TREASURY BULLETIN
APRIL-1952
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
April 1952
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>Market quotations</td><td>38</td></tr><tr><td>Yields of Treasury and ccporate bonds</td><td>42</td></tr><tr><td>Internal revenue collections</td><td>44</td></tr><tr><td>Monetary statistics</td><td>48</td></tr><tr><td>Capital movements</td><td>52</td></tr><tr><td>Corporations and certain other business-type activities -- loans and balance sheets</td><td>66</td></tr><tr><td>Cumulative table of contents</td><td>71</td></tr></table>
Note:
In those tables in which figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not check to the totals shown.
A-1
Treasury Financing Operations
91-Day Treasury Bills Refunded
Weekly maturities of 91-day Treasury bills in March totaled $4.7 billion and were refunded in an equal amount. The maturity and offering on March 6 were for $1.1 billion each and the maturities and offerings in the three remaining weeks were for $1.2 billion each. The average rates of discount on the new offerings were 1.657 percent for March 6, 1.784 percent for March 13, 1.601 percent for March 20, and 1.593 percent for March 27.
Note:
Details of Treasury market financing operations are shown elsewhere in this issue of the "Treasury Bulletin", in the tables on"Offerings" and "Disposition", respectively, of marketable issues of bonds, notes, and certificates of indebtedness, and in the table "Offerings of Treasury Bills".
April 1952
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th colspan="3">Budget receipts and expenditures</th><th>Net of trust account and other transactions</th><th>Clearing account</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in General Fund balance, or decrease (-)</th><th colspan="3">Levels, end of period</th></tr><tr><th></th><th>Net receipts 1/</th><th>Expenditures 2/</th><th>Surplus, or deficit (-) 2/</th><th>2/ 3/</th><th>3/</th><th></th><th></th><th>General Fund balance</th><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942</td><td>12,696</td><td>38,187</td><td>-21,490</td><td>-1,613</td><td>-</td><td>23,461</td><td>358</td><td>2,992</td><td>72,422</td><td>4,560</td><td>76,993</td></tr><tr><td>1943</td><td>22,202</td><td>73,682</td><td>-57,420</td><td>-338</td><td>-</td><td>68,274</td><td>6,515</td><td>9,507</td><td>136,696</td><td>4,100</td><td>140,796</td></tr><tr><td>1944</td><td>43,592</td><td>95,315</td><td>-51,423</td><td>-2,222</td><td>-</td><td>68,307</td><td>10,662</td><td>20,169</td><td>201,003</td><td>1,623</td><td>202,626</td></tr><tr><td>1945</td><td>44,762</td><td>98,703</td><td>-53,941</td><td>791</td><td>-</td><td>57,679</td><td>4,389</td><td>28,698</td><td>258,682</td><td>433</td><td>259,115</td></tr><tr><td>1946</td><td>40,027</td><td>60,703</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>1947</td><td>40,043</td><td>39,209</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>252,365</td></tr><tr><td>1949</td><td>38,286</td><td>40,027</td><td>-1,811</td><td>-495</td><td>366</td><td>470</td><td>-1,462</td><td>3,470</td><td>259,170</td><td>27</td><td>259,197</td></tr><tr><td>1950</td><td>37,045</td><td>40,167</td><td>-3,122</td><td>99</td><td>483</td><td>1,587</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>45,143</td><td>44,633 5/</td><td>3,510 2/</td><td>679 5/</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>62,680</td><td>70,881</td><td>-6,201</td><td>-173</td><td>17</td><td>5,000</td><td>-3,357</td><td>4,000</td><td>260,222</td><td>67</td><td>260,289</td></tr><tr><td>1953 (Est.)</td><td>70,998</td><td>85,444</td><td>-15,446</td><td>-330</td><td>75</td><td>15,700</td><td>-</td><td>4,000</td><td>274,982</td><td>60</td><td>274,982</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>51,707</td><td>1,751</td><td>12,294</td><td>165,877</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>68,753</td><td>9,942</td><td>28,235</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>38,610</td><td>41,328</td><td>-2,512</td><td>-1,386</td><td>362</td><td>-18,366</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>-280</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>36,809</td><td>5,241</td><td>-229</td><td>199</td><td>-1,100</td><td>1,111</td><td>4,208</td><td>258,800</td><td>55</td><td>258,854</td></tr><tr><td>1949</td><td>38,222</td><td>41,714</td><td>-3,592</td><td>-902</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>-483</td><td>-447</td><td>4,232</td><td>256,708</td><td>24</td><td>256,731</td></tr><tr><td>1951</td><td>53,488</td><td>56,846</td><td>-3,358</td><td>815</td><td>-106</td><td>2,711</td><td>62</td><td>4,895</td><td>259,419</td><td>42</td><td>259,461</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950-January</td><td>3,366</td><td>3,323</td><td>44</td><td>2</td><td>589</td><td>-265</td><td>370</td><td>5,049</td><td>256,865</td><td>27</td><td>256,892</td></tr><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>2,952</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>1,861</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>2,860</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>3,580</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>-279</td><td>-1,339</td><td>4,145</td><td>256,937</td><td>22</td><td>256,959</td></tr><tr><td>November</td><td>2,051</td><td>3,102 5/</td><td>-292 5/</td><td>169 5/</td><td>-63</td><td>140</td><td>-6</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</td><td>470</td><td>45</td><td>-92</td><td>-369</td><td>93</td><td>4,232</td><td>256,708</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>4,454</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>-188</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>7,039</td><td>5,969</td><td>1,119</td><td>208</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>5,680</td><td>255,657</td><td>28</td><td>255,685</td></tr><tr><td>August</td><td>3,594</td><td>5,087</td><td>-1,493</td><td>83</td><td>-103</td><td>988</td><td>-585</td><td>5,095</td><td>256,644</td><td>32</td><td>256,677</td></tr><tr><td>September</td><td>6,209</td><td>5,163</td><td>1,046</td><td>37</td><td>30</td><td>709</td><td>1,822</td><td>6,916</td><td>257,353</td><td>33</td><td>257,386</td></tr><tr><td>October</td><td>2,635</td><td>5,483</td><td>-2,847</td><td>-55</td><td>-86</td><td>945</td><td>-2,042</td><td>4,874</td><td>258,298</td><td>37</td><td>258,335</td></tr><tr><td>November</td><td>3,521</td><td>5,178</td><td>-1,658</td><td>82</td><td>20</td><td>1,306</td><td>-250</td><td>4,624</td><td>259,604</td><td>43</td><td>259,647</td></tr><tr><td>December</td><td>5,279</td><td>5,627</td><td>-347</td><td>196</td><td>7</td><td>-186</td><td>-329</td><td>4,295</td><td>259,419</td><td>42</td><td>259,461</td></tr><tr><td>1952-January</td><td>4,953</td><td>5,455</td><td>-501</td><td>-374</td><td>103</td><td>357</td><td>-415</td><td>3,879</td><td>259,775</td><td>38</td><td>259,813</td></tr><tr><td>February</td><td>5,553</td><td>5,105</td><td>448</td><td>186</td><td>-25</td><td>587</td><td>1,196</td><td>5,075</td><td>260,362</td><td>37</td><td>260,399</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1953 Budget document, including effect of proposed legislation. 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 refund of receipts.
2/ Transactions of the Foreign Economic Cooperation Trust Fund, established under Section 11b (f) of the Economic Cooperation Act of 1948 (26 Stat. 150), are consolidated with budget expenditures.
3/ Excesses of receipts, or expenditures (-). For outstanding checks and interest coupons, and telegraphic reports from Federal Reserve Banks; excesses of receipts, or expenditures (-). 
5/ 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="5">Internal revenue 1/</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>Withheld by employees 2/</th><th>Other 3/</th><th>Total 4/</th><th>Employment taxes 2/</th><th>Miscellaneous internal revenue</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th>Refunds or receipts 2/</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>297</td><td>43,992</td></tr><tr><td>1945</td><td>10,289</td><td>28,884</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>1,679</td><td>44,758</td></tr><tr><td>1946</td><td>9,392</td><td>21,493</td><td>30,885</td><td>1,701</td><td>7,725</td><td>40,310</td><td>435</td><td>3,492</td><td>44,238</td><td>1,238</td><td>2,973</td><td>40,027</td></tr><tr><td>1947</td><td>10,013</td><td>19,292</td><td>29,306</td><td>2,024</td><td>8,049</td><td>39,379</td><td>494</td><td>4,635</td><td>44,508</td><td>1,499</td><td>3,006</td><td>40,043</td></tr><tr><td>1948</td><td>11,436</td><td>19,735</td><td>31,171</td><td>2,381</td><td>8,301</td><td>41,853</td><td>422</td><td>3,884</td><td>46,099</td><td>1,616</td><td>2,822</td><td>42,211</td></tr><tr><td>1949</td><td>9,942</td><td>19,641</td><td>29,482</td><td>2,177</td><td>8,348</td><td>40,307</td><td>384</td><td>2,082</td><td>42,774</td><td>1,690</td><td>2,838</td><td>38,246</td></tr><tr><td>1950</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>3,931</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>48,123</td></tr><tr><td>1952 (2st.)</td><td>17,906</td><td>34,318</td><td>52,224</td><td>4,947</td><td>9,786</td><td>66,897</td><td>575</td><td>1,608</td><td>69,040</td><td>3,890</td><td>2,510</td><td>62,680</td></tr><tr><td>1953 (2st.)</td><td>20,375</td><td>39,660</td><td>60,035</td><td>4,989</td><td>10,514</td><td>75,538</td><td>575</td><td>1,624</td><td>77,737</td><td>4,030</td><td>2,709</td><td>70,998</td></tr><tr><td>1951-July</td><td>726</td><td>983</td><td>1,709</td><td>177</td><td>722</td><td>2,608</td><td>18</td><td>177</td><td>2,833</td><td>175</td><td>88</td><td>2,571</td></tr><tr><td>August</td><td>2,130</td><td>404</td><td>2,535</td><td>296</td><td>806</td><td>3,932</td><td>50</td><td>178</td><td>4,165</td><td>516</td><td>55</td><td>3,594</td></tr><tr><td>September</td><td>1,128</td><td>4,115</td><td>5,242</td><td>449</td><td>707</td><td>6,398</td><td>12</td><td>83</td><td>6,584</td><td>298</td><td>27</td><td>6,209</td></tr><tr><td>October</td><td>780</td><td>828</td><td>1,607</td><td>16</td><td>809</td><td>2,539</td><td>92</td><td>117</td><td>2,708</td><td>32 2/</td><td>41</td><td>2,535</td></tr><tr><td>November</td><td>2,177</td><td>254</td><td>2,430</td><td>505</td><td>805</td><td>3,740</td><td>17</td><td>164</td><td>3,991</td><td>400 2/</td><td>30</td><td>3,521</td></tr><tr><td>December</td><td>1,361</td><td>2,916</td><td>4,277</td><td>322</td><td>823</td><td>5,421</td><td>14</td><td>111</td><td>5,576</td><td>266</td><td>31</td><td>5,279</td></tr><tr><td>1952-January</td><td>897 10/</td><td>3,021 10/</td><td>3,770</td><td>174</td><td>866</td><td>4,770</td><td>14</td><td>339</td><td>5,153</td><td>117 2/</td><td>52</td><td>4,993</td></tr><tr><td>February</td><td>3,097</td><td>1,983</td><td>4,554</td><td>703</td><td>805</td><td>6,063</td><td>13</td><td>88</td><td>6,194</td><td>446</td><td>195</td><td>5,553</td></tr><tr><td>Fiscal year 1952 to date</td><td>12,255 10/</td><td>14,463 10/</td><td>26,125</td><td>2,973</td><td>6,378</td><td>35,476</td><td>370</td><td>1,258</td><td>37,104</td><td>2,239</td><td>549</td><td>34,315</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1953 Budget document, including $15 million in "Other receipts" for 1953 under proposed legislation. Receipt classifications shown here
are based on the Daily Treasury Statement, and therefore differ somewhat from those in the Budget. Footnotes follow Table 2.
Table 2.- Expenditures by Major Classifications
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 11/</th><th>National defense and related activities</th><th>International finance and aid</th><th>Interest on the public debt 12/</th><th>Veterans' Administration 13/</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>727</td><td>3,621</td><td>2,060</td><td>2,329</td></tr><tr><td>1946</td><td>60,703</td><td>48,870</td><td>4,928</td><td>4,722</td><td>1,253</td><td>2,333</td></tr><tr><td>1947</td><td>39,289</td><td>16,812</td><td>4,143</td><td>4,058</td><td>5,339</td><td>6,467</td></tr><tr><td>1948</td><td>33,791</td><td>11,500</td><td>12,158</td><td>5,339</td><td>6,878</td><td>9,666</td></tr><tr><td>1949</td><td>40,097</td><td>12,158</td><td>4,689</td><td>5,750</td><td>6,517</td><td>10,869</td></tr><tr><td>1950</td><td>40,167</td><td>12,316</td><td>4,415</td><td>5,613</td><td>5,249</td><td>9,363</td></tr><tr><td>1951</td><td>44,633</td><td>19,954</td><td></td><td></td><td></td><td>15/</td></tr><tr><td>1952 (Est.)</td><td>70,881</td><td>39,918</td><td>6,820</td><td>5,890</td><td>5,247</td><td>13,046</td></tr><tr><td>1953 (Est.)</td><td>89,444</td><td>51,228</td><td>10,513</td><td>6,150</td><td>4,187</td><td>13,369</td></tr><tr><td>1951-July</td><td>4,739</td><td>2,930</td><td>318</td><td>232</td><td>435</td><td>833</td></tr><tr><td>August</td><td>5,087</td><td>3,040</td><td>367</td><td>222</td><td>422</td><td>1,036</td></tr><tr><td>September</td><td>5,163</td><td>2,628</td><td>302</td><td>580</td><td>422</td><td>1,233</td></tr><tr><td>October</td><td>5,483</td><td>3,166</td><td>377</td><td>497</td><td>411</td><td>1,032</td></tr><tr><td>November</td><td>5,178</td><td>3,015</td><td>367</td><td>173</td><td>478</td><td>1,146</td></tr><tr><td>December</td><td>5,627</td><td>3,070</td><td>442</td><td>1,057</td><td>397</td><td>662</td></tr><tr><td>1952-January</td><td>2,455</td><td>3,414</td><td>291</td><td>228</td><td>449</td><td>1,073</td></tr><tr><td>February</td><td>5,105</td><td>3,135</td><td>391</td><td>142</td><td>396</td><td>1,022</td></tr><tr><td>Fiscal year 1952 to date</td><td>41,836</td><td>24,417</td><td>2,854</td><td>3,130</td><td>3,411</td><td>8,024</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1953 Budget document, including effect of proposed legislation. Ex- pected collection is shown for the year 1954 in the Daily Treasury Statement and therefore differ somewhat from those in the Budget. For further detail, see tables under "Internal Revenue Collections." Under Current Tax Payment Act of 1943, as amended (26 U.S.C. 1621-1632), with figures for the calendar year 1951 estimated as explained in footnote 1. For calendar year January 1, 1953, this table includes old-age insurance taxes on employers and employees, because these taxes are no longer separable from income tax withheld by employers. Consists of corporation income and excess profits taxes, individual income tax not withheld, and old-age insurance tax on self-employment
income beginning with the taxable year 1951 (see footnote 7). Partly estimated beginning January 1951 (see footnote 7). Consists of receipts for old-age insurance, unemployment insurance, and railroad retirement; for these programs, estimates for 1951 and 1952. Beginning January 1951, receipts for old-age insurance are estimated as explained in footnote 7. Railroad unemployment insurance contributions for administrative expenses are included in "Other receipts". Includes proceeds from sale of surplus property and from Government contracts. Also deducted are contributions to the organization of war contracts (see "Treasury Bulletin" for February 1948, page 5); and repayments on credit to United Kingdom (see Table 4). Footnotes 7 through 9 on page 3 and 10 through 40 on page 4.
April 1952
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 15/</th><th>Department of the Army 17/</th><th>Department of the Navy 18/</th><th>Payments under Armed Forces Leave Act</th><th>Reconstruction Finance Corporation 19/</th><th>United States Maritime Commission 20/</th><th>UNRRA</th><th>Surplus property disposal 21/</th><th>Strategic and critical materials 22/</th><th>Other 23/</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>111</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>12,161</td><td>-</td><td>328</td><td>604</td><td>661</td><td>106</td><td>-</td><td>1,117</td></tr><tr><td>1947</td><td>16,822</td><td>-</td><td>6,911</td><td>4,999</td><td>1,985</td><td>138</td><td>271</td><td>1,501</td><td>442</td><td>11</td><td>594</td></tr><tr><td>1948</td><td>11,500</td><td>-</td><td>6,046</td><td>4,147</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>12,346</td><td>3,506</td><td>4,058</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>19,964</td><td>6,238</td><td>6,876</td><td>5,757</td><td>3</td><td>-</td><td>-</td><td>*</td><td>*</td><td>656</td><td>435</td></tr><tr><td>1952 (Est.)</td><td>39,918 21/</td><td>12,500</td><td>15,078</td><td>10,000</td><td>1</td><td>-</td><td>-</td><td>-</td><td>3</td><td>800</td><td>536</td></tr><tr><td>1953 (Est.)</td><td>51,228 21/</td><td>18,900</td><td>16,838</td><td>12,300</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,100</td><td>590</td></tr><tr><td>1951-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><tr><td>August</td><td>3,040</td><td>897</td><td>1,210</td><td>792</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2</td><td>108</td><td>30</td></tr><tr><td>September</td><td>2,628</td><td>776</td><td>1,036</td><td>671</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>112</td><td>32</td></tr><tr><td>October</td><td>3,166</td><td>1,074</td><td>1,195</td><td>768</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>44</td><td>65</td></tr><tr><td>November</td><td>3,015</td><td>996</td><td>1,197</td><td>750</td><td>*</td><td>-</td><td>-</td><td>-</td><td>1</td><td>28</td><td>42</td></tr><tr><td>December</td><td>3,070</td><td>941</td><td>1,299</td><td>772</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>41</td></tr><tr><td>1952-January</td><td>3,413</td><td>1,018</td><td>1,421</td><td>898</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>37</td></tr><tr><td>February</td><td>3,155</td><td>1,054</td><td>1,227</td><td>794</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>51</td></tr><tr><td>Fiscal year 1952 to date</td><td>24,417</td><td>7,693</td><td>9,768</td><td>6,192</td><td>1</td><td>-</td><td>-</td><td>*</td><td>2</td><td>423</td><td>338</td></tr></table>
Source: (Same as Table 2). Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Breton-Woods Agreements Act</th><th>Export-Import Bank 25/</th><th>Credit to United Kingdom 26/</th><th>Government and relief in occupied areas</th><th>Greek-Turkish Asst-ance</th><th colspan="3">Mutual Security Act 27/</th><th>Other 30/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Economic and technical assistance 28/</th><th>Military assistance 29/</th><th>Other</th><th></th></tr><tr><td>1946</td><td>727</td><td>159</td><td>568</td><td>2,050</td><td>514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>4,980</td><td>1,426</td><td>938</td><td>1,700</td><td>881</td><td>161</td><td>134</td><td>-</td><td>-</td><td>803</td></tr><tr><td>1948</td><td>4,143 15/</td><td>-</td><td>459</td><td>-</td><td>1,333</td><td>279</td><td>4,043 15/</td><td>-</td><td>-</td><td>420</td></tr><tr><td>1949</td><td>6,016 11/</td><td>-</td><td>-60</td><td>-</td><td>779</td><td>126</td><td>3,583</td><td>44</td><td>-</td><td>170</td></tr><tr><td>1950</td><td>4,689</td><td>-</td><td>45</td><td>-</td><td>354</td><td>65</td><td>3,006</td><td>804</td><td>-</td><td>49</td></tr><tr><td>1951</td><td>4,445</td><td>-</td><td>88</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1952 (Est.)</td><td>6,820</td><td>-</td><td>63</td><td>-</td><td>120</td><td>32</td><td>2,417</td><td>4,000</td><td>31/</td><td>189</td></tr><tr><td>1953 (Est.)</td><td>10,513</td><td>-</td><td>85</td><td>-</td><td>23</td><td>-</td><td>2,375 32/</td><td>8,000 32/</td><td>31/</td><td>30</td></tr><tr><td>1951-July</td><td>318</td><td>-</td><td>-34</td><td>-</td><td>8</td><td>*</td><td>230</td><td>109</td><td>-</td><td>5</td></tr><tr><td>August</td><td>367</td><td>-</td><td>7</td><td>-</td><td>8</td><td>7</td><td>191</td><td>139</td><td>-</td><td>15</td></tr><tr><td>September</td><td>301</td><td>-</td><td>-7</td><td>-</td><td>8</td><td>*</td><td>155</td><td>124</td><td>-</td><td>20</td></tr><tr><td>October</td><td>377</td><td>-</td><td>*</td><td>-</td><td>59</td><td>2</td><td>145</td><td>142</td><td>*</td><td>29</td></tr><tr><td>November</td><td>367</td><td>-</td><td>2</td><td>-</td><td>8</td><td>1</td><td>97</td><td>207</td><td>*</td><td>51</td></tr><tr><td>December</td><td>442</td><td>-</td><td>14</td><td>-</td><td>6</td><td>1</td><td>214</td><td>199</td><td>6</td><td>2</td></tr><tr><td>1952-January</td><td>291</td><td>-</td><td>-77</td><td>-</td><td>4</td><td>1</td><td>155</td><td>187</td><td>3</td><td>15</td></tr><tr><td>February</td><td>391</td><td>-</td><td>31</td><td>-</td><td>2</td><td>*</td><td>152</td><td>195</td><td>8</td><td>2</td></tr><tr><td>Fiscal year 1952 to date</td><td>2,854</td><td>-</td><td>-64</td><td>-</td><td>103</td><td>14</td><td>1,338</td><td>1,303</td><td>19</td><td>141</td></tr></table>
Source (Same as Table 2). Footnotes 1 through 6 on page 2 and 10 through 40 on page 4. 1/ For basis of appropriations, see Table 7. Amounts appropriated are equal to the total of tax revenues and grants-in-aid for old-age insurance. The Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950, changed in certain respects the basis of transferring the appropriated funds to the trust fund. Effective January 1, 1951, the old-age insurance taxes on employers and employees and the withheld income tax are paid into the Treasury in combined amounts without separation as to type of tax. The old-age insurance tax on self-employment income, imposed by Public Law 734, is levied and collected as part of the individual income tax, beginning with the taxable year 1951. Beginning January 1951, the amounts transferred currently are approximately equal to the amounts transferred to the estimated of old-age insurance tax receipts made by the Secretary of the Treasury and are adjusted in later transfers on the basis of wage and self-employment income records maintained by the Federal Security Administrator.
8/9
For purposes of this table, the amount credited each month to the trust fund is included under "Employment taxes" as estimated receipts for old-age insurance. Throughout the calendar year 1951, the balance of the combined amounts paid in by employers was shown as income tax withheld. Beginning January 1952, the tax on self-employment income is allowed for in the amounts credited to the trust fund. These amounts therefore can no longer be used to derive estimates of income tax withheld by employers, but they are used to derive the estimates of total income and profits taxes. Interest on refunds is included in Table 5 under "Miscellaneous". Current appropriations were temporarily suspended to complete adjustments (see footnote 7) as follows: October 10 through November 5, 1951, for adjustment of $150 million ($113 million in October and $37 million in November); January 2 through 4, 1952, for adjustment of $25 million.
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 33/</th><th>Department of Commerce 34/</th><th>Housing and home finance 35/</th><th>Postal deficiency</th><th>Public works 36/</th><th>Reconstruction Finance Corporation 37/</th><th>Social security program 39/</th><th>Atomic Energy Commission</th><th>Mitcellaneous 32/</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>188</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>-286</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>3,332</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>129</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>10,869</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>9,353 12/</td><td>635</td><td>378</td><td>460</td><td>624</td><td>1,541</td><td>-72</td><td>2,027</td><td>908</td><td>2,860</td></tr><tr><td>1952 (Est.)</td><td>13,046</td><td>1,505</td><td>608</td><td>674</td><td>814</td><td>1,583</td><td>-50</td><td>2,205</td><td>1,725</td><td>3,890</td></tr><tr><td>1953 (Est.) 40/</td><td>13,365</td><td>1,667</td><td>468</td><td>261</td><td>444</td><td>1,626</td><td>-51</td><td>2,216</td><td>1,775</td><td>4,940</td></tr><tr><td>1951-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><tr><td>August</td><td>1,036</td><td>104</td><td>55</td><td>157</td><td>-</td><td>163</td><td>-22</td><td>177</td><td>137</td><td>265</td></tr><tr><td>September</td><td>1,233</td><td>36</td><td>45</td><td>-15</td><td>150</td><td>145</td><td>-15</td><td>187</td><td>117</td><td>582</td></tr><tr><td>October</td><td>1,032</td><td>206</td><td>51</td><td>76</td><td>-</td><td>161</td><td>-31</td><td>269</td><td>121</td><td>178</td></tr><tr><td>November</td><td>1,116</td><td>105</td><td>61</td><td>115</td><td>170</td><td>145</td><td>-19</td><td>171</td><td>139</td><td>299</td></tr><tr><td>December</td><td>662</td><td>49</td><td>24</td><td>-31</td><td>-</td><td>134</td><td>-13</td><td>141</td><td>118</td><td>240</td></tr><tr><td>1952-January</td><td>1,073</td><td>194</td><td>50</td><td>85</td><td>-</td><td>113</td><td>-16</td><td>215</td><td>137</td><td>296</td></tr><tr><td>February</td><td>1,022</td><td>78</td><td>46</td><td>43</td><td>240</td><td>104</td><td>-27</td><td>162</td><td>151</td><td>225</td></tr><tr><td>Fiscal year 1952 to date..</td><td>8,024</td><td>812</td><td>379</td><td>520</td><td>560</td><td>1,108</td><td>-141</td><td>1,501</td><td>999</td><td>2,288</td></tr></table>
Source: (Same as Table 2).
Footnotes 1 through 6 on page 2 and 7 through 9 on page 3.
10/Beginning January 1922, these columns will not add to total income and expenditure. For the 1920 tax year, such income was not subject to income taxes. These taxes, as measured by appropriations to the Federal Old-Age and Survivors Insurance Trust Fund, are no longer separable between those paid with income tax withheld and those paid with other income tax.
11/For description of content, see Table 5, footnote 3.
12/Beginning November 1949, interest on the public debt is reported as an expense, whereupon such interest is deducted payable, as distinguished from the previous practice of showing the interest on the basis of interest paid by the Treasurer of the United States.
13/Includes public works undertaken by the Veterans' Administration.
14/Includes transactions relating to the Foreign Economic Cooperation Trust Fund (see page 1).
15/Beginning 1951, net investments of wholly owned Government corporations and their non-public debt securities are excluded from budget expenditures and included with other such investments in "Trust Account and Other Transactions", Table 4.
16/Excludes those expenditures on behalf of the Department of the Air Force which have been made out of appropriations to the Department of the Army.
17/Includes certain expenditures on behalf of the Department of the Air Force (e.g. non-military expenditures by the Air Department of the Army as follows: those included elsewhere in Table 3; international finance and aid, shown in table 4; river and harbor works 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", nondefense expenditures are included in Table 5 under "Miscellaneous".
18/Excludes expenditures by the Department of the Navy included elsewhere in Table 3 and the Department of Commerce (see footnote 3).
19/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.
20/Excludes expenditures included elsewhere in Table 3. Beginning 1950, expenditures of the Commission until it was abolished are included in "Trust Account and Other Transactions".
21/Beginning 1951, consists of expenditures for care and handling of surplus property overseas.
22/Prior to 1947, these expenditures were included in "Other" Treasury Department expenditures, in Table 5 under "Miscellaneous".
23/Through 1941, "war" and "military" defense expenditures of various departments and agencies; administrative and clerical expenses of Selective Service System; expenditures of the War Shipping Administration not included elsewhere in Table 3, until the Administration was transferred to the U. S. Maritime Administration for liquidation, September 1, 1946; aid to China; and beginning 1947, the National Advisory Committee for Aeronautics. From July 1947 through February 1948, consists of expenditures of the Committee and the Selective Service System. Beginning March 1948, expenditures of the Office of the Secretary of Defense are added, and these include retired pay for the military services beginning September 1949.
24/ Totals include $1,000 million for 1952 and $1,500 million for 1953 for Department of Defense as a whole, for later transmission under existing or pending legislation.
25/Excludes Bank expenditures under the Mutual Security Act and the preceding Economic Cooperation Act of 1948, as amended.
26/Under the Financial Agreement of December 6, 1945. First repayment became due on December 31, 1951, when payment was made of $75 million interest and $44 million principal.
27/ Public Law 165, approved October 10, 1951.
28/ Prior to July 1951, conelets of expenditures under the Economic Cooperation Act. See also footnote 30.
29/ Prior to July 1951, conelets of expenditures for mutual defense assistance.
30/ Prior to July 1951, includes principally: relief in countries devastated by war, expenditures under the Foreign Aid Act of 1947 (61 Stat. 938), and expenditures under the China Aid Act of 1948 (62 Stat. 156), all shown separately in the June 1950 and previous issues of this Bulletin; and "Relief of International Children's Emergency Fund loans for construction and building of United Nations Research-fundaries and aid to Korea. Beginning July 1951, includes also aid to Yugoslavia and India, but excludes aid to China and Korea, which is included with other programs of economic and technical assistance under the Mutual Security Act.
31/ Separate climate not available.
32/ The combined total of mutual security estimates for 1953 includes $3,339 million under proposed legislation, but the distribution of this amount between economic and technical assistance and military assistance is not available in the Budget document.
33/ Excludes expenditures by the Department included in Tables 3 and 4 and those for forest roads and trails, included in Table 5 under "Public Works".
34/ Excludes expenditures by the Department included in Tables 3 and 4 and those for public roads included in Table 5 under "Public works", including 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.
35/ 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.
36/ Consists of expenditures for the following: public roads, except assistance to Greece and Turkey; public buildings, consisting of construction of administration buildings and post offices, and facilities through 1950, when it was abolished and its functions were distributed; other Federal Works Agency expenditures except those included in Table 3 until the Agency was abolished by the act of June 30, 1949 (65 Stat. 380); Bureau of Reclamation; Tennessee Valley Authority; river and harbor works and flood control under the Department of the Treasury; and roads and bridges under the Department of Agriculture. Excludes expenditures included in Table 3.
37/ For more details of these expenditures, see Tables 7, 8, and 9.
38/ Excludes expenditures for executive departments and other agencies not included elsewhere and for legislative and judicial functions.
39/ Includes estimated expenditures under proposed legislation as follows: for the "Housing and Home Finance", and $133 million under "Miscellaneous", $40 million under "Department of Commerce", $213 million under "Housing and home finance", and $33 million under "Miscellaneous", for Bureau of Reclamation and St. Lawrence Seaway, $21 million under "Public Works"; for grants to States, $100 million under "Social Security program"; for aid to education, $356 million under "Miscellaneous". The estimate of the postal deficiency allows for receipts of $225 million under a proposed increase in postal rates.
* Less than $500,000.
April 1952
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary of Budget Results 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>82</td><td>96</td><td>243</td><td>124</td><td>108</td><td>336</td><td>1,984</td><td></td></tr><tr><td>1933</td><td>112</td><td>110</td><td>270</td><td>109</td><td>149</td><td>282</td><td>159</td><td>132</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>289</td><td>230</td><td>427</td><td>3,798</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>269</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>816</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>5,350</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>592</td><td>260</td><td>365</td><td>671</td><td>272</td><td>357</td><td>513</td><td>5,851</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>598</td><td>1,205</td><td>8,467</td><td>7,267</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>6,128</td><td>2,078</td><td>2,432</td><td>5,803</td><td>1,900</td><td>2,109</td><td>5,384</td><td>43,531</td><td>43,992</td></tr><tr><td>1945</td><td>3,459</td><td>3,633</td><td>6,661</td><td>2,786</td><td>2,900</td><td>5,702</td><td>2,435</td><td>2,696</td><td>4,075</td><td>2,453</td><td>2,322</td><td>4,067</td><td>43,988</td><td>44,762</td></tr><tr><td>1946</td><td>3,770</td><td>3,538</td><td>5,501</td><td>2,159</td><td>2,243</td><td>3,963</td><td>2,132</td><td>2,246</td><td>4,395</td><td>2,440</td><td>2,288</td><td>4,050</td><td>35,510</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>4,512</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>4,136</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>3,573</td><td>3,331</td><td>5,435</td><td>1,940</td><td>1,945</td><td>4,767</td><td>2,946</td><td>2,479</td><td>4,838</td><td>1,861</td><td>2,344</td><td>4,191</td><td>38,122</td><td>38,286</td></tr><tr><td>1950</td><td>3,366</td><td>2,972</td><td>4,920</td><td>1,488</td><td>2,320</td><td>4,404</td><td>1,881</td><td>2,860</td><td>4,609</td><td>2,056</td><td>2,851</td><td>4,211</td><td>37,838</td><td>37,083</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>2,572</td><td>3,594</td><td>6,209</td><td>2,635</td><td>3,521</td><td>5,879</td><td>53,488</td><td>48,143</td></tr><tr><td>1952</td><td>4,953</td><td>5,553</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Budget expenditure 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></td><td>4,699</td></tr><tr><td>1933</td><td>290</td><td>633</td><td>507</td><td>672</td><td>539</td><td>728</td><td>462</td><td>509</td><td>326</td><td>496</td><td>488</td><td>386</td><td>5,017</td><td>4,683</td></tr><tr><td>1934</td><td>457</td><td>490</td><td>541</td><td>605</td><td>408</td><td>692</td><td>727</td><td>519</td><td>510</td><td>661</td><td>594</td><td>633</td><td>7,699</td><td>6,594</td></tr><tr><td>1935</td><td>458</td><td>459</td><td>571</td><td>625</td><td>591</td><td>2,336</td><td>425</td><td>592</td><td>499</td><td>636</td><td>507</td><td>612</td><td>8,539</td><td>8,493</td></tr><tr><td>1936</td><td>587</td><td>533</td><td>696</td><td>668</td><td>505</td><td>1,248</td><td>574</td><td>501</td><td>517</td><td>565</td><td>491</td><td>671</td><td>7,635</td><td>7,756</td></tr><tr><td>1937</td><td>533</td><td>450</td><td>687</td><td>667</td><td>417</td><td>756</td><td>666</td><td>703</td><td>721</td><td>777</td><td>967</td><td>835</td><td>8,220</td><td>8,938</td></tr><tr><td>1938</td><td>693</td><td>589</td><td>705</td><td>665</td><td>694</td><td>884</td><td>956</td><td>1,020</td><td>592</td><td>792</td><td>631</td><td>839</td><td>9,151</td><td>8,966</td></tr><tr><td>1939</td><td>1,117</td><td>1,076</td><td>717</td><td>710</td><td>609</td><td>894</td><td>843</td><td>801</td><td>738</td><td>891</td><td>888</td><td>1,187</td><td>9,545</td><td>9,189</td></tr><tr><td>1940</td><td>1,133</td><td>1,076</td><td>1,432</td><td>1,404</td><td>1,332</td><td>1,591</td><td>1,631</td><td>1,668</td><td>1,989</td><td>2,382</td><td>1,990</td><td>2,684</td><td>20,289</td><td>13,387</td></tr><tr><td>1941</td><td>2,680</td><td>2,692</td><td>3,525</td><td>3,939</td><td>4,400</td><td>4,810</td><td>5,297</td><td>5,496</td><td>5,921</td><td>6,184</td><td>6,012</td><td>6,986</td><td>27,751</td><td>34,187</td></tr><tr><td>1942</td><td>6,728</td><td>6,358</td><td>7,746</td><td>7,300</td><td>7,475</td><td>8,260</td><td>7,499</td><td>7,832</td><td>7,667</td><td>7,619</td><td>7,947</td><td>7,744</td><td>90,174</td><td>79,682</td></tr><tr><td>1943</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>8,387</td><td>97,181</td><td>92,315</td></tr><tr><td>1944</td><td>8,148</td><td>7,127</td><td>9,034</td><td>7,758</td><td>8,987</td><td>9,540</td><td>8,561</td><td>6,949</td><td>6,372</td><td>5,619</td><td>5,530</td><td>4,962</td><td>87,522</td><td>98,703</td></tr><tr><td>1945</td><td>4,811</td><td>3,340</td><td>3,598</td><td>3,750</td><td>3,374</td><td>4,036</td><td>3,287</td><td>2,745</td><td>2,663</td><td>2,860</td><td>2,453</td><td>3,609</td><td>41,322</td><td>60,703</td></tr><tr><td>1946</td><td>3,019</td><td>3,731</td><td>3,239</td><td>3,407</td><td>3,288</td><td>4,996</td><td>3,553</td><td>2,968</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>1947</td><td>2,800</td><td>2,284</td><td>3,086</td><td>2,941</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>4,108</td><td>36,209</td><td>33,792</td></tr><tr><td>1948</td><td>3,205</td><td>2,972</td><td>3,631</td><td>3,151</td><td>3,104</td><td>4,656</td><td>3,434</td><td>3,285</td><td>3,299</td><td>3,111</td><td>3,127</td><td>3,782</td><td>40,714</td><td>40,167</td></tr><tr><td>1949</td><td>3,323</td><td>2,946</td><td>3,269</td><td>2,847</td><td>2,962</td><td>4,299</td><td>3,013</td><td>2,915</td><td>3,280</td><td>3,470</td><td>3,102</td><td>3,746</td><td>38,259</td><td>40,167</td></tr><tr><td>1950</td><td>3,308</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>5,087</td><td>5,163</td><td>5,489</td><td>5,178</td><td>5,627</td><td>44,846</td><td>44,633</td></tr><tr><td>1951</td><td>5,455</td><td>5,105</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1952</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>-36</td><td>-2,543</td><td>-2,732</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>-288</td><td>-227</td><td>-66</td><td>-409</td><td>-353</td><td>-256</td><td>-4,064</td><td>-3,630</td></tr><tr><td>1934</td><td>-260</td><td>-281</td><td>25</td><td>-383</td><td>-168</td><td>-194</td><td>-293</td><td>-426</td><td>-75</td><td>-410</td><td>-277</td><td>-194</td><td>-4,011</td><td>-4,433</td></tr><tr><td>1935</td><td>-233</td><td>-243</td><td>179</td><td>-397</td><td>-291</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>-4,422</td></tr><tr><td>1937</td><td>-351</td><td>-287</td><td>263</td><td>-229</td><td>-481</td><td>-486</td><td>-210</td><td>-93</td><td>125</td><td>-277</td><td>-209</td><td>148</td><td>-1,888</td><td>-1,777</td></tr><tr><td>1938</td><td>-283</td><td>-146</td><td>283</td><td>-420</td><td>-48</td><td>-56</td><td>-399</td><td>-299</td><td>-30</td><td>-483</td><td>-262</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>-555</td><td>-21</td><td>-480</td><td>-273</td><td>-321</td><td>-3,300</td><td>-3,862</td></tr><tr><td>1940</td><td>-368</td><td>-138</td><td>-7</td><td>-414</td><td>-213</td><td>-205</td><td>-519</td><td>-361</td><td>-34</td><td>-564</td><td>-332</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>-561</td><td>-1,891</td><td>-1,338</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>-3,585</td><td>-5,417</td><td>-4,331</td><td>-11,461</td><td>-21,490</td></tr><tr><td>1943</td><td>-5,946</td><td>-5,402</td><td>-2,943</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>-5,054</td><td>-2,014</td><td>-25,691</td><td>-97,420</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,988</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>-3,214</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,693</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-995</td><td>-33,908</td><td>-53,941</td></tr><tr><td>1946</td><td>-1,042</td><td>283</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-673</td><td>-1,105</td><td>-499</td><td>1,721</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>1,396</td><td>2,102</td><td>-1,445</td><td>-297</td><td>841</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-255</td><td>249</td><td>1,082</td><td>2,434</td><td>754</td></tr><tr><td>1948</td><td>1,376</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td>111</td><td>-1,645</td><td>169</td><td>1,477</td><td>-810</td><td>-683</td><td>88</td><td>5,241</td><td>8,419</td></tr><tr><td>1949</td><td>374</td><td>499</td><td>1,783</td><td>-1,811</td><td>-1,159</td><td>108</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>444</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>1,088</td><td>-1,114</td><td>-252</td><td>470</td><td>-422</td><td>-3,153</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>-1,493</td><td>1,046</td><td>-2,874</td><td>-1,659</td><td>-347</td><td>-3,358</td><td>3,510</td></tr><tr><td>1952</td><td>-501</td><td>448</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Fiscal year ending June 30 of year indicated.
2/ Grosso receipts less appropriations to Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts.
3/ Expenditures are "net," after allowance for reimbursements to appropriators, receipts of revolving fund appropriations, and receipts credited to disbursing accounts of corporations and agencies having authority to use collections without formal covering into the Treasury. The figures include transfers to trust accounts, transactions of the Foreign Economic Cooperation Trust Fund, established under the Economic Cooperation Act of 1948 (62 Stat. 150), and transactions of wholly owned Government corporations and agencies. Beginning November 1950, investments by these corporations and agencies
in public debt securities are excluded from budget expenditures and included with other such investments under the account and other income. Budgetary financing adjustments were made in November 1950 and January 1951 for the investments classified as budget expenditures in the period July through October. Budget expenditures exclude also amounts for public debt retirement which are chargeable to the sinking fund, etc., under specific provisions of law. For the purpose of computing primarily by fund and for certain corporations, for retirement of capital stock and disposition of earnings are excluded from both receipts and expenditures. Further information on capital transfers and the Foreign Economic Cooperation Trust Fund may be found in the 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 (-)/</th><th colspan="3">Gross receipts</th><th colspan="2">Deductions</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Social security taxes For Old-Age insurance 2/</th><th>For unemployment insurance 3/</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 4/</th><th>Refunds of social security taxes 5/</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>1,384.1</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>1,933.1</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>-1,135.0</td><td>2,132.7</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-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><tr><td>August</td><td>-137.6</td><td>530.5</td><td>515.8</td><td>14.6</td><td>515.8</td><td>2.6</td><td>12.1</td></tr><tr><td>September</td><td>-62.1</td><td>288.9</td><td>257.9</td><td>1.0</td><td>257.9</td><td>1.5</td><td>-.5</td></tr><tr><td>October</td><td>-184.0</td><td>34.7</td><td>31.7 6/</td><td>3.0</td><td>31.7 6/</td><td>.7</td><td>.9.3</td></tr><tr><td>November</td><td>-107.1</td><td>413.9</td><td>399.8 5/</td><td>14.1</td><td>399.8 5/</td><td>.8</td><td>13.3</td></tr><tr><td>December</td><td>-87.1</td><td>267.2</td><td>266.5</td><td>.8</td><td>266.5</td><td>.6</td><td>.2</td></tr><tr><td>1952-January</td><td>-144.8</td><td>161.3</td><td>147.2 6/</td><td>14.1</td><td>147.2 6/</td><td>.7</td><td>13.4</td></tr><tr><td>February</td><td>56.4</td><td>610.3</td><td>445.7</td><td>164.8</td><td>445.7</td><td>.6</td><td>164.1</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th rowspan="2">Transfers to F.O.A. and S.I. Trust Fund</th><th colspan="7">Expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Aid to disabled</th><th>Maternal and child health</th><th>Crippled children</th><th>Child welfare</th><th>Bureau of Employment Security</th></tr><tr><td>1944</td><td>920.2</td><td>32.2</td><td>-</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>-</td><td>6.2</td><td>3.8</td><td>1.4</td><td>37.7</td></tr><tr><td>1945</td><td>404.1</td><td>32.2</td><td>-</td><td>451.9</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>537.6</td><td>39.2</td><td>-</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>-</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>25.2</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>883.2</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>17.0</td><td>3.7</td><td>1,391.8</td><td>866.1</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-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><tr><td>August</td><td>149.7</td><td>2.1</td><td>-</td><td>147.6</td><td>99.0</td><td>38.7</td><td>3.6</td><td>4.7</td><td>.7</td><td>.6</td><td>.2</td><td>.3</td></tr><tr><td>September</td><td>61.6</td><td>2.0</td><td>3.7</td><td>59.8</td><td>33.4</td><td>11.9</td><td>1.2</td><td>1.6</td><td>1.0</td><td>1.7</td><td>.8</td><td>4.2</td></tr><tr><td>October</td><td>185.3</td><td>2.0</td><td>-</td><td>184.3</td><td>87.6</td><td>38.0</td><td>3.6</td><td>4.5</td><td>3.6</td><td>2.2</td><td>.9</td><td>44.0</td></tr><tr><td>November</td><td>120.4</td><td>2.0</td><td>-</td><td>118.4</td><td>71.2</td><td>27.7</td><td>2.6</td><td>3.4</td><td>.8</td><td>.6</td><td>.2</td><td>11.9</td></tr><tr><td>December</td><td>87.3</td><td>2.0</td><td>-</td><td>85.3</td><td>57.7</td><td>20.1</td><td>2.2</td><td>3.1</td><td>.4</td><td>.4</td><td>1.0</td><td>.3</td></tr><tr><td>1952-January</td><td>158.2</td><td>2.1</td><td>-</td><td>156.1</td><td>75.0</td><td>27.9</td><td>2.8</td><td>3.7</td><td>2.1</td><td>1.8</td><td>.6</td><td>12.3</td></tr><tr><td>February</td><td>107.7</td><td>2.1</td><td>-</td><td>105.6</td><td>70.8</td><td>27.0</td><td>2.7</td><td>3.5</td><td>.3</td><td>.5</td><td>.1</td><td>.7</td></tr></table>
Source: Daily Treasury Statement
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Taxes on employers and employee under the Federal Insurance Contributions Act and the Social Security Act of 1935 of chapter 9 of the Internal Revenue Code - 26 U.S.C. 1400-1432); and tax on self-employment income under the Social Security Act Amendments of 1950 (subchapter E of chapter 1 of the Internal Revenue Code - 26 U.S.C. 450-452). The tax on self-employment income is levied and collected as part of the individual income tax beginning with the taxable year 1951. Beginning January 1951, the receipts shown here are based on estimates (see footnote h).
3/ Tax on employers of 8 or more under the Federal Unemployment Tax Act and on employers of 15 or more under Title 1. Against this tax certain credits not to exceed 90 percent of the total tax are allowed with respect to contributions by the taxpayer to a State fund under a State unemployment compensation law.
4/ Appropriation to the Federal old-age and Survivors Insurance Trust Fund for Federal old-age and Survivors Insurance, and for the Federal old-age insurance (42 U.S.C. 401 (a)) are also footnote 2). The Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950, changed in certain respects the basis of transferring the appropriated funds to the trust fund. Effective January 1, 1951, the amount of the current year appropriations to the trust fund are based on estimates of old-age insurance tax receipts made by the Secretary of the Treasury, and are adjusted in
later transfers on the basis of wage and self-employment income records maintained by the Federal Security Administrator. For purposes of this table, beginning January 1951, the same amount as is credited each month to the trust fund is shown as estimated current tax receipts for old-age insurance.
Interest on refunds is included under "Administrative expenses".
For explanation of adjustments in these figures, see Table 1.
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 operation of Title IV of the Social Security Act; and administrative expenses under the Wagner-Peyser Act of 1933, as amended (29 U.S.C. 94d); and interest on refunds of social security taxes.
Aid to permanently and totally disabled (Title XIV) as added by Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950.
Funded employment service (Title I) for the United States and for certain 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.
Total includes expenditures for grants to States, Public Health Service, and for lower income groups (Title I), from 1943 to 1946; and 1946, $2.2 million. After 1945 expenditures were made under provisions of the Public Health Service Act of 1944 (58 Stat. 632).
April 1952
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement 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="3">Expenditures</th></tr><tr><th>Taxes on carriers and their employees</th><th>Reductions/ Refunds of taxes on carriers and their employees 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>4.8</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-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><tr><td>August</td><td>38.7</td><td>66.0</td><td>*</td><td>66.0</td><td>27.3</td><td>*</td><td>27.3</td></tr><tr><td>September</td><td>64.6</td><td>190.1</td><td>*</td><td>190.1</td><td>125.5</td><td>*</td><td>125.5</td></tr><tr><td>October</td><td>-71.1</td><td>11.2</td><td>*</td><td>11.2</td><td>82.3</td><td>*</td><td>82.3</td></tr><tr><td>November</td><td>41.5</td><td>91.3</td><td>*</td><td>91.3</td><td>49.8</td><td>*</td><td>49.8</td></tr><tr><td>December</td><td>1.9</td><td>94.9</td><td>.1</td><td>94.8</td><td>52.9</td><td>*</td><td>52.9</td></tr><tr><td>1952-January</td><td>-44.4</td><td>12.3</td><td>*</td><td>12.3</td><td>56.6</td><td>*</td><td>56.6</td></tr><tr><td>February</td><td>39.5</td><td>92.9</td><td>*</td><td>92.9</td><td>53.4</td><td>*</td><td>53.4</td></tr></table>
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 footnote 2). Less than $50,000.
Table 9.- Railroad Unemployment Insurance Act 1/ - Budget Receipts and Expenditures
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of receipts, or expenditures (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th></th><th>Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Administrative expenses 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</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>-.5</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-July</td><td>-4.9</td><td>*</td><td>4.9</td><td>.5</td><td>4.4</td></tr><tr><td>August</td><td>-.2</td><td>.2</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>September</td><td>1.3</td><td>1.6</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>October</td><td>-.2</td><td>.8</td><td>.6</td><td>.6</td><td>-</td></tr><tr><td>November</td><td>-.4</td><td>.1</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>December</td><td>2.0</td><td>2.5</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1952-January</td><td>-.2</td><td>*</td><td>.3</td><td>.3</td><td>-</td></tr><tr><td>February</td><td>-.2</td><td>.2</td><td>.4</td><td>.4</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Operated as Railroad Unemployment Insurance Administration Fund, for administrative expenses of the Railroad Retirement Board in administering the act of U.S.C. 370.
2/ Excess of expenditures is covered by appropriations by Congress. Through 1948 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 0.25
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.) Consists of expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 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 3/</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>4,750</td><td>5,005</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>7,055</td><td>-458</td><td>5,200</td><td>1,276</td><td>277</td></tr><tr><td>1946</td><td>-584</td><td>3,238</td><td>7,712</td><td>4,474</td><td>3,568</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>6,315 3/</td><td>3,877</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>-481</td><td>6,669</td><td>6,950</td><td>4,302</td><td>8</td><td>14</td></tr><tr><td>1951</td><td>679</td><td>3,852</td><td>7,795</td><td>3,945</td><td>3,557</td><td>-10</td><td>-374</td></tr><tr><td>1952 (Estimated)</td><td>-173</td><td>3,653</td><td>8,802</td><td>5,140</td><td>3,954</td><td>-38</td><td>-30</td></tr><tr><td>1953 (Estimated)</td><td>-330</td><td>3,753</td><td>8,815</td><td>5,062</td><td>4,158</td><td>7</td><td>-82</td></tr><tr><td>1951-July</td><td>11</td><td>118</td><td>409</td><td>292</td><td>106</td><td>1</td><td>*</td></tr><tr><td>August</td><td>83</td><td>583</td><td>1,079</td><td>497</td><td>460</td><td>-4</td><td>43</td></tr><tr><td>September</td><td>37</td><td>560</td><td>896</td><td>336</td><td>517</td><td>-1</td><td>8</td></tr><tr><td>October</td><td>-55</td><td>-54</td><td>369</td><td>423</td><td>1</td><td>-4</td><td>4</td></tr><tr><td>November</td><td>82</td><td>217</td><td>902</td><td>686</td><td>247</td><td>-5</td><td>-106</td></tr><tr><td>December</td><td>196</td><td>271</td><td>692</td><td>421</td><td>73</td><td>1</td><td>1</td></tr><tr><td>1952-January</td><td>-374</td><td>42</td><td>392</td><td>350</td><td>411</td><td>4</td><td>1</td></tr><tr><td>February</td><td>186</td><td>531</td><td>831</td><td>300</td><td>221</td><td>1</td><td>123</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1953 Budget document, including effect of proposed legislation. 1/ Excess of receipts, or expenditures (-).
2/ Consists of transactions which clear through accounts of the Treasury of the United States.
3/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
* 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 employees' retirement funds 1/</th><th>Other trust funds and accounts 2/</th></tr><tr><td>1944</td><td>5,025</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>1,424</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>6,284</td><td>1,623</td><td>323</td><td>1,289</td><td>1,504</td><td>134</td><td>578</td><td>792</td></tr><tr><td>1948</td><td>6,515 3/</td><td>1,807</td><td>797</td><td>1,313</td><td>740</td><td>90</td><td>594</td><td>1,176 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>1,542</td><td>684</td><td>86</td><td>890</td><td>545</td></tr><tr><td>1952 (Estimated)</td><td>8,802</td><td>4,192</td><td>892</td><td>1,501</td><td>716</td><td>88</td><td>914</td><td>540</td></tr><tr><td>1953 (Estimated)</td><td>8,815</td><td>4,437</td><td>813</td><td>1,559</td><td>601</td><td>86</td><td>1,095</td><td>283</td></tr><tr><td>1951-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><tr><td>August</td><td>1,079</td><td>516</td><td>27</td><td>376</td><td>34</td><td>4</td><td>30</td><td>92</td></tr><tr><td>September</td><td>896</td><td>274</td><td>126</td><td>22</td><td>90</td><td>3</td><td>343</td><td>39</td></tr><tr><td>October</td><td>369</td><td>18</td><td>82</td><td>18</td><td>16</td><td>4</td><td>39</td><td>102</td></tr><tr><td>November</td><td>902</td><td>401</td><td>50</td><td>281</td><td>86</td><td>3</td><td>34</td><td>17</td></tr><tr><td>December</td><td>692</td><td>401</td><td>53</td><td>96</td><td>40</td><td>4</td><td>38</td><td>61</td></tr><tr><td>1952-January</td><td>392</td><td>152</td><td>57</td><td>36</td><td>65</td><td>3</td><td>41</td><td>37</td></tr><tr><td>February</td><td>831</td><td>448</td><td>53</td><td>209</td><td>55</td><td>3</td><td>34</td><td>28</td></tr></table>
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. Thereafter such seigniorage is included with other seigniorage under budget receipts. 3/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
April 1952
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) 1/</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>-1,659</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>1,074</td><td>647</td></tr><tr><td>1947</td><td>3,625</td><td>466</td><td>113</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>357</td></tr><tr><td>1949</td><td>3,961 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>2,036</td><td>2,988</td><td>114</td><td>268</td><td>370 4/</td><td>96</td></tr><tr><td>1951</td><td>3,945</td><td>1,569</td><td>321</td><td>900</td><td>624</td><td>77</td><td>271</td><td>387</td><td>-194</td></tr><tr><td>1952 (Estimated)</td><td>5,140</td><td>2,059</td><td>397</td><td>857</td><td>1,075</td><td>85</td><td>300</td><td>301</td><td>-135</td></tr><tr><td>1953 (Estimated)</td><td>5,062</td><td>2,562 2/</td><td>447</td><td>707</td><td>636</td><td>87</td><td>322</td><td>364</td><td>-63</td></tr><tr><td>1951-July</td><td>292</td><td>168</td><td>28</td><td>69</td><td>28</td><td>9</td><td>24</td><td>3</td><td>-101</td></tr><tr><td>August</td><td>697</td><td>157</td><td>27</td><td>77</td><td>104</td><td>8</td><td>25</td><td>67</td><td>2</td></tr><tr><td>September</td><td>336</td><td>150</td><td>27</td><td>66</td><td>104</td><td>7</td><td>24</td><td>12</td><td>-59</td></tr><tr><td>October</td><td>423</td><td>153</td><td>28</td><td>73</td><td>112</td><td>6</td><td>25</td><td>4</td><td>23</td></tr><tr><td>November</td><td>686</td><td>186</td><td>27</td><td>69</td><td>98</td><td>5</td><td>26</td><td>32</td><td>223</td></tr><tr><td>December</td><td>421</td><td>168</td><td>31</td><td>79</td><td>75</td><td>6</td><td>24</td><td>29</td><td>13</td></tr><tr><td>1952-January</td><td>350</td><td>174</td><td>34</td><td>118</td><td>74</td><td>6</td><td>25</td><td>37</td><td>-118</td></tr><tr><td>February</td><td>300</td><td>174</td><td>37</td><td>109</td><td>54</td><td>6</td><td>23</td><td>30</td><td>-132</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, expenditures chargeable against increment on gold, and beginning 1950, Mutual Defense Assistance Trust Fund.
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/ Includes $25 million for benefit payments under proposed legislation.
Table 4.- Net Investments of Government Agencies in Public Debt Securities
(In millions of dollars; negative figures are excess of redemptions).
<table><tr><th>Fiscal year or month</th><th>Total</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 employee retirement funds 2/</th><th>Other trust funds and accounts 3/</th><th>Government corporations and agencies 5/</th></tr><tr><td>1948</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>143</td><td>1,634</td><td>60</td><td>292</td><td>-6</td><td>-</td></tr><tr><td>1948</td><td>3,060</td><td>3,060</td><td>1,194</td><td>569</td><td>443</td><td>461</td><td>38</td><td>363</td><td>-</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>-402</td><td>-402</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>3,597</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>3,954</td><td>3,803</td><td>2,436</td><td>451</td><td>647</td><td>-344</td><td>3</td><td>608</td><td>2</td><td>151</td></tr><tr><td>1953 (Estimated)</td><td>4,158</td><td>4,046</td><td>2,105</td><td>364</td><td>850</td><td>-34</td><td>-1</td><td>772</td><td>-11</td><td>111</td></tr><tr><td>1951-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><tr><td>August</td><td>460</td><td>463</td><td>220</td><td>-</td><td>306</td><td>-64</td><td>-4</td><td>6</td><td>-1</td><td>-2</td></tr><tr><td>September</td><td>517</td><td>492</td><td>120</td><td>99</td><td>-25</td><td>-17</td><td>-4</td><td>318</td><td>2</td><td>25</td></tr><tr><td>October</td><td>1</td><td>-8</td><td>50</td><td>54</td><td>-45</td><td>-77</td><td>-4</td><td>9</td><td>4</td><td>9</td></tr><tr><td>November</td><td>247</td><td>269</td><td>45</td><td>13</td><td>227</td><td>-23</td><td>-4</td><td>11</td><td>*</td><td>-22</td></tr><tr><td>December</td><td>73</td><td>59</td><td>130</td><td>17</td><td>-65</td><td>-27</td><td>-5</td><td>10</td><td>*</td><td>14</td></tr><tr><td>1952-January</td><td>411</td><td>219</td><td>199</td><td>27</td><td>-4</td><td>-15</td><td>-2</td><td>18</td><td>-3</td><td>192</td></tr><tr><td>February</td><td>221</td><td>191</td><td>60</td><td>14</td><td>101</td><td>7</td><td>-</td><td>8</td><td>*</td><td>30</td></tr></table>
1/ Consists of transactions which clear through accounts of the Treasurer of the United States.
2/ Consists of Civil Service and Foreign Service retirement funds.
