TREASURY BULLETIN
MAY-1952
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
May 1952
Table of Contents
Treasury financing operations A-1
Summary of Federal fiscal operations 1
Budget receipts and expenditures 2
Trust account and other transactions 8
Treasury cash income and outgo 12
General Fund of the Treasury 15
Debt outstanding 16
Statutory debt limitation 21
Debt operations 22
United States savings bonds 27
Treasury savings notes 32
Ownership of Federal securities 33
Treasury survey of ownership of Federal securities 35
Market quotations 39
Yields of Treasury and corporate bonds 43
Internal revenue collections 45
Monetary statistics 49
Exchange Stabilization Fund 53
Capital movements 55
Corporations and certain other business-type activities -- income and expense, and source and application of funds 68
Cumulative table of contents 75
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.
May 1952
A-1
Treasury Financing Operations
Savings Bonds
Secretary Snyder announced on April 29, 1952, a number of changes in United States savings bonds to go into effect on May 1 -- the eleventh anniversary of the original offering of Series E, F, and G bonds. A brief description of the changes is given in the following paragraphs.
Series E Bonds
The first thing that has been done with respect to E bonds issued on and after May 1, 1952, has been to improve the intermediate redemption schedule to give a higher return in the earlier years. Interest will start at the end of 6 months instead of at the end of one year as formerly. The rate accrued at the end of 6 months will be 1.07 percent; at the end of one year, 1.59 percent; at the end of 2 years, 2.10 percent; at the end of 3 years, 2.25 percent; at the end of 5 years, 2.52 percent; and so on. The over-all interest rate on E bonds has also been raised -- from 2.9 percent to 3 percent compounded semiannually, the maximum permitted by the law. The $18.75 issue price on a $25 bond has been retained (a $4 return for a $5 investment). The change in the over-all return has been effected by shortening the length of the Series E bond from 10 years to 9 years, 8 months. The new interest rate schedule does not apply to bonds outstanding on April 30, 1952, for the period up to their original maturity.
The interest rate on the E bond during the extension period after maturity has also been raised for all bonds which have not yet matured, so that the return will be 3 percent, compounded semi-annually, during the additional 10 years of an E bond's life under the extension privilege. The new rates on the extension will not apply to bonds which have matured prior to May 1, 1952.
In addition to these changes in the terms of E bonds, the Treasury has doubled the annual limit on E bond purchases from the $10,000 maturity value now in effect to $20,000 maturity value.
New stocks of bonds with the new intermediate redemption values and the new maturity will not be available on May 1. The existing stock of E bonds will be sold throughout the period prior to the availability of new bond stock. Every E bond sold after May 1 will by regulation, however, obtain the revised terms and conditions. As soon as new stock is available, any purchaser who wishes will be entitled to exchange his old bond (if purchased on or after May 1, 1952) for a new one; but if he does
not make the exchange, he will still obtain the benefits of the revised scale, and paying agents will be furnished new redemption schedules applying to the bonds issued on or after May 1, 1952.
New Current Income Bond, Series H
The Treasury is also offering an entirely new current income savings bond to be designated Series H which will have interest paid by check semiannually instead of having the interest accrue. This bond will be a companion to the discount E bond and will be promoted along with the E bond. This bond will be available beginning on June 1, 1/ It will be issued and redeemable at par. Interest will be paid by check semiannually on a graduated scale of rates which has been put as close as possible to the E bond scale. It will be issued only to individuals; will have the same 9 year, 8 month term as E bonds; and will have a similar annual purchase limit of $20,000 maturity value. Unlike E bonds, however, it must be held six months, rather than two months, before it can be redeemed and it will be redeemable only on one month's notice; it will be issued and redeemable only at Federal Reserve Banks and branches and at the Treasury; and it will be offered with a minimum denomination of $500. Because the Series H bond and the E bond are sold exclusively to individuals, and because they resemble each other so closely in interest return, the Treasury will report combined sales of Series E and Series H bonds in the same way that Series F and Series G sales have been reported together.
Series J and K Replace F and G Bonds
The Series F and G savings bonds are being withdrawn effective May 1, and two new series of savings bonds to be known as Series J and Series K are being substituted. 1/ Series J will be a revised Series F bond, and Series K will be a revised Series G bond. The new series will differ from the old series primarily in their higher interest rate schedules. They will pay 2.76 percent if held 12 years to maturity, and will pay much higher intermediate yields than F and G bonds. Series J and K bonds will pay approximately 1-1/4 percent if held for one year, 1-1/2 percent if held for 2 years, 2-1/8 percent if held for 5 years, and so on. The combined annual purchase limit for Series J and K bonds has been doubled to $200,000, as compared with $100,000 for Series F and G bonds.
Further details regarding the new savings bonds are presented in the tables which follow.
1/ Interim receipts will be used until new stocks of bonds are available.
A-2
Treasury Bulletin
Table 1.
Summary of Terms and Conditions of United States Savings Bonds
Revised Series E and New Series H, J, and K
<table><tr><th>Terms and conditions</th><th>Revised Series E</th><th>Revised extension of Series E</th><th>Series E</th><th>Series J</th><th>Series K</th></tr><tr><td>Effective date</td><td>The revised terms apply to all bonds sold on or after May 1, 1952</td><td>The revised extension terms apply equally to un-matured Series E bonds (bonds issued May 1942 through April 1952) and to new Series E bonds sold on or after May 1, 1952 1/</td><td>June 1, 1952</td><td>May 1, 1952; sales of Series F bonds were terminated as of April 30, 1952</td><td>May 1, 1952; sales of Series G bonds were terminated as of April 30, 1952</td></tr><tr><td>Issue price</td><td>75% of maturity (par) value</td><td></td><td>Par</td><td>72% of maturity (par) value</td><td>Par</td></tr><tr><td>Issue date</td><td>First day of month in which payment is received by an authorized issuing agent</td><td></td><td>First day of month in which payment is received by a Federal Reserve Bank or branch or by the United States Treasury</td><td>First day of month in which payment is received by a Federal Reserve Bank or branch or by the United States Treasury</td><td>First day of month in which payment is received by a Federal Reserve Bank or branch or by the United States Treasury</td></tr><tr><td>Maturity date</td><td>9 years and 3 months from issue date</td><td></td><td>9 years and 3 months from issue date</td><td>12 years from issue date</td><td>12 years from issue date</td></tr><tr><td>Interest</td><td>Accrues to par to provide an investment yield of approximately 3.00% per annum compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 1/</td><td></td><td>Paid semiannually by checks of varying amounts to provide an investment yield of approximately 3.00% per annum compounded semiannually if held to maturity; lesser yields if redeemed at earlier dates 2/</td><td>Accrues to par to provide an investment yield of approximately 2.76% per annum compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 1/; but redeemable at par in event of death of owner or if issued in exchange for matured Series E bonds</td><td>Paid semiannually at the rate of 2.76% per annum; redemption values at less than par to provide lesser yields if redeemed at earlier dates 1/; but redeemable at par in event of death of owner or if issued in exchange for matured Series E bonds</td></tr><tr><td>Redeemability prior to maturity at option of Treasury</td><td>None</td><td></td><td>None</td><td>None</td><td>None</td></tr><tr><td>Redeemability prior to maturity at option of owner</td><td>At any time after 2 months from issue date without notice, at stated redemption values 1/; at any qualified bank or other paying agent, at any Federal Reserve Bank or branch, or at the United States Treasury</td><td></td><td>On first day of any month after 6 months from issue date on one month's notice, at par 2/; at any Federal Reserve Bank or branch or at the United States Treasury</td><td>On first day of any month after 6 months from issue date on one month's notice, at stated redemption values 1/; (or any Federal Reserve Bank or branch or at the United States Treasury</td><td>On first day of any month after 6 months from issue date on one month's notice, at stated redemption values 1/; (or at par in event of death of owner or if issued in exchange for matured Series E bonds), at any Federal Reserve Bank or branch or at the United States Treasury</td></tr><tr><td>Negotiability</td><td>None</td><td></td><td>None</td><td>None</td><td>None</td></tr><tr><td>Eligibility as collateral for loans</td><td>None</td><td></td><td>None</td><td>None</td><td>None</td></tr><tr><td>Eligible subscribers</td><td>Natural persons only</td><td></td><td>Natural persons only</td><td>All, except that banks which accept demand deposits are excluded</td><td>All, except that banks which accept demand deposits are excluded</td></tr><tr><td>Annual limit on new purchase (net)</td><td>Annual limit of $20,000 maturity value($15,000 issue price), including all Series E bonds purchased since January 1, 1952</td><td></td><td>Annual limit of $20,000 maturity value</td><td>Annual limit of $200,000 (issue price) for Series J and K combined, excluding Series K bonds issued in exchange for matured Series E bonds</td><td></td></tr><tr><td>Denominations</td><td>$25, $50, $100, $200, $500, $1,000, and $10,000 (maturity value)</td><td></td><td>$50, $1,000, $5,000, and $10,000</td><td>$25, $100, $500, $1,000, $5,000, $10,000, and $100,000 (maturity value)</td><td>$500, $1,000, $5,000, $10,000, and $100,000</td></tr><tr><td>Bearer or registered form</td><td>Registered form only</td><td></td><td>Registered form only</td><td>Registered form only</td><td>Registered form only</td></tr><tr><td>Extension privileges</td><td>If owner does not wish to cash his bond at maturity he may: (1) Hold his bond for a period not to exceed 10 years more and have interest accrue at a rate of approximately 3.00% per annum compounded semiannually regardless of when the bond may be redeemed (with a final maturity value of $134.68 per $100 bond); or (2) Exchange his bond at any Federal Reserve Bank or branch or at the United States Treasury for a Series E bond ($500 denomination minimum) and receive semiannual interest checks to give him a current income for up to 12 years thereafter at the rate of 2.76% per annum, said bond to be redeemable at par on first day of any month after 6 months from issue date</td><td></td><td>None</td><td>None</td><td>None</td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1952
A-3
Table 1.- Summary of Terms and Conditions of United States Savings Bonds Revised Series B and New Series H, J, and K - (Continued)
<table><tr><th>Terms and conditions</th><th>Revised Series E</th><th>Revised extension of Series E</th><th>Series E</th><th>Series J</th><th>Series K</th></tr><tr><td>Handling of subscriptions before new bonds are printed</td><td>Old stock will be used until new bonds are available. Purchaser is to be informed that the new terms and conditions will apply. If he wishes, he may exchange any bond issued after May 1, 1952, on old stock for a new bond with the same dating when new stock is available, although his rights will be in no way impaired if he does not do so</td><td></td><td>Interim receipts</td><td>Interim receipts</td><td>Interim receipts</td></tr></table>
1/ For schedules of redemption values and investment yields, see tables which follow.
2/ For schedule of varying amounts of interest checks, see Table 5.
3/ For schedule of investment yields, see Table 5.
Table 2. - Series E Savings Bonds Issued May 1941 through April 1942, Redemption Values and Investment Yields
<table><tr><th rowspan="2">Maturity value issue price</th><th rowspan="2">$25.00 18.75</th><th rowspan="2">$50.00 37.50</th><th rowspan="2">$100.00 75.00</th><th rowspan="2">$500.00 375.00</th><th rowspan="2">$1,000.00 750.00</th><th colspan="3">Approximate investment yields 1/2</th></tr><tr><th>On purchase price from issue date to beginning of each half-year period</th><th>On current redemption value from beginning of each half-year period if held - To maturity</th><th>For an additional half-year period</th></tr><tr><td colspan="8">Period after issue date</td></tr><tr><td colspan="8">Redemption values during each half-year period (Values increase on first day of period shown)</td></tr><tr><td>First 1/2 year</td><td>$18.75</td><td>$37.50</td><td>$75.00</td><td>$375.00</td><td>$750.00</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td></tr><tr><td>1/2 to 1 year</td><td>18.75</td><td>37.50</td><td>75.00</td><td>375.00</td><td>750.00</td><td>0.00</td><td>2.90 2/1</td><td>0.00</td></tr><tr><td>1 to 1-1/2 years</td><td>18.87</td><td>37.75</td><td>75.50</td><td>377.50</td><td>755.00</td><td>.67</td><td>3.15</td><td>1.32</td></tr><tr><td>1-1/2 to 2 years</td><td>19.00</td><td>38.00</td><td>76.00</td><td>380.00</td><td>760.00</td><td>.88</td><td>3.25</td><td>1.32</td></tr><tr><td>2 to 2-1/2 years</td><td>19.12</td><td>38.25</td><td>76.50</td><td>382.50</td><td>765.00</td><td>.99</td><td>3.38</td><td>1.31</td></tr><tr><td>2-1/2 to 3 years</td><td>19.25</td><td>38.50</td><td>77.00</td><td>385.00</td><td>770.00</td><td>1.06</td><td>3.52</td><td>2.60</td></tr><tr><td>3 to 3-1/2 years</td><td>19.38</td><td>38.75</td><td>77.50</td><td>387.50</td><td>775.00</td><td>1.13</td><td>3.66</td><td>2.53</td></tr><tr><td>3-1/2 to 4 years</td><td>19.50</td><td>39.00</td><td>78.00</td><td>390.00</td><td>780.00</td><td>1.19</td><td>3.75</td><td>2.50</td></tr><tr><td>4 to 4-1/2 years</td><td>20.00</td><td>40.00</td><td>80.00</td><td>400.00</td><td>800.00</td><td>1.62</td><td>3.87</td><td>2.47</td></tr><tr><td>4-1/2 to 5 years</td><td>20.25</td><td>40.50</td><td>81.00</td><td>405.00</td><td>810.00</td><td>1.72</td><td>4.01</td><td>2.44</td></tr><tr><td>5 to 5-1/2 years</td><td>20.50</td><td>41.00</td><td>82.00</td><td>410.00</td><td>820.00</td><td>1.79</td><td>4.11</td><td>2.41</td></tr><tr><td>5-1/2 to 6 years</td><td>20.75</td><td>41.50</td><td>83.00</td><td>415.00</td><td>830.00</td><td>1.85</td><td>4.19</td><td>2.38</td></tr><tr><td>6 to 6-1/2 years</td><td>21.00</td><td>42.00</td><td>84.00</td><td>420.00</td><td>840.00</td><td>1.90</td><td>4.27</td><td>2.35</td></tr><tr><td>6-1/2 to 7 years</td><td>21.25</td><td>42.50</td><td>85.00</td><td>425.00</td><td>850.00</td><td>1.94</td><td>4.31</td><td>2.32</td></tr><tr><td>7 to 7-1/2 years</td><td>22.00</td><td>44.00</td><td>88.00</td><td>440.00</td><td>880.00</td><td>2.30</td><td>4.36</td><td>2.29</td></tr><tr><td>7-1/2 to 8 years</td><td>22.50</td><td>45.00</td><td>90.00</td><td>450.00</td><td>900.00</td><td>2.45</td><td>4.36</td><td>2.26</td></tr><tr><td>8 to 8-1/2 years</td><td>23.00</td><td>46.00</td><td>92.00</td><td>460.00</td><td>920.00</td><td>2.57</td><td>4.31</td><td>2.23</td></tr><tr><td>8-1/2 to 9 years</td><td>23.50</td><td>47.00</td><td>94.00</td><td>470.00</td><td>940.00</td><td>2.67</td><td>4.26</td><td>2.20</td></tr><tr><td>9 to 9-1/2 years</td><td>24.00</td><td>48.00</td><td>96.00</td><td>480.00</td><td>960.00</td><td>2.76</td><td>4.12</td><td>2.17</td></tr><tr><td>9-1/2 to 10 years</td><td>24.50</td><td>49.00</td><td>98.00</td><td>490.00</td><td>980.00</td><td>2.84</td><td>4.08</td><td>2.14</td></tr><tr><td>Maturity value (10 years from issue date)</td><td>$25.00</td><td>$50.00</td><td>$100.00</td><td>$500.00</td><td>$1,000.00</td><td>2.90</td><td>...</td><td>...</td></tr><tr><th colspan="8">Period after maturity date</th></tr><tr><td>First 1/2 year</td><td>$25.00</td><td>$50.00</td><td>$100.00</td><td>$500.00</td><td>$1,000.00</td><td>2.90</td><td>To extended maturity</td><td>2.50</td></tr><tr><td>1/2 to 1 year</td><td>25.31</td><td>50.52</td><td>101.25</td><td>506.25</td><td>1,012.50</td><td>2.88</td><td>2.92</td><td>2.47</td></tr><tr><td>1 to 1-1/2 years</td><td>25.62</td><td>51.25</td><td>102.90</td><td>512.50</td><td>1,025.00</td><td>2.86</td><td>2.94</td><td>2.44</td></tr><tr><td>1-1/2 to 2 years</td><td>25.94</td><td>51.87</td><td>103.75</td><td>518.75</td><td>1,037.50</td><td>2.84</td><td>2.97</td><td>2.41</td></tr><tr><td>2 to 2-1/2 years</td><td>26.25</td><td>52.50</td><td>105.00</td><td>525.00</td><td>1,050.00</td><td>2.82</td><td>3.01</td><td>2.38</td></tr><tr><td>2-1/2 to 3 years</td><td>26.56</td><td>53.12</td><td>106.25</td><td>531.25</td><td>1,062.50</td><td>2.81</td><td>3.05</td><td>2.35</td></tr><tr><td>3 to 3-1/2 years</td><td>26.87</td><td>53.75</td><td>107.50</td><td>537.50</td><td>1,075.00</td><td>2.79</td><td>3.10</td><td>2.33</td></tr><tr><td>3-1/2 to 4 years</td><td>27.19</td><td>54.37</td><td>108.75</td><td>543.75</td><td>1,087.50</td><td>2.77</td><td>3.16</td><td>2.30</td></tr><tr><td>4 to 4-1/2 years</td><td>27.50</td><td>55.00</td><td>110.00</td><td>550.00</td><td>1,100.00</td><td>2.75</td><td>3.21</td><td>2.27</td></tr><tr><td>4-1/2 to 5 years</td><td>27.81</td><td>55.62</td><td>111.25</td><td>556.25</td><td>1,112.50</td><td>2.74</td><td>3.26</td><td>2.25</td></tr><tr><td>5 to 5-1/2 years</td><td>28.12</td><td>56.25</td><td>112.50</td><td>562.50</td><td>1,125.00</td><td>2.72</td><td>3.31</td><td>2.22</td></tr><tr><td>5-1/2 to 6 years</td><td>28.44</td><td>56.87</td><td>113.75</td><td>568.75</td><td>1,137.50</td><td>2.71</td><td>3.36</td><td>2.20</td></tr><tr><td>6 to 6-1/2 years</td><td>28.75</td><td>57.50</td><td>115.00</td><td>575.00</td><td>1,150.00</td><td>2.69</td><td>3.41</td><td>2.17</td></tr><tr><td>6-1/2 to 7 years</td><td>29.06</td><td>58.12</td><td>116.25</td><td>581.25</td><td>1,162.50</td><td>2.67</td><td>3.46</td><td>2.15</td></tr><tr><td>7 to 7-1/2 years</td><td>29.37</td><td>58.75</td><td>117.50</td><td>587.50</td><td>1,175.00</td><td>2.66</td><td>3.51</td><td>2.12</td></tr><tr><td>7-1/2 to 8 years</td><td>30.00</td><td>60.00</td><td>120.00</td><td>600.00</td><td>1,200.00</td><td>2.70</td><td>4.26</td><td>2.09</td></tr><tr><td>8 to 8-1/2 years</td><td>30.67</td><td>61.33</td><td>122.57</td><td>613.33</td><td>1,226.67</td><td>2.75</td><td>4.21</td><td>2.06</td></tr><tr><td>8-1/2 to 9 years</td><td>31.33</td><td>62.67</td><td>125.33</td><td>626.67</td><td>1,253.33</td><td>2.79</td><td>4.17</td><td>2.03</td></tr><tr><td>9 to 9-1/2 years</td><td>32.00</td><td>64.00</td><td>128.00</td><td>640.00</td><td>1,280.00</td><td>2.83</td><td>4.12</td><td>2.00</td></tr><tr><td>9-1/2 to 10 years</td><td>32.67</td><td>65.33</td><td>130.67</td><td>653.33</td><td>1,306.67</td><td>2.87</td><td>4.08</td><td>1.97</td></tr><tr><td>Extended maturity value</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Extended maturity date 3/2 years from original maturity date</td><td>$33.33</td><td>$66.67</td><td>$133.33</td><td>$666.67</td><td>$1,333.33</td><td>2.90</td><td>...</td><td>...</td></tr></table>
1/ Rate percent per annum, compounded semiannually; calculated on basis of $1,000 bond (face value).
2/ Approximate investment yield for entire period from issuance to maturity.
3/ 20 years from issue date.
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Treasury Bulletin
Table 3. - Series E Savings Bonds Issued May 1942 through April 1952, Redemption Values and Investment Yields
<table><tr><th colspan="6">Maturity value</th><td>$10.00</td><td>$25.00</td><td>$50.00</td><td>$100.00</td><td>$200.00</td><td>$500.00</td><td>$1,000.00</td></tr><tr><th colspan="6">Issue price</th><td>7.90</td><td>18.75</td><td>37.90</td><td>79.00</td><td>150.00</td><td>375.00</td><td>750.00</td></tr><tr><th colspan="6">Period after issue date</th><th colspan="6">Redemption values during each half-year period (Values increases on first day of period shown)</th><th colspan="3">Approximate investment yields 1/</th></tr><tr><th colspan="6"></th><th>First 1/2 year</th><th>1/2 to 1 year</th><th>1 to 1-1/2 years</th><th>1-1/2 to 2 years</th><th>2 to 2-1/2 years</th><th>2-1/2 to 3 years</th><th>3 to 3-1/2 years</th><th>3-1/2 to 4 years</th><th>4 to 4-1/2 years</th><th>4-1/2 to 5 years</th><th>5 to 5-1/2 years</th><th>5-1/2 to 6 years</th><th>6 to 6-1/2 years</th><th>6-1/2 to 7 years</th><th>7 to 7-1/2 years</th><th>7-1/2 to 8 years</th><th>8 to 8-1/2 years</th><th>8-1/2 to 9 years</th><th>9 to 9-1/2 years</th><th>9-1/2 to 10 years</th><th>Maturity value (10 years from issue date)</th></tr><tr><td colspan="6"></td><td>$7.50</td><td>$18.75</td><td>$37.50</td><td>$75.00</td><td>$150.00</td><td>$375.00</td><td>$750.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$10.00</td></tr><tr><td colspan="6"></td><td>7.50</td><td>18.75</td><td>37.50</td><td>75.00</td><td>150.00</td><td>375.00</td><td>750.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$25.00</td></tr><tr><td colspan="6"></td><td>7.55</td><td>18.87</td><td>37.75</td><td>75.90</td><td>151.00</td><td>377.50</td><td>755.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$50.00</td></tr><tr><td colspan="6"></td><td>7.60</td><td>19.00</td><td>38.00</td><td>76.00</td><td>152.00</td><td>380.00</td><td>760.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$100.00</td></tr><tr><td colspan="6"></td><td>7.65</td><td>19.12</td><td>38.25</td><td>76.90</td><td>153.00</td><td>382.50</td><td>765.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$200.00</td></tr><tr><td colspan="6"></td><td>7.70</td><td>19.25</td><td>38.50</td><td>77.00</td><td>154.00</td><td>385.00</td><td>770.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$500.00</td></tr><tr><td colspan="6"></td><td>7.80</td><td>19.50</td><td>39.00</td><td>78.00</td><td>156.00</td><td>390.00</td><td>780.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$1,000.00</td></tr><tr><td colspan="6"></td><td>7.90</td><td>19.75</td><td>39.50</td><td>79.00</td><td>158.00</td><td>395.00</td><td>790.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.00</td><td>20.00</td><td>40.00</td><td>80.00</td><td>160.00</td><td>400.00</td><td>800.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.10</td><td>20.25</td><td>40.50</td><td>81.00</td><td>162.00</td><td>405.00</td><td>810.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.20</td><td>20.50</td><td>41.00</td><td>82.00</td><td>164.00</td><td>410.00</td><td>820.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.30</td><td>20.75</td><td>41.50</td><td>83.00</td><td>166.00</td><td>415.00</td><td>830.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.40</td><td>21.00</td><td>42.00</td><td>84.00</td><td>168.00</td><td>420.00</td><td>840.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.60</td><td>21.50</td><td>43.00</td><td>86.00</td><td>172.00</td><td>430.00</td><td>860.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>8.80</td><td>22.00</td><td>44.00</td><td>88.00</td><td>176.00</td><td>440.00</td><td>880.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>9.00</td><td>22.50</td><td>45.00</td><td>90.00</td><td>180.00</td><td>450.00</td><td>900.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>9.20</td><td>23.00</td><td>46.00</td><td>92.00</td><td>184.00</td><td>460.00</td><td>920.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>9.40</td><td>23.50</td><td>47.00</td><td>94.00</td><td>188.00</td><td>470.00</td><td>940.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>9.60</td><td>24.00</td><td>48.00</td><td>96.00</td><td>192.00</td><td>480.00</td><td>960.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>9.80</td><td>24.50</td><td>49.00</td><td>98.00</td><td>196.00</td><td>490.00</td><td>980.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">Period after maturity date</td><th colspan="6">Extended maturity period</th><th colspan="3">On purchase price from issue date to beginning of each half-year period</th><th colspan="3">On current redemption value from beginning of half-year period if held -</th></tr><tr><th colspan="6"></th><th>First 1/2 year</th><th>1/2 to 1 year</th><th>1 to 1-1/2 years</th><th>1-1/2 to 2 years</th><th>2 to 2-1/2 years</th><th>2-1/2 to 3 years</th><th>3 to 3-1/2 years</th><th>3-1/2 to 4 years</th><th>4 to 4-1/2 years</th><th>4-1/2 to 5 years</th><th>5 to 5-1/2 years</th><th>5-1/2 to 6 years</th><th>6 to 6-1/2 years</th><th>6-1/2 to 7 years</th><th>7 to 7-1/2 years</th><th>7-1/2 to 8 years</th><th>8 to 8-1/2 years</th><th>8-1/2 to 9 years</th><th>9 to 9-1/2 years</th><th>9-1/2 to 10 years</th><th>Extended maturity value (10 years from original maturity date)</th></tr><tr><td colspan="6"></td><td>$10.00</td><td>$25.00</td><td>$50.00</td><td>$100.00</td><td>$200.00</td><td>$500.00</td><td>$1,000.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$13.47</td></tr><tr><td colspan="6"></td><td>10.15</td><td>25.37</td><td>50.75</td><td>101.50</td><td>203.00</td><td>507.50</td><td>1,015.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$13.47</td></tr><tr><td colspan="6"></td><td>10.30</td><td>25.75</td><td>51.50</td><td>103.00</td><td>206.00</td><td>515.00</td><td>1,030.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>10.45</td><td>26.12</td><td>52.25</td><td>104.50</td><td>209.00</td><td>522.50</td><td>1,045.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>10.60</td><td>26.50</td><td>53.00</td><td>106.00</td><td>212.00</td><td>530.00</td><td>1,060.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>10.76</td><td>26.90</td><td>53.80</td><td>107.60</td><td>215.20</td><td>538.00</td><td>1,076.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>10.92</td><td>27.30</td><td>54.60</td><td>109.20</td><td>218.40</td><td>546.00</td><td>1,092.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>11.08</td><td>27.70</td><td>55.40</td><td>110.80</td><td>221.60</td><td>554.00</td><td>1,108.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>11.24</td><td>28.10</td><td>56.20</td><td>112.40</td><td>224.80</td><td>562.00</td><td>1,124.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>11.40</td><td>28.50</td><td>57.00</td><td>114.00</td><td>228.00</td><td>570.00</td><td>1,140.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>11.58</td><td>28.95</td><td>57.90</td><td>115.80</td><td>231.60</td><td>579.00</td><td>1,158.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>11.76</td><td>29.40</td><td>58.80</td><td>117.60</td><td>235.20</td><td>588.00</td><td>1,176.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>11.94</td><td>29.85</td><td>59.70</td><td>119.40</td><td>238.80</td><td>597.00</td><td>1,194.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>12.12</td><td>30.30</td><td>60.60</td><td>121.20</td><td>242.40</td><td>606.00</td><td>1,212.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>12.30</td><td>30.75</td><td>61.50</td><td>123.00</td><td>246.00</td><td>615.00</td><td>1,230.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>12.48</td><td>31.20</td><td>62.40</td><td>124.80</td><td>249.60</td><td>624.00</td><td>1,248.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>12.66</td><td>31.65</td><td>63.30</td><td>126.60</td><td>253.20</td><td>633.00</td><td>1,266.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>12.86</td><td>32.15</td><td>64.30</td><td>128.60</td><td>257.20</td><td>643.00</td><td>1,286.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>13.06</td><td>32.65</td><td>65.30</td><td>130.60</td><td>261.20</td><td>653.00</td><td>1,306.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td>13.26</td><td>33.15</td><td>66.30</td><td>132.60</td><td>265.20</td><td>663.00</td><td>1,326.00</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3">To maturity</td><td colspan="3">To extended maturity</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>0.00</td><td>2.93 2/</td><td>1.33</td><td>1.32</td><td>1.31</td><td>1.31</td><td>2.40</td><td>2.56</td><td>2.53</td><td>2.50</td><td>2.47</td><td>2.44</td><td>2.41</td><td>4.76</td><td>4.65</td><td>4.55</td><td>4.44</td><td>4.35</td><td>4.26</td><td>4.17</td><td>4.08</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>.67</td><td>3.15</td><td>1.32</td><td>.88</td><td>3.25</td><td>3.38</td><td>3.48</td><td>3.58</td><td>3.66</td><td>3.75</td><td>3.87</td><td>4.01</td><td>4.18</td><td>4.31</td><td>4.46</td><td>4.61</td><td>4.74</td><td>4.88</td><td>5.02</td><td>5.15</td><td>5.29</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>.99</td><td>3.29</td><td>1.32</td><td>1.96</td><td>3.39</td><td>3.52</td><td>3.63</td><td>3.74</td><td>3.85</td><td>3.96</td><td>4.07</td><td>4.18</td><td>4.29</td><td>4.40</td><td>4.51</td><td>4.62</td><td>4.73</td><td>4.84</td><td>4.95</td><td>5.06</td><td>5.17</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>1.31</td><td>3.58</td><td>1.31</td><td>1.91</td><td>3.59</td><td>3.72</td><td>3.83</td><td>3.94</td><td>4.05</td><td>4.16</td><td>4.27</td><td>4.38</td><td>4.49</td><td>4.60</td><td>4.71</td><td>4.82</td><td>4.93</td><td>5.04</td><td>5.15</td><td>5.26</td><td>5.37</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>1.49</td><td>3.66</td><td>1.31</td><td>1.98</td><td>3.67</td><td>3.80</td><td>3.91</td><td>4.02</td><td>4.13</td><td>4.24</td><td>4.35</td><td>4.46</td><td>4.57</td><td>4.68</td><td>4.79</td><td>4.90</td><td>5.01</td><td>5.12</td><td>5.23</td><td>5.34</td><td>5.45</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>1.62</td><td>3.75</td><td>1.31</td><td>2.05</td><td>3.76</td><td>3.89</td><td>4.00</td><td>4.11</td><td>4.22</td><td>4.33</td><td>4.44</td><td>4.55</td><td>4.66</td><td>4.77</td><td>4.88</td><td>4.99</td><td>5.10</td><td>5.21</td><td>5.32</td><td>5.43</td><td>5.54</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>1.72</td><td>3.87</td><td>1.31</td><td>2.12</td><td>3.88</td><td>4.01</td><td>4.12</td><td>4.23</td><td>4.34</td><td>4.45</td><td>4.56</td><td>4.67</td><td>4.78</td><td>4.89</td><td>5.00</td><td>5.11</td><td>5.22</td><td>5.33</td><td>5.44</td><td>5.55</td><td>5.66</td></tr><tr><td colspan="6"></td><td></td><td></td><td></td><td></td><td>1.79</td><td>3.98</td><td>1.31</td><td>2.19</td><td>3.99</td><td>4.12</td><td>4.23</td><td>4.34</td><td>4.45</td><td>4.56</td><td>4.67</td><td>4.78</td><td>4.89</td><td>5.00
1/ Rate percent per annum, compounded semiannually; calculated on basis of $1,000 bond (face value).
2/ Approximate investment yield for entire period from issuance to original maturity. 3/ 20 years from issue date.
