Mar...</td><td>2-1/2% Bond - 3/15/65-70......</td><td>-</td><td>5,197</td><td>-</td><td>June..</td><td>2-1/2% Bond - 9/15/67-72......</td><td>-</td><td>-</td><td>2,716</td><td>......</td></tr><tr><td>Dec...</td><td>2-3/4% Bond - 12/15/60-65......</td><td>-</td><td>-</td><td>1,485</td><td>Sept..</td><td>2-1/2% Bond - 12/15/67-72......</td><td>-</td><td>-</td><td>4,077</td><td>12/15/52</td></tr><tr><td>1966</td><td>Total</td><td>-</td><td>5,197</td><td>1,485</td><td>Dec...</td><td>Total</td><td>-</td><td>-</td><td>8,795</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. For date of issue of each security, see "Market Quotations"; for tax
3/ Status, see "Treasury Survey of Ownership". Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to specified dates; see "Debt Outstanding", Table 3, footnote 1. 4/ Not called for redemption on September 15, 1951, first call date. Callable on March 15, 1952, succeeding interest payment date.
24
Treasury Bulletin
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Dollar amounts in millions)
<table><tr><th rowspan="2">Issue date</th><th colspan="8">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th colspan="3">Amount of bids accepted</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>1951-Mar. 1</td><td>1951-May 31</td><td>91</td><td>1,905.3</td><td>1,106.6</td><td>1,013.3</td><td>93.3</td><td>134.0</td><td>1,102.0</td><td>13,636.3</td></tr><tr><td>Mar. 8</td><td>June 7</td><td>91</td><td>1,686.0</td><td>1,100.8</td><td>1,006.3</td><td>94.5</td><td>65.8</td><td>1,103.3</td><td>13,633.7</td></tr><tr><td>Mar. 15</td><td>June 14</td><td>91</td><td>1,722.0</td><td>1,100.1</td><td>886.3</td><td>111.8</td><td>56.3</td><td>1,001.4</td><td>13,633.3</td></tr><tr><td>Mar. 22</td><td>June 21</td><td>91</td><td>1,742.5</td><td>1,101.6</td><td>893.5</td><td>108.1</td><td>64.9</td><td>1,000.8</td><td>13,634.1</td></tr><tr><td>Mar. 29</td><td>June 28</td><td>91</td><td>1,682.2</td><td>1,100.9</td><td>911.9</td><td>88.9</td><td>71.3</td><td>1,004.9</td><td>13,630.1</td></tr><tr><td>Apr. 5</td><td>July 5</td><td>91</td><td>1,643.0</td><td>1,100.6</td><td>903.4</td><td>98.1</td><td>61.2</td><td>1,002.4</td><td>13,629.2</td></tr><tr><td>Apr. 12</td><td>July 12</td><td>91</td><td>1,742.8</td><td>1,100.4</td><td>883.0</td><td>117.4</td><td>161.3</td><td>999.9</td><td>13,629.7</td></tr><tr><td>Apr. 19</td><td>July 19</td><td>91</td><td>1,929.9</td><td>1,100.5</td><td>882.9</td><td>117.7</td><td>156.5</td><td>1,002.7</td><td>13,627.6</td></tr><tr><td>Apr. 26</td><td>July 26</td><td>91</td><td>2,159.7</td><td>1,100.8</td><td>886.4</td><td>116.4</td><td>35.5</td><td>1,003.3</td><td>13,627.1</td></tr><tr><td>May 3</td><td>Aug. 2</td><td>91</td><td>2,176.7</td><td>1,102.0</td><td>989.7</td><td>112.3</td><td>28.4</td><td>1,102.9</td><td>13,626.3</td></tr><tr><td>May 10</td><td>Aug. 9</td><td>91</td><td>1,866.3</td><td>1,100.0</td><td>985.8</td><td>113.3</td><td>52.5</td><td>1,103.1</td><td>13,623.1</td></tr><tr><td>May 17</td><td>Aug. 16</td><td>91</td><td>1,865.8</td><td>1,100.7</td><td>985.6</td><td>115.1</td><td>263.6</td><td>1,102.0</td><td>13,621.8</td></tr><tr><td>May 24</td><td>Aug. 23</td><td>91</td><td>1,900.1</td><td>1,100.9</td><td>987.5</td><td>113.3</td><td>36.1</td><td>1,102.9</td><td>13,619.8</td></tr><tr><td>May 31</td><td>Aug. 30</td><td>91</td><td>1,967.3</td><td>1,100.7</td><td>1,002.2</td><td>98.5</td><td>153.4</td><td>1,106.6</td><td>13,613.9</td></tr><tr><td>June 7</td><td>Sept. 6</td><td>91</td><td>1,836.6</td><td>1,101.5</td><td>1,019.5</td><td>82.0</td><td>20.1</td><td>1,100.8</td><td>13,614.5</td></tr><tr><td>June 14</td><td>Sept. 13</td><td>91</td><td>2,110.9</td><td>1,101.2</td><td>877.9</td><td>123.3</td><td>42.1</td><td>1,001.0</td><td>13,614.7</td></tr><tr><td>June 21</td><td>Sept. 20</td><td>91</td><td>1,908.7</td><td>1,100.9</td><td>887.7</td><td>113.2</td><td>57.4</td><td>1,001.6</td><td>13,614.1</td></tr><tr><td>June 28</td><td>Sept. 27</td><td>91</td><td>1,744.5</td><td>1,100.4</td><td>904.5</td><td>95.9</td><td>28.8</td><td>1,000.9</td><td>13,613.6</td></tr><tr><td>July 5</td><td>Oct. 4</td><td>91</td><td>1,822.1</td><td>1,100.8</td><td>1,087.1</td><td>113.7</td><td>58.1</td><td>1,001.6</td><td>13,812.8</td></tr><tr><td>July 12</td><td>Oct. 11</td><td>91</td><td>1,964.4</td><td>1,101.7</td><td>1,070.1</td><td>131.6</td><td>146.7</td><td>1,000.4</td><td>14,014.2</td></tr><tr><td>July 19</td><td>Oct. 18</td><td>91</td><td>2,031.5</td><td>1,101.8</td><td>1,047.7</td><td>154.1</td><td>51.0</td><td>1,000.5</td><td>14,215.4</td></tr><tr><td>July 26</td><td>Oct. 25</td><td>91</td><td>1,992.2</td><td>1,100.5</td><td>1,051.5</td><td>149.0</td><td>47.6</td><td>1,002.8</td><td>14,413.1</td></tr><tr><td>Aug. 2</td><td>Nov. 1</td><td>91</td><td>1,954.6</td><td>1,100.6</td><td>1,159.7</td><td>140.9</td><td>33.8</td><td>1,102.0</td><td>14,611.8</td></tr><tr><td>Aug. 9</td><td>Nov. 8</td><td>91</td><td>1,891.0</td><td>1,100.4</td><td>1,156.2</td><td>144.2</td><td>116.3</td><td>1,100.0</td><td>14,812.2</td></tr><tr><td>Aug. 16 p.</td><td>Nov. 15</td><td>91</td><td>2,079.7</td><td>1,100.4</td><td>1,145.5</td><td>154.9</td><td>200.4</td><td>1,100.7</td><td>15,011.9</td></tr><tr><td>Aug. 23 p.</td><td>Nov. 23</td><td>92</td><td>1,992.7</td><td>1,100.7</td><td>947.8</td><td>152.8</td><td>60.8</td><td>1,100.9</td><td>15,011.7</td></tr><tr><td>Aug. 30 p.</td><td>Nov. 29</td><td>91</td><td>1,998.1</td><td>1,100.6</td><td>968.4</td><td>132.2</td><td>124.5</td><td>1,100.7</td><td>15,011.6</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 colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1951-Mar. 1.</td><td>99.649</td><td>1.390</td><td>99.660</td><td>1.345</td><td>99.648</td><td>1.393</td></tr><tr><td>Mar. 8.</td><td>99.645</td><td>1.406</td><td>99.655</td><td>1.365</td><td>99.641</td><td>1.420</td></tr><tr><td>Mar. 15.</td><td>99.646</td><td>1.402</td><td>99.656</td><td>1.361</td><td>99.643</td><td>1.412</td></tr><tr><td>Mar. 22.</td><td>99.645</td><td>1.405</td><td>99.657</td><td>1.357</td><td>99.643</td><td>1.412</td></tr><tr><td>Mar. 29.</td><td>99.619</td><td>1.507</td><td>99.650</td><td>1.385</td><td>99.613</td><td>1.531</td></tr><tr><td>Apr. 5.</td><td>99.617</td><td>1.517</td><td>99.630 3/</td><td>1.464</td><td>99.614</td><td>1.527</td></tr><tr><td>Apr. 12.</td><td>99.614</td><td>1.528</td><td>99.630</td><td>1.464</td><td>99.612</td><td>1.535</td></tr><tr><td>Apr. 19.</td><td>99.613</td><td>1.529</td><td>99.620 4/</td><td>1.503</td><td>99.612</td><td>1.535</td></tr><tr><td>Apr. 26.</td><td>99.619</td><td>1.506</td><td>99.630</td><td>1.464</td><td>99.618</td><td>1.511</td></tr><tr><td>May 3.</td><td>99.619</td><td>1.508</td><td>99.625 5/</td><td>1.484</td><td>99.617</td><td>1.515</td></tr><tr><td>May 10.</td><td>99.604</td><td>1.566</td><td>99.624</td><td>1.487</td><td>99.600</td><td>1.582</td></tr><tr><td>May 17.</td><td>99.589</td><td>1.626</td><td>99.625</td><td>1.484</td><td>99.586</td><td>1.638</td></tr><tr><td>May 24.</td><td>99.598</td><td>1.591</td><td>99.604</td><td>1.567</td><td>99.596</td><td>1.598</td></tr><tr><td>May 31.</td><td>99.596</td><td>1.600</td><td>99.620</td><td>1.503</td><td>99.594</td><td>1.606</td></tr><tr><td>June 7.</td><td>99.607</td><td>1.555</td><td>99.610</td><td>1.543</td><td>99.605</td><td>1.563</td></tr><tr><td>June 14.</td><td>99.629</td><td>1.467</td><td>99.632</td><td>1.456</td><td>99.628</td><td>1.472</td></tr><tr><td>June 21.</td><td>99.635</td><td>1.445</td><td>99.659</td><td>1.349</td><td>99.632</td><td>1.456</td></tr><tr><td>June 28.</td><td>99.614</td><td>1.527</td><td>99.645 6/</td><td>1.404</td><td>99.608</td><td>1.551</td></tr><tr><td>July 5.</td><td>99.595</td><td>1.603</td><td>99.650</td><td>1.385</td><td>99.590</td><td>1.622</td></tr><tr><td>July 12.</td><td>99.592</td><td>1.615</td><td>99.650</td><td>1.385</td><td>99.590</td><td>1.622</td></tr><tr><td>July 19.</td><td>99.605</td><td>1.562</td><td>99.609 7/</td><td>1.547</td><td>99.603</td><td>1.571</td></tr><tr><td>July 26.</td><td>99.598</td><td>1.591</td><td>99.637</td><td>1.436</td><td>99.595</td><td>1.602</td></tr><tr><td>Aug. 2.</td><td>99.593</td><td>1.611</td><td>99.637</td><td>1.436</td><td>99.590</td><td>1.622</td></tr><tr><td>Aug. 9.</td><td>99.583</td><td>1.651</td><td>99.637</td><td>1.436</td><td>99.579</td><td>1.665</td></tr><tr><td>Aug. 16 p.</td><td>99.580</td><td>1.660</td><td>99.637</td><td>1.436</td><td>99.577</td><td>1.673</td></tr><tr><td>Aug. 23 p.</td><td>99.578</td><td>1.651</td><td>99.600 8/</td><td>1.565</td><td>99.576</td><td>1.659</td></tr><tr><td>Aug. 30 p.</td><td>99.584</td><td>1.645</td><td>99.608</td><td>1.551</td><td>99.582</td><td>1.654</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 $100,000 at 99.640.
4/ Except $100,000 at 99.630.
5/ Except $1,000,000 at 99.655.
6/ Except $100,000 at 99.700.
7/ Except $400,000 at 99.635 and $200,000 at 99.620.
8/ Except $100,000 at 99.634.
p Preliminary.
September 1951
25
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date subscription books were opened</th><th>Date 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>Amount issued</th><th>Allocation 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>1,106</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>1,742</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</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</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</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>1-1/4% 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>1-1/4% 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>1-1/4% 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>1-1/4% 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>1-1/4% 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>1-1/4% 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>1-1/4% 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>1-1/4% 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-B</td><td>1 yr</td><td>-</td><td>6,248</td><td>-</td><td>6,248</td><td>100</td></tr><tr><td>12/5/49</td><td>12/15/49</td><td>1-3/8% Note</td><td>3 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>1-1/4% Note</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>1-1/4% Note</td><td>1 yr 4 m</td><td>-</td><td>2,741</td><td>-</td><td>2,741</td><td>100</td></tr><tr><td>2/17/50</td><td>3/15/50</td><td>1-1/2% Note</td><td>5 yr</td><td>-</td><td>5,355</td><td>-</td><td>5,355</td><td>100</td></tr><tr><td>3/20/50</td><td>4/1/50</td><td>1-1/4% Note</td><td>1 yr 3 m</td><td>-</td><td>896</td><td>-</td><td>896</td><td>100</td></tr><tr><td>5/22/50</td><td>6/1/50</td><td>1-1/4% Note</td><td>1 yr 1 m</td><td>-</td><td>4,818</td><td>-</td><td>4,818</td><td>100</td></tr><tr><td>6/21/50</td><td>7/1/50</td><td>1-1/4% Note</td><td>1 yr 1 m</td><td>-</td><td>5,351</td><td>-</td><td>5,351</td><td>100</td></tr><tr><td>9/15/50</td><td>9/15/50</td><td>1-1/4% Note</td><td>1 yr 1 m</td><td>-</td><td>5,941</td><td>-</td><td>5,941</td><td>100</td></tr><tr><td>9/18/50</td><td>10/1/50</td><td>1-1/4% Note</td><td>1 yr 1 m</td><td>-</td><td>5,253</td><td>-</td><td>5,253</td><td>100</td></tr><tr><td>12/4/50</td><td>12/15/50</td><td>1-3/4% Note</td><td>5 yr</td><td>-</td><td>6,854</td><td>-</td><td>6,854</td><td>100</td></tr><tr><td>3/6/51</td><td>4/1/51</td><td>1-1/2% Note</td><td>5 yr</td><td>-</td><td>1,004 3/4</td><td>-</td><td>1,004 3/4</td><td>100</td></tr><tr><td>6/4/51</td><td>6/15/51</td><td>1-7/8% Certificate - 6/15/52-A</td><td>9 1/2 m</td><td>-</td><td>9,524 p</td><td>-</td><td>9,524 p</td><td>100</td></tr><tr><td>7/16/51</td><td>8/1/51</td><td>1-7/8% Certificate - 7/1/52-B</td><td>11 m</td><td>-</td><td>5,216 p</td><td>-</td><td>5,216 p</td><td>100</td></tr><tr><td>9/4/51</td><td>9/15/51</td><td>1-7/8% Certificate - 9/15/52-C</td><td>11 m</td><td>-</td><td>n.e.</td><td>-</td><td>n.e.</td><td>100</td></tr><tr><td>9/18/51</td><td>10/1/51</td><td>1-7/8% Certificate - 9/1/52-D</td><td>11 m</td><td>-</td><td>n.e.</td><td>-</td><td>n.e.</td><td>100</td></tr></table>
Source: Bureau of the Public Debt.
1/ In the case of the reopening of a previously offered security, the periods 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.
Exchange offering available to owners of nonmarketable 2-3/4% Treasury Bonds, Investment Series B-1975-80, dated April 1, 1951. For further information relating to this offering see "Treasury Bulletin" for April 1951, page A-1. Amount includes $1,000 million exchanged by the Federal Reserve System. Preliminary. Not available.
26
Treasury Bulletin
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="2">Called or maturing security 1/</th><th rowspan="2">Amount outstanding</th><th colspan="2">Disposition offered 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>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash By Federal Reserve Banker</th><th>By other investors</th></tr><tr><td>1/1/49</td><td>1-1/8% Note - 1/1/49-A 1-1/8% Certificate - 1/1/49-A</td><td>12/1/47 1/1/48</td><td>3,535 2,592</td><td>-</td><td>3,535 2,592</td><td>3,299 2,396</td><td>-</td><td>236 196</td><td>1-1/4% Certificate - 1/1/50-A</td></tr><tr><td></td><td>Total</td><td></td><td>6,127</td><td>-</td><td>6,127</td><td>5,695</td><td>-</td><td>432</td><td>-</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 2% Bond - 6/15/49.</td><td>6/1/48 1/15/42</td><td>4,301 1,014</td><td>-</td><td>4,301 1,014</td><td>4,106 913</td><td>-</td><td>195 101</td><td>1-1/4% Certificate - 6/1/50-E</td></tr><tr><td></td><td>Total</td><td></td><td>5,315</td><td>-</td><td>5,315</td><td>5,019</td><td>-</td><td>296</td><td></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-B</td></tr><tr><td>12/15/49</td><td>1-1/4% Certificate - 12/15/49-E 2% Bond - 12/15/49.. 3-1/8% Bond - 12/15/49.. 2-1/2% Bond - 12/15/49..</td><td>12/15/48 7/15/42 12/15/34 12/15/36</td><td>519 2,098 491 1,786</td><td>-</td><td>519 2,098 491 1,786</td><td>484 2,028 467 1,696</td><td>-</td><td>35 70 24 90</td><td>1-3/8% Note - 3/15/54-A</td></tr><tr><td></td><td>Total</td><td></td><td>4,894</td><td>-</td><td>4,894</td><td>4,675</td><td>-</td><td>219</td><td></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</td><td>-</td><td>180</td><td>1-1/4% Note - 7/1/51-B</td></tr><tr><td>3/15/50</td><td>2% Bond - 3/15/50</td><td>10/19/42</td><td>1,963</td><td>-</td><td>1,963</td><td>1,861</td><td>-</td><td>102</td><td rowspan="2">1-1/2% Note - 3/15/55-A</td></tr><tr><td>4/1/50</td><td>1-3/8% Note - 4/1/50-A</td><td>9/15/48</td><td>3,596</td><td>-</td><td>3,596</td><td>3,504</td><td>-</td><td>92</td></tr><tr><td></td><td>Total</td><td></td><td>5,559</td><td>-</td><td>5,559</td><td>5,365</td><td>-</td><td>194</td><td></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>886</td><td>-</td><td>76</td><td>1-1/4% Note - 7/1/51-C</td></tr><tr><td>6/1/50</td><td>1-1/4% Certificate - 6/1/50-E</td><td>6/1/49</td><td>5,019</td><td>-</td><td>5,019</td><td>4,818</td><td>-</td><td>201</td><td>1-1/4% Note - 7/1/51-D</td></tr><tr><td>7/1/50</td><td>1-1/4% Certificate - 7/1/50-F</td><td>7/1/49</td><td>5,601</td><td>-</td><td>5,601</td><td>5,351</td><td>-</td><td>250</td><td>1-1/4% Note - 8/1/51-E</td></tr><tr><td>9/15/50</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>9/15/49 9/15/38 4/15/43</td><td>1,197 1,186 4,939</td><td>-</td><td>1,197 1,186 4,939</td><td>1,039 905 3,997</td><td>-</td><td>158 281 942</td><td>1-1/4% Note - 10/15/51-F</td></tr><tr><td></td><td>Total</td><td></td><td>7,322</td><td>-</td><td>7,322</td><td>5,941</td><td>-</td><td>1,381</td><td></td></tr><tr><td>10/1/50</td><td>1-1/8% Certificate - 10/1/50-H</td><td>10/1/49</td><td>6,248</td><td>-</td><td>6,248</td><td>5,253</td><td>-</td><td>995</td><td>1-1/4% Note - 11/1/51-G</td></tr><tr><td>12/15/50</td><td>1-1/2% Bond - 12/15/50 1-1/8% Certificate - 1/1/51-A</td><td>6/1/45 1/1/50</td><td>2,635 5,373</td><td>-</td><td>2,635 5,373</td><td>2,315 4,538</td><td>-</td><td>320 834</td><td>1-3/4% Note - 12/15/55-B</td></tr><tr><td></td><td>Total</td><td></td><td>8,008</td><td>-</td><td>8,008</td><td>6,854</td><td>-</td><td>1,154</td><td></td></tr><tr><td>4/1/51</td><td>2-1/2% Bond - 6/15/67-72 2-1/2% Bond - 12/15/67-72</td><td>6/1/45 11/15/45</td><td>7,967 11,689</td><td>-</td><td>7,967 11,689</td><td>5,964 7,610</td><td>-</td><td>-</td><td>2-3/4% Treasury Bond, Investment Series B-1975-80 3/</td></tr><tr><td></td><td>Total</td><td></td><td>19,656</td><td>-</td><td>19,656</td><td>13,574</td><td>-</td><td>-</td><td></td></tr><tr><td>6/15/51</td><td>2-3/4% Bond - 6/15/51-54 1-1/4% Note - 7/1/51-B 1-1/4% Note - 7/1/51-C 1-1/4% Note - 7/1/51-D</td><td>6/15/36 3/1/50 4/1/50 6/1/50</td><td>1,627 2,741 886 4,818</td><td>-</td><td>1,627 2,741 886 4,818</td><td>1,516 p 2,607 p 831 p 4,570 p</td><td>-</td><td>110 p 134 p 55 p 248 p</td><td>1-7/8% Certificate - 4/1/52-A</td></tr><tr><td></td><td>Total</td><td></td><td>10,072</td><td>-</td><td>10,072</td><td>9,524 p</td><td>-</td><td>548 p</td><td></td></tr><tr><td>8/1/51</td><td>1-1/4% Note - 8/1/51-E</td><td>7/1/50</td><td>5,351</td><td>-</td><td>5,351</td><td>5,216</td><td>-</td><td>135</td><td>1-7/8% Certificate - 7/1/52-B</td></tr><tr><td>9/15/51</td><td>3% Bond - 9/15/51-55</td><td>9/15/31</td><td>755</td><td>-</td><td>755</td><td>n.a.</td><td>-</td><td>n.a.</td><td>1-7/8% Certificate - 8/15/52-C</td></tr><tr><td>10/1/51</td><td>1-1/4% Note - 10/1/51-A</td><td>2/1/50</td><td>1,918</td><td>-</td><td>1,918</td><td>n.a.</td><td>-</td><td>n.a.</td><td>1-7/8% Certificate - 9/1/52-D</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 securities would be presented for cash redemption.
3/ These nonmarketable bonds, dated April 1, 1951, and maturing April 1, 1980, are exchangeable for 1-1/2% marketable Treasury notes. See Table 3, footnote 3. p Preliminary. n.e. Not available.
September 1951
27
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 and Series E, F, and G have been on sale since May 1, 1941. Beginning in May 1951, holders of maturing Series E bonds have three options: to redeem them in cash, to retain them with an extended maturity of 10 years at specified rates of interest accrual, or to exchange them for Series G bonds. Further information on these options will be found in the "Treasury Bulletin" issue for April 1951, page A-1, and information on the terms and conditions of the various series of savings bonds appears in the annual reports of the Secretary of the Treasury.
Series A-F sales are shown at issue price and total redemptions and amounts outstanding at current redemption values. Series G is shown at face value throughout. Matured bonds which have been redeemed are included in redemptions. Matured bonds outstanding of Series A-D were included in the interest-bearing debt until all bonds of the series matured, when they were transferred to matured debt upon which interest has ceased. Savings bonds data by denominations and the amounts of sales by States are published on a monthly basis but do not appear in each issue of the "Treasury Bulletin".
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through July 31, 1951
(Dollar amounts in millions)
<table><tr><th>Series</th><th>Sales 1/</th><th>Accrued discount</th><th>Salee 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 (Series A-D)</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Series A.</td><td>204</td><td>52</td><td>255</td><td>253</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Series B.</td><td>370</td><td>93</td><td>463</td><td>458</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Series C.</td><td>1,010</td><td>264</td><td>1,274</td><td>1,256</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Series D.</td><td>2,365</td><td>646</td><td>3,011</td><td>2,842</td><td>169</td><td>-</td><td>-</td></tr><tr><td>Total matured series.</td><td>3,949</td><td>1,054</td><td>5,003</td><td>4,809</td><td>195</td><td>-</td><td>-</td></tr><tr><td>Series E.</td><td>62,228</td><td>4,812</td><td>67,039</td><td>32,505</td><td>-</td><td>34,534</td><td>48.49</td></tr><tr><td>Series F.</td><td>4,868</td><td>429</td><td>5,298</td><td>1,426</td><td>-</td><td>3,872</td><td>26.91</td></tr><tr><td>Series G.</td><td>23,060</td><td>-</td><td>23,060</td><td>3,928</td><td>-</td><td>19,132</td><td>17.03</td></tr><tr><td>Total unmatured series.</td><td>90,156</td><td>5,241</td><td>95,397</td><td>37,859</td><td>-</td><td>57,538</td><td>39.69</td></tr><tr><td>Total Series A-G.</td><td>94,105</td><td>6,295</td><td>100,400</td><td>42,668</td><td>195</td><td>57,538</td><td>-</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U.S. Footnotee at end of Table 3.
Table 2.- Sales and Redemptions, All Series Combined, by Periods
(In millions of dollars)
<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></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sale price</th><th>Accrued discount</th><th>Matured debt (Series A-D)</th><th>Interest-bearing debt</th></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>1935-1943</td><td>22,395</td><td>376</td><td>22,771</td><td>1,515</td><td>1,489</td><td>26</td><td>-</td><td>21,256</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></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></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></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></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></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></tr><tr><td>1950</td><td>5,673</td><td>1,045</td><td>6,718</td><td>5,422</td><td>4,945</td><td>477</td><td>92</td><td>57,536</td></tr><tr><td>1951</td><td>5,143</td><td>1,149</td><td>6,292</td><td>6,137</td><td>5,609</td><td>528</td><td>212</td><td>57,572</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>1935-43</td><td>29,372</td><td>472</td><td>29,844</td><td>2,481</td><td>2,451</td><td>31</td><td>-</td><td>27,363</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></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></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></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></tr><tr><td>1948</td><td>7,295</td><td>872</td><td>8,167</td><td>5,114</td><td>4,810</td><td>303</td><td>146</td><td>55,051</td></tr><tr><td>1949</td><td>5,833</td><td>981</td><td>6,815</td><td>5,101</td><td>4,708</td><td>394</td><td>203</td><td>56,707</td></tr><tr><td>1950</td><td>6,074</td><td>1,104</td><td>7,178</td><td>5,840</td><td>5,323</td><td>517</td><td>229</td><td>58,019</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>1951-January</td><td>475</td><td>120</td><td>596</td><td>653</td><td>595</td><td>58</td><td>174</td><td>58,017</td></tr><tr><td>February</td><td>386</td><td>84</td><td>470</td><td>528</td><td>484</td><td>45</td><td>364</td><td>57,769</td></tr><tr><td>March</td><td>359</td><td>88</td><td>447</td><td>560</td><td>499</td><td>61</td><td>257</td><td>57,764</td></tr><tr><td>April</td><td>310</td><td>80</td><td>389</td><td>472</td><td>425</td><td>47</td><td>286</td><td>57,652</td></tr><tr><td>May</td><td>296</td><td>86</td><td>382</td><td>478</td><td>432</td><td>45</td><td>235</td><td>57,607</td></tr><tr><td>June</td><td>290</td><td>128</td><td>418</td><td>476</td><td>439</td><td>37</td><td>212</td><td>57,572</td></tr><tr><td>July</td><td>311</td><td>120</td><td>431</td><td>482</td><td>444</td><td>38</td><td>195</td><td>57,538</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U.S. Footnotes at end of Table 3.
28
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods
(In millions of dollars)
<table><tr><th>Period</th><th>Sales 2/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt (Series A-D)</th><th>Interest-bearing debt</th></tr><tr><td colspan="9">Series A-D</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1935-1943</td><td>3,949</td><td>338</td><td>4,287</td><td>679</td><td>654</td><td>25</td><td>-</td><td>3,608</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></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></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></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></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></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></tr><tr><td>1950</td><td>*</td><td>68</td><td>68</td><td>1,081</td><td>812</td><td>269</td><td>92</td><td>895</td></tr><tr><td>1951</td><td>-</td><td>25</td><td>25</td><td>800</td><td>593 p</td><td>207 p</td><td>212</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1935-43</td><td>3,949</td><td>386</td><td>4,335</td><td>718</td><td>690</td><td>29</td><td>-</td><td>3,616</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></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></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></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></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></tr><tr><td>1949</td><td>*</td><td>86</td><td>86</td><td>838</td><td>631</td><td>207</td><td>203</td><td>1,440</td></tr><tr><td>1950</td><td>*</td><td>45</td><td>45</td><td>1,023</td><td>768</td><td>255</td><td>229</td><td>437</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1951-January</td><td>-</td><td>4</td><td>4</td><td>120</td><td>90</td><td>30</td><td>17<sup>th</sup></td><td>375</td></tr><tr><td>February</td><td>-</td><td>3</td><td>3</td><td>85</td><td>64</td><td>21</td><td>364</td><td>104</td></tr><tr><td>March</td><td>-</td><td>1</td><td>1</td><td>115</td><td>86</td><td>29</td><td>257</td><td>97</td></tr><tr><td>April</td><td>-</td><td>1</td><td>1</td><td>69</td><td>51</td><td>17</td><td>286</td><td>-</td></tr><tr><td>May</td><td>-</td><td>*</td><td>*</td><td>51</td><td>33 p</td><td>18 p</td><td>235</td><td>-</td></tr><tr><td>June</td><td>-</td><td>*</td><td>*</td><td>23</td><td>17 p</td><td>6 p</td><td>212</td><td>-</td></tr><tr><td>July</td><td>-</td><td>*</td><td>*</td><td>17</td><td>13 p</td><td>4 p</td><td>195</td><td>-</td></tr></table>
Series E, F, and G
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th>*</th><th></th><th>6,584</th></tr><tr><td>1941 and 1942</td><td>6,658</td><td>2</td><td>6,659</td><td>75</td><td>75</td><td>1</td><td>-</td><td>17,648</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>6</td><td>-</td><td>30,981</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>21</td><td>-</td><td>42,000</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>71</td><td>-</td><td>45,670</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>109</td><td>-</td><td>48,398</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>144</td><td>-</td><td>50,730</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>174</td><td>-</td><td>54,333</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>209</td><td>-</td><td>56,641</td></tr><tr><td>1950</td><td>5,673</td><td>977</td><td>6,650</td><td>4,342</td><td>4,133</td><td>321 p</td><td>-</td><td>57,572</td></tr><tr><td>1951</td><td>5,143</td><td>1,125</td><td>6,268</td><td>5,337</td><td>5,016 p</td><td></td><td>-</td><td></td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th>*</th><th></th><th>11,447</th></tr><tr><td>1941 and 1942</td><td>11,694</td><td>12</td><td>11,706</td><td>259</td><td>259</td><td>2</td><td>-</td><td>23,746</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>12</td><td>-</td><td>36,723</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>39</td><td>-</td><td>44,706</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>97</td><td>-</td><td>46,628</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>123</td><td>-</td><td>49,311</td></tr><tr><td>1947</td><td>6,694</td><td>633</td><td>7,327</td><td>4,645</td><td>4,582</td><td>164</td><td>-</td><td>52,801</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>186</td><td>-</td><td>55,867</td></tr><tr><td>1949</td><td>5,833</td><td>896</td><td>6,729</td><td>4,263</td><td>4,077</td><td>262</td><td>-</td><td>57,583</td></tr><tr><td>1950</td><td>6,074</td><td>1,058</td><td>7,133</td><td>4,817</td><td>4,555</td><td></td><td>-</td><td></td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1951-January</td><td>475</td><td>117</td><td>592</td><td>533</td><td>505</td><td>28</td><td>-</td><td>57,642</td></tr><tr><td>February</td><td>386</td><td>80</td><td>467</td><td>443</td><td>420</td><td>23</td><td>-</td><td>57,665</td></tr><tr><td>March</td><td>359</td><td>87</td><td>446</td><td>445</td><td>413</td><td>32</td><td>-</td><td>57,667</td></tr><tr><td>April</td><td>310</td><td>79</td><td>388</td><td>403</td><td>374</td><td>30</td><td>-</td><td>57,652</td></tr><tr><td>May</td><td>296</td><td>86</td><td>382</td><td>427</td><td>399 p</td><td>28 p</td><td>-</td><td>57,607</td></tr><tr><td>June</td><td>290</td><td>128</td><td>418</td><td>453</td><td>422 p</td><td>31 p</td><td>-</td><td>57,572</td></tr><tr><td>July</td><td>311</td><td>120</td><td>431</td><td>465</td><td>431 p</td><td>34 p</td><td>-</td><td>57,538</td></tr></table>
Footnotes at end of table.
(Continued on following page)
September 1951
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>Salee 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/ 3/</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 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 and 1942</td><td>3,729</td><td>1</td><td>3,731</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>1950</td><td>3,993</td><td>895</td><td>4,887</td><td>3,521</td><td>3,326</td><td>195</td><td>34,494</td><td>-</td></tr><tr><td>1951</td><td>3,272</td><td>1,035</td><td>4,307</td><td>4,295</td><td>3,995 p</td><td>300 p</td><td>34,506</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 and 1942</td><td>7,134</td><td>10</td><td>7,144</td><td>220</td><td>220</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330</td><td>93</td><td>30,263</td><td>-</td></tr><tr><td>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>3,274</td><td>174</td><td>33,766</td><td>-</td></tr><tr><td>1950</td><td>3,668</td><td>971</td><td>4,639</td><td>3,912</td><td>3,667</td><td>245</td><td>34,493</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>1951-January</td><td>343</td><td>105</td><td>448</td><td>448</td><td>422</td><td>26</td><td>34,493</td><td>1.30</td></tr><tr><td>February</td><td>272</td><td>75</td><td>348</td><td>362</td><td>340</td><td>22</td><td>34,478</td><td>1.05</td></tr><tr><td>March</td><td>280</td><td>81</td><td>361</td><td>343</td><td>314</td><td>29</td><td>34,496</td><td>1.00</td></tr><tr><td>April</td><td>254</td><td>73</td><td>327</td><td>324</td><td>296</td><td>28</td><td>34,499</td><td>.94</td></tr><tr><td>May</td><td>247</td><td>80</td><td>327</td><td>339 6/</td><td>313 p</td><td>26 p</td><td>34,486</td><td>.98</td></tr><tr><td>June</td><td>244</td><td>117</td><td>361</td><td>341</td><td>312 p</td><td>29 p</td><td>34,506</td><td>.99</td></tr><tr><td>July</td><td>258</td><td>108</td><td>366</td><td>338</td><td>307 p</td><td>31 p</td><td>34,534</td><td>.98</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 and 1942</td><td>502</td><td>*</td><td>502</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>1950</td><td>231</td><td>83</td><td>314</td><td>199</td><td>185</td><td>14</td><td>3,699</td><td>-</td></tr><tr><td>1951</td><td>347</td><td>90</td><td>437</td><td>248</td><td>227 p</td><td>21 p</td><td>3,889</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 and 1942</td><td>860</td><td>2</td><td>861</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>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</td><td>-</td></tr><tr><td>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</td><td>12</td><td>3,615</td><td>-</td></tr><tr><td>1950</td><td>417</td><td>87</td><td>503</td><td>223</td><td>206</td><td>17</td><td>3,895</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>1951-January</td><td>18</td><td>12</td><td>30</td><td>19</td><td>18</td><td>2</td><td>3,906</td><td>.50</td></tr><tr><td>February</td><td>17</td><td>5</td><td>22</td><td>20</td><td>18</td><td>2</td><td>3,909</td><td>.50</td></tr><tr><td>March</td><td>12</td><td>6</td><td>18</td><td>26</td><td>24</td><td>2</td><td>3,901</td><td>.67</td></tr><tr><td>April</td><td>9</td><td>6</td><td>15</td><td>18</td><td>16</td><td>2</td><td>3,898</td><td>.45</td></tr><tr><td>May</td><td>8</td><td>6</td><td>14</td><td>20</td><td>19 p</td><td>2 p</td><td>3,892</td><td>.52</td></tr><tr><td>June</td><td>8</td><td>11</td><td>19</td><td>22</td><td>19 p</td><td>3 p</td><td>3,889</td><td>.55</td></tr><tr><td>July</td><td>8</td><td>12</td><td>20</td><td>37</td><td>34 p</td><td>3 p</td><td>3,872</td><td>.96</td></tr></table>
Footnotes at end of table.
(Continued on following page)
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">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>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941 and 1942</td><td>2,427</td><td>-</td><td>2,427</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>1950</td><td>1,449</td><td>-</td><td>1,449</td><td>621</td><td>621</td><td>-</td><td>18,448</td><td>-</td></tr><tr><td>1951</td><td>1,523</td><td>-</td><td>1,523</td><td>794</td><td>794</td><td>-</td><td>19,177</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941 and 1942</td><td>3,701</td><td>-</td><td>3,701</td><td>31</td><td>31</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>1950</td><td>1,990</td><td>-</td><td>1,990</td><td>682</td><td>682</td><td>-</td><td>19,194</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1951-January</td><td>115</td><td>-</td><td>115</td><td>66</td><td>66</td><td>-</td><td>19,243</td><td>.34</td></tr><tr><td>February</td><td>97</td><td>-</td><td>97</td><td>62</td><td>62</td><td>-</td><td>19,278</td><td>.32</td></tr><tr><td>March</td><td>67</td><td>-</td><td>67</td><td>75</td><td>75</td><td>-</td><td>19,270</td><td>.39</td></tr><tr><td>April</td><td>47</td><td>-</td><td>47</td><td>61</td><td>61</td><td>-</td><td>19,256</td><td>.32</td></tr><tr><td>May</td><td>41 5/</td><td>-</td><td>41</td><td>67</td><td>67</td><td>-</td><td>19,229</td><td>.35</td></tr><tr><td>June</td><td>38</td><td>-</td><td>38</td><td>90</td><td>90</td><td>-</td><td>19,177</td><td>.47</td></tr><tr><td>July</td><td>45</td><td>-</td><td>45</td><td>89</td><td>89</td><td>-</td><td>19,132</td><td>.47</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 G redemptions, beginning with June 1947. 3/ Includes both matured and unmatured bonds; see Table 4. 4/ Sales of Series A-D after April 30, 1941, represent adjustments. 5/ Beginning May 1951, includes exchanges of matured Series E bonds for Series G bonds as shown in Table 4.
Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In millions of dollars)
<table><tr><th rowspan="2">Period 1/</th><th rowspan="2">Total</th><th colspan="5">Matured bonds 2/</th><th colspan="3">Unmatured bonds 3/</th></tr><tr><th>Total matured</th><th>Series A-D</th><th colspan="3">Series E</th><th>Total unmatured</th><th>Sales price</th><th>Accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for Series G</th><th></th><th></th><th></th></tr><tr><td>1950 Calendar year</td><td>5,840</td><td>987</td><td>987</td><td>-</td><td>-</td><td>-</td><td>4,853</td><td>4,583</td><td>270</td></tr><tr><td>1951 Fiscal year</td><td>6,137</td><td>817</td><td>779</td><td>38</td><td>37</td><td>1</td><td>5,320</td><td>4,996</td><td>324</td></tr><tr><td>1951-January</td><td>653</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>539</td><td>510</td><td>29</td></tr><tr><td>February</td><td>528</td><td>87</td><td>87</td><td>-</td><td>-</td><td>-</td><td>441</td><td>419</td><td>23</td></tr><tr><td>March</td><td>560</td><td>115</td><td>115</td><td>-</td><td>-</td><td>-</td><td>445</td><td>413</td><td>32</td></tr><tr><td>April</td><td>472</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>403</td><td>374</td><td>30</td></tr><tr><td>May</td><td>478</td><td>65</td><td>51</td><td>14</td><td>14</td><td>*</td><td>413</td><td>384</td><td>29</td></tr><tr><td>June</td><td>476</td><td>48</td><td>23</td><td>25</td><td>24</td><td>1</td><td>428</td><td>403</td><td>25</td></tr><tr><td>July</td><td>482</td><td>49</td><td>17</td><td>32</td><td>31</td><td>1</td><td>433</td><td>407</td><td>26</td></tr></table>
Source: Daily Treasury Statement.
1/ Breakdown of redemptions between matured and unmatured bonds not available prior to January 1950.
2/ Of the total amount of redemptions, 75% represents issue price and
25% accrued discount. 3/ Includes redemptions not yet classified; see Table 3, footnote 2. Less than $500,000.
September 1951
31
TREASURY SAVINGS NOTES
Treasury tax and savings notes have been issued in five series: Tax Series A from August 1, 1941, through June 22, 1943; Tax Series B from August 1, 1941, through September 12, 1942; Savings Series C (originally designated Tax Series C) from September 14, 1942, through August 31, 1948; Savings Series D from September 1, 1948, through May 14, 1951; and Savings Series A beginning on May 15, 1951.
Details concerning terms and conditions for purchase and redemption and investment yields of Savings Series A appear in the June 1951 issue of the "Treasury Bulletin", page A-1. Similar information with respect to Savings Series D will be found in the October 1948 and September 1949 issues, and with respect to Savings Series C in the October 1945
issue. 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.
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through July 31, 1951
(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 (tax series)</td><td>407 1/</td><td>406</td><td>67 1/</td><td>339</td><td>1</td><td>-</td></tr><tr><td>Series B (tax series)</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>32,404</td><td>11,016</td><td>21,387</td><td>15</td><td>19</td></tr><tr><td>Series D</td><td>12,333</td><td>7,707</td><td>5,370</td><td>2,337</td><td>-</td><td>4,626</td></tr><tr><td>Series A</td><td>3,282</td><td>1</td><td>*</td><td>1</td><td>-</td><td>3,281</td></tr><tr><td>Total</td><td>53,403</td><td>45,461</td><td>16,636</td><td>28,825</td><td>17</td><td>7,926</td></tr></table>
Source: Offices of the Treasurer of the U.S.; Daily Treasury Statement. 1/ Includes exchanges in connection with the offering in September 1942
of Tax Series A-1945 and Series C. Less than $500,000.
Table 2.- Sales and Redemptions, All Series Combined, by Periods
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</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>Natured 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>1942-44</td><td>21,851</td><td>12,269</td><td>706</td><td>11,563</td><td>25</td><td>9,557</td></tr><tr><td>1945</td><td>7,016</td><td>6,456</td><td>250</td><td>5,906</td><td>6</td><td>10,136</td></tr><tr><td>1946</td><td>3,525</td><td>6,935</td><td>2,630</td><td>4,305</td><td>20</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,200</td><td>2,185</td><td>2,015</td><td>28</td><td>5,560</td></tr><tr><td>1948</td><td>2,114</td><td>3,303</td><td>1,972</td><td>1,331</td><td>35</td><td>4,394</td></tr><tr><td>1949</td><td>3,994</td><td>3,532</td><td>2,079</td><td>1,453</td><td>32</td><td>4,860</td></tr><tr><td>1950</td><td>6,150</td><td>2,549</td><td>1,510</td><td>1,039</td><td>20</td><td>8,472</td></tr><tr><td>1951</td><td>5,112</td><td>5,799</td><td>4,633</td><td>1,166</td><td>18</td><td>7,818</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-1944</td><td>25,546</td><td>15,690</td><td>1,026</td><td>14,665</td><td>12</td><td>9,843</td></tr><tr><td>1945</td><td>5,504</td><td>7,046</td><td>1,665</td><td>5,381</td><td>77</td><td>8,235</td></tr><tr><td>1946</td><td>2,709</td><td>5,305</td><td>2,337</td><td>2,968</td><td>72</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,244</td><td>1,881</td><td>1,363</td><td>94</td><td>5,384</td></tr><tr><td>1948</td><td>3,032</td><td>3,871</td><td>2,446</td><td>1,424</td><td>66</td><td>4,572</td></tr><tr><td>1949</td><td>5,971</td><td>2,951</td><td>1,584</td><td>1,366</td><td>49</td><td>7,610</td></tr><tr><td>1950</td><td>3,613</td><td>2,592</td><td>1,802</td><td>790</td><td>40</td><td>8,640</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951-January</td><td>255</td><td>157</td><td>117</td><td>40</td><td>31</td><td>8,748</td></tr><tr><td>February</td><td>116</td><td>137</td><td>129</td><td>8</td><td>27</td><td>8,730</td></tr><tr><td>March</td><td>161</td><td>599</td><td>215</td><td>384</td><td>23</td><td>8,296</td></tr><tr><td>April</td><td>111</td><td>331</td><td>276</td><td>55</td><td>20</td><td>8,109</td></tr><tr><td>May</td><td>286 2/</td><td>238</td><td>227</td><td>11</td><td>19</td><td>8,158</td></tr><tr><td>June</td><td>2,541</td><td>2,882</td><td>2,559</td><td>322</td><td>18</td><td>7,818</td></tr><tr><td>July</td><td>524</td><td>418</td><td>371</td><td>47</td><td>17</td><td>7,926</td></tr></table>
Source: Office of the Treasurer of the U.S.; Daily Treasury Statement. 1/ Includes both matured and unmatured notes.
2/ Includes $217 million of Savings Series A, issued beginning May 15.
32
Treasury Bulletin
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="6">Interest-bearing securities issued by the U. S. Government</th><th colspan="4">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">Hold by U. S. Government investment accounts 2/</th><th>Held by Federal Reserve Banks - public issues</th><th colspan="2">Hold by private investors 3/</th><th>Total outstanding</th><th colspan="2">Held by U. S. Government investment accounts and Federal Reserve Banks 2/ 4/</th><th>Held by private investors 3/</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Public issues 5/</th><th>Special issues</th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th>Public marketable issues</th><th>Public non-marketable issues 6/</th><th></th></tr><tr><td>1944</td><td>202,626</td><td>199,543</td><td>18,920</td><td>4,633</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>150</td><td>1,567</td></tr><tr><td>1945</td><td>259,115</td><td>256,357</td><td>24,934</td><td>6,122</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>375</td><td>2,330</td></tr><tr><td>1946</td><td>269,899</td><td>268,111</td><td>29,121</td><td>6,789</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>424</td><td>1,321</td></tr><tr><td>1947</td><td>258,376</td><td>255,113</td><td>32,809</td><td>5,443</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>45</td><td>3,179</td></tr><tr><td>1948</td><td>252,366</td><td>250,063</td><td>35,761</td><td>5,550</td><td>30,211</td><td>21,366</td><td>192,936</td><td>133,567</td><td>59,369</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>1949</td><td>252,798</td><td>250,762</td><td>38,288</td><td>5,512</td><td>32,776</td><td>19,343</td><td>193,131</td><td>130,417</td><td>62,714</td><td>24</td><td>-</td><td>13</td><td>11</td><td>2,012</td></tr><tr><td>1950</td><td>257,377</td><td>255,209</td><td>37,830</td><td>5,474</td><td>32,356</td><td>18,331</td><td>199,048</td><td>131,629</td><td>67,419</td><td>17</td><td>-</td><td>16</td><td>1</td><td>2,150</td></tr><tr><td>1951</td><td>255,251</td><td>252,852</td><td>40,958</td><td>6,305</td><td>34,653</td><td>22,982</td><td>188,911</td><td>111,663</td><td>77,249</td><td>27</td><td>*</td><td>27</td><td>*</td><td>2,372</td></tr><tr><td>1950-Dec.</td><td>256,731</td><td>254,283</td><td>39,197</td><td>5,490</td><td>33,707</td><td>20,778</td><td>194,308</td><td>126,308</td><td>67,999</td><td>22</td><td>*</td><td>21</td><td>1</td><td>2,427</td></tr><tr><td>1951-Jan.</td><td>256,143</td><td>253,704</td><td>39,560</td><td>5,569</td><td>33,992</td><td>21,484</td><td>192,659</td><td>124,693</td><td>67,966</td><td>16</td><td>*</td><td>15</td><td>1</td><td>2,423</td></tr><tr><td>Feb.</td><td>255,958</td><td>253,382</td><td>39,727</td><td>5,794</td><td>33,933</td><td>21,881</td><td>191,774</td><td>124,076</td><td>67,697</td><td>15</td><td>*</td><td>15</td><td>*</td><td>2,561</td></tr><tr><td>Mar.</td><td>255,018</td><td>252,553</td><td>39,794</td><td>6,269</td><td>33,525</td><td>22,910</td><td>189,849</td><td>122,570</td><td>67,279</td><td>19</td><td>1</td><td>17</td><td>*</td><td>2,446</td></tr><tr><td>Apr.</td><td>254,748</td><td>252,280</td><td>39,864</td><td>6,274</td><td>33,590</td><td>22,742</td><td>189,674</td><td>112,090</td><td>77,583</td><td>19</td><td>*</td><td>19</td><td>*</td><td>2,449</td></tr><tr><td>May.</td><td>255,122</td><td>252,729</td><td>40,329</td><td>6,280</td><td>34,049</td><td>22,509</td><td>189,891</td><td>112,283</td><td>77,608</td><td>27</td><td>1</td><td>26</td><td>-</td><td>2,366</td></tr><tr><td>June</td><td>255,251</td><td>252,852</td><td>40,958</td><td>6,305</td><td>34,653</td><td>22,982</td><td>188,911</td><td>111,663</td><td>77,249</td><td>27</td><td>*</td><td>27</td><td>*</td><td>2,372</td></tr><tr><td>July</td><td>255,685</td><td>253,325</td><td>41,048</td><td>6,341</td><td>34,707</td><td>23,078</td><td>189,199</td><td>112,893</td><td>76,306</td><td>26</td><td>*</td><td>26</td><td>-</td><td>2,334</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 banded outside the Treasury; excludes Federal land banks after June 26, 1947, when the United States' proprietary interest in these banks ended.
3/ 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.
4/ All public marketable issues except R. F. C. notes in the amount of $176 million for 1944.
5/ Includes small amounts of U. S. savings bonds, Series A-F, at maturity value.
6/ Consists 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>-1.7</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>-11.9</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>13.5</td><td>6.3</td><td>1.1</td><td>-1.9</td><td>5.1</td><td>8.2</td><td>-2.0</td><td>5.0</td><td>5.8</td><td>10.7</td><td>7.0</td></tr><tr><td>1951</td><td>36.8</td><td>261.2</td><td>482.7</td><td>8.4</td><td>11.4</td><td>3.5</td><td>-.2</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(31 U.S.C. 74 a), and excludes the Exchange Stabilization Fund. Less than $50,000.
September 1951
33
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities
(Par value 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>U.S. Government investment accounts 4/</th><th colspan="6">Held by private nonbank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th></th><th>Total</th><th>Individuals 5/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Corporations 6/</th><th>State and local governments 7/</th><th>Miscellaneous investors 4/ 8/</th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>6.5</td><td>22.7</td><td>10.1</td><td>1.9</td><td>8.2</td><td>6.3</td><td>3.1</td><td>2.2</td><td>.4</td><td>.7</td></tr><tr><td>1940-June</td><td>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>7.1</td><td>22.8</td><td>10.1</td><td>2.6</td><td>7.5</td><td>6.5</td><td>3.1</td><td>2.1</td><td>.4</td><td>.7</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>7.6</td><td>23.9</td><td>10.6</td><td>2.8</td><td>7.9</td><td>6.9</td><td>3.2</td><td>2.0</td><td>.5</td><td>.7</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>8.5</td><td>25.0</td><td>11.2</td><td>3.6</td><td>7.6</td><td>7.1</td><td>3.4</td><td>2.0</td><td>.6</td><td>.7</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>9.5</td><td>31.0</td><td>13.6</td><td>5.4</td><td>8.2</td><td>8.2</td><td>3.7</td><td>4.0</td><td>.7</td><td>.9</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>10.6</td><td>37.7</td><td>17.8</td><td>9.1</td><td>8.7</td><td>9.2</td><td>3.9</td><td>4.9</td><td>.9</td><td>1.1</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>12.2</td><td>53.0</td><td>23.7</td><td>13.4</td><td>10.3</td><td>11.3</td><td>4.5</td><td>10.1</td><td>1.0</td><td>2.3</td></tr><tr><td>1943-June</td><td>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>14.3</td><td>67.0</td><td>30.9</td><td>19.2</td><td>11.7</td><td>13.1</td><td>5.3</td><td>12.9</td><td>1.5</td><td>3.4</td></tr><tr><td>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>16.9</td><td>81.7</td><td>37.6</td><td>24.7</td><td>12.9</td><td>15.1</td><td>6.1</td><td>16.4</td><td>2.1</td><td>4.1</td></tr><tr><td>1944-June</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>19.1</td><td>100.2</td><td>46.0</td><td>31.2</td><td>14.8</td><td>17.3</td><td>7.3</td><td>20.0</td><td>3.2</td><td>6.4</td></tr><tr><td>December</td><td>232.1</td><td>96.5</td><td>77.7</td><td>18.8</td><td>21.7</td><td>114.0</td><td>52.9</td><td>36.2</td><td>16.7</td><td>19.6</td><td>8.3</td><td>21.4</td><td>4.3</td><td>7.4</td></tr><tr><td>1945-June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>24.9</td><td>128.2</td><td>58.9</td><td>40.7</td><td>18.3</td><td>22.7</td><td>9.6</td><td>22.9</td><td>5.3</td><td>8.9</td></tr><tr><td>December</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>27.0</td><td>136.6</td><td>63.9</td><td>42.9</td><td>21.0</td><td>24.0</td><td>10.7</td><td>22.0</td><td>6.5</td><td>9.5</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>28.0</td><td>135.1</td><td>63.9</td><td>43.3</td><td>20.6</td><td>24.4</td><td>11.1</td><td>19.9</td><td>6.7</td><td>9.1</td></tr><tr><td>June</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>29.1</td><td>132.6</td><td>63.2</td><td>43.5</td><td>19.8</td><td>24.9</td><td>11.5</td><td>17.7</td><td>6.5</td><td>8.8</td></tr><tr><td>December</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>30.9</td><td>130.7</td><td>64.1</td><td>44.2</td><td>19.9</td><td>24.9</td><td>11.8</td><td>15.3</td><td>6.3</td><td>8.3</td></tr><tr><td>1947-June</td><td>258.4</td><td>91.9</td><td>70.0</td><td>21.9</td><td>32.8</td><td>133.7</td><td>66.2</td><td>45.5</td><td>20.7</td><td>24.6</td><td>12.1</td><td>13.9</td><td>7.1</td><td>9.8</td></tr><tr><td>December</td><td>257.0</td><td>91.3</td><td>68.7</td><td>22.6</td><td>34.4</td><td>131.3</td><td>65.5</td><td>46.2</td><td>19.3</td><td>23.9</td><td>12.0</td><td>14.1</td><td>7.3</td><td>8.6</td></tr><tr><td>1948-March</td><td>253.1</td><td>86.0</td><td>65.1</td><td>20.9</td><td>35.0</td><td>132.1</td><td>65.4</td><td>46.9</td><td>18.4</td><td>23.4</td><td>12.1</td><td>14.6</td><td>7.8</td><td>8.9</td></tr><tr><td>June</td><td>252.4</td><td>85.9</td><td>64.6</td><td>21.4</td><td>35.8</td><td>130.7</td><td>65.5</td><td>47.1</td><td>18.4</td><td>22.8</td><td>12.0</td><td>13.5</td><td>7.8</td><td>9.1</td></tr><tr><td>September</td><td>252.7</td><td>85.3</td><td>62.4</td><td>23.4</td><td>36.8</td><td>130.1</td><td>65.3</td><td>47.5</td><td>18.2</td><td>22.0</td><td>11.7</td><td>13.9</td><td>7.9</td><td>9.3</td></tr><tr><td>December</td><td>252.9</td><td>85.3</td><td>62.5</td><td>23.3</td><td>37.3</td><td>129.7</td><td>65.6</td><td>47.3</td><td>17.8</td><td>21.2</td><td>11.5</td><td>14.3</td><td>7.9</td><td>9.3</td></tr><tr><td>1949-March</td><td>251.7</td><td>82.2</td><td>60.5</td><td>21.7</td><td>37.7</td><td>131.8</td><td>66.5</td><td>48.5</td><td>18.0</td><td>21.1</td><td>11.6</td><td>15.1</td><td>7.9</td><td>9.5</td></tr><tr><td>June</td><td>252.8</td><td>82.4</td><td>63.0</td><td>19.3</td><td>38.3</td><td>132.2</td><td>66.9</td><td>48.8</td><td>18.1</td><td>20.5</td><td>11.6</td><td>15.1</td><td>8.0</td><td>10.0</td></tr><tr><td>September</td><td>256.7</td><td>84.5</td><td>66.5</td><td>18.0</td><td>39.4</td><td>132.8</td><td>67.1</td><td>49.1</td><td>18.0</td><td>20.2</td><td>11.6</td><td>16.0</td><td>8.0</td><td>9.9</td></tr><tr><td>December</td><td>257.2</td><td>85.7</td><td>66.8</td><td>18.9</td><td>39.4</td><td>132.1</td><td>66.5</td><td>49.3</td><td>17.2</td><td>20.1</td><td>11.4</td><td>16.3</td><td>8.0</td><td>9.8</td></tr><tr><td>1950-January</td><td>256.9</td><td>85.3</td><td>67.4</td><td>17.8</td><td>39.0</td><td>132.7</td><td>66.7</td><td>49.4</td><td>17.3</td><td>20.2</td><td>11.5</td><td>16.8</td><td>8.0</td><td>9.5</td></tr><tr><td>February</td><td>256.4</td><td>84.2</td><td>66.4</td><td>17.7</td><td>38.4</td><td>133.9</td><td>67.0</td><td>49.6</td><td>17.3</td><td>20.2</td><td>11.5</td><td>17.2</td><td>8.0</td><td>10.3</td></tr><tr><td>March</td><td>255.7</td><td>82.5</td><td>64.9</td><td>17.6</td><td>37.6</td><td>135.6</td><td>66.9</td><td>49.7</td><td>17.2</td><td>20.2</td><td>11.6</td><td>18.1</td><td>8.4</td><td>10.5</td></tr><tr><td>April</td><td>255.7</td><td>83.0</td><td>65.2</td><td>17.8</td><td>37.3</td><td>135.4</td><td>67.1</td><td>49.8</td><td>17.3</td><td>20.1</td><td>11.6</td><td>17.7</td><td>8.4</td><td>10.5</td></tr><tr><td>May</td><td>256.4</td><td>83.2</td><td>65.8</td><td>17.4</td><td>37.4</td><td>135.9</td><td>67.3</td><td>49.8</td><td>17.5</td><td>20.0</td><td>11.5</td><td>18.1</td><td>8.3</td><td>10.6</td></tr><tr><td>June</td><td>257.4</td><td>83.9</td><td>65.6</td><td>18.3</td><td>37.8</td><td>135.6</td><td>67.5</td><td>49.9</td><td>17.7</td><td>19.8</td><td>11.5</td><td>18.3</td><td>8.2</td><td>10.2</td></tr><tr><td>July</td><td>257.6</td><td>82.6</td><td>64.6</td><td>18.0</td><td>38.0</td><td>137.0</td><td>67.8</td><td>49.9</td><td>17.9</td><td>19.8</td><td>11.5</td><td>18.8</td><td>8.3</td><td>10.2</td></tr><tr><td>August</td><td>257.9</td><td>82.4</td><td>64.1</td><td>18.4</td><td>38.1</td><td>137.3</td><td>67.8</td><td>49.8</td><td>18.0</td><td>19.6</td><td>11.4</td><td>19.5</td><td>8.3</td><td>10.3</td></tr><tr><td>September</td><td>257.2</td><td>81.3</td><td>62.2</td><td>19.5</td><td>38.9</td><td>136.6</td><td>67.6</td><td>49.7</td><td>17.9</td><td>19.4</td><td>11.2</td><td>19.5</td><td>8.2</td><td>10.7</td></tr><tr><td>October</td><td>257.0</td><td>81.4</td><td>62.2</td><td>19.3</td><td>39.0</td><td>136.5</td><td>67.5</td><td>49.6</td><td>17.9</td><td>19.1</td><td>11.1</td><td>19.9</td><td>8.1</td><td>10.7</td></tr><tr><td>November</td><td>257.1</td><td>81.2</td><td>61.5</td><td>19.7</td><td>39.2</td><td>136.8</td><td>67.6</td><td>49.5</td><td>18.0</td><td>19.9</td><td>10.9</td><td>20.2</td><td>8.1</td><td>11.1</td></tr><tr><td>December</td><td>256.7</td><td>82.6</td><td>61.8</td><td>20.8</td><td>39.2</td><td>134.9</td><td>67.0</td><td>49.6</td><td>17.5</td><td>18.6</td><td>10.9</td><td>19.9</td><td>7.8</td><td>10.7</td></tr><tr><td>1951-January</td><td>256.1</td><td>81.4</td><td>59.9</td><td>21.5</td><td>39.6</td><td>135.2</td><td>66.7</td><td>49.5</td><td>17.3</td><td>18.5</td><td>10.8</td><td>20.3</td><td>7.8</td><td>11.0</td></tr><tr><td>February</td><td>256.0</td><td>80.3</td><td>58.9</td><td>21.9</td><td>39.7</td><td>135.4</td><td>66.6</td><td>49.4</td><td>17.2</td><td>18.3</td><td>10.7</td><td>20.8</td><td>7.9</td><td>11.2</td></tr><tr><td>March</td><td>255.0</td><td>80.8</td><td>57.9</td><td>22.9</td><td>39.8</td><td>134.4</td><td>66.2</td><td>49.3</td><td>16.9</td><td>17.9</td><td>10.5</td><td>21.3</td><td>7.9</td><td>10.9</td></tr><tr><td>April</td><td>254.7</td><td>81.3</td><td>58.5</td><td>22.7</td><td>39.9</td><td>133.6</td><td>66.0</td><td>49.2</td><td>16.8</td><td>17.4</td><td>10.4</td><td>21.2</td><td>7.9</td><td>10.5</td></tr><tr><td>May</td><td>255.1</td><td>80.5</td><td>57.9</td><td>22.5</td><td>40.3</td><td>134.3</td><td>65.9</td><td>49.1</td><td>16.8</td><td>17.3</td><td>10.3</td><td>21.8</td><td>8.0</td><td>11.0</td></tr><tr><td>June p</td><td>255.3</td><td>81.5</td><td>58.5</td><td>23.0</td><td>41.0</td><td>132.8</td><td>65.8</td><td>49.0</td><td>16.8</td><td>17.0</td><td>10.2</td><td>20.9</td><td>8.0</td><td>10.9</td></tr></table>
1/ United States savings bonds, Series A-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 island possessions. Figures exclude securities held in trust departments.
4/ Holdings by Federal land banks are included under "Miscellaneous investors" 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.
5/ Include partnerships and personal trust accounts. Nonprofit institutions and corporate pension trust funds are included under "Miscellaneous investors".
6/ Exclusive of banks and insurance companies. 7/ Consists of trust, sinking, and investment funds of State and local governments and their agencies, and Territories and island possessions. 8/ Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, 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 the International Monetary Fund in special noninterest-bearing notes issued by the U. S. Government. p r Preliminary. Revised.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JUNE 30, 1951
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 types 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 values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investore covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th colspan="2">Banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government investment accounts and Federal Reserve Banke</th><th></th></tr><tr><th></th><th></th><th>7,172 commercial 2/</th><th>527 mutual eevings</th><th>319 life</th><th>612 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable....................</td><td>137,944</td><td>51,515</td><td>8,254</td><td>8,227</td><td>3,850</td><td>23,541</td><td>42,558</td></tr><tr><td>Public normarketable 4/ 5/....................</td><td>80,282</td><td>2,119</td><td>1,967</td><td>3,528</td><td>985</td><td>5,746</td><td>65,935</td></tr><tr><td>Special leeuces....................</td><td>34,653</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34,653</td><td>-</td></tr><tr><td>Total interest-bearing securities.........</td><td>252,879</td><td>53,634</td><td>10,221</td><td>11,755</td><td>4,835</td><td>63,940</td><td>108,493</td></tr><tr><td>Matured debt and debt bearing no interest 6/....</td><td>2,372</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>255,251</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par valuee - in millions of dollars)
<table><tr><th>Classification</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 colspan="2">Banke 1/</th><th colspan="2">Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><th>Type of security:</th><th></th><th>7,172 commercial 2/</th><th>527 mutual eaving</th><th>319 life</th><th>612 fire, casualty, and marine</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></tr><tr><td>Treasury bills</td><td>13,614</td><td>3,750</td><td>122</td><td>756</td><td>72</td><td>553</td><td>8,360</td></tr><tr><td>Certificate of indebtedness</td><td>9,509</td><td>2,753</td><td>37</td><td>113</td><td>174</td><td>3,211</td><td>3,221</td></tr><tr><td>Treasury notes</td><td>35,806</td><td>13,704</td><td>120</td><td>208</td><td>478</td><td>12,454</td><td>8,841</td></tr><tr><td>Treasury bonds - bank eligible</td><td>42,772</td><td>30,464</td><td>641</td><td>358</td><td>1,052</td><td>2,061</td><td>8,194</td></tr><tr><td>Treasury bonds - bank restricted 3/</td><td>36,061</td><td>822</td><td>7,332</td><td>6,781</td><td>2,072</td><td>5,225</td><td>13,823</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>156</td><td>12</td><td>1</td><td>*</td><td>1</td><td>36</td><td>*</td></tr><tr><td>Guaranteed by U. S. Government 1/</td><td>27</td><td>9</td><td>1</td><td>9</td><td>*</td><td>*</td><td>7</td></tr><tr><td>Total</td><td>137,944</td><td>51,515</td><td>8,254</td><td>8,227</td><td>3,850</td><td>23,541</td><td>42,558</td></tr><tr><td>Call clauses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Duo 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>60,860</td><td>21,596</td><td>626</td><td>1,206</td><td>954</td><td>14,090</td><td>22,389</td></tr><tr><td>1 to 5 years</td><td>31,022</td><td>20,853</td><td>227</td><td>113</td><td>643</td><td>1,017</td><td>5,168</td></tr><tr><td>5 to 10 years</td><td>16,012</td><td>6,275</td><td>2,010</td><td>842</td><td>1,017</td><td>1,408</td><td>4,460</td></tr><tr><td>10 to 15 years</td><td>21,226</td><td>251</td><td>4,926</td><td>5,879</td><td>1,033</td><td>3,561</td><td>5,576</td></tr><tr><td>15 to 20 years</td><td>8,797</td><td>2,530</td><td>463</td><td>177</td><td>203</td><td>465</td><td>4,958</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>27</td><td>9</td><td>1</td><td>9</td><td>*</td><td>*</td><td>7</td></tr><tr><td>Total</td><td>137,944</td><td>51,515</td><td>8,254</td><td>8,227</td><td>3,850</td><td>23,541</td><td>42,558</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>156</td><td>12</td><td>1</td><td>*</td><td>1</td><td>36</td><td>107</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>9,276</td><td>7,417</td><td>10</td><td>6</td><td>303</td><td>142</td><td>1,399</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>128,512</td><td>44,086</td><td>8,243</td><td>8,221</td><td>3,545</td><td>23,363</td><td>41,052</td></tr><tr><td>Total</td><td>137,944</td><td>51,515</td><td>8,254</td><td>8,227</td><td>3,850</td><td>23,541</td><td>42,559</td></tr></table>
Footnotee at end of Section II.
September 1951
35
TREASURY SURVEY OF OWNERSHIP, JUNE 30, 1951
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="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>Banks 1/ 7,172 commercial 2/</th><th>527 mutual saving</th><th>Insurance companies 319 life</th><th>612 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>13,614</td><td>3,750</td><td>122</td><td>756</td><td>72</td><td>553</td><td>8,360</td></tr><tr><td colspan="8">Certificates of indebtedness:</td></tr><tr><td>1-7/8% April 1952-A......(taxable)</td><td>9,509</td><td>2,753</td><td>37</td><td>113</td><td>174</td><td>3,211</td><td>3,221</td></tr><tr><td colspan="8">Treasury notes:</td></tr><tr><td>1-1/4% July 1951-B......(taxable)</td><td>138</td><td>60</td><td>1</td><td>1</td><td>2</td><td>-</td><td>74</td></tr><tr><td>1-1/4% July 1951-C......(taxable)</td><td>56</td><td>33</td><td>*</td><td>-</td><td>1</td><td>1</td><td>20</td></tr><tr><td>1-1/4% July 1951-D......(taxable)</td><td>254</td><td>82</td><td>1</td><td>-</td><td>4</td><td>-</td><td>168</td></tr><tr><td>1-1/4% August 1951-E......(taxable)</td><td>5,351</td><td>1,471</td><td>14</td><td>71</td><td>86</td><td>1,601</td><td>2,107</td></tr><tr><td>1-1/4% October 1951-A......(taxable)</td><td>1,918</td><td>785</td><td>8</td><td>15</td><td>33</td><td>5</td><td>1,072</td></tr><tr><td>1-1/4% October 1951-F......(taxable)</td><td>5,941</td><td>442</td><td>10</td><td>65</td><td>28</td><td>4,243</td><td>1,153</td></tr><tr><td>1-1/4% November 1951-G......(taxable)</td><td>5,253</td><td>387</td><td>6</td><td>55</td><td>27</td><td>3,033</td><td>1,745</td></tr><tr><td>1-3/8% March 1954-A......(taxable)</td><td>4,675</td><td>3,648</td><td>30</td><td>*</td><td>122</td><td>245</td><td>630</td></tr><tr><td>1-1/2% March 1955-A......(taxable)</td><td>5,365</td><td>4,266</td><td>33</td><td>*</td><td>82</td><td>92</td><td>892</td></tr><tr><td>1-3/4% December 1955-B......(taxable)</td><td>6,854</td><td>2,530</td><td>18</td><td>1</td><td>92</td><td>3,234</td><td>980</td></tr><tr><td>1-1/2% April 1956-EA......(taxable)</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Total Treasury notes</td><td>35,806</td><td>13,704</td><td>120</td><td>208</td><td>478</td><td>12,454</td><td>8,341</td></tr><tr><td colspan="8">Treasury bonds:</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% September 1951-53......(taxable)</td><td>7,986</td><td>4,631</td><td>140</td><td>23</td><td>233</td><td>755</td><td>2,203</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>470</td><td>2</td><td>*</td><td>23</td><td>*</td><td>259</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>916</td><td>*</td><td>-</td><td>42</td><td>*</td><td>160</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>368</td><td>11</td><td>*</td><td>17</td><td>8</td><td>107</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>503</td><td>92</td><td>5</td><td>29</td><td>66</td><td>328</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>3,885</td><td>97</td><td>22</td><td>144</td><td>464</td><td>1,213</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>1,050</td><td>84</td><td>78</td><td>38</td><td>113</td><td>137</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>8,662</td><td>6,204</td><td>107</td><td>88</td><td>181</td><td>298</td><td>1,794</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>673</td><td>*</td><td>-</td><td>24</td><td>*</td><td>28</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>589</td><td>1</td><td>*</td><td>31</td><td>*</td><td>60</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>1,783</td><td>2</td><td>1</td><td>80</td><td>123</td><td>623</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>1,160</td><td>38</td><td>23</td><td>31</td><td>25</td><td>172</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>868</td><td>1</td><td>*</td><td>32</td><td>16</td><td>64</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>2,976</td><td>45</td><td>107</td><td>59</td><td>60</td><td>575</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>822</td><td>2</td><td>1</td><td>38</td><td>1</td><td>56</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>1,296</td><td>3</td><td>3</td><td>33</td><td>2</td><td>149</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>2,270</td><td>16</td><td>6</td><td>18</td><td>129</td><td>276</td></tr><tr><td>Total bank eligible</td><td>42,772</td><td>30,464</td><td>641</td><td>358</td><td>1,052</td><td>2,061</td><td>8,194</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>127</td><td>1,511</td><td>407</td><td>554</td><td>577</td><td>2,108</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>184</td><td>448</td><td>324</td><td>300</td><td>752</td><td>1,462</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>33</td><td>576</td><td>566</td><td>150</td><td>242</td><td>552</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>30</td><td>790</td><td>752</td><td>239</td><td>347</td><td>673</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>36</td><td>1,283</td><td>1,014</td><td>147</td><td>372</td><td>910</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>29</td><td>898</td><td>1,135</td><td>191</td><td>517</td><td>1,067</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>70</td><td>891</td><td>1,376</td><td>178</td><td>1,280</td><td>1,403</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>54</td><td>488</td><td>1,036</td><td>128</td><td>805</td><td>971</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>2,003</td><td>61</td><td>289</td><td>78</td><td>57</td><td>110</td><td>1,409</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>4,078</td><td>200</td><td>158</td><td>93</td><td>128</td><td>226</td><td>3,273</td></tr><tr><td>Total bank restricted</td><td>36,061</td><td>822</td><td>7,332</td><td>6,781</td><td>2,072</td><td>5,225</td><td>13,828</td></tr><tr><td>Total Treasury bonds</td><td>78,832</td><td>31,286</td><td>7,973</td><td>7,139</td><td>3,125</td><td>7,287</td><td>22,022</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
36
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JUNE 30, 1951
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ 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/ commercial 2/</th><th>527 mutual savings</th><th>Insurance companies 319 life</th><th>612 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>106</td><td>9</td><td>-</td><td>*</td><td>*</td><td>36</td><td>61</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>3</td><td>1</td><td>-</td><td>1</td><td>*</td><td>46</td></tr><tr><td>Total other bonds.........</td><td>156</td><td>12</td><td>1</td><td>*</td><td>1</td><td>36</td><td>107</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>Federal Housing Administration debentures......(taxable 11/)</td><td>27</td><td>9</td><td>1</td><td>9</td><td>*</td><td>*</td><td>7</td></tr><tr><td>Total public marketable securities.........</td><td>137,944</td><td>51,515</td><td>8,254</td><td>8,227</td><td>3,850</td><td>23,541</td><td>42,558</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>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 colspan="2">Banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><th></th><th></th><th>7,172 commercial 2/</th><th>527 mutual savings</th><th>319 life</th><th>612 fire, casualty, and marine</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></tr><tr><td>Series E 1/....................(taxable)</td><td>34,506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>34,506</td></tr><tr><td>Series F 1/....................(taxable)</td><td>3,889</td><td>439</td><td>19</td><td>36</td><td>82</td><td>1</td><td>3,311</td></tr><tr><td>Series G....................(taxable)</td><td>19,177</td><td>923</td><td>569</td><td>280</td><td>454</td><td>19</td><td>16,932</td></tr><tr><td>Total United States savings bonds</td><td>57,572</td><td>1,362</td><td>588</td><td>316</td><td>536</td><td>21</td><td>54,749</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>7,816</td><td>148</td><td>6</td><td>*</td><td>101</td><td>6</td><td>7,556</td></tr><tr><td>Depository bonds................(taxable)</td><td>319</td><td>257</td><td>*</td><td>-</td><td>-</td><td>-</td><td>61</td></tr><tr><td>Armed forces leave bonds................(taxable)</td><td>47</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment Series A................(taxable)</td><td>952</td><td>186</td><td>122</td><td>291</td><td>36</td><td>100</td><td>218</td></tr><tr><td>Investment Series B................(taxable)</td><td>13,573</td><td>166</td><td>1,252</td><td>2,921</td><td>312</td><td>5,619</td><td>3,304</td></tr><tr><td>Total other U. S. securities</td><td>22,709</td><td>757</td><td>1,379</td><td>3,212</td><td>449</td><td>5,725</td><td>11,186</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 5/................(taxable)</td><td>*</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/</td></tr><tr><td>Total public nonmarketable securities</td><td>80,282</td><td>2,119</td><td>1,967</td><td>3,528</td><td>985</td><td>5,746</td><td>65,935</td></tr></table>
Footnote at end of Section II.