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/ Consists of net investments of Government corporations which for prior years 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="5">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>Appropriations by Congress 2/</th><th>Interest and profits on investment</th><th>Transfers from General Fund</th><th>Deposits by State 1/</th><th>Total</th><th>Benefit payments</th><th>Administrative expenses Reimbursement to General Fund 1/ Salaries and expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1937-38</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>-</td><td>-</td><td>669.6</td><td>243.7</td><td>126.0</td><td>-</td><td>5,446.4</td><td>5,408.9</td><td>37.5</td></tr><tr><td>1938</td><td>1,433.8</td><td>1,309.2</td><td>123.9</td><td>-</td><td>-</td><td>866.8</td><td>239.8</td><td>26.9</td><td>-</td><td>1,167.0</td><td>6,613.4</td><td>6,746.3</td><td>67.1</td></tr><tr><td>1940</td><td>1,386.0</td><td>1,232.6</td><td>147.8</td><td>-</td><td>-</td><td>377.9</td><td>380.5</td><td>37.4</td><td>-</td><td>1,028.0</td><td>7,681.4</td><td>7,598.7</td><td>92.7</td></tr><tr><td>1941</td><td>1,683.3</td><td>1,499.5</td><td>163.5</td><td>4</td><td>-</td><td>466.4</td><td>425.6</td><td>13.6</td><td>23.2</td><td>1,157.0</td><td>8,798.4</td><td>8,748.3</td><td>50.1</td></tr><tr><td>1942</td><td>1,807.4</td><td>1,616.2</td><td>190.6</td><td>7</td><td>-</td><td>259.2</td><td>211.7</td><td>13.0</td><td>34.4</td><td>1,248.3</td><td>10,046.7</td><td>9,936.8</td><td>109.9</td></tr><tr><td>1949</td><td>1,921.8</td><td>1,690.3</td><td>230.2</td><td>3.3</td><td>-</td><td>660.5</td><td>607.0</td><td>13.8</td><td>39.7</td><td>1,263.3</td><td>11,309.9</td><td>11,230.7</td><td>79.3</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>-</td><td>784.1</td><td>727.3</td><td>13.7</td><td>43.1</td><td>1,982.7</td><td>12,892.6</td><td>12,644.8</td><td>247.8</td></tr><tr><td>1951</td><td>3,411.5</td><td>3,119.5</td><td>287.4</td><td>3.7</td><td>.9</td><td>1,968.5</td><td>1,498.1</td><td>17.5</td><td>52.9</td><td>1,943.0</td><td>14,735.6</td><td>14,322.8</td><td>412.8</td></tr><tr><td>1952 (Est.)</td><td>4,191.7</td><td>3,850.0</td><td>338.0</td><td>3.7</td><td>n.a.</td><td>2,059.1</td><td>1,975.0</td><td>23.7</td><td>60.4</td><td>2,132.6</td><td>16,868.2</td><td>16,753.3</td><td>109.9</td></tr><tr><td>1953 (Est.)</td><td>4,437.0</td><td>4,030.0</td><td>407.0</td><td>-</td><td>n.a.</td><td>2,561.6</td><td>2,475.0</td><td>25.0</td><td>62.6</td><td>1,875.4</td><td>18,743.6</td><td>18,663.3</td><td>8.3</td></tr><tr><td>1951-July-</td><td>176.5</td><td>174.5</td><td>-</td><td>-</td><td>-</td><td>91.9</td><td>167.9</td><td>2.0</td><td>6.7</td><td>6.6</td><td>14,742.2</td><td>14,852.8</td><td>289.4</td></tr><tr><td>Aug.</td><td>216.3</td><td>215.8</td><td>-</td><td>-</td><td>4</td><td>186.6</td><td>130.3</td><td>2.0</td><td>4.3</td><td>329.7</td><td>15,071.9</td><td>14,672.8</td><td>399.1</td></tr><tr><td>Sept.</td><td>274.1</td><td>257.9</td><td>10.9</td><td>3.7</td><td>1.6</td><td>149.6</td><td>114.2</td><td>2.0</td><td>5.1</td><td>128.4</td><td>15,196.3</td><td>14,792.7</td><td>403.6</td></tr><tr><td>Oct.</td><td>47.9</td><td>31.7</td><td>14.8</td><td>-</td><td>1.4</td><td>129.9</td><td>146.2</td><td>1.9</td><td>4.7</td><td>-104.9</td><td>15,091.4</td><td>14,842.7</td><td>248.7</td></tr><tr><td>Nov.</td><td>401.0</td><td>399.8</td><td>14.8</td><td>-</td><td>1.3</td><td>186.0</td><td>178.7</td><td>1.9</td><td>5.4</td><td>215.1</td><td>15,306.5</td><td>14,887.9</td><td>418.6</td></tr><tr><td>Dec.</td><td>401.3</td><td>266.5</td><td>131.8</td><td>-</td><td>3.0</td><td>168.0</td><td>161.7</td><td>1.9</td><td>4.4</td><td>333.8</td><td>15,539.7</td><td>15,017.3</td><td>522.4</td></tr><tr><td>1952-Jan-</td><td>132.4</td><td>147.2</td><td>4.5</td><td>-</td><td>6</td><td>173.8</td><td>165.2</td><td>2.1</td><td>6.5</td><td>-21.5</td><td>15,518.3</td><td>15,216.0</td><td>302.3</td></tr><tr><td>Feb.</td><td>448.4</td><td>445.7</td><td>-</td><td>-</td><td>2.6</td><td>174.0</td><td>167.3</td><td>2.1</td><td>4.6</td><td>274.4</td><td>15,792.7</td><td>15,276.0</td><td>516.7</td></tr><tr><td>Inception to date,</td><td>22,484.5</td><td>20,490.5</td><td>1,966.6</td><td>25.4</td><td>11.9</td><td>6,591.7</td><td>6,174.6</td><td>280.1</td><td>237.1</td><td>15,792.7</td><td>15,792.7</td><td>15,276.0</td><td>516.7</td></tr></table>
1/ Includes transactions under the predecessor Old-Age Reserve Account.
2/ For basis, see "Budget Receipts and Expenditures", Table 7.
3/ Under Title II of the Social Security Act, Section 218 (e) as added by Section 106 of Public Law 734, approved August 28, 1930.
4/ Under Section 201 (f), Social Security Act Amendments of 1939, as amended.
5/ Salaries and expenses of the Bureau of Old-Age and Survivors Insurance, paid directly from the Trust Fund under Labor-Federal Security Appro-
6/ Estimated benefit payments include $225 million under proposed legislation, but this expenditure is not taken into account in estimated investments. 
* Less than $50,000.
n.e. Not available.
Table 6.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures other than investments</th><th>Net increase, or decrease (-) in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th></th><th>Total 1/</th><th>Appropriations by Congress 1/</th><th>Interest on investments</th><th>Total</th><th>Benefit payments</th><th>Administrative expense 2/</th><th></th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1936-44</td><td>1,144.1</td><td>2,116.9</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>14.5</td></tr><tr><td>1945</td><td>324.1</td><td>308.8</td><td>15.2</td><td>141.4</td><td>141.4</td><td>-</td><td>182.6</td><td>512.6</td><td>500.5</td><td>15.1</td></tr><tr><td>1946</td><td>312.0</td><td>292.1</td><td>19.9</td><td>122.0</td><td>122.0</td><td>-</td><td>160.1</td><td>675.7</td><td>697.0</td><td>18.7</td></tr><tr><td>1947</td><td>322.4</td><td>298.2</td><td>24.2</td><td>173.3</td><td>173.3</td><td>-</td><td>149.1</td><td>824.9</td><td>805.5</td><td>19.4</td></tr><tr><td>1948</td><td>797.4</td><td>758.5</td><td>38.9</td><td>222.3</td><td>222.3</td><td>-</td><td>575.1</td><td>1,399.9</td><td>1,374.5</td><td>25.4</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>79.1</td></tr><tr><td>1950</td><td>749.2</td><td>681.0</td><td>62.2</td><td>304.4</td><td>289.9</td><td>4.5</td><td>444.8</td><td>2,244.0</td><td>2,057.6</td><td>186.4</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>280.0</td><td>2,483.9</td><td>2,414.5</td><td>69.4</td></tr><tr><td>1952 (Est.)</td><td>851.5</td><td>773.0</td><td>78.5</td><td>397.0</td><td>390.4</td><td>6.6</td><td>459.5</td><td>2,938.4</td><td>2,855.5</td><td>78.9</td></tr><tr><td>1953 (Est.)</td><td>813.0</td><td>723.0</td><td>90.0</td><td>447.4</td><td>441.0</td><td>6.4</td><td>365.6</td><td>3,304.0</td><td>3,230.0</td><td>74.0</td></tr><tr><td>1951-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>2,316.7</td><td>2,447.5</td><td>69.2</td></tr><tr><td>Aug.</td><td>27.3</td><td>27.3</td><td>-</td><td>27.5</td><td>27.1</td><td>.4</td><td>-.2</td><td>2,316.5</td><td>2,447.5</td><td>69.0</td></tr><tr><td>Sept.</td><td>125.5</td><td>125.5</td><td>-</td><td>27.2</td><td>26.8</td><td>.4</td><td>98.3</td><td>2,614.8</td><td>2,546.0</td><td>68.8</td></tr><tr><td>Oct.</td><td>82.5</td><td>82.3</td><td>.2</td><td>27.7</td><td>27.3</td><td>.4</td><td>54.8</td><td>2,666.6</td><td>2,600.5</td><td>69.2</td></tr><tr><td>Nov.</td><td>30.0</td><td>30.0</td><td>3/</td><td>27.2</td><td>26.8</td><td>.4</td><td>2.7</td><td>2,678.4</td><td>2,613.2</td><td>59.1</td></tr><tr><td>Dec.</td><td>53.3</td><td>52.9</td><td>.4</td><td>31.2</td><td>30.7</td><td>.6</td><td>22.1</td><td>2,694.5</td><td>2,630.1</td><td>64.3</td></tr><tr><td>1952-Jan.</td><td>57.0</td><td>56.6</td><td>.4</td><td>33.7</td><td>33.0</td><td>.7</td><td>23.3</td><td>2,717.8</td><td>2,696.8</td><td>61.0</td></tr><tr><td>Feb.</td><td>53.4</td><td>53.4</td><td>-</td><td>36.8</td><td>36.2</td><td>.5</td><td>16.7</td><td>2,734.5</td><td>2,671.2</td><td>63.3</td></tr><tr><td>Inception to date.</td><td>5,376.9</td><td>5,067.1</td><td>309.7</td><td>2,642.4</td><td>2,629.3</td><td>13.2</td><td>2,734.5</td><td>2,734.5</td><td>2,671.2</td><td>63.3</td></tr></table>
1/ Through fiscal year 1951, totals may differ from those in Table 2 because appropriations were included in Table 6 when made but were included in Table 2 when amounts were transferred from the General Fund. Effective July 1951, pursuant to Public Law 134, approved August 31, 1951, the appropriation is equal to the amount of taxes deposited in the Treasury
(less refunds) under the Railroad Retirement Act.
2/ Paid from the trust fund under Title IV, act of June 29, 1949
(63 Stat. 297).
3/ Appropriation reduced $19.8 million by surplus warrant, pursuant to
Section 1214 of Public Law 759, approved September 6, 1950.
April 1952
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="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>State accounts</th><th>Deposits by States</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from States</th><th>Transfers from Administration Fund 1/</th><th>Interest on investments</th><th>Total</th><th>State accounts</th><th>Transfers to Railroad Unemployment Insurance Account 1/</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1936-44</td><td>3,180.9</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>2,132.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.8</td></tr><tr><td>1936-....</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>7,313.3</td><td>7,307.2</td><td>8.1</td></tr><tr><td>1945-....</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>1,145.9</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>40.1</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>7,828.0</td><td>17.0</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>163.3</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>24.6</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>1,313.8</td><td>1,227.1</td><td>-</td><td>36.7</td><td>140.6</td><td>8,102.4</td><td>8,138.3</td><td>14.1</td></tr><tr><td>1950-....</td><td>1,261.0</td><td>1,098.8</td><td>9.7</td><td>-</td><td>5.4</td><td>167.1</td><td>2,025.3</td><td>1,879.0</td><td>-</td><td>146.5</td><td>744.5</td><td>7,437.9</td><td>7,414.3</td><td>23.6</td></tr><tr><td>1951-....</td><td>1,941.6</td><td>1,368.5</td><td>14.9</td><td>-</td><td>-</td><td>164.1</td><td>900.3</td><td>88.3</td><td>-</td><td>52.0</td><td>641.3</td><td>8,079.2</td><td>8,064.2</td><td>15.0</td></tr><tr><td>1952 (Est.)</td><td>1,501.4</td><td>1,300.0</td><td>15.0</td><td>-</td><td>4.1</td><td>182.0</td><td>856.6</td><td>800.0</td><td>-</td><td>56.6</td><td>644.8</td><td>8,728.0</td><td>8,711.2</td><td>12.8</td></tr><tr><td>1953 (Est.)</td><td>1,559.2</td><td>1,330.0</td><td>16.0</td><td>-</td><td>5.2</td><td>208.0</td><td>707.2</td><td>690.0</td><td>-</td><td>57.2</td><td>852.0</td><td>9,776.0</td><td>9,761.2</td><td>14.8</td></tr><tr><td>1951-July</td><td>57.7</td><td>23.3</td><td>.4</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>39.0</td></tr><tr><td>Aug....</td><td>375.5</td><td>375.2</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>76.7</td><td>72.8</td><td>-</td><td>3.9</td><td>298.9</td><td>8,367.1</td><td>8,335.2</td><td>31.9</td></tr><tr><td>Sept....</td><td>21.6</td><td>15.1</td><td>2.5</td><td>-</td><td>-</td><td>4.0</td><td>66.5</td><td>62.9</td><td>-</td><td>3.6</td><td>-44.9</td><td>8,322.2</td><td>8,310.2</td><td>12.0</td></tr><tr><td>Oct....</td><td>48.3</td><td>42.2</td><td>1.1</td><td>-</td><td>-</td><td>4.9</td><td>72.6</td><td>68.6</td><td>-</td><td>4.0</td><td>-24.3</td><td>8,297.9</td><td>8,265.2</td><td>32.7</td></tr><tr><td>Nov....</td><td>280.7</td><td>280.6</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>69.2</td><td>65.0</td><td>-</td><td>4.2</td><td>211.5</td><td>8,509.4</td><td>8,492.2</td><td>17.2</td></tr><tr><td>Dec....</td><td>95.6</td><td>13.9</td><td>3.8</td><td>-</td><td>-</td><td>77.9</td><td>78.5</td><td>74.4</td><td>-</td><td>4.1</td><td>17.1</td><td>8,526.4</td><td>8,477.2</td><td>99.3</td></tr><tr><td>1952-Jan....</td><td>36.3</td><td>32.8</td><td>.4</td><td>-</td><td>-</td><td>3.5</td><td>118.4</td><td>112.6</td><td>-</td><td>5.8</td><td>-82.0</td><td>8,444.4</td><td>8,423.2</td><td>21.2</td></tr><tr><td>Feb....</td><td>209.3</td><td>208.9</td><td>.3</td><td>-</td><td>-</td><td>.1</td><td>108.7</td><td>103.7</td><td>-</td><td>5.0</td><td>100.6</td><td>8,545.0</td><td>8,524.2</td><td>20.8</td></tr><tr><td>Inception to date</td><td>18,691.5</td><td>16,030.4</td><td>909.7</td><td>107.2</td><td>89.3</td><td>1,258.9</td><td>10,146.3</td><td>9,547.0</td><td>107.2</td><td>492.3</td><td>8,945.0</td><td>8,945.0</td><td>8,524.2</td><td>20.8</td></tr></table>
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 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). 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 (45 U.S.C. 358 (a)). Less than $50,000.
Table 8.- National Service Life Insurance Fund
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures other than investments</th><th>Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th></th><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>1941-42</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>1,213.4</td><td>18.9</td></tr><tr><td>1945</td><td>2,127.4</td><td>951.1</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>3,187.1</td><td>44.4</td></tr><tr><td>1946</td><td>2,331.0</td><td>64.7</td><td>1,331.4</td><td>124.9</td><td>279.8</td><td>279.8</td><td>-</td><td>2,071.2</td><td>2,330.8</td><td>63.1</td></tr><tr><td>1947</td><td>1,504.1</td><td>216.6</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>6,287.5</td><td>53.9</td></tr><tr><td>1948</td><td>737.9</td><td>387.3</td><td>133.0</td><td>199.2</td><td>301.9</td><td>301.9</td><td>-</td><td>437.7</td><td>6,993.3</td><td>30.6</td></tr><tr><td>1949</td><td>690.1</td><td>332.8</td><td>87.0</td><td>210.3</td><td>348.1</td><td>348.1</td><td>-</td><td>341.9</td><td>7,397.7</td><td>13.6</td></tr><tr><td>1950</td><td>1,076.4</td><td>398.7</td><td>472.8</td><td>209.0</td><td>2,987.9</td><td>354.9</td><td>2,633.0</td><td>-1,911.9</td><td>2,392.7</td><td>33.6</td></tr><tr><td>1951</td><td>683.7</td><td>440.1</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>30.2</td></tr><tr><td>1952 (Est.)</td><td>715.6</td><td>371.8</td><td>183.8</td><td>160.0</td><td>1,075.1</td><td>1,075.1</td><td>-</td><td>-350.5</td><td>5,106.3</td><td>14.7</td></tr><tr><td>1953 (Est.)</td><td>600.8</td><td>392.0</td><td>33.8</td><td>195.0</td><td>635.7</td><td>635.7</td><td>-</td><td>-34.9</td><td>5,071.4</td><td>13.8</td></tr><tr><td>1951-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>-34.1</td><td>5,411.7</td><td>5,377.4</td><td>34.3</td></tr><tr><td>Aug.</td><td>31.2</td><td>32.8</td><td>21.7</td><td>-1</td><td>103.5</td><td>39.4</td><td>64.2</td><td>69.2</td><td>5,382.9</td><td>2,831.8</td><td>28.6</td></tr><tr><td>Sept.</td><td>90.2</td><td>32.6</td><td>57.2</td><td>-1</td><td>104.2</td><td>46.3</td><td>57.9</td><td>-14.0</td><td>5,328.5</td><td>5,296.6</td><td>31.9</td></tr><tr><td>Oct.</td><td>95.6</td><td>40.6</td><td>4.6</td><td>-1</td><td>119.5</td><td>41.3</td><td>78.2</td><td>-73.9</td><td>5,294.6</td><td>5,219.8</td><td>34.8</td></tr><tr><td>Nov.</td><td>86.4</td><td>43.8</td><td>42.2</td><td>1.0</td><td>97.6</td><td>38.8</td><td>58.8</td><td>-11.2</td><td>5,283.5</td><td>5,197.0</td><td>46.4</td></tr><tr><td>Dec.</td><td>40.0</td><td>28.4</td><td>11.0</td><td>-5</td><td>75.4</td><td>37.6</td><td>37.7</td><td>-35.4</td><td>5,208.1</td><td>5,170.1</td><td>37.9</td></tr><tr><td>1952-Jan.</td><td>65.5</td><td>43.4</td><td>21.6</td><td>-5</td><td>73.9</td><td>43.5</td><td>30.4</td><td>-8.5</td><td>5,199.6</td><td>5,135.3</td><td>44.2</td></tr><tr><td>Feb.</td><td>55.4</td><td>37.2</td><td>18.0</td><td>-2</td><td>54.4</td><td>40.8</td><td>13.6</td><td>1.0</td><td>5,200.6</td><td>5,162.4</td><td>38.1</td></tr><tr><td>Inception to date</td><td>10,903.9</td><td>5,383.1</td><td>4,362.7</td><td>1,158.2</td><td>5,703.3</td><td>2,438.1</td><td>3,265.3</td><td>5,200.6</td><td>5,200.6</td><td>5,162.4</td><td>38.1</td></tr></table>
Source: (Same as Table 1).
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="4">Cash operating income</th><th colspan="3">Cash operating outgo</th><th rowspan="2">Net cash operating income, or 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 $</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 account expenditures</th><th>Exchange Stabilization Fund 1/</th><th>Clerking account for outstanding checks, etc.</th><th>Total</th></tr><tr><td>1944</td><td>43,925</td><td>3,936</td><td>47,861</td><td>93,855</td><td>111</td><td>-</td><td>-</td><td>93,956</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>43</td></tr><tr><td>1945</td><td>45,519</td><td>4,721</td><td>50,240</td><td>95,952</td><td>-768</td><td>-</td><td>-</td><td>95,184</td><td>-44,945</td><td>49,474</td><td>4,389</td><td>78</td></tr><tr><td>1946</td><td>38,902</td><td>4,937</td><td>43,839</td><td>57,422</td><td>4,316</td><td>-</td><td>-</td><td>61,738</td><td>-17,899</td><td>7,439</td><td>-10,460</td><td>302</td></tr><tr><td>1947</td><td>39,884</td><td>3,707</td><td>43,591</td><td>33,190</td><td>3,270</td><td>1,026</td><td>-555</td><td>36,931</td><td>6,659</td><td>-19,389</td><td>-10,930</td><td>3/</td></tr><tr><td>1948</td><td>41,804</td><td>3,595</td><td>45,400</td><td>32,432</td><td>2,944</td><td>563</td><td>507</td><td>36,436</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>47,087</td><td>5,592</td><td>53,439</td><td>41,795</td><td>3,807</td><td>-13</td><td>214</td><td>45,604</td><td>7,633</td><td>-5,795</td><td>1,839</td><td>43</td></tr><tr><td>1952 (Est.)</td><td>62,554</td><td>6,100</td><td>68,654</td><td>67,483</td><td>5,146</td><td>13</td><td>-17</td><td>72,625</td><td>-3,970</td><td>613</td><td>-3,357</td><td>57</td></tr><tr><td>1953 (Est.)</td><td>70,856</td><td>6,012</td><td>76,868</td><td>82,201</td><td>5,071</td><td>-</td><td>-75</td><td>87,195</td><td>-10,328</td><td>10,328</td><td>-</td><td>83</td></tr><tr><td>1951-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>4,833</td><td>-1,999</td><td>252</td><td>-1,737</td><td>5</td></tr><tr><td>August</td><td>3,591</td><td>1,009</td><td>4,600</td><td>4,977</td><td>495</td><td>-10</td><td>103</td><td>5,565</td><td>-265</td><td>440</td><td>-525</td><td>6</td></tr><tr><td>September</td><td>6,203</td><td>352</td><td>6,555</td><td>4,559</td><td>333</td><td>-</td><td>-30</td><td>4,862</td><td>1,693</td><td>129</td><td>1,822</td><td>3</td></tr><tr><td>October</td><td>2,633</td><td>223</td><td>2,855</td><td>5,234</td><td>422</td><td>-</td><td>86</td><td>5,801</td><td>-2,946</td><td>903</td><td>-2,042</td><td>10</td></tr><tr><td>November</td><td>3,518</td><td>773</td><td>4,293</td><td>4,986</td><td>684</td><td>-8</td><td>-20</td><td>5,642</td><td>-1,348</td><td>1,099</td><td>-250</td><td>5</td></tr><tr><td>December</td><td>5,862</td><td>380</td><td>5,642</td><td>5,192</td><td>431</td><td>5</td><td>-7</td><td>5,621</td><td>21</td><td>-351</td><td>-389</td><td>5</td></tr><tr><td>1952-January</td><td>4,919</td><td>263</td><td>5,182</td><td>5,223</td><td>348</td><td>5</td><td>-103</td><td>5,473</td><td>-290</td><td>-126</td><td>-415</td><td>8</td></tr><tr><td>February</td><td>5,250</td><td>726</td><td>6,275</td><td>4,967</td><td>298</td><td>38</td><td>25</td><td>5,328</td><td>947</td><td>288</td><td>1,196</td><td>8</td></tr><tr><td>Fiscal year 1952 to date</td><td>34,219</td><td>4,039</td><td>38,258</td><td>39,747</td><td>3,289</td><td>30</td><td>68</td><td>43,135</td><td>-4,877</td><td>2,595</td><td>-2,281</td><td>53</td></tr></table>
Source: Actual figures are based on the Daily Treasury Statement; estimates are based on the 1953 Budget document, including effect of proposed legislation as outlined in Budget detail.
1/ The U. S. subscription to the capital of the International Monetary Fund was paid in part from the Exchange Stabilization Fund (see "Treasury Bulletin" for September 1947, page 17).
2/ Consists of seigniorage on silver and increment resulting from
reduction in weight of the gold dollar. This item is part of the cash budget receipts shown in these tables, but is excluded from the 1953 Budget document figures for "Receipts from the public". 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">Lease: Noncash budget receipts Payments to Treasury by Government agencies</th><th>Reimbursement for administrative expenses 3/</th><th>Equals: Cash budget receipts</th></tr><tr><th></th><th></th><th></th><th></th><th>R. F. C.</th><th>Interest</th><th>Other</th><th>Repayment of capital stock and paid-in surplus 3/</th><th></th><th></th></tr><tr><td>1948</td><td>43,892</td><td>134</td><td>100</td><td>54</td><td>13</td><td>-</td><td>-</td><td>33</td><td>43,925</td></tr><tr><td>1949</td><td>44,762</td><td>894</td><td>136</td><td>83</td><td>26</td><td>-</td><td>-</td><td>27</td><td>45,219</td></tr><tr><td>1945</td><td>40,027</td><td>-970</td><td>155</td><td>90</td><td>27</td><td>-</td><td>-</td><td>37</td><td>39,902</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>-</td><td>16</td><td>39,894</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>-</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>-</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>-</td><td>17</td><td>36,925</td></tr><tr><td>1951</td><td>43,143</td><td>-1</td><td>255</td><td>20</td><td>149</td><td>65</td><td>-</td><td>21</td><td>47,887</td></tr><tr><td>1952 (Est.)</td><td>62,630</td><td>*</td><td>125</td><td>8</td><td>91</td><td>-</td><td>-</td><td>26</td><td>62,554</td></tr><tr><td>1953 (Est.)</td><td>70,998</td><td>-</td><td>143</td><td>8</td><td>109</td><td>-</td><td>-</td><td>26</td><td>70,896</td></tr><tr><td>1951-July</td><td>2,571</td><td>*</td><td>29</td><td>2</td><td>14</td><td>10</td><td>-</td><td>2</td><td>2,542</td></tr><tr><td>August</td><td>3,594</td><td>*</td><td>3</td><td>*</td><td>1</td><td>-</td><td>-</td><td>2</td><td>3,591</td></tr><tr><td>September</td><td>6,209</td><td>*</td><td>5</td><td>*</td><td>2</td><td>-</td><td>-</td><td>3</td><td>6,203</td></tr><tr><td>October</td><td>2,635</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>2</td><td>2,633</td></tr><tr><td>November</td><td>3,521</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>2</td><td>3,518</td></tr><tr><td>December</td><td>5,279</td><td>*</td><td>17</td><td>*</td><td>15</td><td>-</td><td>-</td><td>2</td><td>5,262</td></tr><tr><td>1952-January</td><td>4,953</td><td>*</td><td>34</td><td>2</td><td>30</td><td>-</td><td>-</td><td>2</td><td>4,919</td></tr><tr><td>February</td><td>5,553</td><td>*</td><td>3</td><td>*</td><td>1</td><td>-</td><td>-</td><td>3</td><td>5,550</td></tr></table>
Source: (Same as Table 1). 1/ For further detail, 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 transfers 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.
April 1952
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="3">Interest payments by Treasury</th><th rowspan="2">Transfers to trust accounts</th><th rowspan="2">Payroll deductions for Government employee retirement</th><th colspan="3">Budget expenditures involving issuances 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</th><th>To Government corporations not wholly owned</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>-</td><td>-</td><td>67</td><td>39</td><td>93,045</td></tr><tr><td>1945</td><td>98,703</td><td>2,750</td><td>312</td><td>4</td><td>429</td><td>1,659</td><td>290</td><td>-5</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>-86</td><td>-</td><td>-</td><td>118</td><td>18</td><td>57,822</td></tr><tr><td>1947</td><td>39,269</td><td>6,099</td><td>467</td><td>25</td><td>646</td><td>1,361</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>105</td><td>31</td><td>33,190</td></tr><tr><td>1948</td><td>33,792</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>2,817</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>70,881</td><td>3,398</td><td>675</td><td>35</td><td>998</td><td>1,290</td><td>412</td><td>-110</td><td>-1</td><td>-</td><td>99</td><td>-</td><td>67,483</td></tr><tr><td>1953 (Est.)</td><td>85,444</td><td>3,245</td><td>312</td><td>37</td><td>1,128</td><td>1,263</td><td>410</td><td>-25</td><td>-*</td><td>-</td><td>117</td><td>-</td><td>82,201</td></tr><tr><td>1951-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><tr><td>Aug.</td><td>5,007</td><td>111</td><td>47</td><td>*</td><td>*</td><td>41</td><td>30</td><td>-8</td><td>*</td><td>-</td><td>1</td><td>-</td><td>4,977</td></tr><tr><td>Sept.</td><td>5,163</td><td>604</td><td>62</td><td>1</td><td>16</td><td>496</td><td>32</td><td>-6</td><td>*</td><td>-</td><td>2</td><td>-</td><td>4,559</td></tr><tr><td>Oct.</td><td>5,483</td><td>188</td><td>51</td><td>3</td><td>21</td><td>87</td><td>36</td><td>-10</td><td>*</td><td>-</td><td>1</td><td>-</td><td>5,294</td></tr><tr><td>Nov.</td><td>5,178</td><td>192</td><td>71</td><td>*</td><td>1</td><td>92</td><td>34</td><td>-7</td><td>*</td><td>-</td><td>*</td><td>-</td><td>4,986</td></tr><tr><td>Dec.</td><td>5,687</td><td>435</td><td>100</td><td>12</td><td>211</td><td>64</td><td>37</td><td>-5</td><td>*</td><td>-</td><td>15</td><td>-</td><td>5,192</td></tr><tr><td>1952-Jan.</td><td>5,455</td><td>232</td><td>78</td><td>*</td><td>10</td><td>78</td><td>41</td><td>-6</td><td>*</td><td>-</td><td>32</td><td>-</td><td>4,823</td></tr><tr><td>Feb.</td><td>5,105</td><td>138</td><td>37</td><td>*</td><td>1</td><td>71</td><td>33</td><td>-5</td><td>*</td><td>-</td><td>1</td><td>-</td><td>4,997</td></tr></table>
1/ For further detail, see "Budget Receipts and Expenditures", Table 2. 2/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed. 3/ Payments to wholly owned Government corporations are not deducted be-
cause they are treated as negative expenditures when received by corporations.
L/ Treated as noncash expenditures at the time of issuance and as cash expenditures at the time of redemption; net issuance, or net redemption (-).
* Less than $500,000.
Table 4.- Derivation of Cash Trust Account Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total trust account receipts</th><th colspan="4">Less: Noncash receipts</th><th rowspan="2">Equals: Cash trust account receipts</th><th rowspan="2">Total trust account and other expend-itures3/</th><th colspan="3">Less: Noncash expenditures</th><th rowspan="2">Equals: Cash trust account expend-itures</th></tr><tr><th>Total noncash receipts</th><th>Interest on investments in Federal securities</th><th>Transfers shown as budget expend-itures</th><th>Payroll deductions for Government employee's retirement</th><th>Other 1/</th><th>Total noncash expend-itures</th><th>Investments in Federal securities</th><th>By trust funds and accounts</th><th>By Government agencies 2/</th><th>Other 1/</th></tr><tr><td>1944</td><td>5,006</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>1,936</td><td>7,307</td><td>7,137</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>2,177</td><td>561</td><td>1,921</td><td>281</td><td>-</td><td>4,937</td><td>8,216</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>2,533</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>3,293</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>387</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>5,252</td><td>7,117</td><td>3,310</td><td>3,369</td><td>187 3/</td><td>-246</td><td>3,807</td></tr><tr><td>1952 (Est.)</td><td>8,802</td><td>2,703</td><td>999</td><td>1,290</td><td>412</td><td>3</td><td>6,200</td><td>8,972</td><td>3,830</td><td>3,803</td><td>151</td><td>-124</td><td>5,246</td></tr><tr><td>1953 (Est.)</td><td>8,815</td><td>2,803</td><td>1,128</td><td>1,263</td><td>410</td><td>2</td><td>6,012</td><td>9,144</td><td>4,072</td><td>4,046</td><td>111</td><td>-85</td><td>5,071</td></tr><tr><td>1951-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><tr><td>Aug.</td><td>1,079</td><td>71</td><td>*</td><td>41</td><td>30</td><td>-</td><td>1,009</td><td>996</td><td>501</td><td>463</td><td>-2</td><td>41</td><td>495</td></tr><tr><td>Sept.</td><td>896</td><td>544</td><td>16</td><td>496</td><td>32</td><td>-</td><td>352</td><td>859</td><td>526</td><td>492</td><td>25</td><td>9</td><td>333</td></tr><tr><td>Oct.</td><td>369</td><td>146</td><td>21</td><td>87</td><td>36</td><td>3</td><td>223</td><td>424</td><td>2</td><td>-8</td><td>9</td><td>1</td><td>422</td></tr><tr><td>Nov.</td><td>902</td><td>128</td><td>1</td><td>92</td><td>34</td><td>-</td><td>775</td><td>821</td><td>137</td><td>269</td><td>-22</td><td>-110</td><td>684</td></tr><tr><td>Dec.</td><td>692</td><td>312</td><td>211</td><td>64</td><td>37</td><td>-</td><td>380</td><td>496</td><td>65</td><td>39</td><td>14</td><td>-8</td><td>431</td></tr><tr><td>1952-Jan.</td><td>392</td><td>128</td><td>10</td><td>78</td><td>41</td><td>-</td><td>263</td><td>766</td><td>418</td><td>219</td><td>192</td><td>7</td><td>348</td></tr><tr><td>Feb.</td><td>831</td><td>106</td><td>1</td><td>71</td><td>33</td><td>-</td><td>726</td><td>845</td><td>347</td><td>191</td><td>30</td><td>126</td><td>698</td></tr></table>
Sources: (Same as Table 1).
1/ Includes proceeds of ship sales carried in trust accounts pending allocation to budget receipts from sale of surplus property, and District of Columbia contribution for employees' retirement fund. 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/ Includes proceeds of ship sales (see footnote 1); District of Columbia contribution for employee's retirement fund; 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.
b/ 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="7">Less: Monocash debt transactions</th><th rowspan="2">Plus: Net transactions in guaranteed securities not reclassified in Treasury's accounts</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 (-)</th></tr><tr><th>Public debt</th><th>Quarantined securities</th><th>Total Federal securities</th><th>Total</th><th>By trust funds and accounts</th><th>By Government agencies</th><th>Armed forces leave bonds 1/2</th><th>Adjusted service bonds 1/2</th><th>Notes for International bank and Fund 1/2</th><th>Excess profits tax refund bonds 1/2</th><th>Interest on savings bonds and Treasury bills 1/2</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>96,757</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>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>435</td><td>203</td><td>66</td><td>7,439</td></tr><tr><td>1947</td><td>-11,136</td><td>-387</td><td>-11,523</td><td>7,892</td><td>3,368</td><td>178</td><td>1,793</td><td>-8</td><td>2,140</td><td>-339</td><td>467</td><td>-</td><td>28</td><td>-19,189</td></tr><tr><td>1948</td><td>-9,994</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>299</td><td>-</td><td>183</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>-1</td><td>274</td><td>-</td><td>-28</td><td>-2,213</td></tr><tr><td>1950</td><td>4,587</td><td>-5</td><td>4,582</td><td>314</td><td>-409</td><td>97</td><td>-95</td><td>-2</td><td>166</td><td>-1</td><td>678</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>3,359</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>5,000</td><td>38</td><td>5,038</td><td>1,305</td><td>3,803</td><td>151</td><td>-110</td><td>-1</td><td>-13</td><td>-</td><td>675</td><td>-</td><td>80</td><td>613</td></tr><tr><td>1953 (Est.)</td><td>14,700</td><td>-7</td><td>14,693</td><td>4,447</td><td>4,046</td><td>111</td><td>-29</td><td>-</td><td>-</td><td>-</td><td>315</td><td>-</td><td>82</td><td>10,328</td></tr><tr><td>1951-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>292</td></tr><tr><td>Aug.</td><td>938</td><td>4</td><td>999</td><td>309</td><td>-409</td><td>-2</td><td>-6</td><td>-</td><td>10</td><td>-</td><td>47</td><td>-</td><td>-43</td><td>440</td></tr><tr><td>Sept.</td><td>709</td><td>1</td><td>710</td><td>373</td><td>492</td><td>25</td><td>-10</td><td>-</td><td>-</td><td>-</td><td>62</td><td>-</td><td>-8</td><td>129</td></tr><tr><td>Oct.</td><td>945</td><td>4</td><td>949</td><td>42</td><td>-8</td><td>9</td><td>-10</td><td>-</td><td>-</td><td>-</td><td>51</td><td>-</td><td>-4</td><td>903</td></tr><tr><td>Nov.</td><td>1,306</td><td>5</td><td>1,311</td><td>319</td><td>269</td><td>-22</td><td>-7</td><td>-</td><td>8</td><td>-</td><td>71</td><td>-</td><td>106</td><td>1,099</td></tr><tr><td>Dec.</td><td>-186</td><td>-1</td><td>-186</td><td>163</td><td>59</td><td>14</td><td>-5</td><td>-</td><td>-5</td><td>-</td><td>100</td><td>-</td><td>-1</td><td>-351</td></tr><tr><td>1952-Jan.</td><td>357</td><td>-4</td><td>352</td><td>477</td><td>219</td><td>192</td><td>-6</td><td>-</td><td>-5</td><td>-</td><td>78</td><td>-</td><td>-1</td><td>-126</td></tr><tr><td>Feb.</td><td>587</td><td>-1</td><td>586</td><td>215</td><td>191</td><td>30</td><td>-5</td><td>-</td><td>-38</td><td>-</td><td>37</td><td>-</td><td>-123</td><td>288</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 (-). 
5/ See Table 3, footnote 2. 
2/ 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>Annual total Calendar year</th><th>Financial year 1/1</th></tr><tr><td>Cash operating income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>896</td><td>1,476</td><td>5,893</td><td>1,648</td><td>2,069</td><td>4,663</td><td>2,170</td><td>3,372</td><td>5,562</td><td>2,813</td><td>2,709</td><td>5,852</td><td>37,919</td><td>25,178</td></tr><tr><td>1944</td><td>2,913</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>2,812</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>3,890</td><td>6,016</td><td>2,764</td><td>3,371</td><td>5,876</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>2,681</td><td>2,813</td><td>4,186</td><td>41,635</td><td>43,839</td></tr><tr><td>1947</td><td>3,821</td><td>4,947</td><td>5,985</td><td>2,228</td><td>2,746</td><td>4,885</td><td>2,446</td><td>3,112</td><td>4,666</td><td>2,989</td><td>3,305</td><td>3,987</td><td>44,319</td><td>43,921</td></tr><tr><td>1948</td><td>4,482</td><td>4,543</td><td>6,019</td><td>2,402</td><td>2,969</td><td>4,877</td><td>2,268</td><td>3,168</td><td>4,667</td><td>2,280</td><td>3,150</td><td>4,106</td><td>44,971</td><td>43,400</td></tr><tr><td>1949</td><td>3,683</td><td>3,893</td><td>5,552</td><td>1,430</td><td>2,993</td><td>4,798</td><td>2,081</td><td>3,150</td><td>4,915</td><td>2,046</td><td>2,969</td><td>4,263</td><td>41,478</td><td>43,688</td></tr><tr><td>1950</td><td>3,489</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>3,244</td><td>4,865</td><td>2,426</td><td>3,487</td><td>4,488</td><td>42,821</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>4,148</td><td>7,367</td><td>2,894</td><td>4,600</td><td>6,555</td><td>2,859</td><td>4,293</td><td>5,642</td><td>59,338</td><td>53,439</td></tr><tr><td>1952</td><td>5,183</td><td>6,275</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>7,623</td><td>7,766</td><td>7,823</td><td>88,987</td><td>78,909</td></tr><tr><td>1944</td><td>7,337</td><td>8,009</td><td>8,564</td><td>7,677</td><td>8,027</td><td>8,478</td><td>7,249</td><td>8,146</td><td>7,686</td><td>7,886</td><td>7,373</td><td>8,178</td><td>95,810</td><td>93,956</td></tr><tr><td>1945</td><td>7,729</td><td>7,118</td><td>8,706</td><td>7,755</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>95,188</td></tr><tr><td>1946</td><td>4,668</td><td>3,700</td><td>3,876</td><td>3,600</td><td>3,931</td><td>4,262</td><td>2,745</td><td>2,760</td><td>2,944</td><td>2,844</td><td>2,869</td><td>3,578</td><td>41,339</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>3,278</td><td>3,073</td><td>3,943</td><td>2,370</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>2,307</td><td>4,129</td><td>2,288</td><td>2,950</td><td>3,197</td><td>2,779</td><td>3,474</td><td>4,235</td><td>36,897</td><td>36,496</td></tr><tr><td>1949</td><td>2,555</td><td>3,299</td><td>3,890</td><td>3,130</td><td>3,709</td><td>4,250</td><td>2,966</td><td>3,715</td><td>3,847</td><td>3,266</td><td>3,486</td><td>4,070</td><td>42,642</td><td>40,576</td></tr><tr><td>1950</td><td>3,427</td><td>3,337</td><td>4,046</td><td>3,944</td><td>3,700</td><td>4,061</td><td>3,123</td><td>3,009</td><td>3,199</td><td>3,339</td><td>3,415</td><td>4,004</td><td>41,969</td><td>43,529</td></tr><tr><td>1951</td><td>3,138</td><td>3,522</td><td>4,219</td><td>4,144</td><td>2,124</td><td>5,283</td><td>4,843</td><td>3,565</td><td>4,862</td><td>2,801</td><td>5,042</td><td>3,621</td><td>58,034</td><td>45,604</td></tr><tr><td>1952</td><td>5,473</td><td>5,328</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash operating income, or outgo (-1)</td><td></td><td></td><td></td><td></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>-53,733</td></tr><tr><td>1944</td><td>4,608</td><td>-4,905</td><td>-1,869</td><td>-4,358</td><td>-4,328</td><td>-2,116</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>1,009</td><td>-8,443</td><td>-1,705</td><td>-4,601</td><td>-3,488</td><td>-2,013</td><td>-4,996</td><td>-4,141</td><td>-1,090</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,234</td><td>-44,949</td></tr><tr><td>1946</td><td>-1,616</td><td>368</td><td>1,773</td><td>-1,834</td><td>-888</td><td>-379</td><td>-413</td><td>43</td><td>1,191</td><td>-216</td><td>514</td><td>378</td><td>236</td><td>-11,896</td></tr><tr><td>1947</td><td>1,106</td><td>1,460</td><td>2,684</td><td>-815</td><td>-35</td><td>102</td><td>-927</td><td>41</td><td>723</td><td>18</td><td>816</td><td>510</td><td>5,703</td><td>6,699</td></tr><tr><td>1948</td><td>1,986</td><td>1,824</td><td>2,601</td><td>4</td><td>662</td><td>748</td><td>-380</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>889</td><td>635</td><td>1,704</td><td>-1,699</td><td>-1,118</td><td>-248</td><td>-889</td><td>-566</td><td>1,068</td><td>-1,820</td><td>-461</td><td>193</td><td>-1,267</td><td>1,051</td></tr><tr><td>1950</td><td>308</td><td>98</td><td>1,116</td><td>-1,661</td><td>-766</td><td>626</td><td>-1,032</td><td>514</td><td>1,666</td><td>-909</td><td>72</td><td>489</td><td>482</td><td>-2,189</td></tr><tr><td>1951</td><td>1,299</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>-965</td><td>1,693</td><td>-2,946</td><td>-1,348</td><td>21</td><td>1,304</td><td>7,635</td></tr><tr><td>1952</td><td>-290</td><td>947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: (Same as Table 1).
1/ Fiscal year ending June 30 of year indicated.
April 1952
15
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="2">Total</th><th colspan="2">Bullion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th>Deposits in special depositaries</th><th>Other deposits and collections</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><th></th><th>Total</th><th></th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th>1/</th><th></th><th></th><th></th></tr><tr><td>1948</td><td>20,775</td><td></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></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></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></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></td><td>1,073</td><td>191</td><td>1,928</td><td>123</td><td>1,773</td><td>285</td><td>438</td><td>4,392</td></tr><tr><td>1949</td><td>3,862</td><td></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></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></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>7,337</td></tr><tr><td>1950-December</td><td>4,724</td><td></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-July</td><td>6,032</td><td></td><td>1,060</td><td>179</td><td>584</td><td>115</td><td>3,694</td><td>369</td><td>412</td><td>5,680</td></tr><tr><td>August</td><td>5,431</td><td></td><td>1,047</td><td>176</td><td>459</td><td>111</td><td>3,244</td><td>392</td><td>336</td><td>5,095</td></tr><tr><td>September</td><td>7,356</td><td></td><td>1,043</td><td>175</td><td>947</td><td>286</td><td>4,947</td><td>417</td><td>439</td><td>6,916</td></tr><tr><td>October</td><td>5,311</td><td></td><td>1,035</td><td>184</td><td>493</td><td>151</td><td>3,021</td><td>428</td><td>437</td><td>4,874</td></tr><tr><td>November</td><td>5,247</td><td></td><td>1,022</td><td>198</td><td>481</td><td>109</td><td>2,901</td><td>437</td><td>523</td><td>4,624</td></tr><tr><td>December</td><td>4,816</td><td></td><td>1,033</td><td>173</td><td>321</td><td>146</td><td>2,693</td><td>449</td><td>581</td><td>4,295</td></tr><tr><td>1952-January</td><td>4,306</td><td></td><td>1,025</td><td>219</td><td>162</td><td>316</td><td>2,048</td><td>537</td><td>427</td><td>3,879</td></tr><tr><td>February</td><td>5,700</td><td></td><td>1,003</td><td>205</td><td>258</td><td>193</td><td>3,216</td><td>525</td><td>625</td><td>5,075</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>259</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>1,146</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>2,193</td><td>1,812</td><td>1,597</td><td>2,264</td></tr><tr><td>1935</td><td>2,319</td><td>2,081</td><td>2,446</td><td>1,935</td><td>1,997</td><td>1,841</td><td>1,789</td><td>1,475</td><td>1,799</td><td>1,473</td><td>1,434</td><td>2,829</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>1,406</td><td>1,906</td></tr><tr><td>1937</td><td>1,786</td><td>1,339</td><td>1,826</td><td>1,702</td><td>1,754</td><td>2,523</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>3,140</td><td>2,689</td><td>2,857</td><td>2,216</td><td>2,116</td><td>2,860</td><td>2,978</td><td>2,569</td><td>2,447</td><td>3,083</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>2,830</td><td>2,447</td><td>2,231</td><td>2,178</td><td>2,913</td><td>2,165</td><td>2,476</td></tr><tr><td>1940</td><td>2,282</td><td>2,350</td><td>2,524</td><td>2,210</td><td>2,030</td><td>1,891</td><td>2,258</td><td>2,434</td><td>2,415</td><td>1,920</td><td>1,817</td><td>1,928</td></tr><tr><td>1941</td><td>1,025</td><td>1,701</td><td>2,715</td><td>2,425</td><td>1,904</td><td>2,633</td><td>2,599</td><td>2,873</td><td>2,266</td><td>2,841</td><td>2,319</td><td>3,360</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>3,124</td><td>4,302</td><td>4,896</td><td>3,082</td><td>10,543</td></tr><tr><td>1943</td><td>1,724</td><td>5,328</td><td>4,479</td><td>12,517</td><td>12,687</td><td>9,507</td><td>8,595</td><td>8,364</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>8,582</td><td>20,169</td><td>21,324</td><td>17,672</td><td>15,117</td><td>9,990</td><td>9,803</td><td>22,336</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>22,028</td><td>18,631</td><td>16,134</td><td>12,833</td><td>14,445</td><td>25,003</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>4,112</td><td>4,066</td><td>3,308</td><td>3,069</td><td>3,400</td><td>3,922</td><td>4,107</td><td>3,935</td><td>3,997</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>4,804</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>3,993</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>4,122</td><td>4,679</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>5,915</td><td>4,845</td><td>4,139</td><td>4,238</td></tr><tr><td>1951</td><td>4,154</td><td>5,302</td><td>8,569</td><td>6,955</td><td>5,782</td><td>7,357</td><td>5,620</td><td>2,995</td><td>6,916</td><td>4,874</td><td>4,624</td><td>4,859</td></tr><tr><td>1952</td><td>3,879</td><td>5,075</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="2">Total outstanding</th><th colspan="2">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th></tr><tr><th></th><th>Total</th><th>Public debt</th><th>Guaranteed securities</th><th>Total</th><th>Public debt</th><th>Guaranteed securities</th><th>Total</th><th>Total</th><th>Public debt</th><th>International Bank 2/</th><th>Monetary Fund 2/</th><th>Other 3/</th><th>Guaranteed securities (matured) 1/</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>1,460</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>2,097</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,378</td><td>268,111</td><td>467</td><td>1,321</td><td>1,312</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>211</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>250,705</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>-</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>1952 (Est.)</td><td>260,289</td><td>260,222</td><td>67</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1953 (Est.)</td><td>274,982</td><td>274,922</td><td>60</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Debt peak: February, 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-July</td><td>259,685</td><td>259,677</td><td>8</td><td>253,351</td><td>253,351</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><tr><td>August</td><td>256,677</td><td>256,634</td><td>32</td><td>254,351</td><td>254,321</td><td>31</td><td>2,325</td><td>2,323</td><td>462</td><td>-</td><td>1,293</td><td>569</td><td>2</td></tr><tr><td>September</td><td>257,336</td><td>257,333</td><td>33</td><td>254,990</td><td>254,958</td><td>32</td><td>2,397</td><td>2,395</td><td>536</td><td>-</td><td>1,293</td><td>566</td><td>2</td></tr><tr><td>October</td><td>258,336</td><td>258,298</td><td>37</td><td>255,975</td><td>255,940</td><td>36</td><td>2,360</td><td>2,359</td><td>502</td><td>-</td><td>1,293</td><td>564</td><td>2</td></tr><tr><td>November</td><td>259,547</td><td>259,504</td><td>43</td><td>257,894</td><td>257,853</td><td>41</td><td>2,353</td><td>2,352</td><td>489</td><td>-</td><td>1,301</td><td>568</td><td>2</td></tr><tr><td>December</td><td>259,461</td><td>259,419</td><td>42</td><td>257,111</td><td>257,070</td><td>40</td><td>2,350</td><td>2,348</td><td>492</td><td>-</td><td>1,296</td><td>560</td><td>2</td></tr><tr><td>1952-January</td><td>259,813</td><td>259,775</td><td>36</td><td>257,518</td><td>257,482</td><td>36</td><td>2,295</td><td>2,294</td><td>444</td><td>-</td><td>1,291</td><td>559</td><td>2</td></tr><tr><td>February</td><td>260,399</td><td>260,362</td><td>37</td><td>258,171</td><td>258,136</td><td>35</td><td>2,288</td><td>2,286</td><td>416</td><td>-</td><td>1,253</td><td>557</td><td>2</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1953 Budget document, including effect of proposed legislation.
Footnotes at end of Table 2.
Table 2.- Net Change in Federal Securities
(Increase, or decrease (-), in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="5">Matured debt and debt bearing no interest</th><th rowspan="2">Guaranteed securities (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>Total</th><th>Public debt</th><th>International Bank 2/</th><th>Monetary Fund 2/</th><th>Other 3/</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>88</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>416</td><td>1,784</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>-350</td><td>-563</td><td>-80</td><td>-2</td></tr><tr><td>1948</td><td>-6,010</td><td>-5,994</td><td>-16</td><td>-5,055</td><td>-5,050</td><td>-14</td><td>-946</td><td>-944</td><td>49</td><td>-25</td><td>-98</td><td>-62</td><td>-1</td></tr><tr><td>1949</td><td>432</td><td>478</td><td>-46</td><td>653</td><td>698</td><td>-45</td><td>-221</td><td>-280</td><td>-35</td><td>-41</td><td>207</td><td>-47</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>-</td><td>13</td><td>-38</td><td>-1</td></tr><tr><td>1951</td><td>-2,126</td><td>-2,347</td><td>10</td><td>-2,337</td><td>-2,358</td><td>10</td><td>222</td><td>222</td><td>247</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1952 (Est.)</td><td>5,038</td><td>5,000</td><td>38</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1953 (Est.)</td><td>18,693</td><td>18,700</td><td>-7</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1951-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><tr><td>August</td><td>992</td><td>988</td><td>4</td><td>1,000</td><td>996</td><td>4</td><td>-9</td><td>-9</td><td>-15</td><td>-</td><td>10</td><td>-1</td><td>*</td></tr><tr><td>September</td><td>710</td><td>709</td><td>1</td><td>638</td><td>637</td><td>1</td><td>72</td><td>72</td><td>74</td><td>-</td><td>-</td><td>-2</td><td>*</td></tr><tr><td>October</td><td>949</td><td>945</td><td>4</td><td>996</td><td>992</td><td>4</td><td>-36</td><td>-36</td><td>-34</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>November</td><td>1,311</td><td>1,306</td><td>5</td><td>1,319</td><td>1,313</td><td>3</td><td>-7</td><td>-7</td><td>-13</td><td>-</td><td>8</td><td>-2</td><td>*</td></tr><tr><td>December</td><td>-196</td><td>-196</td><td>-1</td><td>-189</td><td>-183</td><td>-1</td><td>-3</td><td>-3</td><td>3</td><td>-</td><td>-5</td><td>-1</td><td>*</td></tr><tr><td>1952-January</td><td>352</td><td>357</td><td>-4</td><td>407</td><td>412</td><td>-5</td><td>-28</td><td>-28</td><td>-48</td><td>-</td><td>-3</td><td>-8</td><td>*</td></tr><tr><td>February</td><td>586</td><td>587</td><td>-1</td><td>654</td><td>654</td><td>-1</td><td>-68</td><td>-68</td><td>-28</td><td>-</td><td>-38</td><td>-2</td><td>*</td></tr></table>
1/ Excludes guaranteed securities held by the Treasury. Beginning 1945, the interest-bearing debt shown here consists of F.I.I.A. debentures and C.C.C. demand obligations; details by issues were presented in a separate table, covering earlier years also, which appeared in the "Treasury Bulletin" for August 1951 and in prior issues; currently, the amounts outstanding are shown each month in the "Treasury Survey" of Ownership", Tables 3 and 4.
2/ Special notes of the United States issued to the International Bank
and the International Monetary Fund in payment of the United States subscriptions to these institutions, pursuant to provisions of the Bretton Woods Agreements Act. The notes bear no interest, are non-
negotiable, and are payable on demand. 3/ Includes savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see "Statutory Debt Limitation", Table 3
Less than $500,000. Not available.