May 1952
A-5
Table 4. - Series E Savings Bonds Issued Beginning May 1952,
Redemption Values and Investment Yields
<table><tr><th>Maturity value</th><th>$25.00</th><th>$50.00</th><th>$100.00</th><th>$200.00</th><th>$500.00</th><th>$1,000.00</th><th>$10,000</th><th colspan="3">Approximate investment yields 1/2</th></tr><tr><th>Issue price</th><th>18.75</th><th>37.50</th><th>75.00</th><th>150.00</th><th>375.00</th><th>750.00</th><th>7,500</th><th colspan="3">On current redemption value from beginning of each half-year period 1/2 if held -</th></tr><tr><th>Period after issue date</th><th colspan="7">Redemption values during each half-year period 1/2 (Values increases on first day of period shown)</th><th>On purchase price from issue date to beginning of each half-year period 1/2</th><th>To maturity</th><th>For an additional half-year period 1/2</th></tr><tr><th></th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th></th><th></th><th></th></tr><tr><td>First 1/2 year</td><td>$18.75</td><td>$37.50</td><td>$75.00</td><td>$150.00</td><td>$375.00</td><td>$750.00</td><td>$7,500</td><td>0.00</td><td>3.00 1/2</td><td>1.07</td></tr><tr><td>1/2 to 1 year</td><td>18.85</td><td>37.70</td><td>75.40</td><td>150.80</td><td>377.00</td><td>754.00</td><td>7,540</td><td>1.07</td><td>3.10</td><td>2.12</td></tr><tr><td>1 to 1-1/2 years</td><td>19.05</td><td>38.10</td><td>76.20</td><td>152.40</td><td>381.00</td><td>768.00</td><td>7,680</td><td>1.59</td><td>3.16</td><td>2.68</td></tr><tr><td>1-1/2 to 2 years</td><td>19.30</td><td>38.60</td><td>77.20</td><td>154.40</td><td>386.00</td><td>772.00</td><td>7,720</td><td>1.94</td><td>3.19</td><td>2.59</td></tr><tr><td>2 to 2-1/2 years</td><td>19.55</td><td>39.10</td><td>78.20</td><td>156.40</td><td>391.00</td><td>782.00</td><td>7,820</td><td>2.10</td><td>3.23</td><td>2.56</td></tr><tr><td>2-1/2 to 3 years</td><td>19.80</td><td>39.60</td><td>79.20</td><td>158.40</td><td>396.00</td><td>792.00</td><td>7,920</td><td>2.19</td><td>3.28</td><td>2.53</td></tr><tr><td>3 to 3-1/2 years</td><td>20.05</td><td>40.10</td><td>80.20</td><td>160.40</td><td>401.00</td><td>802.00</td><td>8,020</td><td>2.25</td><td>3.34</td><td>2.49</td></tr><tr><td>3-1/2 to 4 years</td><td>20.30</td><td>40.60</td><td>81.20</td><td>162.40</td><td>406.00</td><td>812.00</td><td>8,120</td><td>2.28</td><td>3.41</td><td>2.46</td></tr><tr><td>4 to 4-1/2 years</td><td>20.55</td><td>41.10</td><td>82.20</td><td>164.40</td><td>411.00</td><td>822.00</td><td>8,220</td><td>2.30</td><td>3.49</td><td>3.41</td></tr><tr><td>4-1/2 to 5 years</td><td>20.90</td><td>41.80</td><td>83.60</td><td>167.20</td><td>418.00</td><td>836.00</td><td>8,360</td><td>2.13</td><td>3.50</td><td>3.35</td></tr><tr><td>5 to 5-1/2 years</td><td>21.25</td><td>42.50</td><td>85.00</td><td>170.00</td><td>425.00</td><td>850.00</td><td>8,500</td><td>2.92</td><td>3.51</td><td>3.29</td></tr><tr><td>5-1/2 to 6 years</td><td>21.60</td><td>43.20</td><td>86.40</td><td>172.80</td><td>432.00</td><td>864.00</td><td>8,640</td><td>2.99</td><td>3.54</td><td>3.24</td></tr><tr><td>6 to 6-1/2 years</td><td>21.95</td><td>43.90</td><td>87.80</td><td>175.60</td><td>439.00</td><td>878.00</td><td>8,780</td><td>2.64</td><td>3.58</td><td>3.19</td></tr><tr><td>6-1/2 to 7 years</td><td>22.30</td><td>44.60</td><td>89.20</td><td>178.40</td><td>446.00</td><td>892.00</td><td>8,920</td><td>2.69</td><td>3.64</td><td>3.14</td></tr><tr><td>7 to 7-1/2 years</td><td>22.65</td><td>45.30</td><td>90.60</td><td>181.20</td><td>453.00</td><td>906.00</td><td>9,060</td><td>2.72</td><td>3.74</td><td>3.09</td></tr><tr><td>7-1/2 to 8 years</td><td>23.00</td><td>46.00</td><td>92.00</td><td>184.00</td><td>460.00</td><td>920.00</td><td>9,200</td><td>2.74</td><td>3.89</td><td>3.04</td></tr><tr><td>8 to 8-1/2 years</td><td>23.40</td><td>46.80</td><td>93.60</td><td>187.20</td><td>468.00</td><td>936.00</td><td>9,360</td><td>2.79</td><td>4.01</td><td>3.42</td></tr><tr><td>8-1/2 to 9 years</td><td>23.80</td><td>47.60</td><td>95.20</td><td>190.40</td><td>476.00</td><td>952.00</td><td>9,520</td><td>2.83</td><td>4.26</td><td>3.36</td></tr><tr><td>9 to 9-1/2 years</td><td>24.20</td><td>48.40</td><td>96.80</td><td>193.60</td><td>484.00</td><td>968.00</td><td>9,680</td><td>2.86</td><td>4.49</td><td>3.31</td></tr><tr><td>9-1/2 years to 9 years and 8 months</td><td>24.60</td><td>49.20</td><td>98.40</td><td>196.80</td><td>492.00</td><td>984.00</td><td>9,840</td><td>2.88</td><td>4.92</td><td>9.92</td></tr><tr><td>Maturity value (9 years and 8 months from issue date)</td><td>$25.00</td><td>$50.00</td><td>$100.00</td><td>$200.00</td><td>$500.00</td><td>$1,000.00</td><td>$10,000</td><td>3.00</td><td>....</td><td>....</td></tr><tr><th>Period after maturity date</th><th colspan="7">Extended maturity period</th><th colspan="3">To extended maturity</th></tr><tr><th></th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th><th></th><th></th><th></th></tr><tr><td>First 1/2 year</td><td>$25.00</td><td>$50.00</td><td>$100.00</td><td>$200.00</td><td>$500.00</td><td>$1,000.00</td><td>$10,000</td><td>3.00</td><td>3.00</td><td>3.00</td></tr><tr><td>1/2 to 1 year</td><td>25.37</td><td>50.75</td><td>101.50</td><td>203.00</td><td>507.50</td><td>1,015.00</td><td>10,150</td><td>3.00</td><td>3.00</td><td>2.96</td></tr><tr><td>1 to 1-1/2 years</td><td>25.75</td><td>51.50</td><td>103.00</td><td>206.00</td><td>515.00</td><td>1,030.00</td><td>10,300</td><td>3.00</td><td>3.00</td><td>2.93</td></tr><tr><td>1-1/2 to 2 years</td><td>26.12</td><td>52.29</td><td>104.59</td><td>209.18</td><td>522.90</td><td>1,045.90</td><td>10,459</td><td>2.99</td><td>3.01</td><td>2.87</td></tr><tr><td>2 to 2-1/2 years</td><td>26.50</td><td>53.00</td><td>106.00</td><td>212.00</td><td>530.00</td><td>1,060.00</td><td>10,600</td><td>2.99</td><td>3.02</td><td>3.08</td></tr><tr><td>2-1/2 to 3 years</td><td>26.90</td><td>53.80</td><td>107.60</td><td>215.20</td><td>538.00</td><td>1,076.00</td><td>10,760</td><td>2.99</td><td>3.02</td><td>2.97</td></tr><tr><td>3 to 3-1/2 years</td><td>27.30</td><td>54.60</td><td>109.20</td><td>218.40</td><td>546.00</td><td>1,092.00</td><td>10,920</td><td>2.99</td><td>3.02</td><td>2.93</td></tr><tr><td>3-1/2 to 4 years</td><td>27.70</td><td>55.40</td><td>110.80</td><td>221.60</td><td>554.00</td><td>1,108.00</td><td>11,080</td><td>2.99</td><td>3.03</td><td>2.89</td></tr><tr><td>4 to 4-1/2 years</td><td>28.10</td><td>56.20</td><td>112.40</td><td>224.80</td><td>562.00</td><td>1,124.00</td><td>11,240</td><td>2.98</td><td>3.04</td><td>2.85</td></tr><tr><td>4-1/2 to 5 years</td><td>28.50</td><td>57.00</td><td>114.00</td><td>228.00</td><td>570.00</td><td>1,140.00</td><td>11,400</td><td>2.98</td><td>3.05</td><td>3.16</td></tr><tr><td>5 to 5-1/2 years</td><td>28.95</td><td>57.90</td><td>115.80</td><td>231.60</td><td>579.00</td><td>1,158.00</td><td>11,580</td><td>2.98</td><td>3.04</td><td>3.11</td></tr><tr><td>5-1/2 to 6 years</td><td>29.40</td><td>58.80</td><td>117.60</td><td>235.20</td><td>588.00</td><td>1,176.00</td><td>11,760</td><td>2.99</td><td>3.04</td><td>3.06</td></tr><tr><td>6 to 6-1/2 years</td><td>29.85</td><td>59.70</td><td>119.40</td><td>238.80</td><td>597.00</td><td>1,194.00</td><td>11,940</td><td>2.99</td><td>3.03</td><td>3.02</td></tr><tr><td>6-1/2 to 7 years</td><td>30.30</td><td>60.60</td><td>121.20</td><td>242.40</td><td>606.00</td><td>1,212.00</td><td>12,120</td><td>2.99</td><td>3.04</td><td>2.97</td></tr><tr><td>7 to 7-1/2 years</td><td>30.75</td><td>61.50</td><td>123.00</td><td>246.00</td><td>615.00</td><td>1,230.00</td><td>12,300</td><td>2.99</td><td>3.05</td><td>2.91</td></tr><tr><td>7-1/2 to 8 years</td><td>31.20</td><td>62.40</td><td>124.80</td><td>249.60</td><td>624.00</td><td>1,248.00</td><td>12,480</td><td>2.99</td><td>3.07</td><td>2.88</td></tr><tr><td>8 to 8-1/2 years</td><td>31.65</td><td>63.30</td><td>126.60</td><td>253.20</td><td>633.00</td><td>1,266.00</td><td>12,660</td><td>2.99</td><td>3.12</td><td>3.16</td></tr><tr><td>8-1/2 to 9 years</td><td>32.15</td><td>64.30</td><td>128.60</td><td>257.20</td><td>643.00</td><td>1,286.00</td><td>12,860</td><td>2.99</td><td>3.10</td><td>3.11</td></tr><tr><td>9 to 9-1/2 years</td><td>32.65</td><td>65.30</td><td>130.60</td><td>261.20</td><td>653.00</td><td>1,306.00</td><td>13,060</td><td>2.99</td><td>3.10</td><td>3.06</td></tr><tr><td>9-1/2 to 10 years</td><td>33.15</td><td>66.30</td><td>132.60</td><td>265.20</td><td>663.00</td><td>1,326.00</td><td>13,260</td><td>3.00</td><td>3.14</td><td>3.14</td></tr><tr><td>Extended maturity value (10 years from original maturity date)</td><td>$33.67</td><td>$67.34</td><td>$134.68</td><td>$269.36</td><td>$673.40</td><td>$1,346.80</td><td>$13,468</td><td>3.00</td><td>....</td><td>....</td></tr></table>
1/ Rate percent per annum, compounded semiannually; calculated on basis of $1,000 bond (face value).
2/ 2-month period between 9-1/2 years and 9 years and 8 months.
3/ Approximate investment yield for entire period from issuance to maturity.
4/ 19 years and 8 months from issue date.
A-6
Treasury Bulletin
Table 5. - Series H Savings Bonds, Schedule of Checks Issued and Investment Yields
<table><tr><th>Face value</th><th>Maturity value......... $500.00</th><th>Redemption value 1/......... $1,000.00</th><th>Issue price......... $500.00</th><th>$1,000.00</th><th>$5,000.00</th><th>$10,000</th><th colspan="3">Approximate investment yields on face value 2/</th></tr><tr><td></td><td>500.00</td><td>1,000.00</td><td>5,000.00</td><td>10,000</td><td>From issue date to each interest payment date</td><td>From each interest payment date if held -</td><td></td></tr><tr><td colspan="7">Amount of interest check for each denomination</td><td>To maturity 1/</td><td>For an additional half-year period 2/</td></tr><tr><td>At issue date</td><td>........</td><td>........</td><td>........</td><td>........</td><td>(Percent)</td><td>(Percent)</td><td>(Percent)</td></tr><tr><td>Period of time bond is held after issue date</td><td></td><td></td><td></td><td></td><td>0.80</td><td></td><td>0.80</td></tr><tr><td>1/2 year</td><td>$2.00</td><td>$ 4.00</td><td>$20.00</td><td>$ 40</td><td>0.80</td><td>3.13</td><td>2.50</td></tr><tr><td>1-1/2 years</td><td>6.25</td><td>12.50</td><td>62.50</td><td>125</td><td>1.65</td><td>3.18</td><td>2.50</td></tr><tr><td>2 years</td><td>6.25</td><td>12.50</td><td>62.50</td><td>125</td><td>1.93</td><td>3.22</td><td>2.50</td></tr><tr><td>2-1/2 years</td><td>6.25</td><td>12.50</td><td>62.50</td><td>125</td><td>2.07</td><td>3.27</td><td>2.50</td></tr><tr><td>3 years</td><td>6.25</td><td>12.50</td><td>62.50</td><td>125</td><td>2.12</td><td>3.34</td><td>2.50</td></tr><tr><td>3-1/2 years</td><td>6.25</td><td>12.50</td><td>62.50</td><td>125</td><td>2.21</td><td>3.41</td><td>2.50</td></tr><tr><td>4 years</td><td>6.25</td><td>12.50</td><td>62.50</td><td>125</td><td>2.25</td><td>3.49</td><td>2.50</td></tr><tr><td>4-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.28</td><td>3.58</td><td>3.40</td></tr><tr><td>5 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.40</td><td>3.60</td><td>3.40</td></tr><tr><td>5-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.49</td><td>3.63</td><td>3.40</td></tr><tr><td>6 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.57</td><td>3.66</td><td>3.40</td></tr><tr><td>6-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.63</td><td>3.69</td><td>3.40</td></tr><tr><td>7 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.69</td><td>3.74</td><td>3.40</td></tr><tr><td>7-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.73</td><td>3.81</td><td>3.40</td></tr><tr><td>8 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.77</td><td>3.91</td><td>3.40</td></tr><tr><td>8-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.81</td><td>4.07</td><td>3.40</td></tr><tr><td>9 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.84</td><td>4.36</td><td>3.40</td></tr><tr><td>9-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.87</td><td>5.10</td><td>3.40</td></tr><tr><td>9-1/2 years</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>2.89</td><td>10.37</td><td>10.37</td></tr><tr><td>Maturity (9 years and 6 months)</td><td>8.50</td><td>17.00</td><td>85.00</td><td>170</td><td>3.00</td><td>....</td><td>....</td></tr></table>
1/ At all times, except that bond is not redeemable during first 6 months. 2/ Rate percent per annum, compounded semiannually.
3/ Approximate investment yield for entire period from issuance to maturity is 3.00% per annum.
4/ 2-month period between 9-1/2 years and 9 years and 8 months.
Table 6. - Series J Savings Bonds, Redemption Values and Investment Yields
<table><tr><th>Maturity value.........<br>Issue price.</th><th>$25,000<br>18.00</th><th>$100,000<br>72.00</th><th>$500,000<br>360.00</th><th>$1,000<br>720</th><th>$5,000<br>3,500</th><th>$10,000<br>7,200</th><th>$100,000<br>72,000</th><th colspan="3">Approximate investment yields 1/2</th></tr><tr><th>Period after<br>Issue date</th><th colspan="7">Redemption values during each half-year period<br>(Values increase on first day of period shown)</th><th>On purchase price<br>from issue date<br>to beginning of<br>each half-year<br>period</th><th>On current redemption value<br>from beginning of each half-year period if held -<br>To maturity</th><th>For an additional half-year period</th></tr><tr><th></th><th colspan="7"></th><th>(Percent)</th><th>(Percent)</th><th>(Percent)</th></tr><tr><td>First 1 1/2 year.</td><td colspan="7">Not redeemable.</td><td></td><td>2.76 2/1</td><td>1.11</td></tr><tr><td>1 1/2 to 1 year.</td><td>$18.10</td><td>$72.40</td><td>$362.00</td><td>$724</td><td>$3,620</td><td>$7,240</td><td>$72,400</td><td>1.11</td><td>2.83</td><td>1.38</td></tr><tr><td>1 to 1 1/2 years</td><td>18.22</td><td>72.90</td><td>364.50</td><td>729</td><td>3,645</td><td>7,290</td><td>72,900</td><td>1.23</td><td>2.89</td><td>1.65</td></tr><tr><td>1-1/2 to 2 years</td><td>18.37</td><td>73.30</td><td>367.50</td><td>735</td><td>3,675</td><td>7,350</td><td>73,500</td><td>1.38</td><td>2.95</td><td>1.90</td></tr><tr><td>2 to 2-1/2 years</td><td>18.55</td><td>74.20</td><td>371.00</td><td>742</td><td>3,710</td><td>7,420</td><td>74,200</td><td>1.51</td><td>3.01</td><td>2.05</td></tr><tr><td>2-1/2 to 3 years</td><td>18.75</td><td>75.00</td><td>375.00</td><td>750</td><td>3,750</td><td>7,500</td><td>75,000</td><td>1.64</td><td>3.05</td><td>2.40</td></tr><tr><td>3 to 3-1/2 years</td><td>18.97</td><td>75.90</td><td>379.50</td><td>759</td><td>3,795</td><td>7,590</td><td>75,900</td><td>1.77</td><td>3.09</td><td>2.37</td></tr><tr><td>3-1/2 to 4 years</td><td>19.20</td><td>76.80</td><td>384.00</td><td>768</td><td>3,840</td><td>7,680</td><td>76,800</td><td>1.89</td><td>3.13</td><td>2.60</td></tr><tr><td>4 to 4-1/2 years</td><td>19.45</td><td>77.80</td><td>389.00</td><td>778</td><td>3,890</td><td>7,780</td><td>77,800</td><td>1.95</td><td>3.16</td><td>2.83</td></tr><tr><td>4-1/2 to 5 years</td><td>19.72</td><td>78.90</td><td>394.50</td><td>789</td><td>3,945</td><td>7,940</td><td>78,900</td><td>2.04</td><td>3.18</td><td>2.79</td></tr><tr><td>5 to 5-1/2 years</td><td>20.00</td><td>80.00</td><td>400.00</td><td>800</td><td>4,000</td><td>8,000</td><td>80,000</td><td>2.12</td><td>3.21</td><td>3.00</td></tr><tr><td>5-1/2 to 6 years</td><td>20.30</td><td>81.20</td><td>406.00</td><td>812</td><td>4,060</td><td>8,120</td><td>81,200</td><td>2.20</td><td>3.23</td><td>2.96</td></tr><tr><td>6 to 6-1/2 years</td><td>20.60</td><td>82.40</td><td>412.00</td><td>824</td><td>4,120</td><td>8,240</td><td>82,400</td><td>2.26</td><td>3.25</td><td>3.16</td></tr><tr><td>6-1/2 to 7 years</td><td>20.92</td><td>83.70</td><td>418.50</td><td>837</td><td>4,185</td><td>8,370</td><td>83,700</td><td>2.33</td><td>3.26</td><td>3.11</td></tr><tr><td>7 to 7-1/2 years</td><td>21.25</td><td>85.00</td><td>425.00</td><td>850</td><td>4,250</td><td>8,500</td><td>85,000</td><td>2.39</td><td>3.28</td><td>3.29</td></tr><tr><td>7-1/2 to 8 years</td><td>21.60</td><td>86.40</td><td>432.00</td><td>864</td><td>4,320</td><td>8,640</td><td>86,400</td><td>2.46</td><td>3.28</td><td>3.28</td></tr><tr><td>8 to 8-1/2 years</td><td>21.95</td><td>87.80</td><td>439.00</td><td>878</td><td>4,390</td><td>8,780</td><td>87,800</td><td>2.50</td><td>3.28</td><td>3.19</td></tr><tr><td>8-1/2 to 9 years</td><td>22.30</td><td>89.20</td><td>446.00</td><td>892</td><td>4,460</td><td>8,920</td><td>89,200</td><td>2.54</td><td>3.29</td><td>3.14</td></tr><tr><td>9 to 9-1/2 years</td><td>22.65</td><td>90.60</td><td>453.00</td><td>906</td><td>4,530</td><td>9,060</td><td>90,600</td><td>2.57</td><td>3.32</td><td>3.31</td></tr><tr><td>9-1/2 to 10 years</td><td>23.02</td><td>92.10</td><td>460.50</td><td>921</td><td>4,605</td><td>9,210</td><td>92,100</td><td>2.61</td><td>3.32</td><td>3.26</td></tr><tr><td>10 to 10-1/2 years</td><td>23.40</td><td>93.60</td><td>468.00</td><td>936</td><td>4,680</td><td>9,360</td><td>93,600</td><td>2.64</td><td>3.33</td><td>3.31</td></tr><tr><td>10-1/2 to 11 years</td><td>23.80</td><td>95.20</td><td>476.00</td><td>952</td><td>4,760</td><td>9,520</td><td>95,200</td><td>2.68</td><td>3.31</td><td>3.36</td></tr><tr><td>11 to 11-1/2 years</td><td>24.20</td><td>96.80</td><td>484.00</td><td>968</td><td>4,840</td><td>9,680</td><td>96,800</td><td>2.71</td><td>3.38</td><td>3.31</td></tr><tr><td>11-1/2 to 12 years</td><td>24.60</td><td>98.40</td><td>492.00</td><td>984</td><td>4,920</td><td>9,840</td><td>98,400</td><td>2.73</td><td>3.29</td><td>3.25</td></tr><tr><td>Maturity value (12 years from issue date)</td><td>$25.00</td><td>$100.00</td><td>$500.00</td><td>$1,000</td><td>$5,000</td><td>$10,000</td><td>$100,000</td><td>2.76</td><td>...</td><td>...</td></tr></table>
1/ Rate percent per annum, compounded semiannually; calculated on basis of $1,000 bond (face value).
2/ Approximate investment yield for entire period from issuance to maturity.
May 1952
A-7
Table 7. - Series K Savings Bonds, Redemption Values and Investment Yields
<table><tr><th>Maturity value<br>Issue price</th><th>$500.00<br>$500.00</th><th>$1,000<br>$1,000</th><th>$5,000<br>$5,000</th><th>$10,000<br>$10,000</th><th>$100,000<br>$100,000</th><th colspan="3">Approximate investment yields 1/</th></tr><tr><th rowspan="2">Period after<br>issue date</th><th colspan="5">Redemption values during each half-year period<br>(Values change on first day of period shown)</th><th>On purchase price<br>from issue date<br>to beginning of<br>each half-year<br>period</th><th>On current redemption value<br>from beginning of each half-year period if held -</th><th></th></tr><tr><th colspan="5"></th><th>(Percent)</th><th>To maturity</th><th>For an additional half-year period</th></tr><tr><td>First 1/2 year</td><td colspan="5">Not redeemable</td><td></td><td>(2.76 g/)</td><td>(1.16)</td></tr><tr><td>1/2 to 1 year</td><td>$496.00</td><td>$992</td><td>$4,960</td><td>$9,920</td><td>$99,200</td><td>1.16</td><td>2.84</td><td>1.37</td></tr><tr><td>1 to 1-1/2 years</td><td>$492.50</td><td>$985</td><td>$4,925</td><td>$9,850</td><td>$98,500</td><td>1.26</td><td>2.92</td><td>1.45</td></tr><tr><td>1-1/2 to 2 years</td><td>$489.50</td><td>$979</td><td>$4,895</td><td>$9,790</td><td>$97,900</td><td>1.37</td><td>2.99</td><td>2.00</td></tr><tr><td>2 to 2-1/2 years</td><td>$487.50</td><td>$975</td><td>$4,875</td><td>$9,750</td><td>$97,500</td><td>1.52</td><td>3.05</td><td>2.01</td></tr><tr><td>2-1/2 to 3 years</td><td>$485.50</td><td>$971</td><td>$4,855</td><td>$9,710</td><td>$97,100</td><td>1.62</td><td>3.12</td><td>2.43</td></tr><tr><td>3 to 3-1/2 years</td><td>$484.50</td><td>$969</td><td>$4,845</td><td>$9,690</td><td>$96,900</td><td>1.75</td><td>3.16</td><td>2.44</td></tr><tr><td>3-1/2 to 4 years</td><td>$483.50</td><td>$967</td><td>$4,835</td><td>$9,670</td><td>$96,700</td><td>1.84</td><td>3.21</td><td>2.65</td></tr><tr><td>4 to 4-1/2 years</td><td>$483.00</td><td>$966</td><td>$4,830</td><td>$9,660</td><td>$96,600</td><td>1.94</td><td>3.25</td><td>2.86</td></tr><tr><td>4-1/2 to 5 years</td><td>$483.00</td><td>$966</td><td>$4,830</td><td>$9,660</td><td>$96,600</td><td>2.03</td><td>3.27</td><td>3.06</td></tr><tr><td>5 to 5-1/2 years</td><td>$483.50</td><td>$967</td><td>$4,835</td><td>$9,670</td><td>$96,700</td><td>2.13</td><td>3.29</td><td>3.06</td></tr><tr><td>5-1/2 to 6 years</td><td>$484.00</td><td>$968</td><td>$4,840</td><td>$9,680</td><td>$96,800</td><td>2.21</td><td>3.31</td><td>3.06</td></tr><tr><td>6 to 6-1/2 years</td><td>$484.50</td><td>$969</td><td>$4,845</td><td>$9,690</td><td>$96,900</td><td>2.27</td><td>3.33</td><td>3.05</td></tr><tr><td>6-1/2 to 7 years</td><td>$485.00</td><td>$970</td><td>$4,850</td><td>$9,700</td><td>$97,000</td><td>2.33</td><td>3.36</td><td>3.26</td></tr><tr><td>7 to 7-1/2 years</td><td>$486.00</td><td>$972</td><td>$4,860</td><td>$9,720</td><td>$97,200</td><td>2.39</td><td>3.37</td><td>3.29</td></tr><tr><td>7-1/2 to 8 years</td><td>$487.00</td><td>$974</td><td>$4,870</td><td>$9,740</td><td>$97,400</td><td>2.44</td><td>3.39</td><td>3.34</td></tr><tr><td>8 to 8-1/2 years</td><td>$488.00</td><td>$976</td><td>$4,880</td><td>$9,760</td><td>$97,600</td><td>2.49</td><td>3.41</td><td>3.28</td></tr><tr><td>8-1/2 to 9 years</td><td>$489.00</td><td>$978</td><td>$4,890</td><td>$9,780</td><td>$97,800</td><td>2.53</td><td>3.43</td><td>3.44</td></tr><tr><td>9 to 9-1/2 years</td><td>$490.50</td><td>$981</td><td>$4,905</td><td>$9,810</td><td>$98,100</td><td>2.57</td><td>3.43</td><td>3.43</td></tr><tr><td>9-1/2 to 10 years</td><td>$492.00</td><td>$984</td><td>$4,920</td><td>$9,840</td><td>$98,400</td><td>2.61</td><td>3.43</td><td>3.41</td></tr><tr><td>10 to 10-1/2 years</td><td>$493.50</td><td>$987</td><td>$4,935</td><td>$9,870</td><td>$98,700</td><td>2.65</td><td>3.44</td><td>3.40</td></tr><tr><td>10-1/2 to 11 years</td><td>$495.00</td><td>$990</td><td>$4,950</td><td>$9,900</td><td>$99,000</td><td>2.68</td><td>3.45</td><td>3.39</td></tr><tr><td>11 to 11-1/2 years</td><td>$496.50</td><td>$993</td><td>$4,965</td><td>$9,930</td><td>$99,300</td><td>2.70</td><td>3.48</td><td>3.38</td></tr><tr><td>11-1/2 to 12 years</td><td>$498.00</td><td>$996</td><td>$4,980</td><td>$9,960</td><td>$99,600</td><td>2.73</td><td>3.57</td><td>3.57</td></tr><tr><td>Maturity value (12 years from issue date)</td><td>$500.00</td><td>$1,000</td><td>$5,000</td><td>$10,000</td><td>$100,000</td><td>2.76</td><td>...</td><td>...</td></tr></table>
1/ Rate percent per annum, compounded semiannually.
2/ Approximate investment yield for entire period from issuance to maturity.
Treasury Bulletin
A-8
Table 8. - Comparison of Savings Bonds Investment Yields for Length of Time Held
<table><tr><th rowspan="2"></th><th colspan="3">Series E issued</th><th colspan="5">Series</th></tr><tr><th>Series A-D</th><th>May 19k1- April 19k2</th><th>May 19k2- April 1952</th><th>May 1952 and after</th><th>Series E</th><th>F</th><th>J</th><th>G</th><th>K</th></tr><tr><td colspan="10">(In percent)</td></tr><tr><td>Length of time held after issue date:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/2 year</td><td>.00</td><td>.00</td><td>.00</td><td>1.07</td><td>.80</td><td>.00</td><td>1.11</td><td>.10</td><td>1.16</td></tr><tr><td>1 year</td><td>1.33</td><td>.67</td><td>.67</td><td>1.59</td><td>1.65</td><td>.27</td><td>1.25</td><td>.30</td><td>1.26</td></tr><tr><td>1-1/2 years</td><td>1.76</td><td>.88</td><td>.88</td><td>1.94</td><td>1.93</td><td>.45</td><td>1.38</td><td>.44</td><td>1.37</td></tr><tr><td>2 years</td><td>1.97</td><td>.99</td><td>.99</td><td>2.10</td><td>2.07</td><td>.61</td><td>1.21</td><td>.61</td><td>1.22</td></tr><tr><td>2-1/2 years</td><td>2.09</td><td>1.06</td><td>1.06</td><td>2.19</td><td>2.15</td><td>.75</td><td>1.64</td><td>.75</td><td>1.62</td></tr><tr><td>3 years</td><td>2.16</td><td>1.31</td><td>1.31</td><td>2.25</td><td>2.21</td><td>.89</td><td>1.77</td><td>.88</td><td>1.75</td></tr><tr><td>3-1/2 years</td><td>2.21</td><td>1.49</td><td>1.49</td><td>2.28</td><td>2.25</td><td>1.03</td><td>1.85</td><td>1.04</td><td>1.84</td></tr><tr><td>4 years</td><td>2.24</td><td>1.62</td><td>1.62</td><td>2.30</td><td>2.28</td><td>1.19</td><td>1.95</td><td>1.20</td><td>1.94</td></tr><tr><td>4-1/2 years</td><td>2.26</td><td>1.72</td><td>1.72</td><td>2.43</td><td>2.40</td><td>1.34</td><td>2.04</td><td>1.35</td><td>2.03</td></tr><tr><td>5 years</td><td>2.28</td><td>1.79</td><td>1.79</td><td>2.52</td><td>2.49</td><td>1.49</td><td>2.12</td><td>1.52</td><td>2.13</td></tr><tr><td>5-1/2 years</td><td>2.29</td><td>1.85</td><td>1.85</td><td>2.59</td><td>2.57</td><td>1.63</td><td>2.20</td><td>1.66</td><td>2.21</td></tr><tr><td>6 years</td><td>2.29</td><td>1.90</td><td>1.90</td><td>2.64</td><td>2.63</td><td>1.76</td><td>2.26</td><td>1.79</td><td>2.27</td></tr><tr><td>6-1/2 years</td><td>2.30</td><td>2.12</td><td>2.12</td><td>2.69</td><td>2.69</td><td>1.87</td><td>2.33</td><td>1.89</td><td>2.33</td></tr><tr><td>7 years</td><td>2.30</td><td>2.30</td><td>2.30</td><td>2.72</td><td>2.73</td><td>1.96</td><td>2.39</td><td>1.98</td><td>2.39</td></tr><tr><td>7-1/2 years</td><td>2.45</td><td>2.45</td><td>2.45</td><td>2.74</td><td>2.77</td><td>2.03</td><td>2.45</td><td>2.05</td><td>2.44</td></tr><tr><td>8 years</td><td>2.57</td><td>2.57</td><td>2.57</td><td>2.79</td><td>2.81</td><td>2.09</td><td>2.50</td><td>2.12</td><td>2.49</td></tr><tr><td>8-1/2 years</td><td>2.67</td><td>2.67</td><td>2.67</td><td>2.83</td><td>2.84</td><td>2.14</td><td>2.54</td><td>2.18</td><td>2.53</td></tr><tr><td>9 years</td><td>2.76</td><td>2.76</td><td>2.76</td><td>2.86</td><td>2.87</td><td>2.19</td><td>2.57</td><td>2.23</td><td>2.57</td></tr><tr><td>9-1/2 years and 8 months</td><td>2.84</td><td>2.84</td><td>2.84</td><td>2.88</td><td>2.89</td><td>2.24</td><td>2.61</td><td>2.27</td><td>2.61</td></tr><tr><td>10 years</td><td>2.90 2/</td><td>2.90 2/</td><td>2.90 2/</td><td>3.00 2/</td><td>3.00 2/</td><td>2.29</td><td>2.64</td><td>2.31</td><td>2.65</td></tr><tr><td>10-1/2 years</td><td></td><td></td><td></td><td></td><td></td><td>2.34</td><td>2.68</td><td>2.35</td><td>2.68</td></tr><tr><td>11 years</td><td></td><td></td><td></td><td></td><td></td><td>2.40</td><td>2.71</td><td>2.39</td><td>2.70</td></tr><tr><td>11-1/2 years</td><td></td><td></td><td></td><td></td><td></td><td>2.46</td><td>2.73</td><td>2.43</td><td>2.73</td></tr><tr><td>12 years</td><td></td><td></td><td></td><td></td><td></td><td>2.53 2/</td><td>2.76 2/</td><td>2.50 2/</td><td>2.76 2/</td></tr><tr><td>Length of time held after original maturity:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/2 year</td><td>2.88</td><td>2.90</td><td>3.00</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1 year</td><td>2.86</td><td>2.90</td><td>3.00</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2 years</td><td>2.84</td><td>2.91</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2 years</td><td>2.82</td><td>2.90</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/2 years</td><td>2.81</td><td>2.91</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3 years</td><td>2.79</td><td>2.91</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/2 years</td><td>2.77</td><td>2.91</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4 years</td><td>2.75</td><td>2.91</td><td>2.98</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4-1/2 years</td><td>2.74</td><td>2.91</td><td>2.98</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5 years</td><td>2.72</td><td>2.92</td><td>2.98</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5-1/2 years</td><td>2.71</td><td>2.92</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>6 years</td><td>2.69</td><td>2.93</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>6-1/2 years</td><td>2.67</td><td>2.93</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7 years</td><td>2.66</td><td>2.93</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7-1/2 years</td><td>2.70</td><td>2.93</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>8 years</td><td>2.75</td><td>2.93</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>8-1/2 years</td><td>2.81</td><td>2.94</td><td>2.99</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9 years</td><td>2.83</td><td>2.94</td><td>3.00</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9-1/2 years</td><td>2.87</td><td>2.94</td><td>3.00 1/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>10 years (extended maturity)</td><td>2.90 3/</td><td>2.95 3/</td><td>3.00 1/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Approximate investment yield (rate per annum, compounded semiannually) on purchase price for length of time held. 3/ 20 years from issue date. 4/ 19 years and 8 months from issue date. 2/ Maturity date.
May 1952
A-9
Table 9. - Comparison of Savings Bonds Investment Yields for Length of Time Remaining to Maturity and to Extended Maturity
<table><tr><th rowspan="2"></th><th colspan="7">Approximate investment yields 1/</th></tr><tr><th>Series A-D</th><th colspan="3">Series E issued -</th><th colspan="4">Series</th></tr><tr><th></th><th></th><th>May 1941-April 1942</th><th>May 1942-April 1952</th><th>May 1952 and after</th><th>B</th><th>F</th><th>J</th><th>G</th><th>K</th></tr><tr><th colspan="10">(In percent)</th></tr><tr><th colspan="10">To maturity</th></tr><tr><td>At issue date.</td><td>2.90</td><td>2.90</td><td>2.90</td><td>3.00</td><td>2.53</td><td>2.76</td><td>2.90</td><td>2.76</td></tr><tr><td>Length of time held after issue date:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/2 year</td><td>3.05</td><td>3.05</td><td>3.05</td><td>3.10</td><td>2.64</td><td>2.83</td><td>2.62</td><td>2.84</td></tr><tr><td>1 year</td><td>3.07</td><td>3.15</td><td>3.15</td><td>3.16</td><td>2.73</td><td>2.89</td><td>2.73</td><td>2.92</td></tr><tr><td>1-1/2 years</td><td>3.10</td><td>3.25</td><td>3.25</td><td>3.19</td><td>2.82</td><td>2.95</td><td>2.84</td><td>2.99</td></tr><tr><td>2 years</td><td>3.13</td><td>3.38</td><td>3.38</td><td>3.23</td><td>2.91</td><td>3.01</td><td>2.94</td><td>3.05</td></tr><tr><td>2-1/2 years</td><td>3.17</td><td>3.52</td><td>3.52</td><td>3.28</td><td>2.99</td><td>3.05</td><td>3.04</td><td>3.12</td></tr><tr><td>3 years</td><td>3.21</td><td>3.58</td><td>3.58</td><td>3.34</td><td>3.07</td><td>3.09</td><td>3.13</td><td>3.16</td></tr><tr><td>3-1/2 years</td><td>3.27</td><td>3.66</td><td>3.66</td><td>3.41</td><td>3.15</td><td>3.13</td><td>3.20</td><td>3.21</td></tr><tr><td>4 years</td><td>3.34</td><td>3.75</td><td>3.75</td><td>3.49</td><td>3.20</td><td>3.16</td><td>3.26</td><td>3.25</td></tr><tr><td>4-1/2 years</td><td>3.42</td><td>3.87</td><td>3.87</td><td>3.50</td><td>3.24</td><td>3.28</td><td>3.30</td><td>3.29</td></tr><tr><td>5 years</td><td>3.52</td><td>4.01</td><td>4.01</td><td>3.51</td><td>3.27</td><td>3.21</td><td>3.32</td><td>3.31</td></tr><tr><td>5-1/2 years</td><td>3.64</td><td>4.18</td><td>4.18</td><td>3.54</td><td>3.29</td><td>3.23</td><td>3.33</td><td>3.31</td></tr><tr><td>6 years</td><td>3.81</td><td>4.41</td><td>4.41</td><td>3.58</td><td>3.29</td><td>3.25</td><td>3.33</td><td>3.33</td></tr><tr><td>6-1/2 years</td><td>4.02</td><td>4.36</td><td>4.36</td><td>3.64</td><td>3.31</td><td>3.26</td><td>3.34</td><td>3.36</td></tr><tr><td>7 years</td><td>4.31</td><td>4.31</td><td>4.31</td><td>3.74</td><td>3.32</td><td>3.28</td><td>3.35</td><td>3.37</td></tr><tr><td>7-1/2 years</td><td>4.26</td><td>4.26</td><td>4.26</td><td>3.89</td><td>3.35</td><td>3.28</td><td>3.37</td><td>3.39</td></tr><tr><td>8 years</td><td>4.21</td><td>4.31</td><td>4.31</td><td>4.01</td><td>3.40</td><td>3.28</td><td>3.39</td><td>3.41</td></tr><tr><td>8-1/2 years</td><td>4.17</td><td>4.17</td><td>4.17</td><td>4.26</td><td>3.46</td><td>3.29</td><td>3.42</td><td>3.43</td></tr><tr><td>9 years</td><td>4.12</td><td>4.12</td><td>4.12</td><td>4.94</td><td>3.54</td><td>3.32</td><td>3.46</td><td>3.43</td></tr><tr><td>9-1/2 years</td><td>4.08</td><td>4.08</td><td>4.08</td><td>9.92</td><td>3.63</td><td>3.32</td><td>3.51</td><td>3.43</td></tr><tr><td>9 years and 8 months</td><td>.....2/</td><td>.....2/</td><td>.....2/</td><td>.....2/</td><td>.....2/</td><td>3.72</td><td>3.33</td><td>3.60</td><td>3.44</td></tr><tr><td>10 years</td><td></td><td></td><td></td><td></td><td>3.81</td><td>3.31</td><td>3.75</td><td>3.45</td></tr><tr><td>10-1/2 years</td><td></td><td></td><td></td><td></td><td>3.91</td><td>3.28</td><td>3.94</td><td>3.48</td></tr><tr><td>11 years</td><td></td><td></td><td></td><td></td><td>4.08</td><td>3.25</td><td>4.13</td><td>3.57</td></tr><tr><td>11-1/2 years</td><td></td><td></td><td></td><td></td><td>.....2/</td><td>.....2/</td><td>.....2/</td><td>.....2/</td></tr><tr><td>12 years</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><th colspan="5">To extended maturity</th></tr><tr><td>At original maturity date</td><td>2.90</td><td>3.00</td><td>3.00</td><td></td></tr><tr><td>Length of time held after original maturity date:</td><td></td><td></td><td></td><td></td></tr><tr><td>1/2 year</td><td>2.92</td><td>3.00</td><td>3.00</td><td></td></tr><tr><td>1 year</td><td>2.94</td><td>3.00</td><td>3.00</td><td></td></tr><tr><td>1-1/2 years</td><td>2.97</td><td>3.01</td><td>3.01</td><td></td></tr><tr><td>2 years</td><td>3.01</td><td>3.02</td><td>3.02</td><td></td></tr><tr><td>2-1/2 years</td><td>3.05</td><td>3.02</td><td>3.02</td><td></td></tr><tr><td>3 years</td><td>3.10</td><td>3.02</td><td>3.02</td><td></td></tr><tr><td>3-1/2 years</td><td>3.16</td><td>3.03</td><td>3.03</td><td></td></tr><tr><td>4 years</td><td>3.23</td><td>3.04</td><td>3.04</td><td></td></tr><tr><td>4-1/2 years</td><td>3.32</td><td>3.05</td><td>3.05</td><td></td></tr><tr><td>5 years</td><td>3.43</td><td>3.04</td><td>3.04</td><td></td></tr><tr><td>5-1/2 years</td><td>3.56</td><td>3.04</td><td>3.04</td><td></td></tr><tr><td>6 years</td><td>3.73</td><td>3.03</td><td>3.03</td><td></td></tr><tr><td>6-1/2 years</td><td>3.96</td><td>3.04</td><td>3.04</td><td></td></tr><tr><td>7 years</td><td>4.26</td><td>3.05</td><td>3.05</td><td></td></tr><tr><td>7-1/2 years</td><td>4.26</td><td>3.07</td><td>3.07</td><td></td></tr><tr><td>8 years</td><td>4.21</td><td>3.12</td><td>3.12</td><td></td></tr><tr><td>8-1/2 years</td><td>4.17</td><td>3.10</td><td>3.10</td><td></td></tr><tr><td>9 years</td><td>4.12</td><td>3.10</td><td>3.10</td><td></td></tr><tr><td>9-1/2 years</td><td>4.08</td><td>3.14</td><td>3.14</td><td></td></tr><tr><td>10 years (extended maturity)</td><td></td><td>...</td><td>...</td><td></td></tr><tr><td colspan="5">1/ Approximate investment yield (rate per annum, compounded semiannually) on current redemption value for length of time remaining to original maturity and to extended maturity.</td></tr><tr><td colspan="5">2/ Maturity date.</td></tr></table>
A-10
Treasury Bulletin
Treasury Bonds, Investment Series B-1975-80
Reopened
On April 30, 1952, the Secretary of the Treasury announced an additional step in the Treasury's program to raise from nonbank sources the funds required in financing the defense program. The Secretary announced that on May 19, 1952, the subscription books would be opened for a limited period for the sale of additional amounts of the 2-3/4 percent Treasury Bonds, Investment Series B-1975-8O. These bonds, which were originally issued April 1, 1951, are not transferable, but at the option of the owner may be exchanged for 1-1/2 percent five-year marketable Treasury notes. The notes are to be dated April 1 and October 1 of each year during the life of the bond.