September 1951
37
TREASURY SURVEY OF OWNERSHIP, JUNE 30, 1951
Section I
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 outstand-ing</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>Banks 1/</th><th></th><th>Insurance companies</th><th></th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><th></th><th></th><th>7,172 commercial 2/</th><th>527 mutual savings</th><th>319 life</th><th>612 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Federal intermediate credit banks: Debentures....................(taxable)</td><td>743</td><td>404</td><td>24</td><td>2</td><td>20</td><td>-</td><td>293</td></tr><tr><td>Central Bank for Cooperatives: 1-5/8% February 1953 (Debontures) (taxable)</td><td>30</td><td>25</td><td>*</td><td>-</td><td>*</td><td>-</td><td>4</td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1.70% August 1951 (Notes)......(taxable)</td><td>116</td><td>81</td><td>5</td><td>-</td><td>2</td><td>-</td><td>28</td></tr><tr><td>2.00% September 1951 (Notes)......(taxable)</td><td>100</td><td>55</td><td>11</td><td>-</td><td>1</td><td>-</td><td>32</td></tr><tr><td>2.00% October 1951 (Notes)......(taxable)</td><td>60</td><td>34</td><td>4</td><td>*</td><td>1</td><td>-</td><td>21</td></tr><tr><td>2-1/8% October 1951 (Notes)......(taxable)</td><td>70</td><td>36</td><td>15</td><td>1</td><td>-</td><td>-</td><td>19</td></tr><tr><td>1-7/8% November 1951 (Notes)......(taxable)</td><td>84</td><td>50</td><td>2</td><td>*</td><td>3</td><td>-</td><td>29</td></tr><tr><td>2-1/4% February 1952 (Notes)......(taxable)</td><td>50</td><td>29</td><td>2</td><td>-</td><td>1</td><td>-</td><td>17</td></tr><tr><td>2-3/8% April 1952 (Notes)......(taxable)</td><td>68</td><td>39</td><td>3</td><td>1</td><td>5</td><td>-</td><td>21</td></tr><tr><td>Total Federal home loan bank securities....</td><td>548</td><td>325</td><td>43</td><td>2</td><td>12</td><td>-</td><td>166</td></tr><tr><td>Federal land banks: 12/</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>207</td><td>153</td><td>2</td><td>*</td><td>1</td><td>-</td><td>50</td></tr><tr><td>1-1/2% January 1951-53 (Bonde)....(taxable)</td><td>186</td><td>162</td><td>*</td><td>*</td><td>1</td><td>-</td><td>22</td></tr><tr><td>2-1/4% February 1953-55 (Bonde)....(taxable)</td><td>114</td><td>93</td><td>3</td><td>*</td><td>2</td><td>-</td><td>15</td></tr><tr><td>1-3/4% October 1955-57 (Bonde)....(taxable)</td><td>225</td><td>190</td><td>1</td><td>-</td><td>3</td><td>-</td><td>32</td></tr><tr><td>Total Federal land bank securities.........</td><td>732</td><td>598</td><td>7</td><td>1</td><td>7</td><td>-</td><td>117</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 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 as of the close of the previous month, in amount of $14 thousand, 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
9/ (with minor exceptions); see "Debt Outstanding", Table 3, footnote 1.
2/ 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 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/ Include F. H. A. debentures; see footnote 11.
11/ A small indeterminate amount of these debentures is partially tax-exempt.
12/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
38
Treasury Bulletin
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1951
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 rowspan="2">Classification</th><th rowspan="2">Held by 7,172 commercial banks 1/</th><th colspan="5">Federal Reserve member banks</th><th rowspan="2">2,502 nonmember banks</th></tr><tr><th>4,670 member banks</th><th colspan="4">Central reserve city</th><th>4,313 country</th></tr><tr><th></th><th></th><th></th><th>35 central reserve city</th><th>22 New York City</th><th>13 Chicago</th><th>322 reserve city</th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>51,515</td><td>45,287</td><td>11,052</td><td>8,340</td><td>2,713</td><td>17,135</td><td>17,100</td><td>6,227</td></tr><tr><td>Nonmarketable 2/ 3/</td><td>2,119</td><td>1,600</td><td>85</td><td>69</td><td>17</td><td>355</td><td>1,160</td><td>519</td></tr><tr><td>Total public securities 3/</td><td>53,634</td><td>46,888</td><td>11,138</td><td>8,408</td><td>2,730</td><td>17,490</td><td>18,260</td><td>6,746</td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Hold by 7,172 commercial banks 1/</th><th>4,670 member banks</th><th colspan="4">Federal Reserve member banks</th><th>2,502 nonmember banks</th></tr><tr><th></th><th></th><th></th><th colspan="3">Central reserve city</th><th>322 reserve city</th><th>4,313 country</th><th></th></tr><tr><th>Type of security:</th><th></th><th></th><th>35 central reserve city</th><th>22 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>3,750</td><td>3,329</td><td>1,245</td><td>1,036</td><td>210</td><td>1,179</td><td>904</td><td>422</td></tr><tr><td>Certificates of indebtedness.........</td><td>2,753</td><td>2,402</td><td>504</td><td>354</td><td>150</td><td>1,066</td><td>833</td><td>351</td></tr><tr><td>Treasury notes.....................</td><td>13,704</td><td>11,778</td><td>2,236</td><td>1,583</td><td>654</td><td>4,577</td><td>4,965</td><td>1,926</td></tr><tr><td>Treasury bonds - bank eligible......</td><td>30,464</td><td>27,319</td><td>7,058</td><td>5,363</td><td>1,695</td><td>10,223</td><td>10,038</td><td>3,145</td></tr><tr><td>Treasury bonds - bank restricted 4/..</td><td>822</td><td>442</td><td>7</td><td>2</td><td>4</td><td>86</td><td>349</td><td>380</td></tr><tr><td>Postal savings and Panama Canal bonds..</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>Guaranteed by U. S. Government.........</td><td>9</td><td>9</td><td>2</td><td>2</td><td>-</td><td>1</td><td>6</td><td>1</td></tr><tr><td>Total................................</td><td>51,515</td><td>45,287</td><td>11,052</td><td>8,340</td><td>2,713</td><td>17,135</td><td>17,100</td><td>6,227</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>21,596</td><td>18,868</td><td>4,596</td><td>3,572</td><td>1,024</td><td>7,246</td><td>7,027</td><td>2,727</td></tr><tr><td>1 to 5 years......................</td><td>20,853</td><td>18,529</td><td>4,545</td><td>3,465</td><td>1,080</td><td>7,049</td><td>6,935</td><td>2,324</td></tr><tr><td>5 to 10 years.....................</td><td>6,275</td><td>5,683</td><td>1,779</td><td>1,209</td><td>570</td><td>2,047</td><td>1,857</td><td>593</td></tr><tr><td>10 to 15 years.....................</td><td>251</td><td>87</td><td>4</td><td>1</td><td>3</td><td>19</td><td>64</td><td>164</td></tr><tr><td>15 to 20 years.....................</td><td>2,530</td><td>2,112</td><td>127</td><td>91</td><td>36</td><td>773</td><td>1,212</td><td>418</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>9</td><td>9</td><td>2</td><td>2</td><td>-</td><td>1</td><td>6</td><td>1</td></tr><tr><td>Total................................</td><td>51,515</td><td>45,287</td><td>11,052</td><td>8,340</td><td>2,713</td><td>17,135</td><td>17,100</td><td>6,227</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>12</td><td>9</td><td>*</td><td>-</td><td>*</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Partially exempt from Federal income taxes...</td><td>7,417</td><td>6,967</td><td>2,505</td><td>1,653</td><td>852</td><td>2,840</td><td>1,622</td><td>450</td></tr><tr><td>Subject to Federal income taxes 6/.........</td><td>44,086</td><td>38,312</td><td>8,547</td><td>6,687</td><td>1,860</td><td>14,292</td><td>15,472</td><td>5,774</td></tr><tr><td>Total................................</td><td>51,515</td><td>45,287</td><td>11,052</td><td>8,340</td><td>2,713</td><td>17,135</td><td>17,100</td><td>6,227</td></tr></table>
Footnotes at end of Section II.
September 1951
39
U.S. TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1951
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 7,172 commercial banks</th><th>4,670 member banks</th><th colspan="4">Federal Reserve member banks</th><th>2,502 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>35 central reserve city</th><th>22 New York City</th><th>13 Chicago</th><th>322 reserve city</th><th>4,313 country</th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>3,750</td><td>3,329</td><td>1,245</td><td>1,036</td><td>210</td><td>1,179</td><td>904</td><td>422</td></tr><tr><td>Certificates of indebtedness: 1-7/8 April 1952-A......(taxable)</td><td>2,753</td><td>2,402</td><td>504</td><td>354</td><td>150</td><td>1,066</td><td>833</td><td>351</td></tr><tr><td>Treasury notes: 1-1/4% July 1951-B......(taxable)</td><td>60</td><td>46</td><td>1</td><td>2</td><td>1</td><td>15</td><td>27</td><td>14</td></tr><tr><td>1-1/4% July 1951-C......(taxable)</td><td>33</td><td>21</td><td>1</td><td>1</td><td>*</td><td>2</td><td>18</td><td>12</td></tr><tr><td>1-1/4% July 1951-D......(taxable)</td><td>82</td><td>60</td><td>5</td><td>3</td><td>1</td><td>17</td><td>38</td><td>22</td></tr><tr><td>1-1/4% August 1951-E......(taxable)</td><td>1,471</td><td>1,250</td><td>222</td><td>120</td><td>102</td><td>537</td><td>491</td><td>222</td></tr><tr><td>1-1/4% October 1951-A......(taxable)</td><td>785</td><td>630</td><td>49</td><td>18</td><td>31</td><td>274</td><td>307</td><td>155</td></tr><tr><td>1-1/4% October 1951-F......(taxable)</td><td>442</td><td>338</td><td>28</td><td>1</td><td>27</td><td>111</td><td>198</td><td>104</td></tr><tr><td>1-1/4% November 1951-G......(taxable)</td><td>387</td><td>277</td><td>22</td><td>4</td><td>19</td><td>85</td><td>170</td><td>110</td></tr><tr><td>1-3/8% March 1954-A......(taxable)</td><td>3,646</td><td>3,274</td><td>700</td><td>522</td><td>178</td><td>1,331</td><td>1,243</td><td>374</td></tr><tr><td>1-1/2% March 1955-A......(taxable)</td><td>4,266</td><td>3,772</td><td>870</td><td>739</td><td>131</td><td>1,450</td><td>1,452</td><td>493</td></tr><tr><td>1-3/4% December 1955-B......(taxable)</td><td>2,530</td><td>2,111</td><td>335</td><td>173</td><td>162</td><td>754</td><td>1,021</td><td>420</td></tr><tr><td>1-1/2% April 1956-EA......(taxable)</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Total Treasury notes</td><td>13,704</td><td>11,776</td><td>2,236</td><td>1,583</td><td>654</td><td>4,577</td><td>4,965</td><td>1,926</td></tr><tr><td>Treasury bonds: Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% September 1951-53......(taxable)</td><td>4,631</td><td>4,089</td><td>840</td><td>573</td><td>267</td><td>1,641</td><td>1,608</td><td>542</td></tr><tr><td>3% September 1951-55......(partially)</td><td>470</td><td>448</td><td>204</td><td>149</td><td>55</td><td>163</td><td>81</td><td>22</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>916</td><td>850</td><td>295</td><td>256</td><td>39</td><td>342</td><td>213</td><td>66</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>368</td><td>304</td><td>58</td><td>50</td><td>8</td><td>82</td><td>165</td><td>63</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>503</td><td>443</td><td>101</td><td>96</td><td>5</td><td>157</td><td>185</td><td>60</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>3,885</td><td>3,446</td><td>768</td><td>672</td><td>96</td><td>1,276</td><td>1,402</td><td>439</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,050</td><td>929</td><td>249</td><td>237</td><td>12</td><td>297</td><td>383</td><td>121</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>6,204</td><td>5,480</td><td>1,327</td><td>1,039</td><td>288</td><td>2,075</td><td>2,078</td><td>724</td></tr><tr><td>2% June 1953-55......(partially)</td><td>673</td><td>622</td><td>137</td><td>53</td><td>84</td><td>268</td><td>217</td><td>51</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>589</td><td>534</td><td>110</td><td>63</td><td>47</td><td>250</td><td>174</td><td>55</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>1,783</td><td>1,683</td><td>706</td><td>523</td><td>183</td><td>648</td><td>329</td><td>100</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,160</td><td>1,053</td><td>359</td><td>353</td><td>6</td><td>273</td><td>421</td><td>107</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>868</td><td>819</td><td>312</td><td>196</td><td>117</td><td>345</td><td>162</td><td>49</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>2,976</td><td>2,675</td><td>725</td><td>601</td><td>125</td><td>834</td><td>1,115</td><td>301</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>822</td><td>772</td><td>292</td><td>191</td><td>100</td><td>303</td><td>178</td><td>50</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,296</td><td>1,239</td><td>448</td><td>221</td><td>228</td><td>522</td><td>268</td><td>57</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,270</td><td>1,932</td><td>126</td><td>90</td><td>36</td><td>749</td><td>1,058</td><td>337</td></tr><tr><td>Total bank eligible</td><td>30,464</td><td>27,319</td><td>7,058</td><td>5,363</td><td>1,695</td><td>10,223</td><td>10,038</td><td>3,145</td></tr><tr><td>Bank restricted: 4/</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>127</td><td>53</td><td>1</td><td>*</td><td>*</td><td>17</td><td>35</td><td>74</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>184</td><td>123</td><td>1</td><td>*</td><td>*</td><td>26</td><td>96</td><td>61</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>33</td><td>6</td><td>1</td><td>1</td><td>*</td><td>3</td><td>2</td><td>27</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>30</td><td>3</td><td>*</td><td>*</td><td>*</td><td>1</td><td>1</td><td>27</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>36</td><td>7</td><td>2</td><td>*</td><td>2</td><td>4</td><td>1</td><td>28</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>29</td><td>4</td><td>1</td><td>*</td><td>1</td><td>3</td><td>1</td><td>25</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>70</td><td>36</td><td>*</td><td>*</td><td>*</td><td>6</td><td>31</td><td>34</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>54</td><td>30</td><td>*</td><td>*</td><td>*</td><td>2</td><td>28</td><td>24</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>61</td><td>46</td><td>*</td><td>*</td><td>*</td><td>8</td><td>38</td><td>14</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>200</td><td>134</td><td>1</td><td>1</td><td>1</td><td>16</td><td>116</td><td>66</td></tr><tr><td>Total bank restricted</td><td>822</td><td>442</td><td>7</td><td>2</td><td>4</td><td>86</td><td>349</td><td>380</td></tr><tr><td>Total Treasury bonds</td><td>31,286</td><td>27,761</td><td>7,064</td><td>5,365</td><td>1,699</td><td>10,309</td><td>10,388</td><td>3,525</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
Treasury Bulletin
40
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1951
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 7,172 commercial banks 1/</th><th colspan="5">Federal Reserve member banks</th><th>2,502 nonmember banks</th></tr><tr><th></th><th></th><th>4,670 member banks</th><th colspan="4">Central reserve city</th><th>4,313 country</th></tr><tr><th></th><th></th><th></th><th>35 central reserve city</th><th>22 New York City</th><th>13 Chicago</th><th>322 reserve city</th><th></th></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>9</td><td>7</td><td>*</td><td>-</td><td>*</td><td>3</td><td>4</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>3</td><td>2</td><td>-</td><td>-</td><td>-</td><td>*</td><td>2</td></tr><tr><td>Total other bonds....................</td><td>12</td><td>9</td><td>*</td><td>-</td><td>*</td><td>3</td><td>6</td></tr><tr><td>Guaranteed securities:</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>9</td><td>9</td><td>2</td><td>2</td><td>-</td><td>1</td><td>6</td></tr><tr><td>Total public marketable securities.....</td><td>51,515</td><td>45,287</td><td>11,052</td><td>8,340</td><td>2,713</td><td>17,135</td><td>17,100</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>6,227</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 7,172 commercial banks 1/</th><th colspan="6">Federal Reserve member banks</th><th>2,502 nonmember banks</th></tr><tr><th></th><th></th><th>4,670 member banks</th><th colspan="4">Central reserve city</th><th>322 reserve city</th><th>4,313 country</th><th></th></tr><tr><th></th><th></th><th></th><th>35 central reserve city</th><th>22 New York City</th><th>13 Chicago</th><th></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 F 2/(taxable)</td><td>439</td><td>285</td><td>2</td><td>*</td><td>2</td><td>25</td><td>258</td><td>154</td></tr><tr><td>Series G....(taxable)</td><td>923</td><td>674</td><td>5</td><td>2</td><td>3</td><td>59</td><td>610</td><td>249</td></tr><tr><td>Total United States savings bonds</td><td>1,362</td><td>959</td><td>7</td><td>2</td><td>5</td><td>84</td><td>868</td><td>403</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><td></td></tr><tr><td>Treasury savings notes....(taxable)</td><td>148</td><td>139</td><td>14</td><td>13</td><td>1</td><td>110</td><td>15</td><td>9</td></tr><tr><td>Depository bonds....(taxable)</td><td>257</td><td>241</td><td>53</td><td>49</td><td>4</td><td>82</td><td>106</td><td>16</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment Series A....(taxable)</td><td>186</td><td>146</td><td>10</td><td>4</td><td>6</td><td>56</td><td>80</td><td>39</td></tr><tr><td>Investment Series B....(taxable)</td><td>166</td><td>115</td><td>1</td><td>-</td><td>1</td><td>24</td><td>90</td><td>52</td></tr><tr><td>Total other U. S. securities</td><td>757</td><td>641</td><td>78</td><td>67</td><td>12</td><td>271</td><td>291</td><td>116</td></tr><tr><td>Total public nonmarketable securities 3/</td><td>2,119</td><td>1,600</td><td>85</td><td>69</td><td>17</td><td>355</td><td>1,160</td><td>519</td></tr></table>
Footnote at end of Section II.
September 1951
41
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1951
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>Iceus (Tax status 5/ is shown in parentheses)</th><th>Held by 7,172 commercial banks 1/</th><th colspan="5">Federal Reserve member banks</th><th>2,502 nonmember banks</th></tr><tr><th></th><th></th><th>4,670 member banks</th><th colspan="4">Central reserve city</th><th>4,313 country</th><th></th></tr><tr><th></th><th></th><th></th><th>35 central reserve city</th><th>22 New York City</th><th>13 Chicago</th><th>322 reserve city</th><th></th><th></th></tr><tr><td>Federal intermediate credit banks: Debentures..................(taxable)</td><td>404</td><td>360</td><td>53</td><td>34</td><td>19</td><td>185</td><td>122</td><td>44</td></tr><tr><td>Central Bank for Cooperatives: 1-5/8% February 1953 (Debentures) ...(taxable)</td><td>25</td><td>22</td><td>2</td><td>1</td><td>1</td><td>15</td><td>5</td><td>3</td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1.70% August 1951 (Notes).....(taxable)</td><td>81</td><td>69</td><td>18</td><td>15</td><td>2</td><td>32</td><td>20</td><td>12</td></tr><tr><td>2.00% September 1951 (Notes).....(taxable)</td><td>55</td><td>50</td><td>16</td><td>14</td><td>2</td><td>25</td><td>9</td><td>5</td></tr><tr><td>2.00% October 1951 (Notes).....(taxable)</td><td>34</td><td>27</td><td>3</td><td>1</td><td>2</td><td>16</td><td>8</td><td>6</td></tr><tr><td>2-1/8% October 1951 (Notes).....(taxable)</td><td>36</td><td>30</td><td>4</td><td>3</td><td>1</td><td>18</td><td>9</td><td>6</td></tr><tr><td>1-7/8% November 1951 (Notee).....(taxable)</td><td>50</td><td>44</td><td>4</td><td>1</td><td>3</td><td>26</td><td>14</td><td>6</td></tr><tr><td>2-1/4% February 1952 (Notes).....(taxable)</td><td>29</td><td>26</td><td>6</td><td>4</td><td>2</td><td>16</td><td>4</td><td>3</td></tr><tr><td>2-3/8% April 1952 (Notes).....(taxable)</td><td>39</td><td>32</td><td>5</td><td>3</td><td>2</td><td>19</td><td>8</td><td>7</td></tr><tr><td>Total Federal home loan bank securities......</td><td>325</td><td>279</td><td>56</td><td>41</td><td>15</td><td>152</td><td>71</td><td>46</td></tr><tr><td>Federal land banks: 8/</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 (Bonde).....(taxable)</td><td>153</td><td>130</td><td>9</td><td>3</td><td>6</td><td>60</td><td>61</td><td>23</td></tr><tr><td>1-1/2% January 1951-53 (Bonde).....(taxable)</td><td>162</td><td>147</td><td>15</td><td>14</td><td>2</td><td>82</td><td>49</td><td>15</td></tr><tr><td>2-1/4% February 1953-55 (Bonds).....(taxable)</td><td>93</td><td>81</td><td>8</td><td>6</td><td>2</td><td>41</td><td>32</td><td>12</td></tr><tr><td>1-3/4% October 1955-57 (Bonds).....(taxable)</td><td>190</td><td>174</td><td>23</td><td>20</td><td>3</td><td>88</td><td>63</td><td>16</td></tr><tr><td>Total Federal land bank securities......</td><td>598</td><td>531</td><td>56</td><td>43</td><td>13</td><td>270</td><td>205</td><td>67</td></tr></table>
1/ Includes trust companies and stock savings banks but excludes securities held in trust departments.
2/ United States savings bonds, Series 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 as of close of the previous month in the amount of $14 thousand, all held by commercial banks; data for reporting banks are not available.
4/ Issues which commercial banks may not acquire prior to specified dates (with minor exceptions); see "Debt Outstanding", Table 3, footnote 1.
5/ Federal securities fell 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.
6/1/ Includes F.H.A. debentures; see footnote 7.
A small indeterminate amount of these debentures is partially tax-exempt.
8/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
42
Treasury Bulletin
MARKET QUOTATIONS, JULY 31, 1951
debt securities. 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".
Current 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
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="4">Bank discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Bank discount</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><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>$1,102</td><td>8/2/51</td><td>5/3/51</td><td>1.60%</td><td>1.30%</td><td>1.45%</td><td>-.05%</td><td>$1,001</td><td>9/20/51</td><td>6/21/51</td><td>1.60%</td><td>1.50%</td><td>1.55%</td><td>+0.01%</td></tr><tr><td>1,100</td><td>8/9/51</td><td>5/10/51</td><td>1.60</td><td>1.35</td><td>1.43</td><td>-.03</td><td>1,000</td><td>9/27/51</td><td>6/28/51</td><td>1.60</td><td>1.50</td><td>1.55</td><td>+0.01</td></tr><tr><td>1,101</td><td>8/16/51</td><td>5/17/51</td><td>1.60</td><td>1.42</td><td>1.51</td><td>-.01</td><td>1,201</td><td>10/4/51</td><td>7/5/51</td><td>1.61</td><td>1.52</td><td>1.56</td><td>-</td></tr><tr><td>1,101</td><td>8/23/51</td><td>5/24/51</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.01</td><td>1,202</td><td>10/11/51</td><td>7/12/51</td><td>1.61</td><td>1.52</td><td>1.56</td><td>-</td></tr><tr><td>1,101</td><td>8/30/51</td><td>5/31/51</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.01</td><td>1,202</td><td>10/18/51</td><td>7/19/51</td><td>1.61</td><td>1.54</td><td>1.58</td><td>-</td></tr><tr><td>1,101</td><td>9/6/51</td><td>6/7/51</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.02</td><td>1,201</td><td>10/25/51</td><td>7/26/51</td><td>1.61</td><td>1.57</td><td>1.59</td><td>-</td></tr><tr><td>1,001</td><td>9/13/51</td><td>6/14/51</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.02</td><td>1/</td><td>11/1/51</td><td>8/2/51</td><td>1.62</td><td>1.58</td><td>1.60</td><td>-</td></tr></table>
Footnote at end of Section II.
Table 2.- Certificates and Short-Term Treasury Notes (Taxable)
(Price decimals are 32nds; prices quoted on a yield basis are in percent)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Issue Date</th><th colspan="4">Price</th><th colspan="2">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><th>To maturity</th><th>Change from last month</th></tr><tr><td>$9,524 2/</td><td>Certificates of indebtedness: 1-7/8% - 4/1/52-A 1-7/8 - 7/1/52-B</td><td>6/15/51 8/1/51</td><td>100.04½ 100.04</td><td>100.05½ 100.05</td><td>100.05 100.04½</td><td>+0.01 -</td><td>1.63% 1.72</td><td>-0.07%</td></tr><tr><td>5,351</td><td>Treasury notes: 1-1/4% - 8/1/51-E</td><td>7/1/50</td><td>1.75%</td><td>-</td><td>1.75%</td><td>+6.0%</td><td>-</td><td>-</td></tr><tr><td>1,918</td><td>1-1/4 - 10/1/51-A</td><td>2/1/50</td><td>1.26%</td><td>1.19%</td><td>1.22%</td><td>-2.0%</td><td>-</td><td>-</td></tr><tr><td>5,941</td><td>1-1/4 - 10/15/51-F</td><td>9/15/50</td><td>1.27%</td><td>1.20%</td><td>1.24%</td><td>-1.8%</td><td>-</td><td>-</td></tr><tr><td>5,253</td><td>1-1/4 - 11/1/51-G</td><td>10/1/50</td><td>1.27%</td><td>1.20%</td><td>1.24%</td><td>-1.0%</td><td>-</td><td>-</td></tr></table>
Footnote 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 colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="8">Price range 3/</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="4">Since first traded</th><th colspan="4">In 1951</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>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="8">Treasury notes: 4/</td><td>12/15/49</td><td>100.10½</td><td>1/10/50</td><td>98.01½</td><td>5/9/51</td><td>99.08½</td><td>1/19</td><td>98.01½</td><td>5/9</td></tr><tr><td>$4,675</td><td>1-3/8% - 3/15/54-A</td><td>98.24</td><td>98.27</td><td>98.25½</td><td>+0.08</td><td>1.85%</td><td>-0.08%</td><td>3/15/50</td><td>100.07</td><td>3/10/50</td><td>97.29½</td><td>5/9/51</td><td>99.10½</td><td>1/19</td><td>97.29½</td><td>5/9</td></tr><tr><td>5,365</td><td>1-1/2 - 3/15/55-A</td><td>98.19</td><td>98.22</td><td>98.20½</td><td>+0.07</td><td>1.89</td><td>-0.05</td><td>12/15/50</td><td>100.04½</td><td>1/19/51</td><td>98.18½</td><td>5/9/51</td><td>100.04½</td><td>1/19</td><td>98.18½</td><td>5/9</td></tr><tr><td>6,854</td><td>1-3/4 - 12/15/55-B</td><td>99.10</td><td>99.13</td><td>99.11½</td><td>+0.11</td><td>1.90</td><td>-0.08</td><td>4/1/51</td><td>98.00</td><td>7/31/51</td><td>97.20</td><td>7/16/51</td><td>98.00</td><td>7/31</td><td>97.20</td><td>7/16</td></tr><tr><td>1,003</td><td>1-1/2 - 4/1/56-EA</td><td>98.00</td><td>-</td><td>98.00</td><td>-</td><td>1.95</td><td>-</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="8">Treasury bonds - bank eligible:</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>99.31½</td><td>4/20/51</td><td>100.10½</td><td>1/4</td><td>99.31½</td><td>4/20</td></tr><tr><td>7,986</td><td>2% - 9/15/51-53 5/1</td><td>100.04</td><td>100.05</td><td>100.04½</td><td>+0.01½</td><td>1.77</td><td>-0.10</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>99.23½</td><td>5/29/51</td><td>100.15</td><td>1/2</td><td>99.23½</td><td>5/29</td></tr><tr><td>510</td><td>2 - 12/15/51-55</td><td>100.01</td><td>100.04</td><td>100.02½</td><td>+0.04</td><td>1.78</td><td>-0.23</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>100.16</td><td>3/29/51</td><td>101.03</td><td>1/2</td><td>100.16</td><td>3/29</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>100.16</td><td>100.20</td><td>100.18</td><td>-0.01</td><td>1.59</td><td>-0.06</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>99.27</td><td>4/20/51</td><td>100.18½</td><td>1/3</td><td>99.27</td><td>4/20</td></tr><tr><td>5,825</td><td>2 - 6/15/52-54</td><td>100.05</td><td>100.08</td><td>100.06½</td><td>+0.04</td><td>1.76</td><td>-0.16</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.04</td><td>4/20/51</td><td>100.29</td><td>1/19</td><td>100.04</td><td>4/20</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>100.12</td><td>100.15</td><td>100.13½</td><td>+0.03</td><td>1.76</td><td>-0.14</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>100.03</td><td>100.06</td><td>100.04½</td><td>+0.03</td><td>1.90</td><td>-0.07</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>99.25</td><td>4/20/51</td><td>100.22½</td><td>1/19</td><td>99.25</td><td>4/20</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>102.06</td><td>102.10</td><td>102.08</td><td>+0.12</td><td>1.99</td><td>-0.09</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.14</td><td>4/19/51</td><td>103.23</td><td>1/19</td><td>101.14</td><td>4/19</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/56-59</td><td>100.24</td><td>100.28</td><td>100.26</td><td>+0.17</td><td>2.08</td><td>-0.11</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>99.30</td><td>4/19/51</td><td>102.21</td><td>1/19</td><td>99.30</td><td>4/19</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 6/1</td><td>99.21</td><td>99.25</td><td>99.23</td><td>+1.06</td><td>2.52 1/1</td><td>-0.07</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>98.04</td><td>6/27/51</td><td>104.06</td><td>1/19</td><td>98.04</td><td>6/27</td></tr></table>
Footnote at end of Section II.
September 1951
43
MARKET QUOTATIONS, JULY 31, 1951
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Other Taxable Issues (Continued)
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>Yield</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 3/</th><th colspan="2">In 1951</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>To maturity 1/</th><th>Change from last month</th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="2">Treasury bonds - bank restricted: 8/</td><td colspan="2"></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Prices</td><td>Date</td><td>Price</td><td>Date</td><td>Dats</td></tr><tr><td>$5,284</td><td>2-1/4 - 6/15/59-62</td><td>97.30</td><td>98.02</td><td>98.00</td><td>+1.00</td><td>2.46%</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>96.20</td><td>6/22/51</td><td>101.09</td><td>1/19</td><td>96.20</td><td>6/22</td></tr><tr><td>3,469</td><td>2-1/4 - 12/15/59-62</td><td>97.22</td><td>97.26</td><td>97.24</td><td>+30</td><td>2.48</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>96.18</td><td>6/27/51</td><td>101.05</td><td>1/19</td><td>96.18</td><td>6/27</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>98.27</td><td>98.31</td><td>98.29</td><td>+30</td><td>2.58</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>97.20</td><td>6/27/51</td><td>103.07</td><td>1/18</td><td>97.20</td><td>6/27</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68</td><td>97.30</td><td>98.02</td><td>98.00</td><td>+20</td><td>2.64</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>97.02</td><td>5/21/51</td><td>102.09</td><td>1/18</td><td>97.02</td><td>5/21</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/64-69</td><td>97.20</td><td>97.24</td><td>97.22</td><td>+18</td><td>2.66</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>97.02</td><td>5/23/51</td><td>101.23</td><td>1/18</td><td>97.02</td><td>5/23</td></tr><tr><td>3,838</td><td>2-1/2 - 12/15/64-69</td><td>97.18</td><td>97.22</td><td>97.20</td><td>+18</td><td>2.66</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>97.00</td><td>5/23/51</td><td>101.17</td><td>1/18</td><td>97.00</td><td>5/23</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70</td><td>97.10</td><td>97.14</td><td>97.12</td><td>+12</td><td>2.68</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>96.30</td><td>6/28/51</td><td>101.10</td><td>1/18</td><td>96.30</td><td>6/28</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71</td><td>97.08</td><td>97.12</td><td>97.10</td><td>+10</td><td>2.68</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>96.28</td><td>5/23/51</td><td>101.07</td><td>1/18</td><td>96.28</td><td>5/23</td></tr><tr><td>2,003</td><td>2-1/2 - 6/15/67-72 6/</td><td>97.02</td><td>97.06</td><td>97.04</td><td>+02</td><td>2.68</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>96.28</td><td>5/21/51</td><td>100.26</td><td>1/19</td><td>96.28</td><td>5/21</td></tr><tr><td>4,077</td><td>2-1/2 - 12/15/67-72 6/</td><td>97.02</td><td>97.06</td><td>97.04</td><td>+02</td><td>2.68</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>96.28</td><td>5/21/51</td><td>100.26</td><td>1/19</td><td>96.28</td><td>5/21</td></tr></table>
Footnotes at end of Section II.
Table 4.- Tax-Exempt Bonds
(Price decimals are 32nds; prices quoted on a yield basis are in percent)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="6">Price range 3/</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">In 1951</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Price</th><th>Date</th><th>Low</th><th>Price</th><th>Date</th><th>High</th><th>Price</th><th>Date</th><th>Low</th><th>Price</th><th>Date</th></tr><tr><td colspan="2">Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$755</td><td>3% - 9/15/51-55 10/</td><td>.90%</td><td>.75%</td><td>.82%</td><td>-.16%</td><td>-</td><td>-</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>101.11</td><td>1/3</td><td>.82%</td><td>7/31</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53 17/</td><td>1.05%</td><td>.90%</td><td>.98%</td><td>-.04%</td><td>-</td><td>-</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>.98%</td><td>7/31/51</td><td>101.04</td><td>1/3</td><td>.98%</td><td>7/31</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>101.26</td><td>101.30</td><td>101.28</td><td>+.06</td><td>.99%</td><td>-.13%</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.13</td><td>3/13/51</td><td>102.17½</td><td>1/19</td><td>101.13</td><td>3/13</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>103.08</td><td>103.12</td><td>103.10</td><td>+.10</td><td>1.08</td><td>-.13</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>104.03½</td><td>1/19</td><td>102.26</td><td>3/30</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>105.24</td><td>105.28</td><td>105.26</td><td>+.12</td><td>1.23</td><td>-.13</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>107.14</td><td>1/25</td><td>105.12</td><td>6/28</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>106.30</td><td>107.04</td><td>107.01</td><td>+.14</td><td>1.33</td><td>-.10</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>109.00</td><td>1/19</td><td>106.15</td><td>5/18</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>108.17</td><td>108.23</td><td>108.20</td><td>+.23</td><td>1.43</td><td>-.12</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>111.02</td><td>1/19</td><td>107.27</td><td>6/28</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65</td><td>109.28</td><td>110.02</td><td>109.31</td><td>+.30</td><td>1.60</td><td>-.11</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>113.26</td><td>1/22</td><td>108.31</td><td>6/28</td></tr><tr><td colspan="2">Panama Canal 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><td></td><td></td><td></td><td></td></tr><tr><td>50</td><td>3% - 6/1/61</td><td>115.24</td><td>117.08</td><td>116.16</td><td>.00</td><td>1.22</td><td>-.01</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>119.12</td><td>2/6</td><td>116.16</td><td>7/31</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 rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Bid</th><th>Ask</th><th>Mean</th></tr><tr><td>$63</td><td>1.70% - 8/1/51</td><td>11/1/50</td><td>12/12/</td><td>12/12/</td><td>12/12/</td><td>12/12/</td><td>13/</td><td>2.05% - 11/1/51</td><td>8/1/51</td><td>2.05%</td><td>1.90%</td><td>1.98%</td><td>-</td></tr><tr><td>30</td><td>2 - 8/1/51</td><td>5/1/51</td><td>12/12/</td><td>12/12/</td><td>12/12/</td><td>12/12/</td><td>$118</td><td>1-7/8 - 12/3/51</td><td>3/1/51</td><td>2.05</td><td>1.90</td><td>1.98</td><td>- .17%</td></tr><tr><td>65</td><td>1.75 - 9/4/51</td><td>12/1/50</td><td>1.95%</td><td>1.80%</td><td>1.88%</td><td>-.12%</td><td>76</td><td>2 - 1/2/52</td><td>4/2/51</td><td>2.10</td><td>1.95</td><td>2.02</td><td>-.16</td></tr><tr><td>35</td><td>2.05 - 9/4/51</td><td>6/1/51</td><td>1.95</td><td>1.80</td><td>1.92</td><td>-.16</td><td>60</td><td>2.15 - 2/1/52</td><td>5/1/51</td><td>2.20</td><td>2.05</td><td>2.12</td><td>-.13</td></tr><tr><td>88</td><td>1.80 - 10/1/51</td><td>1/2/51</td><td>2.00</td><td>1.85</td><td>1.92</td><td>-.16</td><td>72</td><td>2.25 - 3/3/52</td><td>6/1/51</td><td>2.25</td><td>2.15</td><td>2.20</td><td>-.12</td></tr><tr><td>25</td><td>2.10 - 10/1/51</td><td>7/2/51</td><td>2.00</td><td>1.85</td><td>1.92</td><td>-.16</td><td>63</td><td>2.35 - 4/1/52</td><td>7/2/51</td><td>2.30</td><td>2.20</td><td>2.25</td><td>-.15</td></tr><tr><td>85</td><td>1.85 - 11/1/51</td><td>2/1/51</td><td>2.05</td><td>1.90</td><td>1.98</td><td>-.12</td><td>14/</td><td>2.35 - 5/1/52</td><td>8/1/51</td><td>2.35</td><td>2.25</td><td>2.30</td><td>-</td></tr></table>
Footnotes at end of this section.