April 1952
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="7">Marketable</th><th colspan="4">Normarketable</th><th rowspan="2">Special issues 3/</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>Bank eligible</th><th>Bank 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></tr><tr><td>1944</td><td>199,243</td><td>185,255</td><td>140,401</td><td>14,734</td><td>28,322</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>9,557</td><td>-</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>295,357</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>45,286</td><td>10,136</td><td>-</td><td>-</td><td>505</td><td>18,612</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>65,854</td><td>33,459</td><td>130</td><td>56,173</td><td>49,035</td><td>6,711</td><td>-</td><td>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>295,113</td><td>227,747</td><td>168,702</td><td>15,777</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>5,960</td><td>1,793</td><td>-</td><td>325</td><td>27,366</td></tr><tr><td>1948</td><td>250,063</td><td>219,852</td><td>160,346</td><td>13,757</td><td>22,588</td><td>11,375</td><td>62,826</td><td>49,636</td><td>154</td><td>59,506</td><td>53,274</td><td>4,394</td><td>563</td><td>959</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>60,739</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>369</td><td>32,776</td></tr><tr><td>1950</td><td>259,209</td><td>222,853</td><td>125,310</td><td>13,933</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>57,236</td><td>8,472</td><td>297</td><td>954</td><td>289</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>339</td><td>34,653</td></tr><tr><td>Debt peaks</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>8,043</td><td>-</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>Feb. 1946</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>1950-Deo.</td><td>253,325</td><td>218,613</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>192</td><td>79,339</td><td>57,338</td><td>7,926</td><td>28</td><td>13,524</td><td>324</td><td>34,707</td></tr><tr><td>1951-July.</td><td>254,321</td><td>219,174</td><td>139,741</td><td>15,012</td><td>14,740</td><td>31,010</td><td>42,772</td><td>36,056</td><td>192</td><td>79,434</td><td>57,509</td><td>8,041</td><td>28</td><td>13,522</td><td>334</td><td>35,146</td></tr><tr><td>Aug.</td><td>254,558</td><td>219,321</td><td>140,169</td><td>15,617</td><td>15,317</td><td>31,013</td><td>42,016</td><td>36,054</td><td>192</td><td>79,126</td><td>57,488</td><td>7,775</td><td>27</td><td>13,519</td><td>343</td><td>35,637</td></tr><tr><td>Sept.</td><td>255,940</td><td>220,325</td><td>141,773</td><td>16,849</td><td>28,016</td><td>18,669</td><td>42,016</td><td>36,053</td><td>192</td><td>78,371</td><td>57,301</td><td>7,705</td><td>-</td><td>13,017</td><td>348</td><td>35,615</td></tr><tr><td>Oct.</td><td>257,253</td><td>221,391</td><td>142,741</td><td>18,100</td><td>28,017</td><td>18,406</td><td>42,016</td><td>36,050</td><td>192</td><td>78,650</td><td>57,292</td><td>7,737</td><td>-</td><td>13,014</td><td>346</td><td>35,862</td></tr><tr><td>Nov.</td><td>257,070</td><td>221,168</td><td>142,685</td><td>18,102</td><td>29,078</td><td>18,409</td><td>40,897</td><td>36,048</td><td>192</td><td>78,483</td><td>57,587</td><td>7,534</td><td>-</td><td>13,011</td><td>351</td><td>35,902</td></tr><tr><td>Dec.</td><td>257,482</td><td>221,249</td><td>142,690</td><td>18,104</td><td>29,079</td><td>18,421</td><td>40,897</td><td>36,046</td><td>192</td><td>78,559</td><td>57,664</td><td>7,539</td><td>-</td><td>12,998</td><td>358</td><td>36,233</td></tr><tr><td>1952-Jan.</td><td>258,136</td><td>221,776</td><td>142,701</td><td>18,104</td><td>29,079</td><td>18,434</td><td>40,897</td><td>36,044</td><td>192</td><td>79,075</td><td>57,682</td><td>8,044</td><td>-</td><td>12,986</td><td>363</td><td>36,366</td></tr><tr><td>Feb.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
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="9">Public issues</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="3">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Treasury bonds</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><th></th><th></th><th></th><th></th><th></th><th></th><th>Bank eligible</th><th>Bank-restricted 1/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></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>8,237</td><td>9,274</td><td>12,450</td><td>*</td><td>15,655</td><td>13,350</td><td>2,051</td><td>-</td><td>-</td><td>214</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>-3,989</td><td>15,703</td><td>-16</td><td>-53</td><td>3,449</td><td>-3,424</td><td>-</td><td>-</td><td>-78</td><td>3,580</td></tr><tr><td>1947</td><td>-12,997</td><td>-18,032</td><td>-20,904</td><td>-1,264</td><td>-9,208</td><td>-10,119</td><td>3,823</td><td>-3,923</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>-5,861</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>2,645</td></tr><tr><td>1949</td><td>698</td><td>-1,866</td><td>-5,199</td><td>-2,221</td><td>6,980</td><td>-7,779</td><td>-2,035</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>4,420</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-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><tr><td>Aug.</td><td>996</td><td>557</td><td>462</td><td>598</td><td>5,216</td><td>-9,350</td><td>*</td><td>-3</td><td>-</td><td>95</td><td>-29</td><td>115</td><td>*</td><td>-2</td><td>10</td><td>440</td></tr><tr><td>Sept.</td><td>637</td><td>147</td><td>429</td><td>605</td><td>577</td><td>3</td><td>-755</td><td>-1</td><td>-</td><td>-282</td><td>-22</td><td>-266</td><td>*</td><td>-3</td><td>9</td><td>491</td></tr><tr><td>Oct.</td><td>982</td><td>1,004</td><td>1,584</td><td>1,232</td><td>12,698</td><td>-12,344</td><td>-1</td><td>-1</td><td>-</td><td>-561</td><td>14</td><td>-70</td><td>-27</td><td>-503</td><td>5</td><td>-22</td></tr><tr><td>Nov.</td><td>1,313</td><td>1,065</td><td>987</td><td>1,251</td><td>1</td><td>-262</td><td>*</td><td>-2</td><td>-</td><td>79</td><td>51</td><td>33</td><td>-</td><td>-3</td><td>-2</td><td>247</td></tr><tr><td>Dec.</td><td>-183</td><td>-223</td><td>-56</td><td>2</td><td>1,061</td><td>2</td><td>-1,118</td><td>-3</td><td>-</td><td>-167</td><td>34</td><td>-203</td><td>-</td><td>-3</td><td>5</td><td>40</td></tr><tr><td>1952-Jan.</td><td>412</td><td>81</td><td>5</td><td>2</td><td>1</td><td>13</td><td>*</td><td>-2</td><td>-9</td><td>77</td><td>77</td><td>5</td><td>-</td><td>-13</td><td>7</td><td>330</td></tr><tr><td>Feb.</td><td>634</td><td>527</td><td>11</td><td>*</td><td>-</td><td>13</td><td>*</td><td>-2</td><td>-</td><td>516</td><td>19</td><td>504</td><td>-</td><td>-13</td><td>5</td><td>120</td></tr></table>
Issues which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to specified dates, except that: (1) commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. Bank restricted bonds may be redeemed at par and accrued interest upon the
death of the owner if the proceeds are used to pay Federal estate taxes. For a current list of bank restricted issues and the date when each becomes bank eligible, see "Debt Operations", Table 1. 2/ Consists of postal savings and Panama Canal bonds, and also conversion bonds prior to 1947. 3/ Consists of depositary 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's retirement funds</th><th>Government Life Insurance Fund</th><th>National Service Life Insurance Fund</th><th>Postal Savings System</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>265</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>6,787</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>657</td><td>6,699</td><td>12</td></tr><tr><td>1947</td><td>27,356</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>7,888</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>7,866</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-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><tr><td>Aug.</td><td>35,146</td><td>868</td><td>65</td><td>12,446</td><td>79</td><td>4,408</td><td>1,296</td><td>5,314</td><td>660</td><td>2,447</td><td>7,231</td><td>18</td></tr><tr><td>Sept.</td><td>35,637</td><td>868</td><td>65</td><td>12,566</td><td>79</td><td>4,726</td><td>1,292</td><td>5,997</td><td>668</td><td>2,546</td><td>7,312</td><td>18</td></tr><tr><td>Oct.</td><td>35,615</td><td>870</td><td>60</td><td>12,616</td><td>79</td><td>4,735</td><td>1,288</td><td>5,220</td><td>658</td><td>2,600</td><td>7,467</td><td>21</td></tr><tr><td>Nov.</td><td>35,862</td><td>870</td><td>53</td><td>12,662</td><td>79</td><td>4,746</td><td>1,284</td><td>5,197</td><td>642</td><td>2,613</td><td>7,694</td><td>22</td></tr><tr><td>Dec.</td><td>35,902</td><td>862</td><td>58</td><td>12,791</td><td>79</td><td>4,796</td><td>1,279</td><td>5,170</td><td>632</td><td>2,630</td><td>7,629</td><td>21</td></tr><tr><td>1952-Jan.</td><td>36,233</td><td>898</td><td>130</td><td>12,990</td><td>79</td><td>4,773</td><td>1,276</td><td>5,125</td><td>633</td><td>2,657</td><td>7,625</td><td>16</td></tr><tr><td>Feb.</td><td>36,360</td><td>901</td><td>91</td><td>13,050</td><td>79</td><td>4,782</td><td>1,276</td><td>5,162</td><td>603</td><td>2,671</td><td>7,726</td><td>19</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 colspan="9">Computed annual interest rate</th><th rowspan="2">Guaranteed securities 1/</th></tr><tr><th>Amount outstanding:</th><th>Computed annual interest charge</th><th>Total interest-bearing securities</th><th colspan="5">Public debt</th><th>Non-marketable issues 1/</th><th>Special issues</th></tr><tr><th></th><th>Public debt and guaranteed securities 1/</th><th>Public debt</th><th>Public 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></th><th></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>.875</td><td>1,294</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>250,357</td><td>4,969</td><td>1,335</td><td>1,936</td><td>1,718</td><td>.381</td><td>.875</td><td>1,289</td><td>2,307</td><td>2,473</td><td>2,436</td><td>1,321</td></tr><tr><td>1946......</td><td>268,570</td><td>269,111</td><td>5,357</td><td>1,995</td><td>1,996</td><td>1,773</td><td>.381</td><td>.875</td><td>1,448</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>1,448</td><td>2,307</td><td>2,593</td><td>2,510</td><td>1,758</td></tr><tr><td>1948......</td><td>250,132</td><td>250,063</td><td>5,455</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>255,286</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>258,879</td><td>252,892</td><td>5,740</td><td>2,270</td><td>2,270</td><td>1,961</td><td>1,569</td><td>1,875</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-July.</td><td>251,351</td><td>253,325</td><td>5,742</td><td>2,267</td><td>2,267</td><td>1,980</td><td>1,593</td><td>1,875</td><td>1,404</td><td>2,327</td><td>2,623</td><td>2,606</td><td>2,646</td></tr><tr><td>Aug......</td><td>254,351</td><td>254,321</td><td>5,800</td><td>2,281</td><td>2,281</td><td>2,005</td><td>1,621</td><td>1,875</td><td>1,431</td><td>2,327</td><td>2,624</td><td>2,600</td><td>2,627</td></tr><tr><td>Sept......</td><td>254,990</td><td>254,958</td><td>5,019</td><td>2,283</td><td>2,283</td><td>2,002</td><td>1,663</td><td>1,875</td><td>1,431</td><td>2,321</td><td>2,630</td><td>2,613</td><td>2,626</td></tr><tr><td>Oct......</td><td>255,975</td><td>255,940</td><td>5,910</td><td>2,310</td><td>2,310</td><td>2,054</td><td>1,661</td><td>1,875</td><td>1,557</td><td>2,321</td><td>2,632</td><td>2,613</td><td>2,573</td></tr><tr><td>Nov......</td><td>257,294</td><td>257,253</td><td>5,933</td><td>2,307</td><td>2,307</td><td>2,050</td><td>1,641</td><td>1,875</td><td>1,561</td><td>2,321</td><td>2,634</td><td>2,611</td><td>2,480</td></tr><tr><td>Dec......</td><td>257,111</td><td>257,070</td><td>5,933</td><td>2,308</td><td>2,308</td><td>2,050</td><td>1,664</td><td>1,875</td><td>1,561</td><td>2,322</td><td>2,639</td><td>2,611</td><td>2,556</td></tr><tr><td>1952-Jan.</td><td>257,518</td><td>257,482</td><td>5,949</td><td>2,311</td><td>2,311</td><td>2,053</td><td>1,691</td><td>1,875</td><td>1,561</td><td>2,322</td><td>2,642</td><td>2,607</td><td>2,484</td></tr><tr><td>Feb......</td><td>258,171</td><td>258,136</td><td>5,962</td><td>2,310</td><td>2,310</td><td>2,092</td><td>1,683</td><td>1,875</td><td>1,561</td><td>2,322</td><td>2,638</td><td>2,608</td><td>2,534</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury.
2/ Total includes "Other bonds"; see Table 3.
3/ Included in debt outstanding at face amount, but discount value is used in computing annual interest charge and annual interest rate.
In computing annual interest charge and annual interest rate on United States savings bonds, a rate of 2.9% is applied against the current redemption value of bonds of Series A-E and a rate of 2.53% against the current redemption value of bonds of Series F.
April 1952
19
DEBT OUTSTANDING
Table 7.- Treasury Holdings of Securities Issued by Government Corporations and Other Agencies 1/
(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>Mutual Security Agency 3/</th><th>Export-Import Bank of Washington</th><th>Housing and Home Finance Administration 5/</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation 5/</th><th>Rural Electrification Administration</th><th>Secretary of Agriculture 6/</th><th>Secretary of the Army 7/</th><th>Tennessee Valley Authority</th><th>Other 8/</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>1,592</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>11,985</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>2,709</td><td>440</td><td>-</td><td>-</td><td>971</td><td>-</td><td>362</td><td>2/</td><td>718</td><td>-</td><td>-</td><td>54</td><td>244</td></tr><tr><td>1949</td><td>6,852</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>169</td><td>274</td><td>1,540</td><td>114</td><td>100</td><td>44</td><td>107</td></tr><tr><td>1951-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><tr><td>Aug.</td><td>9,514</td><td>2,525</td><td>241</td><td>1,118</td><td>1,039</td><td>1,720</td><td>630</td><td>249</td><td>1,587</td><td>159</td><td>100</td><td>39</td><td>107</td></tr><tr><td>Sept.</td><td>8,929</td><td>2,039</td><td>245</td><td>1,126</td><td>1,030</td><td>1,749</td><td>585</td><td>219</td><td>1,587</td><td>103</td><td>100</td><td>39</td><td>107</td></tr><tr><td>Oct.</td><td>9,169</td><td>2,056</td><td>302</td><td>1,128</td><td>1,033</td><td>1,788</td><td>645</td><td>197</td><td>1,647</td><td>128</td><td>100</td><td>39</td><td>107</td></tr><tr><td>Nov.</td><td>9,300</td><td>2,052</td><td>308</td><td>1,132</td><td>1,035</td><td>1,824</td><td>710</td><td>173</td><td>1,647</td><td>128</td><td>100</td><td>39</td><td>153</td></tr><tr><td>Dec.</td><td>9,331</td><td>2,025</td><td>311</td><td>1,134</td><td>1,005</td><td>1,871</td><td>645</td><td>248</td><td>1,647</td><td>153</td><td>100</td><td>39</td><td>153</td></tr><tr><td>1952-Jan.</td><td>9,414</td><td>2,070</td><td>315</td><td>1,136</td><td>973</td><td>1,949</td><td>660</td><td>230</td><td>1,691</td><td>98</td><td>100</td><td>39</td><td>153</td></tr><tr><td>Feb.</td><td>9,499</td><td>2,041</td><td>320</td><td>1,136</td><td>1,007</td><td>2,006</td><td>650</td><td>193</td><td>1,691</td><td>123</td><td>100</td><td>39</td><td>153</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, the securities are not included in the guaranteed debt outstanding as shown in preceding tables.
2/ Approved September 8, 1950. Securities consist of notes of the Administrator, Defense Materials Procurement Agency (to whom there has been transferred from the Administrator, General Services Administration, the function of the agency); Treasury under the terms of the act, pursuant to Executive Order 10281 of August 28, 1951, Secretary of the Interior (Defense Minerals Administration), and Reconstruction Finance Corporation.
3/ This agency superseded the Economic Cooperation Administration, effective December 10, 1951. Pursuant to the Mutual Security Act of 1951 (Public Law 169), approved October 10, 1951, and Executive Order 10300, of November 1, 1951.
For alum clearance program; includes also Federal National Mortgage Association and prefabricated housing loans program, which were transferred from the Reconstruction Finance Corporation beginning September 1950; and housing loans for educational institutions, beginning July 1951.
Excludes securities issued under Defense Production Act.
For Farmers' Home Administration program.
For Natural Fibers Revolving Fund.
Consists of notes issued by Federal Farm Mortgage Corporation and Home Owners' Loan Corporation prior to 1950 and by Virgin Islands Corporation in 1950 and subsequent agreements with 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 cancelled on June 30, 1948, pursuant to the Government Corporations Appropriation Act, 1949 (62 Stat. 1167).
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>17,816</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>23,050</td><td>23,534</td><td>23,814</td></tr><tr><td>1934</td><td>25,068</td><td>26,092</td><td>26,158</td><td>26,118</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>27,899</td><td>28,179</td></tr><tr><td>1935</td><td>28,476</td><td>28,266</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>29,121</td><td>29,162</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>37,879</td></tr><tr><td>1938</td><td>37,433</td><td>37,633</td><td>37,556</td><td>37,510</td><td>37,482</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>39,827</td></tr><tr><td>1939</td><td>39,651</td><td>39,899</td><td>39,985</td><td>40,063</td><td>40,262</td><td>40,440</td><td>40,661</td><td>40,891</td><td>40,898</td><td>41,036</td><td>41,309</td><td>41,942</td></tr><tr><td>1940</td><td>42,110</td><td>42,365</td><td>42,940</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>47,211</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>114,084</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>165,047</td><td>166,158</td><td>165,877</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>208,574</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>268,020</td><td>261,817</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>268,277</td><td>259,719</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>259,115</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>258,506</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>251,089</td><td>252,170</td><td>253,817</td><td>255,852</td><td>256,680</td><td>256,778</td><td>256,982</td><td>257,131</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>256,644</td><td>257,353</td><td>258,298</td><td>259,604</td><td>259,319</td></tr><tr><td>1952</td><td>259,775</td><td>260,362</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Guaranteed securities 1/
<table><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>2</td><td>18</td><td>180</td></tr><tr><td>1933</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,596</td><td>2,023</td><td>3,063</td></tr><tr><td>1934</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>2,421</td><td>4,460</td><td>4,948</td></tr><tr><td>1935</td><td>3,300</td><td>3,480</td><td>3,599</td><td>3,660</td><td>3,728</td><td>4,123</td><td>4,205</td><td>4,248</td><td>4,369</td><td>4,667</td><td>4,662</td><td>4,662</td></tr><tr><td>1936</td><td>4,562</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>4,667</td><td>4,684</td><td>4,645</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>4,993</td><td>4,992</td></tr><tr><td>1938</td><td>4,646</td><td>4,646</td><td>4,646</td><td>4,647</td><td>4,892</td><td>4,893</td><td>5,064</td><td>5,015</td><td>5,009</td><td>5,001</td><td>5,708</td><td>5,704</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>5,919</td><td>5,917</td></tr><tr><td>1940</td><td>5,699</td><td>5,673</td><td>5,663</td><td>5,677</td><td>5,235</td><td>5,289</td><td>5,286</td><td>5,813</td><td>5,808</td><td>5,810</td><td>6,324</td><td>6,324</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>4,160</td><td>4,301</td></tr><tr><td>1943</td><td>4,891</td><td>4,897</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>1,683</td><td>1,565</td><td>1,566</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>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>59</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>32</td><td>33</td><td>37</td><td>43</td><td>43</td></tr><tr><td>1952</td><td>38</td><td>37</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Total Federal securities
<table><tr><td>1932</td><td>17,816</td><td>18,226</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></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>23,994</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>28,595</td><td>29,064</td><td>29,784</td><td>31,543</td></tr><tr><td>1935</td><td>31,776</td><td>32,006</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>35,058</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>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>39,873</td><td>41,089</td><td>41,419</td><td>41,678</td><td>41,508</td><td>41,590</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>44,419</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>46,141</td><td>46,380</td><td>46,314</td><td>46,484</td><td>47,646</td></tr><tr><td>1940</td><td>47,809</td><td>48,028</td><td>48,303</td><td>48,315</td><td>48,343</td><td>48,497</td><td>49,297</td><td>49,718</td><td>49,881</td><td>49,947</td><td>50,322</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>56,492</td><td>57,959</td><td>58,285</td><td>60,282</td><td>61,364</td></tr><tr><td>1942</td><td>55,715</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></tr><tr><td>1943</td><td>125,360</td><td>118,711</td><td>119,867</td><td>124,221</td><td>140,004</td><td>140,796</td><td>149,316</td><td>148,000</td><td>168,321</td><td>169,166</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>210,118</td><td>211,369</td><td>211,064</td><td>211,807</td><td>232,144</td></tr><tr><td>1945</td><td>233,938</td><td>234,851</td><td>235,094</td><td>236,224</td><td>240,003</td><td>259,115</td><td>262,550</td><td>263,535</td><td>262,965</td><td>262,376</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>299,487</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>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>252,854</td></tr><tr><td>1949</td><td>252,656</td><td>252,747</td><td>251,666</td><td>251,533</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>257,160</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>256,731</td></tr><tr><td>1951</td><td>256,143</td><td>255,958</td><td>255,018</td><td>254,748</td><td>255,122</td><td>255,231</td><td>255,685</td><td>256,677</td><td>257,336</td><td>258,336</td><td>259,647</td></tr><tr><td>1952</td><td>259,813</td><td>260,399</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>259,461</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the United States; for guaranteed securities prior to July 1982, 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.
April 1952
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, February 29, 1952
(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. 757 b)</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitations:</td></tr><tr><td>U.S. Government securities issued under the Second Liberty Bond Act, as amended</td><td>259,708</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury)</td><td>37</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>259,745</td></tr><tr><td>Balance issuable under limitation</td><td>15,255</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding February 29, 1952
(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>18,104</td><td>-</td><td>18,104</td></tr><tr><td>Certificates of indebtedness</td><td>29,079</td><td>-</td><td>29,079</td></tr><tr><td>Treasury notes</td><td>18,134</td><td>-</td><td>18,134</td></tr><tr><td>Treasury bonds - bank eligible</td><td>40,897</td><td>-</td><td>40,897</td></tr><tr><td>Treasury bonds - bank restricted 1/2</td><td>36,044</td><td>-</td><td>36,044</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td></td><td>142</td><td>142</td></tr><tr><td>Total marketable</td><td>142,258</td><td>142</td><td>142,701</td></tr><tr><td>Normarketable:</td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>57,682</td><td>-</td><td>57,682</td></tr><tr><td>Treasury savings notes</td><td>8,044</td><td>-</td><td>8,044</td></tr><tr><td>Depositary bonds</td><td>363</td><td>-</td><td>363</td></tr><tr><td>Treasury bonds, investment series</td><td>12,986</td><td>-</td><td>12,986</td></tr><tr><td>Total normarketable</td><td>79,075</td><td>-</td><td>79,075</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>36,360</td><td>-</td><td>36,360</td></tr><tr><td>Total interest-bearing securities</td><td>257,994</td><td>142</td><td>258,136</td></tr><tr><td>Natured securities on which interest has ceased</td><td>411</td><td>4</td><td>416</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>48</td><td>-</td><td>48</td></tr><tr><td>Excess profits 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>1,253</td><td>-</td><td>1,253</td></tr><tr><td>United States notes (less gold reserve)</td><td>-</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>-</td><td>311</td><td>311</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,303</td><td>507</td><td>1,810</td></tr><tr><td>Total public debt</td><td>259,708</td><td>654</td><td>260,362</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>35</td><td>-</td><td>35</td></tr><tr><td> matured</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Total guaranteed securities</td><td>37</td><td>-</td><td>37</td></tr><tr><td>Total public debt and guaranteed securities</td><td>259,745</td><td>654</td><td>260,399</td></tr></table>
Sources: Bureau of the Public Debt. 1/ Issues which commercial banks may not acquire prior to specified dates 2/ Excludes guaranteed securities held by the Treasury.
22
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding February 29, 1952
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become bank eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become bank eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th></tr><tr><td>1952</td><td></td><td></td><td></td><td></td><td></td><td>1955</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>Bills</td><td>4,709</td><td>-</td><td>-</td><td>Mar.</td><td>1-1/2% Note - 3/15/55-A</td><td>5,365</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Bills (Tax Anticipation Series) 2-1/4% Bond - 3/15/52-54</td><td>1,234</td><td>-</td><td>-</td><td></td><td>2-7/8% Bond - 3/15/55-60</td><td>-</td><td>2,611</td><td>-</td><td>-</td></tr><tr><td>Apr.</td><td>Bills</td><td>6,107</td><td>-</td><td>-</td><td>June.</td><td>2-1/4% Bond - 6/15/52-55</td><td>-</td><td>-</td><td>1,501</td><td>725</td></tr><tr><td></td><td>1-7/8% Certificate - 4/1/52-A</td><td>9,324</td><td>-</td><td>-</td><td></td><td>2%</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May.</td><td>Bills</td><td>4,805</td><td>-</td><td>-</td><td>Dec.</td><td>2-1/4% Note - 12/15/52-53</td><td>6,894</td><td>-</td><td>510</td><td>-</td></tr><tr><td>June.</td><td>Bills (Tax Anticipation Series)</td><td>1,249</td><td>-</td><td>-</td><td></td><td>Total</td><td>12,219</td><td>2,611</td><td>2,736</td><td>-</td></tr><tr><td>July.</td><td>1-7/8% Certificate - 7/1/52-B</td><td>5,216</td><td>-</td><td>-</td><td>1956</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>1-7/8% Certificate - 8/15/52-C</td><td>583</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>Sept.</td><td>1-7/8% Certificate - 9/1/52-D 2% Bond 4/ - 9/15/51-53</td><td>1,832</td><td>-</td><td>7,986</td><td>Apr.</td><td>1-1/2% Note - 4/1/56-58</td><td>1,007</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Oct.</td><td>1-7/8% Certificate - 10/1/52-E</td><td>10,861</td><td>-</td><td>-</td><td>June.</td><td>2-1/4% Bond - 6/15/56-56</td><td>-</td><td>-</td><td>681</td><td>-</td></tr><tr><td>Dec.</td><td>1-7/8% Certificate - 12/1/52-F 2% Bond 5/ - 12/15/51-55 2-1/4% Bond 6/ - 6/15/52-54 2% Bond 7/ - 12/15/52-54</td><td>1,063</td><td>510</td><td>5,325</td><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>-</td><td>932</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td>1,201</td><td>8,662</td><td>-</td><td>Oct.</td><td>1-1/2% Note - 10/1/56-60</td><td>533</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td>48,206</td><td>24,489</td><td>-</td><td>Total</td><td></td><td>1,540</td><td>6,253</td><td>681</td><td>-</td></tr><tr><td>1953</td><td></td><td></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 - 6/15/53-55</td><td>-</td><td>725</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>Sept.</td><td>2% Bond - 9/15/51-53</td><td>-</td><td>-</td><td>7,986</td><td>June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>-</td><td>919</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td>-</td><td>725</td><td>7,986</td><td>Total</td><td></td><td>-</td><td>919</td><td>1,449</td><td>-</td></tr><tr><td>1959</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>2-1/4% Bond - 6/15/59-62</td><td>-</td><td>-</td><td>-</td><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>-</td><td>5,283</td><td>-</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>-</td><td>-</td><td>932</td><td>Sept.</td><td>2-1/4% Bond - 9/15/56-59</td><td>-</td><td>-</td><td>3,322</td><td>-</td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>3,469</td><td>-</td><td>Total</td><td></td><td>-</td><td>8,751</td><td>4,804</td><td>12/15/52</td></tr><tr><td>1954</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-3/5% Note - 3/15/54-A</td><td>4,675</td><td>-</td><td>-</td><td>1960</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2% 2-1/4% Bond - 6/15/52-54 2-1/4% Bond - 6/15/54-56</td><td>-</td><td>681</td><td>5,325</td><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>-</td><td>2,611</td><td>-</td><td>-</td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td>-</td><td>-</td><td>8,662</td><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td>4,675</td><td>681</td><td>14,487</td><td>Total</td><td></td><td>-</td><td>1,405</td><td>2,611</td><td>-</td></tr></table>
Footnotes at end of table.
(Continued on following page)
April 1952
23
DEBT OPERATIONS
Table I.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding February 29, 1952 1/(Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th 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></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of:</th><th>First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of:</th><th>First call</th><th>Final maturity</th></tr><tr><td>1961 June.</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td>-</td><td>-</td><td>1967</td><td>2-1/2% Bond - 6/15/62-61</td><td>-</td><td>-</td><td>2,118</td><td>5/5/52</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>2-1/2% Bond - 6/15/67-72</td><td>-</td><td>2,000</td><td>-</td><td>6/15/62</td></tr><tr><td>1962 June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>-</td><td>5,283</td><td>6/15/52</td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>-</td><td>2,716</td><td>-</td><td>12/15/62</td></tr><tr><td></td><td>2-1/2% Bond - 6/15/62-67</td><td>-</td><td>2,118</td><td>5/5/52</td><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72</td><td>-</td><td>4,073</td><td>-</td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>3,469</td><td>12/15/52</td><td></td><td>Total</td><td>-</td><td>8,789</td><td>2,118</td><td></td></tr><tr><td></td><td>Total</td><td>-</td><td>2,118</td><td>8,751</td><td>1968 Dec.</td><td>2-1/2% Bond - 12/15/63-68</td><td>-</td><td>-</td><td>2,830</td><td>12/1/52</td></tr><tr><td>1963 June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>-</td><td>-</td><td>919</td><td>1969 June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>-</td><td>-</td><td>3,760</td><td>4/15/53</td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/63-68</td><td>-</td><td>2,830</td><td>-</td><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69</td><td>-</td><td>-</td><td>3,836</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>-</td><td>2,830</td><td>919</td><td></td><td>Total</td><td>-</td><td>-</td><td>7,596</td><td></td></tr><tr><td>1964 June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>-</td><td>3,760</td><td>-</td><td>1970 Mar.</td><td>2-1/2% Bond - 3/15/65-70</td><td>-</td><td>-</td><td>5,195</td><td>2/1/54</td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69</td><td>-</td><td>3,836</td><td>-</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td></td><td>Total</td><td>-</td><td>7,596</td><td>-</td><td>1971 Mar.</td><td>2-1/2% Bond - 3/15/66-71</td><td>-</td><td>-</td><td>3,480</td><td>12/1/54</td></tr><tr><td>1965 Mar.</td><td>2-1/2% Bond - 3/15/65-70</td><td>-</td><td>5,195</td><td>-</td><td>1972 June.</td><td>2-1/2% Bond - 6/15/67-72</td><td>-</td><td>-</td><td>2,000</td><td>6/15/62</td></tr><tr><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>-</td><td>1,485</td><td>-</td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>-</td><td>-</td><td>2,716</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>-</td><td>5,195</td><td>1,485</td><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72</td><td>-</td><td>-</td><td>4,073</td><td>12/15/62</td></tr><tr><td>1966 Mar.</td><td>2-1/2% Bond - 3/15/66-71</td><td>-</td><td>3,480</td><td>-</td><td></td><td>Total</td><td>-</td><td>-</td><td>8,789</td><td></td></tr></table>
Source: Daily Treasury Statement and Bureau of the Public Debt.
1/ Excludes postal savings bonds.
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/ Bank restricted issues may not be acquired by commercial banks (with status, see "Treasury Survey of Ownership".
minor exceptions) prior to specified dates; see "Debt Outstanding", Table 3, footnote 1.
4/ Not called for redemption on March 15, 1952, second call date. Callable on September 15, 1952, succeeding interest payment date.
5/ Not called for redemption on June 15, 1952, second call date. Callable on December 15, 1952, succeeding interest payment date.
6/ Not called for redemption on June 15, 1952, first call date. Callable on December 15, 1952, succeeding interest payment date.
Treasury Bulletin
24
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Dollar amounts in millions)
<table><tr><th>Issue date</th><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Description of new issue</th><th>Amount maturing on issue date of new offering</th><th>Total unamortized issues outstanding after new issue</th></tr><tr><th colspan="2"></th><th></th><th></th><th>Total amount</th><th>On competitive basis</th><th>On noncompetitive basis</th><th>In exchange</th><th></th></tr><tr><td colspan="9">Regular Series:</td></tr><tr><td>1951-Nov. 1</td><td>1952-Jan. 31.</td><td>91</td><td>2,217.0</td><td>1,301.7</td><td>1,129.3</td><td>172.3</td><td>45.0</td><td>1,300.6</td><td>15,615.4</td></tr><tr><td>Nov. 8</td><td>Feb. 7.</td><td>91</td><td>2,164.9</td><td>1,300.3</td><td>1,115.2</td><td>169.1</td><td>64.5</td><td>1,300.4</td><td>15,616.3</td></tr><tr><td>Nov. 15</td><td>Feb. 14.</td><td>91</td><td>2,128.1</td><td>1,302.9</td><td>1,140.2</td><td>152.7</td><td>50.4</td><td>1,300.3</td><td>15,618.3</td></tr><tr><td>Nov. 23</td><td>Feb. 21.</td><td>90</td><td>2,138.3</td><td>1,101.7</td><td>898.0</td><td>203.7</td><td>37.0</td><td>1,100.7</td><td>15,619.8</td></tr><tr><td>Nov. 29</td><td>Feb. 28.</td><td>91</td><td>1,994.3</td><td>1,100.0</td><td>945.3</td><td>194.7</td><td>92.4</td><td>1,100.6</td><td>15,619.2</td></tr><tr><td>Dec. 6</td><td>Mar. 6.</td><td>91</td><td>1,940.3</td><td>1,103.6</td><td>956.2</td><td>147.4</td><td>34.8</td><td>1,102.8</td><td>15,620.1</td></tr><tr><td>Dec. 13</td><td>Mar. 13.</td><td>91</td><td>1,883.2</td><td>1,800.5</td><td>1,022.8</td><td>177.7</td><td>52.5</td><td>1,202.9</td><td>15,617.6</td></tr><tr><td>Dec. 20</td><td>Mar. 20.</td><td>91</td><td>1,795.7</td><td>1,800.3</td><td>1,021.0</td><td>179.8</td><td>79.7</td><td>1,202.7</td><td>15,615.7</td></tr><tr><td>Dec. 27</td><td>Mar. 27.</td><td>91</td><td>1,612.5</td><td>1,204.5</td><td>1,065.6</td><td>138.8</td><td>55.5</td><td>1,200.9</td><td>15,619.3</td></tr><tr><td colspan="9">1952-Jan. 3</td><td>Apr. 6.</td><td>91</td><td>2,118.1</td><td>1,201.1</td><td>1,049.2</td><td>151.9</td><td>64.9</td><td>1,201.5</td><td>15,618.9</td></tr><tr><td>Jan. 10</td><td>Apr. 10.</td><td>91</td><td>2,105.1</td><td>1,201.2</td><td>976.9</td><td>224.3</td><td>53.3</td><td>1,200.7</td><td>15,619.4</td></tr><tr><td>Jan. 17</td><td>Apr. 17.</td><td>91</td><td>2,179.9</td><td>1,202.4</td><td>984.3</td><td>218.1</td><td>52.0</td><td>1,200.3</td><td>15,621.5</td></tr><tr><td>Jan. 24</td><td>Apr. 24.</td><td>91</td><td>2,109.4</td><td>1,200.7</td><td>989.2</td><td>211.5</td><td>60.8</td><td>1,200.8</td><td>15,621.4</td></tr><tr><td>Jan. 31</td><td>May 1.</td><td>91</td><td>2,283.8</td><td>1,301.6</td><td>1,129.6</td><td>180.8</td><td>48.8</td><td>1,301.7</td><td>15,621.1</td></tr><tr><td>Feb. 7</td><td>May 8.</td><td>91</td><td>2,136.2</td><td>1,302.2</td><td>1,119.4</td><td>182.8</td><td>59.6</td><td>1,300.3</td><td>15,621.0</td></tr><tr><td>Feb. 14</td><td>May 15.</td><td>91</td><td>2,138.7</td><td>1,301.6</td><td>1,102.7</td><td>198.8</td><td>50.4</td><td>1,302.9</td><td>15,621.7</td></tr><tr><td>Feb. 21</td><td>May 22.</td><td>91</td><td>1,913.9</td><td>1,100.0</td><td>911.5</td><td>185.5</td><td>60.5</td><td>1,101.7</td><td>15,620.0</td></tr><tr><td>Feb. 28</td><td>May 29.</td><td>91</td><td>1,783.4</td><td>1,101.1</td><td>951.3</td><td>149.6</td><td>42.4</td><td>1,100.0</td><td>15,621.0</td></tr><tr><td>Mar. 6</td><td>June 5.</td><td>91</td><td>1,713.5</td><td>1,100.5</td><td>964.7</td><td>135.8</td><td>39.9</td><td>1,103.6</td><td>15,617.9</td></tr><tr><td>Mar. 13</td><td>June 12.</td><td>91</td><td>2,305.3</td><td>1,200.1</td><td>1,017.2</td><td>183.0</td><td>53.1</td><td>1,200.5</td><td>15,617.6</td></tr><tr><td>Mar. 20</td><td>June 19.</td><td>91</td><td>1,963.0</td><td>1,200.6</td><td>1,000.9</td><td>199.8</td><td>50.4</td><td>1,200.8</td><td>15,617.4</td></tr><tr><td>Mar. 27</td><td>June 26.</td><td>91</td><td>2,067.8</td><td>1,201.1</td><td>1,025.7</td><td>175.4</td><td>40.5</td><td>1,204.9</td><td>15,614.0</td></tr><tr><td colspan="9">Tax Anticipation Series:</td></tr><tr><td>1951-Oct. 23</td><td>1952-Mar. 15.</td><td>144</td><td>3,285.2</td><td>1,233.8</td><td>1,001.6</td><td>232.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Nov. 27</td><td>June 15.</td><td>201</td><td>3,355.9</td><td>1,246.8</td><td>859.9</td><td>392.9</td><td>-</td><td>-</td><td>1,248.8</td></tr></table>
<table><tr><th>Issue date</th><th colspan="2">On total bids accepted -</th><th colspan="4">On competitive bids accepted -</th></tr><tr><th></th><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>Regular Series:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951-Nov. 1</td><td>99,592</td><td>1.617</td><td>99,520</td><td>1.503</td><td>99,589</td><td>1.686</td></tr><tr><td>Nov. 8</td><td>99,593</td><td>1.610</td><td>99,520</td><td>1.503</td><td>99,591</td><td>1.618</td></tr><tr><td>Nov. 15</td><td>99,592</td><td>1.619</td><td>99,618</td><td>1.511</td><td>99,589</td><td>1.686</td></tr><tr><td>Nov. 23</td><td>99,504</td><td>1.585</td><td>99,610</td><td>1.560</td><td>99,502</td><td>1.592</td></tr><tr><td>Nov. 29</td><td>99,593</td><td>1.509</td><td>99,611</td><td>1.559</td><td>99,591</td><td>1.618</td></tr><tr><td>Dec. 6</td><td>99,587</td><td>1.632</td><td>99,604</td><td>1.567</td><td>99,586</td><td>1.638</td></tr><tr><td>Dec. 13</td><td>99,570</td><td>1.700</td><td>99,500</td><td>1.982</td><td>99,565</td><td>1.721</td></tr><tr><td>Dec. 20</td><td>99,564</td><td>1.725</td><td>99,600</td><td>1.582</td><td>99,560</td><td>1.741</td></tr><tr><td>Dec. 27</td><td>99,589</td><td>1.865</td><td>99,500 3/</td><td>1.952</td><td>99,512</td><td>1.931</td></tr><tr><td>1952-Jan. 3</td><td>99,584</td><td>1.883</td><td>99,508</td><td>1.551</td><td>99,580</td><td>1.899</td></tr><tr><td>Jan. 10</td><td>99,574</td><td>1.687</td><td>99,583 4/</td><td>1.690</td><td>99,571</td><td>1.697</td></tr><tr><td>Jan. 17</td><td>99,574</td><td>1.684</td><td>99,583 2/</td><td>1.650</td><td>99,572</td><td>1.693</td></tr><tr><td>Jan. 24</td><td>99,596</td><td>1.599</td><td>99,508</td><td>1.551</td><td>99,593</td><td>1.610</td></tr><tr><td>Jan. 31</td><td>99,598</td><td>1.589</td><td>99,525</td><td>1.484</td><td>99,596</td><td>1.598</td></tr><tr><td>Feb. 7</td><td>99,500</td><td>1.984</td><td>99,525</td><td>1.484</td><td>99,598</td><td>1.590</td></tr><tr><td>Feb. 14</td><td>99,585</td><td>1.943</td><td>99,525</td><td>1.484</td><td>99,581</td><td>1.658</td></tr><tr><td>Feb. 21</td><td>99,619</td><td>1.507</td><td>99,525</td><td>1.484</td><td>99,615</td><td>1.583</td></tr><tr><td>Feb. 28</td><td>99,505</td><td>1.953</td><td>99,530</td><td>1.464</td><td>99,500</td><td>1.582</td></tr><tr><td>Mar. 6</td><td>99,581</td><td>1.657</td><td>99,616</td><td>1.519</td><td>99,570</td><td>1.701</td></tr><tr><td>Mar. 13</td><td>99,549</td><td>1.754</td><td>99,610</td><td>1.513</td><td>99,545</td><td>1.800</td></tr><tr><td>Mar. 20</td><td>99,595</td><td>1.601</td><td>99,603</td><td>1.571</td><td>99,592</td><td>1.618</td></tr><tr><td>Mar. 27</td><td>99,597</td><td>1.593</td><td>99,620</td><td>1.503</td><td>99,595</td><td>1.508</td></tr><tr><td>Tax Anticipation Series:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951-Oct. 23</td><td>99,380</td><td>1.550</td><td>99,412 6/</td><td>1.470</td><td>99,368</td><td>1.580</td></tr><tr><td>Nov. 27</td><td>99,164</td><td>1.497</td><td>99,229 1/</td><td>1.381</td><td>99,138</td><td>1.508</td></tr></table>
Sources: 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 $10,000 at 99.958.
4/ Except $100,000 at 99.595.
5/ Except $400,000 at 99,600; $1,000,000 at 99,595 and $1,000,000 at 99,590.
6/ Except $60,000 at 99,500 and $5,000 at 99,428.
7/ Except $5,000 at 99,925; $200,000 at 99,592; $600,000 at 99,380; $300,000 at 99,370; and $100,000 at 99,368.
Preliminary.
r Revised.
April 1952
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 colspan="2">Period to -</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>Maturity</th><th>First call</th><th>Cash $/</th><th>Exchange</th><th>For cash $/</th><th>In exchange for other securities</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1/21/46</td><td>2/1/46</td><td>7/3/46 Certificate - 2/1/47-B</td><td>1 yr</td><td></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>7/3/46 Certificate - 3/1/47-C</td><td>1 yr</td><td></td><td>-</td><td>4,106</td><td>-</td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>4/1/46</td><td>7/3/46 Certificate - 4/1/47-D</td><td>1 yr</td><td></td><td>-</td><td>4,742</td><td>-</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/3/46 Certificate - 6/1/47-E</td><td>1 yr</td><td></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>7/3/46 Certificate - 7/1/47-F</td><td>1 yr</td><td></td><td>-</td><td>4,673</td><td>-</td><td>2,916</td><td>62</td></tr><tr><td>7/13/46</td><td>8/1/46</td><td>7/3/46 Certificate - 8/1/47-C</td><td>1 yr</td><td></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>7/3/46 Certificate - 9/1/47-B</td><td>1 yr</td><td></td><td>-</td><td>4,245</td><td>-</td><td>2,341</td><td>56</td></tr><tr><td>9/18/46</td><td>10/1/46</td><td>7/3/46 Certificate - 10/1/47-J</td><td>1 yr</td><td></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>7/3/46 Certificate - 11/1/47-K</td><td>1 yr</td><td></td><td>-</td><td>3,432</td><td>-</td><td>1,775</td><td>51</td></tr><tr><td>11/13/46</td><td>12/1/46</td><td>7/3/46 Certificate - 12/1/47-L</td><td>1 yr</td><td></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>7/3/46 Certificate - 1/1/47-A</td><td>1 yr</td><td></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>7/3/46 Certificate - 2/1/47-B</td><td>1 yr</td><td></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>7/3/46 Certificate - 3/1/47-C</td><td>1 yr</td><td></td><td>-</td><td>2,951</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/13/47</td><td>4/1/47</td><td>7/3/46 Certificate - 4/1/47-D</td><td>1 yr</td><td></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>7/3/46 Certificate - 6/1/47-E</td><td>1 yr</td><td></td><td>-</td><td>2,510</td><td>-</td><td>1,777</td><td>70</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/3/46 Certificate - 7/1/47-F</td><td>1 yr</td><td></td><td>-</td><td>2,742</td><td>-</td><td>2,742</td><td>100</td></tr><tr><td>8/20/47</td><td>9/1/47</td><td>7/3/46 Certificate - 7/1/47-G</td><td>11 m</td><td></td><td>-</td><td>1,127</td><td>-</td><td>1,127</td><td>100</td></tr><tr><td>9/12/47</td><td>10/1/47</td><td>13/46 Note - 10/1/47-B</td><td>10 m</td><td></td><td>-</td><td>2,209</td><td>-</td><td>2,209</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>13/46 Certificate - 10/1/47-J</td><td>12 1/2 m</td><td></td><td>-</td><td>4,092</td><td>-</td><td>4,092</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>13/46 Certificate - 10/1/47-K</td><td>1 yr</td><td></td><td>-</td><td>1,354</td><td>-</td><td>1,354</td><td>100</td></tr><tr><td>11/19/47</td><td>12/1/47</td><td>1/1/48 Note - 1/1/48-A</td><td>11 m</td><td></td><td>-</td><td>3,535</td><td>-</td><td>3,535</td><td>100</td></tr><tr><td>12/13/47</td><td>1/1/48</td><td>1/1/48 Certificate - 1/1/48-B</td><td>1 m</td><td></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>1/1/48 Certificate - 2/1/48-B</td><td>1 yr</td><td></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>1/1/48 Certificate - 3/1/48-C</td><td>1 yr</td><td></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>1/1/48 Certificate - 4/1/48-D</td><td>1 yr</td><td></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>1/1/48 Certificate - 6/1/48-E</td><td>1 yr</td><td></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>1/1/48 Certificate - 7/1/48-F</td><td>1 yr</td><td></td><td>-</td><td>5,783</td><td>-</td><td>5,783</td><td>100</td></tr><tr><td>9/14/48</td><td>9/15/48</td><td>1/3/48 Note - 1/3/48-G</td><td>6 1/2 m</td><td></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>1/1/48 Certificate - 10/1/48-A</td><td>1 yr</td><td></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>1/1/49 Certificate - 12/15/49-B</td><td>1 yr</td><td></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>1/1/49 Certificate - 1/1/49-A</td><td>1 yr</td><td></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>1/1/49 Certificate - 2/1/49-B</td><td>1 yr</td><td></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>1/1/49 Certificate - 3/1/49-C</td><td>1 yr</td><td></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>1/1/49 Certificate - 4/1/49-D</td><td>1 yr</td><td></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>1/1/49 Certificate - 6/1/49-E</td><td>1 yr</td><td></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>1/1/49 Certificate - 7/1/49-F</td><td>1 yr</td><td></td><td>-</td><td>5,601</td><td>-</td><td>5,601</td><td>100</td></tr><tr><td>8/31/49</td><td>9/1/49</td><td>1/1/49 Certificate - 9/1/49-G</td><td>1 yr</td><td></td><td>-</td><td>1,197</td><td>-</td><td>1,197</td><td>100</td></tr><tr><td>9/20/49</td><td>10/1/49</td><td>1/1/49 Certificate - 10/1/49-B</td><td>1 yr</td><td></td><td>-</td><td>6,248</td><td>-</td><td>6,248</td><td>100</td></tr><tr><td>12/15/49</td><td>12/15/49</td><td>1/3/49 Note - 1/3/49-H</td><td>4 m</td><td>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>1/1/49 Certificate - 1/1/50-A</td><td>1 yr</td><td></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>1/1/49 Note - 10/1/51-A</td><td>1 yr</td><td>8 m</td><td>4 m</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>1/1/49 Note - 7/1/51-B</td><td>1 yr</td><td></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>1/1/49 Note - 3/15/50-A</td><td>5 yr</td><td></td><td>-</td><td>5,365</td><td>-</td><td>5,365</td><td>100</td></tr><tr><td>3/20/50</td><td>4/1/50</td><td>1/1/49 Note - 7/1/51-C</td><td>1 yr</td><td>3 m</td><td>-</td><td>886</td><td>-</td><td>886</td><td>100</td></tr><tr><td>5/22/50</td><td>6/1/50</td><td>1/1/49 Note - 7/1/51-D</td><td>1 yr</td><td>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>1/1/49 Note - 8/1/51-E</td><td>1 yr</td><td>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>1/1/49 Note - 10/1/51-F</td><td>1 yr</td><td>1 m</td><td>-</td><td>2,941</td><td>-</td><td>2,941</td><td>100</td></tr><tr><td>9/18/50</td><td>10/1/50</td><td>1/1/49 Note - 11/1/51-G</td><td>1 yr</td><td>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>1/3/49 Note - 12/15/50-B</td><td>5 yr</td><td></td><td>-</td><td>6,854</td><td>-</td><td>6,854</td><td>100</td></tr><tr><td>3/1/51</td><td>4/1/51</td><td>1/1/49 Note - 4/1/56-BA</td><td>5 yr</td><td></td><td>-</td><td>1,007 3/1</td><td>-</td><td>1,007 3/1</td><td>100</td></tr><tr><td>6/15/51</td><td>6/15/51</td><td>1/7/49 Certificate - 4/1/52-A</td><td>9 1/2 m</td><td></td><td>-</td><td>9,584</td><td>-</td><td>9,584</td><td>100</td></tr><tr><td>7/16/51</td><td>8/1/51</td><td>1/7/49 Certificate - 7/1/52-B</td><td>11 m</td><td></td><td>-</td><td>5,216</td><td>-</td><td>5,216</td><td>100</td></tr><tr><td>9/18/51</td><td>9/15/51</td><td>1/7/49 Certificate - 8/15/52-C</td><td>11 m</td><td></td><td>-</td><td>583</td><td>-</td><td>583</td><td>100</td></tr><tr><td>9/18/51</td><td>10/1/51</td><td>1/7/49 Certificate - 9/1/52-D</td><td>11 m</td><td></td><td>-</td><td>1,832</td><td>-</td><td>1,832</td><td>100</td></tr><tr><td>10/1/51</td><td>10/15/51</td><td>1/7/49 Certificate - 10/1/52-E</td><td>11 1/2 m</td><td></td><td>-</td><td>10,861</td><td>-</td><td>10,861</td><td>100</td></tr><tr><td>12/3/51</td><td>12/15/51</td><td>1/1/49 Note - 10/1/52-F</td><td>5 yr</td><td>11 1/2 m</td><td></td><td>949 1/1</td><td>-</td><td>949 1/1</td><td>100</td></tr><tr><td>2/13/52</td><td>3/1/52</td><td>2/3/50 Bond - 3/15/51-59</td><td>7 yr</td><td>1 1/2 m</td><td>5 yr</td><td>1/2 m</td><td>-</td><td>986 p</td><td>100</td></tr><tr><td>2/18/52</td><td>3/1/52</td><td>1/7/49 Certificate - 2/15/53-A</td><td>11 1/2 m</td><td></td><td>-</td><td>8,867 p</td><td>-</td><td>8,867 p</td><td>100</td></tr></table>
Sources: Bureau of the Public Debt.
1/ Consists of all public cash subscriptions and subscriptions by U. S. Government investment accounts.
2/ Exchange offering available to owners of nonmarketable 2-3/4% Treasury Bonds, Investment Series B-1975-30, dated April 1, 1951. For further
information relating to this offering see "Treasury Bulletin" for April 1951, page A-1. Amounts shown are as of March 31, 1952. 3/ Includes $1,000 million exchanged by the Federal Reserve System. 4/ Includes $500 million exchanged by the Federal Reserve System. P Preliminary.
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 retire-ment</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury</th><th colspan="3">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Date of issue</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Re-changed</th><th>Turned in for cash By Federal Reserve Banks 2/</th><th>By other investors</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>7/1/49</td><td>1-1/8% Certificate - 7/1/49-F</td><td>7/1/48</td><td>5,783</td><td>-</td><td>5,783</td><td>5,601</td><td>-</td><td>182</td><td>1-1/4% Certificate - 7/1/50-F</td></tr><tr><td>9/15/49</td><td>2% Bond - 9/15/49</td><td>5/15/42</td><td>1,292</td><td>-</td><td>1,292</td><td>1,197</td><td>-</td><td>96</td><td>1-1/8% Certificate - 9/15/50-G</td></tr><tr><td>10/1/49</td><td>1-1/4% Certificate - 10/1/49-G</td><td>10/1/48</td><td>6,535</td><td>-</td><td>6,535</td><td>6,248</td><td>-</td><td>288</td><td>1-1/8% Certificate - 10/1/50-H</td></tr><tr><td>12/15/49</td><td>1-1/4% Certificate - 12/15/49-H 2-1/8% Bond - 12/15/49 3-1/8% Bond - 12/15/49 2-1/8% 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-H</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-E</td></tr><tr><td>3/15/50</td><td>2% Bond - 3/15/50 1-3/8% Note - 4/1/50-A</td><td>10/1/42 9/15/48</td><td>1,963 3,596</td><td>-</td><td>1,963 3,596</td><td>1,861 3,504</td><td>-</td><td>102 92</td><td>1-1/8% Note - 3/15/55-A</td></tr><tr><td>4/1/50</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-F</td></tr><tr><td>9/15/50</td><td>1-1/8% Certificate - 9/15/50-G 2-1/8% Bond - 9/15/50-H 2% Bond - 9/15/50-I</td><td>9/15/49 9/15/38 9/15/43</td><td>1,197 1,136 4,939</td><td>- - -</td><td>1,197 1,136 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-I</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>1-1/8% 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>2-1/8% Bond - 6/15/67-72 2-1/8% 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>1,687 2,741 886 4,818</td><td>- - - -</td><td>1,687 2,741 886 4,818</td><td>1,516 2,607 831 4,570</td><td>- - - -</td><td>110 134 55 243</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>9,284</td><td>-</td><td>543</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-H</td></tr><tr><td>9/15/51</td><td>3% Bond - 9/15/51-55</td><td>9/15/51</td><td>755</td><td>-</td><td>755</td><td>583</td><td>-</td><td>172</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>1,832</td><td>-</td><td>86</td><td>1-7/8% Certificate - 9/1/52-D</td></tr><tr><td>10/15/51</td><td>1-1/4% Note - 10/15/51-F 1-1/4% Note - 11/1/51-G</td><td>9/15/50 10/1/50</td><td>5,941 5,253</td><td>- -</td><td>5,941 5,253</td><td>5,873 4,988</td><td>- -</td><td>67 265</td><td>1-7/8% Certificate - 10/1/52-E</td></tr><tr><td></td><td>Total</td><td></td><td>11,194</td><td>-</td><td>11,194</td><td>10,861</td><td>-</td><td>333</td><td></td></tr><tr><td>12/15/51</td><td>2-1/4% Bond - 12/15/51-53</td><td>12/22/39</td><td>1,118</td><td>-</td><td>1,118</td><td>1,063</td><td>-</td><td>55</td><td>1-7/8% Certificate - 12/1/52-F</td></tr><tr><td>3/1/52</td><td>2-1/8% Bond - 3/15/52-54</td><td>3/31/41</td><td>1,024</td><td>-</td><td>1,024</td><td>926</td><td>-</td><td>98</td><td>2-3/8% Bond - 3/15/57-59</td></tr><tr><td>3/1/52</td><td>1-7/8% Certificate - 4/1/52-A</td><td>6/15/51</td><td>9,524</td><td>-</td><td>9,524</td><td>8,867</td><td>-</td><td>657</td><td>1-7/8% Certificate - 2/15/53-A</td></tr></table>
Source: Bureau of the Public Debt.
1/ Original call and maturity dates are used.
2/ Beginning with the November 1947 operation, arrangements were made between the Treasury and the Federal Reserve System whereby all or a part of the System's holdings of certain maturing and called
3/ 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 2.
April 1952
27
UNITED STATES SAVINGS BONDS
United States savings bonds were first offered in March 1935 and began to mature in March 1945. Series A-B were on sale through April 1941 and Series E, F, and G have been on sale since that time. Beginning May 1, 1951, holders of maturing Series E bonds have three options: to redeem the bonds 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" for April 1951, and on the terms and conditions of each series in 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 annual series had matured, when they were transferred to matured debt on which interest has ceased. Data by denominations and the amounts of sales by States are published on a monthly basis but not in each issue of the "Treasury Bulletin".
Table 1.- Sales and Redemptions by Series, Cumulative through February 29, 1952
(Dollar amounts in millions)
<table><tr><th>Series</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions 2/</th><th colspan="2">Amount outstanding</th><th>Redemptions of unmatured series as percent of 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-D (matured) 3/</td><td>3,949</td><td>1,054</td><td>5,003</td><td>4,869</td><td>138</td><td>-</td><td>-</td></tr><tr><td>Series E</td><td>64,171</td><td>5,440</td><td>69,611</td><td>34,789</td><td>-</td><td>34,826</td><td>49.97</td></tr><tr><td>Series F</td><td>4,938</td><td>483</td><td>5,421</td><td>1,294</td><td>-</td><td>3,067</td><td>28.66</td></tr><tr><td>Series G</td><td>83,360</td><td>-</td><td>83,360</td><td>4,371</td><td>-</td><td>18,999</td><td>18.73</td></tr><tr><td>Total unmatured series</td><td>96,470</td><td>5,923</td><td>98,393</td><td>40,710</td><td>-</td><td>57,682</td><td>41.38</td></tr><tr><td>Total Series A-G</td><td>96,419</td><td>6,977</td><td>103,396</td><td>45,575</td><td>138</td><td>57,682</td><td>-</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. Footnotes at end of Table 4.
Table 2.- Sales and Redemptions by Periods for All Series Combined
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Redemptions b/ Sales 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>21,296</td></tr><tr><td>1944</td><td>15,408</td><td>223</td><td>15,721</td><td>2,371</td><td>2,353</td><td>13</td><td>-</td><td>34,606</td></tr><tr><td>1945</td><td>1k,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,298</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>57,336</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>1935-1943</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>404</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,189</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>9,126</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>5,144</td><td>4,380</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>289</td><td>58,019</td></tr><tr><td>1951</td><td>3,961</td><td>1,181</td><td>5,142</td><td>5,651</td><td>5,150</td><td>501</td><td>152</td><td>57,587</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-July</td><td>312</td><td>120</td><td>431</td><td>482</td><td>444</td><td>38</td><td>195</td><td>57,538</td></tr><tr><td>August</td><td>314</td><td>82</td><td>396</td><td>437</td><td>398</td><td>39</td><td>182</td><td>57,509</td></tr><tr><td>September</td><td>273</td><td>88</td><td>361</td><td>390</td><td>361</td><td>30</td><td>174</td><td>57,488</td></tr><tr><td>October</td><td>334</td><td>81</td><td>415</td><td>410</td><td>373</td><td>38</td><td>165</td><td>57,501</td></tr><tr><td>November</td><td>316</td><td>92</td><td>408</td><td>364</td><td>333</td><td>31</td><td>158</td><td>57,352</td></tr><tr><td>December</td><td>237</td><td>133</td><td>430</td><td>401</td><td>367</td><td>34</td><td>152</td><td>57,287</td></tr><tr><td>1952-January</td><td>441</td><td>122</td><td>563</td><td>493</td><td>447</td><td>46</td><td>145</td><td>57,664</td></tr><tr><td>February</td><td>339</td><td>84</td><td>423</td><td>411</td><td>364</td><td>47</td><td>138</td><td>57,682</td></tr></table>
Sources: Daily Treasury Statement; Office of the Treasurer of the U.S. Footnotes at end of Table 4.
Treasury Bulletin
28
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods for Series E, F, and G
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/ 3/</th><th>Amount outstanding (interest-bearing debt)</th><th>Monthly redemptions as percent of amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">Series E</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941 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>5,312</td><td>5,303</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,837</td><td>536</td><td>5,373</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>805</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 2/</td><td>3,987</td><td>307</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>12,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,009</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>1951</td><td>3,190</td><td>1,080</td><td>4,270</td><td>4,036 2/</td><td>3,608 p</td><td>348 p</td><td>34,727</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-July</td><td>258</td><td>108</td><td>366</td><td>338</td><td>307</td><td>32</td><td>34,534</td><td>.98</td></tr><tr><td>August</td><td>257</td><td>77</td><td>334</td><td>314</td><td>291</td><td>24</td><td>34,553</td><td>.94</td></tr><tr><td>September</td><td>230</td><td>82</td><td>311</td><td>299</td><td>273</td><td>26</td><td>34,566</td><td>.96</td></tr><tr><td>October</td><td>274</td><td>75</td><td>349</td><td>322</td><td>289</td><td>34</td><td>34,593</td><td>.93</td></tr><tr><td>November</td><td>263</td><td>86</td><td>354</td><td>261</td><td>253</td><td>28</td><td>34,666</td><td>.81</td></tr><tr><td>December</td><td>254</td><td>122</td><td>376</td><td>314</td><td>283 p</td><td>31 p</td><td>34,727</td><td>.90</td></tr><tr><td>1952-January</td><td>364</td><td>109</td><td>473</td><td>406</td><td>364 p</td><td>42 p</td><td>34,794</td><td>1.17</td></tr><tr><td>February</td><td>288</td><td>78</td><td>366</td><td>334</td><td>290 p</td><td>44 p</td><td>34,826</td><td>.96</td></tr><tr><td colspan="9">Series F and O combined</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>2,928</td><td>*</td><td>2,928</td><td>15</td><td>15</td><td>*</td><td>2,913</td><td>-</td></tr><tr><td>1943</td><td>3,517</td><td>2</td><td>3,520</td><td>72</td><td>72</td><td>*</td><td>6,362</td><td>-</td></tr><tr><td>1944</td><td>3,678</td><td>9</td><td>3,687</td><td>192</td><td>191</td><td>*</td><td>9,857</td><td>-</td></tr><tr><td>1945</td><td>3,337</td><td>19</td><td>3,356</td><td>310</td><td>309</td><td>1</td><td>12,903</td><td>-</td></tr><tr><td>1946</td><td>2,873</td><td>33</td><td>2,906</td><td>697</td><td>694</td><td>3</td><td>15,312</td><td>-</td></tr><tr><td>1947</td><td>2,920</td><td>47</td><td>2,968</td><td>672</td><td>666</td><td>6</td><td>17,608</td><td>-</td></tr><tr><td>1948</td><td>2,209</td><td>61</td><td>2,270</td><td>778</td><td>764</td><td>9</td><td>19,105</td><td>-</td></tr><tr><td>1949</td><td>2,863</td><td>73</td><td>2,935</td><td>835</td><td>823</td><td>12</td><td>21,205</td><td>-</td></tr><tr><td>1950</td><td>1,690</td><td>83</td><td>1,763</td><td>821</td><td>807</td><td>14</td><td>22,147</td><td>-</td></tr><tr><td>1951</td><td>1,871</td><td>90</td><td>1,961</td><td>1,042</td><td>1,021</td><td>21</td><td>23,066</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>4,561</td><td>2</td><td>4,562</td><td>39</td><td>39</td><td>*</td><td>4,523</td><td>-</td></tr><tr><td>1943</td><td>3,385</td><td>4</td><td>3,390</td><td>124</td><td>124</td><td>*</td><td>7,789</td><td>-</td></tr><tr><td>1944</td><td>3,664</td><td>13</td><td>3,678</td><td>259</td><td>258</td><td>1</td><td>11,208</td><td>-</td></tr><tr><td>1945</td><td>3,115</td><td>25</td><td>3,140</td><td>370</td><td>368</td><td>1</td><td>13,979</td><td>-</td></tr><tr><td>1946</td><td>2,962</td><td>40</td><td>3,002</td><td>615</td><td>611</td><td>4</td><td>16,366</td><td>-</td></tr><tr><td>1947</td><td>2,609</td><td>54</td><td>2,663</td><td>725</td><td>708</td><td>7</td><td>18,314</td><td>-</td></tr><tr><td>1948</td><td>3,071</td><td>67</td><td>3,139</td><td>840</td><td>829</td><td>11</td><td>20,613</td><td>-</td></tr><tr><td>1949</td><td>1,826</td><td>78</td><td>1,704</td><td>815</td><td>803</td><td>12</td><td>21,501</td><td>-</td></tr><tr><td>1950</td><td>2,406</td><td>87</td><td>2,493</td><td>909</td><td>888</td><td>17</td><td>23,089</td><td>-</td></tr><tr><td>1951</td><td>770</td><td>93</td><td>863</td><td>1,093</td><td>1,071 p</td><td>22 p</td><td>22,859</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-July</td><td>53</td><td>12</td><td>65</td><td>127</td><td>124</td><td>2</td><td>23,004</td><td>.55</td></tr><tr><td>August</td><td>46</td><td>5</td><td>52</td><td>100</td><td>98</td><td>2</td><td>22,956</td><td>.43</td></tr><tr><td>September</td><td>43</td><td>6</td><td>49</td><td>84</td><td>82</td><td>2</td><td>22,922</td><td>.36</td></tr><tr><td>October</td><td>60</td><td>6</td><td>66</td><td>79</td><td>78</td><td>2</td><td>22,909</td><td>.35</td></tr><tr><td>November</td><td>48</td><td>6</td><td>54</td><td>76</td><td>75</td><td>1</td><td>22,887</td><td>.33</td></tr><tr><td>December</td><td>43</td><td>11</td><td>54</td><td>81</td><td>80 p</td><td>2 p</td><td>22,859</td><td>.36</td></tr><tr><td>1952-January</td><td>78</td><td>13</td><td>91</td><td>80</td><td>78 p</td><td>2 p</td><td>22,870</td><td>.35</td></tr><tr><td>February</td><td>52</td><td>5</td><td>57</td><td>70</td><td>69 p</td><td>1 p</td><td>22,896</td><td>.31</td></tr></table>
Footnotes at end of Table 4.