Subscriptions to the new 2-3/4 percent bonds may be paid for in full in cash, or not less than one-fourth of the amount subscribed for may be paid for in cash and the remainder by exchange, par for par, with appropriate interest adjustments, of bonds of any of the four outstanding bank restricted 1/2 Treasury bonds with the longest maturities. The issues eligible for such exchange are the 2-1/2 percent bonds of 1965-70, the 2-1/2 percent bonds of 1966-71, and the two issues of 2-1/2 percent bonds of June 15 and December 15, 1967-72. The two latter issues are those which were exchangeable for the 2-3/4 percent Treasury bonds originally issued
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.
April 1, 1951 (outstanding in the amount of $11.5 billion on April 30, 1952).
Commercial banks are excluded from this offering, except to the extent that they turn in re-strieted bonds acquired before December 31, 1945, for the partial investment of their savings accounts. Subscriptions from such banks will be accepted only on the basis of one-fourth cash and three-fourths bonds eligible for this exchange.
Payment for the new bonds may be made in full on June 4, 1952, or in four equal installments on June 4, August 1, October 1, and December 1, 1952, with provisions for acceleration of payments if subscribers so desire.
Treasury Bills Increased
New offerings of Treasury bills in April totaled $5.4 billion and bills matured in the amount of $4.8 billion, resulting in an increase of $.6 billion in bills outstanding during the month. The maturities amounted to $1.2 billion in each of the four weeks. The offering on April 3 amounted to $1.2 billion and for each of the three subsequent weeks the offerings amounted to $1.4 billion. The average rates of discount on the four new offerings were 1.598 percent for April 3, 1.629 percent for April 10, 1.650 percent for April 17, and 1.616 percent for April 24.
bonds, notes, and certificates of indebtedness, and in the table "Offerings of Treasury Bills".
1/ Defined in "Debt Outstanding", Table 3, footnote 1.
May 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="4">Levels, end of period</th></tr><tr><th></th><th>Net receipts</th><th>Expenditure</th><th>Surplus, or deficit (-) 2/</th><th>2/</th><th>4/</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 colspan="12">Fiscal years:</td></tr><tr><td>1942</td><td>12,696</td><td>34,187</td><td>-21,490</td><td>-1,613</td><td></td><td>23,461</td><td>358</td><td>2,991</td><td>73,422</td><td>4,568</td><td>76,991</td></tr><tr><td>1943</td><td>22,202</td><td>79,622</td><td>-57,420</td><td>-338</td><td></td><td>64,274</td><td>6,515</td><td>9,507</td><td>136,696</td><td>4,100</td><td>140,796</td></tr><tr><td>1944</td><td>43,592</td><td>95,315</td><td>-51,723</td><td>-2,222</td><td></td><td>64,307</td><td>10,662</td><td>20,169</td><td>201,003</td><td>1,623</td><td>202,626</td></tr><tr><td>1945</td><td>41,768</td><td>98,703</td><td>-53,941</td><td>791</td><td></td><td>57,679</td><td>4,529</td><td>24,698</td><td>258,682</td><td>433</td><td>259,115</td></tr><tr><td>1946</td><td>40,027</td><td>60,703</td><td>-20,676</td><td>-524</td><td></td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>1947</td><td>40,043</td><td>39,289</td><td>754</td><td>-1,103</td><td>559</td><td>-11,136</td><td>-10,330</td><td>3,308</td><td>258,886</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>-597</td><td>-5,994</td><td>-1,624</td><td>4,938</td><td>252,892</td><td>73</td><td>252,365</td></tr><tr><td>1949</td><td>38,246</td><td>40,057</td><td>-1,811</td><td>-499</td><td>366</td><td>4,778</td><td>-1,462</td><td>3,470</td><td>252,770</td><td>27</td><td>252,798</td></tr><tr><td>1950</td><td>37,045</td><td>40,157</td><td>-3,122</td><td>99</td><td>483</td><td>4,587</td><td>2,047</td><td>5,517</td><td>257,357</td><td>20</td><td>257,377</td></tr><tr><td>1951</td><td>48,143</td><td>44,633</td><td>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>-8,201</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</td><td>70,998</td><td>89,444</td><td>-18,446</td><td>-330</td><td>75</td><td>14,700</td><td></td><td>4,000</td><td>274,922</td><td>60</td><td>274,982</td></tr><tr><td colspan="12">Calendar years:</td></tr><tr><td>1942</td><td>16,290</td><td>57,751</td><td>-41,461</td><td>-1,788</td><td></td><td>50,232</td><td>6,983</td><td>10,543</td><td>108,170</td><td>4,301</td><td>112,471</td></tr><tr><td>1943</td><td>34,483</td><td>90,174</td><td>-55,691</td><td>-266</td><td></td><td>57,707</td><td>1,751</td><td>12,294</td><td>165,877</td><td>4,230</td><td>170,108</td></tr><tr><td>1944</td><td>43,931</td><td>97,181</td><td>-53,650</td><td>-1,161</td><td></td><td>64,723</td><td>9,342</td><td>22,836</td><td>230,630</td><td>1,514</td><td>232,144</td></tr><tr><td>1945</td><td>43,928</td><td>97,522</td><td>-53,594</td><td>-123</td><td>362</td><td>47,481</td><td>3,767</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td></tr><tr><td>1946</td><td>38,810</td><td>41,382</td><td>-2,512</td><td>-1,386</td><td></td><td>-18,966</td><td>-22,302</td><td>3,302</td><td>259,149</td><td>339</td><td>259,487</td></tr><tr><td>1947</td><td>41,010</td><td>38,576</td><td>2,434</td><td>-350</td><td>-240</td><td>-2,249</td><td>-405</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td></tr><tr><td>1948</td><td>41,450</td><td>36,209</td><td>5,241</td><td>-229</td><td>199</td><td>4,100</td><td>1,111</td><td>4,208</td><td>252,800</td><td>55</td><td>252,856</td></tr><tr><td>1949</td><td>38,122</td><td>41,714</td><td>-3,592</td><td>-502</td><td>234</td><td>4,331</td><td>471</td><td>4,679</td><td>257,130</td><td>30</td><td>257,160</td></tr><tr><td>1950</td><td>37,834</td><td>38,255</td><td>5/</td><td>311 5/</td><td>87</td><td>4,423</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>5/</td><td>815 5/</td><td>-106</td><td>2,711</td><td>62</td><td>4,295</td><td>259,419</td><td>42</td><td>259,461</td></tr><tr><td colspan="12">Months:</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>256,855</td><td>27</td><td>256,892</td></tr><tr><td>February</td><td>2,972</td><td>2,496</td><td>476</td><td>170</td><td>-11</td><td>-497</td><td>137</td><td>5,186</td><td>256,368</td><td>27</td><td>256,395</td></tr><tr><td>March</td><td>4,820</td><td>3,269</td><td>1,551</td><td>-93</td><td>122</td><td>-645</td><td>935</td><td>6,121</td><td>255,724</td><td>24</td><td>255,747</td></tr><tr><td>April</td><td>1,488</td><td>2,847</td><td>-1,358</td><td>-79</td><td>25</td><td>-6</td><td>-1,419</td><td>4,702</td><td>255,718</td><td>22</td><td>255,740</td></tr><tr><td>May</td><td>2,320</td><td>2,962</td><td>-642</td><td>147</td><td>-376</td><td>632</td><td>-238</td><td>4,464</td><td>256,350</td><td>20</td><td>256,370</td></tr><tr><td>June</td><td>4,404</td><td>4,296</td><td>108</td><td>-53</td><td>-8</td><td>1,007</td><td>1,053</td><td>5,517</td><td>257,357</td><td>20</td><td>257,377</td></tr><tr><td>July</td><td>1,881</td><td>3,013</td><td>-1,132</td><td>-99</td><td>31</td><td>183</td><td>-1,017</td><td>4,500</td><td>257,541</td><td>16</td><td>257,557</td></tr><tr><td>August</td><td>2,860</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>3,520</td><td>1,084</td><td>-27</td><td>-80</td><td>-658</td><td>319</td><td>5,505</td><td>257,216</td><td>20</td><td>257,236</td></tr><tr><td>October</td><td>2,056</td><td>3,170</td><td>-1,114</td><td>-17</td><td>49</td><td>-279</td><td>-1,359</td><td>4,145</td><td>256,937</td><td>22</td><td>256,959</td></tr><tr><td>November</td><td>2,851</td><td>3,102</td><td>5/</td><td>-252 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>3,762</td><td>470</td><td>15</td><td>-32</td><td>-369</td><td>93</td><td>4,238</td><td>256,708</td><td>24</td><td>256,731</td></tr><tr><td>1951-January</td><td>4,440</td><td>3,008</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>-138</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>6,626</td><td>4,058</td><td>4,058</td><td>-69</td><td>105</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>April</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>5,738</td><td>255,093</td><td>29</td><td>255,122</td></tr><tr><td>May</td><td>7,099</td><td>5,969</td><td>1,119</td><td>284</td><td>43</td><td>129</td><td>1,574</td><td>7,337</td><td>255,222</td><td>29</td><td>255,251</td></tr><tr><td>June</td><td>8,571</td><td>4,739</td><td>-3,168</td><td>11</td><td>-14</td><td>435</td><td>-1,737</td><td>5,620</td><td>255,697</td><td>28</td><td>255,685</td></tr><tr><td>July</td><td>3,594</td><td>5,097</td><td>-1,493</td><td>83</td><td>-103</td><td>986</td><td>-525</td><td>5,095</td><td>256,644</td><td>32</td><td>256,677</td></tr><tr><td>August</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>257,333</td><td>33</td><td>257,366</td></tr><tr><td>September</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>258,336</td></tr><tr><td>October</td><td>3,521</td><td>5,178</td><td>-1,658</td><td>82</td><td>80</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>November</td><td>5,279</td><td>5,627</td><td>-347</td><td>196</td><td>7</td><td>-186</td><td>-389</td><td>4,295</td><td>259,419</td><td>42</td><td>259,461</td></tr><tr><td>December</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>1952-January</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>5,079</td><td>260,368</td><td>37</td><td>260,399</td></tr><tr><td>February</td><td>9,886</td><td>5,704</td><td>4,182</td><td>106</td><td>-245</td><td>-2,278</td><td>1,765</td><td>6,840</td><td>258,084</td><td>41</td><td>258,124</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." 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 114 (f) of the Economic Cooperation Act of 1948 (62 Stat. 150), are consolidated with budget expenditures.
Excess of receipts, or expenditures (-). For outstanding checks and interest coupons, and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-). 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 1950 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>Fiscal year or month</th><th colspan="3">Income and profit taxes</th><th>Employment taxes 2/</th><th>Miscellaneous internal revenue</th><th>Total internal revenue</th><th>Customs</th><th>Other receipts 6/</th><th>Gross receipts</th><th>Deductions</th><th>Net receipts</th></tr><tr><th></th><th>Withheld by employee 3/</th><th>Other 3/</th><th>Total 3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 7/</th><th>Refunds of receipts 8/</th><th></th></tr><tr><td>1954</td><td>8,393</td><td>26,262</td><td>34,655</td><td>1,739</td><td>5,291</td><td>41,685</td><td>431</td><td>3,325</td><td>45,441</td><td>1,292</td><td>257</td><td>43,892</td></tr><tr><td>1955</td><td>10,289</td><td>24,884</td><td>35,173</td><td>1,780</td><td>6,949</td><td>43,902</td><td>355</td><td>3,494</td><td>47,750</td><td>1,310</td><td>1,679</td><td>44,762</td></tr><tr><td>1956</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>1957</td><td>10,013</td><td>19,292</td><td>29,306</td><td>2,024</td><td>8,049</td><td>39,379</td><td>494</td><td>4,635</td><td>44,508</td><td>1,459</td><td>3,006</td><td>40,043</td></tr><tr><td>1958</td><td>11,436</td><td>19,735</td><td>31,171</td><td>2,361</td><td>8,301</td><td>41,853</td><td>422</td><td>3,384</td><td>46,099</td><td>1,616</td><td>2,272</td><td>42,211</td></tr><tr><td>1959</td><td>9,982</td><td>19,641</td><td>29,623</td><td>2,477</td><td>9,348</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>28,262</td><td>2,563</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>51,105</td><td>624</td><td>1,639</td><td>53,369</td><td>3,120</td><td>2,107</td><td>48,143</td></tr><tr><td>1952 (Est.)</td><td>17,906</td><td>34,318</td><td>52,224</td><td>4,847</td><td>9,786</td><td>66,857</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 (Est.)</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>1,684</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>48</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>596</td><td>806</td><td>3,937</td><td>50</td><td>178</td><td>4,165</td><td>216</td><td>55</td><td>3,504</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>42</td><td>83</td><td>6,584</td><td>258</td><td>57</td><td>6,209</td></tr><tr><td>October</td><td>780</td><td>828</td><td>1,607</td><td>146</td><td>885</td><td>2,539</td><td>52</td><td>117</td><td>2,708</td><td>32 2/</td><td>41</td><td>2,635</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>47</td><td>164</td><td>3,951</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>5,142</td><td>44</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>997 10/</td><td>3,021 10/</td><td>3,770</td><td>174</td><td>826</td><td>4,770</td><td>44</td><td>339</td><td>5,133</td><td>117 2/</td><td>52</td><td>4,953</td></tr><tr><td>February</td><td>3,057</td><td>1,924</td><td>4,254</td><td>703</td><td>805</td><td>6,063</td><td>43</td><td>88</td><td>6,136</td><td>446</td><td>195</td><td>5,553</td></tr><tr><td>March</td><td>2,019</td><td>1,717</td><td>9,276</td><td>539</td><td>825</td><td>10,641</td><td>44</td><td>115</td><td>10,800</td><td>460</td><td>455</td><td>9,886</td></tr><tr><th>Fiscal year 1952 to date</th><td>14,274 10/</td><td>22,180 10/</td><td>35,401</td><td>3,512</td><td>7,204</td><td>46,117</td><td>414</td><td>1,373</td><td>47,904</td><td>2,699</td><td>1,004</td><td>44,202</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>3,017</td><td>2,060</td><td>8,259</td></tr><tr><td>1946</td><td>60,703</td><td>48,870</td><td>4,728</td><td>4,722</td><td>4,253</td><td>8,133</td></tr><tr><td>1947</td><td>39,269</td><td>16,812</td><td>4,143</td><td>4,958</td><td>7,829</td><td>5,332</td></tr><tr><td>1948</td><td>33,792 13/</td><td>11,500</td><td>13/</td><td>5,211</td><td>6,469</td><td>6,167</td></tr><tr><td>1949</td><td>40,057 13/</td><td>12,158</td><td>6,016 13/</td><td>5,339</td><td>6,878</td><td>9,666</td></tr><tr><td>1950</td><td>40,167</td><td>12,346</td><td>4,689</td><td>5,750</td><td>6,517</td><td>10,869</td></tr><tr><td>1951</td><td>44,633 13/</td><td>19,904</td><td>4,445</td><td>5,613</td><td>5,249</td><td>9,363 13/</td></tr><tr><td>1952 (Est.)</td><td>70,881</td><td>39,918</td><td>6,800</td><td>5,850</td><td>5,287</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>13,359</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>823</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>301</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>1,116</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>5,455</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>3,155</td><td>391</td><td>142</td><td>396</td><td>1,022</td></tr><tr><td>March</td><td>5,704</td><td>3,429</td><td>407</td><td>689</td><td>404</td><td>779</td></tr><tr><th>Fiscal year 1952 to date</th><th>47,940</th><th>27,842</th><th>3,261</th><th>3,820</th><th>3,814</th><th>8,803</th></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1953 Budget document, including effect of proposed legislation. Expenditure classifications shown here are based on the Daily Treasury Statement, and corrections differ from those in the 1953 Budget. For further details, 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. Beginning January 1952, figures include old-age insurance tax on self-employment income. The old-age 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 vocational retirement; for further detail, see Tables 4 and 5. Beginning January 1951, estimated old-age insurance is 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-owned securities; also deposits resulting from renegotiation of war contracts (see footnote 8); and reorganization expenses (see 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.
May 1952
3
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of the Air Force 16/</th><th>Department of the Army 17/</th><th>Department of the Navy 18/</th><th>Payments under Armed Forces Leave Act 19/</th><th>Reconstruction Finance Corporation 19/</th><th>United States Maritime Commission 20/</th><th>UNFRA</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>3,287</td><td>114</td><td>-</td><td>-</td><td>6,305</td></tr><tr><td>1946</td><td>48,870</td><td>-</td><td>27,800</td><td>15,161</td><td>-</td><td>328</td><td>694</td><td>664</td><td>106</td><td>-</td><td>4,117</td></tr><tr><td>1947</td><td>16,812</td><td>-</td><td>6,911</td><td>4,998</td><td>1,986</td><td>138</td><td>271</td><td>1,501</td><td>442</td><td>11</td><td>554</td></tr><tr><td>1948</td><td>11,500</td><td>-</td><td>6,046</td><td>4,177</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>295</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 24/ 25/</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>51,288 24/ 25/</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>397</td><td>1,210</td><td>732</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2</td><td>108</td><td>30</td></tr><tr><td>September</td><td>2,688</td><td>775</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>1,094</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>771</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>41</td></tr><tr><td>1952-January</td><td>3,414</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>784</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>51</td></tr><tr><td>March</td><td>3,425</td><td>1,108</td><td>1,639</td><td>984</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>94</td><td>40</td></tr><tr><td>Fiscal year 1952 to date</td><td>27,842</td><td>8,801</td><td>11,406</td><td>6,777</td><td>1</td><td>-</td><td>-</td><td>*</td><td>2</td><td>477</td><td>378</td></tr></table>
Source: (Same as Table 2). Footnotee at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Bretton Woole 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 Assestance</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>518</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>4,928</td><td>1,426</td><td>938</td><td>1,700</td><td>381</td><td>161</td><td>134 11/</td><td>-</td><td>-</td><td>803</td></tr><tr><td>1948</td><td>4,113 11/</td><td>-</td><td>455</td><td>-</td><td>1,333</td><td>279</td><td>4,043 11/</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>3,523</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>5</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>5</td><td>2</td></tr><tr><td>March</td><td>407</td><td>-</td><td>12</td><td>-</td><td>6</td><td>*</td><td>129</td><td>226</td><td>9</td><td>26</td></tr><tr><td>Fiscal year 1952 to date</td><td>3,261</td><td>-</td><td>-52</td><td>-</td><td>108</td><td>14</td><td>1,467</td><td>1,926</td><td>28</td><td>166</td></tr></table>
Section: (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 equivalent to amounts of tax revenue that would be derived under the same 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 as appropriations to the trust fund are based on estimates of collections and adjustments to the fund, 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, the amount credited each month to the trust fund is included under "Employment taxes" as estimated receipts for old-age insurance. Throughout calendar year 1951, the estimated amount of income and taxes paid in employment was shown as income tax withheld. Beginning January 1952, the tax on self-employment income is allowed for in the amount credited to the trust fund. These amounts therefore can no longer be used to derive estimates of income and taxes paid by employers, but 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 20 through November 2, $27,300,000; December 1 through December 31, $13,300,000; January 1 through 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 31/</th><th>Department of Commerce 31/</th><th>Housing and home finance 32/</th><th>Postal deficiency</th><th>Public works 36/</th><th>Reconstruction Finance Corporation 37/</th><th>Social security program 38/</th><th>Atomic Energy Commission</th><th>Miscellaneous 32/</th></tr><tr><td>19h1</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>991</td></tr><tr><td>19h5</td><td>2,555</td><td>969</td><td>92</td><td>-307</td><td>1</td><td>313</td><td>-289</td><td>807</td><td>-</td><td>937</td></tr><tr><td>19h6</td><td>2,133</td><td>-203</td><td>98</td><td>-246</td><td>161</td><td>359</td><td>-23</td><td>849</td><td>-</td><td>1,142</td></tr><tr><td>19h7</td><td>9,332</td><td>1,226</td><td>119</td><td>129</td><td>242</td><td>690</td><td>215</td><td>1,066</td><td>159</td><td>1,456</td></tr><tr><td>19h8</td><td>6,167</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>19h9</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>19h10</td><td>10,865</td><td>2,984</td><td>355</td><td>-270</td><td>293</td><td>1,577</td><td>589</td><td>1,967</td><td>524</td><td>2,515</td></tr><tr><td>19h11</td><td>9,363 15/</td><td>635</td><td>378</td><td>460</td><td>624</td><td>1,541</td><td>-71</td><td>2,027</td><td>908</td><td>2,960</td></tr><tr><td>19h2 (Est.)</td><td>13,046</td><td>1,595</td><td>608</td><td>674</td><td>814</td><td>1,583</td><td>-50</td><td>2,206</td><td>1,725</td><td>3,890</td></tr><tr><td>19h3 (Est.) 40/</td><td>13,365</td><td>1,667</td><td>468</td><td>281</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>19h1-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>1,146</td><td>105</td><td>61</td><td>115</td><td>170</td><td>114</td><td>-19</td><td>171</td><td>139</td><td>259</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>19h2-January</td><td>1,973</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>March</td><td>779</td><td>83</td><td>98</td><td>-1</td><td>-</td><td>101</td><td>-4</td><td>125</td><td>141</td><td>276</td></tr><tr><td>Fiscal year 19h2 to date</td><td>8,803</td><td>892</td><td>437</td><td>518</td><td>260</td><td>1,209</td><td>-145</td><td>1,626</td><td>1,140</td><td>2,563</td></tr></table>
Source: (Same as Table 2).
Footnote 1 through 6 on page 2 and 7 through 9 on page 3.
10/ Beginning January 1952, these columns will not add to total income and profits taxes, because each includes part of the old-age insurance taxes collected by the Treasury 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 6, footnote 3.
12/ Beginning November 1949, interest on the public debt is reported as an expenditure when such interest becomes due and payable, as distinguished from the previous practice of charging the same nature on the basis of income paid to the Treasury 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 agencies in public debt securities are excluded from budget expenditure and income items, like 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 (see footnote 16). Excludes expenditures by the Department of the Army as follows: those included elsewhere in Table 3; international finance and economic aid, in Table 4; expenditures of the Department of the Treasury, 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 those for international finance and aid shown in Table 4.
19/ Africa, 1947, expenditures for national defense and related activities were not aggregated 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 Table 5 under "Department of Commerce" (see footnote 34).
21/ Beginning 1951, consists of expenditures for care and handling of surplus property, overpayments, etc.
22/ Prior to 1947, these expenditures were included in "Other" Treasury Department expenditures, in Table 5 under "Miscellaneous".
23/ Through 1947, includes "war" and "national defense" expenditures of various departments and agencies; administrative expenses of the Selective Service System; expenditures of the Shipping Administration, included but 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 that Committee and the Selective Service System. Beginning March 1948, expenditures of the Office of the Secretary of Commerce are included, these include retired pay for the military services beginning September 1949.
24/ Totals include $1,000 million for 1950 and $1,500 million for 1953 for Department of Defense as a whole, for later transmission under existing or proposed legislation.
25/ Excludes Bank expenditures under the Mutual Security Act and the pre-constitutional Banking Act of 1933.
26/ Under the Financial Agreement of December 6, 1949. 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, consists of expenditures under the Economic Cooperation Act. See also footnote 30.
29/ Prior to July 1951, consists 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. 934), and expenditures under the China Aid Act of 1948 (62 Stat. 158), all shown separately in the June 1950 and previous issues of the "Treasury Bulletin"; International Children's Emergency Fund; loan for construction of the building of United Nations Headquarters 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 estimate not available.
32/ The combined total of mutual security estimates for 1953 includes $3,500,000,000 under propositions 33 and 34, 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"; includes U. S. Maritime Commission for eleven months of 1950, until it was abolished and its functions were transferred into the Department of Commerce by Reorganization Plan No. 21 of 1950.
35/ Excludes expenditures included in Table 3; beginning September 1950, includes Federal National Housing 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 only, beginning 1950; Bureau of Community Facilities through 1950; $7,000,000,000 for schools 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 (63 Stat. 380); Bureau of Reclamation; Tennessee Valley Authority; river and harbor works and flood control under the Department of the Army; and forest roads and trails under the Department of Agriculture.
37/ Excludes expenditures included in Table 3. See also footnote 35.
38/ For miscellaneous of these expenditures, see Tables 7, 8, and 9.
39/ Includes expenditures for executive departments and other agencies not included elsewhere and for legislative and judicial functions.
40/ Includes estimated expenditures under proposed legislation as follows: For defense production purposes, $4 million under "Department of Agriculture", $10 million under "Department of Commerce", $231 million under "Housing and home finance", and $453 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.
May 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>Sep.</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="14">Net budget receipts 2/</td></tr><tr><td>1932</td><td>112</td><td>110</td><td>270</td><td>109</td><td>149</td><td>282</td><td>159</td><td>96</td><td>243</td><td>124</td><td>108</td><td>336</td><td>1,924</td><td>2,081</td></tr><tr><td>1933</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>3,980</td></tr><tr><td>1934</td><td>197</td><td>208</td><td>595</td><td>221</td><td>241</td><td>458</td><td>274</td><td>293</td><td>417</td><td>283</td><td>230</td><td>427</td><td>4,798</td><td>3,732</td></tr><tr><td>1935</td><td>225</td><td>216</td><td>750</td><td>228</td><td>254</td><td>527</td><td>289</td><td>339</td><td>495</td><td>268</td><td>230</td><td>514</td><td>5,333</td><td>4,069</td></tr><tr><td>1936</td><td>236</td><td>225</td><td>964</td><td>313</td><td>285</td><td>682</td><td>364</td><td>408</td><td>742</td><td>288</td><td>283</td><td>818</td><td>5,747</td><td>4,979</td></tr><tr><td>1937</td><td>290</td><td>304</td><td>920</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>5,250</td><td>5,762</td></tr><tr><td>1938</td><td>267</td><td>363</td><td>582</td><td>208</td><td>340</td><td>552</td><td>260</td><td>355</td><td>672</td><td>272</td><td>357</td><td>513</td><td>4,951</td><td>5,103</td></tr><tr><td>1939</td><td>309</td><td>439</td><td>791</td><td>296</td><td>393</td><td>599</td><td>325</td><td>440</td><td>703</td><td>387</td><td>356</td><td>734</td><td>5,712</td><td>5,265</td></tr><tr><td>1940</td><td>334</td><td>411</td><td>1,557</td><td>383</td><td>386</td><td>1,270</td><td>407</td><td>390</td><td>1,128</td><td>437</td><td>558</td><td>1,205</td><td>8,467</td><td>7,227</td></tr><tr><td>1941</td><td>571</td><td>751</td><td>3,538</td><td>686</td><td>556</td><td>2,469</td><td>739</td><td>581</td><td>2,511</td><td>599</td><td>594</td><td>2,695</td><td>16,290</td><td>12,696</td></tr><tr><td>1942</td><td>783</td><td>949</td><td>5,202</td><td>1,508</td><td>1,472</td><td>4,567</td><td>2,001</td><td>2,714</td><td>5,441</td><td>2,024</td><td>2,093</td><td>5,730</td><td>34,483</td><td>22,202</td></tr><tr><td>1943</td><td>2,740</td><td>2,494</td><td>6,532</td><td>3,047</td><td>2,895</td><td>6,182</td><td>2,078</td><td>2,432</td><td>5,803</td><td>1,900</td><td>2,105</td><td>5,384</td><td>43,231</td><td>43,892</td></tr><tr><td>1944</td><td>3,459</td><td>3,513</td><td>6,661</td><td>2,766</td><td>2,900</td><td>5,702</td><td>2,435</td><td>2,656</td><td>4,875</td><td>2,453</td><td>2,382</td><td>4,067</td><td>43,382</td><td>44,762</td></tr><tr><td>1945</td><td>3,770</td><td>3,524</td><td>5,501</td><td>2,179</td><td>2,843</td><td>3,963</td><td>2,182</td><td>2,246</td><td>4,336</td><td>2,440</td><td>2,288</td><td>4,050</td><td>35,010</td><td>40,027</td></tr><tr><td>1946</td><td>3,725</td><td>4,196</td><td>5,342</td><td>1,962</td><td>2,297</td><td>4,969</td><td>2,281</td><td>2,438</td><td>4,612</td><td>2,339</td><td>2,692</td><td>4,197</td><td>41,010</td><td>40,043</td></tr><tr><td>1947</td><td>4,196</td><td>4,158</td><td>5,874</td><td>2,339</td><td>2,324</td><td>4,859</td><td>2,096</td><td>2,505</td><td>4,243</td><td>2,101</td><td>2,240</td><td>4,014</td><td>41,150</td><td>48,246</td></tr><tr><td>1948</td><td>3,579</td><td>3,352</td><td>5,435</td><td>1,380</td><td>2,945</td><td>4,761</td><td>2,146</td><td>2,479</td><td>4,832</td><td>1,883</td><td>2,344</td><td>4,192</td><td>38,122</td><td>37,045</td></tr><tr><td>1949</td><td>3,366</td><td>3,978</td><td>4,850</td><td>1,488</td><td>2,380</td><td>4,704</td><td>1,881</td><td>2,860</td><td>4,605</td><td>2,096</td><td>2,951</td><td>4,211</td><td>37,834</td><td>48,143</td></tr><tr><td>1950</td><td>4,448</td><td>4,297</td><td>8,112</td><td>2,666</td><td>3,186</td><td>7,089</td><td>2,571</td><td>3,594</td><td>6,209</td><td>2,635</td><td>3,521</td><td>5,279</td><td>53,488</td><td></td></tr><tr><td>1951</td><td>4,953</td><td>5,533</td><td>9,886</td><td></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><tr><td colspan="14">Budget expenditures 3/</td></tr><tr><td>1932</td><td>334</td><td>346</td><td>428</td><td>442</td><td>433</td><td>466</td><td>495</td><td>347</td><td>261</td><td>435</td><td>266</td><td>368</td><td>5,017</td><td>4,699</td></tr><tr><td>1933</td><td>950</td><td>633</td><td>607</td><td>672</td><td>539</td><td>782</td><td>462</td><td>509</td><td>326</td><td>496</td><td>488</td><td>686</td><td>7,495</td><td>6,694</td></tr><tr><td>1934</td><td>457</td><td>490</td><td>541</td><td>605</td><td>408</td><td>652</td><td>727</td><td>219</td><td>492</td><td>636</td><td>507</td><td>612</td><td>6,646</td><td>6,281</td></tr><tr><td>1935</td><td>458</td><td>459</td><td>571</td><td>625</td><td>551</td><td>2,336</td><td>425</td><td>592</td><td>659</td><td>680</td><td>532</td><td>651</td><td>8,339</td><td>8,493</td></tr><tr><td>1936</td><td>587</td><td>513</td><td>695</td><td>668</td><td>505</td><td>1,248</td><td>574</td><td>502</td><td>617</td><td>565</td><td>491</td><td>671</td><td>7,635</td><td>7,736</td></tr><tr><td>1937</td><td>513</td><td>450</td><td>687</td><td>667</td><td>417</td><td>786</td><td>666</td><td>703</td><td>751</td><td>777</td><td>967</td><td>835</td><td>8,220</td><td>9,933</td></tr><tr><td>1938</td><td>653</td><td>595</td><td>785</td><td>666</td><td>694</td><td>884</td><td>956</td><td>1,280</td><td>692</td><td>752</td><td>631</td><td>835</td><td>9,152</td><td>8,966</td></tr><tr><td>1939</td><td>677</td><td>624</td><td>798</td><td>710</td><td>609</td><td>884</td><td>843</td><td>801</td><td>738</td><td>891</td><td>888</td><td>1,187</td><td>9,645</td><td>9,183</td></tr><tr><td>1940</td><td>1,133</td><td>1,076</td><td>1,488</td><td>1,404</td><td>1,352</td><td>1,591</td><td>1,631</td><td>1,668</td><td>1,989</td><td>2,382</td><td>1,890</td><td>2,684</td><td>20,229</td><td>13,387</td></tr><tr><td>1941</td><td>2,680</td><td>2,652</td><td>3,515</td><td>3,939</td><td>4,400</td><td>4,810</td><td>5,257</td><td>5,456</td><td>5,921</td><td>6,184</td><td>6,012</td><td>6,965</td><td>57,751</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>7,831</td><td>7,667</td><td>7,619</td><td>7,947</td><td>7,744</td><td>90,174</td><td>79,622</td></tr><tr><td>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>8,327</td><td>97,181</td><td>95,315</td></tr><tr><td>1944</td><td>8,142</td><td>7,127</td><td>9,034</td><td>7,728</td><td>8,967</td><td>9,240</td><td>8,262</td><td>6,949</td><td>6,372</td><td>5,619</td><td>4,530</td><td>4,962</td><td>87,222</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>4,836</td><td>3,287</td><td>2,745</td><td>2,663</td><td>2,860</td><td>2,453</td><td>3,605</td><td>41,322</td><td>60,703</td></tr><tr><td>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>2,962</td><td>2,673</td><td>2,394</td><td>2,143</td><td>3,176</td><td>38,576</td><td>39,289</td></tr><tr><td>1947</td><td>2,800</td><td>2,824</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>4,102</td><td>36,209</td><td>33,791</td></tr><tr><td>1948</td><td>3,205</td><td>2,972</td><td>3,651</td><td>3,151</td><td>3,104</td><td>4,656</td><td>3,434</td><td>3,265</td><td>3,995</td><td>3,111</td><td>3,127</td><td>3,782</td><td>41,714</td><td>40,057</td></tr><tr><td>1949</td><td>3,323</td><td>2,896</td><td>3,259</td><td>2,847</td><td>2,969</td><td>4,296</td><td>3,033</td><td>5,215</td><td>3,582</td><td>3,170</td><td>3,102</td><td>3,742</td><td>38,259</td><td>40,167</td></tr><tr><td>1950</td><td>3,808</td><td>3,211</td><td>4,058</td><td>4,007</td><td>4,237</td><td>5,969</td><td>4,739</td><td>5,087</td><td>5,163</td><td>5,483</td><td>5,178</td><td>5,627</td><td>56,986</td><td>44,633</td></tr><tr><td>1951</td><td>5,455</td><td>5,105</td><td>5,704</td><td></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>-204</td><td>-154</td><td>-413</td><td>-251</td><td>-18</td><td>-311</td><td>-158</td><td>-32</td><td>-2,735</td></tr><tr><td>1933</td><td>-745</td><td>-430</td><td>-190</td><td>-492</td><td>-305</td><td>-342</td><td>-288</td><td>-227</td><td>-66</td><td>-409</td><td>-353</td><td>-295</td><td>-2,602</td></tr><tr><td>1934</td><td>-260</td><td>-201</td><td>55</td><td>-383</td><td>-168</td><td>-104</td><td>-453</td><td>-226</td><td>-75</td><td>-407</td><td>-277</td><td>-195</td><td>-2,791</td></tr><tr><td>1936</td><td>-233</td><td>-243</td><td>179</td><td>-397</td><td>-298</td><td>-1,809</td><td>-135</td><td>-253</td><td>-164</td><td>-413</td><td>-303</td><td>-137</td><td>-4,425</td></tr><tr><td>1937</td><td>-351</td><td>-287</td><td>268</td><td>-354</td><td>-221</td><td>-426</td><td>-420</td><td>-93</td><td>125</td><td>-277</td><td>-209</td><td>148</td><td>-2,777</td></tr><tr><td>1938</td><td>-283</td><td>-146</td><td>223</td><td>-410</td><td>-48</td><td>-46</td><td>-399</td><td>-259</td><td>-80</td><td>-483</td><td>-682</td><td>-166</td><td>-1,177</td></tr><tr><td>1939</td><td>-395</td><td>-222</td><td>-103</td><td>-457</td><td>-354</td><td>-32</td><td>-696</td><td>-655</td><td>-21</td><td>-480</td><td>-673</td><td>-322</td><td>-1,862</td></tr><tr><td>1940</td><td>-368</td><td>-184</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>-932</td><td>-452</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>-661</td><td>-1,891</td><td>-1,338</td><td>-1,479</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>-3,044</td><td>-2,341</td><td>-4,518</td><td>-4,875</td><td>-3,810</td><td>-5,585</td><td>-5,417</td><td>-4,231</td><td>-21,490</td></tr><tr><td>1943</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,022</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,894</td><td>-2,014</td><td>-57,420</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,984</td><td>-2,449</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-51,423</td></tr><tr><td>1945</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,253</td><td>-1,497</td><td>-3,165</td><td>-2,808</td><td>-895</td><td>-53,941</td></tr><tr><td>1946</td><td>-1,042</td><td>243</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>1,723</td><td>-420</td><td>-165</td><td>445</td><td>-20,676</td></tr><tr><td>1947</td><td>705</td><td>664</td><td>2,102</td><td>-1,445</td><td>-987</td><td>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td><td>754</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td>841</td><td>-1,645</td><td>169</td><td>1,477</td><td>-810</td><td>-623</td><td>2,434</td><td>8,241</td></tr><tr><td>1949</td><td>374</td><td>409</td><td>1,751</td><td>-1,358</td><td>-682</td><td>111</td><td>-1,488</td><td>344</td><td>837</td><td>-1,230</td><td>-783</td><td>1,469</td><td>-1,811</td></tr><tr><td>1950</td><td>40</td><td>1,047</td><td>1,054</td><td>-1,361</td><td>-1,370</td><td>1,119</td><td>-2,168</td><td>-1,493</td><td>1,046</td><td>-2,847</td><td>-1,658</td><td>-347</td><td>-3,510</td></tr><tr><td>1951</td><td>640</td><td>1,047</td><td>1,152</td><td>-1,361</td><td>-1,370</td><td>1,119</td><td>-2,168</td><td>-1,493</td><td>1,046</td><td>-2,847</td><td>-1,658</td><td>-347</td><td>-3,510</td></tr><tr><td>1952</td><td>-501</td><td>448</td><td>4,182</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 years indicated.