44
Treasury Bulletin
MARKET QUOTATIONS, JULY 31, 1951
Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States Government
Table 2.- Other Issues (Taxable)
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount out- standing (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">Since first traded</th><th colspan="4">in 1951</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To maturity 1/</th><th>Change from last month</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>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>$30</td><td>Central Bank for Cooperatives debentures:</td><td>98.16</td><td>98.28</td><td>98.22</td><td>- .02</td><td>2.52%</td><td>+.00%</td><td>2/1/50</td><td>100.06</td><td>1/12/50</td><td>98.20</td><td>7/20/51</td><td>99.08</td><td>3/2</td><td>98.20</td><td>7/20</td></tr><tr><td colspan="16">Federal Home Loan Bank notes:</td></tr><tr><td>116</td><td>1-5/8 - 2/1/53</td><td>99.31</td><td>100.01</td><td>100.00</td><td>.00</td><td>1.70</td><td>+.04</td><td>9/15/50</td><td>100.00</td><td>7/31/51</td><td>99.27½</td><td>3/30/51</td><td>100.00</td><td>7/31</td><td>99.27½</td><td>3/30</td></tr><tr><td>100</td><td>2 - 8/15/51-C</td><td>99.31</td><td>100.01</td><td>100.00</td><td>.00</td><td>1.97</td><td>.00</td><td>5/15/51</td><td>100.00</td><td>7/31/51</td><td>99.31</td><td>6/11/51</td><td>100.00</td><td>7/31</td><td>99.31</td><td>6/11</td></tr><tr><td>60</td><td>2 - 9/14/51-H</td><td>99.31</td><td>100.01</td><td>100.00</td><td>+.01</td><td>1.99</td><td>- .10</td><td>4/2/51</td><td>100.00</td><td>7/31/51</td><td>99.28½</td><td>3/28/51</td><td>100.00</td><td>7/31</td><td>99.28½</td><td>3/28</td></tr><tr><td>70</td><td>2-1/8 - 10/15/51-G</td><td>100.00</td><td>100.02</td><td>100.01</td><td>+.01</td><td>1.97</td><td>-.14</td><td>6/15/51</td><td>100.01</td><td>7/31/51</td><td>99.31½</td><td>6/11/51</td><td>100.01</td><td>7/31</td><td>99.31½</td><td>6/11</td></tr><tr><td>84</td><td>1-7/8 - 11/15/51-F</td><td>99.30</td><td>100.00</td><td>99.31</td><td>+.02</td><td>1.96</td><td>-.14</td><td>2/15/51</td><td>100.00</td><td>3/28/51</td><td>99.27½</td><td>3/29/51</td><td>100.00</td><td>3/28</td><td>99.27½</td><td>3/29</td></tr><tr><td>50</td><td>2-1/4 - 2/15/52-A</td><td>100.01</td><td>100.03</td><td>100.02</td><td>+.02</td><td>2.11</td><td>-.11</td><td>5/15/51</td><td>100.02</td><td>7/31/51</td><td>100.00</td><td>7/10/51</td><td>100.02</td><td>7/31</td><td>100.00</td><td>7/10</td></tr><tr><td>68</td><td>2-3/8 - 4/15/52-B</td><td>100.01</td><td>100.03</td><td>100.02</td><td>+.02</td><td>2.28</td><td>-.09</td><td>6/15/51</td><td>100.02</td><td>7/31/51</td><td>99.31</td><td>6/11/51</td><td>100.02</td><td>7/31</td><td>99.31</td><td>6/11</td></tr><tr><td colspan="16">Federal Land Bank bonds:</td></tr><tr><td>207</td><td>1-1/4 - 5/1/50-52 16/17</td><td>99.04</td><td>99.10</td><td>99.07</td><td>+.06</td><td>2.31</td><td>-.13</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>99.08</td><td>7/27</td><td>98.26</td><td>4/20</td></tr><tr><td>186</td><td>1-1/2 - 1/1/51-53 17/17</td><td>98.18</td><td>98.26</td><td>98.22</td><td>.00</td><td>2.45</td><td>+.05</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>99.08</td><td>1/23</td><td>98.17</td><td>7/10</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-55</td><td>99.16</td><td>99.20</td><td>99.18</td><td>-.02</td><td>2.38</td><td>+.02</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>99.16</td><td>7/23/51</td><td>100.15</td><td>1/18</td><td>99.16</td><td>7/23</td></tr><tr><td>226</td><td>1-3/4 - 10/1/55-57</td><td>95.28</td><td>96.04</td><td>96.00</td><td>.00</td><td>2.45</td><td>+.01</td><td>10/1/49</td><td>100.12</td><td>9/22/49</td><td>96.00</td><td>7/31/51</td><td>98.13</td><td>1/19</td><td>96.00</td><td>7/31</td></tr></table>
1/ Amount issued on August 2, 1951, was $1,301 million. 
2/ Amount issued on August 1, 1951, was $5,216 million. 
3/ Prices are 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, are 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/ For notes with original maturities of less than 2 years, see Table 2. 
5/ Callable on 4 months' notice on March 15, 1952. 
6/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds". 
7/ 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. 
8/ For definition see "Debt Outstanding", Table 3, footnote 1.
2/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
10/ Called on May 14, 1951, for redemption on September 15, 1951. Yield quotation in the price range is equivalent to 100.03, computed to the nearest quarter of a thirty-second.
11/ Yield quotations in the price range are equivalent to 100.15, computed to the nearest quarter of a thirty-second.
12/ Not quoted on July 31, 1951.
13/ Amount issued on August 1, 1951, was $45 million.
14/ Amount issued on August 1, 1951, was $56 million.
15/ 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.
16/ Callable on 15 days' notice on November 1, 1951.
17/ Callable on 15 days' notice on January 1, 1952.
September 1951
45
MARKET QUOTATIONS, JULY 31, 1951
YIELDS OF TREASURY SECURITIES, JULY 31, 1951
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 of the Secretary of the Treasury, Office of the Technical Staff
F-235-H
46
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
<table><tr><th rowspan="2">Period</th><th colspan="2">Treasury bonds</th><th rowspan="2">High-grade corporate bonds</th><th rowspan="2">Period</th><th colspan="2">Treasury bonds</th><th rowspan="2">High-grade corporate bonds</th><th rowspan="2">Period</th><th colspan="2">Treasury bonds</th><th rowspan="2">High-grade corporate bonds</th></tr><tr><th>Partially tax-exempt 1/</th><th>Taxable 1/</th><th>Partially tax-exempt 1/</th><th>Taxable 1/</th><th>Partially tax-exempt 1/</th><th>Taxable 1/</th></tr><tr><td colspan="13">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>2.32</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>1950</td><td>-</td><td>2.32</td><td>2.60</td></tr><tr><td colspan="13">Monthly series - averages of daily series</td></tr><tr><td>1946-Jan.</td><td>-</td><td>2.21</td><td>2.43</td><td>1948-Jan.</td><td>-</td><td>2.45</td><td>2.85</td><td>1950-Jan.</td><td>-</td><td>2.20</td><td>2.54</td></tr><tr><td>Feb.</td><td>-</td><td>2.12</td><td>2.36</td><td>Feb.</td><td>-</td><td>2.45</td><td>2.85</td><td>Feb.</td><td>-</td><td>2.24</td><td>2.54</td></tr><tr><td>Mar.</td><td>-</td><td>2.09</td><td>2.35</td><td>Mar.</td><td>-</td><td>2.44</td><td>2.81</td><td>Mar.</td><td>-</td><td>2.27</td><td>2.55</td></tr><tr><td>Apr.</td><td>-</td><td>2.08</td><td>2.37</td><td>Apr.</td><td>-</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>-</td><td>2.30</td><td>2.57</td></tr><tr><td>May</td><td>-</td><td>2.19</td><td>2.44</td><td>May</td><td>-</td><td>2.42</td><td>2.74</td><td>May</td><td>-</td><td>2.31</td><td>2.57</td></tr><tr><td>June</td><td>-</td><td>2.16</td><td>2.42</td><td>June</td><td>-</td><td>2.41</td><td>2.73</td><td>June</td><td>-</td><td>2.33</td><td>2.59</td></tr><tr><td>July</td><td>-</td><td>2.18</td><td>2.41</td><td>July</td><td>-</td><td>2.44</td><td>2.80</td><td>July</td><td>-</td><td>2.34</td><td>2.61</td></tr><tr><td>Aug.</td><td>-</td><td>2.23</td><td>2.44</td><td>Aug.</td><td>-</td><td>2.45</td><td>2.86</td><td>Aug.</td><td>-</td><td>2.33</td><td>2.58</td></tr><tr><td>Sept.</td><td>-</td><td>2.28</td><td>2.50</td><td>Sept.</td><td>-</td><td>2.45</td><td>2.85</td><td>Sept.</td><td>-</td><td>2.36</td><td>2.62</td></tr><tr><td>Oct.</td><td>-</td><td>2.26</td><td>2.51</td><td>Oct.</td><td>-</td><td>2.45</td><td>2.85</td><td>Oct.</td><td>-</td><td>2.38</td><td>2.65 4/</td></tr><tr><td>Nov.</td><td>-</td><td>2.25</td><td>2.51</td><td>Nov.</td><td>-</td><td>2.44</td><td>2.86</td><td>Nov.</td><td>-</td><td>2.38</td><td>2.66</td></tr><tr><td>Dec.</td><td>-</td><td>2.24</td><td>2.55</td><td>Dec.</td><td>-</td><td>2.44</td><td>2.81</td><td>Dec.</td><td>-</td><td>2.39</td><td>2.66</td></tr><tr><td>1947-Jan.</td><td>-</td><td>2.21</td><td>2.48</td><td>1949-Jan.</td><td>-</td><td>2.42</td><td>2.73</td><td>1951-Jan.</td><td>-</td><td>2.39</td><td>2.64</td></tr><tr><td>Feb.</td><td>-</td><td>2.21</td><td>2.48</td><td>Feb.</td><td>-</td><td>2.39</td><td>2.73</td><td>Feb.</td><td>-</td><td>2.40</td><td>2.66</td></tr><tr><td>Mar.</td><td>-</td><td>2.19</td><td>2.49</td><td>Mar.</td><td>-</td><td>2.38</td><td>2.71</td><td>Mar.</td><td>-</td><td>2.47</td><td>2.78</td></tr><tr><td>Apr.</td><td>-</td><td>2.19</td><td>2.49 2/</td><td>Apr.</td><td>-</td><td>2.38</td><td>2.70</td><td>Apr.</td><td>-</td><td>2.56</td><td>2.88</td></tr><tr><td>May</td><td>-</td><td>2.19</td><td>2.49</td><td>May</td><td>-</td><td>2.38</td><td>2.71</td><td>May</td><td>-</td><td>2.63</td><td>2.89</td></tr><tr><td>June</td><td>-</td><td>2.22</td><td>2.50</td><td>June</td><td>-</td><td>2.38</td><td>2.72</td><td>June</td><td>-</td><td>2.65</td><td>2.95</td></tr><tr><td>July</td><td>-</td><td>2.25</td><td>2.51</td><td>July</td><td>-</td><td>2.27</td><td>2.66</td><td>July</td><td>-</td><td>2.63</td><td>2.93</td></tr><tr><td>Aug.</td><td>-</td><td>2.24</td><td>2.51</td><td>Aug.</td><td>-</td><td>2.24</td><td>2.60</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>-</td><td>2.24</td><td>2.57</td><td>Sept.</td><td>-</td><td>2.22</td><td>2.59</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>-</td><td>2.27</td><td>2.68</td><td>Oct.</td><td>-</td><td>2.22</td><td>2.59</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>-</td><td>2.36</td><td>2.75</td><td>Nov.</td><td>-</td><td>2.20</td><td>2.56</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>-</td><td>2.39</td><td>2.86</td><td>Dec.</td><td>-</td><td>2.19</td><td>2.55 3/</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Weekly series - averages of daily series for weeks ending -</td></tr><tr><td>1951-Feb. 3</td><td>-</td><td>2.39</td><td>2.65</td><td>1951-Apr. 7</td><td>-</td><td>2.51</td><td>2.87</td><td>1951-June 2</td><td>-</td><td>2.63</td><td>2.90</td></tr><tr><td>10</td><td>-</td><td>2.39</td><td>2.64</td><td>14</td><td>-</td><td>2.54</td><td>2.87</td><td>9</td><td>-</td><td>2.64</td><td>2.90</td></tr><tr><td>17</td><td>-</td><td>2.40</td><td>2.65</td><td>21</td><td>-</td><td>2.60</td><td>2.88</td><td>16</td><td>-</td><td>2.64</td><td>2.93</td></tr><tr><td>24</td><td>-</td><td>2.40</td><td>2.67</td><td>28</td><td>-</td><td>2.60</td><td>2.88</td><td>23</td><td>-</td><td>2.65</td><td>2.97</td></tr><tr><td>Mar. 3</td><td>-</td><td>2.40</td><td>2.68</td><td></td><td></td><td></td><td></td><td>30</td><td>-</td><td>2.66</td><td>3.03</td></tr><tr><td>10</td><td>-</td><td>2.44</td><td>2.72</td><td>May 5</td><td>-</td><td>2.61</td><td>2.88</td><td>July 7</td><td>-</td><td>2.65</td><td>2.99</td></tr><tr><td>17</td><td>-</td><td>2.49</td><td>2.78</td><td>12</td><td>-</td><td>2.63</td><td>2.90</td><td>14</td><td>-</td><td>2.63</td><td>2.95</td></tr><tr><td>24</td><td>-</td><td>2.50</td><td>2.82</td><td>19</td><td>-</td><td>2.64</td><td>2.91</td><td>21</td><td>-</td><td>2.62</td><td>2.92</td></tr><tr><td>31</td><td>-</td><td>2.51</td><td>2.84</td><td>26</td><td>-</td><td>2.63</td><td>2.89</td><td>28</td><td>-</td><td>2.62</td><td>2.90</td></tr><tr><td colspan="13">Daily series - unweighted averages</td></tr><tr><td>1951-July 2</td><td>-</td><td>2.65</td><td>3.02</td><td>1951-July 12</td><td>-</td><td>2.62</td><td>2.94</td><td>1951-July 23</td><td>-</td><td>2.61</td><td>2.90</td></tr><tr><td>3</td><td>-</td><td>2.65</td><td>3.00</td><td>13</td><td>-</td><td>2.62</td><td>2.94</td><td>24</td><td>-</td><td>2.62</td><td>2.90</td></tr><tr><td>4</td><td>-</td><td>2.65 5/</td><td>2.99 5/</td><td>14</td><td>-</td><td>2.62 5/</td><td>2.94 5/</td><td>25</td><td>-</td><td>2.62</td><td>2.90</td></tr><tr><td>5</td><td>-</td><td>2.65</td><td>2.96</td><td>16</td><td>-</td><td>2.62</td><td>2.93</td><td>26</td><td>-</td><td>2.62</td><td>2.90</td></tr><tr><td>6</td><td>-</td><td>2.65 5/</td><td>2.96 5/</td><td>17</td><td>-</td><td>2.63</td><td>2.93</td><td>27</td><td>-</td><td>2.63</td><td>2.90 5/</td></tr><tr><td>7</td><td>-</td><td>2.65 5/</td><td>2.96 5/</td><td>18</td><td>-</td><td>2.63</td><td>2.92</td><td>28</td><td>-</td><td>2.63</td><td>2.90</td></tr><tr><td>9</td><td>-</td><td>2.63</td><td>2.97</td><td>19</td><td>-</td><td>2.62</td><td>2.92</td><td>30</td><td>-</td><td>2.63</td><td>2.90</td></tr><tr><td>10</td><td>-</td><td>2.63</td><td>2.95</td><td>20</td><td>-</td><td>2.62</td><td>2.91</td><td>31</td><td>-</td><td>2.63</td><td>2.90</td></tr><tr><td>11</td><td>-</td><td>2.63</td><td>2.94</td><td>21</td><td>-</td><td>2.62 5/</td><td>2.91 5/</td><td></td><td></td><td></td><td></td></tr></table>
Note: 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 April 1, 1947. Old average for April 1947 was 2.47%.
3/ As of December 21, 1949, the Consolidated Gas Electric Light and Power Company of Baltimore 2-3/4's of 1981 were dropped from the average, having been called.
4/ As of October 20, 1950, the Standard Oil Company of California 2-3/4's of 1965-66 were dropped from the average, having been called.
5/ Market closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS Monthly Series IV
September 1951
YIELDS OF TREASURY AND CORPORATE BONDS
Office of the Secretary of the Treasury, Office of the Technical Staff
F-220-J
47
48
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1. - Summary by Principal Sources 1/ (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>Corporation income and excise profits taxes 2/</th><th colspan="4">Individual income tax and employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Individual income tax not withheld</th><th colspan="2">Withheld taxes</th><th>Unemployment insurance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Individual income and old-age insurance 3/</th><th>Railroad retirement</th><th></th></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>4,744,083</td><td>4,448,162</td><td>3,262,800</td><td>895,336</td><td>170,409</td><td>119,617</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>9,668,956</td><td>8,128,637</td><td>5,943,917</td><td>1,817,561</td><td>211,151</td><td>156,008</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>14,766,796</td><td>19,999,378</td><td>10,437,570</td><td>9,113,460</td><td>265,011</td><td>183,337</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>16,027,213</td><td>20,813,491</td><td>8,770,094</td><td>11,572,151</td><td>284,758</td><td>186,489</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,922</td><td>12,553,502</td><td>20,405,364</td><td>8,846,947</td><td>11,095,414</td><td>284,258</td><td>178,745</td></tr><tr><td>1947</td><td>39,379,409</td><td>+271,136</td><td>39,108,273</td><td>9,676,757</td><td>21,767,662</td><td>9,501,015</td><td>11,301,216</td><td>379,555</td><td>189,876</td></tr><tr><td>1948</td><td>41,853,495</td><td>-11,051</td><td>41,864,536</td><td>10,174,410</td><td>23,379,123</td><td>9,464,804</td><td>13,146,298</td><td>560,113</td><td>208,508</td></tr><tr><td>1949</td><td>40,307,285</td><td>-155,834</td><td>40,463,119</td><td>11,593,669</td><td>20,527,935</td><td>7,996,320</td><td>11,742,653</td><td>562,734</td><td>226,228</td></tr><tr><td>1950</td><td>39,448,607</td><td>+491,482</td><td>38,957,126</td><td>10,894,351</td><td>19,797,983</td><td>7,264,332</td><td>11,762,377</td><td>548,038</td><td>223,135</td></tr><tr><td>1951</td><td>51,106,095</td><td>+660,409</td><td>50,445,686</td><td>14,387,569</td><td>26,624,788</td><td>9,907,539</td><td>15,900,519</td><td>579,778</td><td>236,952</td></tr><tr><td>1950-July</td><td>1,969,162</td><td>-294,337</td><td>2,263,499</td><td>413,241</td><td>1,087,528</td><td>228,208</td><td>854,911</td><td>1,331</td><td>3,078</td></tr><tr><td>August</td><td>3,056,797</td><td>-592,825</td><td>3,649,621</td><td>211,817</td><td>2,476,996</td><td>97,586</td><td>2,322,887</td><td>44,290</td><td>12,133</td></tr><tr><td>September</td><td>4,722,243</td><td>+944,654</td><td>3,777,588</td><td>1,822,586</td><td>1,208,035</td><td>1,012,192</td><td>102,685</td><td>91,270</td><td>1,888</td></tr><tr><td>October</td><td>2,098,586</td><td>-281,870</td><td>2,380,455</td><td>403,336</td><td>1,163,880</td><td>182,772</td><td>974,465</td><td>3,250</td><td>3,392</td></tr><tr><td>November</td><td>2,996,519</td><td>-475,581</td><td>3,472,100</td><td>213,097</td><td>2,500,096</td><td>103,029</td><td>2,336,258</td><td>49,816</td><td>10,993</td></tr><tr><td>December</td><td>4,302,412</td><td>+1,052,757</td><td>3,249,655</td><td>1,907,333</td><td>620,057</td><td>257,049</td><td>266,716</td><td>94,102</td><td>2,190</td></tr><tr><td>1951-January</td><td>4,391,445</td><td>-197,849</td><td>4,589,294</td><td>297,457</td><td>3,391,847</td><td>2,527,392</td><td>828,752</td><td>1,855</td><td>33,847</td></tr><tr><td>February</td><td>4,618,872</td><td>-574,700</td><td>5,223,652</td><td>150,901</td><td>4,288,867</td><td>1,027,980</td><td>3,104,773</td><td>20,861</td><td>135,247</td></tr><tr><td>March</td><td>8,655,893</td><td>+891,136</td><td>7,764,757</td><td>4,316,351</td><td>2,637,072</td><td>2,093,234</td><td>408,879</td><td>123,652</td><td>11,307</td></tr><tr><td>April</td><td>3,112,578</td><td>-15,709</td><td>3,128,287</td><td>498,753</td><td>1,934,760</td><td>989,234</td><td>934,972</td><td>3,687</td><td>6,868</td></tr><tr><td>May</td><td>3,821,497</td><td>-933,300</td><td>4,754,797</td><td>244,879</td><td>3,739,361</td><td>193,571</td><td>3,508,726</td><td>22,197</td><td>14,068</td></tr><tr><td>June</td><td>7,330,091</td><td>+1,138,112</td><td>6,191,979</td><td>3,908,412</td><td>1,576,388</td><td>1,195,292</td><td>256,491</td><td>123,466</td><td>1,140</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock</th><th>Estate and gift</th><th>Liquor</th><th>Tobacco</th><th>Stamp</th><th>Manufacturers' and retailers' excise</th><th>Miscellaneous</th></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,353,336</td><td>390,702</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>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,063,854</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>1,550,821</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>736,533</td><td>2,210,601</td><td>1,321,875</td><td>72,888</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1950</td><td>8,304,992</td><td>266</td><td>706,226</td><td>2,219,196</td><td>1,328,464</td><td>84,648</td><td>2,245,102</td><td>1,720,908</td></tr><tr><td>1951</td><td>9,433,328</td><td>-</td><td>729,730</td><td>2,516,007</td><td>1,330,396</td><td>93,107</td><td>2,840,690</td><td>1,842,598</td></tr><tr><td>1950-July</td><td>762,730</td><td>-</td><td>45,134</td><td>234,042</td><td>103,728</td><td>6,852</td><td>214,577</td><td>158,396</td></tr><tr><td>August</td><td>950,908</td><td>-</td><td>67,232</td><td>313,679</td><td>116,928</td><td>7,914</td><td>248,168</td><td>176,986</td></tr><tr><td>September</td><td>746,967</td><td>-</td><td>49,517</td><td>213,223</td><td>115,216</td><td>7,463</td><td>219,094</td><td>137,424</td></tr><tr><td>October</td><td>813,240</td><td>-</td><td>50,663</td><td>203,040</td><td>113,181</td><td>7,652</td><td>252,307</td><td>185,588</td></tr><tr><td>November</td><td>758,908</td><td>-</td><td>46,729</td><td>213,132</td><td>111,515</td><td>7,931</td><td>232,603</td><td>146,999</td></tr><tr><td>December</td><td>722,264</td><td>-</td><td>43,531</td><td>208,137</td><td>92,414</td><td>7,757</td><td>227,672</td><td>142,754</td></tr><tr><td>1951-January</td><td>899,990</td><td>-</td><td>80,118</td><td>276,131</td><td>125,824</td><td>8,431</td><td>255,729</td><td>153,758</td></tr><tr><td>February</td><td>783,884</td><td>-</td><td>53,595</td><td>222,305</td><td>106,903</td><td>8,896</td><td>249,381</td><td>142,804</td></tr><tr><td>March</td><td>811,328</td><td>-</td><td>128,936</td><td>198,990</td><td>112,853</td><td>7,585</td><td>227,096</td><td>135,868</td></tr><tr><td>April</td><td>694,773</td><td>-</td><td>59,462</td><td>134,070</td><td>110,603</td><td>7,883</td><td>229,375</td><td>153,381</td></tr><tr><td>May</td><td>771,158</td><td>-</td><td>57,794</td><td>159,878</td><td>121,670</td><td>7,229</td><td>257,993</td><td>166,597</td></tr><tr><td>June</td><td>707,178</td><td>-</td><td>46,389</td><td>164,332</td><td>119,562</td><td>7,503</td><td>226,698</td><td>142,045</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. Detail by type of tax is available only on a collection basis. Receipts on the Daily Treasury Statement basis are compiled from the latest daily reports from Government depositaries; they do not coincide with amounts reported by collectors because of the lag in deposits of collections and because certain taxes are paid directly into the depositaries.
1/ Excludes collections for credit to certain trust accounts for island po-essions; includes corporation income tax on Alaska Railroad.
2/ Includes excesses profita taxes formerly shown separately as follows: un-just enrichment through 1947 (thereafter these collections are included under "Miscellaneous"), declared value (repealed for years ending after
June 30, 1946), Excise Profits Tax Act of 1940 (Title II of the Second Revenue Act of 1940, which was repealed for years ending after December 31, 1945), and Vinson Act as amended (14 U.S.C. 496). 3/Beginning January 1951, withheld income taxes and social security employment taxes on employees and employers are paid into the Treasury in combined amounts without separation as to type of tax. The figures for prior periods have been combined accordingly in this table for purposes of comparison, but are shown separately in the March 1951 and preceding issues of the "Treasury Bulletin". 4/Repealed for years ending after June 30, 1945. Beginning with July 1950, included under "Miscellaneous".
September 1951
49
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Office of the Secretary of the Treasury, Office of the Technical Staff
8-165-L
50
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="3">Fiscal year</th><th colspan="2">Twelfth month of fiscal year</th></tr><tr><th></th><th>1949</th><th>1950</th><th>1951</th><th>1950 (June 1950)</th><th>1951 (June 1951)</th></tr><tr><td>Corporation income and excess profits taxes 2/</td><td>11,553,669</td><td>10,854,351</td><td>14,387,569</td><td>1,780,612</td><td>3,908,412</td></tr><tr><td>Individual income tax and employment taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax not withheld</td><td>7,996,320</td><td>7,264,332</td><td>9,907,539</td><td>917,160</td><td>1,195,292</td></tr><tr><td>Withheld taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and old-age insurance 3/</td><td>11,742,653</td><td>11,762,377</td><td>15,900,519</td><td>212,176</td><td>256,491</td></tr><tr><td>Railroad retirement</td><td>562,734</td><td>548,038</td><td>579,778</td><td>101,728</td><td>123,466</td></tr><tr><td>Total withheld taxes</td><td>12,305,387</td><td>12,310,415</td><td>16,480,297</td><td>313,904</td><td>379,957</td></tr><tr><td>Unemployment insurance</td><td>226,228</td><td>223,135</td><td>236,952</td><td>1,183</td><td>1,140</td></tr><tr><td>Total individual income tax and employment taxes</td><td>20,527,935</td><td>19,797,883</td><td>26,624,788</td><td>1,232,253</td><td>1,576,388</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax 4/</td><td>6,138</td><td>266</td><td>-</td><td>11</td><td>-</td></tr><tr><td>Estate tax</td><td>735,781</td><td>657,441</td><td>638,523</td><td>52,309</td><td>44,459</td></tr><tr><td>Gift tax</td><td>60,757</td><td>48,785</td><td>91,207</td><td>1,699</td><td>2,530</td></tr><tr><td>Liquor taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>121,773</td><td>126,344</td><td>172,362</td><td>11,310</td><td>12,165</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,276,175</td><td>1,295,549</td><td>1,574,472</td><td>110,046</td><td>77,636</td></tr><tr><td>Distilled spirits, rectification tax</td><td>33,793</td><td>30,069</td><td>38,053</td><td>2,415</td><td>2,351</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,448</td><td>2,600</td><td>3,738</td><td>300</td><td>274</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>63,334</td><td>70,001</td><td>63,516</td><td>4,031</td><td>4,017</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>9,973</td><td>9,860</td><td>9,161</td><td>2,649</td><td>2,229</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>9</td><td>12</td><td>1</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>375</td><td>738</td><td>1,090</td><td>66</td><td>51</td></tr><tr><td>Container stamps</td><td>11,907</td><td>11,825</td><td>14,921</td><td>1,004</td><td>809</td></tr><tr><td>Floor taxes</td><td>20</td><td>5</td><td>12</td><td>2</td><td>*</td></tr><tr><td>Fermented malt liquors</td><td>686,368</td><td>667,411</td><td>665,009</td><td>69,849</td><td>63,823</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>4,430</td><td>4,784</td><td>4,462</td><td>1,259</td><td>1,026</td></tr><tr><td>Total liquor taxes</td><td>2,210,601</td><td>2,219,196</td><td>2,546,807</td><td>202,932</td><td>164,382</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>45,530</td><td>42,112</td><td>44,220</td><td>3,627</td><td>3,920</td></tr><tr><td>Cigars (small)</td><td>59</td><td>58</td><td>56</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>7</td><td>6</td><td>7</td><td>1</td><td>*</td></tr><tr><td>Cigarettes (small)</td><td>1,232,728</td><td>1,242,845</td><td>1,293,966</td><td>114,701</td><td>112,148</td></tr><tr><td>Snuff</td><td>7,272</td><td>7,389</td><td>7,235</td><td>695</td><td>552</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>35,435</td><td>35,070</td><td>33,870</td><td>2,922</td><td>2,884</td></tr><tr><td>Cigarette papers and tubes</td><td>841</td><td>984</td><td>1,041</td><td>139</td><td>53</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>2</td><td>1</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>1,321,875</td><td>1,328,464</td><td>1,380,396</td><td>122,090</td><td>119,562</td></tr><tr><td>Stamp taxes:</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>46,667</td><td>50,156</td><td>56,105</td><td>5,989</td><td>4,902</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,910</td><td>23,823</td><td>28,679</td><td>2,426</td><td>2,196</td></tr><tr><td>Playing cards</td><td>7,564</td><td>10,546</td><td>8,222</td><td>477</td><td>401</td></tr><tr><td>Silver bullion sales or transfers</td><td>687</td><td>123</td><td>100</td><td>2</td><td>3</td></tr><tr><td>Total stamp taxes</td><td>72,828</td><td>84,648</td><td>93,107</td><td>8,894</td><td>7,503</td></tr></table>
Footnotes at and of table.
(Continued on following page)
September 1951
51
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax 1/ (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="3">Fiscal year</th><th colspan="2">Twelfth month of fiscal year</th></tr><tr><th></th><th>1949</th><th>1950</th><th>1951</th><th>1950 (June 1950)</th><th>1951 (June 1951)</th></tr><tr><td>Miscellaneous internal revenue (continued):</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></tr><tr><td>Lubricating oils</td><td>81,760</td><td>77,610</td><td>97,238</td><td>10,992</td><td>10,519</td></tr><tr><td>Gasoline</td><td>503,647</td><td>526,732</td><td>569,048</td><td>46,430</td><td>52,379</td></tr><tr><td>Tires and tubes</td><td>150,899</td><td>151,795</td><td>198,383</td><td>14,842</td><td>14,265</td></tr><tr><td>Automobile trucks and buses</td><td>136,797</td><td>123,630</td><td>121,285</td><td>8,118</td><td>11,496</td></tr><tr><td>Other automobiles and motorcycles</td><td>332,812</td><td>452,066</td><td>653,363</td><td>39,081</td><td>47,568</td></tr><tr><td>Parts and accessories for automobile</td><td>120,138</td><td>88,733</td><td>119,475</td><td>8,482</td><td>9,637</td></tr><tr><td>Electrical energy</td><td>79,347</td><td>85,704</td><td>93,138</td><td>6,882</td><td>7,550</td></tr><tr><td>Electric, gas, and oil appliances</td><td>80,935</td><td>80,406</td><td>121,996</td><td>7,948</td><td>8,338</td></tr><tr><td>Electric light bulbs and tubes</td><td>26,172</td><td>20,726</td><td>30,284</td><td>943</td><td>2,640</td></tr><tr><td>Radio sets, phonographs, components, etc. 5/</td><td>49,160</td><td>42,085</td><td>128,187</td><td>4,165</td><td>9,754</td></tr><tr><td>Phonograph records</td><td>6,483</td><td>5,769</td><td>7,007</td><td>477</td><td>506</td></tr><tr><td>Musical instruments</td><td>9,293</td><td>8,865</td><td>10,756</td><td>860</td><td>755</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc. 6/</td><td>71,833</td><td>64,316</td><td>96,319</td><td>8,512</td><td>8,130</td></tr><tr><td>Matches</td><td>8,738</td><td>8,875</td><td>10,169</td><td>562</td><td>469</td></tr><tr><td>Business and store machines</td><td>33,344</td><td>30,012</td><td>44,491</td><td>2,356</td><td>3,975</td></tr><tr><td>Photographic apparatus</td><td>43,140</td><td>39,931</td><td>46,020</td><td>2,988</td><td>4,100</td></tr><tr><td>Sporting goods</td><td>19,846</td><td>18,969</td><td>17,862</td><td>4,619</td><td>1,535</td></tr><tr><td>Firearms, shells, and cartridges</td><td>10,379</td><td>9,351</td><td>17,846</td><td>1,273</td><td>1,417</td></tr><tr><td>Pistols and revolvers</td><td>810</td><td>481</td><td>762</td><td>42</td><td>24</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,771,533</td><td>1,836,053</td><td>2,383,677</td><td>169,570</td><td>195,058</td></tr><tr><td>Retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Furs</td><td>61,946</td><td>45,781</td><td>57,604</td><td>1,903</td><td>2,133</td></tr><tr><td>Jewelry</td><td>210,688</td><td>190,820</td><td>210,239</td><td>14,849</td><td>14,834</td></tr><tr><td>Luggage</td><td>82,607</td><td>77,532</td><td>82,831</td><td>7,240</td><td>6,050</td></tr><tr><td>Toilet preparations</td><td>93,969</td><td>94,995</td><td>106,339</td><td>8,137</td><td>8,622</td></tr><tr><td>Total retailers' excise taxes</td><td>449,211</td><td>409,128</td><td>457,013</td><td>32,129</td><td>31,640</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sugar Act of 1937</td><td>76,174</td><td>71,188</td><td>80,192</td><td>5,388</td><td>4,716</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities</td><td>311,380</td><td>312,339</td><td>354,660</td><td>24,218</td><td>26,192</td></tr><tr><td>Local telephone service</td><td>224,531</td><td>247,281</td><td>290,320</td><td>16,533</td><td>22,001</td></tr><tr><td>Transportation of oil by pipe line</td><td>19,325</td><td>18,919</td><td>24,946</td><td>1,458</td><td>1,842</td></tr><tr><td>Transportation of persons, etc.</td><td>251,389</td><td>228,738</td><td>237,617</td><td>17,092</td><td>20,000</td></tr><tr><td>Transportation of property</td><td>337,030</td><td>321,193</td><td>381,342</td><td>28,637</td><td>31,039</td></tr><tr><td>Leases of safe-deposit boxes</td><td>9,461</td><td>9,554</td><td>9,569</td><td>797</td><td>727</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>395,843</td><td>371,244</td><td>346,492</td><td>28,788</td><td>25,814</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>48,897</td><td>41,453</td><td>42,646</td><td>3,546</td><td>3,604</td></tr><tr><td>Club dues and initiation fees</td><td>27,790</td><td>28,740</td><td>30,120</td><td>3,125</td><td>3,262</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>3,805</td><td>3,608</td><td>3,610</td><td>568</td><td>443</td></tr><tr><td>Coin operated devices</td><td>21,088</td><td>20,174</td><td>20,731</td><td>2,100</td><td>1,157</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheeses</td><td>21</td><td>12</td><td>11</td><td>-90</td><td>2</td></tr><tr><td>Oleomargarine, including special taxes 7/</td><td>17,541</td><td>29,297</td><td>35</td><td>1,478</td><td>1</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>815</td><td>867</td><td>866</td><td>263</td><td>242</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>17,460</td><td>15,857</td><td>19,088</td><td>622</td><td>813</td></tr><tr><td>National Firearms Act</td><td>11</td><td>7</td><td>9</td><td>2</td><td>3</td></tr><tr><td>All other, including repealed taxes not shown separately</td><td>273</td><td>437</td><td>347</td><td>123</td><td>188</td></tr><tr><td>Total miscellaneous taxes</td><td>1,752,792</td><td>1,720,908</td><td>1,842,598</td><td>134,648</td><td>142,045</td></tr><tr><td>Total miscellaneous internal revenue</td><td>8,381,515</td><td>8,304,892</td><td>9,433,328</td><td>724,281</td><td>707,178</td></tr><tr><td>Total internal revenue collections</td><td>40,463,119</td><td>38,957,126</td><td>50,445,686</td><td>3,737,146</td><td>6,191,979</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-155,834</td><td>491,402</td><td>660,409</td><td>+852,409</td><td>+1,138,112</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>40,307,285</td><td>39,448,607</td><td>51,106,095</td><td>4,589,555</td><td>7,330,091</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. Detail by type of tax is available only on a collection basis. Receipts on the Daily Treasury Statement basis are compiled from the latest daily reports from Government depositaries; they do not coincide with amounts reported by collectors because of the lag in deposits of collections and because certain taxes are paid directly into the depositaries.
1/ Excludes collections for credit to certain trust accounts for island possessions; includes corporation income tax on Alaska Railroad.
2/ Includes excess profits taxes formerly shown separately as follows: declared value (repealed for years ending after June 30, 1946), Excess Profit Tax Act of 1940 (Title II of the Second Revenue Act of 1940, which was repealed for years ending after December 31, 1945),
and Vinson Act as amended (34 U.S.C. 496). 3/ Beginning January 1951, withheld income taxes and social security employment taxes on employees and employers are paid into the Treasury in combined amounts without separation as to type of tax. The figures for prior periods have been combined accordingly in this table for purposes of comparison, but are shown separately in the March 1951 and preceding issues of the "Treasury Bulletin". 4/ Repealed for years ending after June 30, 1945. Beginning with July 1950, included under "Miscellaneous taxes". 5/ Includes television sets as provided in the Revenue Act of 1950, approved September 23, 1950. 6/ Includes quick-freeze units as provided in the Revenue Act of 1950. 7/ Repealed (except on imported oleomargarine), effective July 1,1950. * Less than $500.
52
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="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificate 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>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>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>26,482</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>1950</td><td>27,156</td><td>25,661</td><td>41</td><td>2,177</td><td>1</td><td>321</td><td>22,760</td><td>274</td><td>86</td></tr><tr><td>1951</td><td>27,809</td><td>26,231</td><td>39</td><td>2,092</td><td>1</td><td>318</td><td>23,456</td><td>243</td><td>81</td></tr><tr><td>'1950-December</td><td>27,741</td><td>26,187</td><td>40</td><td>2,129</td><td>1</td><td>313</td><td>23,363</td><td>257</td><td>84</td></tr><tr><td>1951-January</td><td>27,048</td><td>25,518</td><td>40</td><td>2,026</td><td>1</td><td>303</td><td>22,811</td><td>254</td><td>83</td></tr><tr><td>February</td><td>27,188</td><td>25,653</td><td>40</td><td>2,051</td><td>1</td><td>311</td><td>22,916</td><td>252</td><td>83</td></tr><tr><td>March</td><td>27,119</td><td>25,576</td><td>39</td><td>2,059</td><td>1</td><td>310</td><td>22,834</td><td>250</td><td>82</td></tr><tr><td>April</td><td>27,278</td><td>25,727</td><td>39</td><td>2,077</td><td>1</td><td>314</td><td>22,966</td><td>247</td><td>82</td></tr><tr><td>May</td><td>27,519</td><td>25,951</td><td>39</td><td>2,094</td><td>1</td><td>316</td><td>23,173</td><td>245</td><td>82</td></tr><tr><td>June</td><td>27,809</td><td>26,231</td><td>39</td><td>2,092</td><td>1</td><td>318</td><td>23,456</td><td>243</td><td>81</td></tr><tr><td>July p.</td><td>27,848</td><td>26,258</td><td>39</td><td>2,059</td><td>1</td><td>314</td><td>23,524</td><td>241</td><td>81</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) 2/</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></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>110</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>136.46</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</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>1950</td><td>1,496</td><td>170</td><td>965</td><td>361</td><td>179.03</td></tr><tr><td>1951</td><td>1,578</td><td>180</td><td>1,020</td><td>378</td><td>180.15</td></tr><tr><td>1950-December</td><td>1,554</td><td>177</td><td>1,002</td><td>375</td><td>181.21</td></tr><tr><td>1951-January</td><td>1,530</td><td>177</td><td>982</td><td>371</td><td>176.44</td></tr><tr><td>February</td><td>1,535</td><td>177</td><td>987</td><td>372</td><td>177.13</td></tr><tr><td>March</td><td>1,542</td><td>177</td><td>993</td><td>373</td><td>176.44</td></tr><tr><td>April</td><td>1,551</td><td>178</td><td>1,000</td><td>374</td><td>177.25</td></tr><tr><td>May</td><td>1,568</td><td>179</td><td>1,013</td><td>376</td><td>178.55r</td></tr><tr><td>June</td><td>1,578</td><td>180</td><td>1,020</td><td>378</td><td>180.15</td></tr><tr><td>July p</td><td>1,590</td><td>181</td><td>1,027</td><td>381</td><td>180.08</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 agents, and coin estimated to be held outside the continental limits of the United States. Includes paper currency held outside the continental limite 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.