(Continued on following page)
April 1952
29
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods for Series E, F, and G - (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>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Monthly redemptions as percent of amount outstanding</th></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>1,282</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>3,295</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</td><td>21</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>743</td><td>1</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>189</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>1951</td><td>124</td><td>93</td><td>217</td><td>259</td><td>236 p</td><td>22 p</td><td>3,853</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-July</td><td>8</td><td>12</td><td>20</td><td>37</td><td>35</td><td>2</td><td>3,872</td><td>.36</td></tr><tr><td>August</td><td>8</td><td>5</td><td>14</td><td>25</td><td>23</td><td>2</td><td>3,961</td><td>.64</td></tr><tr><td>September</td><td>7</td><td>6</td><td>13</td><td>21</td><td>19</td><td>2</td><td>3,953</td><td>.53</td></tr><tr><td>October</td><td>10</td><td>6</td><td>16</td><td>19</td><td>17</td><td>2</td><td>3,851</td><td>.48</td></tr><tr><td>November</td><td>9</td><td>6</td><td>16</td><td>15</td><td>14</td><td>1</td><td>3,892</td><td>.39</td></tr><tr><td>December</td><td>9</td><td>11</td><td>20</td><td>18</td><td>17 p</td><td>2 p</td><td>3,853</td><td>.47</td></tr><tr><td>1952-January</td><td>16</td><td>13</td><td>29</td><td>17</td><td>15 p</td><td>2 p</td><td>3,866</td><td>.44</td></tr><tr><td>February</td><td>10</td><td>5</td><td>16</td><td>14</td><td>13 p</td><td>1 p</td><td>3,867</td><td>.36</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941 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>280</td><td>280</td><td>-</td><td>10,999</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 2/</td><td>-</td><td>1,523</td><td>794</td><td>794</td><td>-</td><td>19,177</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>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>2,537</td><td>-</td><td>2,537</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>15,182</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>17,897</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>1951</td><td>646 2/</td><td>-</td><td>646</td><td>834</td><td>834</td><td>-</td><td>19,006</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-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><tr><td>August</td><td>38</td><td>-</td><td>38</td><td>75</td><td>75</td><td>-</td><td>19,095</td><td>.39</td></tr><tr><td>September</td><td>36</td><td>-</td><td>36</td><td>63</td><td>63</td><td>-</td><td>19,068</td><td>.33</td></tr><tr><td>October</td><td>50</td><td>-</td><td>50</td><td>61</td><td>61</td><td>-</td><td>19,058</td><td>.32</td></tr><tr><td>November</td><td>39</td><td>-</td><td>39</td><td>61</td><td>61</td><td>-</td><td>19,032</td><td>.32</td></tr><tr><td>December</td><td>34</td><td>-</td><td>34</td><td>63</td><td>63</td><td>-</td><td>19,006</td><td>.33</td></tr><tr><td>1952-January</td><td>61</td><td>-</td><td>61</td><td>63</td><td>63</td><td>-</td><td>19,004</td><td>.33</td></tr><tr><td>February</td><td>42</td><td>-</td><td>42</td><td>56</td><td>56</td><td>-</td><td>18,989</td><td>.30</td></tr></table>
Sources: Daily Treasury Statement; Office of the Treasurer of the U. S. Footnotes at end of Table 4.
30
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In millions of dollars)
<table><tr><th>Period 5/</th><th>Total</th><th colspan="5">Matured bonds 7/</th><th colspan="3">Unmatured bonds 8/</th></tr><tr><th></th><th></th><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>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951</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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950</td><td>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</td><td>5,651</td><td>772</td><td>522</td><td>250</td><td>245</td><td>5</td><td>4,879</td><td>4,571</td><td>308</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951-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><tr><td>August</td><td>437</td><td>53</td><td>13</td><td>40</td><td>39</td><td>1</td><td>384</td><td>358</td><td>26</td></tr><tr><td>September</td><td>390</td><td>34</td><td>8</td><td>26</td><td>25</td><td>1</td><td>356</td><td>335</td><td>21</td></tr><tr><td>October</td><td>410</td><td>46</td><td>9</td><td>38</td><td>37</td><td>1</td><td>364</td><td>338</td><td>26</td></tr><tr><td>November</td><td>364</td><td>38</td><td>7</td><td>31</td><td>31</td><td>*</td><td>326</td><td>304</td><td>21</td></tr><tr><td>December</td><td>401</td><td>54</td><td>6</td><td>49</td><td>48</td><td>*</td><td>347</td><td>326</td><td>20</td></tr><tr><td>1952-January</td><td>493</td><td>101</td><td>7</td><td>94</td><td>93</td><td>1</td><td>398</td><td>371</td><td>21</td></tr><tr><td>February</td><td>411</td><td>103</td><td>7</td><td>96</td><td>95</td><td>2</td><td>308</td><td>297</td><td>21</td></tr></table>
Source: Daily Treasury Statement.
1/Beginning 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 F redemptions include unclassified Series A-D redemptions beginning October 1944, and also unclassified F and G redemptions, beginning June 1947.
3/ Details by series on a cumulative basis and by periods for Series A-D combined will be found in the February 1952 and previous issues of the "Treasury Bulletin".
4/ Includes both matured and unmatured bonds; see Table 4.
5/ Beginning May 1931, includes exchanges of matured Series E bonds for Series G bonds as shown in Table 4.
6/ Comparable data are not available prior to January 1950.
7/ Of the total amount of redemptions, 75% represents issue price and 25% accrued discount.
8/ Includes redemptions not yet classified (see footnote 2).
* Less than $500,000.
p Preliminary.
April 1952
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
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.- Sales and Redemptions by Series, Cumulative through February 29, 1952
(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>4,071/</td><td>4,06</td><td>671/</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>1821/</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C</td><td>38,4381/</td><td>38,424</td><td>11,033</td><td>21,391</td><td>14</td><td>-</td></tr><tr><td>Series D</td><td>12,333</td><td>10,283</td><td>7,618</td><td>2,665</td><td>11</td><td>2,039</td></tr><tr><td>Series A</td><td>6,294</td><td>290</td><td>135</td><td>155</td><td>-</td><td>6,004</td></tr><tr><td>Total</td><td>56,416</td><td>48,347</td><td>19,035</td><td>29,312</td><td>26</td><td>8,044</td></tr></table>
Source: Office of the Treasurer of the U.S.; Daily Treasury Statement. 1/ Includes exchanges in connection with the offering in September 1942
of Tax Series A-1945 and Series C, * Less than $500,000.
Table 2.- Sales and Redemptions by Periods for All Series Combined
(In millions of dollars)
<table><tr><th>Period</th><th>Salee</th><th colspan="3">Redemption 1/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="7">Fiscal years:</td></tr><tr><td>1942-43</td><td>21,851</td><td>12,869</td><td>706</td><td>11,563</td><td>22</td><td>9,557</td></tr><tr><td>1945</td><td>7,016</td><td>6,456</td><td>350</td><td>5,906</td><td>6</td><td>10,156</td></tr><tr><td>1946</td><td>3,585</td><td>6,335</td><td>2,630</td><td>4,305</td><td>20</td><td>6,712</td></tr><tr><td>1947</td><td>3,057</td><td>4,800</td><td>2,185</td><td>2,015</td><td>28</td><td>5,960</td></tr><tr><td>1948</td><td>2,144</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>8,589</td><td>1,510</td><td>1,039</td><td>20</td><td>8,472</td></tr><tr><td>1951</td><td>5,142</td><td>5,799</td><td>4,633</td><td>1,166</td><td>18</td><td>7,818</td></tr><tr><td colspan="7">Calendar years:</td></tr><tr><td>1941-42</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>2,789</td><td>5,305</td><td>2,337</td><td>2,968</td><td>72</td><td>5,755</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>5,388</td></tr><tr><td>1948</td><td>3,032</td><td>3,871</td><td>2,146</td><td>1,725</td><td>66</td><td>4,572</td></tr><tr><td>1949</td><td>5,972</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>1951</td><td>5,823</td><td>6,922</td><td>5,697</td><td>1,265</td><td>47</td><td>7,534</td></tr><tr><td colspan="7">Months:</td></tr><tr><td>1951-July</td><td>324</td><td>418</td><td>372</td><td>47</td><td>17</td><td>7,966</td></tr><tr><td>August</td><td>344</td><td>819</td><td>806</td><td>13</td><td>27</td><td>8,041</td></tr><tr><td>September</td><td>493</td><td>768</td><td>578</td><td>183</td><td>24</td><td>7,775</td></tr><tr><td>October</td><td>318</td><td>392</td><td>322</td><td>70</td><td>20</td><td>7,705</td></tr><tr><td>November</td><td>340</td><td>308</td><td>297</td><td>11</td><td>19</td><td>7,737</td></tr><tr><td>December</td><td>305</td><td>481</td><td>359</td><td>122</td><td>47</td><td>7,234</td></tr><tr><td>1952-January</td><td>584</td><td>593</td><td>530</td><td>63</td><td>32</td><td>7,539</td></tr><tr><td>February</td><td>630</td><td>132</td><td>106</td><td>25</td><td>26</td><td>8,044</td></tr></table>
Source: Office of the Treasurer of the U. S.; Daily Treasury Statement. 1/ Includes both matured and unmatured notes.
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">Held by U.S. Government investment accounts</th><th colspan="3">Held by private investors</th><th>Total outstanding</th><th colspan="3">Held by private investors</th></tr><tr><th></th><th></th><th>Total</th><th>Public issues</th><th>Special issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th>Government investment accounts and Federal Reserve Banks 2/ 3/</th><th>Public non-marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1946</td><td>202,686</td><td>199,543</td><td>18,920</td><td>4,633</td><td>14,287</td><td>14,899</td><td>169,725</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>2,350</td></tr><tr><td>1946</td><td>269,099</td><td>268,111</td><td>29,121</td><td>6,769</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>198,936</td><td>133,507</td><td>59,359</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,834</td></tr><tr><td>1949</td><td>252,798</td><td>250,768</td><td>38,888</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>252,892</td><td>40,958</td><td>6,305</td><td>34,053</td><td>22,982</td><td>185,911</td><td>111,663</td><td>77,249</td><td>87</td><td>-</td><td>27</td><td>*</td><td>4,372</td></tr><tr><td>1950-Dec.</td><td>256,731</td><td>254,283</td><td>39,397</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-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>190,199</td><td>114,607</td><td>74,592</td><td>26</td><td>*</td><td>26</td><td>-</td><td>2,334</td></tr><tr><td>Aug.</td><td>256,077</td><td>254,321</td><td>41,405</td><td>6,339</td><td>35,146</td><td>23,127</td><td>186,709</td><td>125,082</td><td>74,686</td><td>31</td><td>*</td><td>30</td><td>-</td><td>2,325</td></tr><tr><td>Sep.</td><td>257,386</td><td>254,958</td><td>42,005</td><td>6,368</td><td>35,637</td><td>23,734</td><td>189,218</td><td>114,814</td><td>74,404</td><td>32</td><td>*</td><td>31</td><td>-</td><td>2,397</td></tr><tr><td>Oct.</td><td>258,336</td><td>255,940</td><td>41,932</td><td>6,367</td><td>35,615</td><td>23,592</td><td>190,405</td><td>116,082</td><td>74,324</td><td>36</td><td>*</td><td>34</td><td>1</td><td>2,360</td></tr><tr><td>Nov.</td><td>259,047</td><td>257,253</td><td>42,216</td><td>6,353</td><td>35,662</td><td>23,239</td><td>191,798</td><td>117,336</td><td>74,402</td><td>41</td><td>1</td><td>36</td><td>4</td><td>2,353</td></tr><tr><td>Dec.</td><td>259,461</td><td>257,070</td><td>42,261</td><td>6,379</td><td>35,902</td><td>23,801</td><td>190,988</td><td>116,723</td><td>74,235</td><td>40</td><td>*</td><td>39</td><td>1</td><td>2,350</td></tr><tr><td>1952-Jan.</td><td>259,813</td><td>257,482</td><td>42,687</td><td>6,454</td><td>36,233</td><td>22,789</td><td>198,066</td><td>117,755</td><td>74,311</td><td>36</td><td>*</td><td>32</td><td>4</td><td>2,295</td></tr><tr><td>Feb.</td><td>260,399</td><td>258,136</td><td>42,861</td><td>6,500</td><td>36,360</td><td>22,588</td><td>198,747</td><td>117,980</td><td>74,847</td><td>35</td><td>*</td><td>33</td><td>2</td><td>2,289</td></tr></table>
Source: Daily Treasury Statement for total amounts outstanding; reports from agencies and trust funds for securities held by U. S. Government Investment accounts; and reports from Federal Reserve System for securities held by Federal Reserve Banks. 
1/ Excludes guaranteed securities held by the Treasury. 
2/ Includes accounts under the control of certain U. S. Government agencies whose investments are handled outside the Treasury; excludes Federal land banks after June 26, 1947, when the proprietary interests of the United States 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/ 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 1/
(In millions of dollars; negative figures are net sales)
<table><tr><th>Year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>-3</td><td>*</td><td>-3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.9</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>-43.1</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>-97.6</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>-1.0</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>-1.1</td><td>3.8</td><td>4.6</td><td>-1.7</td><td>11.5</td><td>-1.1</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>36.0</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>4.7</td><td>2.8</td><td>8.4</td><td>-3.6</td><td>29.0</td></tr><tr><td>1952</td><td>22.1</td><td>6.7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Commodities or securities purchased by the Treasury for public use or for sale 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.
transactions differ from those reflected in Table I 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. 75h a), and excludes the Exchange Stabilization Fund. * Less than $50,000.
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities (Per values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstanding 2/</th><th colspan="3">Held by banks</th><th>U. S. Government investment accounts 3/</th><th colspan="7">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>State and local governments 6/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Corporations 6/</th><th>Mutual life insurance companies 7/</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>6.3</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>7.8</td><td>6.9</td><td>3.2</td><td>2.0</td><td>.9</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>4.4</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>95.5</td><td>77.7</td><td>18.8</td><td>21.7</td><td>114.0</td><td>52.9</td><td>36.1</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>2.3</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>11.2</td><td>17.7</td><td>6.2</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>65.9</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>85.0</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>23.1</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>65.2</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>85.8</td><td>62.4</td><td>23.4</td><td>36.8</td><td>130.1</td><td>65.8</td><td>47.6</td><td>18.2</td><td>22.0</td><td>11.7</td><td>13.9</td><td>7.8</td><td>8.9</td></tr><tr><td>December</td><td>252.9</td><td>85.8</td><td>62.5</td><td>23.3</td><td>37.3</td><td>129.7</td><td>65.6</td><td>47.8</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>9.6</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>255.7</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>10.0</td></tr><tr><td>December</td><td>257.2</td><td>89.7</td><td>66.8</td><td>18.9</td><td>39.4</td><td>132.1</td><td>66.4</td><td>49.3</td><td>17.1</td><td>20.1</td><td>11.4</td><td>16.3</td><td>8.1</td><td>9.8</td></tr><tr><td>1950-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>66.7</td><td>49.7</td><td>16.9</td><td>20.2</td><td>11.6</td><td>18.1</td><td>8.8</td><td>10.3</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>67.2</td><td>49.9</td><td>17.4</td><td>19.8</td><td>11.6</td><td>18.3</td><td>8.7</td><td>10.0</td></tr><tr><td>September</td><td>257.2</td><td>81.8</td><td>62.2</td><td>19.6</td><td>38.9</td><td>136.6</td><td>66.8</td><td>49.7</td><td>17.1</td><td>19.4</td><td>11.2</td><td>19.5</td><td>9.0</td><td>10.7</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>66.0</td><td>49.6</td><td>16.4</td><td>18.6</td><td>10.9</td><td>19.9</td><td>8.8</td><td>10.7</td></tr><tr><td>1951-January</td><td>255.1</td><td>81.4</td><td>59.9</td><td>21.5</td><td>39.6</td><td>135.2</td><td>65.7</td><td>49.5</td><td>16.3</td><td>18.2</td><td>10.8</td><td>20.3</td><td>8.9</td><td>11.0</td></tr><tr><td>February</td><td>255.0</td><td>80.8</td><td>58.9</td><td>21.9</td><td>39.7</td><td>135.5</td><td>65.6</td><td>49.4</td><td>16.2</td><td>18.3</td><td>10.7</td><td>20.8</td><td>9.0</td><td>11.2</td></tr><tr><td>March</td><td>255.0</td><td>80.7</td><td>57.8</td><td>22.9</td><td>39.8</td><td>134.5</td><td>69.1</td><td>49.3</td><td>15.8</td><td>17.9</td><td>10.5</td><td>21.3</td><td>9.1</td><td>10.7</td></tr><tr><td>April</td><td>254.7</td><td>81.2</td><td>58.4</td><td>22.7</td><td>39.9</td><td>133.7</td><td>65.2</td><td>49.2</td><td>16.0</td><td>17.4</td><td>10.4</td><td>21.0</td><td>9.2</td><td>10.5</td></tr><tr><td>May</td><td>255.1</td><td>80.3</td><td>57.8</td><td>22.5</td><td>40.3</td><td>134.5</td><td>65.4</td><td>49.1</td><td>16.3</td><td>17.3</td><td>10.3</td><td>21.3</td><td>9.3</td><td>10.9</td></tr><tr><td>June</td><td>255.3</td><td>81.4</td><td>58.4</td><td>23.0</td><td>41.0</td><td>132.9</td><td>65.2</td><td>49.0</td><td>16.2</td><td>17.0</td><td>10.2</td><td>20.2</td><td>9.4</td><td>10.9</td></tr><tr><td>July</td><td>255.7</td><td>81.8</td><td>58.7</td><td>23.1</td><td>41.0</td><td>132.9</td><td>65.1</td><td>49.0</td><td>16.1</td><td>16.9</td><td>10.2</td><td>20.3</td><td>9.4</td><td>10.9</td></tr><tr><td>August</td><td>256.7</td><td>81.9</td><td>58.8</td><td>23.1</td><td>41.5</td><td>133.3</td><td>65.0</td><td>49.0</td><td>16.0</td><td>16.7</td><td>10.1</td><td>21.1</td><td>9.5</td><td>10.9</td></tr><tr><td>September</td><td>257.4</td><td>83.1</td><td>59.4</td><td>23.7</td><td>42.0</td><td>132.3</td><td>64.6</td><td>48.9</td><td>15.6</td><td>16.7</td><td>10.1</td><td>20.3</td><td>9.4</td><td>11.2</td></tr><tr><td>October</td><td>258.3</td><td>84.1</td><td>60.6</td><td>23.6</td><td>42.0</td><td>132.2</td><td>64.6</td><td>48.9</td><td>15.6</td><td>16.6</td><td>10.0</td><td>21.2</td><td>9.5</td><td>10.5</td></tr><tr><td>November</td><td>259.6</td><td>84.4</td><td>61.2</td><td>23.2</td><td>42.2</td><td>133.0</td><td>64.6</td><td>49.0</td><td>15.6</td><td>16.5</td><td>9.9</td><td>21.4</td><td>9.5</td><td>11.1</td></tr><tr><td>December</td><td>259.5</td><td>85.2</td><td>61.4</td><td>23.8</td><td>42.3</td><td>132.0</td><td>64.6</td><td>49.0</td><td>15.6</td><td>16.3</td><td>9.8</td><td>20.8</td><td>9.5</td><td>11.0</td></tr><tr><td>1952-January p</td><td>259.8</td><td>84.7</td><td>61.9</td><td>22.7</td><td>42.7</td><td>132.5</td><td>64.7</td><td>49.1</td><td>15.7</td><td>16.2</td><td>9.8</td><td>21.5</td><td>9.7</td><td>10.5</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 June 30, 1947, since the proprietary interest of the United States in these banks ended June 26, 1947.
2 Includes 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.
3/ 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 December 1966, 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 Preliminary.
April 1952
33
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1952
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 investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,150 commercial banks 1/ 2/</th><th>526 mutual savings banks 1/</th><th>317 life</th><th>607 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</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>142,722</td><td>94,570</td><td>7,950</td><td>7,318</td><td>4,027</td><td>24,935</td><td>43,981</td></tr><tr><td>Public nonmarketable 1/</td><td>78,563</td><td>2,240</td><td>1,955</td><td>3,525</td><td>988</td><td>4,248</td><td>65,609</td></tr><tr><td>Special issues</td><td>36,233</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36,233</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>257,518</td><td>56,810</td><td>9,895</td><td>10,843</td><td>5,015</td><td>69,416</td><td>109,590</td></tr><tr><td>Matured debt and debt bearing no interest 5/</td><td>2,295</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 2/</td><td>259,813</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Section 1
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par values - 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</th></tr><tr><th></th><th></th><th>7,150 commercial banks 1/ 2/</th><th>326 mutual savings banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>1/</th></tr><tr><th>Type of security:</th><th></th><th></th><th></th><th>317 life</th><th>607 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>18,104</td><td>6,983</td><td>107</td><td>385</td><td>116</td><td>60</td><td>10,453</td></tr><tr><td>Certificates of indebtedness</td><td>29,079</td><td>6,992</td><td>89</td><td>220</td><td>45</td><td>12,381</td><td>8,983</td></tr><tr><td>Treasury notes</td><td>18,821</td><td>10,443</td><td>66</td><td>1</td><td>319</td><td>5,071</td><td>2,280</td></tr><tr><td>Treasury bonds - bank eligible</td><td>40,897</td><td>29,312</td><td>535</td><td>260</td><td>999</td><td>2,001</td><td>7,789</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>36,046</td><td>891</td><td>7,091</td><td>6,440</td><td>2,137</td><td>5,392</td><td>11,135</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>142</td><td>14</td><td>*</td><td>*</td><td>1</td><td>30</td><td>97</td></tr><tr><td>Guaranteed by U. S. Government 5/</td><td>32</td><td>14</td><td>3</td><td>11</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Total</td><td>142,722</td><td>54,570</td><td>7,890</td><td>7,318</td><td>4,027</td><td>24,935</td><td>43,981</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>72,788</td><td>30,794</td><td>626</td><td>739</td><td>1,234</td><td>14,157</td><td>25,333</td></tr><tr><td>1 to 5 years</td><td>28,690</td><td>18,604</td><td>140</td><td>119</td><td>274</td><td>5,254</td><td>3,998</td></tr><tr><td>5 to 10 years</td><td>11,209</td><td>2,414</td><td>1,908</td><td>714</td><td>945</td><td>1,333</td><td>3,850</td></tr><tr><td>10 to 15 years</td><td>21,220</td><td>276</td><td>4,775</td><td>5,395</td><td>1,094</td><td>3,670</td><td>5,890</td></tr><tr><td>15 to 20 years</td><td>8,790</td><td>2,467</td><td>437</td><td>180</td><td>179</td><td>921</td><td>5,006</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>32</td><td>14</td><td>3</td><td>11</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Total</td><td>142,722</td><td>54,570</td><td>7,890</td><td>7,318</td><td>4,027</td><td>24,935</td><td>43,981</td></tr><tr><td>Tax status: 3/</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>142</td><td>14</td><td>*</td><td>*</td><td>1</td><td>30</td><td>97</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>7,402</td><td>6,105</td><td>8</td><td>6</td><td>232</td><td>91</td><td>259</td></tr><tr><td>Subject to Federal income taxes 2/</td><td>135,178</td><td>48,451</td><td>7,882</td><td>7,312</td><td>3,794</td><td>24,814</td><td>42,925</td></tr><tr><td>Total</td><td>142,722</td><td>54,570</td><td>7,890</td><td>7,318</td><td>4,027</td><td>24,935</td><td>43,981</td></tr></table>
Footnotes at end of Section II.
April 1952
35
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1952
Section I - Securities Issued or Guaranteed by the United States Governme. Table 3. - Interest-Bearing Public Marketable Securities by Issues
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 3/ 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>7,150 commercial banks 1/ 2/</th><th>326 mutual savings banks 1/</th><th>317 life</th><th>607 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><td><b>Treasury bills:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Regular Series..................(taxable)</td><td>15,621</td><td>3,775</td><td>100</td><td>38*</td><td>106</td><td>53</td><td>9,202</td></tr><tr><td>Tax Anticipation Series........(taxable)</td><td>2,483</td><td>1,209</td><td>7</td><td>*</td><td>10</td><td>5</td><td>1,892</td></tr><tr><td><b>Total Treasury bills</b>.....................</td><td>18,104</td><td>6,983</td><td>107</td><td>389</td><td>116</td><td>60</td><td>10,493</td></tr><tr><td><b>Certificates of indebtedness:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-7/8 April 1952-A............(taxable)</td><td>9,524</td><td>2,698</td><td>28</td><td>144</td><td>181</td><td>3,195</td><td>3,279</td></tr><tr><td>1-7/8 July 1952-B............(taxable)</td><td>5,216</td><td>1,592</td><td>9</td><td>66</td><td>105</td><td>1,148</td><td>1,960</td></tr><tr><td>1-7/8 August 1952-C............(taxable)</td><td>953</td><td>415</td><td>1</td><td>2</td><td>25</td><td>5</td><td>135</td></tr><tr><td>1-7/8 September 1952-D........(taxable)</td><td>1,832</td><td>713</td><td>3</td><td>1</td><td>43</td><td>133</td><td>940</td></tr><tr><td>1-7/8 October 1952-E............(taxable)</td><td>10,861</td><td>805</td><td>12</td><td>7</td><td>70</td><td>7,556</td><td>2,411</td></tr><tr><td>1-7/8 December 1952-F............(taxable)</td><td>1,063</td><td>731</td><td>36</td><td>*</td><td>30</td><td>7</td><td>257</td></tr><tr><td><b>Total certificates of indebtedness</b>.....................</td><td>29,079</td><td>6,922</td><td>89</td><td>220</td><td>454</td><td>12,381</td><td>8,983</td></tr><tr><td><b>Treasury notes:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8 March 1954-A............(taxable)</td><td>4,675</td><td>3,519</td><td>20</td><td>*</td><td>134</td><td>245</td><td>756</td></tr><tr><td>1-1/24 March 1955-36............(taxable)</td><td>5,365</td><td>4,327</td><td>32</td><td>*</td><td>93</td><td>92</td><td>821</td></tr><tr><td>1-3/4 December 1955-3............(taxable)</td><td>6,954</td><td>2,575</td><td>13</td><td>1</td><td>92</td><td>3,234</td><td>939</td></tr><tr><td>1-1/24 April 1956-IA............(taxable)</td><td>1,007</td><td>6</td><td>*</td><td>-</td><td>-</td><td>1,000</td><td>1</td></tr><tr><td>1-1/24 October 1956-IO............(taxable)</td><td>520</td><td>16</td><td>1</td><td>-</td><td>-</td><td>500</td><td>4</td></tr><tr><td><b>Total Treasury notes</b>.....................</td><td>18,421</td><td>10,443</td><td>66</td><td>1</td><td>319</td><td>5,071</td><td>2,580</td></tr><tr><td><b>Treasury bonds:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Bank eligible:</b></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>4,785</td><td>103</td><td>24</td><td>231</td><td>756</td><td>2,087</td></tr><tr><td>2% December 1951-55............(taxable)</td><td>510</td><td>358</td><td>7</td><td>*</td><td>15</td><td>8</td><td>122</td></tr><tr><td>2-1/24 March 1952-54............(taxable)</td><td>1,024</td><td>544</td><td>70</td><td>2</td><td>28</td><td>39</td><td>321</td></tr><tr><td>2% June 1952-54............(taxable)</td><td>5,925</td><td>3,921</td><td>82</td><td>11</td><td>143</td><td>462</td><td>1,207</td></tr><tr><td>2-1/4 June 1952-54............(taxable)</td><td>1,501</td><td>1,054</td><td>74</td><td>72</td><td>42</td><td>104</td><td>155</td></tr><tr><td>2% December 1952-54............(taxable)</td><td>8,662</td><td>6,186</td><td>95</td><td>25</td><td>205</td><td>298</td><td>1,892</td></tr><tr><td>2% June 1953-55............(partially)</td><td>725</td><td>674</td><td>1</td><td>*</td><td>22</td><td>*</td><td>27</td></tr><tr><td>2-1/4 June 1954-56............(partially)</td><td>681</td><td>590</td><td>*</td><td>*</td><td>30</td><td>*</td><td>60</td></tr><tr><td>2-7/8 March 1955-60............(partially)</td><td>2,611</td><td>1,853</td><td>2</td><td>1</td><td>80</td><td>84</td><td>592</td></tr><tr><td>2-1/24 March 1956-58............(taxable)</td><td>1,449</td><td>1,162</td><td>35</td><td>10</td><td>33</td><td>25</td><td>184</td></tr><tr><td>2-3/4 September 1956-59............(partially)</td><td>982</td><td>885</td><td>1</td><td>2</td><td>31</td><td>5</td><td>58</td></tr><tr><td>2-1/4 September 1956-59............(taxable)</td><td>3,982</td><td>2,996</td><td>35</td><td>105</td><td>59</td><td>69</td><td>558</td></tr><tr><td>2-3/4 June 1958-63............(partially)</td><td>919</td><td>802</td><td>3</td><td>*</td><td>37</td><td>1</td><td>76</td></tr><tr><td>2-3/4 December 1960-65............(partially)</td><td>1,485</td><td>1,300</td><td>1</td><td>3</td><td>33</td><td>1</td><td>147</td></tr><tr><td>2-1/2 September 1967-72............(taxable)</td><td>2,716</td><td>2,199</td><td>26</td><td>6</td><td>11</td><td>129</td><td>344</td></tr><tr><td><b>Total bank eligible</b>.....................</td><td>40,897</td><td>29,312</td><td>335</td><td>260</td><td>999</td><td>2,001</td><td>7,789</td></tr><tr><td><b>Bank restricted: 1/</b></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>5,283</td><td>105</td><td>1,458</td><td>387</td><td>563</td><td>579</td><td>2,191</td></tr><tr><td>2-1/4 December 1959-62............(taxable)</td><td>3,469</td><td>201</td><td>447</td><td>325</td><td>312</td><td>728</td><td>1,432</td></tr><tr><td>2-1/24 June 1962-67............(taxable)</td><td>2,118</td><td>41</td><td>553</td><td>497</td><td>170</td><td>255</td><td>602</td></tr><tr><td>2-1/24 December 1963-68............(taxable)</td><td>2,830</td><td>51</td><td>804</td><td>598</td><td>272</td><td>361</td><td>754</td></tr><tr><td>2-1/24 June 1964-69............(taxable)</td><td>3,760</td><td>33</td><td>1,866</td><td>988</td><td>161</td><td>189</td><td>934</td></tr><tr><td>2-1/24 December 1964-69............(taxable)</td><td>3,836</td><td>28</td><td>858</td><td>1,112</td><td>183</td><td>534</td><td>1,120</td></tr><tr><td>2-1/24 March 1965-70............(taxable)</td><td>5,196</td><td>70</td><td>846</td><td>1,365</td><td>177</td><td>1,304</td><td>1,436</td></tr><tr><td>2-1/24 March 1966-71............(taxable)</td><td>3,480</td><td>33</td><td>482</td><td>1,012</td><td>133</td><td>827</td><td>1,004</td></tr><tr><td>2-1/24 June 1967-72............(taxable)</td><td>2,000</td><td>75</td><td>263</td><td>75</td><td>93</td><td>131</td><td>1,402</td></tr><tr><td>2-1/24 December 1967-72............(taxable)</td><td>4,074</td><td>193</td><td>147</td><td>98</td><td>114</td><td>260</td><td>3,261</td></tr><tr><td><b>Total bank restricted</b>.....................</td><td>36,046</td><td>851</td><td>7,091</td><td>6,440</td><td>2,137</td><td>5,392</td><td>14,135</td></tr><tr><td><b>Total Treasury bonds</b>.....................</td><td>76,943</td><td>30,163</td><td>7,625</td><td>6,701</td><td>3,136</td><td>7,393</td><td>21,925</td></tr></table>
Footnotes at end of Section II
(Continued on following page)
36
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1952
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 8/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investore covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,150 commercial banks 1/ 3/</th><th>526 mutual savings banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government investment accounts and Federal Reserve Banks</th></tr><tr><th></th><th></th><th></th><th></th><th>317 life</th><th>607 fire, casualty, and marine</th><th></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>92</td><td>9</td><td>*</td><td>*</td><td>*</td><td>30</td><td>53</td></tr><tr><td>Pension Canal bonds..................(wholly)</td><td>50</td><td>5</td><td>-</td><td>-</td><td>1</td><td>*</td><td>14</td></tr><tr><td>Total other bonds....................</td><td>142</td><td>14</td><td>*</td><td>*</td><td>1</td><td>30</td><td>97</td></tr><tr><td>Guaranteed securities 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures....................(taxable 10/)</td><td>32</td><td>14</td><td>3</td><td>11</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Total public marketable securities....................</td><td>142,722</td><td>54,570</td><td>7,890</td><td>7,318</td><td>4,027</td><td>24,935</td><td>43,981</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 8/ 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>7,150 commercial banks 1/ 2/</th><th>586 mutual savings 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></th><th></th><th>317 life</th><th>607 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>34,794</td><td>443</td><td>21</td><td>36</td><td>85</td><td>1</td><td>34,793</td></tr><tr><td>Series F 1/..................... (taxable)</td><td>3,866</td><td>926</td><td>568</td><td>279</td><td>454</td><td>19</td><td>3,280</td></tr><tr><td>Series G......................... (taxable)</td><td>19,004</td><td></td><td></td><td></td><td></td><td></td><td>16,728</td></tr><tr><td>Total United States savings bonds</td><td>57,664</td><td>1,369</td><td>589</td><td>314</td><td>539</td><td>21</td><td>54,832</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>7,539</td><td>155</td><td>*</td><td>*</td><td>94</td><td>7</td><td>7,282</td></tr><tr><td>Depositary bonds..................... (taxable)</td><td>358</td><td>358 11/</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</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>921</td><td>186</td><td>122</td><td>292</td><td>317</td><td>100</td><td>215</td></tr><tr><td>Investment Series B..................... (taxable)</td><td>12,047</td><td>171</td><td>1,244</td><td>2,918</td><td>318</td><td>4,119</td><td>3,277</td></tr><tr><td>Total other U. S. securities</td><td>20,895</td><td>871 11/</td><td>1,366</td><td>3,210</td><td>449</td><td>4,227</td><td>10,773</td></tr><tr><td>Guaranteed securities: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations..................... (taxable)</td><td>4</td><td>12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12/</td></tr><tr><td>Total public nonmarketable securities 12/</td><td>78,563</td><td>2,240 11/</td><td>1,955</td><td>3,525</td><td>988</td><td>4,248</td><td>65,609</td></tr></table>
Footnotes at and of Section II.
April 1952
37
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1952
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 8/ 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 1/</th></tr><tr><th></th><th></th><th>7,150 commercial banks 1/ 2/</th><th>926 mutual earnings banks 1/</th><th>317 life</th><th>607 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><td>Federal intermediate credit banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debentures.............(taxable)</td><td>668</td><td>347</td><td>7</td><td>3</td><td>20</td><td>-</td><td>291</td></tr><tr><td>Central Bank for Cooperatives:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-5/8 February 1953 (Debentures)....(taxable)</td><td>30</td><td>26</td><td>*</td><td>-</td><td>*</td><td>-</td><td>4</td></tr><tr><td>2-1/24 February 1954 (Debentures)....(taxable)</td><td>40</td><td>28</td><td>-</td><td>-</td><td>*</td><td>-</td><td>12</td></tr><tr><td>Total Central Bank for Cooperatives securities</td><td>70</td><td>54</td><td>*</td><td>-</td><td>*</td><td>-</td><td>16</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>2-1/4 February 1952 (Notes).........(taxable)</td><td>50</td><td>17</td><td>*</td><td>-</td><td>1</td><td>12</td><td>19</td></tr><tr><td>2.20% February 1952 (Notes).........(taxable)</td><td>73</td><td>32</td><td>2</td><td>*</td><td>2</td><td>9</td><td>28</td></tr><tr><td>2.10% March 1952 (Notes)........(taxable)</td><td>63</td><td>29</td><td>1</td><td>-</td><td>1</td><td>6</td><td>26</td></tr><tr><td>2-3/8 April 1952 (Notes)........(taxable)</td><td>68</td><td>28</td><td>3</td><td>-</td><td>5</td><td>2</td><td>30</td></tr><tr><td>2.20% May 1952 (Notes)........(taxable)</td><td>92</td><td>55</td><td>4</td><td>-</td><td>2</td><td>2</td><td>29</td></tr><tr><td>2.20% June 1952 (Notes)........(taxable)</td><td>63</td><td>35</td><td>*</td><td>-</td><td>2</td><td>-</td><td>26</td></tr><tr><td>2.20% August 1952 (Notes).........(taxable)</td><td>120</td><td>62</td><td>4</td><td>-</td><td>5</td><td>2</td><td>48</td></tr><tr><td>Total Federal home loan bank securities</td><td>529</td><td>257</td><td>13</td><td>*</td><td>19</td><td>33</td><td>207</td></tr><tr><td>Federal land banks: 13/</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>199</td><td>150</td><td>2</td><td>*</td><td>2</td><td>-</td><td>45</td></tr><tr><td>1-1/24 January 1951-53 (Bonds)....(taxable)</td><td>186</td><td>163</td><td>*</td><td>*</td><td>1</td><td>-</td><td>21</td></tr><tr><td>2-1/4 February 1953-55 (Bonds)....(taxable)</td><td>114</td><td>93</td><td>3</td><td>*</td><td>2</td><td>-</td><td>16</td></tr><tr><td>2-1/24 November 1954 (Bonds).....(taxable)</td><td>72</td><td>61</td><td>1</td><td>1</td><td>3</td><td>-</td><td>23</td></tr><tr><td>1-3/4 October 1955-57 (Bonds)....(taxable)</td><td>215</td><td>186</td><td>1</td><td>-</td><td>2</td><td>-</td><td>26</td></tr><tr><td>Total Federal land bank securities</td><td>785</td><td>636</td><td>7</td><td>1</td><td>11</td><td>-</td><td>130</td></tr></table>
1/ Includes trust departments.
2/ Includes trust companies and, beginning with figures for July 1949, also includes stock savings banks. Formerly those 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/ Under statutory savings bonds, Series E and P, 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/ Holdings by reporting agencies not available.
6/ Excludes guaranteed securities held by the Treasury.
7/ Issues which commercial banks may not acquire prior to specified dates (with minor exceptions); see "Debt Outstanding," Table 3, footnote 1.
8/ Federal securities from two into three broad classes with respect to the investment 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.
2/10/ Includes F. H. A. debentures; see footnote 16.
A small indeterminate amount of these debentures is partially tax-exempt.
11/ Includes $67 million depository bonds held by commercial banks not included in the Treasury Survey.
12/ C. C. C. demand obligations as of the close of the previous month in the amount of $3.6 million, all held by commercial banks, are shown only in the total amount outstanding; holdings by reporting banks are not available.
13/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
38
Treasury Bulletin
MARKET QUOTATIONS, FEBRUARY 29, 1952
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
debentures. The latter are the only public marketable interest-bearing guaranteed securities outstanding. Section II lists the public marketable securities issued by Federal agencies but not guaranteed by the United States Government. Daily quotations for the securities listed in Sections I and II are published monthly in the Treasury Department statement, "Prices and Yields of Public Marketable Securities Issued by the United States Government and by Federal Agencies".
Section I
Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
<table><tr><th colspan="6">Bank discount</th><th colspan="6">Bank discount</th></tr><tr><th>Amount out- standing (millions)</th><th>Maturity date</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>Amount out- standing (millions)</th><th>Maturity date</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,104</td><td>3/6/92</td><td>12/6/51</td><td>1.20%</td><td>.75%</td><td>.98%</td><td>-.34%</td><td>$1,201</td><td>4/21/92</td><td>1/24/92</td><td>1.52%</td><td>1.40%</td><td>1.46%</td><td>-.06%</td></tr><tr><td>1,200</td><td>3/23/92</td><td>12/13/51</td><td>1.25</td><td>.90</td><td>1.08</td><td>-.04</td><td>1,301</td><td>5/1/92</td><td>1/31/92</td><td>1.56</td><td>1.50</td><td>1.53</td><td>+.01</td></tr><tr><td>1,234</td><td>3/15/92</td><td>10/23/51</td><td>1.30</td><td>1.10</td><td>1.20</td><td>-.15</td><td>1,308</td><td>5/8/92</td><td>2/7/92</td><td>1.58</td><td>1.50</td><td>1.54</td><td>–</td></tr><tr><td>1,201</td><td>3/20/92</td><td>12/20/51</td><td>1.25</td><td>1.00</td><td>1.12</td><td>-.26</td><td>1,308</td><td>5/15/92</td><td>2/14/92</td><td>1.58</td><td>1.50</td><td>1.54</td><td>–</td></tr><tr><td>1,204</td><td>3/21/92</td><td>12/21/51</td><td>1.30</td><td>1.05</td><td>1.18</td><td>-.20</td><td>1,100</td><td>5/22/92</td><td>2/21/92</td><td>1.58</td><td>1.50</td><td>1.54</td><td>–</td></tr><tr><td>1,201</td><td>4/3/92</td><td>1/3/92</td><td>1.35</td><td>1.10</td><td>1.22</td><td>-.20</td><td>1,101</td><td>5/29/92</td><td>2/28/92</td><td>1.60</td><td>1.54</td><td>1.57</td><td>–</td></tr><tr><td>1,201</td><td>4/10/92</td><td>1/10/92</td><td>1.40</td><td>1.15</td><td>1.28</td><td>-.18</td><td>1,249</td><td>6/15/92</td><td>11/27/51</td><td>1.60</td><td>1.53</td><td>1.56</td><td>-.04</td></tr><tr><td>1,202</td><td>4/17/92</td><td>1/17/92</td><td>1.45</td><td>1.30</td><td>1.38</td><td>-.12</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnote at end of Section II.
Table 2.
Certificates of Indebtedness (Taxable)
<table><tr><th>Amount out-standing (millions)</th><th>Description</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$3,524</td><td>1-7/8 -</td><td>6/15/51</td><td>2/</td><td>2/</td><td>2/</td><td>-</td></tr><tr><td>5,216</td><td>1-7/8 -</td><td>8/1/51</td><td>1.65%</td><td>1.61%</td><td>1.63%</td><td>-.01%</td></tr><tr><td>5,581</td><td>1-7/8 -</td><td>9/15/51</td><td>1.66</td><td>1.62</td><td>1.64</td><td>-.02</td></tr><tr><td>1,832</td><td>1-7/8 -</td><td>10/1/51</td><td>1.68</td><td>1.64</td><td>1.66</td><td>-.04</td></tr><tr><td>10,861</td><td>1-7/8 -</td><td>10/15/51</td><td>1.71</td><td>1.67</td><td>1.69</td><td>-.03</td></tr><tr><td>1,063</td><td>1-7/8 -</td><td>12/15/51</td><td>1.71</td><td>1.66</td><td>1.68</td><td>-.04</td></tr><tr><td>3/</td><td>1-7/8 -</td><td>3/1/52</td><td>1.81</td><td>1.79</td><td>1.80</td><td>-</td></tr></table>
Footnotes at end of Section II.
Table 3.
Other Taxable Issues
(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="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range h/</th><th colspan="4">In 1951-52</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>Since first traded</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="2">Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr><tr><td>$4,675</td><td>1-3/8% - 3/15/51-94-A</td><td>98.30</td><td>99.00</td><td>98.31</td><td>+0.3</td><td>1.89%</td><td>-.03%</td><td>12/15/49</td><td>100.10$</td><td>1/10/50</td><td>98.01$</td><td>5/3/51</td><td>99.06$</td><td>1/19/51</td><td>98.01$</td><td>5/9/51</td></tr><tr><td>5,365</td><td>1-1/2 - 3/15/55-A</td><td>98.17</td><td>98.19</td><td>98.18</td><td>.00</td><td>1.99</td><td>+.01</td><td>3/15/50</td><td>100.07</td><td>3/10/50</td><td>97.22</td><td>12/26/51</td><td>99.10$</td><td>1/19/51</td><td>97.22</td><td>12/26/51</td></tr><tr><td>6,894</td><td>1-3/4 - 12/15/52-B</td><td>98.30</td><td>99.00</td><td>98.31</td><td>+.02</td><td>2.03</td><td>-.02</td><td>12/12/50</td><td>100.04$</td><td>1/19/51</td><td>97.30</td><td>12/27/51</td><td>100.04$</td><td>1/19/51</td><td>97.30</td><td>12/27/51</td></tr><tr><td>1,007</td><td>1-1/2 - 4/1/56-EA</td><td>98.00</td><td>98.08</td><td>98.04</td><td>+.04</td><td>1.98</td><td>-.02</td><td>4/1/51</td><td>98.20</td><td>9/13/51</td><td>97.20</td><td>1/21/52</td><td>98.20</td><td>9/13/51</td><td>97.20</td><td>1/21/52</td></tr><tr><td>533</td><td>1-1/2 - 10/1/55-80</td><td>97.20</td><td>97.28</td><td>97.24</td><td>+.04</td><td>2.02</td><td>-.02</td><td>10/1/51</td><td>98.06</td><td>10/16/51</td><td>97.12</td><td>1/21/52</td><td>98.06</td><td>10/16/51</td><td>97.12</td><td>1/21/52</td></tr><tr><td colspan="2">Treasury bonds - bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7,986</td><td>2% - 9/15/51-53-4</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.00</td><td>1.82</td><td>-.03</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>99.19</td><td>12/26/51</td><td>100.10$</td><td>1/4/51</td><td>99.19</td><td>12/26/51</td></tr><tr><td>510</td><td>2 - 12/15/51-55-8</td><td>99.29</td><td>100.01</td><td>99.31</td><td>+.01</td><td>2.01 1/2</td><td>-.01</td><td>12/15/51</td><td>104.26</td><td>3/11/46</td><td>99.12</td><td>12/28/51</td><td>100.15</td><td>1/2/51</td><td>99.12</td><td>12/28/51</td></tr><tr><td>1,004</td><td>2-1/2 - 3/15/52-5</td><td>2/2</td><td>100.02</td><td>100.01</td><td>1/1</td><td>2.96</td><td>+.05</td><td>3/31/51</td><td>107.14</td><td>3/11/46</td><td>1.30$</td><td>2/28/52</td><td>101.03</td><td>1/2/51</td><td>1.30$</td><td>2/28/52</td></tr><tr><td>5,365</td><td>2 - 6/15/52-55-6</td><td>100.01</td><td>100.12</td><td>100.12</td><td>+.06</td><td>1.77</td><td>+.04</td><td>6/26/54</td><td>104.27</td><td>2/15/46</td><td>99.12</td><td>12/27/51</td><td>100.18$</td><td>1/3/51</td><td>99.12</td><td>12/27/51</td></tr><tr><td>1,501</td><td>2-1/2 - 6/15/52-55-5</td><td>100.11</td><td>100.13</td><td>100.12</td><td>+.06</td><td>1.77</td><td>+.04</td><td>2/25/52</td><td>106.08</td><td>2/9/46</td><td>100.00</td><td>12/27/51</td><td>100.29</td><td>1/19/51</td><td>100.00</td><td>12/27/51</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>99.31</td><td>100.01</td><td>100.00</td><td>.00</td><td>2.00 1/2</td><td>-.00</td><td>12/1/54</td><td>105.00</td><td>3/11/46</td><td>99.10</td><td>12/27/51</td><td>100.22$</td><td>1/19/51</td><td>99.10</td><td>12/27/51</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>101.01</td><td>101.05</td><td>101.03</td><td>-.12</td><td>2.22 1/2</td><td>+.09</td><td>6/2/51</td><td>110.22</td><td>2/8/46</td><td>100.28</td><td>12/27/51</td><td>103.23</td><td>1/19/51</td><td>100.28</td><td>12/27/51</td></tr><tr><td>3,982</td><td>2-1/2 - 9/15/56-59</td><td>99.20</td><td>99.24</td><td>99.22</td><td>-.07</td><td>2.30 1/2</td><td>+.04</td><td>2/1/54</td><td>107.15</td><td>4/6/46</td><td>98.26</td><td>12/27/51</td><td>102.21</td><td>1/19/51</td><td>98.26</td><td>12/27/51</td></tr><tr><td>2,716</td><td>2-3/8 - 3/15/57-59</td><td>100.05</td><td>100.07</td><td>100.06</td><td>-.34</td><td>2.34 1/2</td><td>.00</td><td>3/1/52</td><td>100.08$</td><td>2/26/52</td><td>100.06</td><td>2/29/52</td><td>100.06$</td><td>2/26/52</td><td>100.06</td><td>2/29/52</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/61-72 10</td><td>96.30</td><td>97.02</td><td>97.00</td><td>-.02</td><td>2.69 7/2</td><td>.00</td><td>10/20/61</td><td>109.18</td><td>4/6/46</td><td>96.15</td><td>1/18/52</td><td>104.06</td><td>1/19/51</td><td>96.15</td><td>1/18/52</td></tr></table>
Footnotes at end of Section II.
April 1952
39
MARKET QUOTATIONS, FEBRUARY 29, 1952
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>Deescription</th><th colspan="3">Price</th><th>Yield</th><th>Issue date</th><th colspan="4">Since first traded</th><th colspan="4">Price range 1/</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</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="2">Treasury bonds - bank restricted</td><td colspan="3">11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$5,283</td><td>2-1/4 - 6/15/59-66</td><td>96.25</td><td>96.29</td><td>96.27</td><td>-19</td><td>2.60 1/1</td><td>6/1/65</td><td>104.20</td><td>4/6/66</td><td>96.03</td><td>12/27/51</td><td>101.09</td><td>1/29/51</td><td>96.03</td><td>12/27/51</td></tr><tr><td>3,469</td><td>2-1/4 - 12/15/59-68</td><td>96.20</td><td>96.24</td><td>96.22</td><td>-14</td><td>2.60 1/1</td><td>11/15/65</td><td>104.21</td><td>4/6/66</td><td>95.31</td><td>12/27/51</td><td>101.05</td><td>1/29/51</td><td>95.31</td><td>12/27/51</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>97.22</td><td>97.26</td><td>97.24</td><td>-12</td><td>2.68 1/1</td><td>5/5/62</td><td>108.12</td><td>4/6/66</td><td>97.16</td><td>12/27/51</td><td>103.07</td><td>1/18/51</td><td>97.16</td><td>12/27/51</td></tr><tr><td>2,830</td><td>2-1/2 - 12/15/63-68</td><td>97.00</td><td>97.04</td><td>97.02</td><td>-06</td><td>2.72 1/1</td><td>12/1/62</td><td>108.03</td><td>4/6/66</td><td>96.22</td><td>12/27/51</td><td>102.09</td><td>1/18/51</td><td>96.22</td><td>12/27/51</td></tr><tr><td>3,760</td><td>2-1/2 - 6/15/64-69</td><td>96.22</td><td>96.26</td><td>96.24</td><td>-06</td><td>2.74 1/1</td><td>4/15/63</td><td>107.25</td><td>4/6/66</td><td>96.10</td><td>1/14/52</td><td>101.23</td><td>1/18/51</td><td>96.10</td><td>1/14/52</td></tr><tr><td>3,836</td><td>2-1/2 - 12/15/64-69</td><td>96.20</td><td>96.24</td><td>96.22</td><td>-06</td><td>2.74 1/1</td><td>9/15/63</td><td>107.24</td><td>4/6/66</td><td>96.07</td><td>1/14/52</td><td>101.17</td><td>1/18/51</td><td>96.07</td><td>1/14/52</td></tr><tr><td>5,195</td><td>2-1/2 - 3/15/65-70</td><td>96.19</td><td>96.23</td><td>96.21</td><td>-03</td><td>2.74 1/1</td><td>2/1/64</td><td>107.23</td><td>4/6/66</td><td>96.05</td><td>1/14/52</td><td>101.10</td><td>1/18/51</td><td>96.05</td><td>1/14/52</td></tr><tr><td>3,480</td><td>2-1/2 - 3/15/66-71</td><td>96.17</td><td>96.21</td><td>96.19</td><td>-03</td><td>2.73 1/1</td><td>12/1/64</td><td>107.22</td><td>4/6/66</td><td>96.03</td><td>1/14/52</td><td>101.07</td><td>1/18/51</td><td>96.03</td><td>1/14/52</td></tr><tr><td>2,000</td><td>2-1/2 - 6/15/67-72 10/</td><td>96.18</td><td>96.22</td><td>96.20</td><td>-01</td><td>2.72 1/1</td><td>6/1/65</td><td>106.16</td><td>4/6/66</td><td>95.22</td><td>1/11/52</td><td>100.26</td><td>1/19/51</td><td>95.22</td><td>1/11/52</td></tr><tr><td>4,073</td><td>2-1/2 - 12/15/67-72 10/</td><td>96.17</td><td>96.21</td><td>96.19</td><td>-05</td><td>2.72 1/1</td><td>11/15/65</td><td>106.16</td><td>4/6/66</td><td>95.22</td><td>1/11/52</td><td>100.26</td><td>1/19/51</td><td>95.22</td><td>1/11/52</td></tr></table>
Footnotes at end of Section II.
Table 4. - Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range ¼</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th colspan="2">Since first traded</th><th colspan="2">In 1951-52</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><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></tr><tr><td>$725</td><td>Treasury bonds:</td><td>101.06</td><td>101.10</td><td>101.08</td><td>-.00</td><td>1.02$</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.06</td><td>2/16/52</td><td>102.17$</td><td>1/19/51</td><td>101.06</td><td>2/18/52</td></tr><tr><td>661</td><td>2-1/4 - 6/15/53-55</td><td>108.16</td><td>108.20</td><td>108.16</td><td>-.02</td><td>1.11</td><td>7/28/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/28/40</td><td>104.03$</td><td>1/19/51</td><td>102.15</td><td>12/26/51</td></tr><tr><td>2,611</td><td>2-1/3 - 3/15/53-60</td><td>104.27</td><td>104.31</td><td>104.29</td><td>-.06</td><td>1.22</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>1/25/51</td><td>104.29</td><td>2/29/52</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>106.20</td><td>106.24</td><td>106.22</td><td>-.02</td><td>1.23</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>1/19/51</td><td>106.12</td><td>12/27/51</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-53</td><td>108.02</td><td>108.06</td><td>108.04</td><td>-.04</td><td>1.39</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>1/19/51</td><td>107.27</td><td>6/28/51</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65</td><td>109.30</td><td>110.02</td><td>110.00</td><td>+.04</td><td>1.53</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>1/22/51</td><td>108.31</td><td>6/26/51</td></tr><tr><td>50</td><td>Panama Canal bonds:</td><td>116.08</td><td>117.08</td><td>116.28</td><td>+.08</td><td>1.09</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/16/21</td><td>119.12</td><td>2/6/51</td><td>116.00</td><td>2/8/52</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="4">Yield</th><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="4">Yield</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$72</td><td>2-1/4% - 3/3/52</td><td>6/1/51</td><td>2/13</td><td>2/13</td><td>2/13</td><td>-</td><td>$78</td><td>2.20% - 7/1/52</td><td>10/1/51</td><td>1.95%</td><td>1.75%</td><td>1.95%</td><td>-1.17%</td></tr><tr><td>3</td><td>2 - 3/3/52</td><td>12/3/51</td><td>1/13</td><td>1/13</td><td>1/13</td><td>-</td><td>67</td><td>2.20 - 8/1/52</td><td>11/1/51</td><td>2.05</td><td>1.85</td><td>1.95</td><td>-1.13</td></tr><tr><td>63</td><td>2.35 - 4/1/52</td><td>7/2/51</td><td>1.95%</td><td>1.50%</td><td>1.65%</td><td>-1.17%</td><td>86</td><td>2.15 - 9/2/52</td><td>12/3/51</td><td>2.05</td><td>1.85</td><td>1.95</td><td>-1.13</td></tr><tr><td>56</td><td>2.35 - 5/4/52</td><td>6/1/51</td><td>1.90</td><td>1.65</td><td>1.78</td><td>-1.14</td><td>102</td><td>2.20 - 10/1/52</td><td>1/3/52</td><td>2.10</td><td>1.90</td><td>2.00</td><td>-1.12</td></tr><tr><td>2</td><td>2.05 - 5/1/52</td><td>2/1/51</td><td>1/13</td><td>1/13</td><td>1/13</td><td>-</td><td>108</td><td>2-1/4 - 11/3/52</td><td>2/1/52</td><td>2.10</td><td>1.95</td><td>2.02</td><td>-1.18</td></tr><tr><td>69</td><td>2-1/4 - 6/2/52</td><td>9/4/51</td><td>1.95</td><td>1.75</td><td>1.85</td><td>-1.13</td><td>18</td><td>2.15 - 12/1/52</td><td>3/3/52</td><td>2.15</td><td>2.00</td><td>2.08</td><td>-</td></tr></table>
Footnotes at end of this section.