2/ Excluding loss on lapse appropriations, General Old-Age and Survivors Insurance Trust Fund and refunds of receipts.
3/ Expenditures are "net", after allowance for reimbursements to appropriations, 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, settled and uncollected obligations of the Government of 1913 (42 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 "Trust account and other transactions". Corresponding adjustments were made in November 1950 and October 1951. The Treasury's adjustment of these amounts is based on the period July through October. Budget expenditures exclude also amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law. Payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and for other purposes, are credited against its 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>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>1941</td><td>-344.3</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,292.1</td><td>4.0</td><td>175.9</td></tr><tr><td>1945</td><td>-306.7</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,309.9</td><td>7.2</td><td>177.4</td></tr><tr><td>1946</td><td>-363.5</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,238.2</td><td>5.8</td><td>174.1</td></tr><tr><td>1947</td><td>-573.3</td><td>1,644.3</td><td>1,459.5</td><td>184.8</td><td>1,459.5</td><td>8.2</td><td>176.7</td></tr><tr><td>1948</td><td>-639.7</td><td>1,824.1</td><td>1,616.2</td><td>207.9</td><td>1,616.2</td><td>7.2</td><td>200.7</td></tr><tr><td>1949</td><td>-809.9</td><td>1,913.1</td><td>1,690.3</td><td>222.8</td><td>1,690.3</td><td>9.7</td><td>213.1</td></tr><tr><td>1950</td><td>-1,155.0</td><td>2,332.7</td><td>2,106.4</td><td>226.3</td><td>2,106.4</td><td>9.9</td><td>216.4</td></tr><tr><td>1951</td><td>-1,192.1</td><td>3,353.1</td><td>3,119.5</td><td>233.5</td><td>3,119.5</td><td>12.2</td><td>221.3</td></tr><tr><td>1951-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>258.9</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>2.3</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>96.4</td><td>610.5</td><td>445.7</td><td>164.8</td><td>445.7</td><td>.6</td><td>164.1</td></tr><tr><td>March</td><td>-40.6</td><td>489.2</td><td>459.9</td><td>25.3</td><td>459.9</td><td>.5</td><td>24.9</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="2">Transfers to Administrative expenses I/</th><th colspan="7">Expenditures</th></tr><tr><th>Adminis- trative expenses I/</th><th>F.O.A. and S.I. Trust Fund</th><th>Total</th><th>Old-age assistance</th><th>Social Security Aid to dependent children</th><th>Grants to States 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 2/</th></tr><tr><td>1944</td><td>920.2</td><td>32.2</td><td>-</td><td>1,883.0 10/</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>1,61.1</td><td>32.2</td><td>-</td><td>1,451.9 10/</td><td>333.6</td><td>52.8</td><td>10.0</td><td>-</td><td>5.1</td><td>3.8</td><td>1.4</td><td>34.4</td></tr><tr><td>1946</td><td>537.6</td><td>32.2</td><td>-</td><td>1,498.4 10/</td><td>361.2</td><td>59.3</td><td>10.3</td><td>-</td><td>6.2</td><td>4.2</td><td>1.3</td><td>55.6</td></tr><tr><td>1947</td><td>750.0</td><td>25.5</td><td>1.4</td><td>721.1</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>7.7</td><td>819.6</td><td>573.1</td><td>141.7</td><td>16.9</td><td>-</td><td>10.5</td><td>7.4</td><td>3.4</td><td>66.6</td></tr><tr><td>1949</td><td>1,103.0</td><td>14.6</td><td>3.3</td><td>1,085.1</td><td>710.8</td><td>190.0</td><td>20.3</td><td>-</td><td>11.3</td><td>8.2</td><td>3.7</td><td>140.7</td></tr><tr><td>1950</td><td>1,371.4</td><td>14.1</td><td>3.6</td><td>1,353.7</td><td>843.2</td><td>256.1</td><td>24.2</td><td>-</td><td>11.2</td><td>7.6</td><td>3.9</td><td>207.5</td></tr><tr><td>1951</td><td>1,413.4</td><td>17.8</td><td>3.7</td><td>1,391.8</td><td>886.1</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>72.0</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>1.7</td><td>1.6</td><td>1.2</td><td>1.3</td></tr><tr><td>September</td><td>61.6</td><td>2.0</td><td>3.7</td><td>55.8</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>1.8</td><td>1.2</td></tr><tr><td>October</td><td>136.3</td><td>2.0</td><td>-</td><td>134.3</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>1.9</td><td>14.0</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>1.8</td><td>1.6</td><td>1.2</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>1.4</td><td>1.4</td><td>1.0</td><td>1.3</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>1.6</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>1.3</td><td>1.5</td><td>1.1</td><td>1.7</td></tr><tr><td>March</td><td>65.5</td><td>2.1</td><td>-</td><td>63.3</td><td>43.8</td><td>12.9</td><td>1.7</td><td>1.4</td><td>1.4</td><td>1.4</td><td>1.7</td><td>2.0</td></tr></table>
Source: Daily Treasury Statement.
Excess of expenditures is covered by appropriations by Congress. Taxes on employees and employees under the Federal Insurance Contributions Act and later amendments (subchapter A of chapter 9 of the Internal Revenue Code - 26 U.S.C. 1100-1132); 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. 1120-1128). The tax on self-employment income is levied and
20 U.S.C. 4054(d)). 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 4).
3/ Tax on employers of 8 or more under the Federal Unemployment Tax Act and later amendments (26 U.S.C. 1600-1611). Against this tax certain credit 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.
Appropriation to the Federal Old-Age and Survivors Insurance Trust Fund equivalent to the amount of taxes collected and deposited for old-age insurance (42 U.S.C. 401 (a)) see also footnote 2). The Social Security Act Amendments of 1950 (Public Law 734), approved August 23, 1950, provide that the amount of funds on hand and earmarked for the appropriated funds to the trust fund. Effective January 1, 1951, the amount transferred currently as 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.
5. Interest on refunds is included under "Administrative expenses". 
7. For explanation of adjustments in these figures, see Table 1. 
7. Includes expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act, as amended; administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended; administrative expenses under the Wagner-Reiger Act of 1933, as amended (29 U.S.C. 934); and interest on refunds of social security taxes.
8/ Aid to permanently and totally disabled (Title XIV) as added by Social Security Act Amendments of 1950 (Public Law 734), approved August 28, 1950.
2/ For unemployment insurance and maintenance of public employment offices, includes expenditures made directly by the Federal Government beginning January 1942 for maintenance of employment offices, and expenditures of the U. S. Employment Service for the period December 1942 through June 1948, when it was not in the Bureau of Employment Security.
Total includes expenditures for grants to States, Public Health Service, as follows: 1944, $10.9 million; 1945, $10.7 million; and 1946, $.2 million. After 1945 expenditures were made under provisions of the Public Health Service Act of 1944 (58 Stat. 682).
May 1952
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of net receipts, or expenditures (-) 1/</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th></th><th>Taxes on carriers and their employees</th><th>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>4.4</td><td>574.5</td></tr><tr><td>1950</td><td>-34.1</td><td>550.2</td><td>.5</td><td>549.6</td><td>583.7</td><td>.9</td><td>582.8</td></tr><tr><td>1951</td><td>-30.5</td><td>577.5</td><td>*</td><td>577.5</td><td>608.0</td><td>*</td><td>608.0</td></tr><tr><td>1951-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>87.3</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>54.9</td><td>.1</td><td>54.8</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><tr><td>March</td><td>-5.5</td><td>53.9</td><td>*</td><td>53.9</td><td>59.4</td><td>*</td><td>59.4</td></tr></table>
Source: Daily Treasury Statement.
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Interest on refunds is included under "Administrative expenses".
3/ Consists of expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act, and interest on refunds of taxes (see footnote 2). Less than $50,000.
Table 9.- Railroad Unemployment Insurance Act 1/ - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditures (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th>Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Administrative expenses 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>-6</td><td>14.5</td><td>15.1</td><td>5.5</td><td>9.7</td></tr><tr><td>1949</td><td>-5.1</td><td>9.7</td><td>14.8</td><td>5.9</td><td>9.0</td></tr><tr><td>1950</td><td>-3.2</td><td>9.1</td><td>12.3</td><td>6.9</td><td>5.4</td></tr><tr><td>1951</td><td>4.0</td><td>9.8</td><td>5.8</td><td>5.8</td><td>-</td></tr><tr><td>1951-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><tr><td>March</td><td>1.9</td><td>2.3</td><td>.4</td><td>.4</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Operated as Railroad Unemployment Insurance Administration Fund, for administering the purposes of the Railroad Retirement Board in administering the act (45 U.S.C. 351).
2/ Excess of expenditures is covered by appropriations by Congress.
3/ 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 0.2%
of the taxable pay roll; the remaining contribution are deposited in the Railroad Unemployment Insurance Account (45 U.S.C. 358 (f)). L/ Trust Account and Other Transactions", Table 7.) Consists of expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 5/ Represents excess funds of the Railroad Unemployment Insurance Adminis- tration Fund, under act of Oct. 10, 1940 (54 Stat. 1099). * Less than $50,000.
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">Not redemptions, or sales (-) of securities of Government agencies in the market 2/</th></tr><tr><th></th><th></th><th>Net receipts, or expenditures (-)</th><th>Receipts</th><th>Expenditures (other than net investments)</th><th></th><th>Guaranteed</th><th>Not guaranteed</th></tr><tr><td>1944</td><td>-2,222</td><td>4,780</td><td>5,085</td><td>305</td><td>4,129</td><td>2,683</td><td>190</td></tr><tr><td>1945</td><td>791</td><td>7,544</td><td>7,086</td><td>-458</td><td>5,200</td><td>1,276</td><td>277</td></tr><tr><td>1946</td><td>-584</td><td>3,238</td><td>7,712</td><td>4,474</td><td>3,668</td><td>160</td><td>-56</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>2,558</td><td>6,515 3/</td><td>3,957</td><td>3,060</td><td>16</td><td>-123</td></tr><tr><td>1949</td><td>-495</td><td>1,890</td><td>5,714</td><td>3,824 3/</td><td>2,311</td><td>46</td><td>28</td></tr><tr><td>1950</td><td>99</td><td>-281</td><td>6,669</td><td>6,950</td><td>-402</td><td>8</td><td>14</td></tr><tr><td>1951</td><td>679</td><td>3,852</td><td>7,796</td><td>3,945</td><td>3,557</td><td>-10</td><td>-374</td></tr><tr><td>1952 (Estimated)</td><td>-173</td><td>3,663</td><td>8,802</td><td>5,140</td><td>3,954</td><td>-38</td><td>-80</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><tr><td>March</td><td>106</td><td>336</td><td>684</td><td>347</td><td>171</td><td>4</td><td>63</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 Treasurer 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>5,085</td><td>1,395</td><td>273</td><td>1,267</td><td>905</td><td>94</td><td>501</td><td>351</td></tr><tr><td>1945</td><td>7,086</td><td>1,438</td><td>328</td><td>1,508</td><td>2,127</td><td>97</td><td>557</td><td>1,038</td></tr><tr><td>1946</td><td>7,712</td><td>1,386</td><td>312</td><td>1,280</td><td>2,351</td><td>103</td><td>614</td><td>1,666</td></tr><tr><td>1947</td><td>6,244</td><td>1,683</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>1,174 3/</td></tr><tr><td>1949</td><td>5,714</td><td>1,984</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>850</td><td>545</td></tr><tr><td>1952 (Estimated)</td><td>8,302</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>223</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>149</td><td>82</td><td>48</td><td>46</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>47</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>51</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>811</td><td>448</td><td>53</td><td>209</td><td>55</td><td>3</td><td>34</td><td>28</td></tr><tr><td>March</td><td>684</td><td>474</td><td>60</td><td>24</td><td>99</td><td>3</td><td>35</td><td>29</td></tr></table>
Source: (Same as Table 1). 
1/ Consists of Civil Service and Foreign Service retirement funds.
2/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, island possessions, increment resulting from reduction in the weight of the gold dollar, and through June 1950
seigniorage on silver under the Silver Purchase Act of 1934. Thereafter, such seigniorage is included with other seigniorage under budget receipts.
3/ Exclude Foreign Economic Cooperation Trust Fund (see page 1).
May 1952
9
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 3.- Trust Account Expenditures Other Than Net 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 employee's retirement funds 1/</th><th>Other trust funds and accounts 2/ 3/</th><th>Deposit fund accounts (net) 3/</th></tr><tr><td>1944</td><td>305</td><td>217</td><td>134</td><td>61</td><td>31</td><td>34</td><td>103</td><td>233</td><td>-508</td></tr><tr><td>1945</td><td>458</td><td>267</td><td>141</td><td>71</td><td>128</td><td>25</td><td>121</td><td>428</td><td>-1,669</td></tr><tr><td>1946</td><td>4,174</td><td>398</td><td>132</td><td>1,146</td><td>280</td><td>50</td><td>267</td><td>1,574</td><td>647</td></tr><tr><td>1947</td><td>3,625</td><td>466</td><td>173</td><td>869</td><td>282</td><td>67</td><td>323</td><td>1,073</td><td>372</td></tr><tr><td>1948</td><td>3,997</td><td>559</td><td>222</td><td>899</td><td>302</td><td>70</td><td>244</td><td>1,234</td><td>367</td></tr><tr><td>1949</td><td>3,804 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>6,950</td><td>784</td><td>304</td><td>2,026</td><td>2,988</td><td>114</td><td>268</td><td>370</td><td>96</td></tr><tr><td>1951</td><td>3,945</td><td>1,569</td><td>321</td><td>900</td><td>614</td><td>77</td><td>271</td><td>387</td><td>-194</td></tr><tr><td>1952 (Estimated)</td><td>5,140</td><td>2,059</td><td>397</td><td>827</td><td>1,075</td><td>85</td><td>300</td><td>501</td><td>-135</td></tr><tr><td>1953 (Estimated)</td><td>5,062</td><td>2,562 5/</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>98</td><td>9</td><td>24</td><td>-3</td><td>-101</td></tr><tr><td>August</td><td>497</td><td>187</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>-55</td></tr><tr><td>October</td><td>423</td><td>153</td><td>28</td><td>73</td><td>119</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>58</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>25</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>50</td><td>-152</td></tr><tr><td>March</td><td>347</td><td>177</td><td>38</td><td>106</td><td>63</td><td>6</td><td>25</td><td>15</td><td>-51</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 $225 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 4/</th></tr><tr><td>1944</td><td>4,129</td><td>4,129</td><td>1,172</td><td>140</td><td>1,503</td><td>862</td><td>60</td><td>393</td><td>-1</td><td>-</td></tr><tr><td>1945</td><td>5,200</td><td>5,200</td><td>1,137</td><td>182</td><td>1,437</td><td>1,974</td><td>73</td><td>399</td><td>-2</td><td>-</td></tr><tr><td>1946</td><td>3,668</td><td>3,668</td><td>1,002</td><td>156</td><td>102</td><td>2,053</td><td>47</td><td>309</td><td>-2</td><td>-</td></tr><tr><td>1947</td><td>3,362</td><td>3,362</td><td>1,194</td><td>143</td><td>443</td><td>1,234</td><td>60</td><td>282</td><td>*</td><td>-</td></tr><tr><td>1948</td><td>3,060</td><td>3,060</td><td>1,194</td><td>569</td><td>446</td><td>461</td><td>32</td><td>363</td><td>-6</td><td>-</td></tr><tr><td>1949</td><td>2,311</td><td>2,311</td><td>1,294</td><td>346</td><td>-160</td><td>353</td><td>32</td><td>447</td><td>*</td><td>-</td></tr><tr><td>1950</td><td>4,432</td><td>4,432</td><td>1,414</td><td>338</td><td>-724</td><td>-1,946</td><td>-26</td><td>543</td><td>*</td><td>187</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>-</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>1</td><td>6</td><td>-1</td><td>-2</td></tr><tr><td>September</td><td>517</td><td>496</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>2</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>-82</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>19</td></tr><tr><td>March</td><td>171</td><td>150</td><td>224</td><td>22</td><td>-90</td><td>-14</td><td>-2</td><td>13</td><td>-2</td><td>20</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
"accounts" and "Deposit fund accounts (net)". 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
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>Appropriations by Congress 2/</th><th>Interest and profits on investments</th><th>Transfers from General Fund</th><th>Deposits by States 1/</th><th>Total</th><th>Benefit payments</th><th>Administrative expenses</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1937-44</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>-</td><td>-</td><td>669.6</td><td>343.7</td><td>126.0</td><td>5,446.4</td><td>5,446.4</td><td>5,408.9</td><td>37.5</td></tr><tr><td>1945</td><td>1,433.8</td><td>1,399.9</td><td>123.9</td><td>-</td><td>-</td><td>266.8</td><td>239.8</td><td>26.9</td><td>1,167.0</td><td>6,613.4</td><td>6,586.9</td><td>67.1</td></tr><tr><td>1946</td><td>1,386.0</td><td>1,238.2</td><td>147.8</td><td>-</td><td>-</td><td>377.9</td><td>380.5</td><td>37.4</td><td>1,028.0</td><td>7,641.4</td><td>7,548.7</td><td>92.7</td></tr><tr><td>1947</td><td>1,623.3</td><td>1,499.5</td><td>163.5</td><td>4</td><td>-</td><td>466.4</td><td>425.6</td><td>15.6</td><td>1,157.0</td><td>8,798.4</td><td>8,792.3</td><td>56.1</td></tr><tr><td>1948</td><td>1,807.4</td><td>1,616.2</td><td>190.6</td><td>.7</td><td>-</td><td>559.1</td><td>511.7</td><td>13.0</td><td>1,248.3</td><td>10,046.7</td><td>9,396.8</td><td>109.9</td></tr><tr><td>1949</td><td>1,923.8</td><td>1,690.3</td><td>230.2</td><td>3.3</td><td>-</td><td>660.5</td><td>607.0</td><td>13.8</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>1,502.7</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>1,368.5</td><td>1,498.1</td><td>17.5</td><td>1,843.0</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>3,890.0</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>2,132.6</td><td>16,868.2</td><td>16,758.3</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>24.0</td><td>1,875.4</td><td>18,743.6</td><td>18,063.3</td><td>67.6</td></tr><tr><td>1951-July</td><td>174.5</td><td>174.5</td><td>-</td><td>-</td><td>-</td><td>167.9</td><td>159.1</td><td>2.0</td><td>6.6</td><td>14,782.8</td><td>14,782.8</td><td>289.4</td></tr><tr><td>Aug.</td><td>516.3</td><td>515.8</td><td>1.4</td><td>-</td><td>1.4</td><td>136.6</td><td>136.6</td><td>2.0</td><td>4.3</td><td>15,071.9</td><td>15,072.8</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>142.4</td><td>2.0</td><td>5.1</td><td>15,196.3</td><td>15,196.3</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>182.9</td><td>146.2</td><td>1.9</td><td>4.7</td><td>15,091.4</td><td>14,882.7</td><td>248.7</td></tr><tr><td>Nov.</td><td>401.3</td><td>399.8</td><td>1.1</td><td>-</td><td>1.3</td><td>186.0</td><td>178.7</td><td>1.9</td><td>5.4</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>15,539.7</td><td>15,017.3</td><td>522.4</td></tr><tr><td>1952-Jan.</td><td>182.4</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>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>10.9</td><td>-</td><td>2.6</td><td>176.0</td><td>174.3</td><td>2.1</td><td>4.6</td><td>15,798.7</td><td>15,216.0</td><td>516.7</td></tr><tr><td>Mar.</td><td>478.2</td><td>459.9</td><td>10.9</td><td>-</td><td>3.4</td><td>176.5</td><td>169.7</td><td>2.1</td><td>4.8</td><td>16,090.4</td><td>15,500.2</td><td>590.1</td></tr><tr><td>Inception to date.</td><td>22,938.6</td><td>20,990.4</td><td>1,977.5</td><td>15.4</td><td>15.3</td><td>6,868.3</td><td>6,344.3</td><td>88.1</td><td>241.9</td><td>16,090.4</td><td>15,500.2</td><td>590.1</td></tr></table>
Sources (Same as Table 1). 1/ Includes transactions under the predecessor Old-Age Reserve Account. 2/ For details, see "Budget Receipts and Expenditures", Table 7. 3/ Under the Social Security Act, Section 213 (e) as added by Section 106 of the Public Law 73, approved August 28, 1950. 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 Approp- riation Act, 1947 (60 Stat. 679) and beginning 1948, also administrative
6/ Estimated benefit payments include $225 million under proposed legislation, but this expenditure is not taken into account in estimated investments.
7/ Beginning November 1951 the total includes "other" receipts, in the nature of recoveries from expenditures incidental to the operation of the trust fund.
* Less than $50,000.
n.a. Not available.
Table 6.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-) in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total 1/</th><th>Appropriations by Congress 1/</th><th>Interest on investments</th><th>Total</th><th>Benefit payments</th><th>Administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1936-44...</td><td>1,114.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>811.0</td><td>-</td><td>333.0</td><td>333.0</td><td>318.5</td><td>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>126.6</td><td>512.6</td><td>500.5</td><td>12.1</td></tr><tr><td>1946....</td><td>312.0</td><td>292.1</td><td>19.9</td><td>152.0</td><td>152.0</td><td>-</td><td>160.1</td><td>675.7</td><td>657.0</td><td>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>805.2</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>677.4</td><td>626.5</td><td>50.9</td><td>278.2</td><td>278.2</td><td>-</td><td>399.2</td><td>1,799.1</td><td>1,720.0</td><td>79.1</td></tr><tr><td>1950....</td><td>749.2</td><td>687.0</td><td>62.2</td><td>304.4</td><td>299.9</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>240.0</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>454.5</td><td>2,938.4</td><td>2,865.5</td><td>72.9</td></tr><tr><td>1953 (Est.)</td><td>813.0</td><td>723.0</td><td>90.0</td><td>437.4</td><td>431.0</td><td>6.4</td><td>369.6</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>2,516.7</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>2,516.5</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>2,669.6</td><td>2,600.5</td><td>69.2</td></tr><tr><td>Nov.</td><td>30.0</td><td>30.0 3/</td><td>-</td><td>27.2</td><td>26.8</td><td>.4</td><td>2.7</td><td>2,672.4</td><td>2,632.1</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>2,656.8</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>Mar.</td><td>59.9</td><td>59.4</td><td>.5</td><td>37.7</td><td>37.1</td><td>.6</td><td>22.2</td><td>2,756.7</td><td>2,693.6</td><td>63.1</td></tr><tr><td>Inception to date.</td><td>5,436.8</td><td>5,126.6</td><td>310.2</td><td>2,680.1</td><td>2,666.3</td><td>13.8</td><td>2,736.7</td><td>2,736.7</td><td>2,693.6</td><td>63.1</td></tr></table>
Source: (Same as Table 1).
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
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.
May 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 rowspan="2">Interest on investments</th><th colspan="4">Expenditures other than investments</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>State accounts</th><th>Reilroad Unemployment Insurance Account 1/</th><th>Transfers from States 2/</th><th>Transfers from Adminis- tration Fund 3/</th><th>Total</th><th>State accounts</th><th>Transfers to Railroad Unem- ployment Insurance Account 3/</th><th>Railroad Unemploy- ment In- surance Account 1/</th><th>Net increase, or decrease (-), in assets</th><th>Total</th><th>Invest- ments</th><th>Unexpended balance</th></tr><tr><td>1936-44</td><td>8,180.9</td><td>7,204.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,878.8</td><td>5,870.0</td><td>8.8</td></tr><tr><td>1945</td><td>1,507.8</td><td>1,256.0</td><td>118.8</td><td>4</td><td>8.9</td><td>123.6</td><td>71.3</td><td>70.1</td><td>4</td><td>1,436.5</td><td>1,436.5</td><td>7,315.3</td><td>7,307.2</td><td>8.1</td></tr><tr><td>1946</td><td>1,279.8</td><td>1,009.9</td><td>116.2</td><td>4</td><td>9.6</td><td>143.6</td><td>1,145.9</td><td>1,128.3</td><td>4</td><td>17.2</td><td>133.9</td><td>1,449.1</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>1,869.0</td><td>7,852.0</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>4</td><td>9.7</td><td>165.3</td><td>858.9</td><td>798.1</td><td>4</td><td>60.8</td><td>454.0</td><td>2,323.0</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>1.1</td><td>4</td><td>9.0</td><td>130.1</td><td>1,313.8</td><td>1,227.1</td><td>4</td><td>86.7</td><td>140.6</td><td>2,462.4</td><td>8,138.3</td><td>44.1</td></tr><tr><td>1950</td><td>1,251.0</td><td>1,098.8</td><td>9.7</td><td>4</td><td>5.4</td><td>161.1</td><td>8,025.5</td><td>1,879.0</td><td>4</td><td>146.5</td><td>7,941.5</td><td>3,437.9</td><td>7,414.3</td><td>23.6</td></tr><tr><td>1951</td><td>1,541.6</td><td>1,362.6</td><td>14.9</td><td>4</td><td>4.1</td><td>164.1</td><td>900.3</td><td>848.3</td><td>4</td><td>52.0</td><td>541.3</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>4</td><td>4.4</td><td>182.0</td><td>856.6</td><td>800.0</td><td>4</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>4</td><td>5.2</td><td>208.0</td><td>707.2</td><td>650.0</td><td>4</td><td>57.2</td><td>852.0</td><td>9,575.0</td><td>9,561.2</td><td>14.8</td></tr><tr><td>1951-July</td><td>57.7</td><td>53.3</td><td>4</td><td>4</td><td>4.4</td><td>4</td><td>68.7</td><td>66.5</td><td>4</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>4</td><td>4.0</td><td>4</td><td>76.7</td><td>72.8</td><td>4</td><td>3.9</td><td>293.9</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>4</td><td>4.0</td><td>4</td><td>66.5</td><td>62.9</td><td>4</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>4</td><td>4.9</td><td>4</td><td>72.6</td><td>68.6</td><td>4</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>230.6</td><td>1.1</td><td>4</td><td>4.2</td><td>4</td><td>69.2</td><td>65.0</td><td>4</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>4</td><td>77.9</td><td>4</td><td>78.5</td><td>74.4</td><td>4</td><td>4.1</td><td>17.1</td><td>8,584.4</td><td>8,487.2</td><td>99.3</td></tr><tr><td>1952-Jan.</td><td>36.3</td><td>32.8</td><td>3</td><td>4</td><td>3.5</td><td>4</td><td>118.4</td><td>112.6</td><td>4</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>3.4</td><td>4</td><td>4.3</td><td>4</td><td>108.7</td><td>103.7</td><td>4</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>Mar.</td><td>23.9</td><td>16.1</td><td>3.4</td><td>4</td><td>4.3</td><td>4</td><td>106.1</td><td>101.6</td><td>4</td><td>4.5</td><td>-82.2</td><td>8,462.8</td><td>8,434.2</td><td>28.6</td></tr><tr><td>Inception to date,</td><td>18,715.4</td><td>16,046.5</td><td>913.2</td><td>107.2</td><td>85.3</td><td>1,563.2</td><td>10,252.6</td><td>9,648.6</td><td>107.2</td><td>496.9</td><td>8,462.8</td><td>8,462.8</td><td>8,434.2</td><td>28.6</td></tr></table>
Source: (Same as Table 1). 1/ Exclude interim advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940. 2/ Represents contributions under the Railroad Unemployment Insurance Act of 1938, as amended (45 U.S.C. 350 (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
4/ 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). 5/ Includes transfer 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 rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>Premiums and other receipts</th><th>Transfers from General Fund</th><th>Interest on investments</th><th>Total</th><th>Benefits and refunds</th><th>Special dividends</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1941-44...</td><td>1,270.6</td><td>1,110.2</td><td>132.8</td><td>27.6</td><td>38.3</td><td>38.3</td><td>-</td><td>1,232.3</td><td>1,232.3</td><td>1,213.4</td><td>18.9</td></tr><tr><td>1945...</td><td>2,127.4</td><td>954.1</td><td>1,116.5</td><td>56.7</td><td>128.2</td><td>128.2</td><td>-</td><td>1,999.3</td><td>3,231.6</td><td>3,187.1</td><td>44.4</td></tr><tr><td>1946...</td><td>2,351.0</td><td>844.7</td><td>1,311.4</td><td>124.9</td><td>279.3</td><td>279.3</td><td>-</td><td>2,071.2</td><td>5,302.8</td><td>5,239.7</td><td>63.1</td></tr><tr><td>1947...</td><td>1,904.1</td><td>516.5</td><td>816.7</td><td>170.9</td><td>279.3</td><td>279.3</td><td>-</td><td>1,284.8</td><td>6,527.6</td><td>6,473.7</td><td>53.9</td></tr><tr><td>1948...</td><td>739.7</td><td>387.5</td><td>153.0</td><td>139.2</td><td>301.9</td><td>301.9</td><td>-</td><td>437.7</td><td>6,965.3</td><td>6,934.7</td><td>30.5</td></tr><tr><td>1949...</td><td>690.1</td><td>392.8</td><td>87.0</td><td>210.3</td><td>348.1</td><td>348.1</td><td>-</td><td>341.9</td><td>7,307.2</td><td>7,287.7</td><td>19.6</td></tr><tr><td>1950...</td><td>1,076.4</td><td>398.7</td><td>472.5</td><td>205.0</td><td>2,387.9</td><td>358.9</td><td>2,633.0</td><td>-1,911.5</td><td>5,395.7</td><td>5,382.1</td><td>33.6</td></tr><tr><td>1951...</td><td>683.7</td><td>480.1</td><td>43.4</td><td>160.3</td><td>613.6</td><td>391.4</td><td>222.2</td><td>70.1</td><td>5,465.3</td><td>5,435.6</td><td>30.2</td></tr><tr><td>1952 (Est.)</td><td>715.6</td><td>371.3</td><td>183.8</td><td>160.0</td><td>1,075.1</td><td>1,075.1</td><td>-</td><td>-359.5</td><td>5,106.3</td><td>5,091.5</td><td>14.7</td></tr><tr><td>1953 (Est.)</td><td>600.5</td><td>392.0</td><td>93.5</td><td>135.0</td><td>635.7</td><td>635.7</td><td>-</td><td>-34.9</td><td>5,071.4</td><td>5,057.5</td><td>13.8</td></tr><tr><td>1951-July</td><td>43.5</td><td>41.5</td><td>1.9</td><td>.1</td><td>97.7</td><td>28.5</td><td>69.2</td><td>-94.1</td><td>5,411.7</td><td>5,377.4</td><td>34.3</td></tr><tr><td>Aug.</td><td>34.3</td><td>31.4</td><td>2.7</td><td>.2</td><td>103.5</td><td>39.4</td><td>64.2</td><td>-59.2</td><td>5,342.5</td><td>5,313.9</td><td>28.6</td></tr><tr><td>Sept.</td><td>90.2</td><td>32.6</td><td>57.6</td><td>.4</td><td>104.2</td><td>46.3</td><td>57.9</td><td>-14.0</td><td>5,328.5</td><td>5,296.5</td><td>32.9</td></tr><tr><td>Oct.</td><td>45.6</td><td>40.6</td><td>4.5</td><td>.4</td><td>119.5</td><td>43.6</td><td>76.2</td><td>-73.9</td><td>5,298.9</td><td>5,239.9</td><td>59.5</td></tr><tr><td>Nov.</td><td>96.1</td><td>43.2</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>5,243.2</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>37.5</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>21.5</td><td>.5</td><td>73.0</td><td>43.5</td><td>30.4</td><td>-8.5</td><td>5,190.5</td><td>5,155.3</td><td>34.2</td></tr><tr><td>Feb.</td><td>55.3</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>Mar.</td><td>59.0</td><td>40.1</td><td>18.3</td><td>.6</td><td>62.8</td><td>43.0</td><td>19.9</td><td>-3.8</td><td>5,196.8</td><td>5,148.1</td><td>48.6</td></tr><tr><td>Inception to date.</td><td>10,963.0</td><td>5,423.2</td><td>4,380.9</td><td>1,158.8</td><td>5,766.2</td><td>2,481.1</td><td>3,285.1</td><td>5,196.8</td><td>5,196.8</td><td>5,148.1</td><td>48.6</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="4">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 exercises of monetary authority 2/</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust account expenditures</th><th>Exchange Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th></tr><tr><td>1944</td><td>43,985</td><td>3,936</td><td>47,961</td><td>93,845</td><td>111</td><td>-</td><td>-</td><td>93,956</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>43</td></tr><tr><td>1945</td><td>45,519</td><td>4,721</td><td>50,240</td><td>95,952</td><td>-768</td><td>-</td><td>-</td><td>95,184</td><td>-44,945</td><td>49,474</td><td>4,289</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>6,699</td><td>-19,389</td><td>-10,930 1/</td><td>60</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>36,496</td><td>8,903</td><td>-7,280</td><td>1,684</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>43,125</td><td>-2,185</td><td>4,331</td><td>2,047</td><td>25</td></tr><tr><td>1951</td><td>47,887</td><td>5,552</td><td>53,439</td><td>41,795</td><td>3,807</td><td>-13</td><td>214</td><td>45,804</td><td>7,635</td><td>-5,795</td><td>1,839</td><td>43</td></tr><tr><td>1952 (Est.)</td><td>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>-10,382</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>4,843</td><td>-1,989</td><td>282</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>4,777</td><td>495</td><td>-10</td><td>103</td><td>5,365</td><td>-965</td><td>440</td><td>-595</td><td>8</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>4,882</td><td>1,693</td><td>129</td><td>1,882</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>775</td><td>4,293</td><td>4,996</td><td>691</td><td>-8</td><td>-20</td><td>5,682</td><td>-1,348</td><td>1,099</td><td>-250</td><td>5</td></tr><tr><td>December</td><td>5,262</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>-329</td><td>5</td></tr><tr><td>1952-January</td><td>4,910</td><td>263</td><td>5,183</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>5,959</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>248</td><td>1,196</td><td>8</td></tr><tr><td>March</td><td>9,988</td><td>799</td><td>10,436</td><td>5,989</td><td>346</td><td>-</td><td>245</td><td>6,280</td><td>4,316</td><td>-2,591</td><td>1,765</td><td>4</td></tr><tr><th>Fiscal year</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1952 to date</td><td>44,101</td><td>4,994</td><td>48,695</td><td>45,276</td><td>3,636</td><td>30</td><td>313</td><td>49,855</td><td>-960</td><td>44</td><td>-517</td><td>57</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 those 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">Loans: 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>Interest R. F. C.</th><th>Other</th><th>Repayment of capital stock and paid-in surplus 3/</th><th></th><th></th></tr><tr><td>1944</td><td>43,892</td><td>134</td><td>100</td><td>54</td><td>13</td><td>-</td><td>33</td><td>43,925</td></tr><tr><td>1945</td><td>44,762</td><td>894</td><td>136</td><td>83</td><td>26</td><td>-</td><td>27</td><td>45,519</td></tr><tr><td>1946</td><td>40,027</td><td>-970</td><td>155</td><td>90</td><td>27</td><td>-</td><td>37</td><td>38,902</td></tr><tr><td>1947</td><td>40,043</td><td>-39</td><td>120</td><td>91</td><td>13</td><td>-</td><td>16</td><td>39,881</td></tr><tr><td>1948</td><td>42,211</td><td>-10</td><td>396</td><td>89</td><td>23</td><td>270</td><td>14</td><td>41,804</td></tr><tr><td>1949</td><td>38,846</td><td>-4</td><td>96</td><td>1</td><td>34</td><td>38</td><td>24</td><td>38,145</td></tr><tr><td>1950</td><td>37,045</td><td>-1</td><td>119</td><td>17</td><td>57</td><td>27</td><td>17</td><td>36,925</td></tr><tr><td>1951</td><td>48,143</td><td>-1</td><td>255</td><td>20</td><td>149</td><td>65</td><td>21</td><td>47,887</td></tr><tr><td>1952 (Est.)</td><td>62,680</td><td>*</td><td>125</td><td>8</td><td>91</td><td>-</td><td>26</td><td>68,554</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>26</td><td>70,856</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>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>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>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>2</td><td>2,633</td></tr><tr><td>November</td><td>3,221</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>2</td><td>3,218</td></tr><tr><td>December</td><td>5,279</td><td>*</td><td>17</td><td>*</td><td>15</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>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>3</td><td>5,550</td></tr><tr><td>March</td><td>9,886</td><td>*</td><td>4</td><td>*</td><td>2</td><td>-</td><td>2</td><td>9,882</td></tr></table>
Source: (Same as Table 1).