5/ Based on Bureau of the Census estimates of population.
p Preliminary.
r Revised.
September 1951
53
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>Cold ($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>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>3,525.7</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>1950</td><td>24,230.7</td><td>3,671.5</td><td>13.2</td></tr><tr><td>1951 p.</td><td>21,755.9</td><td>3,718.5</td><td>14.6</td></tr><tr><td>1950-Dec</td><td>22,706.1</td><td>3,697.1</td><td>14.0</td></tr><tr><td>1951-January</td><td>22,391.7</td><td>3,701.9</td><td>14.2</td></tr><tr><td>February</td><td>22,085.9</td><td>3,705.0</td><td>14.4</td></tr><tr><td>March</td><td>21,805.6</td><td>3,708.9</td><td>14.5</td></tr><tr><td>April</td><td>21,804.9</td><td>3,712.1</td><td>14.5</td></tr><tr><td>May</td><td>21,755.7</td><td>3,713.6</td><td>14.6</td></tr><tr><td>June</td><td>21,755.9</td><td>3,718.5</td><td>14.6</td></tr><tr><td>July p.</td><td>21,759.0</td><td>3,727.5</td><td>14.6</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>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,329.0</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>1950</td><td>22,706.1</td><td>21,497.5</td><td>156.0</td><td>-</td><td>1,052.6</td></tr><tr><td>1951-January</td><td>22,391.7</td><td>21,200.0</td><td>156.0</td><td>-</td><td>1,035.6</td></tr><tr><td>February</td><td>22,085.9</td><td>20,991.8</td><td>156.0</td><td>-</td><td>1,038.0</td></tr><tr><td>March</td><td>21,805.6</td><td>20,606.2</td><td>156.0</td><td>-</td><td>1,043.4</td></tr><tr><td>April</td><td>21,804.9</td><td>20,606.2</td><td>156.0</td><td>-</td><td>1,042.6</td></tr><tr><td>May</td><td>21,755.7</td><td>20,547.0</td><td>156.0</td><td>-</td><td>1,052.7</td></tr><tr><td>June</td><td>21,755.9</td><td>20,553.3</td><td>156.0</td><td>-</td><td>1,046.5</td></tr><tr><td>July 9</td><td>21,759.0</td><td>20,543.0</td><td>156.0</td><td>-</td><td>1,059.9</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/ Reserves against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund. p Preliminary.
54
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 colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollare</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th></th><th></th><th></th></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,070.6</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>321.2</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</td><td>2,040.7</td><td>312.8</td><td>3.6</td><td>-</td><td>95.1</td><td>179.8</td><td>1,022.2</td><td>3,697.1</td></tr><tr><td>1951-January</td><td>2,044.2</td><td>312.7</td><td>5.3</td><td>-</td><td>95.6</td><td>179.8</td><td>1,021.5</td><td>3,701.9</td></tr><tr><td>February</td><td>2,047.5</td><td>312.7</td><td>5.9</td><td>-</td><td>95.1</td><td>179.9</td><td>1,021.7</td><td>3,705.0</td></tr><tr><td>March</td><td>2,050.0</td><td>312.5</td><td>5.4</td><td>.1</td><td>95.0</td><td>180.0</td><td>1,022.6</td><td>3,708.9</td></tr><tr><td>April</td><td>2,052.6</td><td>312.0</td><td>4.4</td><td>.1</td><td>95.8</td><td>180.5</td><td>1,025.3</td><td>3,712.1</td></tr><tr><td>May</td><td>2,054.3</td><td>310.7</td><td>2.8</td><td>-</td><td>94.3</td><td>181.6</td><td>1,031.2</td><td>3,713.6</td></tr><tr><td>June</td><td>2,057.2</td><td>309.4</td><td>1.4</td><td>-</td><td>93.0</td><td>132.8</td><td>1,043.6</td><td>3,718.5</td></tr><tr><td>July</td><td>2,050.7</td><td>307.9</td><td>2.4</td><td>-</td><td>92.1</td><td>184.4</td><td>1,047.6</td><td>3,727.5</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for certain preliminary figures.
1/ Valued at $1.23+ per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government (see Daily Treasury Statement for amount). Does not include silver landed to foreign governments (these transactions all took place during the fiscal years 1942 through 1946; see 1945 Annual Report of the
3/ Valued at $1.38+ per fine ounce.
4/ 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.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ouncee</th><th colspan="4">Silver acquisitions by mints and assay officee</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ouncee</th><th>Dollars</th></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.0 r</td><td>.9</td><td>.6</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>21.1 r</td><td>4.9</td><td>4.4</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>38.6 r</td><td>30.3 4/</td><td>27.4 4/</td><td>-</td><td>-</td></tr><tr><td>1948</td><td>39.2 r</td><td>36.8</td><td>33.3</td><td>-</td><td>-</td></tr><tr><td>1949</td><td>34.9 r</td><td>33.0</td><td>29.9</td><td>-</td><td>-</td></tr><tr><td>1950</td><td>42.3 r</td><td>41.3</td><td>37.4</td><td>-</td><td>-</td></tr><tr><td>1951-January</td><td>3.8</td><td>4.0</td><td>3.7</td><td>-</td><td>-</td></tr><tr><td>February</td><td>3.4</td><td>2.4</td><td>2.2</td><td>-</td><td>-</td></tr><tr><td>March</td><td>4.4</td><td>3.0</td><td>2.7</td><td>-</td><td>-</td></tr><tr><td>April</td><td>3.4</td><td>2.5</td><td>2.3</td><td>-</td><td>-</td></tr><tr><td>May</td><td>3.5</td><td>2.7</td><td>2.5</td><td>-</td><td>-</td></tr><tr><td>June p</td><td>3.9</td><td>3.8</td><td>3.5</td><td>-</td><td>-</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 cents per fine ounce from that date until April 23, 1935; at 77.57 cents per fine ounce from April 23, 1935, to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937, to July 1, 1939; at 71.11 cents per fine ounce
from July 1, 1939, to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946.
3/ No foreign silver has been purchased under the Silver Purchase Act of 1934 since May 1942.
4/ Includes 0.2 million ounces valued at 71.11 cents per fine ounce totalling $0.2 million, and 30.1 million ounces valued at 90.5 cents per fine ounce totalling $27.2 million.
* Less than 50,000 ounces or $50,000.
r Revised.
September 1951
55
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 colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Acte 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></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>750.8</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>1950</td><td>596.6</td><td>48.7</td><td>87.6</td><td>104.7</td><td>833.6</td><td>34.7</td><td>1,109.3</td><td>111.7</td></tr><tr><td>1951-January</td><td>603.7</td><td>48.7</td><td>87.6</td><td>105.8</td><td>833.6</td><td>34.7</td><td>1,110.4</td><td>110.0</td></tr><tr><td>February</td><td>605.9</td><td>48.7</td><td>87.6</td><td>106.8</td><td>833.5</td><td>34.7</td><td>1,111.4</td><td>108.4</td></tr><tr><td>March</td><td>607.5</td><td>48.7</td><td>87.6</td><td>107.5</td><td>833.6</td><td>34.7</td><td>1,112.1</td><td>109.4</td></tr><tr><td>April</td><td>610.1</td><td>48.7</td><td>87.6</td><td>108.3</td><td>833.6</td><td>34.7</td><td>1,112.9</td><td>108.7</td></tr><tr><td>May</td><td>612.5</td><td>48.7</td><td>87.6</td><td>108.8</td><td>833.6</td><td>34.7</td><td>1,113.4</td><td>106.6</td></tr><tr><td>June</td><td>615.5</td><td>48.7</td><td>87.6</td><td>109.7</td><td>833.6</td><td>34.7</td><td>1,114.3</td><td>104.3</td></tr><tr><td>July</td><td>620.8</td><td>48.7</td><td>87.6</td><td>110.7</td><td>833.6</td><td>34.7</td><td>1,115.3</td><td>100.5</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>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><tr><td>1947-Jan.-Mar.</td><td>-66.74</td><td>-1.28</td><td>1.60</td><td>-66.42</td><td>1950-Jan.-Mar.</td><td>-176.94</td><td>-5.74</td><td>1.80</td><td>-180.88</td></tr><tr><td>Apr.-June</td><td>793.00</td><td>9.43</td><td>1.45</td><td>803.93</td><td>Apr.-June</td><td>-4.66</td><td>-12.35</td><td>1.44</td><td>-15.57</td></tr><tr><td>July-Sept.</td><td>686.81</td><td>.70</td><td>1.30</td><td>688.81</td><td>July-Sept.</td><td>-748.59</td><td>-.89</td><td>1.58</td><td>-747.90</td></tr><tr><td>Oct.-Dec.</td><td>799.82</td><td>-2.54</td><td>1.31</td><td>798.59</td><td>Oct.-Dec.</td><td>-759.12</td><td>-19.41</td><td>1.85</td><td>-776.68</td></tr><tr><td>1948-Jan.-Mar.</td><td>384.63</td><td>-4.89</td><td>2.88</td><td>382.62</td><td>1951-Jan.-Mar.</td><td>-893.31</td><td>-8.87</td><td>1.44</td><td>-930.74</td></tr><tr><td>Apr.-June</td><td>405.02</td><td>-10.48</td><td>1.40</td><td>395.94</td><td>Apr.-June</td><td>-43.41</td><td>-7.84</td><td>1.73</td><td>-49.52</td></tr><tr><td>July-Sept.</td><td>334.65</td><td>3.81</td><td>1.40</td><td>339.86</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.-Dec.</td><td>369.12</td><td>.90</td><td>1.59</td><td>371.61</td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Cold received by importation less gold released for exportation, including earmarking transactions.
2/ Receipts less sales to domestic industry.
3/ Receipts of domestic ccin, secondary gold, etc., less sales to domestic industry.
56
Treasury Bulletin
CAPITAL MOVEMENTS
Data relating to claims on foreigners and liabilities to foreigners, and capital movements between the United States and foreign countries, have been collected since 1935, pursuant to Executive Order 6560 of January 15, 1934, and Treasury regulations thereunder. Information covering the principal types of data and the principal countries is reported each month by banks and bankers and securities brokers and dealers in the United States. This information is published regularly in the "Treasury Bulletin". Supplementary information is published at less frequent intervals. All reports are made initially to the Federal Reserve Banks, which forward consolidated figures to the Treasury.
The term "foreigners" as used in these reports covers all institutions and individuals (including United States citizens) domiciled outside the United States, as well as international organizations, wherever domiciled, created by treaty or convention between sovereign states. "Short-term" refers to original maturities of one year or less, and "long-term" refers to all other maturities. A detailed discussion of the reporting coverage, basis of reporting, and derivation of capital movements figures appeared in the April 1950 issue of the "Treasury Bulletin", pages 50-52. Revised report forms and regulations became effective with
the data for January 1950. Attention is called to the fact that although the grand total figures on the revised reporting basis are reasonably comparable with those for preceding months, data for individual countries in some instances are not comparable because of certain changes in coverage and geographical classification.
The supplementary information, contained in Section IV, is presented in three tables appearing at different times. Table 1 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. Table 3 gives information on short-term liabilities to countries not regularly reported separately by banks and bankers. This table appeared for the first time in the April 1950 issue. The data have been requested at irregular intervals, the earliest date being October 1943.
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>334,163</td><td>395,524</td><td>-11,318</td><td>-89,055</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</td><td>194,458</td><td>90,845</td><td>610</td><td>75,203</td><td>27,800</td></tr><tr><td>1950</td><td>1,758,221 r</td><td>951,166 r</td><td>7,992</td><td>944,430</td><td>-145,387</td></tr><tr><td>1950-July</td><td>114,178 r</td><td>26,596 r</td><td>-2,464</td><td>91,379</td><td>-1,333</td></tr><tr><td>August</td><td>232,488 r</td><td>140,868 1/r</td><td>2,006</td><td>142,955</td><td>-53,341</td></tr><tr><td>September</td><td>359,165 r</td><td>507,595 r</td><td>-808</td><td>25,834</td><td>-173,456</td></tr><tr><td>October</td><td>245,454 r</td><td>147,419 r</td><td>2,408</td><td>32,383</td><td>63,244</td></tr><tr><td>November</td><td>-23,311 r</td><td>-282,423 r</td><td>7,304</td><td>247,915</td><td>3,893</td></tr><tr><td>December</td><td>-188,328 r</td><td>-308,568 r</td><td>110</td><td>122,010</td><td>-1,880</td></tr><tr><td>1951-January</td><td>-53,539 r</td><td>-129,851 r</td><td>-1,257</td><td>77,829</td><td>-260</td></tr><tr><td>February</td><td>-59,593 r</td><td>-44,363 r</td><td>2,711</td><td>-6,668</td><td>-11,273</td></tr><tr><td>March</td><td>-49,085 r</td><td>-32,056 r</td><td>-2,269</td><td>31,468</td><td>-46,228</td></tr><tr><td>April</td><td>27,806</td><td>-29,325</td><td>-1,835</td><td>93,851</td><td>-31,885</td></tr><tr><td>May p</td><td>-119,923 r</td><td>-90,244</td><td>-4,499</td><td>17,530</td><td>-42,710 r</td></tr><tr><td>June p</td><td>2,769</td><td>295,957</td><td>11,113</td><td>-270,719</td><td>-33,582</td></tr></table>
1/ See Table 2, footnote 1.
p Preliminary. r Revised.
September 1951
57
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Portion at end of period in thousands of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Short-term claims on foreigners</th><th colspan="4">Short-term liabilities to foreigners</th><th rowspan="2">Net short-term liability</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Total</th><th>Payable in dollars</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</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>3,583,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,611</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>6,583,068</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>40,629</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>70,389</td><td>6,699,260</td></tr><tr><td>1949</td><td>827,854</td><td>110,804</td><td>222,719</td><td>494,331</td><td>7,617,959</td><td>5,073,506</td><td>2,493,334</td><td>51,039</td><td>6,790,105</td></tr><tr><td>1950</td><td>898,716</td><td>240,583</td><td>151,115</td><td>507,018</td><td>8,646,128 r</td><td>5,503,154 r</td><td>3,098,063</td><td>44,911</td><td>7,747,412 r</td></tr><tr><td>1950-July</td><td>667,101</td><td>116,597</td><td>120,494</td><td>430,010</td><td>8,209,622 r</td><td>5,231,941 r</td><td>2,922,115</td><td>55,566</td><td>7,542,521 r</td></tr><tr><td>August</td><td>683,796</td><td>126,822</td><td>109,755</td><td>447,219</td><td>8,367,185 1/4 r</td><td>5,217,799 1/4 r</td><td>3,094,577 1/4</td><td>54,809</td><td>7,683,389 r</td></tr><tr><td>September</td><td>745,929</td><td>208,768</td><td>105,765</td><td>431,396</td><td>8,936,913 r</td><td>5,483,675 r</td><td>3,401,359</td><td>51,875</td><td>8,190,984 r</td></tr><tr><td>October</td><td>836,670</td><td>267,688</td><td>119,187</td><td>449,795</td><td>9,175,073 r</td><td>5,595,996 r</td><td>3,534,265</td><td>44,822</td><td>8,338,403 r</td></tr><tr><td>November</td><td>847,377</td><td>240,606</td><td>123,239</td><td>483,532</td><td>8,903,357 r</td><td>5,482,978 r</td><td>3,369,600</td><td>50,779</td><td>8,055,980 r</td></tr><tr><td>December</td><td>898,716</td><td>240,583</td><td>151,115</td><td>507,018</td><td>8,646,128 r</td><td>5,503,154 r</td><td>3,098,063</td><td>44,911</td><td>7,747,412 r</td></tr><tr><td>1951-January</td><td>899,786 r</td><td>197,473</td><td>136,183</td><td>526,130 r</td><td>8,477,347 r</td><td>5,399,947 r</td><td>3,038,744</td><td>38,656</td><td>7,617,561 r</td></tr><tr><td>February</td><td>912,491 r</td><td>207,622</td><td>152,871</td><td>551,998 r</td><td>8,485,689 r</td><td>5,397,103 r</td><td>3,048,163</td><td>40,423</td><td>7,573,198 r</td></tr><tr><td>March</td><td>912,872 r</td><td>202,547</td><td>148,926</td><td>561,399 r</td><td>8,454,014 r</td><td>5,473,941</td><td>2,933,932 r</td><td>46,141</td><td>7,541,142 r</td></tr><tr><td>April</td><td>891,505</td><td>203,035</td><td>147,750</td><td>540,720</td><td>8,403,322</td><td>5,445,968</td><td>2,899,827</td><td>57,527</td><td>7,512,817</td></tr><tr><td>May p</td><td>919,106</td><td>195,204</td><td>156,434</td><td>567,468</td><td>8,345,659</td><td>5,359,898</td><td>2,930,322</td><td>55,439</td><td>7,426,553</td></tr><tr><td>June p</td><td>937,774</td><td>199,762</td><td>162,770</td><td>575,242</td><td>8,660,284</td><td>5,420,624</td><td>3,182,859</td><td>56,801</td><td>7,722,510</td></tr></table>
1/ Beginning with August 1950, data include for the first time certain deposit balances and other assets which had been held in specific trust accounts but which had been previously excluded from reported liabilities.
p Preliminary. r Revied.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net movement of short-term banking funds</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposite of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935-41.</td><td>736,307</td><td>307,187</td><td>6,409</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>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943.</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,112</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944.</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>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>115,384</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.</td><td>190,846</td><td>-10,433</td><td>138,478</td><td>62,801</td><td>-100,001</td><td>-136,234</td><td>55,583</td><td>-19,350</td><td>90,845</td></tr><tr><td>1950.</td><td>-76,983</td><td>-129,779</td><td>65,483</td><td>-12,687</td><td>1,028,169 r</td><td>429,568 r</td><td>604,729</td><td>-6,128</td><td>951,106 r</td></tr><tr><td>1950-July</td><td>-9,851</td><td>-9,423</td><td>7,878</td><td>-8,306</td><td>36,447 r</td><td>-61,191 r</td><td>92,564 r</td><td>5,074</td><td>26,596 r</td></tr><tr><td>August.</td><td>-16,695</td><td>-10,225</td><td>10,739</td><td>-17,209</td><td>157,563 1/2</td><td>-14,142 1/2</td><td>172,462 1/</td><td>-757</td><td>140,863 1/2</td></tr><tr><td>September.</td><td>-62,133</td><td>-81,946</td><td>3,990</td><td>15,823</td><td>369,728 r</td><td>265,876 r</td><td>306,782</td><td>-2,930</td><td>507,595 r</td></tr><tr><td>October.</td><td>-90,741</td><td>-58,920</td><td>-13,422</td><td>-18,399</td><td>238,160 r</td><td>112,311 r</td><td>132,906</td><td>-7,057</td><td>147,419 r</td></tr><tr><td>November.</td><td>-10,707</td><td>27,082</td><td>-4,052</td><td>-33,737</td><td>-271,716 r</td><td>-113,008 r</td><td>-164,665</td><td>5,957</td><td>-282,423 r</td></tr><tr><td>December.</td><td>-51,339</td><td>23</td><td>-27,876</td><td>-23,486</td><td>-257,229 r</td><td>20,176 r</td><td>-271,537</td><td>-5,868</td><td>-308,568 r</td></tr><tr><td>1951-January.</td><td>38,930 r</td><td>43,110</td><td>14,932</td><td>-19,112 r</td><td>-168,781 r</td><td>-103,207 r</td><td>-59,319</td><td>-6,255</td><td>-129,851 r</td></tr><tr><td>February.</td><td>-52,705 r</td><td>-10,149</td><td>-16,688</td><td>-25,868 r</td><td>8,342 r</td><td>-2,844 r</td><td>9,419</td><td>1,767</td><td>-44,363 r</td></tr><tr><td>March.</td><td>-381 r</td><td>5,075</td><td>3,945</td><td>-9,401 r</td><td>-31,675 r</td><td>76,838 r</td><td>-114,231 r</td><td>5,718</td><td>-32,056 r</td></tr><tr><td>April.</td><td>21,367</td><td>-488</td><td>1,176</td><td>20,679</td><td>-50,692</td><td>-27,973</td><td>-34,105</td><td>11,386</td><td>-29,325</td></tr><tr><td>May p.</td><td>-23,089</td><td>3,815</td><td>-7,585</td><td>-19,319</td><td>-67,155</td><td>-96,052</td><td>30,985</td><td>-2,088</td><td>-90,244</td></tr><tr><td>June p.</td><td>-18,668</td><td>-4,558</td><td>-6,336</td><td>-7,774</td><td>314,625</td><td>60,726</td><td>252,537</td><td>1,362</td><td>295,957</td></tr></table>
1/
See Table 2, footnote 1.
p Preliminary. r Revised.
58
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>414,170</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>344,805</td><td>283,275</td><td>61,530</td><td>570,894</td><td>659,949</td><td>-89,055</td></tr><tr><td>1948</td><td>369,736</td><td>524,059</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</td><td>354,085</td><td>375,303</td><td>-21,218</td><td>430,013</td><td>333,592</td><td>96,421</td><td>704,098</td><td>703,895</td><td>75,203</td></tr><tr><td>1950</td><td>666,941</td><td>664,016</td><td>2,925</td><td>1,344,111</td><td>402,606</td><td>941,505</td><td>2,011,052</td><td>1,066,622</td><td>944,430</td></tr><tr><td>1950-July</td><td>51,585</td><td>51,850</td><td>-265</td><td>117,948</td><td>26,304</td><td>91,644</td><td>169,533</td><td>78,154</td><td>91,379</td></tr><tr><td>August</td><td>48,680</td><td>54,667</td><td>-5,987</td><td>166,366</td><td>17,424</td><td>148,942</td><td>215,046</td><td>72,091</td><td>142,955</td></tr><tr><td>September</td><td>52,265</td><td>50,159</td><td>2,106</td><td>64,220</td><td>40,492</td><td>23,728</td><td>116,485</td><td>90,651</td><td>25,834</td></tr><tr><td>October</td><td>62,668</td><td>59,310</td><td>3,358</td><td>65,354</td><td>36,329</td><td>29,025</td><td>128,022</td><td>95,639</td><td>32,383</td></tr><tr><td>November</td><td>60,780</td><td>53,760</td><td>7,020</td><td>281,702</td><td>40,807</td><td>240,895</td><td>342,482</td><td>94,567</td><td>247,915</td></tr><tr><td>December</td><td>62,288</td><td>64,576</td><td>-2,288</td><td>184,644</td><td>60,346</td><td>124,293</td><td>246,932</td><td>124,922</td><td>122,010</td></tr><tr><td>1951-January</td><td>85,430</td><td>82,304</td><td>3,176</td><td>115,734</td><td>41,081</td><td>74,653</td><td>201,214</td><td>123,385</td><td>77,829</td></tr><tr><td>February</td><td>66,610</td><td>61,493</td><td>5,117</td><td>30,005</td><td>41,790</td><td>-11,785</td><td>96,615</td><td>103,283</td><td>-6,668</td></tr><tr><td>March</td><td>55,608</td><td>46,971</td><td>8,637</td><td>74,645</td><td>51,814</td><td>22,831</td><td>130,253</td><td>98,785</td><td>31,468</td></tr><tr><td>April</td><td>53,334</td><td>39,553</td><td>13,781</td><td>118,043</td><td>37,973</td><td>80,070</td><td>171,377</td><td>77,526</td><td>93,851</td></tr><tr><td>May p.</td><td>71,270</td><td>59,263</td><td>12,007</td><td>59,377</td><td>53,854</td><td>5,523</td><td>130,647</td><td>113,117</td><td>17,530</td></tr><tr><td>June p.</td><td>44,951</td><td>41,621</td><td>3,330</td><td>221,998</td><td>496,047</td><td>-274,049</td><td>266,949</td><td>537,668</td><td>-270,719</td></tr></table>
1/ January 4, 1940, through December 31, 1941; the breakdown between stocks and bonds is not available for earlier years. p Preliminary
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>Purchase</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.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</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.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>89,973</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>-17,161</td><td>313,113</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</td><td>88,815</td><td>70,788</td><td>18,027</td><td>321,243</td><td>311,470</td><td>9,773</td><td>410,058</td><td>382,258</td><td>27,800</td></tr><tr><td>1950</td><td>173,788</td><td>198,168</td><td>-24,380</td><td>589,232</td><td>710,239</td><td>-121,007</td><td>763,020</td><td>908,407</td><td>-145,387</td></tr><tr><td>1950-July</td><td>11,729</td><td>11,437</td><td>242</td><td>22,108</td><td>23,683</td><td>-1,575</td><td>33,837</td><td>35,170</td><td>-1,333</td></tr><tr><td>August</td><td>13,146</td><td>12,911</td><td>235</td><td>13,407</td><td>66,983</td><td>-53,576</td><td>26,553</td><td>79,894</td><td>-53,341</td></tr><tr><td>September</td><td>18,102</td><td>35,436</td><td>-17,334</td><td>31,060</td><td>187,182</td><td>-156,122</td><td>49,162</td><td>222,618</td><td>-173,456</td></tr><tr><td>October</td><td>17,670</td><td>13,114</td><td>-444</td><td>123,816</td><td>60,128</td><td>63,688</td><td>141,486</td><td>78,242</td><td>63,244</td></tr><tr><td>November</td><td>15,847</td><td>16,828</td><td>-981</td><td>25,351</td><td>20,477</td><td>4,874</td><td>41,138</td><td>37,305</td><td>3,833</td></tr><tr><td>December</td><td>13,546</td><td>22,525</td><td>-8,979</td><td>27,536</td><td>20,437</td><td>7,099</td><td>41,082</td><td>42,962</td><td>-1,880</td></tr><tr><td>1951-January</td><td>22,363</td><td>30,958</td><td>-8,595</td><td>32,527</td><td>24,192</td><td>8,335</td><td>54,890</td><td>55,150</td><td>-260</td></tr><tr><td>February</td><td>29,759</td><td>30,351</td><td>-592</td><td>25,299</td><td>35,980</td><td>-10,681</td><td>55,058</td><td>66,331</td><td>-11,273</td></tr><tr><td>March</td><td>20,793</td><td>19,410</td><td>1,383</td><td>42,049</td><td>89,660</td><td>-47,611</td><td>62,842</td><td>109,070</td><td>-46,228</td></tr><tr><td>April</td><td>20,801</td><td>16,171</td><td>4,630</td><td>31,105</td><td>67,620</td><td>-36,515</td><td>51,906</td><td>83,791</td><td>-31,885</td></tr><tr><td>May p</td><td>22,850</td><td>17,687</td><td>5,163</td><td>27,460</td><td>75,333 r</td><td>-47,873 r</td><td>50,310</td><td>93,020r</td><td>-42,710 r</td></tr><tr><td>June p</td><td>17,688</td><td>16,446</td><td>1,242</td><td>39,113</td><td>73,937</td><td>-34,824</td><td>56,801</td><td>90,383</td><td>-33,582</td></tr></table>
n.e. Not available. p Preliminary. r Revised.
September 1951
59
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 1951</th><th colspan="5">Short-term banking funds 1951</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June p</th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June 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><td></td></tr><tr><td>Austria</td><td>-434</td><td>-85</td><td>-2,623</td><td>2,693</td><td>-4,676</td><td>1,244</td><td>-89</td><td>-2,369</td><td>-1,111</td><td>2,604</td></tr><tr><td>Belgium</td><td>-19,057</td><td>4,120</td><td>3,885</td><td>-64</td><td>11,628</td><td>-18,101</td><td>2,912</td><td>2,409</td><td>-539</td><td>10,505</td></tr><tr><td>Czecho-slovakia</td><td>-1,560</td><td>-1,297</td><td>-117</td><td>-40</td><td>70</td><td>-1,571</td><td>-1,303</td><td>-110</td><td>-32</td><td>70</td></tr><tr><td>Denmark</td><td>1,488</td><td>4,856</td><td>-2,674</td><td>-283</td><td>-1,930</td><td>-934</td><td>4,603</td><td>-3,217</td><td>-439</td><td>-2,074</td></tr><tr><td>Finland</td><td>1,412</td><td>-1,636</td><td>3,692</td><td>-2,918</td><td>364</td><td>1,411</td><td>-1,582</td><td>3,647</td><td>-2,931</td><td>404</td></tr><tr><td>France</td><td>-17,365</td><td>-6,546</td><td>34,634</td><td>2,479</td><td>26,620</td><td>-16,629</td><td>-24,239</td><td>-15,177</td><td>1,425</td><td>60,690</td></tr><tr><td>Germany 1/.</td><td>8,518</td><td>979</td><td>23,987</td><td>37,762</td><td>54,690</td><td>8,529</td><td>1,031</td><td>24,012</td><td>37,838</td><td>54,562</td></tr><tr><td>Greece</td><td>1,206</td><td>2,659</td><td>1,895</td><td>2,318</td><td>555</td><td>1,260</td><td>2,582</td><td>1,853</td><td>2,294</td><td>578</td></tr><tr><td>Italy</td><td>12,833</td><td>-20,646</td><td>-6,664</td><td>-27,738</td><td>-12,697</td><td>13,710</td><td>-22,083</td><td>-7,987</td><td>-27,766</td><td>-12,980</td></tr><tr><td>Netherlands</td><td>7,293</td><td>-9,775</td><td>-67,318</td><td>1,939</td><td>-1,194</td><td>5,833</td><td>-10,399</td><td>-67,791</td><td>2,471</td><td>1,584</td></tr><tr><td>Norway</td><td>4,532</td><td>2,922</td><td>-4,468</td><td>4,646</td><td>990</td><td>4,146</td><td>2,761</td><td>3,894</td><td>3,812</td><td>-1,113</td></tr><tr><td>Poland</td><td>-117</td><td>-1,084</td><td>-554</td><td>-154</td><td>-441</td><td>-152</td><td>-1,086</td><td>-554</td><td>-132</td><td>-571</td></tr><tr><td>Portugal</td><td>5,478</td><td>-2,371</td><td>-6,451</td><td>-4,365</td><td>2,359</td><td>5,902</td><td>-1,385</td><td>-5,961</td><td>-4,227</td><td>2,429</td></tr><tr><td>Romanie</td><td>-1</td><td>-308</td><td>57</td><td>-1,085</td><td>-135</td><td>-1</td><td>-307</td><td>57</td><td>-1,085</td><td>-135</td></tr><tr><td>Spain</td><td>5,631</td><td>-8,432</td><td>1,666</td><td>-6,415</td><td>1,169</td><td>5,788</td><td>-8,442</td><td>1,516</td><td>-6,465</td><td>-6,066</td></tr><tr><td>Sweden</td><td>-14,065</td><td>297</td><td>-11,983</td><td>-899</td><td>9,568</td><td>-14,017</td><td>-64</td><td>-11,814</td><td>-933</td><td>9,698</td></tr><tr><td>Switzerland</td><td>-10,566</td><td>9,016</td><td>251</td><td>3,682</td><td>20,813</td><td>-9,229</td><td>3,560</td><td>-4,391</td><td>-3,893</td><td>13,745</td></tr><tr><td>U. S. S. R.</td><td>-54</td><td>-1,440r</td><td>293</td><td>615</td><td>5,710</td><td>-151</td><td>-1,326r</td><td>298</td><td>611</td><td>5,748</td></tr><tr><td>United Kingdom</td><td>-18,080</td><td>18,446r</td><td>17,082</td><td>-43,121</td><td>-25,649</td><td>-22,531</td><td>18,877r</td><td>16,629</td><td>-36,645</td><td>-22,485</td></tr><tr><td>Yugoslavia</td><td>-2,776</td><td>-512</td><td>-1,373</td><td>2,495</td><td>-4,136</td><td>-2,776</td><td>-518</td><td>-1,368</td><td>2,495</td><td>-4,136</td></tr><tr><td>Other Europe</td><td>1,384</td><td>3,245</td><td>-415</td><td>-3,583</td><td>2,205</td><td>1,243</td><td>3,609</td><td>-10</td><td>-3,813</td><td>2,699</td></tr><tr><td>Total Europe</td><td>-34,300</td><td>-7,592</td><td>-17,253</td><td>-37,362</td><td>85,883</td><td>-37,026</td><td>-32,888</td><td>-66,434</td><td>-39,055</td><td>115,724</td></tr><tr><td>Canada</td><td>-31,809</td><td>-67,966r</td><td>-46,265</td><td>-36,485r</td><td>-56,094</td><td>-8,149</td><td>-41,936r</td><td>-27,455</td><td>7,684</td><td>135,156</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></tr><tr><td>Argentina</td><td>-22,246</td><td>40,895</td><td>9,409</td><td>6,736</td><td>-9,888</td><td>-22,278</td><td>40,469</td><td>9,209</td><td>6,770</td><td>-9,114</td></tr><tr><td>Bolivia</td><td>3,883</td><td>1,637</td><td>-3,937</td><td>354</td><td>3,622</td><td>3,847</td><td>1,619</td><td>-3,877</td><td>-51</td><td>3,593</td></tr><tr><td>Brazil</td><td>19,128</td><td>2,332</td><td>-6,397</td><td>-9,610</td><td>-37,369</td><td>19,805</td><td>1,720</td><td>-6,609</td><td>-11,183</td><td>-39,153</td></tr><tr><td>Chile</td><td>-1,691</td><td>-2,218</td><td>7,598</td><td>-3,185</td><td>-9,204</td><td>-2,020</td><td>-2,298</td><td>7,279</td><td>-3,713</td><td>-9,557</td></tr><tr><td>Colombia</td><td>-4,343</td><td>-2,767</td><td>7,701</td><td>-3,859</td><td>-1,063</td><td>-4,452</td><td>-3,270</td><td>7,228</td><td>-3,793</td><td>-1,135</td></tr><tr><td>Cuba</td><td>1,352</td><td>8,595</td><td>42,213</td><td>12,388</td><td>3,202</td><td>1,353</td><td>8,475</td><td>36,400</td><td>11,965</td><td>3,999</td></tr><tr><td>Dominican Republic</td><td>1,054</td><td>1,226</td><td>580</td><td>2,144</td><td>2,886</td><td>756</td><td>758</td><td>552</td><td>2,138</td><td>2,669</td></tr><tr><td>Guatemala</td><td>3,228</td><td>736</td><td>-861</td><td>-1,635</td><td>139</td><td>3,473</td><td>1,068</td><td>-880</td><td>-1,694</td><td>507</td></tr><tr><td>Mexico</td><td>29</td><td>-19,996</td><td>14,445</td><td>-8,449</td><td>17,304</td><td>167</td><td>-21,138</td><td>13,454</td><td>-8,205</td><td>16,613</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-1,670</td><td>947</td><td>-2,001</td><td>-1,190</td><td>-346</td><td>-1,626</td><td>899</td><td>-2,273</td><td>-3,426</td><td>-403</td></tr><tr><td>Peru</td><td>-135</td><td>-6,659</td><td>2,860</td><td>-289</td><td>-2,618</td><td>-75</td><td>-6,387</td><td>2,872</td><td>42</td><td>-2,717</td></tr><tr><td>Republic of Panama</td><td>-819</td><td>673</td><td>541</td><td>2,288</td><td>4,075</td><td>-2,184</td><td>119</td><td>-238</td><td>2,114</td><td>4,371</td></tr><tr><td>El Salvador</td><td>15,899</td><td>5,705</td><td>985</td><td>593</td><td>-6,467</td><td>15,829</td><td>5,575</td><td>997</td><td>634</td><td>4,018</td></tr><tr><td>Uruguay</td><td>-4,690</td><td>2,885</td><td>2,103</td><td>-12,659</td><td>3,130</td><td>-6,319</td><td>2,601</td><td>110</td><td>-11,373</td><td>1,274</td></tr><tr><td>Venezuela</td><td>-26,778</td><td>9,377</td><td>16,152</td><td>16,857</td><td>-21,690</td><td>-26,689</td><td>8,245</td><td>16,651</td><td>15,494</td><td>-21,740</td></tr><tr><td>Other Latin America</td><td>7,050</td><td>6,907</td><td>6,973</td><td>-653</td><td>-614</td><td>7,705</td><td>6,966</td><td>7,086</td><td>-386</td><td>-863</td></tr><tr><td>Total Latin America</td><td>-10,749</td><td>50,275</td><td>98,364</td><td>-169</td><td>-54,901</td><td>-12,708</td><td>45,421</td><td>87,961</td><td>-4,667</td><td>-47,638</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></tr><tr><td>China Mainland 2/.</td><td>-755r</td><td>3,187r</td><td>1,128</td><td>1,171r</td><td>-1,622</td><td>-926r</td><td>3,867r</td><td>999</td><td>1,032r</td><td>-1,525</td></tr><tr><td>Formosa 2/.</td><td></td><td></td><td>-1,199</td><td>2,754r</td><td>2,216</td><td></td><td></td><td>-1,231</td><td>2,786r</td><td>2,227</td></tr><tr><td>Hong Kong</td><td>-7,322</td><td>1,412</td><td>-3,123</td><td>-1,339</td><td>4,560</td><td>-7,708</td><td>293</td><td>-2,719</td><td>-3,743</td><td>2,046</td></tr><tr><td>India</td><td>8,266</td><td>2,166</td><td>-2,816</td><td>16,258</td><td>5,716</td><td>8,398</td><td>2,144</td><td>-3,064</td><td>16,615</td><td>6,228</td></tr><tr><td>Indonesia</td><td>9,666</td><td>13,382</td><td>-11,549</td><td>12,346</td><td>11,692</td><td>9,419</td><td>13,391</td><td>-11,549</td><td>-2,655</td><td>11,700</td></tr><tr><td>Iran</td><td>1,652</td><td>-3,310</td><td>2,690</td><td>-1,577</td><td>1,248</td><td>1,560</td><td>-3,318</td><td>2,701</td><td>-1,575</td><td>1,208</td></tr><tr><td>Iraq</td><td>-1,863r</td><td>1,758r</td><td>-3,028</td><td>-8,264</td><td>-3,929</td><td>-1,567 r</td><td>2,042r</td><td>-2,704</td><td>2,032</td><td>6,258</td></tr><tr><td>Japan</td><td>-8,519</td><td>-37,481</td><td>-28,021</td><td>-29,271</td><td>-7,629</td><td>-8,321</td><td>-37,622</td><td>-28,160</td><td>-29,255</td><td>-7,709</td></tr><tr><td>Philippines</td><td>14,904</td><td>81</td><td>12,035</td><td>9,773</td><td>-14,564</td><td>14,934</td><td>73</td><td>11,972</td><td>9,793</td><td>-13,582</td></tr><tr><td>Thailand</td><td>5,758</td><td>1,328</td><td>3,301</td><td>6,319</td><td>2,821</td><td>5,721</td><td>-156</td><td>3,304</td><td>6,303</td><td>2,818</td></tr><tr><td>Turkey</td><td>743</td><td>3,543</td><td>3,560</td><td>-1,601</td><td>-5,731</td><td>789</td><td>3,492</td><td>3,567</td><td>-1,525</td><td>-5,752</td></tr><tr><td>Other Asia</td><td>8,228</td><td>31,723</td><td>-6,928</td><td>-10,040</td><td>21,106</td><td>8,029</td><td>31,682</td><td>-7,007</td><td>-9,197</td><td>20,974</td></tr><tr><td>Total Asia</td><td>30,758r</td><td>17,792r</td><td>-33,950</td><td>-3,471</td><td>15,884</td><td>30,328r</td><td>15,888r</td><td>-33,892</td><td>-9,489</td><td>24,839</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></tr><tr><td>Australia</td><td>-2,308</td><td>-6,379</td><td>-5,248</td><td>1,322</td><td>11,929</td><td>-2,667</td><td>-6,701</td><td>-5,306</td><td>1,243</td><td>11,746</td></tr><tr><td>Belgian Congo</td><td>360</td><td>-3,113</td><td>481</td><td>-381</td><td>2,159</td><td>260</td><td>-3,027</td><td>481</td><td>-381</td><td>2,159</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-51</td><td>153</td><td>20,447</td><td>-878</td><td>-15,931</td><td>-48</td><td>163</td><td>20,452</td><td>-471</td><td>-15,955</td></tr><tr><td>Union of South Africa</td><td>3,333</td><td>-20,318</td><td>-13,045</td><td>246</td><td>2,936</td><td>3,321</td><td>-20,372</td><td>-13,164</td><td>172</td><td>3,008</td></tr><tr><td>Other</td><td>5,260</td><td>3,114</td><td>4,060</td><td>-789</td><td>93</td><td>5,482</td><td>3,604</td><td>2,505</td><td>-1,087</td><td>-150</td></tr><tr><td>Total other countries</td><td>6,594</td><td>-26,543</td><td>6,695</td><td>-480</td><td>1,186</td><td>6,348</td><td>-26,333</td><td>4,768</td><td>-524</td><td>908</td></tr><tr><td>International</td><td>-20,007</td><td>-15,051</td><td>20,215</td><td>-41,956</td><td>10,811</td><td>-23,156</td><td>7,792</td><td>5,527</td><td>-44,183</td><td>66,918</td></tr><tr><td>Grand total</td><td>-59,593r</td><td>-43,085r</td><td>27,806</td><td>-119,923r</td><td>2,769</td><td>-44,363r</td><td>-32,056r</td><td>-29,325</td><td>-90,244</td><td>295,957</td></tr></table>
1/ Beginning with March 1947, includes transactions in accounts opened by occupation authorities for foreign trade purposes. 2/ Prior to April 1951, movement data for China Mainland (including
Manchuria) and Formosa are not available separately. Preliminary. Revised.