40
Treasury Bulletin
MARKET QUOTATIONS, FEBRUARY 29, 1952
Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States Government Table 2.- Other Issues (Taxable)
(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>To first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range $/</th><th colspan="2">In 1951-52</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th></th><th></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>$30.40</td><td>Central Bank for Cooperatives debentures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr><tr><td></td><td>1-5/8% - 2/1/53</td><td>99.12</td><td>99.20</td><td>99.16</td><td>+.04</td><td>2.18%</td><td>-.06%</td><td>2/1/50</td><td>100.06</td><td>1/12/50</td><td>98.20</td><td>8/3/51</td><td>99.20</td><td>2/11/52</td><td>98.20</td><td>8/3/51</td></tr><tr><td></td><td>2-1/2 - 2/1/54</td><td>100.00</td><td>100.06</td><td>100.03</td><td>+.04</td><td>2.45</td><td>-.07</td><td>10/1/51</td><td>100.03</td><td>2/29/52</td><td>99.24</td><td>12/28/51</td><td>100.03</td><td>2/29/52</td><td>99.24</td><td>12/28/51</td></tr><tr><td>63</td><td>Federal Home Loan Bank notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>63</td><td>2.10% - 3/14/52-E</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>1.09</td><td>-.81</td><td>10/15/51</td><td>100.02</td><td>12/17/51</td><td>99.31$</td><td>12/25/51</td><td>100.02</td><td>12/17/51</td><td>99.31$</td><td>12/25/51</td></tr><tr><td>68</td><td>2-3/8 - 1/15/52-B</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.00</td><td>1.53</td><td>-.39</td><td>6/15/51</td><td>100.05</td><td>12/10/51</td><td>99.31</td><td>6/11/51</td><td>100.05</td><td>12/10/51</td><td>99.31</td><td>6/11/51</td></tr><tr><td>92</td><td>2.20 - 5/15/52-D</td><td>100.01</td><td>100.03</td><td>100.02</td><td>.00</td><td>1.87</td><td>-.13</td><td>9/14/51</td><td>100.03</td><td>12/19/51</td><td>99.31$</td><td>12/28/51</td><td>100.03</td><td>12/19/51</td><td>99.31$</td><td>12/28/51</td></tr><tr><td>63</td><td>2.20 - 6/13/52-F</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.01</td><td>1.84</td><td>-.19</td><td>10/25/51</td><td>100.03</td><td>2/29/52</td><td>99.31$</td><td>12/28/51</td><td>100.03</td><td>2/29/52</td><td>99.31$</td><td>12/28/51</td></tr><tr><td>120</td><td>2.20 - 8/15/52-G</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.01</td><td>1.97</td><td>-.12</td><td>11/15/51</td><td>100.03</td><td>2/29/52</td><td>99.30$</td><td>1/2/52</td><td>100.03</td><td>2/29/52</td><td>99.30$</td><td>1/2/52</td></tr><tr><td>199</td><td>Federal Land Bank bonds:</td><td>15/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>196</td><td>1-1/4% - 5/1/50-52</td><td>99.27</td><td>99.30</td><td>99.28$</td><td>+.00$</td><td>1.91</td><td>+.14</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>3/8/48</td><td>99.26$</td><td>2/29/52</td><td>98.26</td><td>4/20/51</td></tr><tr><td>116</td><td>1-1/2 - 1/1/51-53 16/</td><td>99.16</td><td>99.22</td><td>99.19</td><td>+.03</td><td>2.00</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>99.19</td><td>2/29/52</td><td>98.17</td><td>7/10/51</td></tr><tr><td>72</td><td>2-1/4 - 1/1/53-55</td><td>99.16</td><td>99.22</td><td>99.20</td><td>+.02</td><td>2.38</td><td>-.02</td><td>2/1/49</td><td>105.31</td><td>3/22/49</td><td>99.12</td><td>12/28/51</td><td>100.15</td><td>1/18/52</td><td>99.12</td><td>12/28/51</td></tr><tr><td>215</td><td>2-1/2 - 11/1/54</td><td>100.04</td><td>100.12</td><td>100.08</td><td>-.05$</td><td>2.40</td><td>-.07</td><td>11/1/51</td><td>100.08</td><td>2/29/52</td><td>99.21</td><td>12/28/51</td><td>100.08</td><td>2/29/52</td><td>99.21</td><td>12/28/51</td></tr><tr><td>215</td><td>1-3/4 - 10/1/55-57</td><td>95.22</td><td>96.00</td><td>95.27</td><td>+.15</td><td>2.55</td><td>-.08</td><td>10/1/49</td><td>100.12</td><td>9/22/49</td><td>94.26</td><td>12/28/51</td><td>98.13</td><td>1/19/52</td><td>94.26</td><td>12/28/51</td></tr></table>
1/ Tax Anticipation Series.
2/ Not quoted on February 29, 1952.
3/ Announcement issued on March 1, 1952, was $8,967 million.
4/ 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.
5/ Callable on 4 months' notice on September 15, 1952.
6/ Callable on 4 months' notice on December 15, 1952.
7/ Yield to maturity. Market convention treats the yield to earliest call as more significant than an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
5/ Called on November 14, 1951, for redemption on March 15, 1952. Yield quotation in the price range is equivalent to 100.01% computed to the nearest quarter of a thirty-year.
9/ Amount issued on March 1, 1952, was 3926 million.
10/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds".
11/ For definition, see "Debt Outstanding", Table 3, Footnote 1.
12/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
13/ Not quoted since date of issue.
14/ Amount issued on March 3, 1952, was $111 million.
15/ Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in the Federal land banks ended on June 26, 1947.
16/ Callable on 15 days' notice on July 1, 1952.
1952
41
MARKET QUOTATIONS, FEBRUARY 29, 1952
YIELDS OF TREASURY SECURITIES, FEB. 29, 1952
Based on Mean of Closing Bid and Ask Quotations
Office of the Secretary of the Treasury, Office of the Technical Staff
F-235-J
42
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
<table><tr><th>Period</th><th colspan="2">Treasury bonds</th><th>High-grade corporate bonds</th><th>Period</th><th colspan="2">Treasury bonds</th><th>High-grade corporate bonds</th><th>Period</th><th colspan="2">Treasury bonds</th><th>High-grade corporate bonds</th></tr><tr><th></th><th>Partially tax-exempt 1/</th><th>Taxable 3/</th><th></th><th></th><th>Partially tax-exempt 1/</th><th>Taxable 3/</th><th></th><th></th><th>Partially tax-exempt 1/</th><th>Taxable 3/</th><th></th></tr></table>
Annual series - calendar year averages of monthly series
<table><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>1939</td><td>2.41</td><td>-</td><td>2.92</td><td>1945</td><td>1.66 1/2</td><td>2.37</td><td>2.54</td><td>1951</td><td>-</td><td>2.37</td><td>2.86</td></tr></table>
Monthly series - averages of daily series
<table><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>2,69</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>2,28</td><td>2,51</td><td>Aug.</td><td>-</td><td>2,28</td><td>2,60</td><td>Aug.</td><td>-</td><td>2,57</td><td>2,86</td></tr><tr><td>Sept.</td><td>-</td><td>2,28</td><td>2,57</td><td>Sept.</td><td>-</td><td>2,22</td><td>2,59</td><td>Sept.</td><td>-</td><td>2,56</td><td>2,85</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>Oct.</td><td>-</td><td>2,61</td><td>2,92</td></tr><tr><td>Nov</td><td>-</td><td>2,36</td><td>2,73</td><td>Nov</td><td>-</td><td>2,20</td><td>2,56</td><td>Nov.</td><td>-</td><td>2,66</td><td>2,98</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>2,59 3/</td><td>Dec.</td><td>-</td><td>2,70</td><td>3,03</td></tr><tr><td>1948-Jan.</td><td>-</td><td>2,43</td><td>2,85</td><td>1950-Jan.</td><td>-</td><td>2,20</td><td>2,54</td><td>1952-Jan.</td><td>-</td><td>2,74</td><td>2,96</td></tr><tr><td>Feb.</td><td>-</td><td>2,45</td><td>2,84</td><td>Feb.</td><td>-</td><td>2,24</td><td>2,54</td><td>Feb.</td><td>-</td><td>2,71</td><td>2,89</td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>-</td><td>2,42</td><td>2,75</td><td>May</td><td>-</td><td>2,31</td><td>2,57</td><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>-</td><td>2,45</td><td>2,95</td><td>Sept.</td><td>-</td><td>2,36</td><td>2,62</td><td></td><td></td><td></td><td></td></tr><tr><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 1/</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov</td><td>-</td><td>2,44</td><td>2,96</td><td>Nov</td><td>-</td><td>2,38</td><td>2,66</td><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr></table>
Weekly series - averages of daily series for weeks ending -
<table><tr><td>1951-Sept.</td><td></td><td>-</td><td>2,54</td><td>2,86</td><td>1951-Nov.</td><td>3...</td><td>-</td><td>2,62</td><td>2,97</td><td>1952-Jan.</td><td>5...</td><td>-</td><td>2,74</td><td>3,03</td></tr><tr><td>8...</td><td>-</td><td>2,54</td><td>2,89</td><td>10...</td><td>-</td><td>2,63</td><td>2,96</td><td>12...</td><td>-</td><td>2,75</td><td>3,00</td></tr><tr><td>15...</td><td>-</td><td>2,55</td><td>2,85</td><td>17...</td><td>-</td><td>2,65</td><td>2,96</td><td>19...</td><td>-</td><td>2,75</td><td>2,95</td></tr><tr><td>22...</td><td>-</td><td>2,55</td><td>2,85</td><td>24...</td><td>-</td><td>2,68</td><td>2,99</td><td>26...</td><td>-</td><td>2,73</td><td>2,93</td></tr><tr><td>29...</td><td>-</td><td>2,58</td><td>2,86</td><td>Dec.</td><td>1...</td><td>-</td><td>2,68</td><td>3,00</td><td>Feb.</td><td>2...</td><td>-</td><td>2,71</td><td>2,90</td></tr><tr><td>Oct.</td><td>6...</td><td>-</td><td>2,60</td><td>2,88</td><td>8...</td><td>-</td><td>2,69</td><td>3,00</td><td>9...</td><td>-</td><td>2,71</td><td>2,87</td></tr><tr><td>13...</td><td>-</td><td>2,60</td><td>2,89</td><td>15...</td><td>-</td><td>2,67</td><td>3,01</td><td>16...</td><td>-</td><td>2,71</td><td>2,88</td></tr><tr><td>20...</td><td>-</td><td>2,62</td><td>2,92</td><td>22...</td><td>-</td><td>2,70</td><td>3,02</td><td>23...</td><td>-</td><td>2,70</td><td>2,89</td></tr><tr><td>27...</td><td>-</td><td>2,62</td><td>2,94</td><td>29...</td><td>-</td><td>2,74</td><td>3,08</td><td>Mar.</td><td>1...</td><td>-</td><td>2,70</td><td>2,93</td></tr></table>
Daily series - unweighted averages
<table><tr><td>1952-Feb. 1......</td><td>-</td><td>2,71</td><td>2,89</td><td>1952-Feb. 11...</td><td>-</td><td>2,72</td><td>2,87</td><td>1952-Feb. 21...</td><td>-</td><td>2,71</td><td>2,90</td></tr><tr><td>2......</td><td>-</td><td>5/</td><td>2,89</td><td>12...</td><td>-</td><td>5/</td><td>2,88</td><td>22...</td><td>-</td><td>5/</td><td>2,90</td></tr><tr><td>3......</td><td>-</td><td>2,72</td><td>2,88</td><td>13...</td><td>-</td><td>2,71</td><td>2,89</td><td>23...</td><td>-</td><td>2/</td><td>2,90</td></tr><tr><td>4......</td><td>-</td><td>2,71</td><td>2,87</td><td>14...</td><td>-</td><td>2,70</td><td>2,89</td><td>24...</td><td>-</td><td>2,70</td><td>2,91</td></tr><tr><td>5......</td><td>-</td><td>2,70</td><td>2,87</td><td>15...</td><td>-</td><td>2/</td><td>2,89</td><td>25...</td><td>-</td><td>2,70</td><td>2,92</td></tr><tr><td>6......</td><td>-</td><td>2,70</td><td>2,86</td><td>16...</td><td>-</td><td>2,70</td><td>2,88</td><td>26...</td><td>-</td><td>2,71</td><td>2,92</td></tr><tr><td>7......</td><td>-</td><td>2,72</td><td>2,87</td><td>17...</td><td>-</td><td>2,70</td><td>2,89</td><td>27...</td><td>-</td><td>2,71</td><td>2,93</td></tr><tr><td>8......</td><td>-</td><td>2/</td><td>2,87</td><td>18...</td><td>-</td><td>2,70</td><td>2,90</td><td>28...</td><td>-</td><td>2,71</td><td>2,94</td></tr><tr><td>9......</td><td>-</td><td></td><td></td><td>19...</td><td>-</td><td>2,70</td><td></td><td>Mar. 1...</td><td>-</td><td>5/</td><td>2,94</td></tr><tr><td></td><td></td><td></td><td></td><td>20...</td><td>-</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: Treasury bonds included in the averages, beginning 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 ten years. For the convenience of the user, the closing of these averages, see "Treasury Bulletin" for March 1948, 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 26. Treasury bond yields are computed on the basis of the mean of closing bid and ask quotes in the New York Stock Exchange market as reported to the Treasury by the Federal Reserve Bank of New York. For the convenience of the user, 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 high-grade issues traded 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 2-1/4%.
3/ As of December 31, 1949, the Consolidated Gas Electric Light and Power Company of Baltimore 2-3/4% of 1938 were dropped from the average, having been called.
4/ As of October 20, 1950, the Standard Oil Company of California 2-3/4% of 1959-60 were dropped from the average, having been called.
5/ Market closed.
April 1952
43
Office of the Secretary of the Treasury, Office of the Technical Staff
1)Monthly averages of daily figures
* Discontinued, see footnote Iacompor
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
44
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 of collections to Daily Treasury Statement</th><th>Total internal revenue collections</th><th>Corporation income and excise profits taxes $/</th><th>Total</th><th>Individual income tax not withheld $/</th><th>Individual income tax withheld and old-age insurance $/</th><th>Railroad retirement</th><th>Unemployment insurance</th></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>4,748,083</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>269,011</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>16,087,213</td><td>20,833,491</td><td>8,770,094</td><td>11,572,151</td><td>284,758</td><td>136,489</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,598</td><td>40,671,982</td><td>12,953,608</td><td>20,405,364</td><td>8,886,947</td><td>11,099,414</td><td>284,298</td><td>178,745</td></tr><tr><td>1947</td><td>39,379,409</td><td>+271,136</td><td>39,108,873</td><td>9,676,757</td><td>21,367,662</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>9,464,204</td><td>13,146,298</td><td>360,113</td><td>208,508</td></tr><tr><td>1949</td><td>40,307,289</td><td>-155,834</td><td>40,463,119</td><td>11,553,660</td><td>20,527,935</td><td>7,996,380</td><td>11,742,693</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>10,954,351</td><td>19,797,883</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>26,628,788</td><td>9,907,539</td><td>15,900,519</td><td>579,778</td><td>236,952</td></tr><tr><td>1951-July</td><td>2,608,091</td><td>-236,788</td><td>2,841,879</td><td>596,232</td><td>1,483,367</td><td>321,130</td><td>1,158,427</td><td>1,094</td><td>2,716</td></tr><tr><td>August</td><td>3,937,338</td><td>-956,050</td><td>4,931,431</td><td>809,964</td><td>3,765,894</td><td>115,624</td><td>3,600,104</td><td>35,586</td><td>14,580</td></tr><tr><td>September</td><td>6,398,800</td><td>+1,256,757</td><td>5,141,443</td><td>2,942,105</td><td>1,505,988</td><td>1,275,688</td><td>110,121</td><td>119,832</td><td>348</td></tr><tr><td>October</td><td>2,538,973</td><td>-303,329</td><td>2,841,902</td><td>511,878</td><td>1,446,694</td><td>214,684</td><td>1,226,529</td><td>1,990</td><td>3,400</td></tr><tr><td>November</td><td>3,739,949</td><td>-872,660</td><td>4,612,609</td><td>159,683</td><td>3,607,119</td><td>98,818</td><td>3,428,084</td><td>67,129</td><td>13,428</td></tr><tr><td>December</td><td>5,421,363</td><td>+1,315,233</td><td>4,106,130</td><td>2,648,691</td><td>668,862</td><td>309,529</td><td>274,604</td><td>84,482</td><td>117</td></tr><tr><td>1952-January</td><td>4,769,509</td><td>-43,595</td><td>4,813,105</td><td>807,868</td><td>3,177,945</td><td>2,329,955</td><td>814,231</td><td>3,877</td><td>29,782</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax £/</th><th>Estate and gift taxes</th><th>Liquor taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,169</td><td>780,792</td><td>41,702</td><td>862,065r</td><td>400,505r</td></tr><tr><td>1943</td><td>4,971,131</td><td>328,795</td><td>447,496</td><td>1,423,180</td><td>923,857</td><td>45,135</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,333,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,402</td></tr><tr><td>1945</td><td>6,999,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,288</td><td>1,206,516</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>332,121</td><td>676,832</td><td>2,526,162</td><td>1,165,919</td><td>87,676</td><td>1,414,717</td><td>1,489,329</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>1,550,842</td></tr><tr><td>1948</td><td>8,311,003</td><td>1,731</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>1,655,711r</td></tr><tr><td>1949</td><td>8,381,215</td><td>6,138</td><td>796,738</td><td>2,210,601</td><td>1,321,875</td><td>72,828</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1950</td><td>8,304,892</td><td>266</td><td>706,226</td><td>2,229,196</td><td>1,328,461</td><td>86,648</td><td>2,245,128</td><td>1,720,908</td></tr><tr><td>1951</td><td>9,433,328</td><td>-</td><td>729,730</td><td>2,546,808</td><td>1,380,396</td><td>93,107</td><td>2,840,690</td><td>1,842,598</td></tr><tr><td>1951-July</td><td>765,280</td><td>-</td><td>56,034</td><td>178,068</td><td>112,001</td><td>6,901</td><td>225,749</td><td>186,526</td></tr><tr><td>August</td><td>837,573</td><td>-</td><td>66,286</td><td>200,566</td><td>137,156</td><td>7,882</td><td>234,818</td><td>190,905</td></tr><tr><td>September</td><td>693,356</td><td>-</td><td>52,049</td><td>210,636</td><td>114,602</td><td>6,837</td><td>128,799</td><td>126,433</td></tr><tr><td>October</td><td>883,331</td><td>-</td><td>52,460</td><td>263,256</td><td>138,727</td><td>7,523</td><td>226,288</td><td>195,080</td></tr><tr><td>November</td><td>885,808</td><td>-</td><td>70,288</td><td>244,287</td><td>144,770</td><td>7,897</td><td>217,946</td><td>160,699</td></tr><tr><td>December</td><td>788,578</td><td>-</td><td>76,618</td><td>207,216</td><td>101,086</td><td>6,729</td><td>255,789</td><td>141,140</td></tr><tr><td>1952-January</td><td>827,791</td><td>-</td><td>64,563</td><td>197,060</td><td>152,924</td><td>6,711</td><td>236,183</td><td>170,350</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. Internal revenue is not included in the total receipts because the basis 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. Schedule A. Individual income tax. The tax base for the accounts is as follows: 1/ Include excise profits taxes formerly shown separately as follows: 2/ Just mentioned through 1947 (thereafter these collections are included in miscellaneous taxes); 3/ (thereafter, excise profits tax for ending after June 30, 1946). Profits Tax Act of 1940 (Title II of the Second Revenue Act of 1940, which was repealed for years ending December 31, 1945), and Vinson Act as amended (33 U.S.C. 496).
3/ Includes social security tax on self-employment income, imposed by the Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950. The tax is levied and collected as part of the individual income tax beginning with the taxable year 1951.
b/ Beginning January 1951, withheld income tax and social security employment taxes on employers and employees are paid into the Treasury in combined amounts without separation as 13% type of tax, pursuant to this Social Security Act Amendments of 1950. 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".
2/ For estimated 1951 breakdown, see Table 2, footnote 5.
3/ Repealed for years ending after June 30, 1945. Beginning July 1950, included under "Miscellaneous taxes".
r Revised.
45
April 1952
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Office of the Secretary of the Treasury, Office of the Technical Staff
B-165-M
46
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First 7 months of fiscal year</th><th colspan="2">Seventh month of fiscal year</th></tr><tr><th></th><th>1950</th><th>1951</th><th>1951</th><th>1952</th><th>1951 (January 1951)</th><th>1952 (January 1952)</th></tr><tr><td>Corporation income and excess profits taxes</td><td>10,854,351</td><td>14,387,569</td><td>5,268,867</td><td>7,956,082</td><td>297,457</td><td>807,468</td></tr><tr><td>Individual income tax and employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax not withheld</td><td>7,264,332</td><td>9,907,539</td><td>4,408,229</td><td>4,665,121</td><td>2,527,392</td><td>2,329,955</td></tr><tr><td>Income tax withheld and old-age insurance</td><td>11,762,377</td><td>15,900,519</td><td>7,686,674</td><td>10,612,099</td><td>868,752</td><td>814,231</td></tr><tr><td>Railroad retirement</td><td>548,038</td><td>579,778</td><td>285,915</td><td>314,050</td><td>1,855</td><td>3,877</td></tr><tr><td>Unemployment insurance</td><td>283,135</td><td>236,992</td><td>67,522</td><td>64,492</td><td>33,347</td><td>29,782</td></tr><tr><td>Total individual income tax and employment taxes</td><td>19,797,883</td><td>26,624,780</td><td>12,448,339</td><td>15,655,762</td><td>3,391,947</td><td>3,177,845</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>266</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Estate tax</td><td>657,441</td><td>638,523</td><td>368,609</td><td>427,432</td><td>72,071</td><td>62,811</td></tr><tr><td>Gift tax</td><td>48,785</td><td>91,207</td><td>14,344</td><td>10,787</td><td>8,047</td><td>1,752</td></tr><tr><td>Liquor taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>126,344</td><td>172,362</td><td>111,000</td><td>115,717</td><td>13,218</td><td>11,905</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,295,549</td><td>1,574,472</td><td>1,072,579</td><td>834,073</td><td>198,422</td><td>89,025</td></tr><tr><td>Distilled spirits, rectification tax</td><td>30,069</td><td>38,053</td><td>25,221</td><td>19,900</td><td>4,853</td><td>1,791</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,600</td><td>3,738</td><td>2,503</td><td>2,443</td><td>269</td><td>248</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>70,001</td><td>63,516</td><td>40,711</td><td>39,285</td><td>6,017</td><td>6,081</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>9,860</td><td>9,161</td><td>6,427</td><td>11,033</td><td>108</td><td>387</td></tr><tr><td>Stamps for distilled spirits intended for airport</td><td>9</td><td>12</td><td>8</td><td>19</td><td>1</td><td>2</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>738</td><td>1,090</td><td>733</td><td>770</td><td>139</td><td>56</td></tr><tr><td>Container stamps</td><td>11,825</td><td>14,921</td><td>10,142</td><td>7,410</td><td>1,965</td><td>790</td></tr><tr><td>Floor taxes</td><td>5</td><td>12</td><td>7</td><td>44,240</td><td>1</td><td>25,607</td></tr><tr><td>Fermented malt liquors</td><td>667,411</td><td>665,009</td><td>394,633</td><td>422,512</td><td>51,071</td><td>61,034</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>4,754</td><td>4,462</td><td>3,219</td><td>3,689</td><td>67</td><td>433</td></tr><tr><td>Total liquor taxes</td><td>2,219,196</td><td>2,546,808</td><td>1,667,183</td><td>1,501,089</td><td>276,131</td><td>197,060</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>42,112</td><td>44,220</td><td>26,382</td><td>26,439</td><td>3,431</td><td>3,711</td></tr><tr><td>Cigars (small)</td><td>58</td><td>56</td><td>33</td><td>28</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>8</td><td>7</td><td>4</td><td>5</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,242,385</td><td>1,293,966</td><td>757,372</td><td>838,175</td><td>118,632</td><td>133,533</td></tr><tr><td>Suff</td><td>7,139</td><td>7,235</td><td>4,261</td><td>3,125</td><td>365</td><td>365</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>35,070</td><td>33,870</td><td>20,103</td><td>15,478</td><td>3,000</td><td>1,379</td></tr><tr><td>Cigarette papers and tubes</td><td>984</td><td>1,041</td><td>690</td><td>543</td><td>90</td><td>32</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>1</td><td>1</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>1</td><td>1</td><td>*</td><td>17,472</td><td>13,698</td><td>13,698</td></tr><tr><td>Total tobacco taxes</td><td>1,328,464</td><td>1,380,396</td><td>808,806</td><td>901,267</td><td>125,824</td><td>152,924</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>50,156</td><td>56,105</td><td>31,892</td><td>32,905</td><td>4,853</td><td>3,976</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>23,823</td><td>28,679</td><td>16,501</td><td>13,099</td><td>2,944</td><td>1,991</td></tr><tr><td>Playing cards</td><td>10,545</td><td>8,222</td><td>5,580</td><td>4,291</td><td>621</td><td>744</td></tr><tr><td>Silver bullion sales or transfers</td><td>123</td><td>100</td><td>39</td><td>25</td><td>14</td><td>1</td></tr><tr><td>Total stamp taxes</td><td>84,648</td><td>93,107</td><td>54,011</td><td>50,440</td><td>8,431</td><td>6,711</td></tr><tr><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>77,610</td><td>97,238</td><td>63,503</td><td>51,844</td><td>10,835</td><td>10,313</td></tr><tr><td>Gasoline</td><td>526,732</td><td>569,048</td><td>340,518</td><td>395,786</td><td>43,700</td><td>60,260</td></tr><tr><td>Three and tubular</td><td>151,795</td><td>195,833</td><td>128,055</td><td>100,681</td><td>16,750</td><td>19,112</td></tr><tr><td>Automobile trucks and buses</td><td>123,630</td><td>121,285</td><td>69,625</td><td>70,718</td><td>15,992</td><td>12,035</td></tr><tr><td>Other automobiles and motorcycles</td><td>492,066</td><td>653,363</td><td>401,236</td><td>312,162</td><td>40,502</td><td>25,358</td></tr><tr><td>Parts and accessories for automobiles</td><td>88,733</td><td>119,475</td><td>68,018</td><td>81,324</td><td>8,591</td><td>13,787</td></tr><tr><td>Electrical energy</td><td>85,704</td><td>93,184</td><td>52,687</td><td>51,773</td><td>9,352</td><td>4,269</td></tr><tr><td>Electric, gas, and oil appliances</td><td>80,406</td><td>121,996</td><td>68,173</td><td>49,313</td><td>10,461</td><td>7,111</td></tr><tr><td>Electric light bulbs and tubes</td><td>20,726</td><td>30,284</td><td>15,197</td><td>14,881</td><td>3,941</td><td>2,330</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>42,085</td><td>128,187</td><td>48,161</td><td>66,098</td><td>19,440</td><td>18,779</td></tr><tr><td>Photograph records</td><td>5,769</td><td>7,007</td><td>4,113</td><td>4,838</td><td>689</td><td>113</td></tr><tr><td>Musical instruments</td><td>8,865</td><td>10,756</td><td>6,087</td><td>5,548</td><td>1,039</td><td>995</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>64,316</td><td>96,319</td><td>51,669</td><td>31,284</td><td>6,590</td><td>2,366</td></tr><tr><td>Matches</td><td>8,875</td><td>10,169</td><td>6,157</td><td>4,584</td><td>507</td><td>261</td></tr><tr><td>Business and store machines</td><td>30,012</td><td>44,491</td><td>24,043</td><td>26,133</td><td>3,853</td><td>3,842</td></tr><tr><td>Photographic apparatus</td><td>39,931</td><td>46,020</td><td>27,087</td><td>28,672</td><td>4,132</td><td>1,972</td></tr><tr><td>Sporting goods</td><td>18,969</td><td>17,862</td><td>9,507</td><td>11,358</td><td>1,500</td><td>723</td></tr><tr><td>Firearms, shells, and cartridges</td><td>9,351</td><td>17,846</td><td>10,807</td><td>6,577</td><td>1,151</td><td>422</td></tr><tr><td>Pistols and revolvers</td><td>481</td><td>762</td><td>349</td><td>695</td><td>56</td><td>49</td></tr><tr><td>Fountain and ball point pens, mechanical pencils, cigarette, cigar, and pipe lighters</td><td>-</td><td>-</td><td>-</td><td>667</td><td>-</td><td>661</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,836,053</td><td>2,383,677</td><td>1,394,984</td><td>1,311,462</td><td>198,094</td><td>178,844</td></tr></table>
Footnotes at end of table.
(Continued on following page)
April 1952
47
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="2">Fiscal year</th><th colspan="2">First 7 months of fiscal year</th><th colspan="2">Seventh month of fiscal year</th></tr><tr><th></th><th>1950</th><th>1951</th><th>1951</th><th>1952</th><th>1951 (January 1951)</th><th>1952 (January 1952)</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pure....................</td><td>45,761</td><td>57,604</td><td>32,135</td><td>29,097</td><td>9,331</td><td>8,487</td></tr><tr><td>Jewelry....................</td><td>190,860</td><td>210,239</td><td>115,235</td><td>122,277</td><td>26,438</td><td>27,174</td></tr><tr><td>Luggage....................</td><td>77,532</td><td>82,811</td><td>46,221</td><td>50,776</td><td>9,620</td><td>10,131</td></tr><tr><td>Toilet preparations............</td><td>94,992</td><td>106,339</td><td>61,275</td><td>65,697</td><td>12,222</td><td>11,948</td></tr><tr><td>Total retailers' excise taxes......</td><td>409,128</td><td>457,013</td><td>255,166</td><td>268,106</td><td>57,644</td><td>57,339</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sugar Act of 1937............</td><td>71,188</td><td>80,192</td><td>51,544</td><td>48,198</td><td>5,655</td><td>5,440</td></tr><tr><td>Telephones, telegraph, radio, and cable facilities</td><td>312,339</td><td>354,660</td><td>207,774</td><td>238,931</td><td>30,985</td><td>41,439</td></tr><tr><td>Local telephone service............</td><td>287,281</td><td>290,320</td><td>170,165</td><td>178,895</td><td>29,382</td><td>33,232</td></tr><tr><td>Transportation of oil by pipe line............</td><td>18,919</td><td>24,946</td><td>14,278</td><td>15,611</td><td>1,919</td><td>2,686</td></tr><tr><td>Transportation of persons, etc............</td><td>226,738</td><td>237,617</td><td>139,844</td><td>164,139</td><td>19,643</td><td>21,896</td></tr><tr><td>Transportation of property............</td><td>321,193</td><td>381,342</td><td>224,273</td><td>231,155</td><td>31,733</td><td>32,995</td></tr><tr><td>Leases of safe-deposit boxes............</td><td>9,554</td><td>9,569</td><td>5,096</td><td>5,676</td><td>730</td><td>772</td></tr><tr><td>Admissions to theaters, concerts, etc............</td><td>371,284</td><td>316,492</td><td>215,970</td><td>212,227</td><td>26,995</td><td>23,002</td></tr><tr><td>Admissions to cabarets, roof gardens, etc............</td><td>41,453</td><td>42,646</td><td>28,830</td><td>27,060</td><td>3,293</td><td>3,633</td></tr><tr><td>Club dues and initiation fees............</td><td>28,740</td><td>30,120</td><td>15,312</td><td>16,930</td><td>1,735</td><td>1,663</td></tr><tr><td>Bowling alleys, billiard tables, etc............</td><td>3,608</td><td>3,620</td><td>3,006</td><td>3,073</td><td>50</td><td>56</td></tr><tr><td>Coin operated devices............</td><td>20,174</td><td>20,731</td><td>10,933</td><td>16,981</td><td>448</td><td>330</td></tr><tr><td>Alcoholated and processed or renovated butter, and filled cheese............</td><td>12</td><td>11</td><td>6</td><td>2</td><td>*</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes 12/............</td><td>29,897</td><td>35</td><td>31</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Narcotics, including marijuana and special taxes............</td><td>667</td><td>866</td><td>411</td><td>461</td><td>40</td><td>61</td></tr><tr><td>Coconut and other vegetable oils processed............</td><td>15,897</td><td>19,088</td><td>10,902</td><td>9,012</td><td>939</td><td>1,191</td></tr><tr><td>National Firearms Act............</td><td>7</td><td>9</td><td>5</td><td>4</td><td>*</td><td>*</td></tr><tr><td>Diesel fuel 13/............</td><td>-</td><td>-</td><td>-</td><td>1,161</td><td>-</td><td>981</td></tr><tr><td>Wearing taxes 11/............</td><td>437</td><td>347</td><td>313</td><td>1,431</td><td>208</td><td>847</td></tr><tr><td>All other, including repealed taxes not shown separately</td><td>1,720,908</td><td>1,842,598</td><td>1,101,904</td><td>1,171,133</td><td>153,758</td><td>170,350</td></tr><tr><td>Total miscellaneous taxes............</td><td>8,304,892</td><td>9,433,328</td><td>5,665,007</td><td>5,641,717</td><td>899,990</td><td>821,791</td></tr><tr><td>Total miscellaneous internal revenues............</td><td>38,957,126</td><td>50,445,686</td><td>23,382,214</td><td>29,253,500</td><td>4,589,294</td><td>4,813,105</td></tr><tr><td>Total internal revenue collections............</td><td>+491,438</td><td>+660,409</td><td>+154,951</td><td>+159,567</td><td>-197,890</td><td>-43,595</td></tr><tr><td>Adjustment to Daily Treasury Statement............</td><td>39,448,607</td><td>51,106,095</td><td>23,537,164</td><td>29,413,067</td><td>4,391,445</td><td>4,769,509</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement).</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax; daily bill of exchange; tax payments by type of tax; and receipts 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/ Exclude 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, 1966), Excess 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 Unclaimed Act of 1913 (Title II, Sec. 96).
3/ Includes social security tax on self-employment income, imposed by the Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950. The tax is levied and collected as part of the individual income tax beginning with the taxable year 1951.
4/ Beginning January 1, 1955, with the Social Security Act of 1950, social security employment taxes on employers and employees are paid into the Treasury in combined amounts without separation as to type of tax, pursuant to the Social Security Act Amendments of 1950. The figures for prior periods have been combined accordingly in this table for purposes of
5/ Includes the Treasury Bulletin, issued in the March 1951 and preceding issues of the Federal Manual as a whole, the social security taxes are estimated at $2,810,749,969, leaving $13,089,769,209 as estimated income tax withheld (see 1951 Annual Report of the Secretary of the Treasury, page 723, and 1951 Annual Report of the Commissioner of Internal Revenue, pages 1 and 2). Corresponding figures for 1950 are $1,573,101,228 and $9,888,973,639.
6/ Repealed for years ending after June 30, 1945. Beginning July 1950, included under "Miscellaneous taxes".
7/ Includes floor taxes, effective November 1, 1951, under Revenue Act of 1951 (Public Law 183), approved October 20, 1951.
8/ Repealed, effective November 1, 1951, by Revenue Act of 1951.
9/ Includes talc tax on slate, effective November 1, 1950, as provided in the Revenue Act of 1950 (Public Law 614), approved September 23, 1950.
10/ Includes quick-freeze units, effective November 1, 1950, as provided in the Revenue Act of 1950.
11/ Effective November 1, 1951, under Revenue Act of 1951.
12/ Revenue Act of 1951, imported oleomargarine), effective July 1, 1950. Beginning July 1951, included in "All other, including repealed taxes not shown separately".
13/ Applies to diesel fuel used in highway vehicles, effective November 1, 1951, under Revenue Act of 1951. Less than $500.
48
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 $</th><th>Total paper money</th><th>Coin certificates $</th><th>Silver certificates</th><th>Treasury notes of 1890 $</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes $</th><th>National bank notes $</th></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,586</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>1,691</td><td>1</td><td>323</td><td>22,967</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>23,245</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>29,927</td><td>26,942</td><td>49</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>26,432</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-July</td><td>27,951</td><td>26,260</td><td>39</td><td>2,059</td><td>1</td><td>314</td><td>23,526</td><td>241</td><td>81</td></tr><tr><td>August</td><td>28,125</td><td>26,553</td><td>39</td><td>2,057</td><td>1</td><td>320</td><td>23,817</td><td>239</td><td>80</td></tr><tr><td>September</td><td>28,288</td><td>26,672</td><td>39</td><td>2,072</td><td>1</td><td>319</td><td>23,984</td><td>237</td><td>80</td></tr><tr><td>October</td><td>28,417</td><td>26,785</td><td>39</td><td>2,068</td><td>1</td><td>320</td><td>24,043</td><td>234</td><td>80</td></tr><tr><td>November</td><td>28,809</td><td>27,167</td><td>39</td><td>2,066</td><td>1</td><td>320</td><td>24,428</td><td>233</td><td>80</td></tr><tr><td>December</td><td>29,206</td><td>27,552</td><td>38</td><td>2,079</td><td>1</td><td>316</td><td>24,807</td><td>232</td><td>79</td></tr><tr><td>1952-January</td><td>28,386</td><td>26,755</td><td>38</td><td>1,966</td><td>1</td><td>308</td><td>24,135</td><td>229</td><td>79</td></tr><tr><td>February F.</td><td>28,465</td><td>26,835</td><td>38</td><td>1,998</td><td>1</td><td>312</td><td>24,179</td><td>228</td><td>79</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th>Money in circulation per capita (in dollars) 5/</th></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.61</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.13</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>199.76</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.33</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.31</td></tr><tr><td>1949</td><td>1,459</td><td>164</td><td>940</td><td>355</td><td>184.33</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>180.17</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-July</td><td>1,530</td><td>182</td><td>1,027</td><td>382</td><td>180.15</td></tr><tr><td>August</td><td>1,602</td><td>193</td><td>1,035</td><td>394</td><td>181.82</td></tr><tr><td>September</td><td>1,616</td><td>195</td><td>1,044</td><td>387</td><td>182.37</td></tr><tr><td>October</td><td>1,631</td><td>196</td><td>1,056</td><td>390</td><td>182.31</td></tr><tr><td>November</td><td>1,642</td><td>197</td><td>1,064</td><td>391</td><td>185.18</td></tr><tr><td>December</td><td>1,654</td><td>199</td><td>1,073</td><td>392</td><td>187.44</td></tr><tr><td>1952-January</td><td>1,631</td><td>188</td><td>1,055</td><td>388</td><td>181.95</td></tr><tr><td>February p</td><td>1,630</td><td>188</td><td>1,055</td><td>386</td><td>182.21</td></tr></table>
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 limite 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 1930 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.
April 1952
49
MONETARY STATISTICS
Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts in millions)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks (in percent)</th></tr><tr><td>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>3,689.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,208.4</td><td>14.3</td></tr><tr><td>1947</td><td>21,266.5</td><td>3,257.7</td><td>14.2</td></tr><tr><td>1948</td><td>23,532.5</td><td>3,572.0</td><td>13.2</td></tr><tr><td>1949</td><td>24,466.3</td><td>3,518.3</td><td>12.9</td></tr><tr><td>1950</td><td>24,230.7</td><td>3,672.5</td><td>13.2</td></tr><tr><td>1951</td><td>21,759.9</td><td>3,718.5</td><td>14.5</td></tr><tr><td>1950-December</td><td>22,706.1</td><td>3,697.1</td><td>14.0</td></tr><tr><td>1951-July</td><td>21,759.1</td><td>3,728.0</td><td>14.6</td></tr><tr><td>August</td><td>21,853.6</td><td>3,789.3</td><td>14.6</td></tr><tr><td>September</td><td>22,013.2</td><td>3,731.2</td><td>14.5</td></tr><tr><td>October</td><td>22,233.2</td><td>3,735.0</td><td>14.4</td></tr><tr><td>November</td><td>22,381.6</td><td>3,737.5</td><td>14.3</td></tr><tr><td>December</td><td>22,695.5</td><td>3,741.3</td><td>14.2</td></tr><tr><td>1952-January</td><td>22,951.1</td><td>3,746.3</td><td>14.0</td></tr><tr><td>February P.</td><td>23,190.0</td><td>3,749.5</td><td>13.9</td></tr></table>
Sources: 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>Gold certific- iates 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>13,197.4</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>17,218.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,929.0</td><td>19,330.5</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>1,093.9</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>24,827.1</td><td>23,217.9</td><td>156.0</td><td>-</td><td>1,093.2</td></tr><tr><td>1950</td><td>22,706.1</td><td>21,497.5</td><td>156.0</td><td>-</td><td>1,092.6</td></tr><tr><td>1951</td><td>22,695.5</td><td>21,206.5</td><td>156.0</td><td>-</td><td>1,092.9</td></tr><tr><td>1951-July</td><td>21,759.1</td><td>20,543.0</td><td>156.0</td><td>-</td><td>1,060.0</td></tr><tr><td>August</td><td>21,853.6</td><td>20,650.3</td><td>156.0</td><td>-</td><td>1,047.3</td></tr><tr><td>September</td><td>22,013.2</td><td>20,813.5</td><td>156.0</td><td>-</td><td>1,043.7</td></tr><tr><td>October</td><td>22,233.2</td><td>21,042.6</td><td>156.0</td><td>-</td><td>1,034.6</td></tr><tr><td>November</td><td>22,381.6</td><td>21,204.2</td><td>156.0</td><td>-</td><td>1,021.4</td></tr><tr><td>December</td><td>22,695.5</td><td>21,306.5</td><td>156.0</td><td>-</td><td>1,032.9</td></tr><tr><td>1952-January</td><td>22,551.1</td><td>21,769.8</td><td>156.0</td><td>-</td><td>1,025.3</td></tr><tr><td>February</td><td>23,190.0</td><td>22,930.6</td><td>156.0</td><td>-</td><td>1,003.4</td></tr></table>
Sources: 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 credite in (a) the gold certificate fund-
Board of Governors, Federal Reserve System, and (b) the redemption fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund. p Preliminary.
50
Treasury Bulletin
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29+ per fine ounce</th></tr><tr><th></th><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th colspan="2"></th><th></th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 1/</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>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1948</td><td>1,971.5</td><td>328.1</td><td>5.9</td><td>-</td><td>89.3</td><td>165.0</td><td>971.5</td><td>3,596.7</td></tr><tr><td>1949</td><td>2,003.2</td><td>321.9</td><td>11.4</td><td>-</td><td>94.4</td><td>171.0</td><td>932.2</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</td><td>2,073.5</td><td>301.0</td><td>1.7</td><td>-</td><td>82.0</td><td>191.3</td><td>1,083.1</td><td>3,741.3</td></tr><tr><td>1951-July</td><td>2,060.7</td><td>307.7</td><td>2.9</td><td>-</td><td>91.6</td><td>184.6</td><td>1,047.0</td><td>3,724.0</td></tr><tr><td>August</td><td>2,064.5</td><td>305.9</td><td>3.0</td><td>-</td><td>90.7</td><td>186.4</td><td>1,052.5</td><td>3,729.3</td></tr><tr><td>September</td><td>2,067.7</td><td>304.7</td><td>1.6</td><td>*</td><td>87.9</td><td>187.6</td><td>1,058.7</td><td>3,731.2</td></tr><tr><td>October</td><td>2,069.3</td><td>303.7</td><td>1.7</td><td>-</td><td>87.0</td><td>188.6</td><td>1,064.5</td><td>3,735.0</td></tr><tr><td>November</td><td>2,071.7</td><td>302.1</td><td>3.0</td><td>-</td><td>83.4</td><td>190.2</td><td>1,073.7</td><td>3,737.5</td></tr><tr><td>December</td><td>2,073.5</td><td>301.0</td><td>1.7</td><td>-</td><td>82.0</td><td>191.3</td><td>1,083.1</td><td>3,741.3</td></tr><tr><td>1952-January</td><td>2,076.5</td><td>300.7</td><td>7.4</td><td>.2</td><td>81.0</td><td>191.5</td><td>1,084.0</td><td>3,746.3</td></tr><tr><td>February p....</td><td>2,079.6</td><td>300.7</td><td>12.7</td><td>-</td><td>78.1</td><td>191.6</td><td>1,085.2</td><td>3,749.5</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for certain preliminary figures.
1/ Valued at $1.29+ per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government (see Daily Treasury Statement for amount). Does not include silver land-leased to foreign governments (these transactions all took place during the fiscal years 1942 through 1946; see 1946 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.
* Less than $50 thousand.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
1/
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calander year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="4">Silver acquisitions by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</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</td><td>.9</td><td>.6</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>21.1</td><td>4.9</td><td>4.4</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>38.6</td><td>30.3 4/</td><td>27.4 4/</td><td>-</td><td>-</td></tr><tr><td>1948</td><td>39.2</td><td>36.8</td><td>33.3</td><td>-</td><td>-</td></tr><tr><td>1949</td><td>34.9</td><td>33.0</td><td>29.9</td><td>-</td><td>-</td></tr><tr><td>1950</td><td>42.3</td><td>41.3</td><td>37.4</td><td>-</td><td>-</td></tr><tr><td>1951</td><td>40.0</td><td>36.1</td><td>32.7</td><td>-</td><td>-</td></tr><tr><td>1951-July</td><td>2.8</td><td>4.2</td><td>3.8</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2.8</td><td>4.1</td><td>3.7</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2.6</td><td>1.5</td><td>1.4</td><td>-</td><td>-</td></tr><tr><td>October</td><td>3.1</td><td>2.9</td><td>2.7</td><td>-</td><td>-</td></tr><tr><td>November</td><td>3.1</td><td>1.9</td><td>1.7</td><td>-</td><td>-</td></tr><tr><td>December</td><td>3.2</td><td>2.9</td><td>2.6</td><td>-</td><td>-</td></tr><tr><td>1952-January</td><td>3.8</td><td>3.9</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 U.S. Mint, dated 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
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.
April 1952
51
MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(Cumulative from January 1, 1935 - in millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th>Misc. silver (incl. silver bullion held June 1h, 1934)</th><th>Novly 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><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>-</td><td>226.2</td><td>34.5</td><td>325.2</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>428.1</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>497.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>138.1</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>594.3</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>368.3</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>596.5</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</td><td>642.3</td><td>48.7</td><td>87.6</td><td>114.6</td><td>833.6</td><td>34.7</td><td>1,119.2</td><td>81.9</td></tr><tr><td>1951-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><tr><td>August</td><td>627.4</td><td>48.7</td><td>87.6</td><td>111.8</td><td>833.6</td><td>34.7</td><td>1,116.4</td><td>96.6</td></tr><tr><td>September</td><td>628.5</td><td>48.7</td><td>87.6</td><td>112.8</td><td>833.6</td><td>34.7</td><td>1,117.4</td><td>91.8</td></tr><tr><td>October</td><td>636.9</td><td>48.7</td><td>87.6</td><td>113.3</td><td>833.6</td><td>34.7</td><td>1,117.9</td><td>90.9</td></tr><tr><td>November</td><td>641.4</td><td>48.7</td><td>87.6</td><td>114.0</td><td>833.6</td><td>34.7</td><td>1,118.6</td><td>86.0</td></tr><tr><td>December</td><td>642.3</td><td>48.7</td><td>87.6</td><td>114.6</td><td>833.6</td><td>34.7</td><td>1,119.2</td><td>81.9</td></tr><tr><td>1952-January</td><td>654.6</td><td>48.7</td><td>87.6</td><td>115.4</td><td>833.6</td><td>34.7</td><td>1,120.0</td><td>78.3</td></tr><tr><td>February</td><td>659.5</td><td>48.7</td><td>87.6</td><td>116.4</td><td>833.6</td><td>34.7</td><td>1,121.0</td><td>72.9</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.
52
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>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-h1.</td><td>5,354,071</td><td>3,770,982</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>1,286,993</td><td>1,168,058</td><td>13,772</td><td>27,767</td><td>77,696</td></tr><tr><td>1944.</td><td>631,354</td><td>148,594</td><td>8,529</td><td>210,733</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>334,153</td><td>395,284</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>-24,832</td></tr><tr><td>1949.</td><td>194,498</td><td>90,846</td><td>610</td><td>75,203</td><td>27,800</td></tr><tr><td>1950.</td><td>1,757,618</td><td>950,583 1/</td><td>7,992</td><td>944,430</td><td>-145,387</td></tr><tr><td>1951 p.</td><td>-386,277 r</td><td>555,293</td><td>-9,128</td><td>-558,603 r</td><td>-375,839 r</td></tr><tr><td>1951-July.</td><td>-134,712</td><td>-105,025</td><td>-114</td><td>-45,248</td><td>15,575</td></tr><tr><td>August.</td><td>26,479</td><td>212,995</td><td>-8,005</td><td>-131,338</td><td>925</td></tr><tr><td>September.</td><td>91,899</td><td>70,710</td><td>1,219</td><td>-20,672</td><td>541</td></tr><tr><td>October.</td><td>-56,202</td><td>363,581</td><td>-7,494</td><td>-243,868</td><td>-168,401</td></tr><tr><td>November.</td><td>23,498</td><td>861</td><td>-197</td><td>12,171</td><td>10,583</td></tr><tr><td>December p.</td><td>-26,730 r</td><td>42,911 r</td><td>-1,501</td><td>-5,758</td><td>-66,382</td></tr><tr><td>1952-January p.</td><td>-65,831</td><td>-80,388 2/</td><td>1,995</td><td>7,905 3/</td><td>4,697 3/</td></tr></table>
1/ See Table 2, footnote 1. p Preliminary.
2/ See Table 2, footnote 2. r Revised.
3/ See Table 4, footnote 2.
4/ See Table 5, footnote 1.
April 1952
53
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Short-term claims on foreigners</th><th colspan="4">Short-term liabilities to foreigners</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,993</td><td>3,958,716</td></tr><tr><td>1943</td><td>297,929</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>5,296,772</td><td>4,396,901</td><td>1,218,533</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,958</td><td>25,946</td><td>6,930,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,266</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,776,009</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>100,372</td><td>361,197</td><td>557,132</td><td>7,717,960</td><td>5,203,820</td><td>2,437,751</td><td>70,389</td><td>6,699,260</td></tr><tr><td>1949</td><td>827,894</td><td>110,804</td><td>222,719</td><td>494,331</td><td>7,617,999</td><td>5,073,586</td><td>2,493,334</td><td>51,039</td><td>6,700,105</td></tr><tr><td>1950</td><td>897,966</td><td>240,583</td><td>151,115</td><td>506,268</td><td>8,044,772 1/</td><td>5,503,872 1/</td><td>3,099,992 1/</td><td>44,911</td><td>7,746,809 1/</td></tr><tr><td>1951 p.</td><td>969,944</td><td>91,362</td><td>176,883</td><td>701,699</td><td>9,272,046</td><td>5,375,330</td><td>3,884,149</td><td>72,217</td><td>8,302,102</td></tr><tr><td>1951-July</td><td>939,940</td><td>194,083</td><td>150,018</td><td>595,839</td><td>8,551,103</td><td>5,268,871</td><td>3,227,800</td><td>54,432</td><td>7,611,163</td></tr><tr><td>August</td><td>947,467</td><td>172,203</td><td>154,726</td><td>620,538</td><td>8,771,526</td><td>5,231,640</td><td>3,484,175</td><td>55,411</td><td>7,824,059</td></tr><tr><td>September</td><td>897,447</td><td>135,505</td><td>155,953</td><td>605,989</td><td>8,792,216</td><td>5,262,205</td><td>3,430,045</td><td>49,966</td><td>7,894,769</td></tr><tr><td>October</td><td>918,053</td><td>134,072</td><td>153,815</td><td>660,166</td><td>9,176,403</td><td>5,217,228</td><td>3,903,967</td><td>55,208</td><td>8,258,350</td></tr><tr><td>November</td><td>943,092</td><td>112,502</td><td>169,539</td><td>661,051</td><td>9,202,283</td><td>5,267,088</td><td>3,875,204</td><td>59,991</td><td>8,259,191</td></tr><tr><td>December p.</td><td>969,944</td><td>91,362</td><td>176,883</td><td>701,699</td><td>9,272,046</td><td>5,375,330</td><td>3,884,149</td><td>72,217</td><td>8,302,102</td></tr><tr><td>1952-January p.</td><td>995,895</td><td>79,410</td><td>177,535</td><td>738,910</td><td>9,217,969 2/</td><td>5,202,787 2/</td><td>3,908,758 2/</td><td>105,984</td><td>8,221,714 2/</td></tr></table>
1/ Beginning 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.
2/ Includes for the first time balances in certain accounts held with the
U. S. Treasury which had been previously excluded from reported liabilities. See Section III A, Table 2, footnote 2 for details. p. Preliminary.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net movement of short-term banking funds</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1955-41.</td><td>735,307</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>3,770,982</td></tr><tr><td>1954</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>554,128</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>-118,922</td><td>-268,954</td><td>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947</td><td>-280,683</td><td>-67,320</td><td>26,773</td><td>-200,136</td><td>636,207</td><td>113,384</td><td>511,788</td><td>9,035</td><td>395,284</td></tr><tr><td>1948</td><td>-69,764</td><td>65,068</td><td>-48,331</td><td>-66,501</td><td>601,241</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>62,802</td><td>-100,001</td><td>-130,234</td><td>55,583</td><td>-19,150</td><td>90,945</td></tr><tr><td>1950</td><td>-76,233</td><td>-129,779</td><td>65,433</td><td>-11,937</td><td>1,026,816</td><td>430,286</td><td>602,698</td><td>-6,128</td><td>950,583</td></tr><tr><td>1951 p</td><td>-71,978</td><td>149,221</td><td>-25,768</td><td>-195,431</td><td>687,271</td><td>-128,492</td><td>788,457</td><td>27,306</td><td>555,593</td></tr><tr><td>1951-July</td><td>-917</td><td>7,299</td><td>13,942</td><td>-22,158</td><td>-104,108</td><td>-146,056</td><td>44,317</td><td>-2,369</td><td>-109,025</td></tr><tr><td>August</td><td>-1,527</td><td>21,880</td><td>-4,708</td><td>-24,699</td><td>220,423</td><td>-37,231</td><td>256,675</td><td>979</td><td>212,896</td></tr><tr><td>September</td><td>50,280</td><td>36,698</td><td>-1,227</td><td>14,249</td><td>80,690</td><td>30,965</td><td>-4,140</td><td>-5,845</td><td>70,710</td></tr><tr><td>October</td><td>-20,606</td><td>31,433</td><td>2,138</td><td>-54,177</td><td>384,187</td><td>44,977</td><td>423,922</td><td>5,242</td><td>363,581</td></tr><tr><td>November</td><td>-25,039</td><td>-15,130</td><td>-15,724</td><td>-885</td><td>25,860</td><td>49,860</td><td>-28,763</td><td>4,783</td><td>841</td></tr><tr><td>December p.</td><td>-66,092</td><td>21,140</td><td>-7,344</td><td>-40,648</td><td>69,763</td><td>108,898</td><td>-50,755</td><td>12,286</td><td>42,911</td></tr><tr><td>1952-January p.</td><td>-25,911</td><td>11,992</td><td>-652</td><td>-37,211</td><td>-54,477</td><td>-172,932</td><td>84,349</td><td>33,767</td><td>-80,388</td></tr></table>
1/ See Table 2, footnote 1.
2/ See Table 2, footnote 2.
p Preliminary. r Revised.
54
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 purchase</th><th>Total sales</th><th>Net purchases of domestic securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchase</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>131,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,255</td><td>70,744</td><td>396,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,053</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>266,244</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>397,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>631,940</td><td>731,045</td><td>-133,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947</td><td>226,089</td><td>376,674</td><td>-150,585</td><td>344,805</td><td>283,275</td><td>61,530</td><td>570,894</td><td>659,940</td><td>-89,045</td></tr><tr><td>1948</td><td>369,736</td><td>514,059</td><td>-144,323</td><td>282,415</td><td>330,307</td><td>-47,892</td><td>656,151</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>784,098</td><td>708,895</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>1951 p</td><td>739,789</td><td>619,457</td><td>120,332</td><td>823,551r</td><td>1,502,466r</td><td>-678,935r</td><td>1,563,340r</td><td>2,121,943r</td><td>-558,603r</td></tr><tr><td>1951-July</td><td>43,383</td><td>38,919</td><td>4,464</td><td>38,144</td><td>87,756</td><td>-49,612</td><td>81,527</td><td>126,675</td><td>-45,148</td></tr><tr><td>August</td><td>59,223</td><td>49,765</td><td>9,458</td><td>44,494</td><td>237,250</td><td>-192,796</td><td>103,677</td><td>287,015</td><td>-183,338</td></tr><tr><td>September</td><td>70,346</td><td>47,675</td><td>22,671</td><td>17,459</td><td>60,801</td><td>-43,342</td><td>87,805</td><td>108,476</td><td>-20,671</td></tr><tr><td>October</td><td>83,439</td><td>55,947</td><td>27,552</td><td>31,139</td><td>302,279</td><td>-271,440</td><td>114,638</td><td>358,266</td><td>-243,888</td></tr><tr><td>November</td><td>92,881</td><td>52,751</td><td>40,130</td><td>38,511</td><td>26,470</td><td>12,041</td><td>91,392</td><td>79,221</td><td>12,171</td></tr><tr><td>December p</td><td>54,943</td><td>43,195</td><td>11,748</td><td>35,350</td><td>50,856</td><td>-15,506</td><td>90,293</td><td>94,051</td><td>-3,758</td></tr><tr><td>1952-January p</td><td>66,723</td><td>57,106</td><td>9,617</td><td>29,992</td><td>31,704 2/</td><td>-1,712 2/</td><td>96,715</td><td>88,810 2/</td><td>7,905 2/</td></tr></table>
1/ January 4, 1940, through December 31, 1941; the breakdown between stocks and bonds is not available for earlier years.
2/ Includes for the first time certain transactions in long-term securities performed by the U. S. Treasury on behalf of foreigners which had been
previously excluded from reported transactions. See Section III A, Table 3, footnote l, for details. Preliminary. Revised.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of foreign securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935=41</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>4,008,188</td><td>3,152,640</td><td>855,548</td></tr><tr><td>1942</td><td>n.e.</td><td>n.e.</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</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>314,262</td><td>225,289</td><td>88,973</td><td>360,863</td><td>391,949</td><td>77,996</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>596,096</td><td>265,287</td></tr><tr><td>1946</td><td>65,247</td><td>65,610</td><td>-363</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>1947</td><td>57,118</td><td>42,558</td><td>15,560</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>1948</td><td>81,715</td><td>95,744</td><td>-15,029</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>1949</td><td>88,815</td><td>70,788</td><td>18,027</td><td>569,232</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</td><td>173,708</td><td>198,168</td><td>-24,380</td><td>500,979</td><td>800,423</td><td>-299,444</td><td>773,230</td><td>1,149,069</td><td>-375,839</td></tr><tr><td>1951 p...</td><td>272,251</td><td>348,046 r</td><td>-76,595</td><td>45,429</td><td>28,152</td><td>17,277</td><td>61,788</td><td>46,213</td><td>15,575</td></tr><tr><td>1951=July</td><td>16,359</td><td>18,061</td><td>-1,702</td><td>45,429</td><td>28,152</td><td>17,277</td><td>40,665</td><td>39,739</td><td>986</td></tr><tr><td>August</td><td>19,567</td><td>19,649</td><td>-82</td><td>21,098</td><td>20,090</td><td>1,008</td><td>100,234</td><td>99,593</td><td>641</td></tr><tr><td>September</td><td>26,602</td><td>26,608</td><td>-6</td><td>73,632</td><td>72,905</td><td>647</td><td></td><td></td><td></td></tr><tr><td>October</td><td>25,200</td><td>21,366</td><td>3,834</td><td>53,902</td><td>226,137</td><td>-172,235</td><td>79,102</td><td>287,503</td><td>-168,401</td></tr><tr><td>November</td><td>24,153</td><td>47,642</td><td>-23,489</td><td>73,734</td><td>39,556</td><td>34,178</td><td>97,887</td><td>87,204</td><td>10,683</td></tr><tr><td>December p...</td><td>24,377</td><td>82,597</td><td>-58,220</td><td>38,613</td><td>16,775</td><td>-8,168</td><td>62,990</td><td>129,372</td><td>-66,382</td></tr><tr><td>1952=January p...</td><td>33,975</td><td>29,504</td><td>4,471</td><td>32,091 1/</td><td>31,905</td><td>186 1/</td><td>66,066 1/</td><td>61,409</td><td>4,697 1/</td></tr></table>
1/ Includes for the first time certain transactions in long-term securities performed by the U.S. Treasury on behalf of foreigners which had been previously excluded from reported transactions. See Section III A, Table 3, footnote 1, for details.
n.s. Not available.
p Preliminary.
r Revised.