1/ For further detail, see "Budget Receipts and Expenditures", Table I.
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); not issuance, or net redemption (-).
1/ 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.
May 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 1/</th><th colspan="3">Interest payments by Treasury</th><th rowspan="2">Transfers to trust accounts</th><th rowspan="2">Payroll deductions for Government employee's retirement</th><th colspan="3">Budget expenditures involving issuance of Federal securities 1/</th><th colspan="2">Payments to Treasury by Government agencies</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 2/</th><th>To Government corps-rotations not wholly owned 3/</th><th>To trust funds and accounts</th><th>Armed Forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund</th><th>Interest</th><th>Investments in Federal securities</th></tr><tr><td>1944</td><td>95,315</td><td>1,470</td><td>213</td><td>3</td><td>325</td><td>559</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>67</td><td>39</td><td>93,845</td></tr><tr><td>1945</td><td>98,703</td><td>2,750</td><td>342</td><td>4</td><td>429</td><td>1,659</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>108</td><td>25</td><td>95,952</td></tr><tr><td>1946</td><td>60,703</td><td>3,281</td><td>435</td><td>22</td><td>567</td><td>1,927</td><td>231</td><td>-</td><td>-86</td><td>-</td><td>113</td><td>18</td><td>57,422</td></tr><tr><td>1947</td><td>37,229</td><td>6,099</td><td>667</td><td>25</td><td>546</td><td>1,361</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>105</td><td>31</td><td>33,190</td></tr><tr><td>1948</td><td>33,791</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>32,422</td></tr><tr><td>1949</td><td>40,057</td><td>2,540</td><td>590</td><td>29</td><td>841</td><td>916</td><td>327</td><td>-164</td><td>-2</td><td>-25</td><td>33</td><td>6</td><td>37,517</td></tr><tr><td>1950</td><td>40,167</td><td>3,190</td><td>574</td><td>32</td><td>880</td><td>1,383</td><td>358</td><td>-95</td><td>-2</td><td>-41</td><td>73</td><td>28</td><td>36,977</td></tr><tr><td>1951</td><td>44,633</td><td>2,837</td><td>638</td><td>31</td><td>892</td><td>972</td><td>378</td><td>-160</td><td>-1</td><td>-</td><td>87</td><td>-</td><td>41,795</td></tr><tr><td>1952 (Est.)</td><td>70,381</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>315</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>139</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>5,087</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>138</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>3,294</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>4,966</td></tr><tr><td>Dec.</td><td>5,627</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>5,283</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>4,987</td></tr><tr><td>Mar.</td><td>5,704</td><td>175</td><td>46</td><td>1</td><td>17</td><td>78</td><td>34</td><td>-3</td><td>*</td><td>-</td><td>2</td><td>-</td><td>5,289</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.
4/ 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 colspan="6">Less: Noncash receipts</th><th rowspan="2">Equals: Cash trust account receipts</th><th rowspan="2">Total trust account and other expend-itures 3/</th><th colspan="3">Less: Noncash expenditures</th><th rowspan="2">Equals: Cash trust account expend-itures</th></tr><tr><th>Total trust account receipts</th><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 employees' retirement</th><th>Other 1/</th><th>Total noncash expend-itures</th><th>Est investments in Federal securities</th><th>By trust funds and agencies 1/</th><th>Other 3/</th></tr><tr><td>1944</td><td>5,005</td><td>1,150</td><td>325</td><td>256</td><td>269</td><td>-</td><td>3,936</td><td>7,307</td><td>7,129</td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,036</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>1,721</td><td>6,299</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>2,772</td><td>567</td><td>1,927</td><td>281</td><td>271</td><td>4,937</td><td>8,235</td><td>3,668</td><td>141</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>6,244</td><td>2,538</td><td>646</td><td>1,361</td><td>259</td><td>760</td><td>3,707</td><td>7,347</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>148</td><td>3,595</td><td>6,810</td><td>3,060</td><td>-99</td><td>904</td><td>2,944</td></tr><tr><td>1949</td><td>5,714</td><td>2,232</td><td>841</td><td>916</td><td>327</td><td>-</td><td>3,483</td><td>6,209</td><td>2,881</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>-405</td><td>69</td><td>37</td><td>6,868</td></tr><tr><td>1951</td><td>7,796</td><td>2,244</td><td>892</td><td>972</td><td>378</td><td>2</td><td>5,552</td><td>7,117</td><td>3,310</td><td>187 1/</td><td>-246</td><td>3,807</td></tr><tr><td>1952 (Est.)</td><td>8,802</td><td>2,703</td><td>998</td><td>1,290</td><td>412</td><td>3</td><td>6,100</td><td>8,975</td><td>3,803</td><td>151</td><td>-124</td><td>5,146</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>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>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>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>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>-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>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>59</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>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>72</td><td>33</td><td>-</td><td>726</td><td>845</td><td>191</td><td>30</td><td>126</td><td>299</td></tr><tr><td>Mar.</td><td>684</td><td>129</td><td>17</td><td>78</td><td>34</td><td>-</td><td>555</td><td>978</td><td>150</td><td>20</td><td>61</td><td>348</td></tr></table>
Source: (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 employees' 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.
Treasury Bulletin
14
TREASURY CASH INCOME AND OUTGO
Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing
(In millions of dollars)
<table><tr><th> Fiscal year or month</th><th colspan="2">Increase, or decrease (-), in Federal securities outstanding</th><th colspan="9">Loose: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equals: Net cash borrowing, or repayment of borrowing (-)/2/</th></tr><tr><th></th><th>Public debt</th><th>Guaranteed securities</th><th>Total</th><th>Net investments in Federal securities</th><th>Lease: Issuance of Federal securities resulting from budget expenditures, etc., or refunds of receipts</th><th>Interest on savings bonds and Treasury bonds</th><th>Net transactions in guaranteed securities not reflected in Treasurer's accounts</th></tr><tr><th></th><th></th><th></th><th></th><th>By trust funds and accounts</th><th>By Government agencies</th><th>Armed forces leave bonds 1/</th><th>Adjusted service bonds 1/</th><th>Notes for International Bank and Fund 1/ 2/</th><th>Excess profits tax refund bonds 3/</th><th>Interest on savings bonds and Treasury bonds 1/</th><th></th></tr><tr><td>1944</td><td>54,307</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>134</td><td>213</td><td>207</td><td>-190</td><td>56,757</td></tr><tr><td>1945</td><td>57,679</td><td>-1,190</td><td>56,489</td><td>6,738</td><td>5,200</td><td>324</td><td>-</td><td>-108</td><td>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>13</td><td>10,783</td><td>3,409</td><td>3,658</td><td>159</td><td>-</td><td>-86</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>-157</td><td>-11,253</td><td>7,892</td><td>3,358</td><td>178</td><td>1,733</td><td>-8</td><td>2,110</td><td>-39</td><td>467</td><td>28</td><td>-19,359</td></tr><tr><td>1948</td><td>-9,994</td><td>-16</td><td>-9,910</td><td>1,394</td><td>3,060</td><td>-59</td><td>1,289</td><td>-44</td><td>-913</td><td>-10</td><td>599</td><td>123</td><td>-7,280</td></tr><tr><td>1949</td><td>4,78</td><td>-46</td><td>4,326</td><td>2,316</td><td>2,311</td><td>319</td><td>-168</td><td>-2</td><td>-123</td><td>-1</td><td>580</td><td>-28</td><td>-2,513</td></tr><tr><td>1950</td><td>4,587</td><td>-6</td><td>4,630</td><td>334</td><td>-409</td><td>187</td><td>-95</td><td>-2</td><td>156</td><td>-1</td><td>574</td><td>-14</td><td>4,231</td></tr><tr><td>1951</td><td>-2,139</td><td>10</td><td>-2,126</td><td>4,045</td><td>3,369</td><td>187</td><td>-160</td><td>-1</td><td>13</td><td>-1</td><td>638</td><td>374</td><td>-9,795</td></tr><tr><td>1952 (Est.)</td><td>5,000</td><td>38</td><td>5,038</td><td>4,505</td><td>3,803</td><td>151</td><td>-110</td><td>-1</td><td>-13</td><td>*</td><td>675</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>4,347</td><td>4,046</td><td>111</td><td>-25</td><td>*</td><td>-</td><td>-</td><td>315</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>258</td></tr><tr><td>Aug.</td><td>958</td><td>1</td><td>978</td><td>509</td><td>463</td><td>97</td><td>-8</td><td>*</td><td>10</td><td>*</td><td>47</td><td>-43</td><td>140</td></tr><tr><td>Sept.</td><td>709</td><td>1</td><td>710</td><td>573</td><td>492</td><td>25</td><td>-6</td><td>*</td><td>-</td><td>*</td><td>62</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>-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>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>-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>-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>-18</td><td>*</td><td>37</td><td>-123</td><td>245</td></tr><tr><td>Mar.</td><td>-2,278</td><td>4</td><td>-2,275</td><td>213</td><td>150</td><td>20</td><td>-3</td><td>*</td><td>*</td><td>*</td><td>46</td><td>-63</td><td>-2,251</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 (-). See Table 1, footnote 1. 2/ 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 (-). 
4/ See Table 3, footnote 2.
5/ 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>Fiscal year 1/</th></tr><tr><td>Cash operating income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>896</td><td>1,476</td><td>5,293</td><td>1,648</td><td>2,069</td><td>1,663</td><td>2,170</td><td>3,372</td><td>5,562</td><td>2,213</td><td>2,705</td><td>5,892</td><td>37,919</td><td>25,174</td></tr><tr><td>1944</td><td>2,315</td><td>3,104</td><td>6,675</td><td>3,319</td><td>3,642</td><td>6,338</td><td>2,327</td><td>3,238</td><td>6,015</td><td>2,212</td><td>2,877</td><td>5,338</td><td>48,198</td><td>47,861</td></tr><tr><td>1945</td><td>3,724</td><td>1,275</td><td>7,001</td><td>3,164</td><td>3,350</td><td>6,016</td><td>2,764</td><td>3,371</td><td>5,276</td><td>2,809</td><td>3,030</td><td>4,228</td><td>49,608</td><td>50,240</td></tr><tr><td>1946</td><td>3,032</td><td>4,068</td><td>7,649</td><td>2,366</td><td>3,965</td><td>6,183</td><td>2,326</td><td>2,803</td><td>4,585</td><td>2,683</td><td>2,813</td><td>4,366</td><td>41,635</td><td>43,839</td></tr><tr><td>1947</td><td>3,821</td><td>1,947</td><td>5,505</td><td>2,228</td><td>2,716</td><td>4,886</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>43,591</td></tr><tr><td>1948</td><td>4,482</td><td>4,548</td><td>6,019</td><td>2,402</td><td>2,969</td><td>4,877</td><td>2,268</td><td>3,162</td><td>4,667</td><td>2,280</td><td>3,190</td><td>4,106</td><td>44,971</td><td>45,400</td></tr><tr><td>1949</td><td>3,683</td><td>3,893</td><td>5,555</td><td>1,430</td><td>2,595</td><td>4,798</td><td>2,081</td><td>3,150</td><td>4,915</td><td>2,046</td><td>2,965</td><td>4,263</td><td>41,374</td><td>41,688</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>3,524</td><td>4,365</td><td>2,426</td><td>3,487</td><td>4,888</td><td>42,151</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>1,148</td><td>7,367</td><td>2,854</td><td>4,600</td><td>6,555</td><td>2,855</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>10,436</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>6,497</td><td>6,395</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>7,685</td><td>7,766</td><td>7,883</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>8,116</td><td>7,686</td><td>7,886</td><td>7,373</td><td>8,178</td><td>94,810</td><td>93,996</td></tr><tr><td>1945</td><td>7,729</td><td>7,118</td><td>8,795</td><td>7,765</td><td>8,436</td><td>8,829</td><td>7,750</td><td>7,512</td><td>6,326</td><td>5,913</td><td>4,754</td><td>5,228</td><td>86,142</td><td>95,184</td></tr><tr><td>1946</td><td>4,668</td><td>3,700</td><td>3,876</td><td>3,600</td><td>3,853</td><td>4,568</td><td>2,745</td><td>2,760</td><td>2,944</td><td>2,844</td><td>2,269</td><td>3,578</td><td>41,399</td><td>61,738</td></tr><tr><td>1947</td><td>2,715</td><td>3,487</td><td>2,961</td><td>3,063</td><td>2,781</td><td>4,798</td><td>3,272</td><td>3,073</td><td>3,943</td><td>2,570</td><td>2,490</td><td>3,476</td><td>38,616</td><td>36,931</td></tr><tr><td>1948</td><td>2,497</td><td>2,726</td><td>3,418</td><td>2,337</td><td>2,507</td><td>4,129</td><td>2,588</td><td>2,950</td><td>3,197</td><td>2,779</td><td>3,476</td><td>4,235</td><td>36,997</td><td>36,496</td></tr><tr><td>1949</td><td>2,855</td><td>3,259</td><td>3,850</td><td>3,130</td><td>3,700</td><td>4,950</td><td>2,966</td><td>3,715</td><td>3,984</td><td>3,266</td><td>3,428</td><td>4,070</td><td>42,635</td><td>40,576</td></tr><tr><td>1950</td><td>3,177</td><td>3,537</td><td>4,046</td><td>3,344</td><td>3,700</td><td>4,061</td><td>3,143</td><td>3,009</td><td>3,159</td><td>3,335</td><td>3,125</td><td>4,004</td><td>41,969</td><td>43,155</td></tr><tr><td>1951</td><td>3,438</td><td>3,522</td><td>4,219</td><td>4,144</td><td>5,154</td><td>5,223</td><td>3,843</td><td>5,569</td><td>4,362</td><td>2,801</td><td>5,642</td><td>5,621</td><td>58,034</td><td>45,804</td></tr><tr><td>1952</td><td>5,473</td><td>5,325</td><td>6,120</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Not cash operating income, or outgo (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,368</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,972</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1944</td><td>-1,392</td><td>-1,905</td><td>-1,899</td><td>-1,358</td><td>-1,395</td><td>-2,116</td><td>-4,922</td><td>-4,908</td><td>-1,611</td><td>-5,674</td><td>-4,896</td><td>-2,640</td><td>-46,616</td><td>-46,095</td></tr><tr><td>1945</td><td>-4,005</td><td>-2,843</td><td>-1,709</td><td>-4,160</td><td>-3,566</td><td>-2,313</td><td>-4,936</td><td>-4,181</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-41,982</td></tr><tr><td>1946</td><td>-1,616</td><td>368</td><td>1,773</td><td>-1,234</td><td>-288</td><td>-279</td><td>-413</td><td>13</td><td>1,641</td><td>-161</td><td>21</td><td>578</td><td>235</td><td>-17,892</td></tr><tr><td>1947</td><td>1,106</td><td>1,460</td><td>2,684</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>81</td><td>723</td><td>18</td><td>816</td><td>510</td><td>5,703</td><td>6,693</td></tr><tr><td>1948</td><td>1,936</td><td>1,824</td><td>2,601</td><td>4</td><td>652</td><td>748</td><td>-320</td><td>212</td><td>1,469</td><td>-499</td><td>-283</td><td>-128</td><td>8,076</td><td>8,903</td></tr><tr><td>1949</td><td>829</td><td>635</td><td>1,704</td><td>-1,699</td><td>-1,114</td><td>248</td><td>-985</td><td>-566</td><td>1,068</td><td>-1,280</td><td>-461</td><td>193</td><td>-1,267</td><td>1,051</td></tr><tr><td>1950</td><td>303</td><td>58</td><td>1,116</td><td>-1,661</td><td>-762</td><td>526</td><td>-1,032</td><td>514</td><td>1,666</td><td>-909</td><td>72</td><td>495</td><td>482</td><td>-2,185</td></tr><tr><td>1951</td><td>1,250</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>-230</td><td>947</td><td>4,316</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.
May 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">Billion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th>Deposits in special depositaries</th><th>Other deposite and collections</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><th></th><th></th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1944</td><td>20,775</td><td>154</td><td>666</td><td>1,442</td><td>-</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>150</td><td>558</td><td>1,500</td><td>-</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>160</td><td>243</td><td>1,005</td><td>-</td><td>12,993</td><td>305</td><td>470</td><td>14,238</td></tr><tr><td>1947</td><td>3,730</td><td>1,023</td><td>232</td><td>1,202</td><td>-</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1948</td><td>5,370</td><td>1,073</td><td>191</td><td>1,928</td><td>123</td><td>1,773</td><td>289</td><td>438</td><td>4,932</td></tr><tr><td>1949</td><td>3,862</td><td>1,022</td><td>219</td><td>438</td><td>103</td><td>1,771</td><td>309</td><td>392</td><td>3,470</td></tr><tr><td>1950</td><td>5,927</td><td>1,052</td><td>124</td><td>350</td><td>143</td><td>3,268</td><td>323</td><td>410</td><td>5,517</td></tr><tr><td>1951</td><td>7,871</td><td>1,046</td><td>176</td><td>338</td><td>250</td><td>5,680</td><td>380</td><td>514</td><td>7,357</td></tr><tr><td>1950-December</td><td>4,724</td><td>1,052</td><td>181</td><td>690</td><td>129</td><td>2,344</td><td>327</td><td>492</td><td>4,232</td></tr><tr><td>1951-July</td><td>6,032</td><td>1,060</td><td>179</td><td>584</td><td>145</td><td>3,694</td><td>369</td><td>412</td><td>5,660</td></tr><tr><td>August</td><td>5,431</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>1,043</td><td>175</td><td>947</td><td>226</td><td>4,547</td><td>417</td><td>439</td><td>6,916</td></tr><tr><td>October</td><td>5,311</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>5,117</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>1,033</td><td>173</td><td>321</td><td>146</td><td>2,693</td><td>449</td><td>521</td><td>4,295</td></tr><tr><td>1952-January</td><td>4,306</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>1,003</td><td>205</td><td>558</td><td>193</td><td>3,216</td><td>525</td><td>625</td><td>5,075</td></tr><tr><td>March</td><td>7,445</td><td>981</td><td>212</td><td>169</td><td>333</td><td>5,228</td><td>523</td><td>605</td><td>6,840</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>388</td><td>417</td><td>145</td><td>339</td><td>862</td><td>755</td><td>590</td><td>555</td></tr><tr><td>1933</td><td>327</td><td>221</td><td>493</td><td>241</td><td>304</td><td>662</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>2,564</td></tr><tr><td>1935</td><td>2,319</td><td>2,081</td><td>2,446</td><td>1,935</td><td>1,957</td><td>1,811</td><td>1,769</td><td>1,475</td><td>1,799</td><td>1,473</td><td>1,434</td><td>2,209</td></tr><tr><td>1936</td><td>2,004</td><td>1,767</td><td>2,866</td><td>2,442</td><td>2,358</td><td>2,682</td><td>2,230</td><td>1,904</td><td>2,188</td><td>1,764</td><td>1,406</td><td>1,906</td></tr><tr><td>1937</td><td>1,726</td><td>1,539</td><td>1,826</td><td>1,702</td><td>1,754</td><td>2,553</td><td>2,639</td><td>2,902</td><td>2,860</td><td>2,676</td><td>2,608</td><td>2,973</td></tr><tr><td>1938</td><td>2,950</td><td>2,975</td><td>3,140</td><td>2,689</td><td>2,567</td><td>2,216</td><td>2,116</td><td>2,260</td><td>2,978</td><td>2,569</td><td>2,447</td><td>3,083</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>2,838</td><td>2,447</td><td>2,231</td><td>2,178</td><td>1,913</td><td>2,165</td><td>2,476</td></tr><tr><td>1940</td><td>2,082</td><td>2,330</td><td>2,714</td><td>2,210</td><td>2,030</td><td>1,931</td><td>2,258</td><td>2,454</td><td>2,415</td><td>1,920</td><td>1,017</td><td>1,920</td></tr><tr><td>1941</td><td>2,025</td><td>1,701</td><td>2,725</td><td>2,425</td><td>2,904</td><td>2,531</td><td>2,599</td><td>2,873</td><td>2,266</td><td>2,641</td><td>2,319</td><td>3,360</td></tr><tr><td>1942</td><td>2,250</td><td>3,562</td><td>3,493</td><td>2,851</td><td>2,812</td><td>2,991</td><td>1,288</td><td>1,154</td><td>4,302</td><td>4,806</td><td>3,082</td><td>10,243</td></tr><tr><td>1943</td><td>7,724</td><td>5,392</td><td>8,479</td><td>12,617</td><td>12,687</td><td>9,507</td><td>8,595</td><td>6,364</td><td>18,158</td><td>19,297</td><td>14,958</td><td>12,894</td></tr><tr><td>1944</td><td>12,239</td><td>19,155</td><td>16,606</td><td>12,279</td><td>8,522</td><td>20,169</td><td>21,924</td><td>17,672</td><td>15,117</td><td>9,990</td><td>9,803</td><td>22,236</td></tr><tr><td>1945</td><td>19,606</td><td>17,313</td><td>15,277</td><td>11,366</td><td>9,565</td><td>24,698</td><td>22,082</td><td>18,631</td><td>16,134</td><td>12,813</td><td>14,445</td><td>26,003</td></tr><tr><td>1946</td><td>25,427</td><td>25,961</td><td>24,367</td><td>20,935</td><td>18,536</td><td>14,238</td><td>12,029</td><td>11,040</td><td>10,171</td><td>8,070</td><td>6,665</td><td>3,502</td></tr><tr><td>1947</td><td>4,711</td><td>7,134</td><td>6,909</td><td>4,312</td><td>4,066</td><td>3,308</td><td>3,069</td><td>3,400</td><td>3,952</td><td>4,107</td><td>3,935</td><td>3,097</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>4,809</td><td>4,385</td><td>4,208</td></tr><tr><td>1949</td><td>4,699</td><td>5,291</td><td>5,767</td><td>3,995</td><td>3,163</td><td>3,470</td><td>3,337</td><td>4,118</td><td>5,699</td><td>4,737</td><td>4,422</td><td>4,679</td></tr><tr><td>1950</td><td>5,049</td><td>5,136</td><td>6,121</td><td>4,702</td><td>4,464</td><td>5,517</td><td>5,500</td><td>5,105</td><td>5,505</td><td>4,145</td><td>4,139</td><td>4,238</td></tr><tr><td>1951</td><td>4,451</td><td>5,382</td><td>6,569</td><td>6,955</td><td>5,782</td><td>7,337</td><td>5,620</td><td>5,995</td><td>6,916</td><td>6,874</td><td>6,624</td><td>4,895</td></tr><tr><td>1952</td><td>3,879</td><td>5,075</td><td>6,840</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.
Treasury Bulletin
16
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th><th rowspan="2">Guaranteed securities (matured) 1/</th></tr><tr><th></th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>International Bank 2/</th><th>Monetary Fund 2/</th><th>Other 3/</th></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,943</td><td>1,116</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>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>1948</td><td>252,366</td><td>252,292</td><td>73</td><td>250,132</td><td>250,063</td><td>69</td><td>2,234</td><td>2,229</td><td>280</td><td>66</td><td>1,161</td><td>722</td><td>5</td></tr><tr><td>1949</td><td>252,758</td><td>252,770</td><td>27</td><td>250,785</td><td>250,762</td><td>24</td><td>2,012</td><td>2,009</td><td>245</td><td>41</td><td>1,063</td><td>660</td><td>3</td></tr><tr><td>1950</td><td>257,377</td><td>257,357</td><td>20</td><td>255,286</td><td>255,209</td><td>17</td><td>2,150</td><td>2,148</td><td>265</td><td>-</td><td>1,270</td><td>613</td><td>2</td></tr><tr><td>1951</td><td>255,251</td><td>255,222</td><td>29</td><td>252,879</td><td>252,852</td><td>27</td><td>2,372</td><td>2,370</td><td>512</td><td>-</td><td>1,283</td><td>575</td><td>2</td></tr><tr><td>1952 (Est.)</td><td>260,829</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: Feb. 1946</td><td>279,764</td><td>279,214</td><td>551</td><td>278,451</td><td>277,912</td><td>539</td><td>1,313</td><td>1,301</td><td>238</td><td>-</td><td>-</td><td>1,063</td><td>12</td></tr><tr><td>1950-December</td><td>256,731</td><td>256,708</td><td>24</td><td>254,304</td><td>254,283</td><td>22</td><td>2,427</td><td>2,425</td><td>562</td><td>-</td><td>1,270</td><td>593</td><td>2</td></tr><tr><td>1951-July</td><td>255,687</td><td>255,657</td><td>28</td><td>253,351</td><td>253,325</td><td>26</td><td>2,333</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>256,044</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>257,353</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>259,047</td><td>259,604</td><td>43</td><td>257,294</td><td>257,253</td><td>41</td><td>2,353</td><td>2,351</td><td>489</td><td>-</td><td>1,301</td><td>562</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>38</td><td>257,513</td><td>257,482</td><td>36</td><td>2,225</td><td>2,204</td><td>444</td><td>-</td><td>1,291</td><td>559</td><td>2</td></tr><tr><td>February</td><td>260,339</td><td>260,362</td><td>37</td><td>258,171</td><td>258,136</td><td>35</td><td>2,228</td><td>2,226</td><td>416</td><td>-</td><td>1,253</td><td>557</td><td>2</td></tr><tr><td>March</td><td>258,124</td><td>258,084</td><td>41</td><td>255,833</td><td>255,794</td><td>39</td><td>2,251</td><td>2,250</td><td>461</td><td>-</td><td>1,253</td><td>556</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>Fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th><th>Guaranteed securities (matured)</th></tr><tr><th></th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>International Bank 2/</th><th>Monetary Fund 2/</th><th>Other 3/</th><th></th></tr><tr><td>1944</td><td>61,830</td><td>64,307</td><td>-2,477</td><td>61,587</td><td>64,163</td><td>-2,576</td><td>243</td><td>144</td><td>60</td><td>-</td><td>-</td><td>84</td><td>99</td></tr><tr><td>1945</td><td>56,489</td><td>57,679</td><td>-1,190</td><td>55,707</td><td>56,813</td><td>-1,107</td><td>732</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>11,012</td><td>11,754</td><td>58</td><td>-1,029</td><td>-1,014</td><td>108</td><td>-</td><td>-</td><td>-1,122</td><td>-14</td></tr><tr><td>1947</td><td>-11,523</td><td>-11,136</td><td>-387</td><td>-13,381</td><td>-12,997</td><td>-383</td><td>1,958</td><td>1,862</td><td>-145</td><td>416</td><td>1,726</td><td>-133</td><td>-3</td></tr><tr><td>1948</td><td>-6,010</td><td>-5,994</td><td>-16</td><td>-5,065</td><td>-5,050</td><td>-14</td><td>-946</td><td>-944</td><td>49</td><td>-390</td><td>-563</td><td>-80</td><td>-2</td></tr><tr><td>1949</td><td>432</td><td>478</td><td>-46</td><td>653</td><td>698</td><td>-45</td><td>-221</td><td>-220</td><td>-35</td><td>-25</td><td>-98</td><td>-62</td><td>-1</td></tr><tr><td>1950</td><td>4,579</td><td>4,557</td><td>-8</td><td>4,441</td><td>4,448</td><td>-7</td><td>138</td><td>139</td><td>20</td><td>-41</td><td>207</td><td>-47</td><td>-1</td></tr><tr><td>1951</td><td>-5,128</td><td>-2,135</td><td>10</td><td>-2,347</td><td>-2,350</td><td>10</td><td>222</td><td>222</td><td>247</td><td>-</td><td>13</td><td>-36</td><td>-1</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>14,693</td><td>14,700</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>1</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>986</td><td>982</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>5</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>-1,186</td><td>-1,186</td><td>-1</td><td>-184</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>-25</td><td>-28</td><td>-48</td><td>-</td><td>-5</td><td>-2</td><td>*</td></tr><tr><td>February</td><td>636</td><td>597</td><td>-1</td><td>654</td><td>654</td><td>-1</td><td>-63</td><td>-63</td><td>-28</td><td>-</td><td>-38</td><td>-2</td><td>*</td></tr><tr><td>March</td><td>-2,275</td><td>-2,278</td><td>4</td><td>-2,338</td><td>-2,342</td><td>4</td><td>64</td><td>64</td><td>65</td><td>-</td><td>-</td><td>-1</td><td>*</td></tr></table>
1/ Excludes guaranteed securities held by the Treasury. Beginning 1945, the interest-bearing debt shown here consists of F.H.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 part of the United States subscriptions to these institutions, pursuant to provisions of the Bretton Woods AgreementsAct. The notes bear no interest, are nonnegotiable, and are payable on demand. 3/ Includes earnings stamps, excess profits tax refund bonds, and currency items. For current-month details, see "Statutory Debt Limitation", Table 2. * Less than $500,000. n.a. Not available.
May 1952
17
DEBT OUTSTANDING
Table 3.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total interest-bearing public debt</th><th>Total public issues</th><th colspan="5">Marketable</th><th colspan="5">Nonmarketable</th><th>Special issues</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</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 1/</th></tr><tr><td>1948</td><td>199,543</td><td>185,255</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>136</td><td>44,855</td><td>34,606</td><td>9,557</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,336</td><td>23,497</td><td>69,693</td><td>35,755</td><td>196</td><td>56,226</td><td>45,586</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>69,864</td><td>53,429</td><td>180</td><td>56,173</td><td>49,035</td><td>6,711</td><td>-</td><td>427</td><td>28,328</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>5,560</td><td>1,793</td><td>-</td><td>325</td><td>27,366</td></tr><tr><td>1948</td><td>250,063</td><td>239,382</td><td>160,346</td><td>13,757</td><td>22,988</td><td>11,375</td><td>62,986</td><td>49,636</td><td>164</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>237,966</td><td>155,147</td><td>11,536</td><td>29,427</td><td>3,296</td><td>60,709</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>295,209</td><td>228,853</td><td>145,310</td><td>13,533</td><td>18,418</td><td>20,404</td><td>53,159</td><td>49,636</td><td>150</td><td>67,544</td><td>57,536</td><td>8,472</td><td>297</td><td>954</td><td>285</td><td>32,356</td></tr><tr><td>1951</td><td>292,892</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>36,021</td><td>156</td><td>80,281</td><td>57,572</td><td>7,818</td><td>47</td><td>14,366</td><td>319</td><td>38,653</td></tr><tr><td>Debt peaks</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>8,043</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>1950-Dec.</td><td>254,283</td><td>220,575</td><td>152,450</td><td>13,627</td><td>5,373</td><td>39,258</td><td>44,398</td><td>47,636</td><td>158</td><td>68,125</td><td>58,019</td><td>8,640</td><td>221</td><td>953</td><td>292</td><td>33,707</td></tr><tr><td>1951-July</td><td>253,325</td><td>218,618</td><td>139,279</td><td>14,413</td><td>9,524</td><td>36,360</td><td>42,772</td><td>36,058</td><td>152</td><td>79,339</td><td>57,538</td><td>7,966</td><td>28</td><td>13,524</td><td>324</td><td>34,707</td></tr><tr><td>Aug.</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>152</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>Sept.</td><td>254,958</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>152</td><td>79,129</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>Oct.</td><td>255,940</td><td>220,325</td><td>141,753</td><td>16,949</td><td>28,015</td><td>18,669</td><td>42,016</td><td>36,053</td><td>152</td><td>78,571</td><td>57,501</td><td>7,705</td><td>-</td><td>13,017</td><td>348</td><td>35,615</td></tr><tr><td>Nov.</td><td>257,233</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>152</td><td>78,650</td><td>57,532</td><td>7,737</td><td>-</td><td>13,014</td><td>346</td><td>35,862</td></tr><tr><td>Dec.</td><td>257,070</td><td>221,169</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>152</td><td>78,483</td><td>57,597</td><td>7,534</td><td>-</td><td>13,011</td><td>351</td><td>35,902</td></tr><tr><td>1952-Jan.</td><td>257,482</td><td>221,249</td><td>142,690</td><td>18,104</td><td>29,079</td><td>18,121</td><td>40,897</td><td>36,046</td><td>142</td><td>78,299</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>Feb.</td><td>258,136</td><td>221,776</td><td>142,701</td><td>18,104</td><td>29,079</td><td>18,134</td><td>40,897</td><td>36,044</td><td>142</td><td>79,075</td><td>57,682</td><td>8,044</td><td>-</td><td>12,986</td><td>363</td><td>36,360</td></tr><tr><td>Mar.</td><td>255,794</td><td>219,301</td><td>141,376</td><td>16,363</td><td>29,079</td><td>18,450</td><td>40,800</td><td>36,042</td><td>142</td><td>77,925</td><td>57,680</td><td>6,911</td><td>-</td><td>12,969</td><td>364</td><td>36,493</td></tr></table>
Source: Daily Treasury Statement. Footnote at end of Table 4.