60
Treasury Bulletin
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 1951</th><th colspan="5">Transactions in long-term securities, domestic and foreign 1951</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June p</th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June 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>Austria</td><td>2</td><td>-12</td><td>-</td><td>25</td><td>5</td><td>-1,680</td><td>16</td><td>-254</td><td>-1,607</td><td>-7,285</td></tr><tr><td>Belgium</td><td>-580</td><td>334</td><td>573</td><td>-203</td><td>121</td><td>-376</td><td>874</td><td>903</td><td>678</td><td>1,002</td></tr><tr><td>Czechoslovakia</td><td>2</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>9</td><td>6</td><td>-4</td><td>-8</td><td>-</td></tr><tr><td>Denmark</td><td>-46</td><td>-97</td><td>147</td><td>-152</td><td>67</td><td>2,468</td><td>350</td><td>396</td><td>308</td><td>77</td></tr><tr><td>Finland</td><td>-</td><td>-4</td><td>-</td><td>-1</td><td>1</td><td>1</td><td>-50</td><td>5</td><td>14</td><td>-41</td></tr><tr><td>France</td><td>1,349</td><td>-432</td><td>-319</td><td>-467</td><td>211</td><td>-2,085</td><td>18,125</td><td>50,130</td><td>1,521</td><td>-34,289</td></tr><tr><td>Germany</td><td>-</td><td>-28</td><td>-21</td><td>-91</td><td>131</td><td>-11</td><td>-24</td><td>-4</td><td>15</td><td>-3</td></tr><tr><td>Greece</td><td>18</td><td>6</td><td>26</td><td>8</td><td>-32</td><td>-72</td><td>71</td><td>16</td><td>16</td><td>9</td></tr><tr><td>Italy</td><td>31</td><td>-166</td><td>1,115</td><td>-354</td><td>119</td><td>-908</td><td>1,603</td><td>208</td><td>382</td><td>164</td></tr><tr><td>Netherlands</td><td>206</td><td>-210</td><td>288</td><td>-617</td><td>3,159</td><td>1,254</td><td>834</td><td>185</td><td>85</td><td>-5,937</td></tr><tr><td>Norway</td><td>-231</td><td>57</td><td>27</td><td>-76</td><td>65</td><td>617</td><td>104</td><td>-8,389</td><td>910</td><td>2,038</td></tr><tr><td>Poland</td><td>-</td><td>2</td><td>-</td><td>-</td><td>130</td><td>35</td><td>-</td><td>-</td><td>-22</td><td>-</td></tr><tr><td>Portugal</td><td>96</td><td>-86</td><td>13</td><td>-52</td><td>49</td><td>-520</td><td>-900</td><td>-503</td><td>-86</td><td>-119</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>-4</td><td>-14</td><td>-</td><td>9</td><td>10</td><td>-153</td><td>24</td><td>150</td><td>41</td><td>7,225</td></tr><tr><td>Sweden</td><td>-11</td><td>60</td><td>-62</td><td>-32</td><td>6</td><td>-37</td><td>301</td><td>-107</td><td>66</td><td>-136</td></tr><tr><td>Switzerland</td><td>-187</td><td>520</td><td>-4,155</td><td>1,152</td><td>2,529</td><td>-1,150</td><td>4,936</td><td>8,797</td><td>6,423</td><td>4,539</td></tr><tr><td>U. S. S. R.</td><td>100</td><td>-100</td><td>-</td><td>4</td><td>1</td><td>-3</td><td>-14</td><td>-</td><td>-</td><td>-39</td></tr><tr><td>United Kingdom</td><td>114</td><td>-376</td><td>-613</td><td>-1,534</td><td>2,519</td><td>4,337</td><td>-55</td><td>1,046</td><td>-4,942</td><td>-5,683</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>6</td><td>-6</td><td>1</td><td>-</td></tr><tr><td>Other Europe</td><td>150</td><td>178</td><td>-119</td><td>-12</td><td>118</td><td>-9</td><td>-542</td><td>-286</td><td>302</td><td>-572</td></tr><tr><td>Total Europe</td><td>1,009</td><td>-368</td><td>-3,102</td><td>-2,394</td><td>9,209</td><td>1,717</td><td>25,664</td><td>52,283</td><td>4,097</td><td>-39,050</td></tr><tr><td>Canada</td><td>359</td><td>-880</td><td>-391</td><td>-204</td><td>2,781</td><td>-24,099</td><td>-25,150</td><td>-18,419</td><td>-43,965 r</td><td>-194,031</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>141</td><td>-217</td><td>86</td><td>-6</td><td>-144</td><td>-109</td><td>643</td><td>114</td><td>-28</td><td>-630</td></tr><tr><td>Bolivia</td><td>-2</td><td>8</td><td>-23</td><td>27</td><td>-5</td><td>38</td><td>10</td><td>-37</td><td>378</td><td>34</td></tr><tr><td>Brazil</td><td>-401</td><td>133</td><td>-125</td><td>46</td><td>-218</td><td>-276</td><td>479</td><td>337</td><td>1,527</td><td>2,002</td></tr><tr><td>Chile</td><td>352</td><td>-425</td><td>-27</td><td>180</td><td>4</td><td>-23</td><td>505</td><td>346</td><td>348</td><td>349</td></tr><tr><td>Colombia</td><td>-363</td><td>-196</td><td>103</td><td>-162</td><td>-41</td><td>472</td><td>699</td><td>370</td><td>96</td><td>113</td></tr><tr><td>Cuba</td><td>683</td><td>-873</td><td>-718</td><td>36</td><td>-424</td><td>-684</td><td>993</td><td>6,531</td><td>387</td><td>-373</td></tr><tr><td>Dominican Republic</td><td>169</td><td>187</td><td>-16</td><td>-73</td><td>-53</td><td>129</td><td>281</td><td>44</td><td>79</td><td>270</td></tr><tr><td>Guatemala</td><td>-20</td><td>-12</td><td>30</td><td>-29</td><td>-11</td><td>-225</td><td>-320</td><td>-11</td><td>88</td><td>-357</td></tr><tr><td>Mexico</td><td>-629</td><td>731</td><td>874</td><td>-394</td><td>-243</td><td>491</td><td>411</td><td>117</td><td>150</td><td>934</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-70</td><td>14</td><td>117</td><td>-123</td><td>-2</td><td>26</td><td>34</td><td>155</td><td>2,359</td><td>59</td></tr><tr><td>Peru</td><td>-114</td><td>-1</td><td>68</td><td>-99</td><td>-28</td><td>54</td><td>-271</td><td>-80</td><td>-232</td><td>127</td></tr><tr><td>Republic of Panama</td><td>1,112</td><td>-1,039</td><td>243</td><td>-848</td><td>-590</td><td>253</td><td>1,593</td><td>536</td><td>1,022</td><td>294</td></tr><tr><td>El Salvador</td><td>1</td><td>13</td><td>-4</td><td>-8</td><td>7</td><td>69</td><td>117</td><td>-8</td><td>-33</td><td>-10,492</td></tr><tr><td>Uruguay</td><td>113</td><td>891</td><td>1,907</td><td>-2,344</td><td>590</td><td>1,516</td><td>-607</td><td>86</td><td>1,058</td><td>1,266</td></tr><tr><td>Venezuela</td><td>640</td><td>258</td><td>-2,079</td><td>1,367</td><td>568</td><td>-729</td><td>874</td><td>1,580</td><td>-4</td><td>-518</td></tr><tr><td>Other Latin America</td><td>-509</td><td>-136</td><td>-244</td><td>-43</td><td>89</td><td>-146</td><td>77</td><td>131</td><td>-224</td><td>160</td></tr><tr><td>Total Latin America</td><td>1,103</td><td>-664</td><td>192</td><td>-2,473</td><td>-501</td><td>856</td><td>5,518</td><td>10,211</td><td>6,971</td><td>-6,762</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 Mainland 1/</td><td>144</td><td>-168</td><td>91</td><td>-138</td><td>-30</td><td>27</td><td>-512</td><td>38</td><td>277</td><td>-67</td></tr><tr><td>Formosa 1/</td><td>61</td><td>-8</td><td>41</td><td>-44</td><td>-11</td><td>325</td><td>1,127</td><td>909</td><td>1,658</td><td>2,864</td></tr><tr><td>Hong Kong</td><td>-15</td><td>22</td><td>301</td><td>-277</td><td>-4</td><td>-117</td><td>-</td><td>-53</td><td>-80</td><td>-508</td></tr><tr><td>Indonesia</td><td>-1</td><td>-16</td><td>-3</td><td>3</td><td>-4</td><td>248</td><td>7</td><td>3</td><td>14,998</td><td>-4</td></tr><tr><td>Iran</td><td>1</td><td>1</td><td>-1</td><td>-3</td><td>2</td><td>91</td><td>7</td><td>-10</td><td>1</td><td>38</td></tr><tr><td>Israel</td><td>-17</td><td>14</td><td>6</td><td>-14</td><td>-153</td><td>-279</td><td>-298</td><td>-330</td><td>-10,282</td><td>-10,034</td></tr><tr><td>Japan</td><td>-154</td><td>120</td><td>14</td><td>-139</td><td>108</td><td>-44</td><td>21</td><td>125</td><td>123</td><td>-28</td></tr><tr><td>Philippines</td><td>23</td><td>-8</td><td>-21</td><td>22</td><td>-17</td><td>-53</td><td>19</td><td>85</td><td>-42</td><td>-963</td></tr><tr><td>Thailand</td><td>-2</td><td>-</td><td>-3</td><td>4</td><td>1</td><td>39</td><td>1,484</td><td>-</td><td>12</td><td>2</td></tr><tr><td>Turkey</td><td>8</td><td>1</td><td>-10</td><td>13</td><td>-7</td><td>-54</td><td>50</td><td>3</td><td>11</td><td>28</td></tr><tr><td>Other Asia</td><td>48</td><td>-13</td><td>-20</td><td>40</td><td>45</td><td>151</td><td>54</td><td>99</td><td>-883</td><td>87</td></tr><tr><td>Total Asia</td><td>96</td><td>-55</td><td>-918</td><td>213</td><td>-420</td><td>334</td><td>1,959</td><td>860</td><td>5,805</td><td>-8,585</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>-12</td><td>-1</td><td>-2</td><td>1</td><td>2</td><td>371</td><td>323</td><td>60</td><td>78</td><td>181</td></tr><tr><td>Belgian Congo</td><td>98</td><td>-98</td><td>-</td><td>-</td><td>-</td><td>2</td><td>12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-92</td><td>-1</td><td>83</td><td>71</td><td>-57</td><td>89</td><td>-9</td><td>-88</td><td>-478</td><td>-19</td></tr><tr><td>Union of South Africa</td><td>7</td><td>39</td><td>-36</td><td>-22</td><td>9</td><td>5</td><td>15</td><td>155</td><td>96</td><td>-81</td></tr><tr><td>Other</td><td>143</td><td>-241</td><td>-661</td><td>309</td><td>90</td><td>-365</td><td>-249</td><td>2,216</td><td>-11</td><td>153</td></tr><tr><td>Total other countries</td><td>144</td><td>-302</td><td>-616</td><td>359</td><td>44</td><td>102</td><td>92</td><td>2,343</td><td>-315</td><td>234</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,149</td><td>-22,843</td><td>14,688</td><td>2,227</td><td>-56,107</td></tr><tr><td>Grand total</td><td>2,711</td><td>-2,269</td><td>-4,835</td><td>-4,499</td><td>11,113</td><td>-17,941</td><td>-14,760</td><td>61,966</td><td>-25,180r</td><td>-304,301</td></tr></table>
1/ Prior to April 1951, movement data for China Mainland (including Manchuria) and Formose are not available separately.
p Preliminary.
r Revised.
September 1951
61
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 1951</th><th colspan="5">Liabilities to foreigners 1951</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June p</th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June 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>Austria</td><td>189</td><td>210</td><td>41</td><td>1</td><td>33</td><td>44,976</td><td>44,908</td><td>42,370</td><td>41,222</td><td>43,855</td></tr><tr><td>Belgium</td><td>24,888</td><td>23,439</td><td>21,887</td><td>19,700</td><td>18,767</td><td>115,075</td><td>116,538</td><td>117,395</td><td>112,713</td><td>122,285</td></tr><tr><td>Czechoslovakia</td><td>53</td><td>79</td><td>272</td><td>23</td><td>179</td><td>4,345</td><td>3,068</td><td>3,151</td><td>2,870</td><td>3,096</td></tr><tr><td>Denmark</td><td>2,543</td><td>3,890</td><td>6,695</td><td>7,332</td><td>6,182</td><td>42,284</td><td>48,174</td><td>47,762</td><td>47,958</td><td>44,734</td></tr><tr><td>Finland</td><td>3,494</td><td>4,021</td><td>3,261</td><td>6,305</td><td>6,197</td><td>20,272</td><td>19,217</td><td>22,104</td><td>22,217</td><td>22,512</td></tr><tr><td>France</td><td>31,921</td><td>30,632</td><td>6,259</td><td>6,962</td><td>7,406</td><td>258,049</td><td>232,521</td><td>192,971</td><td>185,183</td><td>246,325</td></tr><tr><td>Germany 1/</td><td>25,614</td><td>25,941</td><td>25,928</td><td>25,893</td><td>25,350</td><td>241,044</td><td>242,402</td><td>266,401</td><td>303,453</td><td>357,472</td></tr><tr><td>Greece</td><td>130</td><td>105</td><td>91</td><td>82</td><td>93</td><td>31,355</td><td>33,912</td><td>35,751</td><td>38,017</td><td>38,606</td></tr><tr><td>Italy</td><td>30,319</td><td>34,304</td><td>35,155</td><td>53,793</td><td>52,868</td><td>324,357</td><td>306,259</td><td>293,123</td><td>289,932</td><td>276,027</td></tr><tr><td>Netherlands</td><td>3,664</td><td>3,583</td><td>4,161</td><td>3,896</td><td>3,503</td><td>209,127</td><td>198,647</td><td>131,434</td><td>133,586</td><td>134,777</td></tr><tr><td>Norway</td><td>1,903</td><td>2,109</td><td>1,810</td><td>2,327</td><td>2,260</td><td>51,286</td><td>54,253</td><td>57,848</td><td>61,676</td><td>60,496</td></tr><tr><td>Poland</td><td>44</td><td>45</td><td>41</td><td>40</td><td>43</td><td>5,605</td><td>4,520</td><td>3,962</td><td>3,829</td><td>3,261</td></tr><tr><td>Portugal</td><td>551</td><td>531</td><td>669</td><td>2,079</td><td>1,321</td><td>54,014</td><td>52,609</td><td>46,786</td><td>43,966</td><td>45,637</td></tr><tr><td>Romania</td><td>9</td><td>7</td><td>9</td><td>4</td><td>3</td><td>6,418</td><td>6,109</td><td>6,168</td><td>5,078</td><td>4,942</td></tr><tr><td>Spain</td><td>1,217</td><td>1,319</td><td>2,009</td><td>5,614</td><td>13,624</td><td>25,306</td><td>16,966</td><td>19,172</td><td>16,309</td><td>18,253</td></tr><tr><td>Sweden</td><td>9,422</td><td>9,459</td><td>8,597</td><td>9,542</td><td>7,413</td><td>105,520</td><td>105,493</td><td>92,817</td><td>91,800</td><td>99,369</td></tr><tr><td>Switzerland</td><td>11,768</td><td>8,988</td><td>10,842</td><td>11,019</td><td>10,535</td><td>504,224</td><td>505,004</td><td>502,467</td><td>496,845</td><td>510,106</td></tr><tr><td>U. S. S. R.</td><td>6</td><td>81r</td><td>52</td><td>-</td><td>1</td><td>3,298</td><td>2,047</td><td>2,316</td><td>2,875</td><td>5,624</td></tr><tr><td>United Kingdom</td><td>101,686</td><td>99,846</td><td>110,673</td><td>98,817</td><td>110,213</td><td>629,108</td><td>646,145</td><td>673,601</td><td>629,080</td><td>617,991</td></tr><tr><td>Yugoslavia</td><td>-</td><td>3</td><td>-</td><td>226</td><td>1,702</td><td>8,331</td><td>7,816</td><td>6,445</td><td>9,163</td><td>6,503</td></tr><tr><td>Other Europe</td><td>4,181</td><td>4,315</td><td>4,156</td><td>4,288</td><td>4,687</td><td>48,857</td><td>52,600</td><td>52,431</td><td>48,750</td><td>51,808</td></tr><tr><td>Total Europe</td><td>253,602</td><td>252,907</td><td>242,608</td><td>257,946</td><td>272,380</td><td>2,732,791</td><td>2,699,208</td><td>2,622,475</td><td>2,586,522</td><td>2,716,680</td></tr><tr><td>Canada</td><td>121,156</td><td>107,250</td><td>117,634</td><td>116,713</td><td>117,857</td><td>884,477</td><td>828,635r</td><td>811,564</td><td>835,587</td><td>971,887</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>25,179</td><td>17,816</td><td>10,898</td><td>9,869</td><td>9,455</td><td>312,059</td><td>345,165</td><td>347,456</td><td>353,193</td><td>343,665</td></tr><tr><td>Bolivia</td><td>5,458</td><td>5,479</td><td>6,289</td><td>6,697</td><td>8,091</td><td>20,771</td><td>22,411</td><td>19,344</td><td>19,704</td><td>24,691</td></tr><tr><td>Brazil</td><td>77,256</td><td>85,424</td><td>80,461</td><td>85,282</td><td>95,157</td><td>249,751</td><td>259,639</td><td>248,067</td><td>241,705</td><td>212,427</td></tr><tr><td>Chile</td><td>5,278</td><td>6,858</td><td>9,579</td><td>9,971</td><td>12,855</td><td>70,630</td><td>69,912</td><td>79,912</td><td>76,581</td><td>69,908</td></tr><tr><td>Colombia</td><td>38,591</td><td>36,429</td><td>51,593</td><td>54,962</td><td>48,036</td><td>49,680</td><td>44,248</td><td>66,640</td><td>66,203</td><td>58,142</td></tr><tr><td>Cuba</td><td>36,901</td><td>46,724</td><td>44,191</td><td>40,348</td><td>36,912</td><td>257,669</td><td>275,967</td><td>309,834</td><td>327,364</td><td>327,927</td></tr><tr><td>Dominican Republic</td><td>1,905</td><td>1,877</td><td>1,839</td><td>2,071</td><td>2,022</td><td>45,105</td><td>45,835</td><td>46,349</td><td>48,705</td><td>51,325</td></tr><tr><td>Guatemala</td><td>2,728</td><td>2,813</td><td>2,692</td><td>2,797</td><td>2,638</td><td>30,615</td><td>31,768</td><td>30,767</td><td>29,166</td><td>29,514</td></tr><tr><td>Mexico</td><td>75,718</td><td>64,828</td><td>58,517</td><td>61,818</td><td>58,641</td><td>140,700</td><td>108,672</td><td>115,815</td><td>110,360</td><td>123,796</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,152</td><td>1,107</td><td>1,356</td><td>1,585</td><td>1,373</td><td>29,964</td><td>30,818</td><td>28,794</td><td>25,602</td><td>24,987</td></tr><tr><td>Peru</td><td>12,719</td><td>13,452</td><td>13,772</td><td>13,468</td><td>12,607</td><td>60,636</td><td>54,982</td><td>58,174</td><td>57,909</td><td>54,331</td></tr><tr><td>Republic of Panama</td><td>2,642</td><td>2,821</td><td>2,793</td><td>2,724</td><td>2,520</td><td>51,860</td><td>52,158</td><td>51,892</td><td>53,937</td><td>58,104</td></tr><tr><td>El Salvador</td><td>5,897</td><td>4,608</td><td>3,387</td><td>3,257</td><td>3,046</td><td>42,219</td><td>46,505</td><td>46,281</td><td>46,783</td><td>50,590</td></tr><tr><td>Uruguay</td><td>7,324</td><td>7,588</td><td>7,782</td><td>11,004</td><td>10,399</td><td>78,954</td><td>81,819</td><td>82,123</td><td>73,972</td><td>74,641</td></tr><tr><td>Venezuela</td><td>85,809</td><td>91,489</td><td>65,890</td><td>56,904</td><td>67,059</td><td>75,872</td><td>89,797</td><td>80,849</td><td>87,195</td><td>75,610</td></tr><tr><td>Other Latin America</td><td>13,171</td><td>13,202</td><td>12,988</td><td>14,144</td><td>13,900</td><td>79,627</td><td>86,624</td><td>93,496</td><td>94,302</td><td>93,195</td></tr><tr><td>Total Latin America</td><td>397,728</td><td>402,515</td><td>374,027</td><td>376,901</td><td>384,711</td><td>1,596,112</td><td>1,646,320</td><td>1,705,793</td><td>1,712,681</td><td>1,672,953</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 Mainland 2/</td><td>10,478</td><td>2,487</td><td>2,457</td><td>2,437</td><td>2,387</td><td>77,739r</td><td>46,435r</td><td>47,404</td><td>46,238r</td><td>44,663</td></tr><tr><td>Formosa 2/</td><td></td><td>5,940</td><td>5,962</td><td>5,943</td><td>5,915</td><td></td><td>33,120r</td><td>31,911</td><td>32,335r</td><td>34,534</td></tr><tr><td>Hong Kong</td><td>2,799</td><td>2,253</td><td>4,219</td><td>4,368</td><td>3,127</td><td>65,775</td><td>65,522</td><td>64,769</td><td>61,122</td><td>61,227</td></tr><tr><td>India</td><td>18,174</td><td>16,745</td><td>18,387</td><td>16,085</td><td>15,743</td><td>59,678</td><td>60,393</td><td>58,971</td><td>73,278</td><td>79,164</td></tr><tr><td>Indonesia</td><td>191</td><td>131</td><td>212</td><td>289</td><td>194</td><td>124,870</td><td>138,201</td><td>126,733</td><td>124,155</td><td>135,760</td></tr><tr><td>Iran</td><td>6,201</td><td>7,471</td><td>7,892</td><td>7,876</td><td>7,428</td><td>26,312</td><td>24,264</td><td>27,386</td><td>25,795</td><td>26,555</td></tr><tr><td>Israel</td><td>23,335r</td><td>19,782r</td><td>25,672</td><td>28,602</td><td>23,143</td><td>15,566</td><td>14,055</td><td>17,241</td><td>18,103</td><td>18,902</td></tr><tr><td>Japan</td><td>7,672</td><td>8,386</td><td>6,758</td><td>8,167</td><td>9,896</td><td>443,323</td><td>406,415</td><td>376,627</td><td>348,781</td><td>342,801</td></tr><tr><td>Philippines</td><td>4,359</td><td>8,981</td><td>6,501</td><td>6,747</td><td>9,485</td><td>390,277</td><td>394,972</td><td>404,463</td><td>414,497</td><td>403,651</td></tr><tr><td>Thailand</td><td>1,433</td><td>2,927</td><td>3,995</td><td>3,821</td><td>3,116</td><td>51,977</td><td>53,315</td><td>57,688</td><td>63,794</td><td>65,907</td></tr><tr><td>Turkey</td><td>1,702</td><td>1,423</td><td>1,525</td><td>755</td><td>590</td><td>13,717</td><td>16,930</td><td>20,599</td><td>18,204</td><td>12,287</td></tr><tr><td>Other Asia</td><td>15,889</td><td>9,694</td><td>11,561</td><td>16,561</td><td>18,775</td><td>131,870</td><td>157,357</td><td>152,217</td><td>147,992</td><td>171,180</td></tr><tr><td>Total Asia</td><td>92,233r</td><td>86,220r</td><td>95,142</td><td>101,651</td><td>99,799</td><td>1,401,104r</td><td>1,410,979</td><td>1,386,009</td><td>1,374,294</td><td>1,397,331</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>30,795</td><td>44,917</td><td>41,515</td><td>41,835</td><td>36,393</td><td>19,630</td><td>27,051</td><td>18,343</td><td>19,906</td><td>26,010</td></tr><tr><td>Belgian Congo</td><td>5,427</td><td>5,018</td><td>5,190</td><td>5,808</td><td>7,048</td><td>54,194</td><td>50,758</td><td>51,411</td><td>51,648</td><td>53,047</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>326</td><td>274</td><td>277</td><td>301</td><td>378</td><td>84,998</td><td>85,129</td><td>105,584</td><td>105,136</td><td>99,358</td></tr><tr><td>Union of South Africa</td><td>4,665</td><td>7,003</td><td>8,513</td><td>11,715</td><td>12,599</td><td>39,195</td><td>21,161</td><td>9,507</td><td>12,878</td><td>16,770</td></tr><tr><td>Other</td><td>6,579</td><td>6,768</td><td>6,599</td><td>6,236</td><td>6,609</td><td>60,947</td><td>64,740</td><td>67,076</td><td>65,630</td><td>65,853</td></tr><tr><td>Total other countries</td><td>47,772</td><td>63,980</td><td>62,094</td><td>65,895</td><td>63,027</td><td>258,964</td><td>248,639</td><td>251,921</td><td>255,198</td><td>253,233</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,612,241</td><td>1,620,033</td><td>1,625,100</td><td>1,581,377</td><td>1,648,295</td></tr><tr><td>Grand total</td><td>912,431r</td><td>912,872r</td><td>891,505</td><td>919,106</td><td>937,774</td><td>8,485,689r</td><td>8,454,014r</td><td>8,403,322</td><td>8,345,659</td><td>8,660,284</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Prior to March 1951, data for China Mainland (including Manchuria)
and Formosa were not reported separately. Preliminary. Revised.
62
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) 1951</th><th colspan="5">Credit balances (due to foreigners) 1951</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June p</th><th>February</th><th>March</th><th>April</th><th>May p</th><th>June 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>Austria</td><td>20</td><td>34</td><td>35</td><td>2</td><td>3</td><td>13</td><td>15</td><td>16</td><td>8</td><td>14</td></tr><tr><td>Belgium</td><td>865</td><td>413</td><td>278</td><td>472</td><td>476</td><td>3,065</td><td>2,947</td><td>3,385</td><td>3,376</td><td>3,501</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>390</td><td>507</td><td>371</td><td>552</td><td>437</td><td>198</td><td>218</td><td>229</td><td>258</td><td>210</td></tr><tr><td>Finland</td><td>-</td><td>3</td><td>4</td><td>5</td><td>4</td><td>2</td><td>1</td><td>2</td><td>2</td><td>2</td></tr><tr><td>France</td><td>1,822</td><td>2,114</td><td>1,669</td><td>1,897</td><td>1,922</td><td>5,329</td><td>5,189</td><td>4,425</td><td>4,186</td><td>4,422</td></tr><tr><td>Germany</td><td>22</td><td>79</td><td>99</td><td>191</td><td>61</td><td>55</td><td>84</td><td>83</td><td>84</td><td>85</td></tr><tr><td>Greece</td><td>11</td><td>5</td><td>-</td><td>-</td><td>2</td><td>57</td><td>57</td><td>78</td><td>86</td><td>56</td></tr><tr><td>Italy</td><td>264</td><td>299</td><td>295</td><td>368</td><td>399</td><td>1,039</td><td>908</td><td>2,019</td><td>1,738</td><td>1,688</td></tr><tr><td>Netherlands</td><td>342</td><td>686</td><td>620</td><td>793</td><td>214</td><td>5,980</td><td>6,114</td><td>6,336</td><td>5,892</td><td>8,472</td></tr><tr><td>Norway</td><td>820</td><td>775</td><td>654</td><td>837</td><td>634</td><td>526</td><td>538</td><td>444</td><td>551</td><td>413</td></tr><tr><td>Poland</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>130</td></tr><tr><td>Portugal</td><td>-</td><td>2</td><td>26</td><td>11</td><td>15</td><td>309</td><td>225</td><td>262</td><td>195</td><td>248</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Spain</td><td>9</td><td>9</td><td>6</td><td>6</td><td>9</td><td>79</td><td>65</td><td>62</td><td>71</td><td>84</td></tr><tr><td>Sweden</td><td>106</td><td>40</td><td>47</td><td>58</td><td>55</td><td>187</td><td>181</td><td>126</td><td>105</td><td>108</td></tr><tr><td>Switzerland</td><td>5,017</td><td>4,553</td><td>5,158</td><td>4,187</td><td>4,631</td><td>25,679</td><td>25,735</td><td>22,185</td><td>22,666</td><td>25,339</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100</td><td>-</td><td>-</td><td>4</td><td>5</td></tr><tr><td>United Kingdom</td><td>2,232</td><td>2,191</td><td>2,701</td><td>4,689</td><td>3,524</td><td>3,507</td><td>3,090</td><td>2,987</td><td>3,441</td><td>4,795</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>17</td><td>16</td><td>16</td></tr><tr><td>Other Europe</td><td>229</td><td>173</td><td>158</td><td>119</td><td>72</td><td>687</td><td>809</td><td>675</td><td>624</td><td>695</td></tr><tr><td>Total Europe</td><td>12,151</td><td>11,833</td><td>12,121</td><td>14,487</td><td>12,458</td><td>46,844</td><td>46,203</td><td>43,344</td><td>43,316</td><td>50,496</td></tr><tr><td>Canada</td><td>7,219</td><td>6,764</td><td>7,199</td><td>7,129</td><td>4,508</td><td>6,942</td><td>5,607</td><td>5,561</td><td>5,377</td><td>5,537</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>432</td><td>741</td><td>382</td><td>402</td><td>427</td><td>2,121</td><td>2,213</td><td>1,940</td><td>1,954</td><td>1,835</td></tr><tr><td>Bolivia</td><td>20</td><td>14</td><td>20</td><td>14</td><td>13</td><td>81</td><td>83</td><td>66</td><td>87</td><td>81</td></tr><tr><td>Brazil</td><td>1,019</td><td>927</td><td>938</td><td>888</td><td>984</td><td>1,230</td><td>1,271</td><td>1,157</td><td>1,153</td><td>1,031</td></tr><tr><td>Chile</td><td>530</td><td>750</td><td>700</td><td>498</td><td>616</td><td>1,011</td><td>806</td><td>729</td><td>707</td><td>829</td></tr><tr><td>Colombia</td><td>1,213</td><td>1,219</td><td>1,272</td><td>1,036</td><td>1,057</td><td>1,500</td><td>1,310</td><td>1,466</td><td>1,068</td><td>1,048</td></tr><tr><td>Cuba</td><td>3,406</td><td>3,885</td><td>4,437</td><td>5,014</td><td>5,214</td><td>2,222</td><td>1,828</td><td>1,662</td><td>2,275</td><td>2,051</td></tr><tr><td>Dominican Republic</td><td>-</td><td>1</td><td>1</td><td>1</td><td>1</td><td>542</td><td>730</td><td>714</td><td>641</td><td>568</td></tr><tr><td>Guatemala</td><td>12</td><td>12</td><td>13</td><td>12</td><td>14</td><td>132</td><td>120</td><td>151</td><td>121</td><td>112</td></tr><tr><td>Mexico</td><td>3,205</td><td>2,938</td><td>1,972</td><td>2,170</td><td>2,312</td><td>1,665</td><td>2,129</td><td>2,037</td><td>1,841</td><td>1,740</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>5</td><td>5</td><td>10</td><td>5</td><td>10</td><td>237</td><td>251</td><td>373</td><td>245</td><td>248</td></tr><tr><td>Paru</td><td>253</td><td>246</td><td>209</td><td>244</td><td>192</td><td>349</td><td>341</td><td>372</td><td>308</td><td>228</td></tr><tr><td>Republic of Panama</td><td>220</td><td>310</td><td>421</td><td>222</td><td>269</td><td>6,074</td><td>5,125</td><td>5,479</td><td>4,432</td><td>3,889</td></tr><tr><td>El Salvador</td><td>6</td><td>-</td><td>-</td><td>2</td><td>19</td><td>9</td><td>16</td><td>12</td><td>6</td><td>30</td></tr><tr><td>Uruguay</td><td>2,017</td><td>1,498</td><td>1,256</td><td>1,587</td><td>1,438</td><td>6,550</td><td>6,922</td><td>8,587</td><td>6,574</td><td>7,015</td></tr><tr><td>Venezuela</td><td>736</td><td>677</td><td>1,059</td><td>698</td><td>695</td><td>6,047</td><td>6,246</td><td>4,549</td><td>5,555</td><td>6,120</td></tr><tr><td>Other Latin America</td><td>120</td><td>95</td><td>181</td><td>229</td><td>120</td><td>761</td><td>600</td><td>442</td><td>447</td><td>427</td></tr><tr><td>Total Latin America</td><td>13,194</td><td>13,318</td><td>12,871</td><td>13,022</td><td>13,391</td><td>30,531</td><td>29,991</td><td>29,736</td><td>27,414</td><td>27,272</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 Mainland 1/</td><td>211</td><td>120</td><td>84</td><td>67</td><td>72</td><td>485</td><td>260</td><td>335</td><td>180</td><td>155</td></tr><tr><td>Formosa 1/</td><td>321</td><td>58</td><td>25</td><td>58</td><td>70</td><td>2,586</td><td>2,751</td><td>1,300</td><td>1</td><td>2</td></tr><tr><td>Hong Kong</td><td>18</td><td>494</td><td>356</td><td>540</td><td>609</td><td>43</td><td>50</td><td>359</td><td>2,230</td><td>1,949</td></tr><tr><td>India</td><td>-</td><td>3</td><td>11</td><td>6</td><td>10</td><td>22</td><td>6</td><td>3</td><td>77</td><td>77</td></tr><tr><td>Indonesia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>6</td><td>2</td></tr><tr><td>Iran</td><td>-</td><td>-</td><td>-</td><td>3</td><td>1</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Israel</td><td>151</td><td>-</td><td>31</td><td>118</td><td>22</td><td>214</td><td>228</td><td>234</td><td>220</td><td>68</td></tr><tr><td>Japan</td><td>99</td><td>105</td><td>109</td><td>71</td><td>83</td><td>151</td><td>149</td><td>132</td><td>116</td><td>111</td></tr><tr><td>Philippines</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td></tr><tr><td>Thailand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>8</td><td>7</td><td>7</td><td>-</td><td>-</td><td>43</td><td>43</td><td>33</td><td>39</td><td>32</td></tr><tr><td>Other Asia</td><td>30</td><td>17</td><td>20</td><td>36</td><td>9</td><td>457</td><td>431</td><td>414</td><td>470</td><td>488</td></tr><tr><td>Total Asia</td><td>838</td><td>804</td><td>646</td><td>899</td><td>877</td><td>4,104</td><td>4,015</td><td>2,939</td><td>3,405</td><td>2,963</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>4</td><td>4</td><td>4</td><td>2</td><td>63</td><td>62</td><td>60</td><td>61</td><td>61</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>98</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>4</td><td>95</td><td>3</td><td>-</td><td>-</td><td>27</td><td>117</td><td>108</td><td>176</td><td>119</td></tr><tr><td>Union of South Africa</td><td>8</td><td>11</td><td>10</td><td>10</td><td>10</td><td>136</td><td>178</td><td>141</td><td>119</td><td>128</td></tr><tr><td>Other</td><td>431</td><td>393</td><td>300</td><td>447</td><td>512</td><td>1,396</td><td>1,117</td><td>863</td><td>819</td><td>974</td></tr><tr><td>Total other countries</td><td>447</td><td>503</td><td>817</td><td>461</td><td>524</td><td>1,720</td><td>1,474</td><td>1,172</td><td>1,175</td><td>1,282</td></tr><tr><td>International</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>33,849</td><td>33,272</td><td>33,564</td><td>35,998</td><td>31,748</td><td>90,141</td><td>87,295</td><td>82,752</td><td>80,687</td><td>87,550</td></tr></table>
1/ Prior to March 1951, data for China Mainland (including Manchuria) and Formosa were not reported separately.
p Preliminary.