April 1952
55
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="4">Net capital movement 1951</th><th colspan="4">Short-term banking funds 1951</th><th>1952</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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></tr><tr><td>Austria</td><td>2,815</td><td>4,444</td><td>1,161</td><td>-5,700r</td><td>-25</td><td>2,943</td><td>3,791</td><td>1,770</td><td>-287</td></tr><tr><td>Belgium</td><td>-11,086</td><td>10,375</td><td>-1,047</td><td>-21,058r</td><td>-4,807</td><td>-11,083</td><td>8,659</td><td>-2,017</td><td>-5,290</td></tr><tr><td>Czechoslovakia</td><td>-165</td><td>-453</td><td>37</td><td>-290</td><td>-636</td><td>-172</td><td>-430</td><td>45</td><td>-686</td></tr><tr><td>Denmark</td><td>3,882</td><td>2,528</td><td>-467</td><td>-52r</td><td>-389</td><td>3,617</td><td>2,173</td><td>-765</td><td>-463</td></tr><tr><td>Finland</td><td>-2,000</td><td>785</td><td>3,318</td><td>-782r</td><td>2,294</td><td>-2,004</td><td>779</td><td>3,388</td><td>2,574</td></tr><tr><td>France</td><td>-15,731</td><td>48,580</td><td>-14,196</td><td>33,566r</td><td>-35,594</td><td>3,773</td><td>47,147</td><td>-15,415</td><td>-37,047</td></tr><tr><td>Germany £</td><td>18,700</td><td>-16,343</td><td>-30,051</td><td>-50,009r</td><td>-12,299</td><td>18,725</td><td>-16,338</td><td>-30,030</td><td>-12,319</td></tr><tr><td>Greece</td><td>708</td><td>-1,960</td><td>2,107</td><td>4,536r</td><td>-6,787</td><td>714</td><td>-1,977</td><td>2,108</td><td>-6,874</td></tr><tr><td>Italy</td><td>9,886</td><td>2,111</td><td>8,811</td><td>4,443r</td><td>-13,694</td><td>9,825</td><td>2,344</td><td>8,592</td><td>-13,287</td></tr><tr><td>Netherlands</td><td>3,934</td><td>-6,530</td><td>17,170</td><td>-9,897r</td><td>4,337</td><td>4,659</td><td>-3,012</td><td>21,078</td><td>7,013</td></tr><tr><td>Norway</td><td>2,177</td><td>4,769</td><td>-7,496</td><td>34r</td><td>-1,456</td><td>3,156</td><td>3,257</td><td>-7,210</td><td>-201r</td></tr><tr><td>Poland</td><td>293</td><td>102</td><td>403</td><td>85</td><td>-419</td><td>114</td><td>102</td><td>890</td><td>199</td></tr><tr><td>Romania</td><td>6,493</td><td>-11,614</td><td>-1,109</td><td>5,237r</td><td>-2,082</td><td>6,567</td><td>-11,283</td><td>-1,070</td><td>5,195r</td></tr><tr><td>Spain</td><td>316</td><td>-58</td><td>33</td><td>159r</td><td>-99</td><td>316</td><td>-58</td><td>33</td><td>159r</td></tr><tr><td>Sweden</td><td>9,559</td><td>-374</td><td>1,917</td><td>-1,212r</td><td>-611</td><td>9,687</td><td>-469</td><td>1,955</td><td>-3,257r</td></tr><tr><td>Switzerland</td><td>1,487</td><td>-5,856</td><td>-5,161</td><td>-8,734r</td><td>-6,261</td><td>1,335</td><td>-5,847</td><td>-5,272</td><td>-8,805r</td></tr><tr><td>U. S. S. R.</td><td>16,220</td><td>-8,195</td><td>18,334</td><td>9,044r</td><td>16,598</td><td>3,792</td><td>-18,391</td><td>14,384</td><td>12,068r</td></tr><tr><td>United Kingdom</td><td>577</td><td>-1,592</td><td>-199</td><td>215r</td><td>1,735</td><td>577</td><td>-1,592</td><td>-215</td><td>1,730</td></tr><tr><td>Yugoslavia</td><td>22,121</td><td>45,160</td><td>50,871</td><td>55,051r</td><td>14,960</td><td>25,447</td><td>49,210</td><td>46,252</td><td>50,474r</td></tr><tr><td>Other Europe</td><td>733</td><td>-540</td><td>1,777</td><td>-1,407</td><td>2,118</td><td>732</td><td>-461</td><td>1,777</td><td>-1,472</td></tr><tr><td>Total Europe</td><td>73,130</td><td>63,935</td><td>46,243</td><td>18,283r</td><td>-40,820</td><td>83,307</td><td>56,438</td><td>38,829</td><td>10,453r</td></tr><tr><td>Canada</td><td>7,371</td><td>-78,421</td><td>-15,892</td><td>5,237r</td><td>18,603</td><td>12,539</td><td>233,505</td><td>-23,556</td><td>79,980r</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-8,167</td><td>-13,135</td><td>-21,452</td><td>-26,792r</td><td>-24,138</td><td>-7,568</td><td>-13,552</td><td>-21,042</td><td>-27,070r</td></tr><tr><td>Bolivia</td><td>5,001</td><td>-1,570</td><td>945</td><td>659r</td><td>-1,563</td><td>5,048</td><td>-1,503</td><td>926</td><td>2,583r</td></tr><tr><td>Brazil</td><td>-33,001</td><td>-27,410</td><td>-30,254</td><td>-29,759r</td><td>-23,045</td><td>-33,534</td><td>-28,278</td><td>-31,319</td><td>-30,972r</td></tr><tr><td>Chile</td><td>-4,398</td><td>-4,016</td><td>-6,768</td><td>4,275r</td><td>1,441</td><td>-4,726</td><td>-4,104</td><td>-7,005</td><td>4,377r</td></tr><tr><td>Colombia</td><td>-4,607</td><td>17,028</td><td>22,130</td><td>22,247r</td><td>-4,449</td><td>-5,285</td><td>13,912</td><td>22,017</td><td>22,699r</td></tr><tr><td>Cuba</td><td>-16,173</td><td>-3,869</td><td>-19,568</td><td>-34,648r</td><td>283</td><td>-16,437</td><td>-3,187</td><td>-19,888</td><td>-35,795r</td></tr><tr><td>Dominican Republic</td><td>-2,019</td><td>-6,668</td><td>-621</td><td>2,122</td><td>-74</td><td>-2,030</td><td>-6,691</td><td>-638</td><td>2,107</td></tr><tr><td>Guatemala</td><td>-2,580</td><td>-1,968</td><td>1,159</td><td>1,055r</td><td>7,604</td><td>-2,544</td><td>-2,014</td><td>1,125</td><td>999r</td></tr><tr><td>Mexico</td><td>19,330</td><td>1,006</td><td>-3,375</td><td>-2,575r</td><td>-28,154</td><td>15,241</td><td>1,498</td><td>-4,408</td><td>-4,319r</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>2,559</td><td>191</td><td>748</td><td>4,660r</td><td>-3,014</td><td>2,556</td><td>25</td><td>765</td><td>3,832r</td></tr><tr><td>Peru</td><td>-1,925</td><td>-2,850</td><td>-1,821</td><td>-4,692r</td><td>2,282</td><td>-2,112</td><td>-2,887</td><td>-1,401</td><td>-541r</td></tr><tr><td>Republic of Panama</td><td>-5,295</td><td>6,352</td><td>-1,321</td><td>3,538</td><td>-2,629</td><td>-8,121</td><td>5,258</td><td>837</td><td>2,323</td></tr><tr><td>El Salvador</td><td>-5,330</td><td>-7,402</td><td>-4,579</td><td>-1,807r</td><td>8,728</td><td>-5,340</td><td>-7,200</td><td>-4,593</td><td>-1,830r</td></tr><tr><td>Uruguay</td><td>-2,968</td><td>-406</td><td>8,350</td><td>1,439r</td><td>-12,221</td><td>-2,513</td><td>-1,086</td><td>8,060</td><td>432r</td></tr><tr><td>Venezuela</td><td>18,214</td><td>-7,523</td><td>12,768</td><td>16,067r</td><td>2,624</td><td>18,329</td><td>-7,421</td><td>12,319</td><td>16,720r</td></tr><tr><td>Other Latin America</td><td>-1,003</td><td>612</td><td>2,036</td><td>-3,709r</td><td>12,271</td><td>-1,070</td><td>512</td><td>1,965</td><td>-3,276r</td></tr><tr><td>Total Latin America</td><td>-46,322</td><td>-51,628</td><td>-41,623</td><td>-43,397r</td><td>-64,094</td><td>-54,106</td><td>-56,428</td><td>-42,286</td><td>-47,924r</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>-630r</td><td>223r</td><td>1,083</td><td>1,319r</td><td>-2,361</td><td>-745r</td><td>32r</td><td>1,057</td><td>1,250r</td></tr><tr><td>Formosa</td><td>4,755r</td><td>-3,734r</td><td>-2,450</td><td>-1,098r</td><td>-4,214</td><td>4,769r</td><td>-3,816r</td><td>-2,465</td><td>-1,011r</td></tr><tr><td>Hong Kong</td><td>-1,621</td><td>1,389</td><td>3,640</td><td>4,11r</td><td>9,995</td><td>-2,405</td><td>-368</td><td>2,203</td><td>5,286</td></tr><tr><td>India</td><td>7,239</td><td>-6,653</td><td>-5,618</td><td>4,359r</td><td>-4,931</td><td>7,096</td><td>-6,671</td><td>-5,690</td><td>4,355r</td></tr><tr><td>Indonesia</td><td>5,195</td><td>-49,743</td><td>1,115</td><td>11,555r</td><td>-8,949</td><td>15,198</td><td>-44,745</td><td>1,138</td><td>11,999r</td></tr><tr><td>Iran</td><td>-1,431</td><td>-4,910</td><td>280</td><td>2,969r</td><td>1,814</td><td>-1,418</td><td>-4,913</td><td>290</td><td>2,955r</td></tr><tr><td>Israel</td><td>-9,023</td><td>-5,428</td><td>-4,360</td><td>2,452r</td><td>-17,674</td><td>-6,431</td><td>241</td><td>71</td><td>9,062r</td></tr><tr><td>Japan</td><td>50,923</td><td>46,530</td><td>27,515</td><td>25,042r</td><td>40,044</td><td>51,156</td><td>46,380</td><td>27,288</td><td>25,198r</td></tr><tr><td>Philippines</td><td>-9,111</td><td>-17,751</td><td>-13,001</td><td>-19,152r</td><td>2,652</td><td>-2,130</td><td>-17,754</td><td>-12,977</td><td>-19,204r</td></tr><tr><td>Thailand</td><td>7,375</td><td>8,037</td><td>6,339</td><td>3,741</td><td>12,429</td><td>7,373</td><td>6,338</td><td>6,337</td><td>7,794r</td></tr><tr><td>Turkey</td><td>-6,394</td><td>-9,560</td><td>8,960</td><td>2,989r</td><td>-279</td><td>-498</td><td>-9,574</td><td>8,990</td><td>2,837r</td></tr><tr><td>Other Asia</td><td>-6,709</td><td>11,180</td><td>-11,968</td><td>938r</td><td>-2,166</td><td>-6,583</td><td>-11,196</td><td>-12,119</td><td>613r</td></tr><tr><td>Total Asia</td><td>46,128</td><td>-30,420</td><td>11,563</td><td>38,022r</td><td>21,260</td><td>58,018</td><td>-23,961</td><td>14,639</td><td>43,796r</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>3,323</td><td>13,255</td><td>6,484</td><td>2,640r</td><td>-4,500</td><td>3,056</td><td>12,702</td><td>6,310</td><td>2,297r</td></tr><tr><td>Belgian Congo</td><td>-2,686</td><td>2,694</td><td>566</td><td>2,821</td><td>267</td><td>-2,687</td><td>2,692</td><td>567</td><td>2,822</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>2,046</td><td>444</td><td>-393</td><td>8,599r</td><td>10,720</td><td>2,777</td><td>474</td><td>-392</td><td>8,593r</td></tr><tr><td>Union of South Africa</td><td>-9,286</td><td>5,266</td><td>-1,447</td><td>-6,220</td><td>2,261</td><td>-2,290</td><td>2,204</td><td>-1,612</td><td>-4,473</td></tr><tr><td>Other</td><td>4,015</td><td>6,425</td><td>11,362</td><td>2,232r</td><td>2,486</td><td>2,774</td><td>6,750</td><td>10,747</td><td>2,105r</td></tr><tr><td>Total other countries</td><td>-1,988</td><td>28,004</td><td>16,572</td><td>10,078r</td><td>11,234</td><td>-3,370</td><td>27,822</td><td>15,680</td><td>9,344r</td></tr><tr><td>International</td><td>-26,420</td><td>12,328</td><td>6,645</td><td>-56,893</td><td>-12,014</td><td>-25,678</td><td>126,201</td><td>-2,405</td><td>-52,738</td></tr><tr><td>Grand total</td><td>51,999</td><td>-56,202</td><td>23,498</td><td>-28,730r</td><td>-65,831</td><td>70,710</td><td>363,581</td><td>841</td><td>42,911r</td></tr></table>
1/ Beginning March 1947, includes transactions in accounts opened by occupation authorities for foreign trade purposes.
2/ See Table 3, footnote 2.
p Preliminary. r Revied.
Treasury Bulletin
56
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="4">Movement in brokerage balances</th><th colspan="4">Transactions in long-term securities, domestic and foreign</th></tr><tr><th></th><th colspan="4">1951</th><th colspan="4">1952</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>September</th><th>October</th><th>November</th><th>December p</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>-2</td><td>274</td><td>-278</td><td>-14</td><td>4</td><td>389</td><td>-31</td><td>5</td></tr><tr><td>Belgium</td><td>35</td><td>-33</td><td>330</td><td>-1,023</td><td>762</td><td>2,149</td><td>640</td><td>2,805</td></tr><tr><td>Czechoslovakia</td><td>1</td><td>-1</td><td>-1</td><td>-1</td><td>6</td><td>-23</td><td>-8</td><td>-17</td></tr><tr><td>Denmark</td><td>64</td><td>-40</td><td>80</td><td>-59</td><td>201</td><td>395</td><td>218</td><td>299</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-13</td><td>15</td><td>4</td><td>6</td><td>3</td><td>61</td></tr><tr><td>France</td><td>-280</td><td>179</td><td>602</td><td>-294</td><td>-19,224</td><td>1,214</td><td>617</td><td>1,447</td></tr><tr><td>Germany</td><td>-66</td><td>13</td><td>-38</td><td>57</td><td>41</td><td>-18</td><td>17</td><td>-12</td></tr><tr><td>Greece</td><td>-4</td><td>-21</td><td>-3</td><td>-</td><td>-2</td><td>38</td><td>7</td><td>-10</td></tr><tr><td>Italy</td><td>209</td><td>-92</td><td>24</td><td>-504</td><td>452</td><td>-141</td><td>203</td><td>372</td></tr><tr><td>Netherlands</td><td>639</td><td>-1,946</td><td>298</td><td>672</td><td>-1,364</td><td>-1,572</td><td>-4,206</td><td>-817</td></tr><tr><td>Norway</td><td>-68</td><td>172</td><td>-105</td><td>92</td><td>-911</td><td>1,040</td><td>-181</td><td>143</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>113</td><td>-113</td><td>129</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Portugal</td><td>-23</td><td>27</td><td>-39</td><td>37</td><td>-51</td><td>-360</td><td>-</td><td>5</td></tr><tr><td>Romania</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>-86</td><td>101</td><td>7</td><td>-27</td><td>82</td><td>-42</td><td>-45</td><td>2,062</td></tr><tr><td>Sweden</td><td>472</td><td>-</td><td>113</td><td>45</td><td>7</td><td>-280</td><td>-2</td><td>26</td></tr><tr><td>Switzerland</td><td>298</td><td>-1,004</td><td>53</td><td>-9</td><td>12,170</td><td>11,400</td><td>3,957</td><td>-2,415</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>16</td><td>-</td></tr><tr><td>United Kingdom</td><td>-232</td><td>-668</td><td>1,197</td><td>686</td><td>-3,094</td><td>-3,382</td><td>3,422</td><td>3,931</td></tr><tr><td>Yugoslavia</td><td>1</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-79</td><td>-</td><td>66</td></tr><tr><td>Other Europe</td><td>38</td><td>69</td><td>-3</td><td>99</td><td>66</td><td>-175</td><td>454</td><td>192</td></tr><tr><td>Total Europe</td><td>997</td><td>-3,369</td><td>2,333</td><td>-372</td><td>-3,190</td><td>-11,174</td><td>10,866</td><td>5,081</td></tr><tr><td>Canada</td><td>126</td><td>410</td><td>144</td><td>297</td><td>1,124</td><td>-5,294</td><td>-312,336</td><td>7,220</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>66</td><td>-197</td><td>288</td><td>209</td><td>-127</td><td>-665</td><td>614</td><td>-638</td></tr><tr><td>Bolivia</td><td>41</td><td>-38</td><td>-12</td><td>-2,087</td><td>2,183</td><td>-98</td><td>71</td><td>31</td></tr><tr><td>Brazil</td><td>84</td><td>-17</td><td>17</td><td>4</td><td>-808</td><td>449</td><td>947</td><td>1,209</td></tr><tr><td>Chile</td><td>-33</td><td>-120</td><td>-127</td><td>-72</td><td>425</td><td>362</td><td>208</td><td>270</td></tr><tr><td>Colombia</td><td>597</td><td>215</td><td>-791</td><td>-3</td><td>290</td><td>81</td><td>2,901</td><td>904</td></tr><tr><td>Cuba</td><td>691</td><td>-1,052</td><td>476</td><td>556</td><td>-532</td><td>-427</td><td>370</td><td>-156</td></tr><tr><td>Dominican Republic</td><td>-286</td><td>-41</td><td>-2</td><td>-74</td><td>-12</td><td>297</td><td>424</td><td>19</td></tr><tr><td>Guatemala</td><td>14</td><td>-47</td><td>40</td><td>-27</td><td>22</td><td>-10</td><td>93</td><td>-6</td></tr><tr><td>Mexico</td><td>40</td><td>-1,036</td><td>39</td><td>93</td><td>39</td><td>4,049</td><td>544</td><td>794</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-102</td><td>-17</td><td>12</td><td>5</td><td>51</td><td>105</td><td>213</td><td>-29</td></tr><tr><td>Peru</td><td>1</td><td>80</td><td>-2</td><td>-117</td><td>94</td><td>186</td><td>-43</td><td>-18</td></tr><tr><td>Republic of Panama</td><td>-450</td><td>258</td><td>-1,712</td><td>851</td><td>1,382</td><td>3,276</td><td>142</td><td>-646</td></tr><tr><td>El Salvador</td><td>-2</td><td>-</td><td>-1</td><td>5</td><td>2</td><td>12</td><td>98</td><td>20</td></tr><tr><td>Uruguay</td><td>-365</td><td>-1,096</td><td>-513</td><td>1,262</td><td>-305</td><td>-90</td><td>1,776</td><td>803</td></tr><tr><td>Venezuela</td><td>-159</td><td>-831</td><td>-759</td><td>-1,466</td><td>830</td><td>44</td><td>729</td><td>1,808</td></tr><tr><td>Other Latin America</td><td>60</td><td>-117</td><td>30</td><td>51</td><td>241</td><td>7</td><td>217</td><td>41</td></tr><tr><td>Total Latin America</td><td>197</td><td>-4,508</td><td>-3,077</td><td>-810</td><td>4,295</td><td>7,587</td><td>9,304</td><td>3,740</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>-17</td><td>-40</td><td>-5</td><td>11</td><td>58</td><td>132</td><td>231</td><td>31</td></tr><tr><td>Formosa</td><td>87</td><td>86</td><td>12</td><td>-89</td><td>69</td><td>-10</td><td>14</td><td>1</td></tr><tr><td>Hong Kong</td><td>97</td><td>293</td><td>7</td><td>-9</td><td>-386</td><td>697</td><td>1,430</td><td>1,547</td></tr><tr><td>India</td><td>-11</td><td>-10</td><td>47</td><td>3</td><td>3</td><td>154</td><td>28</td><td>25</td></tr><tr><td>Indonesia</td><td>-4</td><td>1</td><td>6</td><td>-4</td><td>-6</td><td>-9,999</td><td>-4,999</td><td>1</td></tr><tr><td>Iran</td><td>-4</td><td>4</td><td>-11</td><td>1</td><td>5</td><td>-9</td><td>-1</td><td>13</td></tr><tr><td>Israel</td><td>-6</td><td>-27</td><td>1</td><td>-9</td><td>28</td><td>-2,586</td><td>-5,642</td><td>-4,338</td></tr><tr><td>Japan</td><td>15</td><td>194</td><td>-208</td><td>-153</td><td>87</td><td>-248</td><td>-44</td><td>-105</td></tr><tr><td>Philippines</td><td>-9</td><td>-11</td><td>-36</td><td>88</td><td>-20</td><td>28</td><td>24</td><td>12</td></tr><tr><td>Thailand</td><td>14</td><td>-15</td><td>2</td><td>-31</td><td>8</td><td>-12</td><td>2,014</td><td>-12</td></tr><tr><td>Turkey</td><td>-12</td><td>-22</td><td>18</td><td>5</td><td>20</td><td>36</td><td>33</td><td>7</td></tr><tr><td>Other Asia</td><td>-161</td><td>40</td><td>51</td><td>7</td><td>-97</td><td>35</td><td>-56</td><td>318</td></tr><tr><td>Total Asia</td><td>-108</td><td>493</td><td>-116</td><td>-168</td><td>-231</td><td>-11,782</td><td>-6,992</td><td>-2,960</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>11</td><td>-38</td><td>4</td><td>17</td><td>-27</td><td>256</td><td>491</td><td>170</td></tr><tr><td>Belgian Congo</td><td>1</td><td>2</td><td>-1</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>6</td><td>-48</td><td>-9</td><td>3</td><td>9</td><td>-137</td><td>18</td><td>7</td></tr><tr><td>Union of South Africa</td><td>16</td><td>29</td><td>96</td><td>-130</td><td>221</td><td>-12</td><td>53</td><td>69</td></tr><tr><td>Other</td><td>-27</td><td>-465</td><td>428</td><td>-338</td><td>-205</td><td>1,268</td><td>140</td><td>187</td></tr><tr><td>Total other countries</td><td>7</td><td>-520</td><td>519</td><td>-448</td><td>-3</td><td>1,375</td><td>702</td><td>433</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-742</td><td>-113,873</td><td>9,040</td></tr><tr><td>Grand total</td><td>1,219</td><td>-7,494</td><td>-197</td><td>-1,501</td><td>1,995</td><td>-20,030</td><td>-412,289</td><td>22,854</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-70,140</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>12,562</td></tr></table>
1/ Includes for the first time certain transactions in long-term securities performed by the U. S. Treasury on behalf of foreigners which had been
previously excluded from reported transactions. See Section III A, Table 3, footnote 1, for details. p Preliminary.
April 1952
57
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="4">Claims on foreigners 1951</th><th colspan="4">Liabilities to foreigners 1951</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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>180</td><td>22</td><td>50</td><td>20</td><td>9</td><td>57,449</td><td>61,072</td><td>62,870</td><td>57,149</td><td>56,911</td></tr><tr><td>Belgium</td><td>21,400</td><td>23,568</td><td>27,060</td><td>39,551</td><td>42,896</td><td>136,956</td><td>143,593</td><td>145,068</td><td>134,719</td><td>136,774</td></tr><tr><td>Czechoslovakia</td><td>45</td><td>49</td><td>15</td><td>15</td><td>44</td><td>1,958</td><td>1,532</td><td>1,543</td><td>1,271</td><td>674</td></tr><tr><td>Denmark</td><td>5,179</td><td>5,661</td><td>5,902</td><td>4,830</td><td>3,979</td><td>44,251</td><td>47,206</td><td>46,682</td><td>45,318</td><td>44,004</td></tr><tr><td>Finland</td><td>2,580</td><td>2,673</td><td>3,216</td><td>3,101</td><td>3,286</td><td>23,073</td><td>24,005</td><td>27,976</td><td>26,963</td><td>30,082</td></tr><tr><td>France</td><td>11,087</td><td>11,301</td><td>10,977</td><td>9,250</td><td>14,073</td><td>222,704</td><td>270,125</td><td>254,386</td><td>285,372</td><td>252,848</td></tr><tr><td>Germany 1/</td><td>28,785</td><td>30,084</td><td>28,523</td><td>28,275</td><td>30,121</td><td>508,239</td><td>458,300</td><td>455,939</td><td>405,608</td><td>395,134</td></tr><tr><td>Greece</td><td>159</td><td>128</td><td>168</td><td>151</td><td>152</td><td>41,103</td><td>39,091</td><td>41,243</td><td>41,772</td><td>38,899</td></tr><tr><td>Italy</td><td>13,191</td><td>11,202</td><td>7,545</td><td>10,289</td><td>12,593</td><td>287,040</td><td>288,222</td><td>293,139</td><td>300,458</td><td>289,175</td></tr><tr><td>Netherlands</td><td>2,923</td><td>2,880</td><td>3,879</td><td>7,980</td><td>5,835</td><td>135,441</td><td>132,386</td><td>154,463</td><td>148,812</td><td>153,680</td></tr><tr><td>Norway</td><td>1,843</td><td>1,666</td><td>1,235</td><td>2,460</td><td>2,009</td><td>102,951</td><td>106,331</td><td>98,990</td><td>99,714</td><td>97,697</td></tr><tr><td>Poland</td><td>57</td><td>47</td><td>41</td><td>43</td><td>40</td><td>2,270</td><td>2,352</td><td>2,646</td><td>2,847</td><td>2,480</td></tr><tr><td>Portugal</td><td>797</td><td>648</td><td>707</td><td>798</td><td>1,044</td><td>47,876</td><td>36,446</td><td>35,433</td><td>40,721</td><td>38,844</td></tr><tr><td>Romania</td><td>4</td><td>8</td><td>6</td><td>6</td><td>5</td><td>6,014</td><td>5,950</td><td>5,991</td><td>6,146</td><td>5,047</td></tr><tr><td>Spain</td><td>14,215</td><td>17,136</td><td>16,753</td><td>18,755</td><td>18,995</td><td>14,364</td><td>16,816</td><td>18,388</td><td>17,133</td><td>16,636</td></tr><tr><td>Sweden</td><td>4,076</td><td>4,258</td><td>6,195</td><td>5,367</td><td>5,201</td><td>89,324</td><td>83,659</td><td>80,324</td><td>70,691</td><td>64,313</td></tr><tr><td>Switzerland</td><td>9,212</td><td>9,595</td><td>8,811</td><td>11,173</td><td>11,224</td><td>511,514</td><td>493,306</td><td>506,846</td><td>521,276</td><td>525,964</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>4,096</td><td>2,205</td><td>2,889</td><td>2,505</td><td>1,234</td></tr><tr><td>United Kingdom</td><td>52,026</td><td>32,958</td><td>34,738</td><td>35,007</td><td>28,521</td><td>513,043</td><td>543,355</td><td>592,607</td><td>641,960</td><td>619,847</td></tr><tr><td>Yugoslavia</td><td>1,482</td><td>1,936</td><td>3,481</td><td>3,877</td><td>2,477</td><td>3,282</td><td>4,033</td><td>5,197</td><td>7,127</td><td>7,122</td></tr><tr><td>Other Europe</td><td>5,058</td><td>4,299</td><td>4,104</td><td>3,963</td><td>4,139</td><td>55,635</td><td>53,614</td><td>52,694</td><td>56,600</td><td>59,478</td></tr><tr><td>Total Europe</td><td>174,669</td><td>160,038</td><td>163,636</td><td>185,219</td><td>186,817</td><td>2,801,892</td><td>2,843,749</td><td>2,886,126</td><td>2,918,162</td><td>2,863,113</td></tr><tr><td>Canada</td><td>101,036</td><td>102,506</td><td>118,313</td><td>91,940</td><td>89,323</td><td>1,022,835</td><td>1,257,810</td><td>1,250,061</td><td>1,303,668</td><td>1,335,455</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>8,342</td><td>9,263</td><td>7,915</td><td>7,998</td><td>7,897</td><td>312,132</td><td>299,501</td><td>277,111</td><td>289,784</td><td>285,870</td></tr><tr><td>Bolivia</td><td>7,722</td><td>7,827</td><td>7,191</td><td>7,476</td><td>7,138</td><td>26,201</td><td>28,073</td><td>28,963</td><td>27,831</td><td>23,269</td></tr><tr><td>Brazil</td><td>134,951</td><td>155,613</td><td>156,310</td><td>184,994</td><td>207,313</td><td>140,359</td><td>132,753</td><td>110,131</td><td>99,813</td><td>98,451</td></tr><tr><td>Chile</td><td>19,492</td><td>20,978</td><td>22,744</td><td>28,777</td><td>26,238</td><td>35,472</td><td>28,743</td><td>47,607</td><td>54,019</td><td>56,463</td></tr><tr><td>Colombia</td><td>42,129</td><td>42,977</td><td>39,661</td><td>43,702</td><td>39,326</td><td>46,241</td><td>61,001</td><td>79,702</td><td>106,442</td><td>97,623</td></tr><tr><td>Cuba</td><td>34,006</td><td>30,110</td><td>29,433</td><td>32,869</td><td>29,568</td><td>312,306</td><td>305,223</td><td>204,558</td><td>251,749</td><td>253,058</td></tr><tr><td>Dominican Republic</td><td>1,514</td><td>1,654</td><td>1,725</td><td>1,823</td><td>2,242</td><td>50,712</td><td>44,161</td><td>43,599</td><td>45,799</td><td>46,143</td></tr><tr><td>Guatemala</td><td>2,834</td><td>3,361</td><td>3,170</td><td>3,793</td><td>3,954</td><td>23,367</td><td>21,880</td><td>22,814</td><td>24,436</td><td>32,094</td></tr><tr><td>Mexico</td><td>69,108</td><td>74,085</td><td>87,364</td><td>90,600</td><td>109,108</td><td>143,947</td><td>150,422</td><td>159,293</td><td>158,210</td><td>147,040</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,392</td><td>1,097</td><td>1,405</td><td>1,229</td><td>1,153</td><td>30,431</td><td>30,161</td><td>31,234</td><td>34,877</td><td>33,509</td></tr><tr><td>Peru</td><td>12,685</td><td>13,881</td><td>12,657</td><td>11,781</td><td>11,951</td><td>52,932</td><td>51,241</td><td>48,616</td><td>47,199</td><td>43,465</td></tr><tr><td>Republic of Panama</td><td>3,185</td><td>3,078</td><td>3,301</td><td>2,967</td><td>4,800</td><td>52,729</td><td>64,570</td><td>68,630</td><td>67,689</td><td>63,069</td></tr><tr><td>El Salvador</td><td>7,482</td><td>8,457</td><td>8,482</td><td>9,385</td><td>9,385</td><td>31,700</td><td>32,175</td><td>28,542</td><td>27,757</td><td>30,520</td></tr><tr><td>Uruguay</td><td>12,805</td><td>13,404</td><td>9,257</td><td>10,324</td><td>11,789</td><td>79,704</td><td>79,127</td><td>63,040</td><td>84,739</td><td>73,724</td></tr><tr><td>Venezuela</td><td>67,708</td><td>66,885</td><td>54,630</td><td>41,593</td><td>34,320</td><td>76,253</td><td>68,009</td><td>68,073</td><td>71,856</td><td>67,325</td></tr><tr><td>Other Latin America</td><td>13,710</td><td>13,125</td><td>12,339</td><td>14,307</td><td>13,694</td><td>65,464</td><td>65,391</td><td>86,950</td><td>84,966</td><td>96,837</td></tr><tr><td>Total Latin America</td><td>437,192</td><td>463,841</td><td>465,504</td><td>489,032</td><td>520,331</td><td>1,531,956</td><td>1,502,181</td><td>1,461,958</td><td>1,437,162</td><td>1,398,890</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>2,696</td><td>2,775</td><td>2,734</td><td>2,832</td><td>2,704</td><td>42,5067</td><td>42,617</td><td>43,533</td><td>44,981</td><td>42,408</td></tr><tr><td>Formosa</td><td>7,498</td><td>7,488</td><td>7,408</td><td>7,409</td><td>7,407</td><td>51,1697</td><td>47,3397</td><td>44,794</td><td>43,784</td><td>39,499</td></tr><tr><td>Hong Kong</td><td>3,163</td><td>3,632</td><td>3,295</td><td>3,009</td><td>1,485</td><td>60,007</td><td>60,108</td><td>61,974</td><td>60,243</td><td>64,221</td></tr><tr><td>India</td><td>12,142</td><td>9,701</td><td>13,344</td><td>13,379</td><td>14,755</td><td>68,882</td><td>59,770</td><td>51,723</td><td>58,113</td><td>58,251</td></tr><tr><td>Indonesia</td><td>362</td><td>396</td><td>405</td><td>330</td><td>420</td><td>172,706</td><td>127,999</td><td>129,112</td><td>140,636</td><td>131,701</td></tr><tr><td>Iran</td><td>7,506</td><td>8,114</td><td>8,613</td><td>9,325</td><td>8,904</td><td>25,310</td><td>21,005</td><td>21,704</td><td>25,461</td><td>26,613</td></tr><tr><td>Israel</td><td>25,721</td><td>27,024</td><td>27,886</td><td>29,392</td><td>35,386</td><td>11,305</td><td>13,019</td><td>18,298</td><td>26,594</td><td>20,579</td></tr><tr><td>Japan</td><td>8,341</td><td>8,494</td><td>10,688</td><td>12,168</td><td>8,599</td><td>428,387</td><td>538,676</td><td>568,742</td><td>596,020</td><td>636,383</td></tr><tr><td>Philippines</td><td>19,008</td><td>23,038</td><td>22,515</td><td>29,280</td><td>29,105</td><td>359,378</td><td>355,644</td><td>342,244</td><td>329,708</td><td>332,081</td></tr><tr><td>Thailand</td><td>3,925</td><td>2,758</td><td>2,441</td><td>2,474</td><td>2,143</td><td>80,031</td><td>84,902</td><td>90,922</td><td>96,739</td><td>108,043</td></tr><tr><td>Turkey</td><td>778</td><td>10,964</td><td>778</td><td>609</td><td>510</td><td>11,987</td><td>12,202</td><td>11,406</td><td>14,074</td><td>13,611</td></tr><tr><td>Other Asia</td><td>37,340</td><td>42,930</td><td>52,866</td><td>51,515</td><td>50,046</td><td>154,475</td><td>171,261</td><td>169,078</td><td>168,440</td><td>164,811</td></tr><tr><td>Total Asia</td><td>128,680</td><td>146,870</td><td>153,023</td><td>162,400</td><td>161,918</td><td>1,540,799</td><td>1,535,028</td><td>1,555,820</td><td>1,608,993</td><td>1,635,677</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>27,942</td><td>25,259</td><td>23,363</td><td>22,775</td><td>21,128</td><td>22,397</td><td>32,416</td><td>36,830</td><td>38,539</td><td>38,333</td></tr><tr><td>Belgian Congo</td><td>7,633</td><td>6,889</td><td>6,662</td><td>5,737</td><td>5,291</td><td>50,313</td><td>52,241</td><td>52,581</td><td>54,478</td><td>54,333</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>3,897</td><td>270</td><td>181</td><td>232</td><td>131</td><td>104,805</td><td>101,622</td><td>101,171</td><td>109,815</td><td>120,419</td></tr><tr><td>Union of South Africa</td><td>8,455</td><td>7,580</td><td>6,830</td><td>6,777</td><td>6,311</td><td>11,613</td><td>16,011</td><td>13,580</td><td>6,694</td><td>8,326</td></tr><tr><td>Other</td><td>7,829</td><td>7,583</td><td>5,280</td><td>6,220</td><td>4,399</td><td>68,182</td><td>72,004</td><td>83,650</td><td>86,187</td><td>87,331</td></tr><tr><td>Total other countries</td><td>55,896</td><td>44,748</td><td>42,616</td><td>41,333</td><td>37,466</td><td>257,610</td><td>274,324</td><td>287,812</td><td>295,873</td><td>302,594</td></tr><tr><td>International</td><td>14</td><td>-</td><td>-</td><td>20</td><td>-</td><td>1,637,124</td><td>1,763,311</td><td>1,760,906</td><td>1,708,188</td><td>1,700,850</td></tr><tr><td>Grand total</td><td>897,447</td><td>918,053</td><td>943,092</td><td>969,944</td><td>995,855</td><td>8,792,216</td><td>9,176,403</td><td>9,202,283</td><td>9,272,046</td><td>9,217,959</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Includes for the first time balances in certain accounts held with the U. S. Treasury which had been previously excluded from reported
p Preliminary. 
r Revised.
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Poetion at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="4">Debit balances (due from foreigners)</th><th colspan="4">Credit balances (due to foreigners)</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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>140</td><td>5</td><td>144</td><td>151</td><td>132</td><td>9</td><td>149</td><td>9</td><td>2</td><td>4</td></tr><tr><td>Belgium</td><td>230</td><td>410</td><td>359</td><td>506</td><td>480</td><td>3,231</td><td>2,978</td><td>3,257</td><td>2,381</td><td>3,172</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>388</td><td>437</td><td>390</td><td>440</td><td>227</td><td>166</td><td>175</td><td>208</td><td>199</td><td>160</td></tr><tr><td>Finland</td><td>4</td><td>4</td><td>17</td><td>5</td><td>2</td><td>2</td><td>2</td><td>2</td><td>5</td><td>2</td></tr><tr><td>France</td><td>2,003</td><td>1,973</td><td>1,420</td><td>1,602</td><td>2,230</td><td>3,973</td><td>4,122</td><td>4,171</td><td>4,059</td><td>3,653</td></tr><tr><td>Germany</td><td>124</td><td>97</td><td>142</td><td>88</td><td>89</td><td>95</td><td>81</td><td>68</td><td>91</td><td>59</td></tr><tr><td>Greece</td><td>-</td><td>1</td><td>7</td><td>5</td><td>7</td><td>50</td><td>30</td><td>28</td><td>26</td><td>69</td></tr><tr><td>Italy</td><td>324</td><td>280</td><td>281</td><td>515</td><td>433</td><td>1,889</td><td>1,793</td><td>1,778</td><td>1,508</td><td>1,407</td></tr><tr><td>Netherlands</td><td>385</td><td>402</td><td>445</td><td>322</td><td>678</td><td>7,415</td><td>5,486</td><td>5,827</td><td>6,376</td><td>5,079</td></tr><tr><td>Norway</td><td>609</td><td>683</td><td>657</td><td>605</td><td>614</td><td>376</td><td>622</td><td>491</td><td>531</td><td>511</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>26</td><td>41</td><td>168</td><td>188</td><td>159</td><td>187</td><td>237</td></tr><tr><td>Portugal</td><td>32</td><td>25</td><td>35</td><td>-</td><td>1</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Romania</td><td>-</td><td>22</td><td>5</td><td>-</td><td>123</td><td>103</td><td>99</td><td>89</td><td>231</td><td>232</td></tr><tr><td>Spain</td><td>127</td><td>22</td><td>96</td><td>35</td><td>26</td><td>173</td><td>118</td><td>186</td><td>170</td><td>168</td></tr><tr><td>Sweden</td><td>196</td><td>201</td><td>5,399</td><td>5,403</td><td>5,699</td><td>24,499</td><td>23,689</td><td>24,644</td><td>24,449</td><td>23,999</td></tr><tr><td>Switzerland</td><td>4,493</td><td>4,687</td><td>5,362</td><td>3,414</td><td>3,944</td><td>4,313</td><td>4,602</td><td>4,882</td><td>5,220</td><td>4,942</td></tr><tr><td>U.S.S.R.</td><td>3,682</td><td>4,639</td><td>3,662</td><td>3,414</td><td>3,944</td><td>16</td><td>16</td><td>16</td><td>15</td><td>16</td></tr><tr><td>United Kingdom</td><td>3,682</td><td>4,639</td><td>3,662</td><td>3,414</td><td>3,944</td><td>4,313</td><td>4,602</td><td>4,882</td><td>5,220</td><td>4,942</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>13</td><td>24</td><td>37</td><td>601</td><td>663</td><td>627</td><td>737</td><td>704</td></tr><tr><td>Other Europe</td><td>53</td><td>46</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>12,790</td><td>13,912</td><td>13,262</td><td>13,305</td><td>14,353</td><td>47,093</td><td>44,846</td><td>46,529</td><td>46,200</td><td>44,058</td></tr><tr><td>Canada</td><td>6,292</td><td>6,572</td><td>5,737</td><td>5,617</td><td>6,069</td><td>6,573</td><td>7,003</td><td>6,312</td><td>6,489</td><td>8,065</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>375</td><td>341</td><td>304</td><td>308</td><td>282</td><td>2,085</td><td>1,854</td><td>2,045</td><td>2,258</td><td>2,205</td></tr><tr><td>Bolivia</td><td>13</td><td>10</td><td>19</td><td>2,058</td><td>25</td><td>116</td><td>75</td><td>72</td><td>24</td><td>174</td></tr><tr><td>Brazil</td><td>908</td><td>1,040</td><td>1,021</td><td>925</td><td>1,045</td><td>1,177</td><td>1,236</td><td>1,234</td><td>1,142</td><td>974</td></tr><tr><td>Chile</td><td>295</td><td>758</td><td>793</td><td>948</td><td>510</td><td>710</td><td>753</td><td>661</td><td>744</td><td>831</td></tr><tr><td>Colombia</td><td>211</td><td>26</td><td>787</td><td>978</td><td>687</td><td>1,043</td><td>1,073</td><td>1,043</td><td>1,231</td><td>1,230</td></tr><tr><td>Cuba</td><td>3,866</td><td>4,618</td><td>4,205</td><td>4,183</td><td>4,254</td><td>1,755</td><td>1,455</td><td>1,518</td><td>2,052</td><td>1,591</td></tr><tr><td>Dominican Republic</td><td>-</td><td>16</td><td>2</td><td>1</td><td>1</td><td>773</td><td>388</td><td>372</td><td>297</td><td>284</td></tr><tr><td>Guatemala</td><td>12</td><td>12</td><td>3</td><td>1</td><td>4</td><td>163</td><td>116</td><td>117</td><td>118</td><td>143</td></tr><tr><td>Mexico</td><td>2,368</td><td>3,241</td><td>3,143</td><td>2,719</td><td>2,714</td><td>2,121</td><td>1,958</td><td>1,899</td><td>1,568</td><td>1,602</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>5</td><td>20</td><td>11</td><td>19</td><td>4</td><td>151</td><td>119</td><td>122</td><td>135</td><td>171</td></tr><tr><td>Peru</td><td>197</td><td>60</td><td>57</td><td>86</td><td>32</td><td>326</td><td>269</td><td>264</td><td>176</td><td>216</td></tr><tr><td>Republic of Panama</td><td>441</td><td>946</td><td>947</td><td>657</td><td>313</td><td>3,981</td><td>4,444</td><td>3,033</td><td>3,594</td><td>4,632</td></tr><tr><td>El Salvador</td><td>5</td><td>5</td><td>5</td><td>5</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>8</td></tr><tr><td>Uruguay</td><td>1,686</td><td>1,084</td><td>2,054</td><td>2,126</td><td>1,636</td><td>7,856</td><td>6,898</td><td>6,615</td><td>7,949</td><td>7,154</td></tr><tr><td>Venezuela</td><td>1,082</td><td>1,056</td><td>1,221</td><td>1,230</td><td>1,443</td><td>5,862</td><td>5,005</td><td>4,411</td><td>2,954</td><td>3,997</td></tr><tr><td>Other Latin America</td><td>308</td><td>525</td><td>470</td><td>416</td><td>228</td><td>427</td><td>527</td><td>502</td><td>499</td><td>252</td></tr><tr><td>Total Latin America</td><td>12,066</td><td>14,198</td><td>15,042</td><td>16,696</td><td>13,277</td><td>28,553</td><td>26,177</td><td>23,944</td><td>24,748</td><td>25,664</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>59</td><td>60</td><td>61</td><td>65</td><td>8</td><td>197</td><td>158</td><td>154</td><td>169</td><td>170</td></tr><tr><td>Formosa</td><td>72</td><td>29</td><td>21</td><td>63</td><td>24</td><td>2</td><td>45</td><td>49</td><td>2</td><td>32</td></tr><tr><td>Hong Kong</td><td>724</td><td>573</td><td>811</td><td>798</td><td>1,322</td><td>2,525</td><td>2,667</td><td>2,912</td><td>2,908</td><td>3,246</td></tr><tr><td>India</td><td>10</td><td>139</td><td>101</td><td>100</td><td>100</td><td>79</td><td>198</td><td>207</td><td>203</td><td>206</td></tr><tr><td>Indonesia</td><td>3</td><td>2</td><td>4</td><td>4</td><td>7</td><td>-</td><td>8</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Iran</td><td>3</td><td>-</td><td>4</td><td>6</td><td>1</td><td>6</td><td>7</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Israel</td><td>1</td><td>-</td><td>113</td><td>191</td><td>93</td><td>47</td><td>16</td><td>17</td><td>8</td><td>36</td></tr><tr><td>Japan</td><td>42</td><td>60</td><td>107</td><td>1</td><td>9</td><td>108</td><td>292</td><td>137</td><td>62</td><td>51</td></tr><tr><td>Philippines</td><td>70</td><td>78</td><td>107</td><td>31</td><td>21</td><td>15</td><td>105</td><td>98</td><td>80</td><td>68</td></tr><tr><td>Thailand</td><td>-</td><td>9</td><td>8</td><td>7</td><td>7</td><td>36</td><td>23</td><td>10</td><td>41</td><td>51</td></tr><tr><td>Turkey</td><td>12</td><td>42</td><td>38</td><td>69</td><td>62</td><td>357</td><td>427</td><td>474</td><td>512</td><td>408</td></tr><tr><td>Other Asia</td><td>12</td><td>42</td><td>38</td><td>69</td><td>62</td><td>357</td><td>427</td><td>474</td><td>512</td><td>408</td></tr><tr><td>Total Asia</td><td>999</td><td>992</td><td>1,268</td><td>1,335</td><td>1,854</td><td>3,452</td><td>3,938</td><td>4,098</td><td>3,997</td><td>4,285</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>7</td><td>20</td><td>15</td><td>5</td><td>23</td><td>53</td><td>28</td><td>27</td><td>34</td><td>25</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>2</td><td>2</td><td>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>7</td><td>2</td><td>2</td><td>1</td><td>2</td><td>105</td><td>52</td><td>44</td><td>46</td><td>56</td></tr><tr><td>Union of South Africa</td><td>17</td><td>19</td><td>9</td><td>6</td><td>9</td><td>137</td><td>168</td><td>254</td><td>121</td><td>345</td></tr><tr><td>Other</td><td>443</td><td>617</td><td>526</td><td>613</td><td>621</td><td>1,816</td><td>1,525</td><td>1,962</td><td>1,511</td><td>1,414</td></tr><tr><td>Total other countries</td><td>474</td><td>658</td><td>552</td><td>625</td><td>655</td><td>2,112</td><td>1,776</td><td>2,189</td><td>1,814</td><td>1,841</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>32,881</td><td>36,332</td><td>35,861</td><td>37,538</td><td>36,208</td><td>87,783</td><td>83,740</td><td>83,072</td><td>83,248</td><td>83,913</td></tr></table>
p Preliminary.