Table 4.- Net Change in Interest-Bearing Public Debt
(Increase, or decrease (-), in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="7">Public issues</th><th colspan="5">Normarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="5">Marketable</th><th>Total</th><th>U. S. savings bonds</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Treasury bonds, investment series</th><th>Other 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificate</th><th>Notes</th><th>Treasury bonds</th><th>Bank re-stricted 1/</th><th>Other bonds 2/</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>2,061</td><td>-</td><td>-</td><td>244</td><td>3,416</td></tr><tr><td>1945</td><td>56,813</td><td>52,289</td><td>40,917</td><td>2,307</td><td>5,313</td><td>6,092</td><td>11,610</td><td>15,595</td><td>*</td><td>11,371</td><td>10,979</td><td>579</td><td>-</td><td>-</td><td>-187</td><td>4,585</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>-3,089</td><td>16,703</td><td>-16</td><td>-53</td><td>3,449</td><td>-3,424</td><td>-</td><td>-</td><td>-78</td><td>3,520</td></tr><tr><td>1947</td><td>-12,997</td><td>-18,032</td><td>-20,904</td><td>-1,261</td><td>-9,508</td><td>-10,119</td><td>3,983</td><td>-3,083</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>-21,708</td><td>3,832</td><td>-6,861</td><td>*</td><td>-2</td><td>461</td><td>1,907</td><td>-1,166</td><td>-1,230</td><td>959</td><td>-9</td><td>2,045</td></tr><tr><td>1949</td><td>698</td><td>-1,866</td><td>-5,199</td><td>-2,221</td><td>6,340</td><td>-7,779</td><td>-2,036</td><td>*</td><td>-2</td><td>3,332</td><td>2,986</td><td>467</td><td>-167</td><td>-5</td><td>92</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>1,271</td><td>3,612</td><td>-99</td><td>-1</td><td>-84</td><td>-420</td></tr><tr><td>1951</td><td>-2,358</td><td>-4,655</td><td>-17,393</td><td>81</td><td>-8,909</td><td>15,402</td><td>-10,387</td><td>-13,576</td><td>-4</td><td>12,738</td><td>36</td><td>-655</td><td>-250</td><td>13,572</td><td>34</td><td>2,297</td></tr><tr><td>1951-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>-5,350</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>-12,314</td><td>-1</td><td>-1</td><td>-</td><td>-581</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>1,066</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>654</td><td>287</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>128</td></tr><tr><td>Mar.</td><td>-2,382</td><td>-2,475</td><td>-1,325</td><td>-1,241</td><td>-</td><td>16</td><td>-98</td><td>-2</td><td>-</td><td>-1,151</td><td>-2</td><td>-1,132</td><td>-</td><td>-16</td><td>*</td><td>133</td></tr></table>
1/ Issues which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to specified dates, except that: (1) concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. Bank re-stricted 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 com- version 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 retirement funds</th><th>Government Life Insurance Fund</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 1/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Other 2/</th></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>-</td><td>4,766</td><td>27</td><td>1,469</td><td>502</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td></tr><tr><td>1945</td><td>18,812</td><td>97</td><td>-</td><td>5,308</td><td>37</td><td>1,868</td><td>589</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td><td>14</td></tr><tr><td>1946</td><td>22,338</td><td>120</td><td>-</td><td>5,910</td><td>49</td><td>2,177</td><td>654</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>1947</td><td>27,366</td><td>408</td><td>-</td><td>7,104</td><td>62</td><td>2,460</td><td>1,254</td><td>6,474</td><td>1,628</td><td>806</td><td>7,182</td><td>30</td></tr><tr><td>1948</td><td>30,212</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,923</td><td>1,286</td><td>6,935</td><td>1,912</td><td>1,310</td><td>7,500</td><td>11</td></tr><tr><td>1949</td><td>32,776</td><td>666</td><td>117</td><td>9,003</td><td>95</td><td>3,270</td><td>1,318</td><td>7,288</td><td>1,252</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>2,144</td><td>7,266</td><td>13</td></tr><tr><td>1950-December</td><td>33,707</td><td>839</td><td>50</td><td>11,104</td><td>81</td><td>4,177</td><td>1,278</td><td>5,335</td><td>1,630</td><td>2,365</td><td>6,841</td><td>7</td></tr><tr><td>1951-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>668</td><td>2,447</td><td>7,537</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>5,297</td><td>668</td><td>2,546</td><td>7,512</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>52</td><td>12,792</td><td>79</td><td>4,756</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>5,155</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>5,168</td><td>603</td><td>2,671</td><td>7,726</td><td>19</td></tr><tr><td>Mar.</td><td>36,493</td><td>901</td><td>81</td><td>13,274</td><td>79</td><td>4,794</td><td>1,274</td><td>5,148</td><td>593</td><td>2,694</td><td>7,636</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="8">Computed annual interest rate</th></tr><tr><th colspan="2">Amount outstanding</th><th>Computed annual interest charge</th><th>Total interest-bearing securities</th><th colspan="4">Public debt</th><th colspan="2">Non-marketable issues</th><th>Guaranteed securities</th></tr><tr><th>Public debt and guaranteed securities</th><th>Public debt</th><th>Public debt and guaranteed securities</th><th>Public debt</th><th>Total public debt</th><th>Total</th><th>Bill</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Special issues</th><th></th></tr><tr><td>1944</td><td>201,099</td><td>199,543</td><td>3,869</td><td>1,985</td><td>1,989</td><td>1,725</td><td>.381</td><td>.875</td><td>1,881</td><td>2,379</td><td>2,417</td><td>2,405</td><td>1,335</td></tr><tr><td>1945</td><td>256,766</td><td>256,357</td><td>4,969</td><td>1,935</td><td>1,936</td><td>1,718</td><td>.381</td><td>.875</td><td>1,204</td><td>2,31k</td><td>2,473</td><td>2,436</td><td>1,321</td></tr><tr><td>1946</td><td>268,578</td><td>268,111</td><td>5,337</td><td>1,992</td><td>1,996</td><td>1,773</td><td>.381</td><td>.875</td><td>1,289</td><td>2,307</td><td>2,567</td><td>2,446</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>5,457</td><td>2,182</td><td>2,182</td><td>1,942</td><td>1,014</td><td>1,042</td><td>1,204</td><td>2,309</td><td>2,623</td><td>2,588</td><td>1,924</td></tr><tr><td>1949</td><td>250,785</td><td>250,762</td><td>5,606</td><td>2,236</td><td>2,236</td><td>2,001</td><td>1,176</td><td>1,225</td><td>1,375</td><td>2,313</td><td>2,629</td><td>2,596</td><td>2,210</td></tr><tr><td>1950</td><td>255,226</td><td>255,209</td><td>5,613</td><td>2,200</td><td>2,200</td><td>1,958</td><td>1,187</td><td>1,163</td><td>1,314</td><td>2,322</td><td>2,569</td><td>2,589</td><td>2,684</td></tr><tr><td>1951</td><td>252,879</td><td>252,892</td><td>5,740</td><td>2,270</td><td>2,270</td><td>1,981</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>253,352</td><td>253,325</td><td>5,743</td><td>2,267</td><td>2,267</td><td>1,980</td><td>1,593</td><td>1,875</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>5,819</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>257,480</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>2,052</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><tr><td>Mar.</td><td>255,833</td><td>255,794</td><td>5,918</td><td>2,314</td><td>2,314</td><td>2,052</td><td>1,667</td><td>1,875</td><td>1,561</td><td>2,320</td><td>2,651</td><td>2,608</td><td>2,556</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.
May 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 4/</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>1,591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>383</td><td>9,020</td><td>-</td><td>-</td><td>-</td><td>57</td><td>1,118</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>-</td><td>-</td><td>-</td><td>-</td><td>360</td><td>9,205</td><td>-</td><td>-</td><td>-</td><td>57</td><td>750</td></tr><tr><td>1947</td><td>11,946</td><td>510</td><td>-</td><td>-</td><td>516</td><td>-</td><td>347</td><td>9,965</td><td>-</td><td>-</td><td>-</td><td>56</td><td>550</td></tr><tr><td>1948</td><td>2,769</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>204</td></tr><tr><td>1949</td><td>6,051</td><td>1,669</td><td>-</td><td>782</td><td>914</td><td>-</td><td>337</td><td>1,656</td><td>1,015</td><td>-</td><td>100</td><td>92</td><td>126</td></tr><tr><td>1950</td><td>8,423</td><td>3,153</td><td>-</td><td>964</td><td>964</td><td>-</td><td>369</td><td>1,456</td><td>1,281</td><td>65</td><td>100</td><td>19</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>1,379</td><td>489</td><td>274</td><td>1,540</td><td>114</td><td>100</td><td>44</td><td>107</td></tr><tr><td>1951-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>2,585</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>9,459</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><tr><td>Mar.</td><td>9,491</td><td>1,995</td><td>376</td><td>1,138</td><td>1,015</td><td>2,077</td><td>585</td><td>191</td><td>1,691</td><td>131</td><td>100</td><td>39</td><td>151</td></tr></table>
Source: Dally 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 retaining the net proceeds from the sale of debt operations. To avoid duplication, these 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 control of the Administrator, General Services Administration, the function of borrowing from the 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 policy superseded the Economic Cooperation Administration, effective December 30, 1951, pursuant to the Mutual Security Act of 1951 (Public Law 165), approved October 10, 1951, and Executive Order 10300, of November 1, 1951.
4/ For elim. 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.
5/ Exempt securities issued under Defense Production Act.
6/ For Farmers' Home Administration program.
7/ For Natural Fibers Revolving Fund.
8/ Consists of notes issued by Federal Farm Mortgage Corporation and Home Owners' Loan Corporation prior to 1950 and by Virgin Islands Company in 1948-50, and advances under agreement with Veterans' Administration for direct loan program beginning August 1950. For details see "Treasury Bulletin, Issue 39, March 1951.
9/ 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. 1187).
20
Treasury Bulletin
DEBT OUTSTANDING
Table 8.- Public Debt and Guaranteed Securities Outstanding by Months
(End of month, in millions of dollars)
<table><tr><th>Year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr></table>
Public debt
<table><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></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></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>27,093</td><td>27,189</td><td>27,080</td><td>27,190</td><td>27,188</td><td>28,479</td></tr><tr><td>1935</td><td>28,476</td><td>28,526</td><td>28,817</td><td>28,668</td><td>28,638</td><td>28,701</td><td>29,123</td><td>29,033</td><td>29,421</td><td>29,462</td><td>30,557</td></tr><tr><td>1936</td><td>30,516</td><td>30,520</td><td>31,499</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>34,407</td></tr><tr><td>1937</td><td>34,502</td><td>34,601</td><td>34,788</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></tr><tr><td>1938</td><td>37,633</td><td>37,633</td><td>37,526</td><td>37,520</td><td>37,422</td><td>37,165</td><td>37,192</td><td>37,593</td><td>38,393</td><td>38,423</td><td>39,427</td></tr><tr><td>1939</td><td>39,931</td><td>39,899</td><td>39,988</td><td>40,063</td><td>40,280</td><td>40,440</td><td>40,661</td><td>40,891</td><td>40,958</td><td>41,036</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>43,772</td><td>43,905</td><td>44,073</td><td>44,137</td><td>45,025</td></tr><tr><td>1941</td><td>45,877</td><td>46,090</td><td>47,173</td><td>47,331</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>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>68,572</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></tr><tr><td>1943</td><td>111,069</td><td>114,024</td><td>115,507</td><td>129,089</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></tr><tr><td>1944</td><td>170,699</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>230,630</td></tr><tr><td>1945</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>278,115</td></tr><tr><td>1946</td><td>278,887</td><td>279,214</td><td>276,012</td><td>273,098</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>259,149</td></tr><tr><td>1947</td><td>259,776</td><td>261,418</td><td>259,124</td><td>257,701</td><td>258,343</td><td>258,286</td><td>259,448</td><td>260,097</td><td>259,145</td><td>259,071</td><td>256,212</td></tr><tr><td>1948</td><td>256,574</td><td>254,605</td><td>258,990</td><td>258,240</td><td>252,236</td><td>258,292</td><td>253,374</td><td>253,049</td><td>252,687</td><td>252,460</td><td>252,506</td></tr><tr><td>1949</td><td>228,620</td><td>228,721</td><td>251,042</td><td>251,530</td><td>251,089</td><td>228,770</td><td>233,877</td><td>255,892</td><td>256,680</td><td>256,778</td><td>256,982</td></tr><tr><td>1950</td><td>256,865</td><td>259,969</td><td>257,454</td><td>255,718</td><td>256,520</td><td>257,357</td><td>257,511</td><td>257,974</td><td>257,326</td><td>256,837</td><td>256,777</td></tr><tr><td>1951</td><td>256,125</td><td>255,941</td><td>254,997</td><td>254,767</td><td>259,093</td><td>259,222</td><td>255,957</td><td>256,644</td><td>257,353</td><td>258,298</td><td>259,604</td></tr><tr><td>1952</td><td>259,775</td><td>260,362</td><td>258,084</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>259,419</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>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>2,996</td><td>2,823</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>1,625</td><td>1,875</td><td>4,821</td><td>4,860</td><td>4,894</td></tr><tr><td>1935</td><td>3,300</td><td>3,480</td><td>3,589</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>4,661</td><td>4,682</td><td>4,662</td></tr><tr><td>1936</td><td>4,562</td><td>4,630</td><td>4,694</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>4,644</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>4,046</td><td>4,046</td><td>4,046</td><td>4,047</td><td>4,092</td><td>4,853</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>5,319</td><td>5,317</td></tr><tr><td>1940</td><td>5,699</td><td>5,673</td><td>5,663</td><td>5,657</td><td>5,535</td><td>5,529</td><td>5,526</td><td>5,813</td><td>5,808</td><td>5,810</td><td>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>6,360</td><td>6,371</td><td>6,310</td><td>6,939</td><td>6,937</td><td>6,937</td><td>6,938</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>5,703</td><td>5,696</td><td>5,690</td><td>5,688</td><td>5,687</td><td>4,568</td><td>4,581</td><td>4,592</td><td>4,574</td><td>4,265</td><td>4,264</td><td>4,301</td></tr><tr><td>1943</td><td>4,291</td><td>4,287</td><td>4,360</td><td>4,372</td><td>4,091</td><td>4,100</td><td>3,791</td><td>3,941</td><td>3,971</td><td>4,119</td><td>4,160</td><td>4,230</td></tr><tr><td>1944</td><td>4,275</td><td>4,233</td><td>2,278</td><td>2,274</td><td>1,669</td><td>1,623</td><td>1,565</td><td>1,566</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>1,125</td><td>1,171</td><td>433</td><td>505</td><td>534</td><td>545</td><td>558</td><td>553</td><td>561</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>319</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>188</td><td>178</td><td>177</td><td>90</td><td>80</td><td>79</td><td>76</td><td>83</td><td>89</td><td>81</td></tr><tr><td>1948</td><td>77</td><td>79</td><td>78</td><td>75</td><td>75</td><td>73</td><td>55</td><td>52</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>42</td></tr><tr><td>1952</td><td>38</td><td>37</td><td>41</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><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>23,592</td><td>23,994</td></tr><tr><td>1934</td><td>25,378</td><td>26,232</td><td>26,453</td><td>26,443</td><td>26,578</td><td>27,734</td><td>28,254</td><td>28,695</td><td>29,064</td><td>29,784</td><td>30,122</td><td>31,543</td></tr><tr><td>1935</td><td>31,776</td><td>32,006</td><td>32,406</td><td>32,383</td><td>32,367</td><td>32,824</td><td>33,328</td><td>33,280</td><td>33,790</td><td>33,882</td><td>34,094</td><td>35,052</td></tr><tr><td>1936</td><td>35,078</td><td>35,150</td><td>36,113</td><td>36,101</td><td>36,339</td><td>38,497</td><td>38,168</td><td>38,049</td><td>38,500</td><td>38,500</td><td>38,456</td><td>39,069</td></tr><tr><td>1937</td><td>39,164</td><td>39,263</td><td>39,390</td><td>39,601</td><td>39,873</td><td>41,089</td><td>41,419</td><td>41,678</td><td>41,508</td><td>41,590</td><td>41,738</td><td>41,924</td></tr><tr><td>1938</td><td>42,099</td><td>42,279</td><td>42,202</td><td>42,157</td><td>42,274</td><td>42,017</td><td>42,255</td><td>42,608</td><td>43,402</td><td>43,424</td><td>43,596</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>45,800</td><td>46,141</td><td>46,380</td><td>46,324</td><td>46,484</td><td>47,013</td><td>47,486</td></tr><tr><td>1940</td><td>48,038</td><td>48,203</td><td>48,338</td><td>48,335</td><td>48,383</td><td>48,497</td><td>49,297</td><td>49,977</td><td>49,931</td><td>49,947</td><td>50,132</td><td>50,292</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>57,058</td><td>58,283</td><td>61,582</td><td>61,364</td><td>64,262</td></tr><tr><td>1942</td><td>55,715</td><td>58,077</td><td>58,109</td><td>70,649</td><td>74,058</td><td>76,991</td><td>81,717</td><td>86,277</td><td>91,057</td><td>97,167</td><td>100,380</td><td>112,471</td></tr><tr><td>1943</td><td>112,360</td><td>118,311</td><td>119,867</td><td>134,221</td><td>140,004</td><td>140,796</td><td>145,316</td><td>148,003</td><td>162,261</td><td>169,166</td><td>170,318</td><td>170,308</td></tr><tr><td>1944</td><td>174,933</td><td>187,339</td><td>196,993</td><td>187,241</td><td>188,035</td><td>206,666</td><td>210,138</td><td>211,369</td><td>211,064</td><td>211,807</td><td>216,537</td><td>232,144</td></tr><tr><td>1945</td><td>233,938</td><td>234,851</td><td>235,094</td><td>236,224</td><td>240,003</td><td>259,115</td><td>262,590</td><td>263,323</td><td>262,565</td><td>262,376</td><td>265,894</td><td>278,682</td></tr><tr><td>1946</td><td>279,445</td><td>279,764</td><td>276,565</td><td>274,443</td><td>273,135</td><td>269,898</td><td>268,603</td><td>267,924</td><td>265,768</td><td>263,918</td><td>262,646</td><td>259,487</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>259,268</td><td>260,176</td><td>259,221</td><td>259,155</td><td>258,301</td><td>256,981</td></tr><tr><td>1948</td><td>256,651</td><td>254,683</td><td>253,068</td><td>252,315</td><td>252,311</td><td>252,366</td><td>253,429</td><td>253,101</td><td>252,738</td><td>252,513</td><td>252,563</td><td>252,854</td></tr><tr><td>1949</td><td>252,656</td><td>252,747</td><td>251,666</td><td>251,553</td><td>251,912</td><td>252,798</td><td>253,902</td><td>255,879</td><td>256,709</td><td>256,805</td><td>257,011</td><td>257,169</td></tr><tr><td>1950</td><td>256,892</td><td>255,395</td><td>255,747</td><td>255,740</td><td>256,370</td><td>257,377</td><td>257,557</td><td>257,891</td><td>257,236</td><td>256,959</td><td>257,100</td><td>256,731</td></tr><tr><td>1951</td><td>256,143</td><td>255,958</td><td>255,018</td><td>234,748</td><td>255,122</td><td>255,251</td><td>255,685</td><td>256,677</td><td>257,336</td><td>258,336</td><td>259,047</td><td>259,461</td></tr><tr><td>1952</td><td>259,813</td><td>260,399</td><td>258,124</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; Office of the Treasurer of the United States for guaranteed securities prior to July 1942, Statement of Contingent Liabilities. 1/ Obligations, issued by certain Government corporations and other agencies, which are guaranteed by the United States as to both principal and interest.
Such obligations were first authorized in 1932. Prior to September 1939, the figures represent principal shown as a contingent liability of the United States; beginning September 1939, they represent principal outstanding, both matured and unmatured. Guaranteed securities held by the Treasury are excluded.
May 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, March 31, 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>975,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitations:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended</td><td>857,838</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury)</td><td>41</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>857,873</td></tr><tr><td>Balance issuable under limitation</td><td>17,927</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding March 31, 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>16,863</td><td>-</td><td>16,863</td></tr><tr><td>Certificates of indebtedness</td><td>89,079</td><td>-</td><td>89,079</td></tr><tr><td>Treasury notes</td><td>18,430</td><td>-</td><td>18,430</td></tr><tr><td>Treasury bonds - bank eligible</td><td>40,300</td><td>-</td><td>40,300</td></tr><tr><td>Treasury bonds - bank restricted</td><td>36,048</td><td>-</td><td>36,048</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td></td><td>148</td><td>148</td></tr><tr><td>Total marketable</td><td>141,834</td><td>148</td><td>141,376</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value)</td><td>37,680</td><td>-</td><td>37,680</td></tr><tr><td>Treasury savings notes</td><td>6,911</td><td>-</td><td>6,911</td></tr><tr><td>Depository bonds</td><td>364</td><td>-</td><td>364</td></tr><tr><td>Treasury bonds, investment series</td><td>18,969</td><td>-</td><td>18,969</td></tr><tr><td>Total nonmarketable</td><td>77,985</td><td>-</td><td>77,985</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>36,493</td><td>-</td><td>36,493</td></tr><tr><td>Total interest-bearing securities</td><td>255,692</td><td>148</td><td>255,794</td></tr><tr><td>Natured securities on which interest has ceased</td><td>177</td><td>4</td><td>481</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States earning stamps</td><td>49</td><td>-</td><td>49</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>1,833</td><td>-</td><td>1,833</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>308</td><td>308</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>1,304</td><td>505</td><td>1,809</td></tr><tr><td>Total public debt</td><td>257,132</td><td>651</td><td>258,084</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>39</td><td>-</td><td>39</td></tr><tr><td>Matured</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Total guaranteed securities</td><td>41</td><td>-</td><td>41</td></tr><tr><td>Total public debt and guaranteed securities</td><td>257,173</td><td>651</td><td>258,124</td></tr></table>
Source: Bureau of the Public Debt. 1/ Issues which commercial banks may not acquire prior to specified dates
(with minor exceptions). See "Debt Outstanding", Table J, footnote 1. g/ 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 March 31, 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>1959</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>Bills 1-7/8% Certificate - 4/1/52-A</td><td>4,809,697</td><td>-</td><td>-</td><td>Mar.</td><td>1-1/2% Note - 2-7/8% Bond - 3/15/59-A</td><td>5,365</td><td>2,611</td><td>-</td><td>2,611</td><td>-</td></tr><tr><td>May.</td><td>Bills</td><td>6,106</td><td>-</td><td>-</td><td>June.</td><td>2-1/4% Bond - 6/15/59-55</td><td>-</td><td>1,501</td><td>725</td><td>725</td><td>-</td></tr><tr><td>June.</td><td>Bills - 1-7/8% Certificate - 7/1/52-B</td><td>4,702,1249</td><td>-</td><td>-</td><td>Dec.</td><td>2% Bond - 12/15/59-55</td><td>6,894</td><td>-</td><td>510</td><td>510</td><td>-</td></tr><tr><td>July.</td><td>Bills (Tax Anticipation Series)</td><td>5,216</td><td>-</td><td>-</td><td></td><td>Total</td><td>12,219</td><td>2,611</td><td>2,736</td><td>2,736</td><td></td></tr><tr><td>Aug.</td><td>1-7/8% Certificate - 8/15/52-C</td><td>983</td><td>-</td><td>-</td><td>1956</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-7/8% Certificate - 9/1/52-D</td><td>1,832</td><td>7,986</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>1,449</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>Apr.</td><td>1-1/2% Note - 4/1/56-AA</td><td>1,007</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dec.</td><td>1-7/8% Certificate - 12/1/52-F</td><td>1,063</td><td>510</td><td>-</td><td>June.</td><td>2-1/4% Bond - 6/15/56-56</td><td>-</td><td>681</td><td>-</td><td>681</td><td>-</td></tr><tr><td></td><td>2% Bond 2/ - 12/15/51-55</td><td>-</td><td>5,829</td><td>-</td><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>-</td><td>982</td><td>-</td><td>982</td><td>-</td></tr><tr><td></td><td>2-1/4% Bond 5/ - 6/15/52-55</td><td>-</td><td>1,501</td><td>-</td><td>Oct.</td><td>1-1/2% Note - 10/1/56-60</td><td>549</td><td>3,822</td><td>-</td><td>3,822</td><td>-</td></tr><tr><td></td><td>2% Bond - 12/15/52-54</td><td>-</td><td>8,662</td><td>-</td><td></td><td>Total</td><td>1,956</td><td>6,253</td><td>681</td><td>681</td><td></td></tr><tr><td>Total</td><td></td><td>37,075</td><td>24,489</td><td>-</td><td>1957</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-3/8% Bond - 3/15/57-59</td><td>-</td><td>926</td><td>-</td><td>926</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><td></td></tr><tr><td>Feb.</td><td>1-7/8% Certificate - 2/15/53-A</td><td>8,867</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>1,449</td><td>-</td></tr><tr><td>June.</td><td>2% Bond - 6/15/53-55</td><td>-</td><td>725</td><td>-</td><td>June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>-</td><td>919</td><td>-</td><td>919</td><td>-</td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td>-</td><td>7,986</td><td>-</td><td>Total</td><td></td><td>-</td><td>919</td><td>1,449</td><td>1,449</td><td></td></tr><tr><td>Total</td><td></td><td>8,867</td><td>725</td><td>7,986</td><td>1959</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-3/8% Bond - 3/15/57-59</td><td>-</td><td>-</td><td>926</td><td>926</td><td>-</td></tr><tr><td>1954</td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>-</td><td>5,282</td><td>-</td><td>5,282</td><td>6/15/52</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>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>-</td><td>-</td><td>982</td><td>982</td><td>-</td></tr><tr><td>June.</td><td>2% Bond - 6/15/52-54</td><td>-</td><td>5,825</td><td>-</td><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>3,469</td><td>-</td><td>12/15/52</td><td>-</td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td>-</td><td>8,662</td><td>-</td><td>Total</td><td></td><td>-</td><td>8,721</td><td>5,729</td><td>5,729</td><td></td></tr><tr><td>Total</td><td></td><td>4,675</td><td>681</td><td>14,487</td><td>1960</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-7/8% Bond - 3/15/59-60</td><td>-</td><td>2,611</td><td>-</td><td>2,611</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>-</td><td>1,485</td><td>-</td><td>1,485</td><td>-</td></tr><tr><td></td><td>Total</td><td></td><td></td><td></td><td>Total</td><td></td><td>-</td><td>1,485</td><td>2,611</td><td>2,611</td><td></td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1952
23
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding March 31, 1952 --(Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>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></th><th></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</td><td>June... 3% Panama Canal bond - 6/1/61</td><td>50</td><td>-</td><td>-</td><td>1967</td><td>June...</td><td>2-1/2% Bond - 6/15/62-67...... 2-1/2% Bond - 6/15/67-72......</td><td>-</td><td>2,118</td><td>5/15/62</td><td>6/15/62</td></tr><tr><td>1962</td><td>June... 2-1/4% Bond - 6/15/59-62...... 2-1/2% Bond - 6/15/62-67......</td><td>-</td><td>5,282</td><td>2,118</td><td>6/15/52 5/5/52</td><td>Sept...</td><td>2-1/2% Bond - 9/15/67-72......</td><td>-</td><td>2,716</td><td>-</td><td>-</td></tr><tr><td></td><td>Dec.... 2-1/4% Bond - 12/15/59-62......</td><td>-</td><td>3,469</td><td>2,118</td><td>12/15/52</td><td>Dec....</td><td>2-1/2% Bond - 12/15/67-72......</td><td>-</td><td>4,072</td><td>-</td><td>12/15/62</td></tr><tr><td></td><td>Total........</td><td>-</td><td>8,751</td><td>2,118</td><td></td><td></td><td>Total........</td><td>-</td><td>8,788</td><td>2,118</td><td></td></tr><tr><td>1963</td><td>June... 2-3/4% Bond - 6/15/58-63......</td><td>-</td><td>-</td><td>919</td><td>1969</td><td>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></td><td>Dec.... 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><td></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>7,595</td><td></td><td></td></tr><tr><td>1964</td><td>June... 2-1/2% Bond - 6/15/64-69......</td><td>-</td><td>3,760</td><td>-</td><td>1970</td><td>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></td><td>Dec.... 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><td></td></tr><tr><td></td><td>Total........</td><td>-</td><td>7,595</td><td>-</td><td>1971</td><td>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</td><td>Mar.... 2-1/2% Bond - 3/15/65-70......</td><td>-</td><td>5,195</td><td>-</td><td>1972</td><td>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></td><td>Dec.... 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>-</td><td></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>4,072</td><td>12/15/62</td><td></td></tr><tr><td>1966</td><td>Mar.... 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>8,788</td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement and Bureau of the Public Debt. 1/ Excludes postal savings bonds. 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities. For date of issue of each security, see "Market Quotations", for tax status, see "Treasury Survey of Ownership". 3/ Bank restricted issues may not be acquired by commercial banks (with
minor exceptions) prior to specified dates; see "Debt Outstanding", Table 3, footnote 1. Not called for redemption on March 15, 1952, second call date. Callable on September 15, 1952, succeeding interest payment date. Not called for redemption on June 15, 1952, second call date. Callable on December 15, 1952, succeeding interest payment date. Not called for redemption on June 15, 1952, first call date. Callable on December 15, 1952, succeeding interest payment date.
214
Treasury Bulletin
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="4">Description of new issue</th><th>Amount maturing on issue date of new offering</th><th>Total unma-tured issues outstanding after new issues</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>On compet-itive basis</th><th>On noncompeti-tive basis 1/</th><th>In exchange</th><th></th><th></th></tr><tr><td colspan="10">Regular Series</td></tr><tr><td>1951-Dec. 6</td><td>1952-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>1,200.5</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>1,796.7</td><td>1,200.5</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>1,065.5</td><td>138.8</td><td>55.5</td><td>1,200.9</td><td>15,619.3</td></tr><tr><td>1952-Jan. 3</td><td>Apr. 3</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>2,178.9</td><td>1,202.4</td><td>984.3</td><td>218.1</td><td>92.0</td><td>1,200.3</td><td>15,621.9</td></tr><tr><td>Jan. 24</td><td>Apr. 24</td><td>91</td><td>2,139.4</td><td>1,200.7</td><td>989.2</td><td>211.5</td><td>60.2</td><td>1,200.9</td><td>15,621.4</td></tr><tr><td>Jan. 31</td><td>May 1</td><td>91</td><td>2,285.8</td><td>1,301.4</td><td>1,120.6</td><td>180.8</td><td>80.8</td><td>1,301.7</td><td>15,921.1</td></tr><tr><td>Feb. 7</td><td>May 8</td><td>91</td><td>2,136.2</td><td>1,102.2</td><td>1,119.4</td><td>128.8</td><td>59.8</td><td>1,300.3</td><td>15,623.0</td></tr><tr><td>Feb. 14</td><td>May 15</td><td>91</td><td>2,132.7</td><td>1,301.5</td><td>1,102.7</td><td>193.8</td><td>58.9</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>914.5</td><td>135.5</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>951.5</td><td>149.6</td><td>82.4</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>2,308.3</td><td>1,200.1</td><td>1,017.1</td><td>183.0</td><td>53.7</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>52.0</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>40.6</td><td>1,204.5</td><td>15,614.0</td></tr><tr><td>Apr. 3</td><td>July 3</td><td>91</td><td>2,186.0</td><td>1,201.5</td><td>1,032.7</td><td>168.8</td><td>40.1</td><td>1,201.1</td><td>15,614.3</td></tr><tr><td>Apr. 10</td><td>July 10</td><td>91</td><td>2,112.8</td><td>1,401.8</td><td>1,198.0</td><td>203.7</td><td>46.3</td><td>1,201.2</td><td>15,614.9</td></tr><tr><td>Apr. 17</td><td>July 17</td><td>91</td><td>2,287.2</td><td>1,400.9</td><td>1,191.9</td><td>209.0</td><td>70.7</td><td>1,202.4</td><td>16,013.4</td></tr><tr><td>Apr. 24</td><td>July 24</td><td>91</td><td>2,383.0</td><td>1,400.6</td><td>1,185.5</td><td>215.1</td><td>70.7</td><td>1,200.7</td><td>16,213.3</td></tr><tr><td colspan="10">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>3,358.9</td><td>1,248.8</td><td>895.9</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-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>99,600</td><td>1.582</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>1.665</td><td>99,600 3/</td><td>1.582</td><td>99,512</td><td>1.931</td></tr><tr><td>1952-Jan. 3</td><td>99,524</td><td>1.883</td><td>99,608</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>1.650</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 5/</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>99,608</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>99,625</td><td>1.484</td><td>99,596</td><td>1.598</td></tr><tr><td>Feb. 7</td><td>99,600</td><td>1.584</td><td>99,625</td><td>1.484</td><td>99,598</td><td>1.590</td></tr><tr><td>Feb. 14</td><td>99,585</td><td>1.543</td><td>99,625</td><td>1.484</td><td>99,581</td><td>1.658</td></tr><tr><td>Feb. 21</td><td>99,519</td><td>1.507</td><td>99,625</td><td>1.484</td><td>99,615</td><td>1.583</td></tr><tr><td>Feb. 28</td><td>99,605</td><td>1.363</td><td>99,630</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>1.529</td><td>99,570</td><td>1.701</td></tr><tr><td>Mar. 13</td><td>99,549</td><td>1.784</td><td>99,610</td><td>1.543</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>99,591</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>1.602</td></tr><tr><td>Apr. 3p</td><td>99,596</td><td>1.588</td><td>99,615</td><td>1.523</td><td>99,594</td><td>1.606</td></tr><tr><td>Apr. 10p</td><td>99,588</td><td>1.629</td><td>99,615</td><td>1.523</td><td>99,585</td><td>1.642</td></tr><tr><td>Apr. 17p</td><td>99,583</td><td>1.650</td><td>99,608</td><td>1.551</td><td>99,581</td><td>1.658</td></tr><tr><td>Apr. 24p</td><td>99,591</td><td>1.616</td><td>99,608</td><td>1.551</td><td>99,590</td><td>1.622</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 7/</td><td>1.381</td><td>99,158</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.
1/ 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.
Revised.