September 1951
63
CAPITAL MOVEMENTS
Section III - Details for Month of April 1951
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="3">Short-term claims payable in dollars</th><th colspan="3">Short-term claims payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Loans to: Foreign banks and official institutions</th><th>Others</th><th>Collections outstanding for own account and domestic customers</th><th>Other</th><th>Total</th><th>Deposits of reporting banks and domestic customers with foreigners</th><th>Collections outstanding for own account and domestic customers</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><td></td></tr><tr><td>Austria</td><td>41</td><td>35</td><td>29</td><td>-</td><td>6</td><td>-</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Belgium</td><td>21,887</td><td>20,219</td><td>1,530</td><td>268</td><td>4,757</td><td>13,664</td><td>1,668</td><td>1,654</td><td>4</td><td>10</td></tr><tr><td>Czechoslovakia</td><td>272</td><td>229</td><td>221</td><td>-</td><td>8</td><td>-</td><td>43</td><td>12</td><td>31</td><td>-</td></tr><tr><td>Denmark</td><td>6,695</td><td>6,323</td><td>676</td><td>25</td><td>126</td><td>5,496</td><td>372</td><td>368</td><td>4</td><td>-</td></tr><tr><td>Finland</td><td>3,261</td><td>3,259</td><td>32</td><td>125</td><td>33</td><td>3,069</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>France</td><td>6,259</td><td>5,337</td><td>1,788</td><td>2,695</td><td>372</td><td>482</td><td>922</td><td>921</td><td>1</td><td>-</td></tr><tr><td>Germany 1/</td><td>25,928</td><td>25,794</td><td>11,232</td><td>6,409</td><td>151</td><td>8,002</td><td>134</td><td>126</td><td>8</td><td>-</td></tr><tr><td>Greece</td><td>91</td><td>81</td><td>23</td><td>-</td><td>58</td><td>-</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>35,155</td><td>33,952</td><td>18,916</td><td>3,849</td><td>4,990</td><td>6,197</td><td>1,203</td><td>788</td><td>22</td><td>393</td></tr><tr><td>Netherlands</td><td>4,161</td><td>3,874</td><td>963</td><td>165</td><td>1,528</td><td>1,218</td><td>287</td><td>271</td><td>16</td><td>-</td></tr><tr><td>Norway</td><td>1,810</td><td>1,711</td><td>233</td><td>133</td><td>330</td><td>1,015</td><td>99</td><td>97</td><td>-</td><td>2</td></tr><tr><td>Poland</td><td>41</td><td>41</td><td>9</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>669</td><td>623</td><td>207</td><td>9</td><td>405</td><td>2</td><td>46</td><td>45</td><td>1</td><td>-</td></tr><tr><td>Romania</td><td>9</td><td>6</td><td>-</td><td>-</td><td>6</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>2,009</td><td>1,910</td><td>1,392</td><td>66</td><td>452</td><td>-</td><td>99</td><td>51</td><td>48</td><td>-</td></tr><tr><td>Sweden</td><td>8,597</td><td>7,804</td><td>2,673</td><td>18</td><td>1,015</td><td>4,098</td><td>793</td><td>761</td><td>31</td><td>1</td></tr><tr><td>Switzerland</td><td>10,842</td><td>4,226</td><td>1,048</td><td>1,717</td><td>1,150</td><td>311</td><td>6,616</td><td>4,935</td><td>20</td><td>1,661</td></tr><tr><td>U. S. S. R.</td><td>52</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>51</td><td>51</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>110,673</td><td>26,113</td><td>16,091</td><td>4,770</td><td>2,601</td><td>2,651</td><td>84,560</td><td>83,177</td><td>474</td><td>909</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>4,156</td><td>3,790</td><td>958</td><td>2,002</td><td>470</td><td>360</td><td>366</td><td>353</td><td>13</td><td>-</td></tr><tr><td>Total Europe</td><td>242,608</td><td>145,328</td><td>58,021</td><td>22,251</td><td>18,490</td><td>46,566</td><td>97,280</td><td>93,631</td><td>673</td><td>2,976</td></tr><tr><td>Canada</td><td>117,634</td><td>69,792</td><td>8,847</td><td>38,413</td><td>7,545</td><td>14,987</td><td>47,842</td><td>45,572</td><td>1,001</td><td>1,269</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></tr><tr><td>Argentina</td><td>10,898</td><td>10,737</td><td>3,460</td><td>2,321</td><td>4,956</td><td>-</td><td>161</td><td>158</td><td>2</td><td>1</td></tr><tr><td>Bolivia</td><td>6,289</td><td>6,289</td><td>3,502</td><td>888</td><td>1,899</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>80,461</td><td>79,859</td><td>8,521</td><td>9,052</td><td>59,293</td><td>2,993</td><td>602</td><td>13</td><td>21</td><td>568</td></tr><tr><td>Chile</td><td>9,579</td><td>9,572</td><td>218</td><td>896</td><td>5,748</td><td>2,720</td><td>7</td><td>5</td><td>-</td><td>2</td></tr><tr><td>Colombia</td><td>51,593</td><td>51,887</td><td>12,808</td><td>5,865</td><td>18,180</td><td>14,634</td><td>106</td><td>62</td><td>13</td><td>31</td></tr><tr><td>Cuba</td><td>44,191</td><td>44,022</td><td>9,412</td><td>11,744</td><td>11,617</td><td>11,249</td><td>169</td><td>162</td><td>7</td><td>-</td></tr><tr><td>Dominican Republic</td><td>1,839</td><td>1,833</td><td>-</td><td>729</td><td>1,079</td><td>25</td><td>6</td><td>-</td><td>3</td><td>3</td></tr><tr><td>Guatemala</td><td>2,692</td><td>2,687</td><td>235</td><td>128</td><td>2,038</td><td>286</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Mexico</td><td>58,517</td><td>49,520</td><td>17,975</td><td>8,705</td><td>7,781</td><td>15,059</td><td>8,997</td><td>8,186</td><td>66</td><td>745</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,356</td><td>1,351</td><td>50</td><td>13</td><td>1,288</td><td>-</td><td>5</td><td>-</td><td>4</td><td>1</td></tr><tr><td>Peru</td><td>13,772</td><td>13,654</td><td>1,813</td><td>1,431</td><td>8,803</td><td>1,607</td><td>118</td><td>39</td><td>11</td><td>68</td></tr><tr><td>Republic of Panama</td><td>2,793</td><td>2,792</td><td>69</td><td>386</td><td>1,486</td><td>851</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>El Salvador</td><td>3,387</td><td>3,387</td><td>-</td><td>235</td><td>1,712</td><td>1,440</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>7,782</td><td>7,535</td><td>4,262</td><td>454</td><td>2,550</td><td>269</td><td>247</td><td>247</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>65,890</td><td>64,901</td><td>34,685</td><td>9,023</td><td>18,993</td><td>2,200</td><td>989</td><td>984</td><td>5</td><td>-</td></tr><tr><td>Other Latin America</td><td>12,988</td><td>12,985</td><td>2,425</td><td>1,210</td><td>9,067</td><td>283</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Total Latin America</td><td>374,027</td><td>362,611</td><td>99,435</td><td>53,080</td><td>156,490</td><td>53,606</td><td>11,416</td><td>9,858</td><td>133</td><td>1,425</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></tr><tr><td>China Mainland</td><td>2,457</td><td>2,455</td><td>2,403</td><td>36</td><td>13</td><td>3</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Formose</td><td>5,962</td><td>5,960</td><td>5,803</td><td>137</td><td>20</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>4,219</td><td>4,144</td><td>2,697</td><td>354</td><td>1,093</td><td>-</td><td>75</td><td>65</td><td>10</td><td>-</td></tr><tr><td>India</td><td>18,387</td><td>6,513</td><td>2,080</td><td>2</td><td>2,673</td><td>1,758</td><td>11,874</td><td>11,874</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>212</td><td>211</td><td>-</td><td>-</td><td>211</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>7,892</td><td>7,883</td><td>654</td><td>18</td><td>7,211</td><td>-</td><td>9</td><td>-</td><td>8</td><td>1</td></tr><tr><td>Israel</td><td>25,672</td><td>25,545</td><td>4,814</td><td>5,290</td><td>1,418</td><td>14,023</td><td>127</td><td>124</td><td>3</td><td>-</td></tr><tr><td>Japan</td><td>6,758</td><td>6,757</td><td>5,268</td><td>33</td><td>1,456</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>6,501</td><td>6,152</td><td>1,864</td><td>583</td><td>3,705</td><td>-</td><td>349</td><td>214</td><td>135</td><td>-</td></tr><tr><td>Thailand</td><td>3,996</td><td>3,996</td><td>3,393</td><td>-</td><td>603</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>1,525</td><td>1,525</td><td>337</td><td>35</td><td>1,153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>11,561</td><td>8,280</td><td>5,166</td><td>348</td><td>2,758</td><td>8</td><td>3,281</td><td>3,281</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>95,142</td><td>79,421</td><td>34,479</td><td>6,836</td><td>22,314</td><td>15,792</td><td>15,721</td><td>15,564</td><td>156</td><td>1</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></tr><tr><td>Australia</td><td>41,515</td><td>12,300</td><td>374</td><td>40</td><td>3,921</td><td>7,965</td><td>29,215</td><td>28,038</td><td>45</td><td>1,130</td></tr><tr><td>Belgian Congo</td><td>5,190</td><td>5,190</td><td>-</td><td>1</td><td>5,097</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>277</td><td>236</td><td>222</td><td>1</td><td>12</td><td>1</td><td>41</td><td>40</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>8,513</td><td>7,972</td><td>2,801</td><td>37</td><td>3,909</td><td>1,225</td><td>541</td><td>286</td><td>3</td><td>252</td></tr><tr><td>Other</td><td>6,599</td><td>5,620</td><td>1,719</td><td>70</td><td>2,441</td><td>1,390</td><td>979</td><td>817</td><td>6</td><td>156</td></tr><tr><td>Total other countries</td><td>62,094</td><td>31,318</td><td>5,116</td><td>149</td><td>15,380</td><td>10,673</td><td>30,776</td><td>29,181</td><td>55</td><td>1,540</td></tr><tr><td>International</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>891,505</td><td>688,470</td><td>205,098</td><td>120,729</td><td>220,219</td><td>141,624</td><td>203,035</td><td>193,806</td><td>2,018</td><td>7,211</td></tr></table>
Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
64
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of April 1951
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="4">To foreign banks and official institutions</th><th colspan="3">To all other foreigners</th><th colspan="3">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>Deposits</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>To foreign banks and official institutions</th><th>To others</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>Austria</td><td>42,370</td><td>41,052</td><td>22,610</td><td>1,250</td><td>18,442</td><td>1,318</td><td>1,318</td><td>1,040</td><td>24</td><td>791</td><td>713</td><td>78</td></tr><tr><td>Belgium</td><td>117,395</td><td>57,796</td><td>45,677</td><td>1,250</td><td>10,869</td><td>58,808</td><td>57,744</td><td>1,040</td><td>24</td><td>1</td><td>1</td><td></td></tr><tr><td>Czechoslovakia</td><td>3,151</td><td>2,713</td><td>2,574</td><td></td><td>139</td><td>437</td><td>437</td><td></td><td></td><td>5</td><td>5</td><td></td></tr><tr><td>Denmark</td><td>47,762</td><td>40,090</td><td>14,985</td><td>24,200</td><td>905</td><td>7,667</td><td>7,048</td><td>100</td><td>519</td><td>5</td><td>5</td><td></td></tr><tr><td>Finland</td><td>22,104</td><td>21,140</td><td>21,128</td><td></td><td>12</td><td>964</td><td>964</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>France</td><td>192,971</td><td>134,746</td><td>112,813</td><td>9,646</td><td>12,287</td><td>57,981</td><td>54,717</td><td>2,706</td><td>558</td><td>244</td><td>228</td><td>16</td></tr><tr><td>Germany 1/</td><td>256,401</td><td>263,768</td><td>180,254</td><td>67,000</td><td>16,514</td><td>2,617</td><td>2,530</td><td>14</td><td>73</td><td>16</td><td>16</td><td>2</td></tr><tr><td>Greece</td><td>35,751</td><td>29,749</td><td>19,589</td><td>10,000</td><td>160</td><td>6,000</td><td>5,835</td><td></td><td>165</td><td>2</td><td></td><td></td></tr><tr><td>Italy</td><td>299,123</td><td>261,464</td><td>191,986</td><td>58,360</td><td>1,118</td><td>37,622</td><td>27,095</td><td>9,943</td><td>584</td><td>37</td><td>37</td><td></td></tr><tr><td>Netherlands</td><td>131,434</td><td>101,553</td><td>83,028</td><td>14,800</td><td>3,725</td><td>29,843</td><td>29,550</td><td>139</td><td>154</td><td>38</td><td>35</td><td>3</td></tr><tr><td>Norway</td><td>57,848</td><td>40,021</td><td>26,517</td><td></td><td>13,504</td><td>17,777</td><td>17,604</td><td>148</td><td>25</td><td>50</td><td>6</td><td>44</td></tr><tr><td>Poland</td><td>3,962</td><td>2,960</td><td>2,955</td><td></td><td>5</td><td>1,002</td><td>1,000</td><td></td><td>2</td><td>70</td><td></td><td></td></tr><tr><td>Portugal</td><td>46,736</td><td>39,639</td><td>39,574</td><td></td><td>65</td><td>7,077</td><td>7,077</td><td></td><td></td><td>10</td><td>70</td><td>10</td></tr><tr><td>Romania</td><td>6,168</td><td>4,728</td><td>4,718</td><td></td><td>10</td><td>1,430</td><td>1,430</td><td></td><td></td><td>16</td><td>4</td><td>12</td></tr><tr><td>Spain</td><td>19,172</td><td>11,581</td><td>11,043</td><td></td><td>538</td><td>7,575</td><td>6,881</td><td>660</td><td>34</td><td></td><td></td><td></td></tr><tr><td>Sweden</td><td>92,817</td><td>86,089</td><td>37,461</td><td>31,000</td><td>17,628</td><td>6,547</td><td>6,475</td><td>50</td><td>22</td><td>181</td><td>32</td><td>149</td></tr><tr><td>Switzerland</td><td>502,467</td><td>377,247</td><td>264,940</td><td>21,443</td><td>90,864</td><td>120,457</td><td>97,786</td><td>1,195</td><td>21,476</td><td>4,763</td><td>4,343</td><td>420</td></tr><tr><td>U.S. S.R.</td><td>2,316</td><td>1,859</td><td>1,851</td><td></td><td>8</td><td>457</td><td>453</td><td></td><td>4</td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>673,601</td><td>435,931</td><td>395,936</td><td>7,713</td><td>31,282</td><td>196,299</td><td>163,503</td><td>29,755</td><td>3,041</td><td>41,371</td><td>40,998</td><td>373</td></tr><tr><td>Yugoslavia</td><td>6,445</td><td>5,505</td><td>5,434</td><td></td><td>11</td><td>940</td><td>938</td><td></td><td>2</td><td></td><td></td><td></td></tr><tr><td>Other Europe</td><td>52,431</td><td>33,858</td><td>33,055</td><td>368</td><td>435</td><td>18,542</td><td>18,123</td><td>300</td><td>119</td><td>31</td><td>14</td><td>17</td></tr><tr><td>Total Europe</td><td>2,622,475</td><td>1,993,489</td><td>1,519,188</td><td>255,730</td><td>218,521</td><td>581,360</td><td>508,508</td><td>46,050</td><td>26,802</td><td>47,626</td><td>46,502</td><td>1,124</td></tr><tr><td>Canada</td><td>811,564</td><td>663,181</td><td>287,183</td><td>372,435</td><td>3,563</td><td>143,326</td><td>124,138</td><td>19,080</td><td>108</td><td>5,057</td><td>2,426</td><td>2,631</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></tr><tr><td>Argentina</td><td>347,456</td><td>308,558</td><td>298,254</td><td></td><td>10,304</td><td>38,779</td><td>38,718</td><td></td><td>61</td><td>119</td><td>8</td><td>111</td></tr><tr><td>Bolivia</td><td>19,344</td><td>8,322</td><td>8,322</td><td></td><td></td><td>11,022</td><td>11,002</td><td></td><td>20</td><td></td><td></td><td></td></tr><tr><td>Brazil</td><td>218,067</td><td>205,182</td><td>189,311</td><td></td><td>15,841</td><td>42,774</td><td>42,245</td><td></td><td>529</td><td>111</td><td>51</td><td>60</td></tr><tr><td>Chile</td><td>79,912</td><td>48,831</td><td>48,575</td><td></td><td>256</td><td>31,074</td><td>31,066</td><td></td><td>8</td><td>7</td><td>7</td><td></td></tr><tr><td>Colombia</td><td>66,640</td><td>46,919</td><td>46,407</td><td></td><td>512</td><td>19,709</td><td>19,702</td><td></td><td>7</td><td>12</td><td>4</td><td>8</td></tr><tr><td>Cuba</td><td>309,834</td><td>259,506</td><td>172,440</td><td>55,480</td><td>31,586</td><td>50,328</td><td>50,227</td><td>80</td><td>21</td><td></td><td></td><td></td></tr><tr><td>Dominican Republic</td><td>46,349</td><td>30,840</td><td>30,504</td><td></td><td>336</td><td>15,509</td><td>15,504</td><td></td><td>5</td><td></td><td></td><td></td></tr><tr><td>Guatemala</td><td>30,767</td><td>17,228</td><td>8,705</td><td>5,400</td><td>3,122</td><td>13,539</td><td>13,433</td><td></td><td>106</td><td></td><td></td><td></td></tr><tr><td>Mexico</td><td>115,815</td><td>49,588</td><td>47,583</td><td>870</td><td>1,135</td><td>65,819</td><td>61,869</td><td>3,900</td><td>50</td><td>468</td><td>76</td><td>392</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>28,794</td><td>22,181</td><td>14,071</td><td>8,000</td><td>110</td><td>6,610</td><td>6,610</td><td></td><td></td><td>3</td><td>3</td><td></td></tr><tr><td>Peru</td><td>58,174</td><td>39,275</td><td>37,110</td><td></td><td>2,165</td><td>18,886</td><td>18,424</td><td></td><td>462</td><td>13</td><td>13</td><td></td></tr><tr><td>Republic of Panama</td><td>51,892</td><td>15,680</td><td>15,680</td><td></td><td>16,203</td><td>12,632</td><td>12,493</td><td>6,370</td><td>2,290</td><td></td><td></td><td></td></tr><tr><td>El Salvador</td><td>46,281</td><td>33,649</td><td>10,265</td><td>23,100</td><td>284</td><td>55,718</td><td>53,400</td><td></td><td>134</td><td></td><td></td><td></td></tr><tr><td>Uruguay</td><td>82,123</td><td>26,209</td><td>23,232</td><td></td><td>3,057</td><td>48,028</td><td>41,487</td><td>6,220</td><td>2,318</td><td>116</td><td>28</td><td>88</td></tr><tr><td>Venezuela</td><td>80,849</td><td>32,567</td><td>32,484</td><td></td><td>83</td><td>29,070</td><td>28,347</td><td>715</td><td>321</td><td>254</td><td>254</td><td>1</td></tr><tr><td>Other Latin America</td><td>93,496</td><td>64,425</td><td>55,800</td><td>3,500</td><td>4,125</td><td></td><td></td><td></td><td>7</td><td>1</td><td></td><td>1</td></tr><tr><td>Total Latin America</td><td>1,705,793</td><td>1,208,989</td><td>1,039,714</td><td>96,350</td><td>72,225</td><td>495,700</td><td>472,075</td><td>17,286</td><td>6,339</td><td>1,104</td><td>444</td><td>660</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 Mainland</td><td>47,404</td><td>30,785</td><td>30,374</td><td></td><td>411</td><td>16,619</td><td>16,460</td><td>139</td><td>20</td><td></td><td></td><td></td></tr><tr><td>Formosa</td><td>31,911</td><td>27,623</td><td>27,621</td><td></td><td>2</td><td>4,288</td><td>4,288</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Hong Kong</td><td>64,769</td><td>32,532</td><td>31,721</td><td></td><td>811</td><td>31,795</td><td>31,648</td><td>120</td><td>27</td><td>442</td><td>442</td><td></td></tr><tr><td>India</td><td>58,971</td><td>53,279</td><td>50,227</td><td></td><td>3,052</td><td>4,880</td><td>4,436</td><td></td><td>444</td><td>812</td><td>812</td><td></td></tr><tr><td>Indonesia</td><td>126,733</td><td>125,675</td><td>57,138</td><td>68,185</td><td>352</td><td>1,058</td><td>647</td><td></td><td>411</td><td></td><td></td><td></td></tr><tr><td>Iran</td><td>27,386</td><td>19,969</td><td>19,277</td><td></td><td>692</td><td>7,417</td><td>7,417</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Israel</td><td>17,241</td><td>14,576</td><td>14,638</td><td></td><td>38</td><td>2,565</td><td>2,565</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan</td><td>376,627</td><td>369,058</td><td>350,997</td><td>4,850</td><td>3,211</td><td>7,568</td><td>7,525</td><td></td><td>43</td><td>1</td><td>1</td><td></td></tr><tr><td>Philippines</td><td>404,463</td><td>381,873</td><td>367,826</td><td></td><td>14,047</td><td>22,547</td><td>19,500</td><td></td><td>3,047</td><td>43</td><td>43</td><td></td></tr><tr><td>Thailand</td><td>57,688</td><td>56,265</td><td>25,441</td><td>30,331</td><td>493</td><td>1,423</td><td>1,403</td><td></td><td>20</td><td></td><td></td><td></td></tr><tr><td>Turkey</td><td>20,599</td><td>15,784</td><td>15,629</td><td></td><td>155</td><td>4,813</td><td>4,760</td><td></td><td>53</td><td>2</td><td>2</td><td></td></tr><tr><td>Other Asia</td><td>152,217</td><td>121,938</td><td>101,902</td><td>10,554</td><td>9,482</td><td>29,942</td><td>27,971</td><td></td><td>1,971</td><td>337</td><td>337</td><td></td></tr><tr><td>Total Asia</td><td>1,386,009</td><td>1,249,457</td><td>1,102,791</td><td>113,920</td><td>32,746</td><td>134,915</td><td>128,620</td><td>259</td><td>6,036</td><td>1,637</td><td>1,637</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><td></td><td></td></tr><tr><td>Australia</td><td>18,343</td><td>14,431</td><td>12,610</td><td></td><td>1,821</td><td>2,663</td><td>2,638</td><td></td><td>25</td><td>1,249</td><td>663</td><td>586</td></tr><tr><td>Belgian Congo</td><td>51,411</td><td>50,995</td><td>15,602</td><td>35,380</td><td>13</td><td>4,114</td><td>4,114</td><td></td><td></td><td>2</td><td>2</td><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>105,584</td><td>101,185</td><td>34,918</td><td>64,127</td><td>2,140</td><td>4,399</td><td>4,375</td><td></td><td>24</td><td></td><td></td><td></td></tr><tr><td>Union of South Africa</td><td>9,507</td><td>6,473</td><td>6,150</td><td></td><td>323</td><td>2,966</td><td>2,965</td><td></td><td>1</td><td>68</td><td>68</td><td></td></tr><tr><td>Other</td><td>67,076</td><td>57,008</td><td>53,361</td><td>1,150</td><td>2,497</td><td>9,284</td><td>8,524</td><td>400</td><td>360</td><td>724</td><td>19</td><td>765</td></tr><tr><td>Total other countries</td><td>251,921</td><td>230,092</td><td>122,641</td><td>130,657</td><td>6,794</td><td>19,726</td><td>18,916</td><td>400</td><td>410</td><td>2,103</td><td>752</td><td>1,351</td></tr><tr><td>International</td><td>1,625,560</td><td>1,625,559</td><td>122,193</td><td>1,437,638</td><td>63,728</td><td>1</td><td>1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Grand total</td><td>8,403,322</td><td>6,970,767</td><td>4,193,710</td><td>2,378,780</td><td>396,277</td><td>1,375,028</td><td>1,252,258</td><td>83,075</td><td>39,695</td><td>57,527</td><td>51,761</td><td>5,766</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
65
September 1951
CAPITAL MOVEMENTS
Section III - Details for Month of April 1951
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 purchase</th><th colspan="3">Domestic securities</th><th colspan="2">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="2">Foreign securities</th></tr><tr><th></th><th></th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</th><th></th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</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>Austria</td><td>270</td><td>-</td><td>-</td><td>32</td><td>238</td><td>-</td><td>524</td><td>501</td><td>-</td><td>20</td><td>3</td><td>-</td></tr><tr><td>Belgium</td><td>4,499</td><td>1,766</td><td>900</td><td>1,327</td><td>259</td><td>247</td><td>3,596</td><td>1,749</td><td>129</td><td>1,179</td><td>382</td><td>157</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>756</td><td>-</td><td>216</td><td>327</td><td>75</td><td>138</td><td>360</td><td>3</td><td>-</td><td>234</td><td>62</td><td>61</td></tr><tr><td>Finland</td><td>5</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>55,869</td><td>50,608</td><td>623</td><td>3,047</td><td>602</td><td>989</td><td>5,739</td><td>915</td><td>886</td><td>1,913</td><td>316</td><td>1,709</td></tr><tr><td>Germany</td><td>55</td><td>39</td><td>-</td><td>15</td><td>1</td><td>-</td><td>59</td><td>49</td><td>-</td><td>10</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>34</td><td>17</td><td>-</td><td>17</td><td>-</td><td>-</td><td>18</td><td>12</td><td>-</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>554</td><td>12</td><td>49</td><td>464</td><td>7</td><td>22</td><td>346</td><td>12</td><td>18</td><td>216</td><td>100</td><td>1</td></tr><tr><td>Netherlands</td><td>2,476</td><td>-</td><td>66</td><td>1,627</td><td>313</td><td>470</td><td>2,231</td><td>68</td><td>157</td><td>1,507</td><td>198</td><td>361</td></tr><tr><td>Norway</td><td>862</td><td>-</td><td>-</td><td>505</td><td>346</td><td>11</td><td>9,251</td><td>8,816</td><td>-</td><td>412</td><td>16</td><td>7</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>206</td><td>-</td><td>-</td><td>107</td><td>64</td><td>35</td><td>709</td><td>1</td><td>7</td><td>44</td><td>633</td><td>24</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></tr><tr><td>Spain</td><td>171</td><td>31</td><td>6</td><td>70</td><td>62</td><td>2</td><td>21</td><td>-</td><td>4</td><td>11</td><td>3</td><td>3</td></tr><tr><td>Sweden</td><td>58</td><td>-</td><td>-</td><td>34</td><td>5</td><td>19</td><td>165</td><td>13</td><td>-</td><td>56</td><td>96</td><td>-</td></tr><tr><td>Switzerland</td><td>26,374</td><td>1,124</td><td>2,461</td><td>18,637</td><td>1,515</td><td>2,637</td><td>17,577</td><td>468</td><td>1,154</td><td>13,884</td><td>795</td><td>1,276</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></tr><tr><td>United Kingdom</td><td>17,866</td><td>4,740</td><td>658</td><td>8,284</td><td>1,420</td><td>2,764</td><td>16,820</td><td>7,116</td><td>687</td><td>4,848</td><td>3,019</td><td>1,120</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Other Europe</td><td>928</td><td>320</td><td>17</td><td>441</td><td>39</td><td>111</td><td>1,214</td><td>-</td><td>853</td><td>282</td><td>27</td><td>52</td></tr><tr><td>Total Europe</td><td>110,983</td><td>58,657</td><td>4,996</td><td>34,934</td><td>4,951</td><td>7,145</td><td>58,700</td><td>19,740</td><td>3,908</td><td>24,625</td><td>5,650</td><td>4,777</td></tr><tr><td>Canada</td><td>70,017</td><td>20,129</td><td>8,913</td><td>7,441</td><td>22,204</td><td>11,330</td><td>88,436</td><td>2,949</td><td>10,162</td><td>7,309</td><td>57,515</td><td>10,501</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></tr><tr><td>Argentina</td><td>605</td><td>38</td><td>2</td><td>480</td><td>55</td><td>30</td><td>491</td><td>4</td><td>-</td><td>408</td><td>42</td><td>37</td></tr><tr><td>Bolivia</td><td>25</td><td>-</td><td>15</td><td>6</td><td>-</td><td>4</td><td>62</td><td>-</td><td>-</td><td>41</td><td>6</td><td>15</td></tr><tr><td>Brazil</td><td>1,041</td><td>-</td><td>12</td><td>427</td><td>543</td><td>59</td><td>704</td><td>1</td><td>-</td><td>510</td><td>112</td><td>81</td></tr><tr><td>Chile</td><td>556</td><td>-</td><td>-</td><td>268</td><td>229</td><td>59</td><td>210</td><td>20</td><td>2</td><td>108</td><td>10</td><td>70</td></tr><tr><td>Colombia</td><td>385</td><td>-</td><td>11</td><td>222</td><td>18</td><td>134</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>8,416</td><td>4,270</td><td>2,037</td><td>1,541</td><td>276</td><td>292</td><td>1,885</td><td>324</td><td>4</td><td>1,082</td><td>356</td><td>119</td></tr><tr><td>Dominican Republic</td><td>44</td><td>-</td><td>-</td><td>41</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>19</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>936</td><td>-</td><td>33</td><td>630</td><td>212</td><td>61</td><td>813</td><td>2</td><td>16</td><td>722</td><td>9</td><td>70</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>188</td><td>59</td><td>9</td><td>114</td><td>6</td><td>-</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>140</td><td>-</td><td>3</td><td>137</td><td>-</td><td>-</td><td>220</td><td>5</td><td>-</td><td>185</td><td>1</td><td>29</td></tr><tr><td>Republic of Panama</td><td>2,132</td><td>-</td><td>-</td><td>1,555</td><td>112</td><td>472</td><td>1,603</td><td>436</td><td>27</td><td>873</td><td>120</td><td>147</td></tr><tr><td>El Salvador</td><td>28</td><td>-</td><td>-</td><td>22</td><td>6</td><td>-</td><td>36</td><td>5</td><td>-</td><td>18</td><td>10</td><td>3</td></tr><tr><td>Uruguay</td><td>1,713</td><td>-</td><td>113</td><td>1,167</td><td>361</td><td>72</td><td>1,627</td><td>59</td><td>67</td><td>1,011</td><td>344</td><td>146</td></tr><tr><td>Venezuela</td><td>2,186</td><td>796</td><td>68</td><td>1,171</td><td>26</td><td>119</td><td>606</td><td>40</td><td>73</td><td>415</td><td>33</td><td>45</td></tr><tr><td>Other Latin America</td><td>263</td><td>-</td><td>-</td><td>258</td><td>1</td><td>4</td><td>132</td><td>-</td><td>-</td><td>122</td><td>10</td><td>-</td></tr><tr><td>Total Latin America</td><td>18,684</td><td>5,163</td><td>2,303</td><td>8,064</td><td>1,848</td><td>1,306</td><td>8,473</td><td>896</td><td>189</td><td>5,573</td><td>1,053</td><td>762</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 Mainland</td><td>78</td><td>45</td><td>-</td><td>11</td><td>22</td><td>-</td><td>40</td><td>-</td><td>-</td><td>37</td><td>3</td><td>-</td></tr><tr><td>Formosa</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>1,856</td><td>10</td><td>-</td><td>1,483</td><td>4</td><td>359</td><td>947</td><td>-</td><td>5</td><td>924</td><td>3</td><td>15</td></tr><tr><td>India</td><td>12</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td><td>72</td><td>50</td><td>-</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>4</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>2</td><td>-</td><td>28</td><td>2</td><td>-</td><td>-</td><td>12</td><td>10</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>40</td><td>10</td><td>-</td><td>2</td><td>1</td><td>-</td><td>370</td><td>2</td><td>5</td><td>14</td><td>346</td><td>3</td></tr><tr><td>Japan</td><td>125</td><td>-</td><td>11</td><td>124</td><td>-</td><td>-</td><td>105</td><td>-</td><td>-</td><td>89</td><td>-</td><td>16</td></tr><tr><td>Philippines</td><td>190</td><td>-</td><td>-</td><td>179</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>17</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>3</td><td>-</td><td>-</td><td>2</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>335</td><td>-</td><td>62</td><td>159</td><td>-</td><td>114</td><td>236</td><td>-</td><td>-</td><td>217</td><td>3</td><td>16</td></tr><tr><td>Total Asia</td><td>2,669</td><td>65</td><td>101</td><td>2,002</td><td>27</td><td>474</td><td>1,809</td><td>62</td><td>10</td><td>1,332</td><td>355</td><td>50</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></tr><tr><td>Australia</td><td>65</td><td>-</td><td>-</td><td>9</td><td>51</td><td>5</td><td>5</td><td>-</td><td>-</td><td>4</td><td>1</td><td>-</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>154</td><td>-</td><td>-</td><td>154</td><td>-</td><td>-</td><td>242</td><td>-</td><td>-</td><td>242</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>218</td><td>-</td><td>20</td><td>126</td><td>-</td><td>72</td><td>63</td><td>-</td><td>-</td><td>16</td><td>-</td><td>47</td></tr><tr><td>Other</td><td>2,805</td><td>5</td><td>7</td><td>601</td><td>2,023</td><td>169</td><td>589</td><td>9</td><td>48</td><td>452</td><td>46</td><td>34</td></tr><tr><td>Total other countries</td><td>3,242</td><td>5</td><td>27</td><td>890</td><td>2,074</td><td>246</td><td>899</td><td>9</td><td>48</td><td>714</td><td>47</td><td>81</td></tr><tr><td>International</td><td>17,688</td><td>17,424</td><td>190</td><td>3</td><td>1</td><td>-</td><td>3,000</td><td>-</td><td>-</td><td>-</td><td>3,000</td><td>-</td></tr><tr><td>Grand total</td><td>223,283</td><td>101,513</td><td>16,530</td><td>53,334</td><td>31,105</td><td>20,801</td><td>161,317</td><td>23,656</td><td>14,317</td><td>39,553</td><td>67,620</td><td>16,171</td></tr></table>
66
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of June 1951
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="3">Short-term claims payable in dollars</th><th colspan="5">Short-term claims payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Loans to: Foreign banks and official institutions</th><th>Others</th><th>Collections outstanding for own account and domestic customers</th><th>Other</th><th>Total</th><th>Deposits of reporting banks and domestic customers with foreigners</th><th>Collections outstanding for own account and domestic customers</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>Austria</td><td>33</td><td>11</td><td>7</td><td>1</td><td>3</td><td>-</td><td>22</td><td>22</td><td>-</td><td>7</td></tr><tr><td>Belgium</td><td>13,767</td><td>16,599</td><td>1,774</td><td>265</td><td>5,717</td><td>8,843</td><td>2,168</td><td>2,158</td><td>3</td><td>-</td></tr><tr><td>Czechoslovakia</td><td>179</td><td>137</td><td>-</td><td>-</td><td>4</td><td>133</td><td>42</td><td>12</td><td>30</td><td>-</td></tr><tr><td>Denmark</td><td>6,182</td><td>6,000</td><td>56</td><td>-</td><td>163</td><td>5,781</td><td>182</td><td>179</td><td>3</td><td>-</td></tr><tr><td>Finland</td><td>6,197</td><td>6,197</td><td>297</td><td>33</td><td>73</td><td>5,794</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>7,406</td><td>6,518</td><td>1,465</td><td>2,788</td><td>1,657</td><td>614</td><td>888</td><td>661</td><td>13</td><td>214</td></tr><tr><td>Germany</td><td>25,350</td><td>25,182</td><td>10,822</td><td>6,111</td><td>238</td><td>8,011</td><td>168</td><td>159</td><td>9</td><td>-</td></tr><tr><td>Greece</td><td>93</td><td>85</td><td>23</td><td>-</td><td>62</td><td>-</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>52,868</td><td>51,103</td><td>29,610</td><td>3,278</td><td>5,989</td><td>12,226</td><td>1,765</td><td>1,380</td><td>20</td><td>365</td></tr><tr><td>Netherlands</td><td>3,503</td><td>3,307</td><td>450</td><td>158</td><td>1,376</td><td>1,323</td><td>196</td><td>182</td><td>14</td><td>-</td></tr><tr><td>Norway</td><td>2,260</td><td>2,127</td><td>76</td><td>137</td><td>493</td><td>1,421</td><td>133</td><td>133</td><td>-</td><td>-</td></tr><tr><td>Poland</td><td>43</td><td>43</td><td>9</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>1,321</td><td>845</td><td>11</td><td>15</td><td>817</td><td>2</td><td>476</td><td>475</td><td>1</td><td>-</td></tr><tr><td>Romania</td><td>3</td><td>3</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>13,624</td><td>13,567</td><td>13,357</td><td>46</td><td>164</td><td>-</td><td>57</td><td>57</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>7,413</td><td>6,521</td><td>2,675</td><td>608</td><td>1,012</td><td>2,226</td><td>892</td><td>861</td><td>31</td><td>-</td></tr><tr><td>Switzerland</td><td>10,535</td><td>4,869</td><td>1,220</td><td>1,445</td><td>1,562</td><td>642</td><td>5,666</td><td>3,331</td><td>117</td><td>2,218</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>110,213</td><td>16,924</td><td>7,360</td><td>5,082</td><td>1,914</td><td>2,568</td><td>93,289</td><td>90,546</td><td>2,065</td><td>678</td></tr><tr><td>Yugoslavia</td><td>1,702</td><td>1,701</td><td>1,701</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>4,687</td><td>4,212</td><td>1,415</td><td>1,993</td><td>438</td><td>366</td><td>475</td><td>471</td><td>4</td><td>-</td></tr><tr><td>Total Europe</td><td>272,380</td><td>165,952</td><td>72,328</td><td>21,954</td><td>21,719</td><td>49,951</td><td>106,428</td><td>100,636</td><td>2,310</td><td>3,482</td></tr><tr><td>Canada</td><td>117,857</td><td>69,051</td><td>7,041</td><td>42,740</td><td>5,489</td><td>13,781</td><td>48,806</td><td>32,205</td><td>686</td><td>8,915</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>9,455</td><td>9,339</td><td>2,011</td><td>2,315</td><td>5,013</td><td>-</td><td>116</td><td>76</td><td>38</td><td>2</td></tr><tr><td>Bolivia</td><td>8,091</td><td>8,091</td><td>5,020</td><td>570</td><td>2,501</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>95,157</td><td>95,020</td><td>11,720</td><td>10,710</td><td>69,730</td><td>2,860</td><td>137</td><td>39</td><td>15</td><td>83</td></tr><tr><td>Chile</td><td>12,855</td><td>12,854</td><td>309</td><td>1,555</td><td>6,976</td><td>4,014</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>48,036</td><td>47,704</td><td>9,136</td><td>3,657</td><td>19,542</td><td>15,369</td><td>332</td><td>240</td><td>15</td><td>77</td></tr><tr><td>Cuba</td><td>36,912</td><td>36,758</td><td>10,794</td><td>10,730</td><td>10,870</td><td>4,364</td><td>154</td><td>144</td><td>10</td><td>-</td></tr><tr><td>Dominican Republic</td><td>2,022</td><td>2,021</td><td>-</td><td>828</td><td>1,193</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Guatemala</td><td>2,638</td><td>2,558</td><td>77</td><td>-</td><td>2,831</td><td>250</td><td>80</td><td>-</td><td>80</td><td>-</td></tr><tr><td>Mexico</td><td>58,641</td><td>53,129</td><td>18,773</td><td>7,640</td><td>8,970</td><td>17,746</td><td>5,512</td><td>4,367</td><td>436</td><td>709</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,373</td><td>1,369</td><td>44</td><td>7</td><td>1,318</td><td>-</td><td>4</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Peru</td><td>12,607</td><td>12,442</td><td>1,724</td><td>1,208</td><td>8,433</td><td>1,077</td><td>165</td><td>20</td><td>12</td><td>133</td></tr><tr><td>Republic of Panama</td><td>2,520</td><td>2,518</td><td>5</td><td>237</td><td>1,423</td><td>853</td><td>2</td><td>-</td><td>2</td><td>-</td></tr><tr><td>El Salvador</td><td>3,046</td><td>3,046</td><td>169</td><td>118</td><td>2,034</td><td>725</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>10,399</td><td>10,338</td><td>6,846</td><td>721</td><td>2,469</td><td>302</td><td>61</td><td>61</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>67,059</td><td>66,365</td><td>36,088</td><td>8,079</td><td>19,767</td><td>2,431</td><td>694</td><td>435</td><td>35</td><td>224</td></tr><tr><td>Other Latin America</td><td>13,900</td><td>13,893</td><td>3,040</td><td>907</td><td>9,829</td><td>117</td><td>7</td><td>4</td><td>3</td><td>-</td></tr><tr><td>Total Latin America</td><td>384,711</td><td>377,445</td><td>105,679</td><td>49,359</td><td>172,299</td><td>50,108</td><td>7,266</td><td>5,389</td><td>649</td><td>1,228</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 Mainland</td><td>2,387</td><td>2,385</td><td>2,331</td><td>34</td><td>16</td><td>4</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>5,915</td><td>5,913</td><td>5,775</td><td>119</td><td>19</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>3,127</td><td>3,096</td><td>1,831</td><td>602</td><td>636</td><td>27</td><td>31</td><td>28</td><td>3</td><td>-</td></tr><tr><td>India</td><td>15,743</td><td>4,300</td><td>1,219</td><td>1</td><td>2,025</td><td>1,055</td><td>11,443</td><td>10,667</td><td>776</td><td>-</td></tr><tr><td>Indonesia</td><td>194</td><td>193</td><td>-</td><td>-</td><td>193</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>7,428</td><td>7,423</td><td>670</td><td>6</td><td>6,747</td><td>-</td><td>5</td><td>-</td><td>5</td><td>-</td></tr><tr><td>Israel</td><td>23,143</td><td>23,012</td><td>7,984</td><td>1,491</td><td>984</td><td>12,553</td><td>131</td><td>128</td><td>3</td><td>-</td></tr><tr><td>Japan</td><td>9,896</td><td>9,875</td><td>7,731</td><td>26</td><td>1,790</td><td>328</td><td>21</td><td>-</td><td>21</td><td>-</td></tr><tr><td>Philippines</td><td>9,485</td><td>9,292</td><td>5,342</td><td>17</td><td>3,832</td><td>101</td><td>193</td><td>45</td><td>148</td><td>-</td></tr><tr><td>Thailand</td><td>3,116</td><td>3,116</td><td>2,477</td><td>14</td><td>624</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>590</td><td>585</td><td>37</td><td>14</td><td>534</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>18,775</td><td>16,291</td><td>13,223</td><td>377</td><td>2,689</td><td>2</td><td>2,484</td><td>2,484</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>99,799</td><td>85,481</td><td>48,620</td><td>2,701</td><td>20,089</td><td>14,071</td><td>14,318</td><td>13,362</td><td>956</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>36,393</td><td>14,412</td><td>1,677</td><td>39</td><td>4,371</td><td>8,325</td><td>21,981</td><td>20,397</td><td>948</td><td>636</td></tr><tr><td>Belgian Congo</td><td>7,048</td><td>7,043</td><td>-</td><td>2</td><td>7,016</td><td>25</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>378</td><td>348</td><td>295</td><td>-</td><td>50</td><td>3</td><td>30</td><td>29</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>12,599</td><td>12,260</td><td>3,176</td><td>43</td><td>5,789</td><td>3,252</td><td>339</td><td>165</td><td>9</td><td>165</td></tr><tr><td>Other</td><td>6,609</td><td>6,020</td><td>1,438</td><td>40</td><td>3,222</td><td>1,320</td><td>589</td><td>563</td><td>8</td><td>18</td></tr><tr><td>Total other countries</td><td>63,027</td><td>40,083</td><td>6,586</td><td>124</td><td>20,448</td><td>12,925</td><td>22,941</td><td>21,159</td><td>966</td><td>819</td></tr><tr><td>International</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>937,774</td><td>738,012</td><td>240,254</td><td>116,878</td><td>240,044</td><td>140,836</td><td>199,762</td><td>179,751</td><td>5,567</td><td>14,444</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