April 1952
59
CAPITAL MOVEMENTS
Section III - Details for Month of November 1951
able 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">Loans to:</th><th colspan="2">Collections outstanding for own account and domestic customers</th><th>Other</th><th>Total</th><th colspan="3">Deposits of reporting banks and domestic customers with foreigners</th><th colspan="2">Collections outstanding for own account and domestic customers</th><th>Other</th></tr><tr><th></th><th></th><th>Total</th><th>Foreign banks and official institutions</th><th>Others</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>50</td><td>50</td><td>48</td><td>-</td><td>2</td><td>18,052</td><td>-</td><td>620</td><td>606</td><td>13</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Belgium</td><td>27,060</td><td>26,940</td><td>1,258</td><td>484</td><td>5,946</td><td>5,313</td><td>-</td><td>13</td><td>12</td><td>1</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Czechoslovakia</td><td>15</td><td>2</td><td>260</td><td>42</td><td>246</td><td>3,091</td><td>-</td><td>41</td><td>38</td><td>11</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>5,902</td><td>5,861</td><td>260</td><td>42</td><td>102</td><td>2,394</td><td>-</td><td>13</td><td>2</td><td>11</td><td>-</td><td>-</td><td>500</td></tr><tr><td>Finland</td><td>3,215</td><td>3,203</td><td>10</td><td>9,946</td><td>813</td><td>7,999</td><td>-</td><td>632</td><td>129</td><td>3</td><td>8</td><td>-</td><td>-</td></tr><tr><td>France</td><td>10,977</td><td>10,345</td><td>11,332</td><td>6,184</td><td>2,429</td><td>1,715</td><td>-</td><td>382</td><td>314</td><td>8</td><td>19</td><td>-</td><td>66</td></tr><tr><td>Germany</td><td>28,553</td><td>28,231</td><td>11,623</td><td>468</td><td>444</td><td>1,121</td><td>-</td><td>203</td><td>184</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>7,545</td><td>7,003</td><td>2,150</td><td>1,700</td><td>1,438</td><td>407</td><td>-</td><td>63</td><td>61</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>3,879</td><td>3,676</td><td>165</td><td>29</td><td>2,361</td><td>31</td><td>-</td><td>44</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>1,135</td><td>1,072</td><td>22</td><td>152</td><td>491</td><td>32</td><td>-</td><td>3</td><td>3</td><td>48</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>61</td><td>1</td><td>9</td><td>510</td><td>3</td><td>4,814</td><td>-</td><td>102</td><td>54</td><td>48</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Poland</td><td>707</td><td>663</td><td>144</td><td>9</td><td>3</td><td>1,814</td><td>-</td><td>102</td><td>54</td><td>48</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>6</td><td>3</td><td>8,683</td><td>7</td><td>3,147</td><td>2,543</td><td>-</td><td>310</td><td>288</td><td>22</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>16,753</td><td>16,651</td><td>895</td><td>438</td><td>2,049</td><td>291</td><td>-</td><td>3,833</td><td>3,796</td><td>10</td><td>990</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>6,195</td><td>5,885</td><td>751</td><td>1,886</td><td>2,110</td><td>1,737</td><td>-</td><td>21,375</td><td>18,966</td><td>1,419</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>8,811</td><td>4,978</td><td>751</td><td>1,886</td><td>2,110</td><td>291</td><td>-</td><td>3,833</td><td>3,796</td><td>10</td><td>990</td><td>-</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>34,738</td><td>13,363</td><td>2,233</td><td>7,171</td><td>2,332</td><td>1,737</td><td>-</td><td>21,375</td><td>18,966</td><td>1,419</td><td>6</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>3,451</td><td>3,461</td><td>1,131</td><td>1,987</td><td>430</td><td>378</td><td>-</td><td>178</td><td>172</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>4,104</td><td>3,926</td><td>1,131</td><td>1,987</td><td>430</td><td>378</td><td>-</td><td>178</td><td>172</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>163,636</td><td>135,342</td><td>34,168</td><td>25,876</td><td>24,683</td><td>50,615</td><td>-</td><td>28,294</td><td>25,137</td><td>1,573</td><td>1,584</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>118,313</td><td>94,292</td><td>6,251</td><td>27,554</td><td>5,939</td><td>14,548</td><td>-</td><td>64,021</td><td>46,467</td><td>846</td><td>16,708</td><td>-</td><td>-</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>7,915</td><td>7,850</td><td>812</td><td>1,323</td><td>5,715</td><td>-</td><td>65</td><td>37</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bolivia</td><td>7,191</td><td>7,191</td><td>1,451</td><td>153</td><td>2,897</td><td>3,827</td><td>15</td><td>2</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>104,310</td><td>104,295</td><td>41,468</td><td>11,414</td><td>107,586</td><td>10,321</td><td>4</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>22,740</td><td>22,740</td><td>1,912</td><td>2,292</td><td>8,215</td><td>13,707</td><td>190</td><td>5</td><td>10</td><td>-</td><td>175</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>39,661</td><td>39,471</td><td>5,289</td><td>4,788</td><td>15,687</td><td>11,592</td><td>213</td><td>199</td><td>14</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>29,433</td><td>29,280</td><td>2,086</td><td>4,727</td><td>10,715</td><td>1,280</td><td>1</td><td>1</td><td>117</td><td>-</td><td>286</td><td>-</td><td>-</td></tr><tr><td>Dominican Republic</td><td>1,725</td><td>1,724</td><td>443</td><td>81</td><td>2,388</td><td>150</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>3,170</td><td>3,170</td><td>251</td><td>13,284</td><td>8,379</td><td>19,167</td><td>2,770</td><td>2,427</td><td>117</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>87,354</td><td>85,594</td><td>43,764</td><td>13,284</td><td>8,379</td><td>19,167</td><td>2,770</td><td>2,427</td><td>117</td><td>-</td><td>286</td><td>-</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,405</td><td>1,399</td><td>-</td><td>60</td><td>1,339</td><td>-</td><td>6</td><td>5</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>12,657</td><td>12,578</td><td>133</td><td>1,265</td><td>10,032</td><td>1,148</td><td>79</td><td>20</td><td>59</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Republic of Panama</td><td>3,301</td><td>3,301</td><td>1,211</td><td>1,329</td><td>2,353</td><td>851</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>El Salvador</td><td>8,482</td><td>8,482</td><td>281</td><td>678</td><td>2,353</td><td>5,110</td><td>112</td><td>111</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>9,257</td><td>9,145</td><td>4,304</td><td>1,359</td><td>3,863</td><td>3,360</td><td>377</td><td>146</td><td>1</td><td>230</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>54,630</td><td>54,253</td><td>26,780</td><td>13,900</td><td>13,213</td><td>3,632</td><td>10</td><td>9</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>12,319</td><td>12,309</td><td>1,809</td><td>1,066</td><td>8,802</td><td>632</td><td>10</td><td>9</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>465,204</td><td>461,656</td><td>133,640</td><td>49,954</td><td>207,883</td><td>70,185</td><td>3,842</td><td>2,963</td><td>235</td><td>644</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>2,734</td><td>2,729</td><td>2,675</td><td>33</td><td>19</td><td>2</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>7,408</td><td>7,408</td><td>5,405</td><td>2,000</td><td>2</td><td>1</td><td>299</td><td>297</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>3,295</td><td>2,996</td><td>1,933</td><td>352</td><td>709</td><td>12</td><td>6,468</td><td>6,458</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India</td><td>13,344</td><td>6,876</td><td>2,763</td><td>1</td><td>1,577</td><td>2,535</td><td>3</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>405</td><td>402</td><td>134</td><td>1</td><td>268</td><td>-</td><td>9</td><td>13</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>8,613</td><td>8,604</td><td>194</td><td>7</td><td>8,403</td><td>12,302</td><td>16</td><td>13</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Ireland</td><td>27,836</td><td>27,820</td><td>8,438</td><td>8,732</td><td>2,298</td><td>22</td><td>2</td><td>2</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>10,680</td><td>10,586</td><td>8,398</td><td>52</td><td>2,820</td><td>177</td><td>119</td><td>34</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>28,615</td><td>28,496</td><td>18,446</td><td>21</td><td>3,892</td><td>-</td><td>119</td><td>34</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>2,841</td><td>2,841</td><td>1,830</td><td>-</td><td>611</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>778</td><td>773</td><td>394</td><td>14</td><td>365</td><td>2</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>52,866</td><td>50,878</td><td>45,274</td><td>2,639</td><td>2,963</td><td>2</td><td>1,988</td><td>1,988</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>153,023</td><td>144,109</td><td>91,918</td><td>13,851</td><td>23,287</td><td>15,053</td><td>8,914</td><td>8,803</td><td>111</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>23,353</td><td>16,905</td><td>305</td><td>37</td><td>3,545</td><td>13,018</td><td>6,458</td><td>5,641</td><td>6</td><td>811</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Belgian Congo</td><td>6,662</td><td>6,648</td><td>-</td><td>8</td><td>6,202</td><td>438</td><td>14</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>181</td><td>120</td><td>89</td><td>10</td><td>21</td><td>-</td><td>61</td><td>53</td><td>8</td><td>-</td><td>232</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>6,830</td><td>6,079</td><td>85</td><td>-</td><td>4,794</td><td>1,200</td><td>751</td><td>495</td><td>24</td><td>39</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>5,580</td><td>5,433</td><td>1,559</td><td>57</td><td>2,490</td><td>1,387</td><td>147</td><td>102</td><td>6</td><td>1,082</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>42,616</td><td>35,188</td><td>2,038</td><td>112</td><td>17,052</td><td>15,983</td><td>7,431</td><td>6,305</td><td>44</td><td>1,082</td><td>-</td><td>-</td><td>-</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><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>943,092</td><td>830,590</td><td>268,015</td><td>117,347</td><td>278,844</td><td>156,384</td><td>112,508</td><td>89,675</td><td>2,809</td><td>20,018</td><td>-</td><td>-</td><td>-</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of November 1951
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th rowspan="2">Country</th><th colspan="4">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th>Total short-term liabilities</th><th colspan="3">To foreign banks and official institutions</th><th colspan="3">To all other foreigners</th><th>Total</th><th>To foreign banks and official institutions</th><th>To others</th></tr><tr><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></th><th></th><th></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>62,970</td><td>60,880</td><td>26,411</td><td>9,100</td><td>25,369</td><td>1,990</td><td>5,290</td><td>3,428</td><td>786</td><td>770</td><td>16</td></tr><tr><td>Belgium</td><td>145,068</td><td>79,046</td><td>55,990</td><td>1,726</td><td>21,160</td><td>65,218</td><td>5,290</td><td>3,428</td><td>786</td><td>770</td><td>16</td></tr><tr><td>Czechoslovakia</td><td>1,943</td><td>1,113</td><td>3,997</td><td>-</td><td>16</td><td>428</td><td>578</td><td>359</td><td>15</td><td>15</td><td>0</td></tr><tr><td>Denmark</td><td>46,682</td><td>38,092</td><td>18,361</td><td>23,500</td><td>221</td><td>8,592</td><td>7,648</td><td>359</td><td>15</td><td>15</td><td>0</td></tr><tr><td>Finland</td><td>27,876</td><td>26,588</td><td>25,584</td><td>1,004</td><td>1,288</td><td>1,288</td><td>1,288</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>France</td><td>294,386</td><td>108,829</td><td>159,578</td><td>8,583</td><td>14,668</td><td>71,060</td><td>66,113</td><td>4,060</td><td>887</td><td>497</td><td>165</td></tr><tr><td>Germany f.</td><td>455,939</td><td>453,134</td><td>285,468</td><td>187,000</td><td>39,666</td><td>8,802</td><td>2,685</td><td>16</td><td>101</td><td>3</td><td>3</td></tr><tr><td>Greece</td><td>41,543</td><td>35,127</td><td>28,995</td><td>10,000</td><td>142</td><td>6,412</td><td>6,312</td><td>102</td><td>2</td><td>2</td><td>0</td></tr><tr><td>Italy</td><td>293,139</td><td>256,525</td><td>159,737</td><td>85,055</td><td>11,733</td><td>36,612</td><td>26,441</td><td>9,953</td><td>218</td><td>2</td><td>2</td></tr><tr><td>Netherlands</td><td>154,463</td><td>131,346</td><td>107,285</td><td>23,062</td><td>2,999</td><td>20,994</td><td>18,858</td><td>2,064</td><td>72</td><td>123</td><td>2</td></tr><tr><td>Norway</td><td>98,590</td><td>76,648</td><td>30,397</td><td>33,304</td><td>12,947</td><td>21,920</td><td>21,613</td><td>263</td><td>44</td><td>22</td><td>22</td></tr><tr><td>Poland</td><td>2,646</td><td>2,179</td><td>2,177</td><td>-</td><td>901</td><td>7,714</td><td>7,709</td><td>5</td><td>15</td><td>15</td><td>0</td></tr><tr><td>Portugal</td><td>35,435</td><td>27,106</td><td>25,779</td><td>-</td><td>8,657</td><td>1,315</td><td>1,315</td><td>15</td><td>10</td><td>10</td><td>0</td></tr><tr><td>Romania</td><td>5,991</td><td>4,666</td><td>4,666</td><td>-</td><td>238</td><td>8,674</td><td>7,916</td><td>743</td><td>15</td><td>33</td><td>0</td></tr><tr><td>Spain</td><td>18,388</td><td>9,681</td><td>9,443</td><td>-</td><td>-</td><td>6,605</td><td>6,555</td><td>50</td><td>364</td><td>361</td><td>3</td></tr><tr><td>Sweden</td><td>80,324</td><td>73,355</td><td>35,915</td><td>23,500</td><td>13,940</td><td>6,605</td><td>6,555</td><td>50</td><td>364</td><td>361</td><td>3</td></tr><tr><td>Switzerland</td><td>505,846</td><td>303,602</td><td>256,350</td><td>38,694</td><td>92,588</td><td>120,539</td><td>92,459</td><td>7,041</td><td>20,239</td><td>2,705</td><td>192</td></tr><tr><td>U. S. S. R.</td><td>2,889</td><td>1,830</td><td>1,820</td><td>1,059</td><td>10</td><td>459</td><td>459</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>United Kingdom</td><td>591,217</td><td>290,941</td><td>243,828</td><td>34,058</td><td>13,045</td><td>253,951</td><td>152,942</td><td>90,859</td><td>550</td><td>46,325</td><td>79</td></tr><tr><td>Yugoslavia</td><td>8,197</td><td>7,487</td><td>7,479</td><td>7,578</td><td>8</td><td>710</td><td>710</td><td>0</td><td>0</td><td>21</td><td>0</td></tr><tr><td>Other Europe</td><td>52,594</td><td>35,408</td><td>27,447</td><td>-</td><td>383</td><td>17,265</td><td>16,474</td><td>771</td><td>20</td><td>21</td><td>0</td></tr><tr><td>Total Europe</td><td>2,886,126</td><td>2,180,173</td><td>1,443,337</td><td>405,130</td><td>251,706</td><td>655,088</td><td>505,499</td><td>122,488</td><td>26,041</td><td>50,925</td><td>318</td></tr><tr><td>Canada</td><td>1,250,061</td><td>1,106,415</td><td>895,121</td><td>806,255</td><td>5,040</td><td>138,807</td><td>117,161</td><td>21,468</td><td>178</td><td>4,838</td><td>1,784</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>277,111</td><td>241,395</td><td>238,120</td><td>64</td><td>3,211</td><td>35,689</td><td>35,516</td><td>76</td><td>97</td><td>27</td><td>8</td></tr><tr><td>Bolivia</td><td>24,963</td><td>14,329</td><td>14,328</td><td>-</td><td>1</td><td>10,634</td><td>10,596</td><td>-</td><td>38</td><td>0</td><td>0</td></tr><tr><td>Brazil</td><td>110,131</td><td>69,630</td><td>50,761</td><td>57</td><td>18,792</td><td>10,405</td><td>10,292</td><td>-</td><td>113</td><td>96</td><td>12</td></tr><tr><td>Chile</td><td>47,607</td><td>18,849</td><td>18,780</td><td>69</td><td>1,628</td><td>28,757</td><td>28,734</td><td>-</td><td>23</td><td>1</td><td>1</td></tr><tr><td>Colombia</td><td>79,702</td><td>58,744</td><td>57,116</td><td>-</td><td>1,628</td><td>20,946</td><td>20,661</td><td>238</td><td>47</td><td>12</td><td>8</td></tr><tr><td>Cuba</td><td>284,658</td><td>226,532</td><td>130,496</td><td>68,580</td><td>24,496</td><td>58,126</td><td>57,811</td><td>310</td><td>5</td><td>0</td><td>0</td></tr><tr><td> Dominican Republic</td><td>53,294</td><td>28,937</td><td>28,938</td><td>-</td><td>339</td><td>15,157</td><td>15,157</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Guatemala</td><td>22,814</td><td>8,985</td><td>8,704</td><td>200</td><td>81</td><td>13,829</td><td>13,703</td><td>126</td><td>126</td><td>426</td><td>103</td></tr><tr><td>Mexico</td><td>159,293</td><td>84,518</td><td>82,417</td><td>855</td><td>1,246</td><td>74,349</td><td>70,874</td><td>3,443</td><td>32</td><td>0</td><td>317</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>31,234</td><td>26,556</td><td>17,798</td><td>8,740</td><td>18</td><td>4,678</td><td>4,643</td><td>35</td><td>-</td><td>0</td><td>0</td></tr><tr><td>Peru</td><td>48,516</td><td>26,691</td><td>26,576</td><td>115</td><td>21,925</td><td>21,905</td><td>21,905</td><td>19</td><td>19</td><td>0</td><td>0</td></tr><tr><td>Republic of Panama</td><td>55,630</td><td>23,257</td><td>23,246</td><td>11</td><td>42,373</td><td>33,769</td><td>5,511</td><td>3,093</td><td>46</td><td>0</td><td>0</td></tr><tr><td>El Salvador</td><td>28,542</td><td>19,472</td><td>5,022</td><td>14,400</td><td>50</td><td>9,070</td><td>9,024</td><td>50</td><td>46</td><td>0</td><td>0</td></tr><tr><td>Uruguay</td><td>53,040</td><td>23,947</td><td>19,486</td><td>4,461</td><td>58,915</td><td>54,470</td><td>54,470</td><td>4,395</td><td>178</td><td>81</td><td>97</td></tr><tr><td>Venezuela</td><td>68,073</td><td>28,180</td><td>28,160</td><td>20</td><td>43,619</td><td>35,582</td><td>35,582</td><td>17</td><td>274</td><td>263</td><td>11</td></tr><tr><td>Other Latin America</td><td>86,250</td><td>55,413</td><td>45,000</td><td>7,500</td><td>2,913</td><td>31,134</td><td>29,948</td><td>1,111</td><td>179</td><td>3</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,461,558</td><td>950,335</td><td>799,088</td><td>94,396</td><td>57,451</td><td>509,606</td><td>482,366</td><td>18,924</td><td>8,226</td><td>1,017</td><td>533</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>43,533</td><td>30,498</td><td>29,799</td><td>342</td><td>357</td><td>13,135</td><td>12,943</td><td>172</td><td>20</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>44,794</td><td>40,376</td><td>39,326</td><td>1,050</td><td>511</td><td>4,418</td><td>4,368</td><td>50</td><td>-</td><td>709</td><td>709</td></tr><tr><td>Hong Kong</td><td>61,574</td><td>27,631</td><td>27,120</td><td>511</td><td>33,534</td><td>33,053</td><td>581</td><td>-</td><td>1,224</td><td>1,224</td><td>1</td></tr><tr><td>India</td><td>57,723</td><td>52,725</td><td>50,533</td><td>950</td><td>1,222</td><td>3,774</td><td>3,694</td><td>120</td><td>15</td><td>1</td><td>1</td></tr><tr><td>Indonesia</td><td>129,112</td><td>128,459</td><td>60,582</td><td>65,940</td><td>2,237</td><td>652</td><td>637</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>21,794</td><td>15,223</td><td>14,617</td><td>606</td><td>6,571</td><td>6,547</td><td>6,347</td><td>24</td><td>-</td><td>5</td><td>1</td></tr><tr><td>Japan</td><td>14,398</td><td>10,306</td><td>10,246</td><td>58</td><td>4,069</td><td>3,906</td><td>3,906</td><td>693</td><td>5</td><td>4</td><td>1</td></tr><tr><td>Japan</td><td>958,742</td><td>559,136</td><td>556,008</td><td>2,600</td><td>528</td><td>9,606</td><td>9,606</td><td>85</td><td>64</td><td>64</td><td>0</td></tr><tr><td>Philippines</td><td>142,244</td><td>322,942</td><td>314,903</td><td>8,200</td><td>5,239</td><td>19,238</td><td>19,353</td><td>43</td><td>2</td><td>2</td><td>0</td></tr><tr><td>Thailand</td><td>92,992</td><td>89,019</td><td>12,500</td><td>76,056</td><td>463</td><td>1,903</td><td>1,903</td><td>76</td><td>258</td><td>258</td><td>0</td></tr><tr><td>Turkey</td><td>11,406</td><td>6,599</td><td>6,644</td><td>55</td><td>4,705</td><td>4,640</td><td>22</td><td>79</td><td>76</td><td>2,263</td><td>2,261</td></tr><tr><td>Other Asia</td><td>169,078</td><td>138,614</td><td>109,735</td><td>23,360</td><td>5,539</td><td>30,206</td><td>30,051</td><td>298</td><td>2,263</td><td>2,261</td><td>2</td></tr><tr><td>Total Asia</td><td>1,555,880</td><td>1,421,966</td><td>1,232,013</td><td>172,498</td><td>27,115</td><td>131,931</td><td>129,951</td><td>1,682</td><td>2,263</td><td>2,261</td><td>2</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>36,830</td><td>33,770</td><td>30,927</td><td>-</td><td>2,883</td><td>2,330</td><td>2,204</td><td>50</td><td>76</td><td>730</td><td>637</td></tr><tr><td>Belgian Congo</td><td>52,561</td><td>52,104</td><td>13,431</td><td>38,630</td><td>123</td><td>397</td><td>397</td><td>-</td><td>3</td><td>3</td><td>0</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>101,171</td><td>97,541</td><td>25,544</td><td>71,100</td><td>497</td><td>3,627</td><td>3,225</td><td>38</td><td>3</td><td>127</td><td>127</td></tr><tr><td>Union of South Africa</td><td>13,250</td><td>17,325</td><td>1,683</td><td>2,600</td><td>642</td><td>5,528</td><td>5,526</td><td>2</td><td>127</td><td>127</td><td>0</td></tr><tr><td>Other</td><td>83,590</td><td>70,761</td><td>66,442</td><td>1,792</td><td>2,569</td><td>12,801</td><td>12,220</td><td>370</td><td>311</td><td>84</td><td>107</td></tr><tr><td>Total other countries</td><td>287,812</td><td>262,181</td><td>141,427</td><td>114,080</td><td>6,674</td><td>28,683</td><td>23,842</td><td>420</td><td>421</td><td>942</td><td>84</td></tr><tr><td>International</td><td>1,760,906</td><td>1,760,906</td><td>96,263</td><td>1,604,146</td><td>60,497</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>9,202,283</td><td>7,682,237</td><td>4,007,249</td><td>3,276,505</td><td>398,483</td><td>1,460,055</td><td>1,259,839</td><td>165,052</td><td>35,164</td><td>59,091</td><td>25,977</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
April 1952
61
CAPITAL MOVEMENTS
Section III - Details for Month of November 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 purchases</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>Total sales</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>2</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>33</td><td>-</td><td>1,269</td><td>37</td><td>1,297</td><td>469</td></tr><tr><td>Belgium</td><td>3,826</td><td>235</td><td>851</td><td>2,184</td><td>266</td><td>290</td><td>3,136</td><td>8</td><td>-</td><td>45</td><td>273</td><td>8</td></tr><tr><td>Czechoslovakia</td><td>561</td><td>13</td><td>53</td><td>152</td><td>324</td><td>19</td><td>343</td><td>-</td><td>-</td><td>-</td><td>13</td><td>13</td></tr><tr><td>Denmark</td><td>8</td><td>-</td><td>-</td><td>6</td><td>32</td><td>2</td><td>5</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td></tr><tr><td>Finland</td><td>5,254</td><td>2,087</td><td>216</td><td>2,213</td><td>353</td><td>1,085</td><td>5,337</td><td>2,401</td><td>85</td><td>1,388</td><td>369</td><td>1,034</td></tr><tr><td>France</td><td>36</td><td>1</td><td>4</td><td>32</td><td>-</td><td>-</td><td>19</td><td>-</td><td>3</td><td>-</td><td>19</td><td>-</td></tr><tr><td>Germany</td><td>13</td><td>-</td><td>12</td><td>20</td><td>20</td><td>31</td><td>6</td><td>2</td><td>7</td><td>255</td><td>12</td><td>12</td></tr><tr><td>Greece</td><td>495</td><td>85</td><td>121</td><td>1,682</td><td>1,040</td><td>482</td><td>7,616</td><td>124</td><td>134</td><td>6,231</td><td>403</td><td>724</td></tr><tr><td>Italy</td><td>3,410</td><td>16</td><td>13</td><td>299</td><td>80</td><td>66</td><td>655</td><td>179</td><td>6</td><td>317</td><td>25</td><td>128</td></tr><tr><td>Netherlands</td><td>474</td><td>-</td><td>-</td><td>74</td><td>127</td><td>27</td><td>228</td><td>-</td><td>2</td><td>3</td><td>222</td><td>1</td></tr><tr><td>Norway</td><td>228</td><td>-</td><td>-</td><td>24</td><td>1</td><td>3</td><td>115</td><td>54</td><td>16</td><td>36</td><td>5</td><td>4</td></tr><tr><td>Poland</td><td>70</td><td>43</td><td>61</td><td>64</td><td>2,197</td><td>49</td><td>222</td><td>116</td><td>6</td><td>61</td><td>34</td><td>5</td></tr><tr><td>Romania</td><td>220</td><td>45</td><td>1,530</td><td>17,029</td><td>2,697</td><td>19,927</td><td>207</td><td>948</td><td>15,261</td><td>1,526</td><td>1,985</td><td>1</td></tr><tr><td>Spain</td><td>23,894</td><td>431</td><td>672</td><td>10,535</td><td>6,267</td><td>4,337</td><td>30,811</td><td>8,565</td><td>1,100</td><td>10,890</td><td>6,092</td><td>4,204</td></tr><tr><td>Sweden</td><td>16</td><td>12,424</td><td>2</td><td>373</td><td>152</td><td>19</td><td>380</td><td>119</td><td>3</td><td>255</td><td>2</td><td>1</td></tr><tr><td>Switzerland</td><td>34,233</td><td>288</td><td>3,543</td><td>35,120</td><td>10,826</td><td>9,107</td><td>69,183</td><td>13,039</td><td>2,389</td><td>35,273</td><td>9,141</td><td>8,131</td></tr><tr><td>U.S.S.R.</td><td>834</td><td>15,668</td><td>-</td><td>7,252</td><td>60,221</td><td>10,784</td><td>79,120</td><td>3,167</td><td>6,487</td><td>1,686</td><td>2,606</td><td>37,174</td></tr><tr><td>United Kingdom</td><td>74,264</td><td>3,014</td><td>5,369</td><td>7,252</td><td>60,221</td><td>10,784</td><td>79,120</td><td>3,167</td><td>6,487</td><td>1,686</td><td>2,606</td><td>37,174</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><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>86,640</td><td>3,014</td><td>5,369</td><td>7,252</td><td>60,221</td><td>10,784</td><td>79,120</td><td>3,167</td><td>6,487</td><td>1,686</td><td>2,606</td><td>37,174</td></tr><tr><td>Total Europe</td><td>74,264</td><td>15,668</td><td>3,543</td><td>35,120</td><td>10,826</td><td>9,107</td><td>69,183</td><td>13,039</td><td>2,389</td><td>35,273</td><td>9,141</td><td>8,131</td></tr><tr><td>Canada</td><td>86,640</td><td>3,014</td><td>5,369</td><td>7,252</td><td>60,221</td><td>10,784</td><td>79,120</td><td>3,167</td><td>6,487</td><td>1,686</td><td>2,606</td><td>37,174</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>275</td><td>-</td><td>5</td><td>170</td><td>84</td><td>16</td><td>913</td><td>24</td><td>7</td><td>620</td><td>253</td><td>9</td></tr><tr><td>Bolivia</td><td>71</td><td>-</td><td>-</td><td>69</td><td>2</td><td>2</td><td>267</td><td>11</td><td>1</td><td>190</td><td>45</td><td>20</td></tr><tr><td>Brazil</td><td>1,315</td><td>14</td><td>-</td><td>329</td><td>192</td><td>156</td><td>224</td><td>1</td><td>-</td><td>175</td><td>5</td><td>43</td></tr><tr><td>Chile</td><td>532</td><td>-</td><td>-</td><td>227</td><td>73</td><td>95</td><td>242</td><td>-</td><td>-</td><td>191</td><td>4</td><td>47</td></tr><tr><td>Colombia</td><td>1,146</td><td>-</td><td>5</td><td>1,123</td><td>134</td><td>281</td><td>1,599</td><td>-</td><td>-</td><td>880</td><td>226</td><td>593</td></tr><tr><td>Cuba</td><td>1,543</td><td>-</td><td>-</td><td>14</td><td>12</td><td>5</td><td>39</td><td>-</td><td>-</td><td>28</td><td>-</td><td>11</td></tr><tr><td>Dominican Republic</td><td>26</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>7</td><td>-</td><td>13</td></tr><tr><td>Guatemala</td><td>33</td><td>-</td><td>-</td><td>32</td><td>301</td><td>592</td><td>1,184</td><td>11</td><td>-</td><td>929</td><td>111</td><td>15</td></tr><tr><td>Mexico</td><td>1,978</td><td>-</td><td>37</td><td>1,053</td><td>-</td><td>12</td><td>82</td><td>-</td><td>-</td><td>67</td><td>-</td><td>15</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>53</td><td>-</td><td>4</td><td>106</td><td>-</td><td>25</td><td>169</td><td>17</td><td>6</td><td>135</td><td>11</td><td>706</td></tr><tr><td>Peru</td><td>151</td><td>-</td><td>20</td><td>1,020</td><td>50</td><td>1,665</td><td>3,385</td><td>35</td><td>146</td><td>2,343</td><td>155</td><td>706</td></tr><tr><td>Republic of Panama</td><td>2,739</td><td>4</td><td>1,020</td><td>6</td><td>54</td><td>174</td><td>1,533</td><td>97</td><td>22</td><td>840</td><td>422</td><td>152</td></tr><tr><td>El Salvador</td><td>60</td><td>1</td><td>1,556</td><td>1,474</td><td>63</td><td>137</td><td>1,66</td><td>3</td><td>6</td><td>450</td><td>15</td><td>1</td></tr><tr><td>Uruguay</td><td>2,336</td><td>12</td><td>1,474</td><td>1,560</td><td>48</td><td>43</td><td>240</td><td>3</td><td>6</td><td>121</td><td>109</td><td>1</td></tr><tr><td>Venezuela</td><td>1,574</td><td>10</td><td>1,474</td><td>1,560</td><td>48</td><td>43</td><td>240</td><td>3</td><td>6</td><td>121</td><td>109</td><td>1</td></tr><tr><td>Other Latin America</td><td>281</td><td>18</td><td>222</td><td>8,370</td><td>2,325</td><td>3,335</td><td>10,530</td><td>199</td><td>188</td><td>7,056</td><td>1,355</td><td>1,731</td></tr><tr><td>Total Latin America</td><td>14,270</td><td>18</td><td>222</td><td>8,370</td><td>2,325</td><td>3,335</td><td>10,530</td><td>199</td><td>188</td><td>7,056</td><td>1,355</td><td>1,731</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>32</td><td>-</td><td>-</td><td>28</td><td>3</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>1</td><td>553</td><td>6</td><td>1,135</td><td>26</td><td>814</td><td>1,104</td><td>6</td><td>-</td><td>829</td><td>2</td><td>267</td></tr><tr><td>Hong Kong</td><td>2,534</td><td>-</td><td>1,135</td><td>45</td><td>4</td><td>24</td><td>1</td><td>1</td><td>-</td><td>10</td><td>6</td><td>7</td></tr><tr><td>India</td><td>49</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>2</td><td>-</td><td>2</td><td>2</td><td>-</td><td>2</td><td>3</td><td>2</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>4</td><td>-</td><td>1</td><td>18</td><td>5</td><td>140</td><td>4,457</td><td>10</td><td>50</td><td>4,398</td><td>2</td><td>95</td></tr><tr><td>Israel</td><td>19</td><td>-</td><td>1</td><td>33</td><td>15</td><td>36</td><td>36</td><td>-</td><td>-</td><td>35</td><td>-</td><td>1</td></tr><tr><td>Japan</td><td>35</td><td>-</td><td>-</td><td>33</td><td>-</td><td>2</td><td>24</td><td>1</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>48</td><td>-</td><td>6</td><td>155</td><td>-</td><td>10</td><td>82</td><td>1</td><td>-</td><td>82</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>6</td><td>11</td><td>13</td><td>1,453</td><td>49</td><td>833</td><td>5,872</td><td>8</td><td>12</td><td>1,975</td><td>4,398</td><td>372</td></tr><tr><td>Turkey</td><td>162</td><td>11</td><td>6</td><td>155</td><td>-</td><td>2</td><td>24</td><td>1</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>162</td><td>11</td><td>6</td><td>155</td><td>-</td><td>2</td><td>24</td><td>1</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>2,912</td><td>594</td><td>13</td><td>1,453</td><td>49</td><td>833</td><td>5,872</td><td>8</td><td>12</td><td>1,975</td><td>4,398</td><td>372</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>182</td><td>-</td><td>11</td><td>13</td><td>124</td><td>34</td><td>12</td><td>6</td><td>-</td><td>4</td><td>2</td><td>2</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>36</td><td>90</td><td>2</td><td>36</td><td>125</td><td>31</td><td>29</td><td>-</td><td>-</td><td>19</td><td>10</td><td>-</td></tr><tr><td>Union of South Africa</td><td>251</td><td>90</td><td>26</td><td>574</td><td>64</td><td>60</td><td>1,497</td><td>260</td><td>15</td><td>1,79</td><td>46</td><td>17</td></tr><tr><td>Other</td><td>1,658</td><td>260</td><td>39</td><td>697</td><td>313</td><td>94</td><td>1,720</td><td>966</td><td>15</td><td>661</td><td>61</td><td>17</td></tr><tr><td>Total other countries</td><td>2,153</td><td>1,050</td><td>39</td><td>697</td><td>313</td><td>94</td><td>1,720</td><td>966</td><td>15</td><td>661</td><td>61</td><td>17</td></tr><tr><td>International</td><td>9,040</td><td>8,431</td><td>580</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>189,270</td><td>25,795</td><td>9,766</td><td>52,881</td><td>73,734</td><td>24,153</td><td>166,425</td><td>17,379</td><td>9,091</td><td>52,751</td><td>39,562</td><td>47,642</td></tr></table>
62
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of January 1952
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 claim payable in dollars</th><th colspan="3">Short-term claim 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>9</td><td>9</td><td>2</td><td>-</td><td>7</td><td>-</td><td>639</td><td>458</td><td>1</td><td>196</td></tr><tr><td>Belgium</td><td>42,896</td><td>42,257</td><td>8,314</td><td>822</td><td>7,180</td><td>25,941</td><td>42</td><td>11</td><td>31</td><td>-</td></tr><tr><td>Czechoslovakia</td><td>44</td><td>2</td><td>1</td><td>-</td><td>2</td><td>-</td><td>46</td><td>43</td><td>3</td><td>-</td></tr><tr><td>Denmark</td><td>3,979</td><td>3,928</td><td>549</td><td>16</td><td>309</td><td>2,794</td><td>18</td><td>2</td><td>16</td><td>-</td></tr><tr><td>Finland</td><td>3,386</td><td>3,568</td><td>1,124</td><td>8,953</td><td>3,094</td><td>1,281</td><td>691</td><td>283</td><td>9</td><td>399</td></tr><tr><td>France</td><td>14,073</td><td>13,382</td><td>1,124</td><td>5,997</td><td>1,515</td><td>7,973</td><td>216</td><td>215</td><td>1</td><td>-</td></tr><tr><td>Germany f.</td><td>30,121</td><td>29,905</td><td>23</td><td>2</td><td>127</td><td>-</td><td>378</td><td>90</td><td>25</td><td>263</td></tr><tr><td>Greece</td><td>158</td><td>152</td><td>2,215</td><td>1,353</td><td>4,273</td><td>4,374</td><td>197</td><td>165</td><td>32</td><td>-</td></tr><tr><td>Italy</td><td>12,593</td><td>12,215</td><td>403</td><td>127</td><td>3,663</td><td>1,445</td><td>75</td><td>75</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>5,835</td><td>5,638</td><td>185</td><td>151</td><td>954</td><td>644</td><td>42</td><td>42</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>2,009</td><td>1,934</td><td>9</td><td>-</td><td>31</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Poland</td><td>40</td><td>40</td><td>289</td><td>8</td><td>705</td><td>-</td><td>97</td><td>49</td><td>58</td><td>-</td></tr><tr><td>Portugal</td><td>1,044</td><td>1,002</td><td>6,446</td><td>3</td><td>2,826</td><td>9,623</td><td>310</td><td>288</td><td>22</td><td>-</td></tr><tr><td>Romania</td><td>5</td><td>3</td><td>447</td><td>230</td><td>1,642</td><td>2,572</td><td>3,894</td><td>3,056</td><td>11</td><td>27</td></tr><tr><td>Spain</td><td>18,995</td><td>18,898</td><td>1,233</td><td>3,373</td><td>2,393</td><td>331</td><td>15,191</td><td>13,463</td><td>1,205</td><td>583</td></tr><tr><td>Sweden</td><td>5,201</td><td>4,891</td><td>3,335</td><td>6,339</td><td>2,513</td><td>1,143</td><td>179</td><td>171</td><td>8</td><td>-</td></tr><tr><td>Switzerland</td><td>11,224</td><td>7,130</td><td>2,335</td><td>6,339</td><td>2,513</td><td>1,143</td><td>179</td><td>171</td><td>8</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>28,821</td><td>13,330</td><td>3,335</td><td>6,339</td><td>2,513</td><td>1,143</td><td>15,191</td><td>13,463</td><td>1,205</td><td>583</td></tr><tr><td>Yugoslavia</td><td>2,351</td><td>2,351</td><td>2,345</td><td>6,339</td><td>2,513</td><td>1,143</td><td>179</td><td>171</td><td>8</td><td>-</td></tr><tr><td>Other Europe</td><td>4,139</td><td>3,960</td><td>965</td><td>1,974</td><td>615</td><td>406</td><td>179</td><td>171</td><td>8</td><td>-</td></tr><tr><td>Total Europe</td><td>186,817</td><td>164,800</td><td>42,312</td><td>29,349</td><td>31,038</td><td>62,107</td><td>22,017</td><td>19,207</td><td>1,442</td><td>1,398</td></tr><tr><td>Canada</td><td>89,323</td><td>48,635</td><td>2,279</td><td>26,133</td><td>6,070</td><td>14,153</td><td>40,688</td><td>32,675</td><td>1,460</td><td>6,553</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>7,997</td><td>7,895</td><td>631</td><td>1,736</td><td>5,488</td><td>920</td><td>42</td><td>42</td><td>-</td><td>-</td></tr><tr><td>Bolivia</td><td>1,138</td><td>1,131</td><td>4,151</td><td>82</td><td>2,033</td><td>29,740</td><td>18</td><td>1</td><td>2</td><td>13</td></tr><tr><td>Brazil</td><td>207,213</td><td>207,295</td><td>31,623</td><td>11,900</td><td>134,038</td><td>14,088</td><td>7</td><td>2</td><td>5</td><td>20</td></tr><tr><td>Chile</td><td>26,233</td><td>26,233</td><td>632</td><td>3,766</td><td>9,745</td><td>11,453</td><td>38</td><td>5</td><td>13</td><td>-</td></tr><tr><td>Colombia</td><td>39,326</td><td>39,288</td><td>6,179</td><td>4,947</td><td>16,709</td><td>10,933</td><td>220</td><td>199</td><td>21</td><td>-</td></tr><tr><td>Cuba</td><td>29,568</td><td>29,348</td><td>4,072</td><td>3,266</td><td>11,017</td><td>10,933</td><td>1</td><td>199</td><td>1</td><td>-</td></tr><tr><td>Dominican Republic</td><td>2,842</td><td>2,841</td><td>-</td><td>743</td><td>1,494</td><td>625</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>3,954</td><td>3,954</td><td>599</td><td>99</td><td>2,631</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>109,108</td><td>105,772</td><td>56,989</td><td>16,175</td><td>8,963</td><td>23,645</td><td>3,336</td><td>2,262</td><td>169</td><td>905</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,153</td><td>1,153</td><td>4</td><td>13</td><td>1,136</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>11,251</td><td>11,922</td><td>195</td><td>1,198</td><td>9,784</td><td>751</td><td>29</td><td>27</td><td>2</td><td>-</td></tr><tr><td>Republic of Panama</td><td>4,809</td><td>4,189</td><td>-</td><td>1,629</td><td>1,446</td><td>1,116</td><td>13</td><td>-</td><td>13</td><td>-</td></tr><tr><td>El Salvador</td><td>9,389</td><td>9,889</td><td>196</td><td>1,955</td><td>2,406</td><td>5,730</td><td>126</td><td>121</td><td>5</td><td>-</td></tr><tr><td>Uruguay</td><td>11,784</td><td>11,495</td><td>7,210</td><td>1,119</td><td>3,068</td><td>261</td><td>410</td><td>178</td><td>5</td><td>287</td></tr><tr><td>Venezuela</td><td>34,320</td><td>34,510</td><td>7,998</td><td>5,487</td><td>17,436</td><td>3,589</td><td>26</td><td>13</td><td>13</td><td>-</td></tr><tr><td>Other Latin America</td><td>13,694</td><td>11,688</td><td>2,569</td><td>589</td><td>9,844</td><td>630</td><td>2,893</td><td>2,893</td><td>249</td><td>1,165</td></tr><tr><td>Total Latin America</td><td>580,331</td><td>516,064</td><td>123,044</td><td>52,997</td><td>237,262</td><td>103,461</td><td>4,267</td><td>2,893</td><td>249</td><td>1,165</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>2,704</td><td>2,699</td><td>2,643</td><td>33</td><td>21</td><td>2</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>7,407</td><td>7,407</td><td>5,405</td><td>2,000</td><td>2</td><td>18</td><td>89</td><td>89</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>1,425</td><td>1,336</td><td>321</td><td>266</td><td>731</td><td>18</td><td>5,186</td><td>5,161</td><td>25</td><td>-</td></tr><tr><td>India</td><td>14,765</td><td>9,579</td><td>1,833</td><td>-</td><td>2,492</td><td>5,254</td><td>2</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Indonesia</td><td>1,420</td><td>1,420</td><td>3</td><td>-</td><td>115</td><td>-</td><td>12</td><td>4</td><td>12</td><td>-</td></tr><tr><td>Iran</td><td>8,994</td><td>8,892</td><td>39</td><td>9</td><td>8,844</td><td>13,454</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>35,890</td><td>35,886</td><td>14,000</td><td>2,471</td><td>6,261</td><td>396</td><td>123</td><td>37</td><td>86</td><td>-</td></tr><tr><td>Japan</td><td>8,599</td><td>8,599</td><td>6,774</td><td>31</td><td>1,398</td><td>198</td><td>50</td><td>50</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>29,105</td><td>28,982</td><td>23,878</td><td>227</td><td>4,679</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>2,143</td><td>2,093</td><td>1,489</td><td>1</td><td>603</td><td>-</td><td>1,740</td><td>1,740</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>510</td><td>505</td><td>67</td><td>51</td><td>187</td><td>1</td><td>7,216</td><td>7,092</td><td>124</td><td>-</td></tr><tr><td>Other Asia</td><td>50,046</td><td>48,306</td><td>41,958</td><td>2,504</td><td>3,843</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>161,918</td><td>154,706</td><td>98,410</td><td>7,293</td><td>29,676</td><td>19,323</td><td>7,216</td><td>7,092</td><td>124</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>21,128</td><td>16,613</td><td>243</td><td>31</td><td>5,190</td><td>11,149</td><td>4,515</td><td>3,113</td><td>36</td><td>1,395</td></tr><tr><td>Belgian Congo</td><td>5,291</td><td>5,291</td><td>-</td><td>6</td><td>4,950</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>131</td><td>118</td><td>65</td><td>7</td><td>46</td><td>13</td><td>4</td><td>9</td><td>9</td><td>168</td></tr><tr><td>Union of South Africa</td><td>6,317</td><td>5,676</td><td>183</td><td>3</td><td>4,781</td><td>747</td><td>641</td><td>425</td><td>48</td><td>1</td></tr><tr><td>Other</td><td>4,599</td><td>4,546</td><td>662</td><td>137</td><td>2,881</td><td>866</td><td>53</td><td>46</td><td>6</td><td>-</td></tr><tr><td>Total other countries</td><td>37,466</td><td>32,244</td><td>1,113</td><td>186</td><td>17,848</td><td>13,097</td><td>5,222</td><td>3,588</td><td>99</td><td>1,535</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>995,959</td><td>916,445</td><td>267,158</td><td>115,258</td><td>321,888</td><td>212,141</td><td>79,410</td><td>69,415</td><td>3,344</td><td>10,651</td></tr></table>
Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
63
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of January 1952
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="4">To all other foreigners</th><th colspan="4">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><td></td></tr><tr><td>Austria</td><td>56,911</td><td>55,529</td><td>19,551</td><td>9,100</td><td>26,878</td><td>1,382</td><td>1,382</td><td>5,325</td><td>4,389</td><td>265</td><td>258</td><td>7</td></tr><tr><td>Belgium</td><td>138,774</td><td>64,801</td><td>41,466</td><td>1,738</td><td>21,597</td><td>67,708</td><td>58,054</td><td>5,325</td><td>4,389</td><td>265</td><td>258</td><td>7</td></tr><tr><td>Czechoslovakia</td><td>678</td><td>282</td><td>280</td><td>2</td><td>2</td><td>392</td><td>392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>44,004</td><td>35,578</td><td>18,716</td><td>20,525</td><td>337</td><td>8,383</td><td>7,397</td><td>643</td><td>353</td><td>33</td><td>33</td><td>-</td></tr><tr><td>Finland</td><td>30,002</td><td>28,667</td><td>27,653</td><td>-</td><td>1,014</td><td>1,355</td><td>1,355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>252,848</td><td>186,005</td><td>160,224</td><td>8,316</td><td>13,465</td><td>69,300</td><td>65,237</td><td>3,152</td><td>911</td><td>1,543</td><td>1,527</td><td>16</td></tr><tr><td>Germany</td><td>395,134</td><td>392,133</td><td>170,314</td><td>187,000</td><td>34,819</td><td>2,998</td><td>2,939</td><td>16</td><td>43</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Greece</td><td>38,999</td><td>31,686</td><td>21,594</td><td>10,000</td><td>92</td><td>7,211</td><td>7,098</td><td>113</td><td>-</td><td>2</td><td>21</td><td>3</td></tr><tr><td>Italy</td><td>289,175</td><td>254,995</td><td>141,276</td><td>94,805</td><td>18,904</td><td>34,166</td><td>24,017</td><td>9,863</td><td>286</td><td>24</td><td>21</td><td>2</td></tr><tr><td>Netherlands</td><td>153,680</td><td>133,256</td><td>84,254</td><td>44,156</td><td>4,846</td><td>20,152</td><td>17,992</td><td>2,094</td><td>66</td><td>272</td><td>270</td><td>2</td></tr><tr><td>Norway</td><td>97,697</td><td>75,928</td><td>29,232</td><td>33,304</td><td>13,416</td><td>21,743</td><td>21,352</td><td>306</td><td>85</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Poland</td><td>2,420</td><td>1,844</td><td>1,842</td><td>-</td><td>2</td><td>576</td><td>574</td><td>-</td><td>2</td><td>67</td><td>67</td><td>-</td></tr><tr><td>Portugal</td><td>38,044</td><td>32,111</td><td>30,763</td><td>-</td><td>1,351</td><td>6,663</td><td>6,655</td><td>-</td><td>8</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Romania</td><td>6,047</td><td>4,736</td><td>4,736</td><td>-</td><td>255</td><td>8,345</td><td>1,502</td><td>804</td><td>33</td><td>28</td><td>28</td><td>-</td></tr><tr><td>Spain</td><td>16,636</td><td>8,282</td><td>8,007</td><td>-</td><td>255</td><td>6,964</td><td>7,008</td><td>54</td><td>-</td><td>28</td><td>28</td><td>-</td></tr><tr><td>Sweden</td><td>64,313</td><td>57,101</td><td>42,906</td><td>1,500</td><td>12,695</td><td>6,964</td><td>6,910</td><td>54</td><td>22,231</td><td>2,096</td><td>1,976</td><td>120</td></tr><tr><td>Switzerland</td><td>525,954</td><td>394,959</td><td>256,617</td><td>44,226</td><td>94,116</td><td>128,909</td><td>99,807</td><td>6,869</td><td>1,4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>4,234</td><td>3,759</td><td>3,766</td><td>-</td><td>3</td><td>465</td><td>461</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>645,647</td><td>290,751</td><td>252,678</td><td>29,119</td><td>8,954</td><td>259,724</td><td>154,328</td><td>104,927</td><td>469</td><td>95,172</td><td>95,108</td><td>64</td></tr><tr><td>Yugoslavia</td><td>7,712</td><td>7,035</td><td>7,002</td><td>-</td><td>33</td><td>677</td><td>677</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Other Europe</td><td>59,478</td><td>41,518</td><td>31,818</td><td>9,286</td><td>414</td><td>17,956</td><td>17,147</td><td>806</td><td>3</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Total Europe</td><td>2,363,113</td><td>2,096,983</td><td>1,350,715</td><td>493,075</td><td>253,193</td><td>666,381</td><td>502,504</td><td>134,899</td><td>28,938</td><td>99,749</td><td>99,526</td><td>223</td></tr><tr><td>Canada</td><td>1,316,455</td><td>1,123,166</td><td>287,288</td><td>831,961</td><td>3,917</td><td>190,258</td><td>153,763</td><td>35,391</td><td>2,104</td><td>3,031</td><td>1,592</td><td>1,439</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>225,870</td><td>136,353</td><td>128,272</td><td>6</td><td>4,075</td><td>39,487</td><td>39,311</td><td>94</td><td>82</td><td>30</td><td>10</td><td>20</td></tr><tr><td>Bolivia</td><td>23,569</td><td>12,769</td><td>12,769</td><td>-</td><td>-</td><td>10,777</td><td>10,732</td><td>-</td><td>45</td><td>23</td><td>63</td><td>23</td></tr><tr><td>Brazil</td><td>98,481</td><td>58,583</td><td>40,443</td><td>-</td><td>18,140</td><td>39,820</td><td>39,727</td><td>-</td><td>93</td><td>78</td><td>15</td><td>15</td></tr><tr><td>Chile</td><td>56,463</td><td>26,807</td><td>26,744</td><td>-</td><td>63</td><td>29,644</td><td>29,265</td><td>-</td><td>379</td><td>12</td><td>12</td><td>4</td></tr><tr><td>Colombia</td><td>97,623</td><td>75,963</td><td>72,638</td><td>-</td><td>3,325</td><td>21,650</td><td>21,346</td><td>302</td><td>2</td><td>10</td><td>6</td><td>4</td></tr><tr><td>Cuba</td><td>253,058</td><td>196,330</td><td>132,102</td><td>37,580</td><td>26,648</td><td>56,726</td><td>56,360</td><td>364</td><td>2</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Democratic Republic</td><td>46,213</td><td>31,442</td><td>31,491</td><td>-</td><td>151</td><td>14,701</td><td>14,701</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>32,094</td><td>17,587</td><td>8,428</td><td>5,500</td><td>3,699</td><td>14,507</td><td>14,209</td><td>-</td><td>298</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>147,040</td><td>77,913</td><td>74,868</td><td>1,179</td><td>1,866</td><td>68,809</td><td>61,729</td><td>7,050</td><td>30</td><td>318</td><td>26</td><td>292</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>31,509</td><td>26,309</td><td>17,544</td><td>8,740</td><td>25</td><td>5,200</td><td>4,665</td><td>335</td><td>200</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Peru</td><td>49,465</td><td>25,437</td><td>25,170</td><td>-</td><td>267</td><td>24,024</td><td>23,994</td><td>-</td><td>30</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Republic of Panama</td><td>63,069</td><td>25,325</td><td>25,222</td><td>-</td><td>103</td><td>37,714</td><td>30,736</td><td>3,955</td><td>3,053</td><td>-</td><td>-</td><td>-</td></tr><tr><td>El Salvador</td><td>36,520</td><td>24,677</td><td>6,730</td><td>17,700</td><td>247</td><td>11,843</td><td>11,083</td><td>-</td><td>750</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>73,724</td><td>16,647</td><td>14,510</td><td>-</td><td>2,137</td><td>56,865</td><td>51,371</td><td>150</td><td>9,344</td><td>212</td><td>130</td><td>82</td></tr><tr><td>Venezuela</td><td>67,855</td><td>23,558</td><td>23,558</td><td>7</td><td>22</td><td>30,592</td><td>27,728</td><td>5,750</td><td>2,114</td><td>225</td><td>223</td><td>2</td></tr><tr><td>Other Latin America</td><td>96,837</td><td>66,043</td><td>94,774</td><td>8,568</td><td>2,701</td><td>30,738</td><td>28,193</td><td>1,792</td><td>803</td><td>6</td><td>5</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,339,850</td><td>891,753</td><td>749,044</td><td>79,280</td><td>63,429</td><td>306,177</td><td>475,220</td><td>19,792</td><td>11,165</td><td>920</td><td>479</td><td>441</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>42,408</td><td>30,263</td><td>29,619</td><td>342</td><td>302</td><td>12,115</td><td>11,937</td><td>188</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>39,499</td><td>34,973</td><td>31,322</td><td>3,050</td><td>1</td><td>4,526</td><td>4,526</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>64,221</td><td>28,801</td><td>27,477</td><td>-</td><td>1,324</td><td>34,896</td><td>34,099</td><td>790</td><td>7</td><td>524</td><td>524</td><td>-</td></tr><tr><td>India</td><td>58,521</td><td>54,085</td><td>51,877</td><td>500</td><td>1,708</td><td>3,846</td><td>3,846</td><td>-</td><td>620</td><td>620</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>131,781</td><td>130,724</td><td>67,465</td><td>62,175</td><td>1,114</td><td>1,022</td><td>1,022</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>26,813</td><td>20,462</td><td>20,345</td><td>-</td><td>117</td><td>6,351</td><td>6,331</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>20,675</td><td>17,499</td><td>18,441</td><td>-</td><td>18</td><td>3,212</td><td>2,519</td><td>693</td><td>1</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Japan</td><td>632,383</td><td>621,197</td><td>620,320</td><td>-</td><td>877</td><td>13,138</td><td>11,283</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Philippines</td><td>332,081</td><td>313,773</td><td>297,581</td><td>2/</td><td>6,969</td><td>18,232</td><td>18,147</td><td>85</td><td>76</td><td>76</td><td>76</td><td>-</td></tr><tr><td>Thailand</td><td>108,943</td><td>105,999</td><td>13,621</td><td>91,073</td><td>1,305</td><td>2,844</td><td>2,818</td><td>-</td><td>26</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>13,611</td><td>8,911</td><td>8,883</td><td>-</td><td>28</td><td>4,700</td><td>4,636</td><td>22</td><td>42</td><td>226</td><td>226</td><td>-</td></tr><tr><td>Other Asia</td><td>164,811</td><td>133,975</td><td>107,943</td><td>20,825</td><td>5,207</td><td>30,610</td><td>30,365</td><td>79</td><td>166</td><td>226</td><td>226</td><td>-</td></tr><tr><td>Total Asia</td><td>1,635,677</td><td>1,500,692</td><td>1,294,494</td><td>2/</td><td>187,582</td><td>18,570</td><td>133,568</td><td>131,429</td><td>1,857</td><td>282</td><td>1,457</td><td>1,456</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><td></td><td></td></tr><tr><td>Australia</td><td>32,133</td><td>29,030</td><td>27,131</td><td>1</td><td>1,898</td><td>2,831</td><td>2,766</td><td>50</td><td>15</td><td>472</td><td>461</td><td>11</td></tr><tr><td>Belgian Congo</td><td>54,303</td><td>53,940</td><td>13,306</td><td>38,630</td><td>2,004</td><td>353</td><td>353</td><td>-</td><td>10</td><td>10</td><td>10</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>120,419</td><td>116,748</td><td>31,434</td><td>84,900</td><td>411</td><td>3,665</td><td>3,662</td><td>-</td><td>3</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Union of South Africa</td><td>8,226</td><td>4,743</td><td>3,736</td><td>-</td><td>1,007</td><td>3,241</td><td>3,236</td><td>-</td><td>5</td><td>242</td><td>242</td><td>-</td></tr><tr><td>Other</td><td>87,313</td><td>71,437</td><td>66,348</td><td>1,700</td><td>3,389</td><td>15,779</td><td>15,036</td><td>270</td><td>427</td><td>97</td><td>84</td><td>13</td></tr><tr><td>Total other countries</td><td>302,594</td><td>275,898</td><td>141,955</td><td>125,231</td><td>8,712</td><td>25,869</td><td>25,099</td><td>320</td><td>450</td><td>827</td><td>803</td><td>24</td></tr><tr><td>International</td><td>1,700,880</td><td>1,700,880</td><td>91,196</td><td>1,599,995</td><td>49,729</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>9,217,569</td><td>7,739,332</td><td>3,914,692</td><td>2,777,099</td><td>397,550</td><td>1,522,253</td><td>1,288,095</td><td>192,219</td><td>41,939</td><td>105,984</td><td>103,856</td><td>2,128</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupational authorities for foreign trade purposes.
2/ Beginning January 1952, data include for the first time the balances in certain accounts held with the U. S. Treasury which had been previously
excluded from reported liabilities. As of January 31, 1952, the additional amounts included are $2,124 thousand in deposits and $3,273 thousand in U. S. Treasury bills and certificates.
64
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of January 1952
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 purchases</th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Foreign securities</th><th>Total sales</th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Foreign securities</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>830</td><td>178</td><td>-</td><td>646</td><td>5</td><td>719</td><td>42</td><td>2</td><td>544</td><td>131</td></tr><tr><td>Belgium</td><td>4,985</td><td>1,690</td><td>41</td><td>1,614</td><td>868</td><td>772</td><td>4,919</td><td>1,184</td><td>639</td><td>2,169</td><td>365</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>26</td><td>521</td><td>116</td><td>61</td><td>10</td><td>-</td><td>237</td><td>520</td><td>64</td></tr><tr><td>Denmark</td><td>724</td><td>-</td><td>26</td><td>521</td><td>116</td><td>61</td><td>824</td><td>-</td><td>237</td><td>520</td><td>64</td></tr><tr><td>Finland</td><td>24</td><td>-</td><td>4</td><td>20</td><td>2</td><td>4</td><td>4</td><td>-</td><td>1</td><td>3</td><td>-</td></tr><tr><td>France</td><td>6,428</td><td>69</td><td>400</td><td>3,266</td><td>330</td><td>2,363</td><td>3,941</td><td>112</td><td>145</td><td>1,989</td><td>411</td></tr><tr><td>Germany</td><td>56</td><td>-</td><td>52</td><td>4</td><td>1</td><td>3</td><td>33</td><td>10</td><td>18</td><td>8</td><td>5</td></tr><tr><td>Greece</td><td>58</td><td>57</td><td>-</td><td>1</td><td>0</td><td>1</td><td>8</td><td>1</td><td>7</td><td>0</td><td>0</td></tr><tr><td>Italy</td><td>490</td><td>17</td><td>3</td><td>343</td><td>20</td><td>107</td><td>538</td><td>36</td><td>165</td><td>265</td><td>23</td></tr><tr><td>Netherlands</td><td>3,406</td><td>21</td><td>60</td><td>1,912</td><td>908</td><td>505</td><td>4,429</td><td>20</td><td>134</td><td>3,514</td><td>494</td></tr><tr><td>Norway</td><td>517</td><td>49</td><td>-</td><td>262</td><td>187</td><td>19</td><td>378</td><td>1</td><td>3</td><td>267</td><td>56</td></tr><tr><td>Poland</td><td>5</td><td>-</td><td>-</td><td>111</td><td>106</td><td>109</td><td>380</td><td>3</td><td>37</td><td>262</td><td>18</td></tr><tr><td>Portugal</td><td>326</td><td>-</td><td>-</td><td>111</td><td>106</td><td>109</td><td>380</td><td>3</td><td>37</td><td>262</td><td>18</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></tr><tr><td>Spain</td><td>228</td><td>12</td><td>2</td><td>199</td><td>15</td><td>144</td><td>144</td><td>3</td><td>114</td><td>10</td><td>17</td></tr><tr><td>Sweden</td><td>47</td><td>-</td><td>1</td><td>34</td><td>9</td><td>3</td><td>103</td><td>16</td><td>44</td><td>42</td><td>1</td></tr><tr><td>Switzerland</td><td>34,454</td><td>2,758</td><td>1,348</td><td>24,929</td><td>1,757</td><td>3,662</td><td>21,797</td><td>304</td><td>963</td><td>17,418</td><td>1,331</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>666</td><td>8,972</td><td>2,978</td><td>5,469</td><td>23,116</td><td>6,120</td><td>811</td><td>7,950</td><td>5,658</td></tr><tr><td>United Kingdom</td><td>28,711</td><td>10,626</td><td>666</td><td>8,972</td><td>2,978</td><td>5,469</td><td>23,116</td><td>6,120</td><td>811</td><td>7,950</td><td>5,658</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>42</td><td>375</td><td>37</td><td>41</td><td>2,085</td><td>900</td><td>1,047</td><td>46</td><td>92</td></tr><tr><td>Other Europe</td><td>1,096</td><td>601</td><td>-</td><td>375</td><td>37</td><td>41</td><td>2,085</td><td>900</td><td>1,047</td><td>46</td><td>92</td></tr><tr><td>Total Europe</td><td>82,385</td><td>16,021</td><td>2,589</td><td>43,297</td><td>7,362</td><td>13,116</td><td>63,368</td><td>8,748</td><td>3,102</td><td>35,908</td><td>8,903</td></tr><tr><td>Canada</td><td>56,210</td><td>3,479</td><td>5,868</td><td>9,032</td><td>20,373</td><td>17,458</td><td>54,135</td><td>1,987</td><td>10,690</td><td>8,730</td><td>14,798</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>955</td><td>1</td><td>158</td><td>571</td><td>147</td><td>78</td><td>813</td><td>200</td><td>457</td><td>122</td><td>34</td></tr><tr><td>Bolivia</td><td>210</td><td>-</td><td>-</td><td>120</td><td>25</td><td>65</td><td>32</td><td>-</td><td>24</td><td>5</td><td>3</td></tr><tr><td>Brazil</td><td>1,503</td><td>-</td><td>-</td><td>559</td><td>882</td><td>62</td><td>579</td><td>1</td><td>444</td><td>67</td><td>67</td></tr><tr><td>Chile</td><td>423</td><td>-</td><td>-</td><td>212</td><td>83</td><td>128</td><td>392</td><td>1</td><td>6</td><td>233</td><td>10</td></tr><tr><td>Colombia</td><td>174</td><td>-</td><td>1</td><td>704</td><td>45</td><td>25</td><td>1,070</td><td>1</td><td>1,097</td><td>12</td><td>12</td></tr><tr><td>Cuba</td><td>1,703</td><td>1</td><td>14</td><td>1,293</td><td>110</td><td>339</td><td>4,898</td><td>31</td><td>1,146</td><td>162</td><td>3,559</td></tr><tr><td>Dominican Republic</td><td>28</td><td>-</td><td>-</td><td>4</td><td>7</td><td>13</td><td>45</td><td>-</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>146</td><td>-</td><td>-</td><td>142</td><td>101</td><td>61</td><td>52</td><td>11</td><td>50</td><td>95</td><td>154</td></tr><tr><td>Mexico</td><td>2,830</td><td>100</td><td>10</td><td>2,012</td><td>429</td><td>279</td><td>1,345</td><td>9</td><td>1,082</td><td>95</td><td>154</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>307</td><td>-</td><td>258</td><td>47</td><td>2</td><td>2</td><td>80</td><td>-</td><td>80</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>371</td><td>-</td><td>347</td><td>24</td><td>319</td><td>-</td><td>319</td><td>-</td><td>316</td><td>3</td><td>104</td></tr><tr><td>Republic of Panama</td><td>3,869</td><td>-</td><td>32</td><td>2,551</td><td>129</td><td>1,157</td><td>2,027</td><td>1</td><td>1,490</td><td>430</td><td>104</td></tr><tr><td>El Salvador</td><td>382</td><td>-</td><td>-</td><td>16</td><td>366</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>3,384</td><td>60</td><td>417</td><td>2,175</td><td>485</td><td>307</td><td>3,025</td><td>425</td><td>1,390</td><td>735</td><td>237</td></tr><tr><td>Venezuela</td><td>1,415</td><td>56</td><td>1,262</td><td>207</td><td>119</td><td>63</td><td>1,923</td><td>63</td><td>1,557</td><td>341</td><td>85</td></tr><tr><td>Other Latin America</td><td>386</td><td>56</td><td>-</td><td>207</td><td>119</td><td>63</td><td>804</td><td>9</td><td>586</td><td>277</td><td>9</td></tr><tr><td>Total Latin America</td><td>18,686</td><td>218</td><td>889</td><td>12,072</td><td>2,958</td><td>2,549</td><td>17,454</td><td>711</td><td>9,967</td><td>2,247</td><td>4,347</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>58</td><td>-</td><td>-</td><td>57</td><td>-</td><td>1</td><td>32</td><td>-</td><td>15</td><td>-</td><td>17</td></tr><tr><td>Formose</td><td>-</td><td>-</td><td>257</td><td>894</td><td>27</td><td>505</td><td>1,524</td><td>-</td><td>1,375</td><td>19</td><td>130</td></tr><tr><td>Bong Kong</td><td>1,643</td><td>-</td><td>-</td><td>7</td><td>9</td><td>2</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>India</td><td>16</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>2</td><td>-</td><td>-</td><td>41</td><td>-</td><td>5</td><td>5</td><td>-</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>41</td><td>-</td><td>5</td><td>13</td><td>21</td><td>13</td><td>6,015</td><td>18</td><td>10</td><td>5,942</td><td>4</td></tr><tr><td>Israel</td><td>52</td><td>-</td><td>-</td><td>37</td><td>14</td><td>12</td><td>26</td><td>-</td><td>15</td><td>-</td><td>11</td></tr><tr><td>Japan</td><td>2,348</td><td>1</td><td>171</td><td>1,165</td><td>1</td><td>12</td><td>1,224</td><td>1,101</td><td>122</td><td>1</td><td>17</td></tr><tr><td>Philippines</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>47</td><td>47</td><td>-</td><td>30</td><td>-</td><td>37</td></tr><tr><td>Thailand</td><td>-</td><td>-</td><td>-</td><td>14</td><td>9</td><td>2</td><td>60</td><td>1</td><td>22</td><td>-</td><td>37</td></tr><tr><td>Turkey</td><td>25</td><td>-</td><td>16</td><td>189</td><td>24</td><td>24</td><td>238</td><td>65</td><td>173</td><td>-</td><td>217</td></tr><tr><td>Other Asia</td><td>229</td><td>-</td><td>278</td><td>1,418</td><td>1,285</td><td>1</td><td>557</td><td>75</td><td>1,800</td><td>5,961</td><td>217</td></tr><tr><td>Total Asia</td><td>3,498</td><td>1</td><td>278</td><td>1,418</td><td>1,285</td><td>1</td><td>9,173</td><td>1,120</td><td>1,800</td><td>5,961</td><td>217</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>152</td><td>-</td><td>19</td><td>131</td><td>2</td><td>66</td><td>3</td><td>-</td><td>65</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>3</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>14</td><td>290</td><td>124</td><td>1</td><td>8</td><td>69</td><td>833</td><td>116</td><td>65</td><td>1</td><td>3</td></tr><tr><td>Union of South Africa</td><td>477</td><td>-</td><td>106</td><td>10</td><td>4</td><td>89</td><td>89</td><td>3</td><td>963</td><td>31</td><td>120</td></tr><tr><td>Other</td><td>985</td><td>-</td><td>606</td><td>10</td><td>289</td><td>-</td><td>833</td><td>3</td><td>701</td><td>36</td><td>123</td></tr><tr><td>Total other countries</td><td>1,688</td><td>290</td><td>901</td><td>142</td><td>295</td><td>979</td><td>116</td><td>3</td><td>701</td><td>36</td><td>123</td></tr><tr><td>International</td><td>378</td><td>239</td><td>121</td><td>3</td><td>11</td><td>-</td><td>5,100</td><td>5,100</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>162,781</td><td>20,247</td><td>9,745</td><td>66,723</td><td>32,091</td><td>33,975</td><td>150,219</td><td>17,682</td><td>57,106</td><td>31,905</td><td>29,504</td></tr></table>
Beginning January 1952, data include for the first time certain transactions in long-term securities performed by the U.S. Treasury on behalf of foreigners which had been previously excluded from reported transactions. For the month of
January 1952, the additional amounts included are $1,165 thousand in purchases of foreign bonds and $1,100 thousand in sales of U.S. Government bonds and notes.
April 1952
65
CAPITAL MOVEMENTS
Section IV - Supplementary Data by Countries
Table 3.- Short-Term Liabilities to Foreigners in Countries and Areas not Regularly Reported Separately by Banks and Bankers
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Deposits of foreigners</th><th>Other short-term liabilities</th></tr><tr><td>"Other Europe"</td><td></td><td></td></tr><tr><td>British Mediterranean possessions</td><td>550</td><td>52</td></tr><tr><td>Bulgaria</td><td>601</td><td>2</td></tr><tr><td>Estonie</td><td>2,672</td><td>-</td></tr><tr><td>Hungary</td><td>973</td><td>2</td></tr><tr><td>Iceland</td><td>2,491</td><td>1,018</td></tr><tr><td>Latvia</td><td>1,320</td><td>6</td></tr><tr><td>Lithuania</td><td>267</td><td>310</td></tr><tr><td>Luxembourg</td><td>11,374</td><td>397</td></tr><tr><td>Monaco</td><td>3,178</td><td>-</td></tr><tr><td>Republic of Ireland</td><td>10,615</td><td>5,298</td></tr><tr><td>Trieste</td><td>2,209</td><td>371</td></tr><tr><td>"Other Latin America"</td><td></td><td></td></tr><tr><td>British Caribbean possessions</td><td>11,078</td><td>3,515</td></tr><tr><td>Costa Rica</td><td>8,579</td><td>126</td></tr><tr><td>Ecuador</td><td>11,389</td><td>49</td></tr><tr><td>French West Indies and Guiana</td><td>761</td><td>-</td></tr><tr><td>Beiti</td><td>10,310</td><td>16</td></tr><tr><td>Eondures</td><td>7,535</td><td>7,009</td></tr><tr><td>Nicaragua</td><td>8,118</td><td>78</td></tr><tr><td>Paraguay</td><td>5,353</td><td>-</td></tr><tr><td>"Other Asia"</td><td></td><td></td></tr><tr><td>British Malaya</td><td>10,491</td><td>310</td></tr><tr><td>Ceylon</td><td>6,887</td><td>12,300</td></tr><tr><td>Indo-China</td><td>7,267</td><td>7</td></tr><tr><td>Iran</td><td>12,861</td><td>19</td></tr><tr><td>Korea</td><td>26,199</td><td>-</td></tr><tr><td>Lebanon</td><td>15,327</td><td>11</td></tr><tr><td>Pakistan</td><td>5,289</td><td>7,867</td></tr><tr><td>Saudi Arabia</td><td>13,204</td><td>-</td></tr><tr><td>Syrie</td><td>5,296</td><td>152</td></tr><tr><td>"Other Countries"</td><td></td><td></td></tr><tr><td>British Africa</td><td>738</td><td>471</td></tr><tr><td>French Africa</td><td>33,994</td><td>559</td></tr><tr><td>Portuguese Africa</td><td>4,190</td><td>66</td></tr><tr><td>New Zealand</td><td>4,701</td><td>466</td></tr><tr><td>Spanish Africa</td><td>201</td><td>-</td></tr><tr><td>Tangier</td><td>18,481</td><td>2,973</td></tr></table>
Note: The information in this table is reported to the Treasury Department at irregular intervals upon request (see headnote on page 52). The totals will not agree with those shown for corresponding dates for "Other Europes", "Other Latin America", "Other Asia", and "Other countries" in the regular monthly series in the "Treasury Bulletin". Reports have been requested only from banks and bankers in the Second Federal Reserve District, and countries have been omitted or grouped to avoid revealing
individual accounts or the foreign position of any reporting institutions. The amounts shown here represent more than 70 percent of the totals for all districts reported each month in these categories. Data previously published in this series may be found in Section IV, Table 3, in the April 1950 and April 1951 issues of the "Treasury Bulletin".