May 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>7/8%</td><td>Certificate - 2/1/47-B</td><td>1 yr</td><td>4,954</td><td></td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>3/1/46</td><td>7/8%</td><td>Certificate - 3/1/47-C</td><td>1 yr</td><td>4,106</td><td></td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>4/1/46</td><td>7/8%</td><td>Certificate - 4/1/47-D</td><td>1 yr</td><td>4,742</td><td></td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/8%</td><td>Certificate - 6/1/47-E</td><td>1 yr</td><td>4,168</td><td></td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/8%</td><td>Certificate - 7/1/47-F</td><td>1 yr</td><td>4,673</td><td></td><td>2,916</td><td>62</td></tr><tr><td>7/17/46</td><td>8/1/46</td><td>7/8%</td><td>Certificate - 8/1/47-G</td><td>1 yr</td><td>2,307</td><td></td><td>1,223</td><td>52</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/8%</td><td>Certificate - 9/1/47-H</td><td>1 yr</td><td>4,145</td><td></td><td>2,341</td><td>56</td></tr><tr><td>9/18/46</td><td>10/1/46</td><td>7/8%</td><td>Certificate - 10/1/47-J</td><td>1 yr</td><td>3,203</td><td></td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>11/1/46</td><td>7/8%</td><td>Certificate - 11/1/47-K</td><td>1 yr</td><td>3,432</td><td></td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/8%</td><td>Certificate - 12/1/47-L</td><td>1 yr</td><td>3,281</td><td></td><td>3,281</td><td>100</td></tr><tr><td>12/18/46</td><td>1/1/47</td><td>7/8%</td><td>Certificate - 1/1/48-A</td><td>1 yr</td><td>3,134</td><td></td><td>3,134</td><td>100</td></tr><tr><td>1/20/47</td><td>2/1/47</td><td>7/8%</td><td>Certificate - 2/1/48-B</td><td>1 yr</td><td>4,801</td><td></td><td>3,947</td><td>82</td></tr><tr><td>2/17/47</td><td>3/1/47</td><td>7/8%</td><td>Certificate - 3/1/48-C</td><td>1 yr</td><td>2,951</td><td></td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/8%</td><td>Certificate - 4/1/48-D</td><td>1 yr</td><td>2,669</td><td></td><td>1,321</td><td>48</td></tr><tr><td>5/21/47</td><td>6/1/47</td><td>7/8%</td><td>Certificate - 6/1/48-E</td><td>1 yr</td><td>2,510</td><td></td><td>1,777</td><td>70</td></tr><tr><td>6/23/47</td><td>7/1/47</td><td>7/8%</td><td>Certificate - 7/1/48-F</td><td>1 yr</td><td>2,742</td><td></td><td>2,742</td><td>100</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/8%</td><td>Certificate - 7/1/48-G</td><td>11 m</td><td>1,127</td><td></td><td>1,127</td><td>100</td></tr><tr><td>8/20/47</td><td>9/1/47</td><td>15%</td><td>Note - 10/1/48-H</td><td>10 m</td><td>2,209</td><td></td><td>2,209</td><td>100</td></tr><tr><td>9/12/47</td><td>9/15/47</td><td>15%</td><td>Note - 10/1/48-I</td><td>12/2 m</td><td>1,092</td><td></td><td>4,092</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>15%</td><td>Certificate - 10/1/48-J</td><td>1 yr</td><td>1,354</td><td></td><td>1,354</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>15%</td><td>Certificate - 10/1/48-K</td><td>11 m</td><td>1,467</td><td></td><td>1,467</td><td>100</td></tr><tr><td>11/19/47</td><td>12/1/47</td><td>1-1/8%</td><td>Note - 1/1/49-A</td><td>1 yr</td><td>3,535</td><td></td><td>3,535</td><td>100</td></tr><tr><td>12/19/47</td><td>1/1/48</td><td>1-1/8%</td><td>Certificate - 1/1/49-A</td><td>1 yr</td><td>2,592</td><td></td><td>2,592</td><td>100</td></tr><tr><td>1/20/48</td><td>2/1/48</td><td>1-1/8%</td><td>Certificate - 2/1/49-B</td><td>1 yr</td><td>2,189</td><td></td><td>2,189</td><td>100</td></tr><tr><td>2/18/48</td><td>3/1/48</td><td>1-1/8%</td><td>Certificate - 3/1/49-C</td><td>1 yr</td><td>3,553</td><td></td><td>3,553</td><td>100</td></tr><tr><td>3/22/48</td><td>4/1/48</td><td>1-1/8%</td><td>Certificate - 4/1/49-D</td><td>1 yr</td><td>1,055</td><td></td><td>1,055</td><td>100</td></tr><tr><td>5/19/48</td><td>6/1/48</td><td>1-1/8%</td><td>Certificate - 6/1/49-E</td><td>1 yr</td><td>1,301</td><td></td><td>1,301</td><td>100</td></tr><tr><td>6/21/48</td><td>7/1/48</td><td>1-1/8%</td><td>Certificate - 7/1/49-F</td><td>1 yr</td><td>5,783</td><td></td><td>5,783</td><td>100</td></tr><tr><td>9/1/48</td><td>9/15/48</td><td>1-3/8%</td><td>Note - 4/1/50-A</td><td>6/4 m</td><td>3,596</td><td></td><td>3,596</td><td>100</td></tr><tr><td>9/20/48</td><td>10/1/48</td><td>1-1/4%</td><td>Certificate - 10/1/49-G</td><td>1 yr</td><td>6,535</td><td></td><td>6,535</td><td>100</td></tr><tr><td>12/15/48</td><td>12/15/48</td><td>1-1/4%</td><td>Certificate - 12/15/49-H</td><td>1 yr</td><td>519</td><td></td><td>519</td><td>100</td></tr><tr><td>12/15/48</td><td>1/1/49</td><td>1-1/4%</td><td>Certificate - 1/1/50-A</td><td>1 yr</td><td>5,695</td><td></td><td>5,695</td><td>100</td></tr><tr><td>1/19/49</td><td>2/1/49</td><td>1-1/4%</td><td>Certificate - 2/1/50-B</td><td>1 yr</td><td>1,993</td><td></td><td>1,993</td><td>100</td></tr><tr><td>2/15/49</td><td>3/1/49</td><td>1-1/4%</td><td>Certificate - 3/1/50-C</td><td>1 yr</td><td>2,922</td><td></td><td>2,922</td><td>100</td></tr><tr><td>3/21/49</td><td>4/1/49</td><td>1-1/4%</td><td>Certificate - 4/1/50-D</td><td>1 yr</td><td>963</td><td></td><td>963</td><td>100</td></tr><tr><td>5/19/49</td><td>6/1/49</td><td>1-1/4%</td><td>Certificate - 6/1/50-E</td><td>1 yr</td><td>5,013</td><td></td><td>5,013</td><td>100</td></tr><tr><td>6/20/49</td><td>7/1/49</td><td>1-1/4%</td><td>Certificate - 7/1/50-F</td><td>1 yr</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>1-1/8%</td><td>Certificate - 9/1/50-G</td><td>1 yr</td><td>1,197</td><td></td><td>1,197</td><td>100</td></tr><tr><td>9/21/49</td><td>10/1/49</td><td>1-1/8%</td><td>Certificate - 10/1/50-H</td><td>1 yr</td><td>6,248</td><td></td><td>6,248</td><td>100</td></tr><tr><td>12/15/49</td><td>12/15/49</td><td>1-3/8%</td><td>Note - 3/15/58-A</td><td>4 yr</td><td>4,675</td><td></td><td>4,675</td><td>100</td></tr><tr><td>12/19/49</td><td>1/1/50</td><td>1-1/8%</td><td>Certificate - 1/1/51-A</td><td>1 yr</td><td>5,373</td><td></td><td>5,373</td><td>100</td></tr><tr><td>1/20/50</td><td>2/1/50</td><td>1-1/4%</td><td>Note - 10/1/51-A</td><td>1 yr</td><td>1,918</td><td></td><td>1,918</td><td>100</td></tr><tr><td>2/17/50</td><td>3/1/50</td><td>1-1/4%</td><td>Note - 7/1/51-B</td><td>1 yr</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>1-1/4%</td><td>Note - 3/15/55-A</td><td>5 yr</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>1-1/4%</td><td>Note - 7/1/51-C</td><td>1 yr</td><td>896</td><td></td><td>896</td><td>100</td></tr><tr><td>5/1/50</td><td>6/1/50</td><td>1-1/4%</td><td>Certificate - 7/1/51-D</td><td>1 yr</td><td>4,818</td><td></td><td>4,818</td><td>100</td></tr><tr><td>6/23/50</td><td>7/1/50</td><td>1-1/4%</td><td>Note - 8/1/51-K</td><td>1 yr</td><td>5,351</td><td></td><td>5,351</td><td>100</td></tr><tr><td>9/15/50</td><td>9/15/50</td><td>1-1/4%</td><td>Note - 10/15/51-F</td><td>1 yr</td><td>5,941</td><td></td><td>5,941</td><td>100</td></tr><tr><td>9/18/50</td><td>10/1/50</td><td>1-1/4%</td><td>Note - 11/1/51-G</td><td>1 yr</td><td>2,253</td><td></td><td>2,253</td><td>100</td></tr><tr><td>12/4/50</td><td>12/15/50</td><td>1-3/4%</td><td>Note - 12/15/55-B</td><td>5 yr</td><td>6,854</td><td></td><td>6,854</td><td>100</td></tr><tr><td>6/4/51</td><td>6/15/51</td><td>1-1/2%</td><td>Note - 4/1/56-EA</td><td>5 yr</td><td>1,007 3/1</td><td></td><td>1,007 3/1</td><td>100</td></tr><tr><td>7/16/51</td><td>8/1/51</td><td>1-7/8%</td><td>Certificate - 7/1/52-B</td><td>9/8 m</td><td>9,324</td><td></td><td>9,324</td><td>100</td></tr><tr><td>9/4/51</td><td>9/15/51</td><td>1-7/8%</td><td>Certificate - 8/15/52-C</td><td>11 m</td><td>5,216</td><td></td><td>5,216</td><td>100</td></tr><tr><td>9/18/51</td><td>10/1/51</td><td>1-7/8%</td><td>Certificate - 9/1/52-D</td><td>11 m</td><td>583</td><td></td><td>583</td><td>100</td></tr><tr><td>10/1/51</td><td>10/15/51</td><td>1-7/8%</td><td>Certificate - 10/1/52-E</td><td>11 m</td><td>1,832</td><td></td><td>1,832</td><td>100</td></tr><tr><td>12/3/51</td><td>12/15/51</td><td>1-7/8%</td><td>Note - 10/1/56-EO</td><td>5 yr</td><td>10,861</td><td></td><td>10,861</td><td>100</td></tr><tr><td>2/18/52</td><td>3/1/52</td><td>8-3/8%</td><td>Bond - 3/15/57-59</td><td>7 yr</td><td>390 3/1</td><td></td><td>390 3/1</td><td>100</td></tr><tr><td>2/18/52</td><td>3/1/52</td><td>1-7/8%</td><td>Certificate - 2/15/53-A</td><td>7 yr</td><td>1,063</td><td></td><td>1,063</td><td>100</td></tr><tr><td>2/18/52</td><td>4/1/52</td><td>1-1/2%</td><td>Note - 4/1/57-EA</td><td>5 yr</td><td>11 3/1</td><td></td><td>11 3/1</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-1975-80, dated April 1, 1951. For further information relating to the original offering see "Treasury Bulletin" for April 1951, page A-1, and for that relating to the reopening on
June 4, 1952, see "Treasury Bulletin" for May 1952, page A-10. Amounts shown are as of April 30, 1952. 3/ Includes exchanges by Federal Reserve System amounting to $1,000 million in the case of Series EA-1956, $500 million in the case of Series EO-1956, and $500 million in the case of Series EA-1957. 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>Date of refunding or retirement</th><th>Description</th><th>Date of issue</th><th>Amount outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="2">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Re-changed</th><th>Turned in for cash By Federal Reserve Banks 2/ By other investors</th><th></th></tr><tr><td colspan="9">(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>1&frac12;</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></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></tr><tr><td>12/15/49</td><td>1-1/4% Certificate - 12/15/49-H 2% Bond - 12/15/49 3-1/8% Bond - 12/15/49</td><td>12/15/48 7/15/42 12/15/36</td><td>519 2,098 491 1,786</td><td>-</td><td>519 2,098 491 1,786</td><td>484 2,028 457 1,696</td><td>-</td><td>35 70 24 90</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></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></tr><tr><td>2/1/50</td><td>1-1/4% Certificate - 2/1/50-B</td><td>2/1/49</td><td>1,993</td><td>-</td><td>1,993</td><td>1,918</td><td>-</td><td>75</td></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></tr><tr><td>3/15/50</td><td>2% Bond - 3/15/50</td><td>10/19/42</td><td>1,963</td><td>-</td><td>1,963</td><td>1,862</td><td>-</td><td>102</td></tr><tr><td>4/1/50</td><td>1-3/8% Note - 4/1/50-A</td><td>9/15/48</td><td>3,596</td><td>-</td><td>3,596</td><td>3,504</td><td>-</td><td>92</td></tr><tr><td></td><td>Total</td><td></td><td>5,559</td><td>-</td><td>5,559</td><td>5,365</td><td>-</td><td>194</td></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></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></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></tr><tr><td>9/15/50</td><td>1-1/8% Certificate - 9/15/50-G 2-1/2% Bond - 9/15/50-H 2% Bond - 9/15/50-I</td><td>9/15/48 9/15/38 9/15/43</td><td>1,197 1,186 4,939</td><td>-</td><td>1,197 1,186 4,939</td><td>1,039 905 3,997</td><td>-</td><td>158 281 942</td></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></tr><tr><td>10/1/50</td><td>1-1/8% Certificate - 10/1/50-J</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></tr><tr><td>12/15/50</td><td>1-1/2% Bond - 12/15/50 1-1/8% Certificate - 1/1/51-A</td><td>6/1/45 1/1/50</td><td>2,635 5,137</td><td>-</td><td>2,635 5,137</td><td>2,315 4,518</td><td>-</td><td>320 834</td></tr><tr><td></td><td>Total</td><td></td><td>8,008</td><td>-</td><td>8,008</td><td>6,894</td><td>-</td><td>1,154</td></tr><tr><td>4/1/51</td><td>2-1/2% Bond - 6/15/51-72 2-1/2% Bond - 12/15/51-72</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></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></tr><tr><td>6/15/51</td><td>2-3/4% Bond - 6/15/51-24 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 7/1/50 7/1/50 7/1/50</td><td>1,627 2,741 886 4,818</td><td>-</td><td>1,627 2,741 886 4,818</td><td>1,516 2,607 831 4,570</td><td>-</td><td>110 134 55 248</td></tr><tr><td></td><td>Total</td><td></td><td>10,072</td><td>-</td><td>10,072</td><td>9,524</td><td>-</td><td>548</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></tr><tr><td>9/15/51</td><td>3% Bond - 9/15/51-55</td><td>9/15/31</td><td>755</td><td>-</td><td>755</td><td>583</td><td>-</td><td>172</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></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></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></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></tr><tr><td>3/1/52</td><td>2-1/2% Bond - 3/15/52-24</td><td>3/31/41</td><td>1,024</td><td>-</td><td>1,024</td><td>987 p</td><td>-</td><td>97 p</td></tr><tr><td>3/1/52</td><td>1-7/8% Certificate - 1/1/52-A</td><td>6/15/51</td><td>9,524</td><td>-</td><td>9,524</td><td>8,868 p</td><td>-</td><td>656 p</td></tr><tr><td>6/4/52</td><td>2-1/2% Bond - 3/15/65-70 2-1/2% Bond - 3/15/66-71 2-1/2% Bond - 6/15/67-72 2-1/2% Bond - 12/15/67-72</td><td>2/1/44 12/1/44 6/1/45 11/15/45</td><td>5,195 3,480 1,999 4,072</td><td>-</td><td>5,195 3,480 1,999 4,072</td><td>n.a. n.a. n.a. n.a.</td><td>-</td><td>-</td></tr><tr><td></td><td>Total</td><td></td><td>14,746</td><td>-</td><td>14,746</td><td>n.a.</td><td>-</td><td>-</td></tr></table><table><tr><th>Description of new security offered</th></tr><tr><td>1-1/4% Certificate - 7/1/50-F</td></tr><tr><td>1-1/8% Certificate - 9/15/50-G</td></tr><tr><td>1-1/8% Certificate - 10/1/50-H</td></tr><tr><td>1-3/8% Note - 3/15/50-A</td></tr><tr><td>1-1/4% Certificate - 1/1/51-A</td></tr><tr><td>1-1/4% Note - 10/1/51-B</td></tr><tr><td>1-1/2% Note - 3/15/55-A</td></tr><tr><td>1-1/4% Note - 7/1/51-C</td></tr><tr><td>1-1/4% Note - 7/1/51-D</td></tr><tr><td>1-1/4% Note - 8/1/51-E</td></tr><tr><td>1-1/4% Note - 10/1/51-F</td></tr><tr><td>1-1/4% Note - 11/1/51-G</td></tr><tr><td>2-3/8% Bond - 11/1/51-G</td></tr><tr><td>1-3/4% Note - 12/15/55-B</td></tr><tr><td>2-3/4% Treasury Bond, Investment Series B-1975-80 3/</td></tr><tr><td>1-7/8% Certificate - 4/1/52-A</td></tr><tr><td>1-7/8% Certificate - 7/1/52-B</td></tr><tr><td>1-7/8% Certificate - 8/15/52-C</td></tr><tr><td>1-7/8% Certificate - 9/1/52-D</td></tr><tr><td>1-7/8% Certificate - 10/1/52-E</td></tr><tr><td>1-7/8% Certificate - 12/1/52-F</td></tr><tr><td>2-3/8% Bond - 3/15/57-59</td></tr><tr><td>1-7/8% Certificate - 2/15/53-A</td></tr><tr><td>2-3/4% Treasury Bond, Investment Series B-1975-80 3/</td></tr></table>
Sources: 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 securities would be presented for cash redemption.
3/ These nonmarketable bonds, dated April 1, 1951, and maturing
April 1, 1980, are exchangeable for 1-1/2% marketable Treasury notes. See Table 3, footnote 2. In the reopening, the Investment Series bonds are offered for cash subscription as well as exchange, and not less than one quarter of each subscription must be paid for in cash. p Preliminary. n.a. Not available.
May 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-D were sold between March 1935 and the end of April 1945, and Series E, F, and G were first offered in May 1941. When Series E began to mature on May 1, 1951, owners of the matured bonds were offered three options: to redeem the bonds in cash in accordance with the original terms; to retain them with an extended maturity of 10 years at specified rates of interest accrual; or to exchange them for Series G bonds. On April 29, 1952, a number of changes in savings bonds were announced: the rate of interest accrual on Series E was increased; a new current-income bond, Series H, was offered; and Series F and G were replaced with two new issues, Series J and K. Details of these changes are contained in the article "Treasury
Financing Operations" in this issue of the "Treasury Bulletin".
In the tables which follow, 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 March 31, 1952
ons by series, Culture
<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>1,094</td><td>5,003</td><td>4,970</td><td>133</td><td>-</td><td>-</td></tr><tr><td>Series E</td><td>64,456</td><td>5,524</td><td>69,979</td><td>35,130</td><td>-</td><td>34,849</td><td>50.20</td></tr><tr><td>Series F</td><td>8,947</td><td>489</td><td>9,436</td><td>1,569</td><td>-</td><td>3,867</td><td>28.87</td></tr><tr><td>Series G</td><td>23,398</td><td>-</td><td>23,398</td><td>4,434</td><td>-</td><td>18,964</td><td>18.95</td></tr><tr><td>Total unmatured series</td><td>92,801</td><td>6,013</td><td>98,814</td><td>41,133</td><td>-</td><td>57,680</td><td>61.63</td></tr><tr><td>Total Series A-G</td><td>96,750</td><td>7,067</td><td>103,817</td><td>46,003</td><td>133</td><td>57,680</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, All Series Combined
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sale plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt (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>1933-1943</td><td>28,395</td><td>376</td><td>28,771</td><td>1,515</td><td>1,489</td><td>26</td><td>-</td><td>21,256</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,299</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,345</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>4,815</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>40,161</td></tr><tr><td>1945</td><td>12,937</td><td>434</td><td>13,421</td><td>5,958</td><td>5,472</td><td>66</td><td>41</td><td>48,183</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,413</td><td>139</td><td>87</td><td>49,776</td></tr><tr><td>1947</td><td>6,694</td><td>742</td><td>7,436</td><td>5,126</td><td>4,889</td><td>237</td><td>122</td><td>52,053</td></tr><tr><td>1948</td><td>7,295</td><td>872</td><td>8,167</td><td>5,144</td><td>4,840</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>1,204</td><td>7,178</td><td>5,804</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>5,551</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>311</td><td>120</td><td>431</td><td>482</td><td>444</td><td>38</td><td>195</td><td>57,538</td></tr><tr><td>August</td><td>314</td><td>82</td><td>396</td><td>437</td><td>398</td><td>39</td><td>132</td><td>51,509</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>57,552</td></tr><tr><td>December</td><td>297</td><td>133</td><td>430</td><td>401</td><td>367</td><td>34</td><td>132</td><td>57,587</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>57,692</td></tr><tr><td>March</td><td>331</td><td>90</td><td>421</td><td>428</td><td>369</td><td>43</td><td>133</td><td>57,680</td></tr></table>
Source: Daily Treasury Statement; Offices of the Treasurer of the U.S. Footnotes at end of Table 4.
28
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods, 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>5,912</td><td>5,884</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</td><td>536</td><td>4,824</td><td>3,391</td><td>4,088</td><td>103</td><td>30,791</td><td>-</td></tr><tr><td>1948</td><td>4,062</td><td>633</td><td>4,695</td><td>3,825</td><td>3,659</td><td>136</td><td>31,625</td><td>-</td></tr><tr><td>1949</td><td>4,278</td><td>753</td><td>5,032</td><td>3,530</td><td>3,368</td><td>162</td><td>33,127</td><td>-</td></tr><tr><td>1950</td><td>3,993</td><td>895</td><td>4,887</td><td>3,521</td><td>3,326</td><td>195</td><td>34,494</td><td>-</td></tr><tr><td>1951</td><td>3,872</td><td>1,035</td><td>4,907</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>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,215</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>4,095</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>813</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>3,688</td><td>348</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>267</td><td>77</td><td>344</td><td>324</td><td>291</td><td>34</td><td>34,593</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>.86</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>268</td><td>86</td><td>354</td><td>281</td><td>253</td><td>28</td><td>34,666</td><td>.91</td></tr><tr><td>December</td><td>254</td><td>122</td><td>376</td><td>314</td><td>283</td><td>31</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>34,066</td><td>.96</td></tr><tr><td>March</td><td>284</td><td>84</td><td>368</td><td>349</td><td>304 p</td><td>41 p</td><td>34,849</td><td>.99</td></tr></table>
Series F and G combined
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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></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></tr><tr><td>1944</td><td>3,678</td><td>9</td><td>3,687</td><td>132</td><td>131</td><td>*</td><td>9,097</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></tr><tr><td>1946</td><td>2,873</td><td>33</td><td>2,905</td><td>497</td><td>494</td><td>3</td><td>15,312</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>17,600</td></tr><tr><td>1948</td><td>2,209</td><td>61</td><td>2,270</td><td>772</td><td>764</td><td>9</td><td>19,109</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></tr><tr><td>1950</td><td>1,680</td><td>83</td><td>1,763</td><td>821</td><td>807</td><td>14</td><td>22,147</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></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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></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></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></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></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></tr><tr><td>1947</td><td>2,609</td><td>54</td><td>2,663</td><td>715</td><td>708</td><td>7</td><td>18,314</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></tr><tr><td>1949</td><td>1,626</td><td>78</td><td>1,704</td><td>815</td><td>803</td><td>12</td><td>21,501</td></tr><tr><td>1950</td><td>2,406</td><td>87</td><td>2,493</td><td>905</td><td>888</td><td>17</td><td>23,089</td></tr><tr><td>1951</td><td>770</td><td>93</td><td>863</td><td>1,093</td><td>1,071</td><td>22</td><td>22,059</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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></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></tr><tr><td>September</td><td>43</td><td>6</td><td>49</td><td>88</td><td>82</td><td>2</td><td>22,922</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></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></tr><tr><td>December</td><td>43</td><td>11</td><td>54</td><td>81</td><td>80</td><td>2</td><td>22,859</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></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>22,895</td></tr><tr><td>March</td><td>47</td><td>6</td><td>53</td><td>79</td><td>77 p</td><td>1 p</td><td>22,831</td></tr></table>
Footnotes at end of Table 4.
(Continued on following page)
May 1952
29
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods, 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 colspan="3">Redemptions 2/</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 F</td></tr><tr><td colspan="9">Fiscal years:</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>1,999</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>38</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td>1947</td><td>360</td><td>47</td><td>407</td><td>203</td><td>197</td><td>6</td><td>3,099</td><td>-</td></tr><tr><td>1948</td><td>301</td><td>61</td><td>362</td><td>206</td><td>198</td><td>9</td><td>3,255</td><td>-</td></tr><tr><td>1949</td><td>473</td><td>73</td><td>545</td><td>216</td><td>204</td><td>12</td><td>3,584</td><td>-</td></tr><tr><td>1950</td><td>231</td><td>83</td><td>314</td><td>199</td><td>195</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 colspan="9">Calendar years:</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>894</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>159</td><td>155</td><td>4</td><td>2,969</td><td>-</td></tr><tr><td>1947</td><td>342</td><td>94</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>198</td><td>67</td><td>265</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>237</td><td>22</td><td>3,853</td><td>-</td></tr><tr><td colspan="9">Monthly:</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>.96</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>3,861</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>3,853</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>3,852</td><td>.39</td></tr><tr><td>December</td><td>9</td><td>11</td><td>20</td><td>18</td><td>16</td><td>2</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>March</td><td>9</td><td>6</td><td>15</td><td>16</td><td>14 p</td><td>1 p</td><td>3,867</td><td>.40</td></tr><tr><td colspan="9">Series G</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941 and 1942</td><td>2,427</td><td>-</td><td>2,427</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,899</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>15,890</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 5/</td><td>-</td><td>1,523</td><td>794</td><td>794</td><td>-</td><td>19,177</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941 and 1942</td><td>3,701</td><td>-</td><td>3,701</td><td>31</td><td>31</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,222</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>2,320</td><td>-</td><td>2,320</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td>1947</td><td>2,267</td><td>-</td><td>2,267</td><td>512</td><td>512</td><td>-</td><td>15,122</td><td>-</td></tr><tr><td>1948</td><td>2,573</td><td>-</td><td>2,573</td><td>618</td><td>618</td><td>-</td><td>17,108</td><td>-</td></tr><tr><td>1949</td><td>1,392</td><td>-</td><td>1,392</td><td>613</td><td>613</td><td>-</td><td>17,887</td><td>-</td></tr><tr><td>1950</td><td>1,990</td><td>-</td><td>1,990</td><td>682</td><td>682</td><td>-</td><td>19,194</td><td>-</td></tr><tr><td>1951</td><td>646 5/</td><td>-</td><td>646</td><td>834</td><td>834</td><td>-</td><td>19,006</td><td>-</td></tr><tr><td colspan="9">Monthly:</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>30</td><td>-</td><td>30</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>19,033</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>18,999</td><td>.30</td></tr><tr><td>March</td><td>38</td><td>-</td><td>38</td><td>63</td><td>63</td><td>-</td><td>18,964</td><td>.33</td></tr></table>
Source: 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 rowspan="2">Period 6/</th><th rowspan="2">Total</th><th colspan="5">Matured bonds 1/</th><th colspan="3">Unmatured bonds 8/</th></tr><tr><th>Total matured</th><th>Series A-D</th><th colspan="3">Series E</th><th>Total unmatured</th><th>Sales price</th><th>Accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for Series G</th><th></th><th></th><th></th></tr><tr><td>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>5,691</td><td>772</td><td>222</td><td>250</td><td>243</td><td>7</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>51</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>392</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>287</td><td>21</td></tr><tr><td>March</td><td>428</td><td>85</td><td>5</td><td>80</td><td>79</td><td>1</td><td>343</td><td>321</td><td>22</td></tr></table>
Source: Daily Treasury Statement.
1/ Beginning June 1947, Series B sales include unclassified sales of Series E, F, and G. Prior to that time it was possible to distribute by series all sales reported as unclassified to the Daily Treasury Statement. Series B then the greater part of the unclassified sales reported is the Daily Treasury Statement consists of sales for which information is available as to the series but not the year of issue.
2/ Series E 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. 
2/ Beginning May 1951, 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 maturity value, 75% is issue price and 25% is accrued discount. 
3/ Includes redemptions not yet classified (see footnote 2). 
* Less than $500,000. 
p Preliminary.
May 1952
31
UNITED STATES SAVINGS BONDS
Table 5.- Sales and Redemptions of Series E and F and G by Denominations
(In thousands of pieces)
<table><tr><th>Period</th><th colspan="6">Series E</th><th colspan="6">Series F and O combined</th></tr><tr><th></th><th>Total all denominations</th><th>$10 2/</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/</th><th>$500</th><th>$1,000</th><th>Total, all denominations</th><th>$25 2/</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="16">Fiscal years:</td></tr><tr><td>1941-44</td><td>579,568</td><td>-</td><td>414,253</td><td>82,088</td><td>68,686</td><td>-</td><td>8,213</td><td>6,322</td><td>9,463</td><td>592</td><td>3,408</td><td>1,425</td><td>3,166</td><td>423</td><td>450</td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,450</td><td>45,999</td><td>32,083</td><td>-</td><td>3,515</td><td>2,800</td><td>3,336</td><td>291</td><td>1,156</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>165,039</td><td>8,505</td><td>112,071</td><td>24,874</td><td>15,693</td><td>1,311</td><td>2,065</td><td>2,121</td><td>2,323</td><td>126</td><td>649</td><td>371</td><td>937</td><td>117</td><td>124</td></tr><tr><td>1947</td><td>71,356</td><td>2,095</td><td>47,876</td><td>10,896</td><td>7,803</td><td>801</td><td>1,643</td><td>2,241</td><td>2,074</td><td>43</td><td>466</td><td>345</td><td>970</td><td>128</td><td>122</td></tr><tr><td>1948</td><td>58,971</td><td>522</td><td>36,145</td><td>9,901</td><td>7,777</td><td>816</td><td>1,571</td><td>2,238</td><td>1,630</td><td>31</td><td>389</td><td>279</td><td>747</td><td>97</td><td>90</td></tr><tr><td>1949</td><td>64,576</td><td>394</td><td>39,400</td><td>11,423</td><td>8,220</td><td>916</td><td>1,569</td><td>2,328</td><td>1,378</td><td>28</td><td>311</td><td>214</td><td>556</td><td>73</td><td>197</td></tr><tr><td>1950</td><td>64,304</td><td>335</td><td>39,150</td><td>11,841</td><td>8,654</td><td>917</td><td>1,413</td><td>1,995</td><td>1,114</td><td>26</td><td>275</td><td>180</td><td>486</td><td>63</td><td>64</td></tr><tr><td>1951</td><td>64,299</td><td>1</td><td>41,751</td><td>11,786</td><td>7,649</td><td>786</td><td>1,016</td><td>1,290</td><td>813</td><td>81</td><td>193</td><td>119</td><td>301</td><td>38</td><td>142</td></tr><tr><td colspan="16">Calendar years:</td></tr><tr><td>1941-44</td><td>739,041</td><td>3,382</td><td>524,977</td><td>106,459</td><td>86,279</td><td>-</td><td>10,089</td><td>7,659</td><td>11,249</td><td>751</td><td>4,065</td><td>1,718</td><td>3,727</td><td>490</td><td>499</td></tr><tr><td>1945</td><td>233,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,252</td><td>769</td><td>2,984</td><td>2,669</td><td>2,807</td><td>224</td><td>899</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>1946</td><td>93,502</td><td>4,191</td><td>62,769</td><td>13,727</td><td>8,452</td><td>918</td><td>1,505</td><td>1,870</td><td>2,008</td><td>95</td><td>421</td><td>313</td><td>971</td><td>127</td><td>126</td></tr><tr><td>1947</td><td>52,574</td><td>974</td><td>39,219</td><td>10,099</td><td>7,630</td><td>803</td><td>1,607</td><td>2,223</td><td>1,363</td><td>36</td><td>420</td><td>314</td><td>871</td><td>114</td><td>109</td></tr><tr><td>1948</td><td>61,813</td><td>433</td><td>37,639</td><td>10,640</td><td>8,246</td><td>879</td><td>1,603</td><td>2,352</td><td>1,389</td><td>29</td><td>343</td><td>240</td><td>689</td><td>83</td><td>205</td></tr><tr><td>1949</td><td>65,118</td><td>371</td><td>39,572</td><td>11,866</td><td>8,688</td><td>933</td><td>1,514</td><td>2,213</td><td>1,172</td><td>27</td><td>293</td><td>197</td><td>517</td><td>65</td><td>74</td></tr><tr><td>1950</td><td>62,929</td><td>141</td><td>39,090</td><td>11,560</td><td>8,293</td><td>865</td><td>1,257</td><td>1,703</td><td>1,068</td><td>24</td><td>284</td><td>155</td><td>416</td><td>57</td><td>179</td></tr><tr><td>1951</td><td>68,069</td><td>1</td><td>45,661</td><td>12,148</td><td>7,430</td><td>738</td><td>951</td><td>1,139</td><td>622</td><td>80</td><td>176</td><td>109</td><td>255</td><td>29</td><td>34</td></tr><tr><td colspan="16">Months:</td></tr><tr><td>1951-July</td><td>5,639</td><td>*</td><td>3,836</td><td>997</td><td>600</td><td>61</td><td>76</td><td>88</td><td>53</td><td>1</td><td>15</td><td>10</td><td>23</td><td>2</td><td>2</td></tr><tr><td>August</td><td>5,980</td><td>*</td><td>4,049</td><td>1,065</td><td>639</td><td>62</td><td>79</td><td>86</td><td>45</td><td>2</td><td>13</td><td>9</td><td>18</td><td>2</td><td>2</td></tr><tr><td>September</td><td>5,259</td><td>*</td><td>3,600</td><td>912</td><td>596</td><td>53</td><td>67</td><td>71</td><td>42</td><td>1</td><td>12</td><td>8</td><td>17</td><td>2</td><td>1</td></tr><tr><td>October</td><td>6,154</td><td>*</td><td>4,157</td><td>1,104</td><td>660</td><td>64</td><td>83</td><td>86</td><td>56</td><td>2</td><td>16</td><td>10</td><td>23</td><td>3</td><td>2</td></tr><tr><td>November</td><td>6,090</td><td>*</td><td>4,120</td><td>1,077</td><td>639</td><td>61</td><td>79</td><td>84</td><td>46</td><td>2</td><td>13</td><td>8</td><td>18</td><td>2</td><td>2</td></tr><tr><td>December</td><td>5,754</td><td>*</td><td>3,916</td><td>1,001</td><td>602</td><td>60</td><td>75</td><td>80</td><td>45</td><td>2</td><td>15</td><td>8</td><td>17</td><td>2</td><td>1</td></tr><tr><td>1952-January</td><td>7,257</td><td>-</td><td>4,862</td><td>1,281</td><td>772</td><td>79</td><td>113</td><td>150</td><td>68</td><td>2</td><td>19</td><td>13</td><td>28</td><td>3</td><td>3</td></tr><tr><td>February</td><td>6,243</td><td>-</td><td>4,257</td><td>1,106</td><td>633</td><td>59</td><td>83</td><td>103</td><td>44p</td><td>1p</td><td>13p</td><td>8p</td><td>17p</td><td>2p</td><td>2p</td></tr><tr><td>March</td><td>6,700</td><td>-</td><td>4,617</td><td>1,212</td><td>654</td><td>59</td><td>77</td><td>88</td><td>44p</td><td>1p</td><td>14p</td><td>8p</td><td>17p</td><td>2p</td><td>2p</td></tr><tr><td>Inception to date 1,486,389</td><td>21,076</td><td>973,592</td><td>217,961</td><td>161,649</td><td>6,103</td><td>21,784</td><td>22,165</td><td>22,364p</td><td>1,170p</td><td>6,974p</td><td>3,548p</td><td>8,412p</td><td>1,085p</td><td>1,374p</td><td></td></tr><tr><td colspan="16">Redemptions</td></tr><tr><td colspan="16">Fiscal years:</td></tr><tr><td>1941-44</td><td>104,127</td><td>-</td><td>87,874</td><td>10,521</td><td>4,821</td><td>-</td><td>462</td><td>349</td><td>254</td><td>13</td><td>93</td><td>36</td><td>86</td><td>13</td><td>12</td></tr><tr><td>1945</td><td>137,633</td><td>1,317</td><td>111,061</td><td>16,833</td><td>7,380</td><td>-</td><td>600</td><td>431</td><td>341</td><td>27</td><td>128</td><td>31</td><td>108</td><td>15</td><td>12</td></tr><tr><td>1946</td><td>192,985</td><td>6,247</td><td>145,094</td><td>26,343</td><td>13,205</td><td>76</td><td>1,141</td><td>877</td><td>600</td><td>59</td><td>227</td><td>58</td><td>186</td><td>24</td><td>17</td></tr><tr><td>1947</td><td>123,745</td><td>4,109</td><td>88,936</td><td>17,878</td><td>10,713</td><td>189</td><td>1,105</td><td>900</td><td>746</td><td>51</td><td>273</td><td>113</td><td>243</td><td>32</td><td>29</td></tr><tr><td>1948</td><td>93,438</td><td>2,092</td><td>69,331</td><td>18,302</td><td>9,387</td><td>266</td><td>1,115</td><td>1,000</td><td>899</td><td>79</td><td>293</td><td>133</td><td>292</td><td>37</td><td>26</td></tr><tr><td>1949</td><td>79,646</td><td>1,369</td><td>54,809</td><td>12,523</td><td>8,450</td><td>284</td><td>1,077</td><td>1,035</td><td>925</td><td>86</td><td>312</td><td>144</td><td>316</td><td>39</td><td>28</td></tr><tr><td>1950</td><td>76,109</td><td>1,017</td><td>52,101</td><td>12,346</td><td>8,155</td><td>334</td><td>1,069</td><td>1,088</td><td>922</td><td>83</td><td>306</td><td>147</td><td>323</td><td>37</td><td>26</td></tr><tr><td>1951</td><td>82,975</td><td>701</td><td>54,840</td><td>14,134</td><td>9,911</td><td>466</td><td>1,351</td><td>1,472</td><td>1,032</td><td>73</td><td>324</td><td>167</td><td>305</td><td>47</td><td>36</td></tr><tr><td colspan="16">Calendar years:</td></tr><tr><td>1941-44</td><td>168,109</td><td>179</td><td>140,501</td><td>18,110</td><td>8,061</td><td>-</td><td>784</td><td>534</td><td>407</td><td>23</td><td>151</td><td>60</td><td>135</td><td>20</td><td>18</td></tr><tr><td>1945</td><td>173,396</td><td>3,971</td><td>133,267</td><td>22,379</td><td>10,174</td><td>-</td><td>809</td><td>598</td><td>427</td><td>81</td><td>160</td><td>63</td><td>132</td><td>18</td><td>14</td></tr><tr><td>1946</td><td>163,115</td><td>9,802</td><td>113,862</td><td>23,111</td><td>12,965</td><td>165</td><td>1,236</td><td>975</td><td>728</td><td>64</td><td>273</td><td>109</td><td>230</td><td>30</td><td>21</td></tr><tr><td>1947</td><td>108,977</td><td>2,897</td><td>78,911</td><td>15,299</td><td>9,664</td><td>213</td><td>1,077</td><td>920</td><td>800</td><td>72</td><td>283</td><td>122</td><td>264</td><td>34</td><td>25</td></tr><tr><td>1948</td><td>85,888</td><td>1,599</td><td>59,265</td><td>13,470</td><td>9,086</td><td>273</td><td>1,134</td><td>1,065</td><td>917</td><td>81</td><td>309</td><td>143</td><td>316</td><td>40</td><td>28</td></tr><tr><td>1949</td><td>76,933</td><td>1,217</td><td>52,996</td><td>12,284</td><td>8,069</td><td>302</td><td>1,046</td><td>1,025</td><td>915</td><td>87</td><td>305</td><td>144</td><td>315</td><td>38</td><td>26</td></tr><tr><td>1950</td><td>79,176</td><td>835</td><td>53,087</td><td>13,257</td><td>9,081</td><td>404</td><td>1,220</td><td>1,892</td><td>977</td><td>79</td><td>318</td><td>158</td><td>352</td><td>41</td><td>29</td></tr><tr><td>1951</td><td>77,202</td><td>589</td><td>51,292</td><td>13,000</td><td>9,079</td><td>420</td><td>1,244</td><td>1,359</td><td>972</td><td>63</td><td>300</td><td>155</td><td>366</td><td>45</td><td>45</td></tr><tr><td colspan="16">Months:</td></tr><tr><td>1951-July</td><td>6,427</td><td>47</td><td>4,309</td><td>1,075</td><td>747</td><td>33</td><td>103</td><td>114</td><td>90</td><td>6</td><td>26</td><td>14</td><td>32</td><td>4</td><td>7</td></tr><tr><td>August</td><td>6,170</td><td>41</td><td>4,154</td><td>1,028</td><td>713</td><td>31</td><td>98</td><td>105</td><td>80</td><td>6</td><td>24</td><td>12</td><td>29</td><td>4</td><td>5</td></tr><tr><td>September</td><td>5,916</td><td>40</td><td>3,996</td><td>988</td><td>676</td><td>31</td><td>91</td><td>95</td><td>77</td><td>5</td><td>24</td><td>12</td><td>29</td><td>4</td><td>3</td></tr><tr><td>October</td><td>6,127</td><td>37</td><td>4,117</td><td>1,024</td><td>716</td><td>32</td><td>98</td><td>103</td><td>72</td><td>4</td><td>22</td><td>12</td><td>27</td><td>3</td><td>3</td></tr><tr><td>November</td><td>5,464</td><td>32</td><td>3,711</td><td>902</td><td>616</td><td>28</td><td>84</td><td>90</td><td>71</td><td>4</td><td>22</td><td>11</td><td>26</td><td>3</td><td>3</td></tr><tr><td>December</td><td>6,134</td><td>34</td><td>4,207</td><td>1,009</td><td>686</td><td>28</td><td>94</td><td>101</td><td>75</td><td>5</td><td>24</td><td>12</td><td>28</td><td>4</td><td>3</td></tr><tr><td>1952-January</td><td>7,309</td><td>41</td><td>4,917</td><td>1,199</td><td>849</td><td>32</td><td>128</td><td>147</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>February</td><td>5,775</td><td>33</td><td>3,811</td><td>970</td><td>715</td><td>29</td><td>105</td><td>112</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>March</td><td>6,394</td><td>34</td><td>4,306</td><td>1,060</td><td>747</td><td>31</td><td>104</td><td>111</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>Inception to date p 946,274</td><td>17,153</td><td>697,474</td><td>134,335</td><td>78,482</td><td>1,871</td><td>8,826</td><td>8,135</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></table><p>Sources: Based on Daily Treasury Statement and reports from Federal Reserve Banks and Bureau of the Public Debt. Totals by series correspond with the dollar volume of sales and redemptions appearing in Tables 1 and 3. / 1 Sale was reported in both series. /2 Series O bonds (see Table 4).</p><p>All Series F bonds: sale was authorized December 1941. Beginning May 1951 includes exchanges of matured Series I bonds for less than 500 pieces.</p>
1/ Sale was authorized June 1944, to armed forces only; and discontinued after March 31, 1950. 2/ Sales began in October 1945.