September 1951
67
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of June 1951
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="4">To foreign banks and official institutions</th><th colspan="3">To all other foreigners</th><th colspan="3">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposite</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>Deposits</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>To foreign banks and official institutions</th><th>To others</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>Austria</td><td>43,855</td><td>42,007</td><td>20,553</td><td>2,750</td><td>18,704</td><td>1,848</td><td>1,848</td><td>-</td><td>-</td><td>726</td><td>719</td><td>7</td></tr><tr><td>Belgium</td><td>122,285</td><td>60,569</td><td>46,344</td><td>760</td><td>13,465</td><td>60,990</td><td>57,646</td><td>70</td><td>3,274</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Czechoslovakia</td><td>3,096</td><td>2,639</td><td>2,454</td><td>-</td><td>185</td><td>456</td><td>456</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>44,734</td><td>35,709</td><td>11,336</td><td>24,300</td><td>73</td><td>9,025</td><td>8,509</td><td>100</td><td>416</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>22,513</td><td>21,547</td><td>21,538</td><td>-</td><td>9</td><td>966</td><td>966</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>246,325</td><td>185,685</td><td>169,344</td><td>3,438</td><td>12,903</td><td>60,525</td><td>56,915</td><td>3,063</td><td>547</td><td>115</td><td>99</td><td>16</td></tr><tr><td>Germany 1/</td><td>357,472</td><td>354,213</td><td>268,137</td><td>67,000</td><td>19,076</td><td>3,256</td><td>3,208</td><td>14</td><td>34</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Greece</td><td>38,606</td><td>32,187</td><td>22,065</td><td>10,000</td><td>122</td><td>6,417</td><td>6,318</td><td>-</td><td>99</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>276,027</td><td>233,799</td><td>169,497</td><td>63,690</td><td>612</td><td>42,215</td><td>30,046</td><td>11,290</td><td>879</td><td>13</td><td>13</td><td>3</td></tr><tr><td>Netherlands</td><td>134,777</td><td>108,913</td><td>96,415</td><td>11,650</td><td>848</td><td>25,687</td><td>23,563</td><td>2,040</td><td>84</td><td>177</td><td>174</td><td>3</td></tr><tr><td>Norway</td><td>60,496</td><td>38,654</td><td>26,010</td><td>-</td><td>12,644</td><td>21,798</td><td>21,611</td><td>178</td><td>9</td><td>44</td><td>3</td><td>41</td></tr><tr><td>Poland</td><td>3,261</td><td>2,732</td><td>2,730</td><td>-</td><td>2</td><td>529</td><td>527</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>45,637</td><td>38,137</td><td>37,838</td><td>-</td><td>299</td><td>7,438</td><td>7,425</td><td>-</td><td>13</td><td>62</td><td>49</td><td>13</td></tr><tr><td>Romania</td><td>4,942</td><td>3,640</td><td>3,640</td><td>-</td><td>-</td><td>1,292</td><td>1,292</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Spain</td><td>18,253</td><td>10,294</td><td>10,012</td><td>-</td><td>282</td><td>7,954</td><td>7,160</td><td>790</td><td>4</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Sweden</td><td>99,369</td><td>92,136</td><td>54,064</td><td>27,000</td><td>11,072</td><td>6,870</td><td>6,775</td><td>95</td><td>-</td><td>363</td><td>204</td><td>159</td></tr><tr><td>Switzerland</td><td>510,106</td><td>388,819</td><td>268,952</td><td>24,617</td><td>95,250</td><td>118,100</td><td>96,228</td><td>2,510</td><td>19,362</td><td>3,187</td><td>2,891</td><td>296</td></tr><tr><td>U.S.S.R.</td><td>8,624</td><td>8,216</td><td>8,212</td><td>-</td><td>4</td><td>408</td><td>403</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>611,991</td><td>361,678</td><td>283,022</td><td>61,375</td><td>20,281</td><td>210,582</td><td>155,016</td><td>52,378</td><td>3,188</td><td>42,731</td><td>42,657</td><td>74</td></tr><tr><td>Yugoslavia</td><td>6,503</td><td>5,597</td><td>5,590</td><td>-</td><td>7</td><td>906</td><td>906</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>51,808</td><td>34,688</td><td>33,043</td><td>1,170</td><td>475</td><td>17,120</td><td>16,909</td><td>205</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>2,716,680</td><td>2,064,859</td><td>1,560,796</td><td>297,750</td><td>206,313</td><td>604,382</td><td>503,727</td><td>72,733</td><td>27,922</td><td>47,439</td><td>46,818</td><td>621</td></tr><tr><td>Canada</td><td>971,887</td><td>793,174</td><td>264,138</td><td>526,637</td><td>2,399</td><td>172,889</td><td>162,672</td><td>10,077</td><td>140</td><td>5,824</td><td>3,096</td><td>2,728</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></tr><tr><td>Argentina</td><td>343,665</td><td>305,588</td><td>300,764</td><td>-</td><td>4,824</td><td>37,889</td><td>37,821</td><td>51</td><td>17</td><td>188</td><td>15</td><td>173</td></tr><tr><td>Bolivia</td><td>24,691</td><td>14,080</td><td>14,043</td><td>-</td><td>37</td><td>10,588</td><td>10,565</td><td>-</td><td>23</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Brazil</td><td>212,427</td><td>169,659</td><td>151,631</td><td>-</td><td>18,028</td><td>42,604</td><td>41,159</td><td>-</td><td>1,445</td><td>164</td><td>14</td><td>150</td></tr><tr><td>Chile</td><td>69,908</td><td>36,250</td><td>35,978</td><td>-</td><td>272</td><td>33,652</td><td>33,588</td><td>-</td><td>64</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Colombia</td><td>58,242</td><td>38,743</td><td>38,104</td><td>-</td><td>639</td><td>19,396</td><td>19,349</td><td>-</td><td>47</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Cuba</td><td>327,927</td><td>275,495</td><td>144,506</td><td>100,480</td><td>30,509</td><td>52,432</td><td>51,715</td><td>430</td><td>287</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dominican Republic</td><td>51,325</td><td>35,121</td><td>34,877</td><td>-</td><td>244</td><td>16,204</td><td>16,204</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>29,514</td><td>15,056</td><td>7,809</td><td>4,800</td><td>2,447</td><td>14,458</td><td>14,436</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>123,796</td><td>57,559</td><td>55,643</td><td>870</td><td>1,046</td><td>65,827</td><td>62,648</td><td>3,125</td><td>54</td><td>410</td><td>35</td><td>375</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>24,987</td><td>20,362</td><td>14,304</td><td>6,000</td><td>58</td><td>4,625</td><td>4,625</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>54,331</td><td>35,028</td><td>33,640</td><td>-</td><td>1,388</td><td>19,300</td><td>19,258</td><td>-</td><td>42</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Republic of Panama</td><td>58,104</td><td>19,927</td><td>19,900</td><td>-</td><td>27</td><td>38,176</td><td>31,405</td><td>3,200</td><td>3,571</td><td>1</td><td>1</td><td>1</td></tr><tr><td>El Salvador</td><td>50,590</td><td>39,869</td><td>7,256</td><td>32,500</td><td>113</td><td>10,721</td><td>10,702</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>74,642</td><td>21,015</td><td>18,427</td><td>-</td><td>2,588</td><td>53,466</td><td>50,823</td><td>-</td><td>2,643</td><td>160</td><td>74</td><td>86</td></tr><tr><td>Venezuela</td><td>75,610</td><td>25,781</td><td>25,776</td><td>-</td><td>5</td><td>49,400</td><td>43,128</td><td>5,720</td><td>552</td><td>429</td><td>429</td><td>1</td></tr><tr><td>Other Latin America</td><td>93,195</td><td>64,200</td><td>57,866</td><td>3,500</td><td>2,834</td><td>28,994</td><td>27,299</td><td>1,172</td><td>523</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,672,853</td><td>1,173,733</td><td>960,524</td><td>148,150</td><td>65,059</td><td>497,732</td><td>474,725</td><td>13,698</td><td>9,309</td><td>1,388</td><td>579</td><td>809</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 Mainland</td><td>44,653</td><td>29,675</td><td>29,187</td><td>-</td><td>488</td><td>14,988</td><td>14,829</td><td>139</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formose</td><td>34,534</td><td>30,792</td><td>30,769</td><td>20</td><td>3</td><td>3,742</td><td>3,742</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>61,927</td><td>28,530</td><td>27,903</td><td>-</td><td>627</td><td>33,029</td><td>32,316</td><td>710</td><td>3</td><td>368</td><td>368</td><td>-</td></tr><tr><td>India</td><td>79,164</td><td>73,657</td><td>65,344</td><td>6,850</td><td>1,463</td><td>4,816</td><td>4,638</td><td>-</td><td>178</td><td>691</td><td>691</td><td>-</td></tr><tr><td>Indonesia</td><td>135,760</td><td>134,463</td><td>62,713</td><td>69,685</td><td>2,125</td><td>1,296</td><td>646</td><td>-</td><td>650</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Iran</td><td>26,555</td><td>19,444</td><td>18,538</td><td>-</td><td>906</td><td>7,111</td><td>7,111</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>18,902</td><td>15,335</td><td>15,304</td><td>-</td><td>31</td><td>3,567</td><td>3,567</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>342,801</td><td>334,456</td><td>332,481</td><td>1,550</td><td>425</td><td>8,344</td><td>8,304</td><td>-</td><td>40</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Philippines</td><td>403,651</td><td>382,076</td><td>369,715</td><td>500</td><td>11,361</td><td>21,399</td><td>18,579</td><td>-</td><td>2,820</td><td>176</td><td>176</td><td>-</td></tr><tr><td>Thailand</td><td>65,907</td><td>64,417</td><td>23,749</td><td>40,340</td><td>328</td><td>1,490</td><td>1,486</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>12,287</td><td>7,671</td><td>7,550</td><td>-</td><td>121</td><td>4,614</td><td>4,588</td><td>-</td><td>26</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Other Asia</td><td>171,180</td><td>142,569</td><td>109,686</td><td>21,162</td><td>11,721</td><td>28,483</td><td>27,281</td><td>-</td><td>1,202</td><td>128</td><td>128</td><td>-</td></tr><tr><td>Total Asia</td><td>1,397,331</td><td>1,263,085</td><td>1,092,939</td><td>140,047</td><td>30,099</td><td>132,879</td><td>127,087</td><td>849</td><td>4,943</td><td>1,367</td><td>1,367</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><td></td><td></td></tr><tr><td>Australia</td><td>26,210</td><td>23,010</td><td>21,978</td><td>-</td><td>1,032</td><td>2,677</td><td>2,676</td><td>-</td><td>1</td><td>523</td><td>377</td><td>146</td></tr><tr><td>Belgian Congo</td><td>55,047</td><td>54,640</td><td>19,247</td><td>35,380</td><td>13</td><td>407</td><td>407</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>89,358</td><td>85,056</td><td>30,012</td><td>55,002</td><td>42</td><td>4,300</td><td>4,281</td><td>-</td><td>19</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Union of South Africa</td><td>16,770</td><td>14,235</td><td>13,720</td><td>400</td><td>115</td><td>2,535</td><td>2,519</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>65,853</td><td>55,157</td><td>51,793</td><td>1,200</td><td>2,164</td><td>10,438</td><td>8,532</td><td>1,370</td><td>536</td><td>258</td><td>258</td><td>-</td></tr><tr><td>Total other countries</td><td>253,238</td><td>232,098</td><td>136,750</td><td>91,982</td><td>3,366</td><td>20,357</td><td>18,415</td><td>1,370</td><td>572</td><td>783</td><td>637</td><td>146</td></tr><tr><td>International</td><td>1,648,295</td><td>1,648,295</td><td>118,851</td><td>1,467,320</td><td>62,124</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>8,660,284</td><td>7,175,244</td><td>4,133,998</td><td>2,671,886</td><td>369,360</td><td>1,428,239</td><td>1,286,626</td><td>98,727</td><td>42,886</td><td>56,801</td><td>52,497</td><td>4,304</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
68
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of June 1951
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th rowspan="2">Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th>Total purchase</th><th colspan="2">Domestic securities</th><th colspan="2">Foreign securities</th><th>Total sales</th><th colspan="2">Domestic securities</th><th colspan="2">Foreign securities</th></tr><tr><th></th><th></th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</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></tr><tr><td>Austria</td><td>35</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td><td>7,320</td><td>7,251</td><td>-</td><td>68</td><td>1</td></tr><tr><td>Belgium</td><td>3,977</td><td>1,224</td><td>417</td><td>1,454</td><td>616</td><td>266</td><td>2,975</td><td>1,598</td><td>13</td><td>633</td><td>473</td><td>258</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>163</td><td>484</td><td>512</td><td>1,082</td><td>1</td><td>4</td><td>166</td><td>890</td><td>21</td></tr><tr><td>Denmark</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>42</td><td>3</td><td>-</td><td>39</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>7,313</td><td>3,561</td><td>223</td><td>1,948</td><td>1,090</td><td>491</td><td>41,602</td><td>38,904</td><td>58</td><td>1,296</td><td>261</td><td>1,083</td></tr><tr><td>Germany</td><td>16</td><td>-</td><td>-</td><td>16</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>26</td><td>-</td><td>-</td><td>26</td><td>-</td><td>-</td><td>17</td><td>1</td><td>-</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>546</td><td>88</td><td>64</td><td>353</td><td>12</td><td>29</td><td>382</td><td>58</td><td>79</td><td>227</td><td>15</td><td>3</td></tr><tr><td>Netherlands</td><td>3,101</td><td>857</td><td>69</td><td>1,766</td><td>174</td><td>235</td><td>9,038</td><td>871</td><td>585</td><td>6,577</td><td>705</td><td>300</td></tr><tr><td>Norway</td><td>2,333</td><td>1,771</td><td>54</td><td>241</td><td>262</td><td>5</td><td>295</td><td>20</td><td>37</td><td>190</td><td>44</td><td>4</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>108</td><td>-</td><td>4</td><td>20</td><td>45</td><td>39</td><td>227</td><td>-</td><td>-</td><td>14</td><td>204</td><td>9</td></tr><tr><td>Rumanie</td><td>-</td><td>-</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>7,245</td><td>2</td><td>-</td><td>47</td><td>7,196</td><td>-</td><td>20</td><td>3</td><td>-</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>57</td><td>-</td><td>-</td><td>48</td><td>2</td><td>7</td><td>193</td><td>63</td><td>15</td><td>103</td><td>12</td><td>-</td></tr><tr><td>Switzerland</td><td>22,548</td><td>1,205</td><td>2,001</td><td>15,205</td><td>2,099</td><td>2,038</td><td>18,009</td><td>2,685</td><td>1,518</td><td>11,516</td><td>1,208</td><td>1,082</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>41</td><td>-</td><td>-</td><td>33</td><td>8</td><td>-</td></tr><tr><td>United Kingdom</td><td>37,036</td><td>18,852</td><td>1,078</td><td>7,010</td><td>6,470</td><td>3,626</td><td>42,719</td><td>26,746</td><td>683</td><td>5,014</td><td>6,739</td><td>3,537</td></tr><tr><td>Yugoslavie</td><td>-</td><td>-</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>643</td><td>-</td><td>153</td><td>309</td><td>18</td><td>33</td><td>1,215</td><td>915</td><td>6</td><td>111</td><td>183</td><td>-</td></tr><tr><td>Total Europe</td><td>86,146</td><td>27,560</td><td>4,063</td><td>28,641</td><td>18,601</td><td>7,281</td><td>125,196</td><td>79,119</td><td>2,999</td><td>26,038</td><td>10,743</td><td>6,297</td></tr><tr><td>Canada</td><td>60,126</td><td>26,109</td><td>5,151</td><td>5,351</td><td>16,149</td><td>7,366</td><td>254,157</td><td>172,608</td><td>13,607</td><td>6,793</td><td>51,962</td><td>9,187</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></tr><tr><td>Argentina</td><td>436</td><td>43</td><td>-</td><td>278</td><td>41</td><td>74</td><td>1,066</td><td>43</td><td>6</td><td>949</td><td>66</td><td>2</td></tr><tr><td>Bolivia</td><td>76</td><td>-</td><td>-</td><td>57</td><td>-</td><td>19</td><td>42</td><td>-</td><td>-</td><td>22</td><td>20</td><td>-</td></tr><tr><td>Brazil</td><td>2,424</td><td>-</td><td>6</td><td>360</td><td>1,957</td><td>101</td><td>422</td><td>6</td><td>5</td><td>331</td><td>59</td><td>21</td></tr><tr><td>Chile</td><td>563</td><td>1</td><td>27</td><td>246</td><td>208</td><td>81</td><td>214</td><td>2</td><td>-</td><td>109</td><td>-</td><td>103</td></tr><tr><td>Colombia</td><td>175</td><td>-</td><td>33</td><td>99</td><td>32</td><td>6</td><td>62</td><td>-</td><td>-</td><td>62</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>2,379</td><td>32</td><td>302</td><td>1,257</td><td>475</td><td>313</td><td>2,752</td><td>319</td><td>124</td><td>1,144</td><td>806</td><td>359</td></tr><tr><td>Dominican Republic</td><td>694</td><td>-</td><td>-</td><td>503</td><td>88</td><td>103</td><td>424</td><td>-</td><td>-</td><td>409</td><td>12</td><td>3</td></tr><tr><td>Guatemala</td><td>153</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>510</td><td>500</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,048</td><td>549</td><td>-</td><td>1,087</td><td>91</td><td>121</td><td>914</td><td>99</td><td>29</td><td>686</td><td>21</td><td>79</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>92</td><td>-</td><td>-</td><td>78</td><td>4</td><td>10</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>316</td><td>-</td><td>8</td><td>308</td><td>-</td><td>-</td><td>189</td><td>8</td><td>-</td><td>175</td><td>-</td><td>6</td></tr><tr><td>Republic of Panama</td><td>1,231</td><td>-</td><td>221</td><td>467</td><td>103</td><td>440</td><td>937</td><td>24</td><td>22</td><td>871</td><td>3</td><td>17</td></tr><tr><td>El Salvador</td><td>408</td><td>-</td><td>-</td><td>12</td><td>396</td><td>-</td><td>10,900</td><td>10,900</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>3,114</td><td>116</td><td>46</td><td>1,850</td><td>619</td><td>483</td><td>1,848</td><td>36</td><td>57</td><td>1,471</td><td>153</td><td>131</td></tr><tr><td>Venezuela</td><td>732</td><td>49</td><td>-</td><td>484</td><td>24</td><td>175</td><td>1,250</td><td>-</td><td>-</td><td>1,050</td><td>33</td><td>167</td></tr><tr><td>Other Latin America</td><td>374</td><td>-</td><td>125</td><td>249</td><td>-</td><td>-</td><td>214</td><td>26</td><td>7</td><td>181</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>15,015</td><td>790</td><td>773</td><td>7,488</td><td>4,038</td><td>1,926</td><td>21,777</td><td>11,963</td><td>250</td><td>7,503</td><td>1,173</td><td>888</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 Mainland</td><td>100</td><td>20</td><td>5</td><td>72</td><td>3</td><td>-</td><td>167</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bong Kong</td><td>3,697</td><td>15</td><td>6</td><td>2,729</td><td>47</td><td>900</td><td>833</td><td>351</td><td>-</td><td>480</td><td>2</td><td>-</td></tr><tr><td>India</td><td>2</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>510</td><td>500</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>38</td><td>-</td><td>-</td><td>28</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>3</td><td>-</td><td>-</td><td>1</td><td>2</td><td>-</td><td>10,037</td><td>3</td><td>-</td><td>5</td><td>10,014</td><td>15</td></tr><tr><td>Japan</td><td>34</td><td>-</td><td>-</td><td>33</td><td>1</td><td>-</td><td>62</td><td>8</td><td>-</td><td>43</td><td>11</td><td>-</td></tr><tr><td>Philippines</td><td>77</td><td>10</td><td>-</td><td>67</td><td>-</td><td>-</td><td>1,040</td><td>1,015</td><td>3</td><td>15</td><td>-</td><td>7</td></tr><tr><td>Thailand</td><td>24</td><td>-</td><td>-</td><td>24</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>36</td><td>-</td><td>-</td><td>15</td><td>21</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td></tr><tr><td>Other Asia</td><td>97</td><td>-</td><td>-</td><td>95</td><td>-</td><td>2</td><td>10</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>4,108</td><td>45</td><td>11</td><td>3,066</td><td>74</td><td>912</td><td>12,693</td><td>1,877</td><td>3</td><td>756</td><td>10,035</td><td>22</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></tr><tr><td>Australia</td><td>216</td><td>-</td><td>-</td><td>12</td><td>204</td><td>-</td><td>35</td><td>4</td><td>-</td><td>31</td><td>-</td><td>-</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>20</td><td>5</td><td>-</td><td>14</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>42</td><td>-</td><td>-</td><td>42</td><td>-</td><td>-</td><td>123</td><td>5</td><td>1</td><td>117</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>597</td><td>25</td><td>-</td><td>322</td><td>47</td><td>203</td><td>444</td><td>-</td><td>-</td><td>369</td><td>23</td><td>52</td></tr><tr><td>Total other countries</td><td>856</td><td>25</td><td>-</td><td>377</td><td>251</td><td>203</td><td>622</td><td>14</td><td>1</td><td>531</td><td>24</td><td>52</td></tr><tr><td>International</td><td>157,499</td><td>157,008</td><td>463</td><td>28</td><td>-</td><td>-</td><td>213,606</td><td>213,606</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>323,750</td><td>211,537</td><td>10,461</td><td>44,951</td><td>39,113</td><td>17,688</td><td>628,051</td><td>479,187</td><td>16,860</td><td>41,621</td><td>73,937</td><td>16,446</td></tr></table>
September 1951
69
CUMULATIVE TABLE OF CONTENTS
October 1950 through September 1951
<table><tr><th rowspan="2"></th><th colspan="3">1950</th><th colspan="10">Issue and page number 1951</th></tr><tr><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th></tr><tr><td colspan="13">Articles:</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 colspan="13">Budget receipts and expenditures:</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 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 colspan="13">Trust account and other transactions:</td></tr><tr><td>Summary of trust account and other transactions.</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>Trust account receipts.</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>Trust account expenditures other than investments.</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>Net investments of Government agencies in public debt securities.</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>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</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>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 colspan="13">Treasury cash income and outgo:</td></tr><tr><td>Summary of cash transactions.</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 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>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash trust account transactions.</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing.</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Cash operating income and outgo by months.</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td colspan="13">General Fund of the Treasury:</td></tr><tr><td>Status of the General Fund.</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Analysis of change in balance in the General Fund.</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>General Fund balance by months.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td colspan="13">Debt outstanding:</td></tr><tr><td>Summary of Federal securities.</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</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>16</td><td>16</td><td>16</td><td>16</td><td>16</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>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Net change in interest-bearing public debt.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Interest-bearing guaranteed securities.</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Special issues to U. S. Government investment accounts.</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>16</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities.</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>18</td></tr><tr><td>Treasury holdings of securities issued by Government corporations and other agencies.</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Public debt and guaranteed securities outstanding by months.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</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 colspan="13">Statutory debt limitation:</td></tr><tr><td>Status under limitation.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</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>Application of limitation to public debt and guaranteed securities outstanding.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</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 colspan="13">Debt operations:</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the U. S. Government.</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Offerings of Treasury bills.</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</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>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</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>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness and guaranteed securities.</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></table>
70
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
October 1950 through September 1951 - (Continued)
<table><tr><th rowspan="2"></th><th colspan="2">1950</th><th colspan="10">Issue and page number</th></tr><tr><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th></tr><tr><td><b>United States savings bonds:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series.</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>Sales and redemptions, all series combined, 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>Sales and redemptions of Series A-D, E, F, and G by periods.</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td></tr><tr><td>Redemptions of matured and unmatured, all series combined.</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td></tr><tr><td>Sales and redemptions of Series E and F and G by denominations.</td><td>...</td><td>30</td><td>...</td><td>30</td><td>...</td><td>...</td><td>31</td><td>...</td><td>...</td><td>...</td><td>31</td><td>...</td></tr><tr><td>Sales of Series E and F and G 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>32</td><td>...</td></tr><tr><td><b>Treasury savings notes:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series.</td><td>30</td><td>31</td><td>30</td><td>30</td><td>33</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>34</td><td>31</td></tr><tr><td>Sales and redemptions of all series combined by periods.</td><td>30</td><td>31</td><td>30</td><td>30</td><td>33</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>34</td><td>31</td></tr><tr><td><b>Ownership of Federal securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution by classes of investors and types of issues.</td><td>31</td><td>32</td><td>31</td><td>31</td><td>34</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>35</td><td>32</td></tr><tr><td>Net market purchases or sales for investment accounts handled by the Treasury.</td><td>31</td><td>32</td><td>31</td><td>31</td><td>34</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>35</td><td>32</td></tr><tr><td>Estimated ownership.</td><td>32</td><td>33</td><td>32</td><td>32</td><td>35</td><td>33</td><td>33</td><td>34</td><td>33</td><td>33</td><td>36</td><td>33</td></tr><tr><td><b>Treasury survey of ownership:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks, insurance companies, and others.</td><td>33</td><td>34</td><td>33</td><td>33</td><td>36</td><td>34</td><td>34</td><td>35</td><td>34</td><td>34</td><td>37</td><td>34</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date June 30, 1951).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>38</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>38</td></tr><tr><td><b>Market quotations:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Over-the-counter closing quotations on Federal securities by issues.</td><td>37</td><td>38</td><td>37</td><td>37</td><td>40</td><td>42</td><td>38</td><td>39</td><td>38</td><td>38</td><td>41</td><td>42</td></tr><tr><td>Chart showing yields of Treasury securities.</td><td>39</td><td>40</td><td>39</td><td>39</td><td>42</td><td>44</td><td>40</td><td>42</td><td>41</td><td>41</td><td>44</td><td>45</td></tr><tr><td><b>Yields of Treasury and corporate bonds:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term bonds by periods.</td><td>40</td><td>41</td><td>40</td><td>40</td><td>43</td><td>45</td><td>41</td><td>43</td><td>42</td><td>42</td><td>45</td><td>46</td></tr><tr><td>Chart showing average yields of long-term bonds.</td><td>41</td><td>42</td><td>41</td><td>41</td><td>44</td><td>46</td><td>42</td><td>44</td><td>43</td><td>43</td><td>46</td><td>47</td></tr><tr><td><b>Internal revenue collections:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by principal sources.</td><td>42</td><td>43</td><td>42</td><td>42</td><td>45</td><td>47</td><td>43</td><td>45</td><td>44</td><td>44</td><td>47</td><td>48</td></tr><tr><td>Chart showing internal revenue collections.</td><td>43</td><td>44</td><td>43</td><td>43</td><td>46</td><td>48</td><td>44</td><td>46</td><td>45</td><td>45</td><td>48</td><td>49</td></tr><tr><td>Detail of collections by type of tax.</td><td>44</td><td>45</td><td>44</td><td>44</td><td>47</td><td>49</td><td>45</td><td>47</td><td>46</td><td>46</td><td>49</td><td>50</td></tr><tr><td><b>Monetary statistics:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation.</td><td>46</td><td>47</td><td>46</td><td>46</td><td>49</td><td>51</td><td>47</td><td>49</td><td>48</td><td>48</td><td>51</td><td>52</td></tr><tr><td>Monetary stocks of gold and silver.</td><td>47</td><td>48</td><td>47</td><td>47</td><td>50</td><td>52</td><td>48</td><td>50</td><td>49</td><td>49</td><td>52</td><td>53</td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>47</td><td>48</td><td>47</td><td>47</td><td>50</td><td>52</td><td>48</td><td>50</td><td>49</td><td>49</td><td>52</td><td>53</td></tr><tr><td>Components of silver monetary stock.</td><td>48</td><td>49</td><td>48</td><td>48</td><td>51</td><td>53</td><td>49</td><td>51</td><td>50</td><td>50</td><td>53</td><td>54</td></tr><tr><td>Silver production in the United States and acquisitions by mints and assay offices.</td><td>48</td><td>49</td><td>48</td><td>48</td><td>51</td><td>53</td><td>49</td><td>51</td><td>50</td><td>50</td><td>53</td><td>54</td></tr><tr><td>Seignorage on silver.</td><td>49</td><td>50</td><td>49</td><td>49</td><td>52</td><td>54</td><td>50</td><td>52</td><td>51</td><td>51</td><td>54</td><td>55</td></tr><tr><td>Increase in reduction in weight of gold dollar (latest date June 30, 1951).</td><td>...</td><td>50</td><td>...</td><td>...</td><td>52</td><td>...</td><td>...</td><td>52</td><td>...</td><td>...</td><td>54</td><td>...</td></tr><tr><td>Net Treasury gold receipts (latest quarter ending June 30, 1951).</td><td>...</td><td>...</td><td>49</td><td>...</td><td>...</td><td>54</td><td>...</td><td>...</td><td>51</td><td>...</td><td>...</td><td>55</td></tr><tr><td><b>Exchange Stabilization Fund:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance Sheet (latest date March 31, 1951).</td><td>...</td><td>51</td><td>...</td><td>...</td><td>53</td><td>...</td><td>...</td><td>53</td><td>...</td><td>...</td><td>55</td><td>...</td></tr><tr><td>Income and expense (latest date March 31, 1951).</td><td>...</td><td>52</td><td>...</td><td>...</td><td>54</td><td>...</td><td>...</td><td>54</td><td>...</td><td>...</td><td>56</td><td>...</td></tr><tr><td><b>Capital movements between the United States and foreign countries:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Historical summary of capital movements since 1935.</td><td>50</td><td>53</td><td>50</td><td>50</td><td>55</td><td>55</td><td>51</td><td>55</td><td>52</td><td>52</td><td>57</td><td>56</td></tr><tr><td>Summary by countries and months.</td><td>53</td><td>56</td><td>53</td><td>53</td><td>58</td><td>58</td><td>54</td><td>58</td><td>55</td><td>55</td><td>60</td><td>59</td></tr><tr><td>Details for latest months by countries.</td><td>57</td><td>60</td><td>57</td><td>57</td><td>62</td><td>62</td><td>58</td><td>62</td><td>59</td><td>59</td><td>64</td><td>61</td></tr><tr><td>Supplementary data by countries.</td><td>63</td><td>...</td><td>63</td><td>...</td><td>...</td><td>...</td><td>64</td><td>...</td><td>65</td><td>65</td><td>...</td><td>...</td></tr><tr><td><b>Corporations and certain other business-type activities (latest date December 31, 1950):</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding.</td><td>...</td><td>66</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>...</td><td>67</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>...</td><td>64</td><td>...</td><td>...</td><td>...</td><td>...</td><td>68</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Source and application of funds.</td><td>...</td><td>...</td><td>67</td><td>...</td><td>...</td><td>...</td><td>...</td><td>71</td><td>...</td><td>...</td><td>...</td><td>...</td></tr></table>
Treas. U.S. Treasury Dept. HJ 10 Treasury Bulletin .A2 1951 c.2