66
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Data relating to corporations in which the United States Government has a proprietary interest, direct or indirect, and to certain other business-type activities of the United States Government are presented in a series of four tables. Table 1 gives a summary of loans outstanding, Table 2, balance sheet data, Table 3, income and expense, and Table 4, source and application of funds. Tables 1 and 2 are compiled from the mid-month "Daily
Treasury Statement", which contains greater detail than the summaries presented here. Tables 3 and 4 are compiled from reports of the agencies, adjusted by the Treasury Department. The latest available loan and balance sheet data are presented in this issue of the "Treasury Bulletin", and Tables 3 and 4 for the same date will appear in a subsequent issue.
Table 1.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans,
December 31, 1950 and December 31, 1951
(In millions of dollars)
<table><tr><th>By type of loan</th><th>Dec. 31, 1950</th><th>Dec. 31, 1951</th><th>Net increase, or decrease (-)</th><th>By agency</th><th>Dec. 31, 1950</th><th>Dec. 31, 1951</th><th>Net increase, or decrease (-)</th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td>Corporations:</td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>507.1</td><td>629.1</td><td>122.0</td><td>Banks for cooperatives</td><td>345.5</td><td>424.8</td><td>79.3</td></tr><tr><td>Cooperative associations</td><td>349.5</td><td>429.4</td><td>79.9</td><td>Commodity Credit Corporation</td><td>897.8</td><td>782.3</td><td>-115.5</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>952.4</td><td>812.8</td><td>-139.6</td><td>Export-Import Bank of Washington</td><td>2,226.5</td><td>2,296.0</td><td>69.5</td></tr><tr><td>Farm mortgage loans</td><td>508.3</td><td>517.1</td><td>8.3</td><td>Federal Farm Mortgage Corporation</td><td>45.5</td><td>34.0</td><td>-11.5</td></tr><tr><td>Other 1/</td><td>1,366.4</td><td>1,773.0</td><td>206.6</td><td>Federal home loan banks</td><td>816.0</td><td>805.9</td><td>-10.0</td></tr><tr><td>Total</td><td>3,884.1</td><td>4,161.3</td><td>277.2</td><td>Federal intermediate credit banks</td><td>510.2</td><td>633.0</td><td>122.8</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td>Federal National Mortgage Association</td><td>1,346.7</td><td>1,846.6</td><td>502.9</td></tr><tr><td>Mortgage loans</td><td>1,525.2</td><td>2,141.4</td><td>616.2</td><td>Home Owners' Loan Corporation</td><td>9.6</td><td>-</td><td>-9.6</td></tr><tr><td>Other</td><td>3.0</td><td>.3</td><td>-2.7</td><td>Public Housing Administration</td><td>352.3</td><td>594.7</td><td>242.3</td></tr><tr><td>Total</td><td>1,528.1</td><td>2,141.6</td><td>613.5</td><td>Reconstruction Finance Corporation 2/</td><td></td><td></td><td></td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td>Exclusive of assets held for</td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>109.9</td><td>100.7</td><td>-9.3</td><td>U. S. Treasury</td><td>812.1</td><td>740.4</td><td>-71.7</td></tr><tr><td>Other</td><td>458.1</td><td>488.5</td><td>30.4</td><td>Assets held for U. S. Treasury</td><td>1.1</td><td>.9</td><td>-1</td></tr><tr><td>Total</td><td>568.0</td><td>589.1</td><td>21.1</td><td>Defense Production Act of 1950</td><td>-</td><td>27.1</td><td>27.1</td></tr><tr><td>To aid States, Territories, etc.</td><td>468.0</td><td>712.3</td><td>244.3</td><td>Tennessee Valley Authority</td><td>.1</td><td>-</td><td>-1</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td>Other</td><td>3.1</td><td>2.4</td><td>-7</td></tr><tr><td>Banks</td><td>.1</td><td>.1</td><td>*</td><td>Total</td><td>7,366.5</td><td>8,191.7</td><td>825.2</td></tr><tr><td>Insurance companies</td><td>14.0</td><td>13.4</td><td>-.6</td><td>Certain other business-type activities:</td><td></td><td></td><td></td></tr><tr><td>Mortgage loan companies</td><td>810.2</td><td>800.7</td><td>-9.5</td><td>Farmers' Home Administration</td><td>516.4</td><td>520.9</td><td>4.5</td></tr><tr><td>Total</td><td>824.3</td><td>814.2</td><td>-10.1</td><td>Federal Housing Administration</td><td>20.2</td><td>29.5</td><td>9.3</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td><td>Office of Housing and Home Finance</td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans held by lending agencies</td><td>66.0</td><td>42.9</td><td>-23.1</td><td>Administrator 3/</td><td>26.1</td><td>40.5</td><td>14.5</td></tr><tr><td>Other</td><td>6,011.7</td><td>6,067.3</td><td>55.6</td><td>Public Housing Administration</td><td>17.0</td><td>14.6</td><td>-2.4</td></tr><tr><td>Total</td><td>6,077.8</td><td>6,110.3</td><td>32.5</td><td>Rural Electrification Administration</td><td>1,543.0</td><td>1,742.1</td><td>199.1</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td>Other 4/</td><td>3,924.1</td><td>4,055.8</td><td>131.7</td></tr><tr><td>Miscellaneous mortgage loans</td><td>18.5</td><td>23.7</td><td>5.3</td><td>Total</td><td>6,046.7</td><td>6,403.4</td><td>356.7</td></tr><tr><td>Other</td><td>44.3</td><td>42.4</td><td>-1.8</td><td>Total loans</td><td>13,413.2</td><td>14,595.1</td><td>1,181.9</td></tr><tr><td>Total</td><td>62.8</td><td>66.2</td><td>3.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>13,413.2</td><td>14,595.1</td><td>1,181.9</td><td></td><td></td><td></td><td></td></tr></table>
Amount as of December 31, 1951, also includes housing loans for educational institutions, Includes $3,750,0 million loan to the United Kingdom. Less than $50,000.
1/ Principally for rural electrification.
2/ Includes merged war affiliates.
3/ Consists of Alaska housing program, community facilities service, prefabricated housing loans program, and elum clearance program.
April 1952
67
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1951
(In millions of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th>Banks for cooperatives</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal home loan banks</th><th>Federal intermediate credit banks</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>105.4</td><td>100.0</td><td>24.6</td><td>8.0</td><td>.3</td><td>.1</td><td>-</td><td>26.2</td><td>18.0</td></tr><tr><td>Cash with U. S. Treasury 2/</td><td>825.8</td><td>329.6</td><td>1.9</td><td>1.8</td><td>.1</td><td>.7</td><td>1.6</td><td>9.9</td><td>8.5</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>118.9</td><td>118.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>9,377.7</td><td>65.9</td><td>422.8</td><td>779.6</td><td>2,288.8</td><td>3/4/</td><td>-</td><td>34.0</td><td>65.9</td></tr><tr><td>Others, less reserves</td><td>14,422.5</td><td>8,133.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63.0</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>214.2</td><td>89.4</td><td>*</td><td>49.2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.3</td></tr><tr><td>Others, less reserves</td><td>601.5</td><td>431.9</td><td>3.2</td><td>277.8</td><td>23.1</td><td>3.8</td><td>.7</td><td>3.2</td><td>8.3</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>1,461.4</td><td>1,345.1</td><td>-</td><td>1,173.7</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>2,226.1</td><td>1,940.1</td><td>43.3</td><td>-</td><td>-</td><td>1,352.7</td><td>-</td><td>249.4</td><td>51.3</td></tr><tr><td>Securities of Government corporations and agencies, less reserves</td><td>179.7</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans, structures, and equipment, less reserves</td><td>3,453.0</td><td>77.6</td><td>*</td><td>107.4</td><td>*</td><td>*</td><td>*</td><td>-.1</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>3,358.3</td><td>2,265.0</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td></tr><tr><td>All other assets, less reserves</td><td>161.0</td><td>124.5</td><td>3.5</td><td>2.1</td><td>11.9</td><td>3.0</td><td>.1</td><td>.7</td><td>.4</td></tr><tr><td>Total assets</td><td>36,634.4</td><td>15,063.5</td><td>499.6</td><td>2,399.5</td><td>2,324.2</td><td>1,360.3</td><td>36.4</td><td>1,095.5</td><td>795.7</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>68.6</td><td>43.1</td><td>.3</td><td>14.7</td><td>*</td><td>*</td><td>*</td><td>6.6</td><td>6.2</td></tr><tr><td>Others</td><td>202.7</td><td>152.5</td><td>1.0</td><td>38.6</td><td>*</td><td>1.4</td><td>.1</td><td>6.6</td><td>6.2</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>298.5</td><td>208.9</td><td>*</td><td>70.6</td><td>*</td><td>.2</td><td>.4</td><td>261.7</td><td>.7</td></tr><tr><td>Others</td><td>315.9</td><td>306.0</td><td>*</td><td>24.5</td><td>2.1</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 2/</td><td>6,343.5</td><td>3,986.8</td><td>-</td><td>2,025.0</td><td>1,005.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Treasury</td><td>1,879.7</td><td>1,879.5</td><td>65.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>43.0</td><td>4.2</td><td>-</td><td>3.6</td><td>-</td><td>-</td><td>-.6</td><td>524.6</td><td>673.9</td></tr><tr><td>Guaranteed by United States</td><td>1,368.9</td><td>1,368.9</td><td>170.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-.8</td></tr><tr><td>Not guaranteed by United States</td><td>642.1</td><td>440.1</td><td>.8</td><td>273.3</td><td>2/</td><td>55.0</td><td>4/</td><td>76.4</td><td>*</td></tr><tr><td>All other liabilities</td><td>11,163.0</td><td>8,390.0</td><td>238.5</td><td>2,450.3</td><td>1,062.3</td><td>78.2</td><td>1.1</td><td>793.0</td><td>691.7</td></tr><tr><td>Total liabilities</td><td>11,163.0</td><td>8,390.0</td><td>238.5</td><td>2,450.3</td><td>1,062.3</td><td>78.2</td><td>1.1</td><td>793.0</td><td>691.7</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>1,684.4</td><td>1,684.4</td><td>178.5</td><td>100.0</td><td>1,000.0</td><td>-</td><td>*</td><td>6/</td><td>60.0</td></tr><tr><td>Paid-in surplus</td><td>1,500.5</td><td>1,500.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.6</td></tr><tr><td>Expanded appropriations</td><td>22,687.1</td><td>1,382.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-729.7</td><td>1,776.9</td><td>55.9</td><td>-150.8</td><td>262.0</td><td>1,282.2</td><td>2/</td><td>35.2</td><td>41.3</td></tr><tr><td>Total United States interest</td><td>25,142.1</td><td>6,344.3</td><td>234.4</td><td>-50.8</td><td>1,262.0</td><td>1,282.2</td><td>35.3</td><td>104.0</td><td>-</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>291.0</td><td>291.0</td><td>20.3</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>270.7</td><td>-</td></tr><tr><td>Earned surplus</td><td>38.2</td><td>38.2</td><td>6.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31.8</td><td>-</td></tr><tr><td>Total private interest</td><td>329.2</td><td>329.2</td><td>26.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>302.5</td><td>-</td></tr><tr><td>Total capital</td><td>25,471.5</td><td>6,673.5</td><td>261.1</td><td>-50.8</td><td>1,262.0</td><td>1,282.2</td><td>35.3</td><td>302.5</td><td>104.0</td></tr><tr><td>Total liabilities and capital</td><td>36,634.4</td><td>15,063.5</td><td>499.6</td><td>2,399.5</td><td>2,324.2</td><td>1,360.3</td><td>36.4</td><td>1,095.5</td><td>795.7</td></tr><tr><td>Contingent liabilities</td><td>1,086.7</td><td>489.2</td><td>-</td><td>61.7</td><td>7.0</td><td>3/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>25,872.0</td><td>4,567.4</td><td>178.5</td><td>100.0</td><td>1,000.0</td><td>-</td><td>*</td><td>62.6</td><td>-</td></tr><tr><td>Treasury loans to Government corporations and agencies 2/</td><td>6,343.5</td><td>3,986.8</td><td>-</td><td>2,025.0</td><td>1,005.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>32,215.5</td><td>8,554.2</td><td>178.5</td><td>2,125.0</td><td>2,005.0</td><td>-</td><td>*</td><td>62.6</td><td>-</td></tr><tr><td>Less total Treasury loans 10/</td><td>6,343.5</td><td>8,554.2</td><td>178.5</td><td>2,125.0</td><td>2,005.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>25,872.0</td><td>8,554.2</td><td>178.5</td><td>2,125.0</td><td>2,005.0</td><td>-</td><td>*</td><td>62.6</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-729.7</td><td>1,776.9</td><td>55.9</td><td>-150.8</td><td>262.0</td><td>1,282.2</td><td>35.2</td><td>41.3</td><td>-</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>25,142.1</td><td>10,331.1</td><td>234.4</td><td>1,974.2</td><td>2,267.0</td><td>1,282.2</td><td>35.3</td><td>104.0</td><td>-</td></tr><tr><td>Interagency items - net amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-17.6</td><td>-</td><td>66.2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-66.2</td><td>*</td></tr><tr><td>Government agencies reporting</td><td>17.6</td><td>17.6</td><td>-</td><td>14.7</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Government agencies not required to report</td><td>-1,120.7</td><td>1,839.5</td><td>*</td><td>21.1</td><td>.1</td><td>.2</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Interagency proprietary interest</td><td>-179.0</td><td>11/</td><td>-1.0</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-1,100.2</td><td>1,856.2</td><td>66.2</td><td>36.1</td><td>.1</td><td>.2</td><td>*</td><td>*</td><td>-66.2</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>23,042.1</td><td>12,187.2</td><td>300.6</td><td>2,010.3</td><td>2,267.0</td><td>1,282.4</td><td>35.3</td><td>*</td><td>37.8</td></tr></table>
Footnotee at and of table.
(Continued on following page)
68
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.
(In millions of dollars)
<table><tr><th></th><th>Federal National Mortgage Association</th><th>Federal Savings and Loan Insurance Corporation</th><th>Production credit corporations</th><th>Public Housing Administration 12/</th><th>Reconstruction Finance Corporation 13/ Exclusive of assets held for the U.S. Treasury</th><th>Assets held for the U.S. Treasury 15/</th><th>Defense Production Act of 1950</th><th>Tennessee Valley Authority</th><th>Other 15/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>.1</td><td>*</td><td>.8</td><td></td><td>5.4</td><td>2.8</td><td>.1</td><td>.2</td><td>13.2</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>.8</td><td>3.2</td><td>.4</td><td>25.7</td><td>2.2</td><td></td><td></td><td>224.5</td><td>48.5</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>116.6</td><td>-</td><td>-</td><td>8.2</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>1,849.6</td><td>-</td><td>-</td><td>594.0</td><td>695.3</td><td>.9</td><td>27.0</td><td>-</td><td>2.4</td></tr><tr><td>Others, less reserves</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>7.3</td><td>4.1</td><td>.3</td><td>8.1</td><td>12.5</td><td>60.5</td><td>.2</td><td>10.1</td><td>21.9</td></tr><tr><td>Others, less reserves</td><td>8.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.0</td><td>9.2</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>129.0</td><td>-</td><td>14.3</td><td>27.9</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>-</td><td>199.8</td><td>42.5</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Securities of Government corporations and agencies</td><td>.2</td><td>-</td><td>11.4</td><td>*</td><td>1.0</td><td>63.1</td><td>3.0</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>198.7</td><td>.7</td><td>593.7</td><td>-</td><td>1,048.1</td><td>315.0</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>6.2</td><td>1.0</td><td>-</td><td>-</td><td>26.8</td><td>-</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>*</td><td>.2</td><td>.2</td><td>*</td><td>-</td><td>-3.6</td><td>-</td><td>.2</td><td>112.0</td></tr><tr><td>All other assets, less reserves</td><td>1,872.5</td><td>208.2</td><td>55.5</td><td>826.5</td><td>808.5</td><td>903.2</td><td>27.3</td><td>1,306.4</td><td>594.1</td></tr><tr><td>Total assets</td><td>1,872.5</td><td>208.2</td><td>55.5</td><td>826.5</td><td>808.5</td><td>903.2</td><td>27.3</td><td>1,306.4</td><td>594.1</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>16.1</td><td>3.4</td><td>*</td><td>-</td><td>2.5</td><td>-</td><td>.2</td><td>1.9</td><td>4.0</td></tr><tr><td>Others</td><td>1.1</td><td>*</td><td>.3</td><td>.8</td><td>49.5</td><td>-</td><td>-</td><td>36.4</td><td>10.4</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>1.9</td><td>*</td><td>.1</td><td>*</td><td>134.7</td><td>-</td><td>3.4</td><td>3.1</td><td>.1</td></tr><tr><td>Others</td><td>1.9</td><td>*</td><td>.1</td><td>*</td><td>10.9</td><td>-</td><td>-</td><td>.1</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable 5/</td><td>-</td><td>-</td><td>-</td><td>645.0</td><td>248.2</td><td>-</td><td>24.6</td><td>39.0</td><td>-</td></tr><tr><td>U. S. Treasury</td><td>1,813.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Other interagency</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>.4</td><td>5.4</td><td>*</td><td>6.1</td><td>3.8</td><td>-</td><td>-</td><td>1.1</td><td>16.9</td></tr><tr><td>All other liabilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>1,832.8</td><td>8.8</td><td>.3</td><td>651.9</td><td>449.6</td><td>-</td><td>28.2</td><td>81.6</td><td>31.8</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interests:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>20.0</td><td>93.3</td><td>39.2</td><td>1.0</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>92.4</td></tr><tr><td>Paid-in surplus</td><td>1.0</td><td>-</td><td>-</td><td>160.8</td><td>-</td><td>869.3</td><td>-</td><td>45.0</td><td>421.6</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>111.0</td><td>-</td><td>-</td><td>-</td><td>1,121.4</td><td>150.2</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>18.7</td><td>105.1 16/</td><td>16.0</td><td>-98.2</td><td>258.9</td><td>33.9</td><td>-.8</td><td>98.4 17/</td><td>-141.9</td></tr><tr><td>Total United States interest</td><td>39.7</td><td>199.4</td><td>55.2</td><td>174.6</td><td>358.9</td><td>903.2</td><td>-.8</td><td>1,224.8</td><td>522.3</td></tr><tr><td>Private interests</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>39.7</td><td>199.4</td><td>55.2</td><td>174.6</td><td>358.9</td><td>903.2</td><td>-.8</td><td>1,224.8</td><td>522.3</td></tr><tr><td>Total liabilities and capital</td><td>1,872.5</td><td>208.2</td><td>55.5</td><td>826.5</td><td>808.5</td><td>903.2</td><td>27.3</td><td>1,306.4</td><td>594.1</td></tr><tr><td>Contingent liabilities</td><td>-</td><td>-</td><td>-</td><td>353.8</td><td>66.5</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expanded appropriations</td><td>21.0</td><td>93.3</td><td>39.2</td><td>272.8</td><td>100.0</td><td>869.3</td><td>-</td><td>1,166.4</td><td>664.2</td></tr><tr><td>Treasury loans to Government corporations and agencies 2/</td><td>-</td><td>-</td><td>-</td><td>645.0</td><td>248.2</td><td>-</td><td>24.6</td><td>39.0</td><td>-</td></tr><tr><td>Subtotal</td><td>21.0</td><td>93.3</td><td>39.2</td><td>917.8</td><td>348.2</td><td>869.3</td><td>24.6</td><td>1,205.4</td><td>664.2</td></tr><tr><td>Less total Treasury loans 12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>21.0</td><td>93.3</td><td>39.2</td><td>917.8</td><td>348.2</td><td>869.3</td><td>24.6</td><td>1,205.4</td><td>664.2</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>18.7</td><td>105.1</td><td>16.0</td><td>-98.2</td><td>258.9</td><td>33.9</td><td>-.8</td><td>58.4</td><td>-141.9</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>39.7</td><td>199.4</td><td>55.2</td><td>819.6</td><td>607.1</td><td>903.2</td><td>23.8</td><td>1,263.8</td><td>522.3</td></tr><tr><td>Interagency items - net amount due to, or from (-1):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>*</td><td>*</td><td>-</td><td>-</td><td>132.2</td><td>-116.6</td><td>*</td><td>*</td><td>-15.6</td></tr><tr><td>Government agencies reporting</td><td>-.3</td><td>.9</td><td>*</td><td>-</td><td>1.6</td><td>-</td><td>.1</td><td>.3</td><td>.4</td></tr><tr><td>Government agencies not required to report</td><td>1,822.3</td><td>2.5</td><td>*</td><td>-</td><td>3.1</td><td>-.4</td><td>*</td><td>-.3</td><td>-.1</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>1,822.0</td><td>3.4</td><td>*</td><td>-</td><td>135.8</td><td>-117.0</td><td>.2</td><td>-5.0</td><td>-19.6</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>1,861.7</td><td>202.8</td><td>55.2</td><td>819.6</td><td>742.9</td><td>786.3</td><td>23.9</td><td>1,258.8</td><td>502.7</td></tr></table>
Footnotes at end of table.
(Continued on following page)
67
April 1952
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1951
(In millions of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporate</th><th>Banks for cooperatives</th><th>Commodity Credit Corporations</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal home loan banks</th><th>Federal intermediate credit banks</th></tr><tr><td><b>Assets:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks</td><td>105,4</td><td>100,0</td><td>24,6</td><td>8,0</td><td>.3</td><td>.1</td><td>-</td><td>26,2</td><td>18,0</td></tr><tr><td>Cash with U. S. Treasury</td><td>825,8</td><td>329,6</td><td>1,9</td><td>1,8</td><td>.1</td><td>.7</td><td>1,6</td><td>9,9</td><td>8,2</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>118,9</td><td>118,9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable</td><td>2,377,7</td><td>65,9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65,9</td></tr><tr><td>Interagency</td><td>14,422,5</td><td>8,133,3</td><td>422,8</td><td>779,6 2/</td><td>2,288,8 3/4</td><td>-</td><td>34,0</td><td>805,9</td><td>633,0</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables</td><td>214,2</td><td>89,4</td><td>*</td><td>49,2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.3</td></tr><tr><td>Interagency</td><td>601,5</td><td>431,9</td><td>3,2</td><td>277,8</td><td>23,1</td><td>3,8</td><td>.7</td><td>3,2</td><td>8,3</td></tr><tr><td>Others, less reserves</td><td>1,461,4</td><td>1,345,1</td><td>-</td><td>1,173,7</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>2,226,1</td><td>1,940,1</td><td>43,3</td><td>-</td><td>-</td><td>1,332,7</td><td>-</td><td>249,4</td><td>51,3</td></tr><tr><td><b>Investment:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>179,7</td><td>1,2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>3,463,0</td><td>77,6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,1</td><td>-</td></tr><tr><td>Others, less reserves</td><td>3,358,3</td><td>2,859,0</td><td>*</td><td>107,4</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>119,0</td><td>41,1</td><td>3,5</td><td>-</td><td>-</td><td>3,0</td><td>*</td><td>1,7</td><td>.4</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>161,0</td><td>124,5</td><td>.3</td><td>2,1</td><td>11,9</td><td>*</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>All other assets, less reserves</td><td>36,634,4</td><td>15,063,5</td><td>499,6</td><td>2,399,5</td><td>2,324,2</td><td>1,360,3</td><td>36,4</td><td>1,095,5</td><td>785,7</td></tr><tr><td>Total assets</td><td>40,634,4</td><td>15,063,5</td><td>499,6</td><td>2,399,5</td><td>2,324,2</td><td>1,360,3</td><td>36,4</td><td>1,095,5</td><td>785,7</td></tr><tr><td><b>Liabilities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables</td><td>68,6</td><td>43,1</td><td>.3</td><td>14,7</td><td>*</td><td>*</td><td>*</td><td>6,6</td><td>.6</td></tr><tr><td>Interagency</td><td>202,7</td><td>152,5</td><td>1,0</td><td>38,6</td><td>*</td><td>1,4</td><td>.1</td><td>6,6</td><td>6,2</td></tr><tr><td>Others</td><td>298,5</td><td>208,9</td><td>*</td><td>70,6</td><td>*</td><td>.2</td><td>-</td><td>*</td><td>*</td></tr><tr><td>Trust and deposit liabilities</td><td>315,9</td><td>306,0</td><td>*</td><td>24,5</td><td>2,1</td><td>.1</td><td>.4</td><td>261,7</td><td>.7</td></tr><tr><td>Other interagency</td><td>1,879,7</td><td>1,879,5</td><td>65,9</td><td>2,025,0</td><td>1,005,0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable</td><td>6,343,5</td><td>3,986,8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Treasury</td><td>1,368,9</td><td>1,368,9</td><td>170,4</td><td>3,6</td><td>-</td><td>-</td><td>6</td><td>524,6</td><td>673,9</td></tr><tr><td>Other interagency</td><td>1,368,9</td><td>1,368,9</td><td>-</td><td>3,6</td><td>-</td><td>-</td><td>6</td><td>524,6</td><td>673,9</td></tr><tr><td>Guaranteed by United States</td><td>1,368,9</td><td>1,368,9</td><td>170,4</td><td>3,6</td><td>-</td><td>-</td><td>6</td><td>524,6</td><td>673,9</td></tr><tr><td>Not guaranteed by United States</td><td>642,1</td><td>440,1</td><td>.8</td><td>273,3 2/</td><td>55,0 4/</td><td>76,4</td><td>*</td><td>18</td><td>-</td></tr><tr><td>All other liabilities</td><td>11,163,0</td><td>8,390,0</td><td>238,5</td><td>2,450,3</td><td>1,062,3</td><td>78,2</td><td>1,1</td><td>793,0</td><td>681,7</td></tr><tr><td>Total liabilities</td><td>11,163,0</td><td>8,390,0</td><td>238,5</td><td>2,450,3</td><td>1,062,3</td><td>78,2</td><td>1,1</td><td>793,0</td><td>681,7</td></tr><tr><td><b>Capital:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest</td><td>1,684,4</td><td>1,684,4</td><td>178,5</td><td>100,0</td><td>1,000,0</td><td>-</td><td>*</td><td>6</td><td>60,0</td></tr><tr><td>Capital stock</td><td>1,500,5</td><td>1,500,5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,6</td></tr><tr><td>Paid-in surplus</td><td>22,687,1</td><td>1,382,5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41,3</td></tr><tr><td>Expanded appropriations</td><td>779,7</td><td>1,776,9</td><td>55,9</td><td>-150,8</td><td>262,0</td><td>1,282,2 7/</td><td>35,2</td><td>-</td><td>104,0</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>29,142,3</td><td>6,344,3</td><td>234,4</td><td>-50,8</td><td>1,262,0</td><td>1,282,2</td><td>35,3</td><td>-</td><td>-</td></tr><tr><td>Total United States interest</td><td>29,142,3</td><td>6,344,3</td><td>234,4</td><td>-50,8</td><td>1,262,0</td><td>1,282,2</td><td>35,3</td><td>-</td><td>-</td></tr><tr><td>Private interest</td><td>291,0</td><td>291,0</td><td>20,3 9/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>270,7</td><td>-</td></tr><tr><td>Capital stock</td><td>38,2</td><td>38,2</td><td>6,4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31,8</td><td>-</td></tr><tr><td>Earned surplus</td><td>329,2</td><td>329,2</td><td>26,7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>302,5</td><td>-</td></tr><tr><td>Total private interest</td><td>329,2</td><td>329,2</td><td>26,7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>302,5</td><td>-</td></tr><tr><td>Total capital</td><td>25,471,5</td><td>6,673,5</td><td>261,1</td><td>-50,8</td><td>1,262,0</td><td>1,282,2</td><td>35,3</td><td>302,5</td><td>104,0</td></tr><tr><td>Total liabilities and capital</td><td>36,634,4</td><td>15,063,5</td><td>499,6</td><td>2,399,5</td><td>2,324,2</td><td>1,360,3</td><td>36,4</td><td>1,095,5</td><td>785,7</td></tr><tr><td>Contingent liabilities</td><td>1,086,7</td><td>489,2</td><td>-</td><td>61,7</td><td>7,0 3/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Analysis of investment of United States:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expanded appropriations</td><td>25,872,0</td><td>4,567,4</td><td>178,5</td><td>100,0</td><td>1,000,0</td><td>-</td><td>*</td><td>62,6</td><td>-</td></tr><tr><td>Treasury loans to Government corporations and agencies</td><td>6,343,5</td><td>3,986,8</td><td>-</td><td>2,025,0</td><td>1,005,0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>32,215,5</td><td>8,554,2</td><td>178,5</td><td>2,125,0</td><td>2,005,0</td><td>-</td><td>*</td><td>62,6</td><td>-</td></tr><tr><td>Less total Treasury loans</td><td>6,343,5</td><td>6,343,5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>25,872,0</td><td>8,554,2</td><td>178,5</td><td>2,125,0</td><td>2,005,0</td><td>-</td><td>*</td><td>62,6</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-789,7</td><td>1,776,9</td><td>55,9</td><td>-150,8</td><td>262,0</td><td>1,282,2</td><td>35,2</td><td>41,3</td><td>-</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>25,142,3</td><td>10,331,1</td><td>234,4</td><td>1,974,2</td><td>2,267,0</td><td>1,282,2</td><td>35,3</td><td>104,0</td><td>-</td></tr><tr><td>Interagency items - net amounts due to, or from (-):</td><td>-17,6</td><td>-</td><td>66,2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-66,2</td><td>-</td></tr><tr><td>Government corporations</td><td>17,6</td><td>17,6</td><td>-</td><td>14,7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Government agencies reporting</td><td>-1,120,7</td><td>1,839,5</td><td>*</td><td>21,4</td><td>.1</td><td>.2</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Government agencies not required to report</td><td>-179,5 11/</td><td>-1,0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-1,300,2</td><td>1,856,2</td><td>66,2</td><td>36,1</td><td>.1</td><td>.2</td><td>*</td><td>-66,2</td><td>-</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>23,842,1</td><td>12,187,2</td><td>300,6</td><td>2,010,3</td><td>2,267,0</td><td>1,282,4</td><td>35,3</td><td>*</td><td>37,8</td></tr></table>
Footnotes at end of table.
(Continued on following page)
68
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1951 - (Continued
(In millions of dollars)
<table><tr><th></th><th>Federal National Mortgage Association</th><th>Federal Savings and Loan Insurance Corporation</th><th>Production credit corporations</th><th>Public Housing Administration 12/</th><th>Reconstruction Finance Corporation 13/ Exclusive of assets held for the U.S. Treasury</th><th>Assets held for the U.S. Treasury 13/</th><th>Defense Production Act of 1950</th><th>Tennessee Valley Authority</th><th>Other 15/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>.1</td><td>*</td><td>.8</td><td>-</td><td>5.4</td><td>2.8</td><td>-</td><td>.2</td><td>13.5</td></tr><tr><td>Cash with U. S. Treasury 2/</td><td>.5</td><td>3.2</td><td>.4</td><td>25.7</td><td>2.2</td><td>-</td><td>.1</td><td>224.5</td><td>48.5</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>116.6</td><td>-</td><td>-</td><td>2.5</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>1,889.6</td><td>-</td><td>-</td><td>594.0</td><td>695.3</td><td>.9</td><td>27.0</td><td>-</td><td>2.1</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables</td><td>7.3</td><td>4.1</td><td>.3</td><td>8.1</td><td>.3</td><td>.4</td><td>*</td><td>10.1</td><td>21.9</td></tr><tr><td>Interagency</td><td>8.0</td><td>-</td><td>-</td><td>-</td><td>12.5</td><td>60.5</td><td>.2</td><td>9.0</td><td>9.2</td></tr><tr><td>Others, less reserves</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>129.0</td><td>-</td><td>14.3</td><td>27.9</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States, Securities of Government corporations and agencies</td><td>199.8</td><td>-</td><td>42.5</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>.2</td><td>-</td><td>11.4</td><td>*</td><td>1.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>3</td><td>-</td><td>-</td><td>198.7</td><td>63.1</td><td>3.0</td><td>-</td><td>1,048.1</td><td>316.0</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>61.2</td><td>1.0</td><td>-</td><td>*</td><td>26.8</td><td>593.7</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>All other assets, less reserves</td><td>*</td><td>.2</td><td>.2</td><td>*</td><td>-</td><td>-3.6</td><td>-</td><td>-.2</td><td>112.0</td></tr><tr><td>Total assets</td><td>1,872.5</td><td>208.2</td><td>55.5</td><td>826.5</td><td>808.5</td><td>903.2</td><td>27.3</td><td>1,306.4</td><td>594.1</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>16.1</td><td>3.4</td><td>*</td><td>-</td><td>2.5</td><td>-</td><td>.2</td><td>1.9</td><td>4.0</td></tr><tr><td>Others</td><td>1.1</td><td>*</td><td>.3</td><td>.8</td><td>49.5</td><td>-</td><td>-</td><td>36.4</td><td>10.4</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>134.7</td><td>-</td><td>3.4</td><td>3.1</td><td>1.1</td></tr><tr><td>Others</td><td>1.9</td><td>*</td><td>.1</td><td>*</td><td>10.9</td><td>-</td><td>-</td><td>.1</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable: 5/</td><td>-</td><td>-</td><td>-</td><td>645.0</td><td>248.2</td><td>-</td><td>24.6</td><td>39.0</td><td>-</td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Other Interagency</td><td>1,813.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>.4</td><td>5.4</td><td>*</td><td>6.1</td><td>3.8</td><td>-</td><td>-</td><td>1.1</td><td>16.9</td></tr><tr><td>All other liabilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>1,824.8</td><td>8.8</td><td>.3</td><td>651.9</td><td>449.6</td><td>-</td><td>28.2</td><td>81.6</td><td>31.8</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>20.0</td><td>93.3</td><td>39.2</td><td>1.0</td><td>100.0</td><td>-</td><td>-</td><td>9.0</td><td>92.4</td></tr><tr><td>Paid-in surplus</td><td>1.0</td><td>-</td><td>-</td><td>160.8</td><td>-</td><td>869.3</td><td>-</td><td>1,121.4</td><td>421.6</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>111.0</td><td>-</td><td>-</td><td>-</td><td>150.2</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>18.7</td><td>106.1 16/</td><td>16.0</td><td>-98.2</td><td>258.9</td><td>33.9</td><td>-.8</td><td>58.1 17/</td><td>-111.9</td></tr><tr><td>Total United States interest</td><td>39.7</td><td>199.4</td><td>55.2</td><td>174.6</td><td>358.9</td><td>903.2</td><td>-.8</td><td>1,224.8</td><td>522.3</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>39.7</td><td>199.4</td><td>55.2</td><td>174.6</td><td>358.9</td><td>903.2</td><td>-.8</td><td>1,224.8</td><td>522.3</td></tr><tr><td>Total liabilities and capital</td><td>1,872.5</td><td>208.2</td><td>55.5</td><td>826.5</td><td>808.5</td><td>903.2</td><td>27.3</td><td>1,306.4</td><td>594.1</td></tr><tr><td>Contingent liabilities</td><td>-</td><td>-</td><td>-</td><td>353.8</td><td>66.5</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expanded appropriations</td><td>21.0</td><td>93.3</td><td>39.2</td><td>272.8</td><td>100.0</td><td>869.3</td><td>-</td><td>1,166.4</td><td>664.2</td></tr><tr><td>Treasury loans to Government corporations and agencies 2/</td><td>-</td><td>-</td><td>-</td><td>645.0</td><td>248.2</td><td>-</td><td>24.6</td><td>39.0</td><td>-</td></tr><tr><td>Subtotal</td><td>21.0</td><td>93.3</td><td>39.2</td><td>917.8</td><td>348.2</td><td>869.3</td><td>24.6</td><td>1,205.4</td><td>664.2</td></tr><tr><td>Less total Treasury loans 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>21.0</td><td>93.3</td><td>39.2</td><td>917.8</td><td>348.2</td><td>869.3</td><td>24.6</td><td>1,205.4</td><td>664.2</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>18.7</td><td>106.1</td><td>16.0</td><td>-98.2</td><td>258.9</td><td>33.9</td><td>-.8</td><td>58.1</td><td>-111.9</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>39.7</td><td>199.4</td><td>55.2</td><td>819.6</td><td>607.1</td><td>903.2</td><td>23.8</td><td>1,263.8</td><td>552.3</td></tr><tr><td>Interagency items - net amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>*</td><td>*</td><td>-</td><td>-</td><td>132.2</td><td>-116.6</td><td>*</td><td>*</td><td>-15.6</td></tr><tr><td>Government agencies reporting</td><td>-3</td><td>.9</td><td>*</td><td>-</td><td>1.6</td><td>-</td><td>1.1</td><td>-3</td><td>15.4</td></tr><tr><td>Government agencies not required to report</td><td>1,822.3</td><td>2.5</td><td>-</td><td>-</td><td>3.1</td><td>-1.0</td><td>-</td><td>-5.3</td><td>-4.1</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>1,822.0</td><td>3.4</td><td>*</td><td>-</td><td>135.8</td><td>-117.0</td><td>.2</td><td>-5.0</td><td>-19.6</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>1,861.7</td><td>202.8</td><td>55.2</td><td>819.6</td><td>742.9</td><td>786.3</td><td>23.9</td><td>1,253.8</td><td>508.7</td></tr></table>
Footnotes at end of table.
(Continued on following page)
April 1952
69
S CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1951 - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Total certain other business-type activities 18/</th><th>Farmers' Home Administration</th><th>Disaster Loans, etc., Revolving Fund (Farmers' Home Administration)</th><th>Federal Housing Administration</th><th>Office of Housing and Home Finance Administrator 12/</th><th>Public Housing Administration 20/</th><th>Rural Electrification Administration</th><th>Other 21/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>5,44,496.2</td><td>125.2</td><td>2.1</td><td>45.9</td><td>20.1</td><td>44.6</td><td>1.2</td><td>3.0</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>18.2</td><td>242.1</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans receivable:</td><td>9,311,86,889.2</td><td>421.2</td><td>14.5</td><td>29.0</td><td>32.7</td><td>14.5</td><td>1,740.5</td><td>9,311,523/4,036.7 23/</td></tr><tr><td>Interagency, less reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other receivables:</td><td>124,816.6</td><td>22.6</td><td>.3</td><td>1.8</td><td>.6</td><td>.2</td><td>55.8</td><td>124.4</td></tr><tr><td>Interagency, less reserves</td><td></td><td></td><td></td><td></td><td></td><td>8.3</td><td></td><td>77.2</td></tr><tr><td>Others, less reserves</td><td>116.4</td><td></td><td></td><td></td><td></td><td>.1</td><td></td><td>116.3</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td>286.0</td><td>1.2</td><td></td><td>284.7</td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities of Government corporations and agencies</td><td>178.5</td><td></td><td></td><td></td><td></td><td></td><td></td><td>178.5</td></tr><tr><td>Others, less reserves</td><td>3,395.4</td><td></td><td></td><td>.4</td><td></td><td></td><td></td><td>3,395.0 24/</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>1,093.3</td><td>.2</td><td></td><td>1.0</td><td>32.3</td><td>1,092.1</td><td>.5</td><td>7.8</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>77.9</td><td>.7</td><td></td><td>68.7</td><td>.2</td><td>8.4</td><td></td><td>6.4</td></tr><tr><td>All other assets, less reserves</td><td>36.5</td><td>.7</td><td>*</td><td>*</td><td>3.0</td><td>2.1</td><td></td><td>30.6</td></tr><tr><td>Total assets</td><td>21,270.9</td><td>575.1</td><td>17.0</td><td>134.7</td><td>88.9</td><td>1,121.9</td><td>1,815.5</td><td>17,520.8</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>25.5</td><td>.4</td><td></td><td>1.1</td><td>.3</td><td></td><td>.1</td><td>24.6</td></tr><tr><td>Others</td><td>50.3</td><td></td><td></td><td>5.2</td><td>*</td><td>4.8</td><td>.7</td><td>39.5</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>89.6</td><td>.2</td><td></td><td>1.2</td><td></td><td>.7</td><td>.2</td><td>87.6</td></tr><tr><td>Others</td><td>9.9</td><td>1.6</td><td></td><td>5.5</td><td>.4</td><td></td><td>*</td><td>1.7</td></tr><tr><td>Debts, debentures, and notes payable 2/</td><td>2,356.8</td><td>152.8</td><td></td><td></td><td>37.2</td><td></td><td>1,630.6</td><td>536.2</td></tr><tr><td>U. S. Treasury</td><td>.2</td><td></td><td></td><td>.2</td><td></td><td></td><td></td><td></td></tr><tr><td>Other interagency</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Others:</td><td>38.8</td><td></td><td></td><td>38.8</td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td></td><td>*</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed by United States</td><td>202.0</td><td></td><td>*</td><td>194.9 25/</td><td>.7</td><td>.6</td><td>*</td><td>5.8</td></tr><tr><td>All other liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total liabilities</td><td>2,772.9</td><td>155.3</td><td>*</td><td>245.9</td><td>38.6</td><td>6.1</td><td>1,631.6</td><td>695.4</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in surplus</td><td>21,304.6</td><td>430.8</td><td>20.2</td><td>68.5</td><td>59.3</td><td>1,725.0</td><td>206.1</td><td>18,794.7 26/</td></tr><tr><td>Expanded appropriations</td><td>-2,506.6</td><td>-14.0</td><td>-3.1</td><td>120.3</td><td>-9.0</td><td>-609.1</td><td>-22.3</td><td>-1,969.3</td></tr><tr><td>Earned surplus, or deficit (-)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total United States interest</td><td>18,798.0</td><td>416.8</td><td>17.0</td><td>188.8</td><td>50.3</td><td>1,115.9</td><td>183.8</td><td>16,825.4</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earned surplus</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total private interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total capital</td><td>18,798.0</td><td>416.8</td><td>17.0</td><td>188.8</td><td>50.3</td><td>1,115.9</td><td>183.8</td><td>16,825.4</td></tr><tr><td>Total liabilities and capital</td><td>21,570.9</td><td>572.1</td><td>17.0</td><td>134.7</td><td>88.9</td><td>1,121.9</td><td>1,815.5</td><td>17,520.8</td></tr><tr><td>Contingent liabilities</td><td>597.5</td><td>43.7</td><td></td><td>1.4</td><td></td><td></td><td></td><td>592.3</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Filed-in capital and expanded appropriations</td><td>21,304.6</td><td>430.8</td><td>20.2</td><td>68.5</td><td>59.3</td><td>1,725.0</td><td>206.1</td><td>18,794.7</td></tr><tr><td>Treasury loans to Government corporations and agencies 3/</td><td>2,356.8</td><td>152.8</td><td></td><td></td><td>37.2</td><td></td><td>1,630.6</td><td>536.2</td></tr><tr><td>Subtotal</td><td>23,661.3</td><td>583.6</td><td>20.2</td><td>68.5</td><td>96.5</td><td>1,725.0</td><td>1,836.7</td><td>19,330.9</td></tr><tr><td>Less total Treasury loans 10/</td><td>2,343.5</td><td></td><td></td><td></td><td></td><td></td><td>6,343.5</td><td></td></tr><tr><td>Investment of the United States</td><td>17,317.8</td><td>583.6</td><td>20.2</td><td>68.5</td><td>96.5</td><td>1,725.0</td><td>1,836.7</td><td>12,987.3</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-2,506.6</td><td>-14.0</td><td>-3.1</td><td>120.3</td><td>-9.0</td><td>-609.1</td><td>-22.3</td><td>-1,969.3</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>14,811.2</td><td>569.6</td><td>17.0</td><td>188.8</td><td>87.5</td><td>1,115.9</td><td>1,814.4</td><td>11,018.0</td></tr><tr><td>Interagency items - net amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-17.6</td><td></td><td></td><td>.4</td><td></td><td></td><td>-.4</td><td>-17.6</td></tr><tr><td>Government agencies reporting</td><td></td><td>.4</td><td></td><td></td><td>.3</td><td></td><td>-.7</td><td>-.7</td></tr><tr><td>Government agencies not required to report</td><td>-2,960.2</td><td>.5</td><td></td><td>1.0</td><td></td><td>-.2</td><td>-3</td><td>-2,961.8</td></tr><tr><td>Interagency proprietary interests</td><td>-178.5</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-178.5</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-3,156.3</td><td>.9</td><td></td><td>1.3</td><td>.3</td><td>-.2</td><td>-.1</td><td>-3,158.6</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>11,654.9</td><td>570.5</td><td>17.0</td><td>190.1</td><td>87.7</td><td>1,115.7</td><td>1,814.3</td><td>7,859.4</td></tr></table>
Footnotes on following page.
70
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Footnotes to Table 2
1/ Excludes unexpended balances of appropriated funds.
2/ Includes $251.0 million guaranteed loans held by lending agencies.
3/ Includes $7.0 million participation by other agencies in loans of Export-Import Bank of Washington.
4/ Includes $42.9 million guaranteed loans held by lending agencies.
5/ Includes notes for short-term borrowings.
6/ This $4.5 represent of all capital stock held by the U. S. Government was covered into miscellaneous receipts of the U. S. Treasury on July 2, 1951, pursuant to act of June 27, 1950 (64 Stat. 257).
7/ The surplus is not available by law for dividend distribution and is considered by the Corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks.
8/ Includes $130.0 million deposits of the Treasury Fund.
9/ As shown above as a liability of each corporation or agency.
10/ As shown as an asset of the U. S. Treasury under "Other" business-type activities (see footnote 22).
11/ Represents R.F.C. and Agricultural Marketing Act Revolving Fund proprietary interests in Government corporations.
12/ Represents an estate under the State Eminent Domain Act, as amended, War housing and other operations of the Administration are shown under "certain other business-type activities".
13/ Includes merged war affiliates; excludes Var Damage Corporation (in liquidation), which is included under "Other" corporations.
14/ Represents assets held for the Treasury in accordance with provisions of the June 29, 1946 (62 Stat. 1187-1188) which provided for cancellation of R.F.C. notes in the amount of $9,313.7 million, plus interest accrued thereon subsequent to June 30, 1947, representing unrecouered costs to the Corporation as of June 30, 1947, in its national defense, war and reconversion activities, and stipulated that any amounts recovered by the Corporation with respect to these amounts subsequent to June 30, 1947, should, after reduction of related expenses, be deposited in the U. S. Treasury as miscellaneous receipts.
15/ Consists of Defense Home Corporation (in liquidation); Federal Crop Insurance Corporation; Federal Prison Industries, Inc.; Inland Waterways Corporation; Institute of Underwriters, Inc.; Small Island War Finance Corporation (in liquidation); The Virgin Islands Corporation; War Damage Corporation (in liquidation); and Panama Canal Company.
16/ Effective July 1, 1951, pursuant to act of September 26, 1950 (64 Stat. 1038), and Executive Order 10263 of June 29, 1951, the business activities of the Panama Canal (which had previously not been required to submit reports), and the Panama Railroad Company, were combined into one legal entity, the Panama Canal Company. Figures for this Corporation are as of September 30, 1951, and those for the Inland Waterways Corporation are as of November 30, 1951, the latest available in each case. Home Owners' Loan Corporation has been liquidated.
16/ The surplus is considered by the Corporation as available for future insurance losses and related expenses with respect to insured institutions.
17/ Consists of net income from power operations of $195.0 million and net expense of non-income-producing programs of $136.6 million.
18/ Reorganization of the U.S. No. 1 effective May 24, 1950, abolished the U.S. Maritime Commission, and transferred its functions into the Department of Commerce. Current data on maritime activities will be published when available.
19/ Consists of Alaska housing program, community facilities service, housing loans for educational institutions, prefabricated housing loans program, relating to student development of isolated defense sites and a maintenance program.
20/ Consists of Farm Security Administration program, home conversion program, public war housing program, and veterans' re-use housing program.
21/ Consists of Agricultural Marketing Act Revolving Fund; Federal Security Agency loans to students; Department of the Interior - Indian loans and Puerto Rico Reconstruction Administration; Department of the Army - guaranteed loans (World War II) and Natural Fibers Revolving Fund; Department of the Navy - guaranteed loans (World War II); Home Loan Bank Board - E.O.L.C. liquidation unit; Public Works Administration (in liquidation); Treasury Department - miscellaneous loans and certain other assets; Veterans' Administration - Veterans' Centens Service, Veterans' direct loan program, guaranteed loans to veterans; and agencies reporting pursuant to Defense Production Act of 1950, which consist of Atomic Energy Commission; Departments of the Air Force, Army, Commerce, Interior, and Navy; and Defense Materials Procurement Agency (to which have been transferred pursuant to Executive Order 10051 of August 28, 1951, the activities formerly reported by the General Services Administration).
22/ Represents obligations of Government corporations and agencies as shown under "Bonds, debentures, and notes payable - U. S. Treasury", except that the letter excludes $2,967.9 million obligations of agencies not required to report.
23/ Includes $4,750.0 million loan to the United Kingdom. A partial repayment of $44.3 million was covered into the U. S. Treasury on January 8, 1952.
24/ Consists of $2,750.0 million subscription to the International Monetary Fund and $535.0 million stock. In the International Bank for Reconstruction and Development.
25/ Includes $10.0 million reserves for contingent losses, expenses, and other charges.
26/ Inclusive subscriptions to International Monetary Fund and Bank (see footnote 24) and loan to United Kingdom (see footnotes 23). 
* Less than $50,000.
April 1952
71
CUMULATIVE TABLE OF CONTENTS
May 1951 through April 1952
<table><tr><th rowspan="2">Article</th><th colspan="10">Issue and page number</th></tr><tr><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th></tr><tr><td>Treasury financing operations</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td></tr><tr><td>Summary of Federal fiscal operations</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Budget receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Receipts by principal sources</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Expenditures by major classifications</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Expenditures for national defense and related activities</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Expenditures for international finance and aid</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>"Other" expenditures</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Summary of budget results 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>Detail of budget receipts and deductions by months and years</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>6</td><td>...</td><td>...</td></tr><tr><td>Detail of budget expenditures by months and years</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>15</td><td>6</td></tr><tr><td>Social Security 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>16</td><td>7</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>16</td><td>7</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trust account and other transactions:</td><td></td><td></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 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>17</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>18</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>18</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>19</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>19</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>19</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>20</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>20</td><td>11</td></tr><tr><td>Treasury cash income and outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cash transactions</td><td>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>21</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>21</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>22</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>22</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>23</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>23</td><td>14</td></tr><tr><td>General Fund of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Status of the General Fund</td><td>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>24</td><td>15</td></tr><tr><td>General Fund balance by months</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>24</td><td>15</td></tr><tr><td>Debt outstanding:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of Federal securities</td><td>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>25</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>25</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>26</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>26</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>...</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>27</td><td>18</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>28</td><td>19</td></tr><tr><td>Treasury holding 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>28</td><td>19</td></tr><tr><td>Public debt and guaranteed securities outstanding by months</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>29</td><td>20</td></tr><tr><td>Statutory debt limitation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Status under limitation</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>30</td><td>21</td></tr><tr><td>Application of limitation to public debt and guaranteed securities outstanding</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>30</td><td>21</td></tr><tr><td>Debt operations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the U. S. Government</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>31</td><td>22</td></tr><tr><td>Offerings of Treasury bills</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>33</td><td>24</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>34</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>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>35</td><td>26</td></tr></table>
(Continued on following page)
72
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
May 1951 through April 1952 - (Continued)
<table><tr><th colspan="13">Issue and page number</th></tr><tr><th></th><th colspan="7">1951</th><th colspan="6">1952</th></tr><tr><th></th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative sales and redemptions by series....................</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>36</td><td>27</td><td>27</td></tr><tr><td>Sales and redemptions by periods for all series combined........</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>36</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>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>37</td><td>28</td><td>28</td></tr><tr><td>Sales and redemptions by periods for Series E, F, and G.........</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td>28</td></tr><tr><td>Redemptions of matured and unmatured bonds....................</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>39</td><td>30</td><td>30</td></tr><tr><td>Sales and redemptions of Series E and F and G by denominations....</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>40</td><td>31</td><td>31</td></tr><tr><td>Sales of Series E and F and G by States......................</td><td></td><td></td><td></td><td>32</td><td></td><td></td><td></td><td></td><td></td><td>41</td><td></td><td></td></tr><tr><td>Treasury saving notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative sales and redemptions by series....................</td><td>32</td><td>31</td><td>31</td><td>34</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>43</td><td>31</td><td>31</td></tr><tr><td>Sales and redemptions by periods for all series combined........</td><td>32</td><td>31</td><td>31</td><td>34</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>43</td><td>31</td><td>31</td></tr><tr><td>Ownership of Federal securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution by classes of investors and types of issues.........</td><td>33</td><td>32</td><td>32</td><td>35</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>44</td><td>32</td><td>32</td></tr><tr><td>Net market purchases or sales for investment accounts handled by the Treasury</td><td>33</td><td>32</td><td>32</td><td>35</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>44</td><td>32</td><td>32</td></tr><tr><td>Estimated ownership............................</td><td>34</td><td>33</td><td>33</td><td>36</td><td>33</td><td>33</td><td>34</td><td>33</td><td>33</td><td>45</td><td>33</td><td>33</td></tr><tr><td>Treasury survey of ownership:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks, insurance companies, and others................</td><td>35</td><td>34</td><td>34</td><td>37</td><td>34</td><td>34</td><td>35</td><td>34</td><td>34</td><td>46</td><td>34</td><td>34</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date December 31, 1951)</td><td></td><td></td><td></td><td></td><td>38</td><td></td><td></td><td></td><td></td><td></td><td>38</td><td></td></tr><tr><td>Market quotations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Over-the-counter closing quotations on Federal securities by issues</td><td>39</td><td>38</td><td>38</td><td>41</td><td>42</td><td>38</td><td>39</td><td>38</td><td>38</td><td>50</td><td>42</td><td>38</td></tr><tr><td>Chart - Yields of Treasury securities....................</td><td>42</td><td>41</td><td>41</td><td>44</td><td>45</td><td>41</td><td>42</td><td>41</td><td>41</td><td>53</td><td>45</td><td>41</td></tr><tr><td>Yields of Treasury and corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term bonds by periods....................</td><td>43</td><td>42</td><td>42</td><td>45</td><td>46</td><td>42</td><td>43</td><td>42</td><td>42</td><td>54</td><td>46</td><td>42</td></tr><tr><td>Chart - Average yields of long-term bonds....................</td><td>44</td><td>43</td><td>43</td><td>46</td><td>47</td><td>43</td><td>44</td><td>43</td><td>43</td><td>55</td><td>47</td><td>43</td></tr><tr><td>Internal revenue collections:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by principal sources............................</td><td>45</td><td>44</td><td>44</td><td>47</td><td>48</td><td>44</td><td>45</td><td>44</td><td>44</td><td>56</td><td>48</td><td>44</td></tr><tr><td>Chart - Internal revenue collections by principal sources........</td><td>46</td><td>45</td><td>45</td><td>48</td><td>49</td><td>45</td><td>46</td><td>45</td><td>45</td><td>57</td><td>49</td><td>45</td></tr><tr><td>Detail of collections by type of tax....................</td><td>47</td><td>46</td><td>46</td><td>49</td><td>50</td><td>46</td><td>47</td><td>46</td><td>46</td><td>58</td><td>50</td><td>46</td></tr><tr><td>Monetary statistics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation.....................................</td><td>49</td><td>48</td><td>48</td><td>51</td><td>52</td><td>48</td><td>49</td><td>48</td><td>48</td><td>60</td><td>52</td><td>48</td></tr><tr><td>Monetary stocks of gold and silver..........................</td><td>50</td><td>49</td><td>49</td><td>52</td><td>53</td><td>49</td><td>50</td><td>49</td><td>49</td><td>61</td><td>53</td><td>49</td></tr><tr><td>Gold assets and Liabilities of the Treasury....................</td><td>50</td><td>49</td><td>49</td><td>52</td><td>53</td><td>49</td><td>50</td><td>49</td><td>49</td><td>61</td><td>53</td><td>49</td></tr><tr><td>Components of silver monetary stock....................</td><td>51</td><td>50</td><td>50</td><td>53</td><td>54</td><td>50</td><td>51</td><td>50</td><td>50</td><td>62</td><td>54</td><td>50</td></tr><tr><td>Silver production in the United States and acquisitions by mines and assay offices....................</td><td>51</td><td>50</td><td>50</td><td>53</td><td>54</td><td>50</td><td>51</td><td>50</td><td>50</td><td>62</td><td>54</td><td>50</td></tr><tr><td>Significance on silver............................</td><td>52</td><td>51</td><td>51</td><td>54</td><td>55</td><td>51</td><td>52</td><td>51</td><td>51</td><td>63</td><td>55</td><td>51</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date December 31, 1951)</td><td>52</td><td>51</td><td></td><td>54</td><td>55</td><td>52</td><td>51</td><td></td><td>63</td><td>55</td><td></td><td></td></tr><tr><td>Net Treasury gold receipts (latest quarter ending December 31, 1951)</td><td></td><td>51</td><td></td><td></td><td>55</td><td></td><td>51</td><td></td><td></td><td>55</td><td></td><td></td></tr><tr><td>Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance Sheet (latest date September 30, 1951)</td><td>53</td><td></td><td></td><td>55</td><td></td><td>53</td><td></td><td></td><td>64</td><td></td><td></td><td></td></tr><tr><td>Income and expense (latest date September 30, 1951)</td><td>54</td><td></td><td></td><td>56</td><td></td><td>54</td><td></td><td></td><td>65</td><td></td><td></td><td></td></tr><tr><td>Capital movements between the United States and foreign countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Historical summary of capital movements since 1935................</td><td>55</td><td>52</td><td>52</td><td>57</td><td>56</td><td>52</td><td>55</td><td>52</td><td>52</td><td>66</td><td>56</td><td>52</td></tr><tr><td>Summary by countries and months....................</td><td>58</td><td>55</td><td>55</td><td>60</td><td>59</td><td>55</td><td>58</td><td>55</td><td>55</td><td>69</td><td>59</td><td>55</td></tr><tr><td>Details for latest months by countries....................</td><td>62</td><td>59</td><td>59</td><td>64</td><td>63</td><td>59</td><td>62</td><td>59</td><td>59</td><td>73</td><td>63</td><td>59</td></tr><tr><td>Supplementary data by countries....................</td><td></td><td>65</td><td>65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>65</td><td></td></tr><tr><td>Corporations and certain other business-type activities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(latest dates December 31 and June 30, 1951):</td><td></td><td></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></td><td></td><td></td><td></td><td>68</td><td></td><td></td><td></td><td></td><td>66</td><td></td></tr><tr><td>Balance sheets....................</td><td></td><td></td><td></td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td>67</td><td></td></tr><tr><td>Income and expense....................</td><td>68</td><td></td><td></td><td></td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of Funds....................</td><td>71</td><td></td><td></td><td></td><td></td><td></td><td>68</td><td></td><td></td><td></td><td></td><td></td></tr></table>
BUY and HOLD
UNITED STATES SAVINGS BONDS
U.S. TREASURY LIBRARY
1 0031975