Series C bonds (see table 4). Less than 500 pieces. p Preliminary. n.s. Not available.
Treasury Bulletin
32
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 X 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 March 31, 1952
(In millions of dollars)
<table><tr><th>Series</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A (tax series)</td><td>407 1/</td><td>406</td><td>67 1/</td><td>339</td><td>1</td><td>-</td></tr><tr><td>Series B (tax series)</td><td>4,944</td><td>4,944</td><td>182 1/</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C</td><td>32,438 1/</td><td>32,425</td><td>11,034</td><td>21,392</td><td>13</td><td>-</td></tr><tr><td>Series D</td><td>12,333</td><td>10,569</td><td>7,750</td><td>2,819</td><td>6</td><td>1,738</td></tr><tr><td>Series A</td><td>6,479</td><td>1,385</td><td>169</td><td>1,157</td><td>-</td><td>5,133</td></tr><tr><td>Total</td><td>56,601</td><td>49,670</td><td>19,202</td><td>30,468</td><td>20</td><td>6,911</td></tr></table>
Sources: 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 O. * Losses 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">Redemptions 1/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942-44</td><td>21,051</td><td>12,269</td><td>706</td><td>11,563</td><td>25</td><td>9,557</td></tr><tr><td>1945</td><td>7,016</td><td>6,456</td><td>250</td><td>5,905</td><td>6</td><td>10,136</td></tr><tr><td>1946</td><td>3,525</td><td>6,935</td><td>2,630</td><td>4,305</td><td>20</td><td>6,721</td></tr><tr><td>1947</td><td>3,057</td><td>4,200</td><td>2,180</td><td>2,015</td><td>28</td><td>5,360</td></tr><tr><td>1948</td><td>2,114</td><td>3,303</td><td>1,972</td><td>1,331</td><td>35</td><td>4,391</td></tr><tr><td>1949</td><td>3,994</td><td>3,532</td><td>2,079</td><td>1,453</td><td>32</td><td>4,860</td></tr><tr><td>1950</td><td>6,150</td><td>2,549</td><td>1,510</td><td>1,039</td><td>20</td><td>8,472</td></tr><tr><td>1951</td><td>5,142</td><td>5,799</td><td>4,633</td><td>1,166</td><td>18</td><td>7,818</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-44</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>78</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,214</td><td>1,831</td><td>1,363</td><td>98</td><td>5,338</td></tr><tr><td>1948</td><td>3,032</td><td>3,871</td><td>2,446</td><td>1,425</td><td>66</td><td>4,572</td></tr><tr><td>1949</td><td>3,971</td><td>2,951</td><td>1,584</td><td>1,366</td><td>69</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>5,657</td><td>1,265</td><td>47</td><td>7,534</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951-July</td><td>284</td><td>418</td><td>371</td><td>47</td><td>17</td><td>7,926</td></tr><tr><td>August</td><td>344</td><td>219</td><td>206</td><td>13</td><td>27</td><td>8,041</td></tr><tr><td>September</td><td>493</td><td>762</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>7,534</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><tr><td>March</td><td>189</td><td>1,323</td><td>167</td><td>1,156</td><td>20</td><td>6,911</td></tr></table>
Source: Office of the Treasurer of the U.S.; Daily Treasury Statement. 1/ Includes both matured and unmatured notes.
May 1952
33
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="3">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 colspan="3">Total outstanding</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>Total Government investment accounts and Federal Reserve Banks 2/ 3/</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1941</td><td>202,626</td><td>199,343</td><td>18,920</td><td>4,633</td><td>14,887</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>180</td><td>1,186</td><td>150</td><td>1,367</td></tr><tr><td>1945</td><td>299,115</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>55,209</td><td>409</td><td>6</td><td>28</td><td>375</td><td>2,350</td></tr><tr><td>1946</td><td>269,899</td><td>268,111</td><td>29,121</td><td>6,789</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,054</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>32,009</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>3,219</td></tr><tr><td>1948</td><td>256,366</td><td>250,063</td><td>35,161</td><td>5,550</td><td>30,211</td><td>21,366</td><td>192,936</td><td>133,567</td><td>59,369</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>1949</td><td>258,798</td><td>250,768</td><td>38,288</td><td>5,212</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>15,331</td><td>199,045</td><td>131,629</td><td>67,416</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>40,950</td><td>5,305</td><td>34,653</td><td>26,982</td><td>186,911</td><td>111,663</td><td>77,249</td><td>27</td><td>*</td><td>27</td><td>*</td><td>2,372</td></tr><tr><td>1950-Dec.</td><td>256,731</td><td>254,283</td><td>39,197</td><td>5,490</td><td>33,707</td><td>20,778</td><td>194,308</td><td>126,308</td><td>67,999</td><td>22</td><td>*</td><td>21</td><td>1</td><td>2,247</td></tr><tr><td>1951-July</td><td>259,695</td><td>253,325</td><td>41,048</td><td>6,341</td><td>34,707</td><td>23,078</td><td>189,199</td><td>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>256,677</td><td>254,321</td><td>41,485</td><td>6,339</td><td>35,186</td><td>23,127</td><td>189,709</td><td>115,022</td><td>74,686</td><td>31</td><td>*</td><td>30</td><td>-</td><td>2,325</td></tr><tr><td>Sept.</td><td>257,386</td><td>254,958</td><td>42,009</td><td>6,366</td><td>35,637</td><td>23,734</td><td>169,818</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>41,986</td><td>6,367</td><td>35,615</td><td>23,552</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>259,647</td><td>257,653</td><td>42,216</td><td>6,373</td><td>35,862</td><td>23,239</td><td>191,798</td><td>117,396</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>42,281</td><td>6,379</td><td>35,902</td><td>23,801</td><td>190,988</td><td>116,753</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>22,729</td><td>192,066</td><td>117,755</td><td>74,311</td><td>36</td><td>*</td><td>32</td><td>4</td><td>2,305</td></tr><tr><td>Feb.</td><td>260,399</td><td>258,136</td><td>42,661</td><td>6,500</td><td>36,360</td><td>22,528</td><td>192,747</td><td>117,920</td><td>74,827</td><td>35</td><td>*</td><td>33</td><td>2</td><td>2,260</td></tr><tr><td>Mar.</td><td>258,124</td><td>255,794</td><td>42,996</td><td>6,509</td><td>36,493</td><td>22,214</td><td>190,284</td><td>116,607</td><td>73,677</td><td>39</td><td>1</td><td>37</td><td>2</td><td>2,291</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 securities 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
(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>-14</td><td>-9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-1.7</td><td>-12</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>-5.5</td><td>30.0</td><td>5.8</td><td>-3</td><td>-</td><td>-3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>-4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.2</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>-3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-7</td><td>-</td><td>3.3</td><td>-4</td><td>-69.8</td><td>-257.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>-1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-2</td><td>176.9</td><td>106.8</td><td>-12.1</td><td>-30.4</td><td>1.1</td><td>5.4</td><td>4.4</td><td>7.2</td><td>-1</td><td>-8</td><td>-2</td></tr><tr><td>1949</td><td>8.8</td><td>-1.8</td><td>5.1</td><td>1.5</td><td>-54.7</td><td>-88.4</td><td>-1</td><td>3.8</td><td>4.6</td><td>-1.7</td><td>11.5</td><td>-1</td></tr><tr><td>1950</td><td>-6.6</td><td>13.5</td><td>6.3</td><td>1.1</td><td>-1.9</td><td>5.1</td><td>8.2</td><td>-2.0</td><td>5.0</td><td>5.8</td><td>10.7</td><td>7.0</td></tr><tr><td>1951</td><td>36.8</td><td>261.2</td><td>422.7</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>5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
2/ Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U. S. Government for (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. It will be noted that these
transactions differ from those reflected in Table 1 because they exclude those Government investment accounts for which investments are not handled by the Treasury. Table 2 also includes purchases under Section 19 of the Second Liberty Bond Act, as amended (31 U.S.C. 754 a), and excludes the Exchange Stabilization Fund. Less than $50,000.
34
Treasury Bulletin
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities
(Far 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="6">Held by private nonbank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks</th><th>Federal Reserve Banks</th><th></th><th>Total</th><th>Individuals 5/ Total</th><th>Savings bonds</th><th>Other</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Corporations 6/</th><th>State and local government 7/</th><th>Miscellaneous investors 8/</th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>6.5</td><td>22.7</td><td>10.1</td><td>1.9</td><td>8.2</td><td>6.3</td><td>3.1</td><td>2.2</td><td>.4</td><td>.7</td></tr><tr><td>1940-June</td><td>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>7.1</td><td>22.8</td><td>10.1</td><td>2.6</td><td>7.5</td><td>6.5</td><td>3.1</td><td>2.1</td><td>.4</td><td>.7</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>7.6</td><td>23.9</td><td>10.6</td><td>2.8</td><td>7.8</td><td>6.9</td><td>3.2</td><td>2.0</td><td>.5</td><td>.7</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>8.5</td><td>25.0</td><td>11.2</td><td>3.6</td><td>7.6</td><td>7.1</td><td>3.4</td><td>2.0</td><td>.6</td><td>.7</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>9.5</td><td>31.0</td><td>13.6</td><td>5.4</td><td>8.2</td><td>8.2</td><td>3.7</td><td>4.0</td><td>.7</td><td>.9</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>10.6</td><td>37.7</td><td>17.8</td><td>9.1</td><td>8.7</td><td>9.2</td><td>3.9</td><td>4.9</td><td>.9</td><td>1.1</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>12.2</td><td>53.0</td><td>23.7</td><td>13.4</td><td>10.3</td><td>11.3</td><td>4.5</td><td>10.1</td><td>1.0</td><td>2.3</td></tr><tr><td>1943-June</td><td>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>14.3</td><td>67.0</td><td>30.9</td><td>19.2</td><td>11.7</td><td>13.1</td><td>5.3</td><td>12.9</td><td>1.5</td><td>3.4</td></tr><tr><td>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>16.9</td><td>81.7</td><td>37.6</td><td>24.7</td><td>12.9</td><td>15.1</td><td>6.1</td><td>16.4</td><td>2.1</td><td>4.4</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>96.5</td><td>77.7</td><td>18.8</td><td>21.7</td><td>114.0</td><td>52.9</td><td>36.2</td><td>16.7</td><td>19.6</td><td>8.3</td><td>21.4</td><td>4.3</td><td>7.4</td></tr><tr><td>1945-June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>24.9</td><td>128.2</td><td>58.9</td><td>40.7</td><td>18.3</td><td>22.7</td><td>9.6</td><td>22.9</td><td>5.3</td><td>8.9</td></tr><tr><td>December</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>27.0</td><td>136.5</td><td>63.9</td><td>42.9</td><td>21.0</td><td>24.0</td><td>10.7</td><td>22.0</td><td>6.5</td><td>9.5</td></tr><tr><td>1946-February (Peak)</td><td>279.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>28.0</td><td>135.1</td><td>63.9</td><td>43.3</td><td>20.6</td><td>24.4</td><td>11.1</td><td>19.9</td><td>6.7</td><td>9.1</td></tr><tr><td>June</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>29.1</td><td>132.6</td><td>63.2</td><td>43.5</td><td>19.8</td><td>24.9</td><td>11.5</td><td>17.7</td><td>6.5</td><td>8.8</td></tr><tr><td>December</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>30.9</td><td>130.7</td><td>64.1</td><td>44.2</td><td>19.9</td><td>24.9</td><td>11.8</td><td>15.3</td><td>6.3</td><td>8.3</td></tr><tr><td>1947-June</td><td>258.4</td><td>91.9</td><td>70.0</td><td>21.9</td><td>32.8</td><td>133.7</td><td>66.2</td><td>45.5</td><td>20.7</td><td>24.6</td><td>12.1</td><td>13.9</td><td>7.1</td><td>9.8</td></tr><tr><td>December</td><td>257.0</td><td>91.3</td><td>68.7</td><td>22.6</td><td>34.4</td><td>131.3</td><td>65.5</td><td>46.2</td><td>19.3</td><td>23.9</td><td>12.0</td><td>14.1</td><td>7.3</td><td>8.6</td></tr><tr><td>1948-March</td><td>253.1</td><td>86.0</td><td>65.1</td><td>20.9</td><td>35.0</td><td>132.1</td><td>65.4</td><td>46.9</td><td>18.4</td><td>23.4</td><td>12.1</td><td>14.6</td><td>7.8</td><td>8.9</td></tr><tr><td>June</td><td>252.4</td><td>89.9</td><td>64.6</td><td>21.4</td><td>35.8</td><td>130.7</td><td>65.5</td><td>47.1</td><td>18.4</td><td>22.8</td><td>12.0</td><td>13.5</td><td>7.8</td><td>9.1</td></tr><tr><td>September</td><td>252.7</td><td>85.8</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>65.5</td><td>48.5</td><td>18.0</td><td>21.2</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>65.9</td><td>48.8</td><td>18.1</td><td>20.5</td><td>11.6</td><td>15.1</td><td>8.0</td><td>10.0</td></tr><tr><td>September</td><td>256.7</td><td>84.5</td><td>66.5</td><td>18.0</td><td>39.4</td><td>132.8</td><td>67.1</td><td>49.1</td><td>18.0</td><td>20.2</td><td>11.6</td><td>16.0</td><td>8.0</td><td>10.0</td></tr><tr><td>December</td><td>257.2</td><td>85.7</td><td>66.8</td><td>18.9</td><td>39.4</td><td>132.1</td><td>66.4</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>65.0</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>256.1</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>18.5</td><td>10.8</td><td>20.3</td><td>8.9</td><td>11.0</td></tr><tr><td>February</td><td>256.0</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>11.1</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>65.1</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>65.8</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</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>49.2</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><tr><td>February p...</td><td>260.4</td><td>83.6</td><td>61.0</td><td>22.5</td><td>42.9</td><td>134.0</td><td>64.9</td><td>49.1</td><td>15.8</td><td>16.2</td><td>9.8</td><td>22.6</td><td>9.7</td><td>10.8</td></tr></table>
1/ United States earning 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 25, 1946.
5/ Includes partnerships and personal trust accounts. Nonprofit institutions and corporate pension trust funds are included under "Miscellaneous investors".
5/ Exclusive of banks and insurance companies.
7/ Consists of trust, sinking, and investment funds of State and local governments and their agencies, and Territorial and island possessions.
8/ Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning December 1946, includes investments by the International Bank for Reconstruction and Development and the International Monetary Fund in special noninterest-bearing notes issued by the U.S. Government.
p Preliminary.
May 1952
35
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, 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="4">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,146 commercial banks 1/ 2/</th><th>526 mutual savings banks 3/</th><th>Insurance companies 316 life 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></tr><tr><td>Public marketable</td><td>142,734</td><td>53,761</td><td>7,899</td><td>7,265</td><td>4,018</td><td>24,781</td></tr><tr><td>Public nonmarketable 1/</td><td>79,077</td><td>2,213</td><td>1,944</td><td>3,531</td><td>995</td><td>4,248</td></tr><tr><td>Special issue</td><td>36,360</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36,360</td></tr><tr><td>Total interest-bearing securities</td><td>258,171</td><td>55,974</td><td>9,803</td><td>10,796</td><td>5,004</td><td>65,389</td></tr><tr><td>Matured debt and debt bearing no interest 5/</td><td>2,228</td><td></td><td></td><td></td><td></td><td>111,203</td></tr><tr><td>Total securities issued or guaranteed by the U.S. Government 6/</td><td>260,399</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par 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>7,146 commercial banks 1/ 2/</th><th>266 mutual savings banks 1/</th><th>Insurance companies 316 1/</th><th>607 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><th>Type of security:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issued by U. S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>18,104</td><td>6,274</td><td>99</td><td>442</td><td>110</td><td>66</td><td>11,113</td></tr><tr><td>Certificates of indebtedness</td><td>29,079</td><td>7,033</td><td>108</td><td>197</td><td>446</td><td>11,910</td><td>9,386</td></tr><tr><td>Treasury notes</td><td>18,434</td><td>10,456</td><td>68</td><td>1</td><td>366</td><td>5,071</td><td>2,511</td></tr><tr><td>Treasury bonds - bank eligible</td><td>40,897</td><td>29,101</td><td>283</td><td>262</td><td>1,001</td><td>2,293</td><td>7,718</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>36,044</td><td>869</td><td>7,058</td><td>6,352</td><td>2,334</td><td>5,411</td><td>14,221</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>33</td><td>14</td><td>3</td><td>12</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Total</td><td>142,734</td><td>53,761</td><td>7,859</td><td>7,265</td><td>4,018</td><td>24,781</td><td>45,048</td></tr><tr><th>Call classes:</th><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>72,784</td><td>29,973</td><td>624</td><td>774</td><td>1,210</td><td>13,986</td><td>26,216</td></tr><tr><td>1 to 5 years</td><td>28,703</td><td>18,615</td><td>142</td><td>119</td><td>587</td><td>5,252</td><td>3,988</td></tr><tr><td>5 to 10 years</td><td>11,205</td><td>2,340</td><td>1,892</td><td>715</td><td>943</td><td>1,333</td><td>3,882</td></tr><tr><td>10 to 15 years</td><td>21,220</td><td>260</td><td>4,760</td><td>5,474</td><td>1,098</td><td>3,691</td><td>5,937</td></tr><tr><td>15 to 20 years</td><td>8,789</td><td>2,459</td><td>438</td><td>172</td><td>179</td><td>218</td><td>5,022</td></tr><tr><td>Over 20 years</td><td>33</td><td>14</td><td>3</td><td>12</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>142,734</td><td>53,761</td><td>7,859</td><td>7,265</td><td>4,018</td><td>24,781</td><td>45,048</td></tr><tr><th>Tax status 8/</th><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>6,137</td><td>9</td><td>4</td><td>240</td><td>89</td><td>923</td></tr><tr><td>Subject to Federal income taxes 2/</td><td>135,189</td><td>47,609</td><td>7,951</td><td>7,261</td><td>3,778</td><td>24,662</td><td>44,028</td></tr><tr><td>Total</td><td>142,734</td><td>53,761</td><td>7,859</td><td>7,265</td><td>4,018</td><td>24,781</td><td>45,048</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, 1952
Section I - Securities Issued or Guaranteed by the United States Government
Table 3. - Interest-Bearing Public Marketable Securities by Issues
(For 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 2/</th></tr><tr><th></th><th></th><th>7,116 commercial banks 1/ 2/</th><th>526 mutual savings banks 1/</th><th>316 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>Treasury bills:</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>5,332</td><td>94</td><td>398</td><td>98</td><td>62</td><td>9,637</td></tr><tr><td>Tax Anticipation Series......(taxable)</td><td>2,183</td><td>941</td><td>5</td><td>44</td><td>12</td><td>5</td><td>1,176</td></tr><tr><td>Total Treasury bills</td><td>18,104</td><td>6,274</td><td>99</td><td>442</td><td>110</td><td>66</td><td>11,113</td></tr><tr><td>Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-7/3/4 April 1952-A......(taxable)</td><td>9,524</td><td>2,150</td><td>28</td><td>119</td><td>163</td><td>3,963</td><td>2,902</td></tr><tr><td>1-7/3/4 July 1952-B......(taxable)</td><td>5,216</td><td>1,948</td><td>24</td><td>68</td><td>112</td><td>562</td><td>2,502</td></tr><tr><td>1-7/3/4 August 1952-C......(taxable)</td><td>583</td><td>411</td><td>1</td><td>2</td><td>27</td><td>5</td><td>137</td></tr><tr><td>1-7/3/4 September 1952-D......(taxable)</td><td>1,832</td><td>722</td><td>3</td><td>1</td><td>43</td><td>61</td><td>1,003</td></tr><tr><td>1-7/3/4 October 1952-E......(taxable)</td><td>10,061</td><td>818</td><td>17</td><td>7</td><td>71</td><td>7,415</td><td>2,233</td></tr><tr><td>1-7/3/4 December 1952-F......(taxable)</td><td>1,063</td><td>633</td><td>35</td><td>*</td><td>31</td><td>5</td><td>309</td></tr><tr><td>Total certificates of indebtedness</td><td>29,079</td><td>7,033</td><td>108</td><td>197</td><td>446</td><td>11,910</td><td>9,386</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/3/4 March 1954-A......(taxable)</td><td>4,675</td><td>3,521</td><td>20</td><td>*</td><td>140</td><td>245</td><td>748</td></tr><tr><td>1-1/4/4 March 1955-A......(taxable)</td><td>5,355</td><td>4,333</td><td>31</td><td>*</td><td>93</td><td>92</td><td>816</td></tr><tr><td>1-3/4/4 December 1955-B......(taxable)</td><td>6,854</td><td>2,570</td><td>14</td><td>1</td><td>93</td><td>3,234</td><td>943</td></tr><tr><td>1-1/3/4 April 1956-BA......(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>1-1/3/4 October 1956-B0......(taxable)</td><td>533</td><td>27</td><td>2</td><td>-</td><td>-</td><td>500</td><td>4</td></tr><tr><td>Total Treasury notes</td><td>18,434</td><td>10,456</td><td>68</td><td>1</td><td>326</td><td>5,071</td><td>2,511</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/ September 1951-53......(taxable)</td><td>7,986</td><td>4,733</td><td>108</td><td>25</td><td>228</td><td>756</td><td>2,134</td></tr><tr><td>2/ December 1951-55......(taxable)</td><td>510</td><td>352</td><td>8</td><td>*</td><td>13</td><td>8</td><td>128</td></tr><tr><td>2-1/2/4 March 1952-54......(taxable)</td><td>1,024</td><td>431</td><td>50</td><td>2</td><td>16</td><td>350</td><td>175</td></tr><tr><td>2/ June 1952-54......(taxable)</td><td>5,823</td><td>3,977</td><td>85</td><td>12</td><td>145</td><td>462</td><td>1,145</td></tr><tr><td>2-1/3/4 June 1952-55......(taxable)</td><td>1,501</td><td>1,011</td><td>74</td><td>72</td><td>40</td><td>107</td><td>197</td></tr><tr><td>2/ December 1952-54......(taxable)</td><td>8,662</td><td>6,152</td><td>92</td><td>25</td><td>210</td><td>298</td><td>1,886</td></tr><tr><td>2/ June 1953-55......(partially)</td><td>725</td><td>669</td><td>1</td><td>*</td><td>21</td><td>*</td><td>38</td></tr><tr><td>2-1/4/4 June 1954-56......(partially)</td><td>681</td><td>287</td><td>*</td><td>*</td><td>35</td><td>*</td><td>27</td></tr><tr><td>2-7/3/4 March 1955-60......(partially)</td><td>2,611</td><td>1,866</td><td>3</td><td>1</td><td>79</td><td>82</td><td>580</td></tr><tr><td>2-1/2/4 March 1956-58......(taxable)</td><td>1,449</td><td>1,159</td><td>34</td><td>10</td><td>33</td><td>25</td><td>188</td></tr><tr><td>2-3/3/4 September 1956-59......(partially)</td><td>982</td><td>890</td><td>1</td><td>*</td><td>30</td><td>5</td><td>25</td></tr><tr><td>2-1/4/4 September 1956-59......(taxable)</td><td>3,822</td><td>2,991</td><td>34</td><td>107</td><td>62</td><td>69</td><td>559</td></tr><tr><td>2-3/3/4 June 1958-63......(partially)</td><td>919</td><td>829</td><td>3</td><td>*</td><td>41</td><td>1</td><td>49</td></tr><tr><td>2-1/4/4 December 1960-65......(partially)</td><td>1,485</td><td>1,303</td><td>1</td><td>3</td><td>33</td><td>1</td><td>144</td></tr><tr><td>2-1/2/4 September 1967-72......(taxable)</td><td>2,716</td><td>2,156</td><td>29</td><td>6</td><td>12</td><td>129</td><td>384</td></tr><tr><td>Total bank eligible</td><td>40,897</td><td>29,101</td><td>523</td><td>262</td><td>1,001</td><td>2,293</td><td>7,718</td></tr><tr><td>Bank restricted 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4/4 June 1959-62......(taxable)</td><td>5,283</td><td>124</td><td>1,445</td><td>387</td><td>551</td><td>579</td><td>2,196</td></tr><tr><td>2-1/4/4 December 1959-62......(taxable)</td><td>3,469</td><td>181</td><td>444</td><td>329</td><td>318</td><td>732</td><td>1,449</td></tr><tr><td>2-1/2/4 June 1962-67......(taxable)</td><td>2,118</td><td>44</td><td>557</td><td>479</td><td>171</td><td>253</td><td>608</td></tr><tr><td>2-1/2/4 December 1963-68......(taxable)</td><td>2,830</td><td>32</td><td>808</td><td>567</td><td>273</td><td>362</td><td>788</td></tr><tr><td>2-1/2/4 June 1964-69......(taxable)</td><td>3,760</td><td>33</td><td>1,263</td><td>947</td><td>162</td><td>397</td><td>956</td></tr><tr><td>2-1/2/4 December 1964-69......(taxable)</td><td>3,936</td><td>29</td><td>846</td><td>1,109</td><td>182</td><td>936</td><td>1,132</td></tr><tr><td>2-1/2/4 March 1969-70......(taxable)</td><td>5,195</td><td>69</td><td>843</td><td>1,359</td><td>176</td><td>1,307</td><td>1,441</td></tr><tr><td>2-1/2/4 March 1966-71......(taxable)</td><td>3,480</td><td>93</td><td>442</td><td>1,013</td><td>133</td><td>830</td><td>1,009</td></tr><tr><td>2-1/2/4 June 1967-72......(taxable)</td><td>2,000</td><td>113</td><td>264</td><td>74</td><td>53</td><td>131</td><td>1,365</td></tr><tr><td>2-1/2/4 December 1967-72......(taxable)</td><td>4,073</td><td>190</td><td>146</td><td>92</td><td>114</td><td>258</td><td>3,274</td></tr><tr><td>Total bank restricted</td><td>36,044</td><td>869</td><td>7,058</td><td>6,352</td><td>2,134</td><td>5,411</td><td>14,221</td></tr><tr><td>Total Treasury bonds</td><td>76,942</td><td>29,969</td><td>7,581</td><td>6,614</td><td>3,135</td><td>7,703</td><td>21,939</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
May 1952
37
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, 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>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>7,146 commercial banks 1/ 2/</th><th>526 Mutual savings banks 1/</th><th>316 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>Other bonds: Postal savings bonds.........(wholly) Panama Canal bonds.........(wholly)</td><td>92 20</td><td>9 5</td><td>*</td><td>*</td><td>*</td><td>30 *</td><td>53 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/ Federal Housing Administration debentures.........(taxable 10/)</td><td>33</td><td>16</td><td>3</td><td>12</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Total public marketable securities......</td><td>142,734</td><td>53,761</td><td>7,859</td><td>7,265</td><td>4,018</td><td>24,781</td><td>45,048</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities by Issues
(Par value - 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>7,116 commercial banks 1/ 2/</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><th></th></tr><tr><th></th><th></th><th></th><th></th><th>316 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 4/ (taxable)</td><td>34,926</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>34,825</td></tr><tr><td>Series F 1/ (taxable)</td><td>3,867</td><td>442</td><td>18</td><td>36</td><td>84</td><td>1</td><td>3,886</td></tr><tr><td>Series G... (taxable)</td><td>18,989</td><td>925</td><td>568</td><td>279</td><td>453</td><td>19</td><td>16,745</td></tr><tr><td>Total United States savings bonds....</td><td>57,682</td><td>1,367</td><td>586</td><td>315</td><td>537</td><td>21</td><td>54,896</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>8,044</td><td>125</td><td>*</td><td>*</td><td>94</td><td>7</td><td>7,817</td></tr><tr><td>Depository bonds..... (taxable)</td><td>363</td><td>363 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>951</td><td>186</td><td>122</td><td>292</td><td>37</td><td>100</td><td>214</td></tr><tr><td>Investment Series H..... (taxable)</td><td>12,034</td><td>173</td><td>1,335</td><td>2,924</td><td>317</td><td>4,119</td><td>3,207</td></tr><tr><td>Total other U.S. securities.....</td><td>21,393</td><td>846 11/</td><td>1,359</td><td>3,216</td><td>448</td><td>4,227</td><td>11,298</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>Commodity Credit Corporation demand obligations.... (taxable)</td><td>2</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>79,077</td><td>2,213 11/</td><td>1,944</td><td>3,531</td><td>985</td><td>4,248</td><td>66,134</td></tr></table>
Footnotes at end of Section II.
38
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, 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 3/</th></tr><tr><th></th><th></th><th>7,146 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></th></tr><tr><th></th><th></th><th></th><th></th><th>316 life</th><th>607 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Federal intermediate credit banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debentures.........................(taxable)</td><td>707</td><td>370</td><td>23</td><td>4</td><td>23</td><td>-</td><td>288</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>1-5/3/February 1953 (Debentures)....(taxable)</td><td>30</td><td>26</td><td>*</td><td>-</td><td>1</td><td>-</td><td>3</td></tr><tr><td>2-1/2/February 1954 (Debentures)....(taxable)</td><td>40</td><td>28</td><td>*</td><td>-</td><td>1</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>1</td><td>-</td><td>15</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>2.10/4/March 1952 (Notes).........(taxable)</td><td>63</td><td>28</td><td>1</td><td>-</td><td>1</td><td>8</td><td>25</td></tr><tr><td>2-3/5/April 1952 (Notes).........(taxable)</td><td>68</td><td>29</td><td>3</td><td>-</td><td>2</td><td>2</td><td>29</td></tr><tr><td>2.20/4/May 1952 (Notes).........(taxable)</td><td>92</td><td>54</td><td>4</td><td>-</td><td>2</td><td>3</td><td>29</td></tr><tr><td>2.20/6/June 1952 (Notes).........(taxable)</td><td>63</td><td>35</td><td>1</td><td>-</td><td>2</td><td>-</td><td>43</td></tr><tr><td>2.20/8/August 1952 (Notes).......(taxable)</td><td>120</td><td>60</td><td>4</td><td>-</td><td>6</td><td>2</td><td>-</td></tr><tr><td>Total Federal home loan bank securities</td><td>406</td><td>207</td><td>12</td><td>-</td><td>16</td><td>15</td><td>156</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>1-1/4/4/May 1950-52 (Bonds)......(taxable)</td><td>199</td><td>119</td><td>2</td><td>1</td><td>2</td><td>-</td><td>45</td></tr><tr><td>1-1/4/2/January 1951-53 (Bonds)....(taxable)</td><td>136</td><td>162</td><td>*</td><td>*</td><td>1</td><td>-</td><td>22</td></tr><tr><td>2-1/4/4/February 1953-55 (Bonds)....(taxable)</td><td>114</td><td>94</td><td>3</td><td>*</td><td>2</td><td>-</td><td>15</td></tr><tr><td>2-1/2/4/November 1954 (Bonds)....(taxable)</td><td>72</td><td>45</td><td>1</td><td>1</td><td>3</td><td>-</td><td>22</td></tr><tr><td>1-3/4/4/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>789</td><td>636</td><td>7</td><td>1</td><td>11</td><td>-</td><td>131</td></tr></table>
1/ Excludes trust departments.
2/ Includes trust companies and, beginning with figures for July 1949, also securities classfication. Formerly these banks were shown as a separate classfication, but they are no longer so reported.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ United States savings bonds, Series E and F, are shown at current redemption values. They were reported at maturity value by the banks and insurance companies included in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
5/ Holdings by reporting agencies not available.
6/ Excludes guaranteed securities held by the Treasury.
7/ In general, high income banks may not acquire prior to specified dates (with minor exceptions); see "Debt Outstanding", Table 3, footnote 1.
8/ Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on income derived from them. "Wholly" tax-exempt securities are those with the income exempt from both normal tax and surtax. "Partially" tax-exempt securities are those with the
3/ Income exempt from the normal tax except that in the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of such bonds accumulated by any one holder is also exempt from the surtax. "Taxable" securities are those with the income subject to normal tax and surtax.
10/ Includes F. H. A. debentures; see footnote 10.
11/ A small indeterminate amount of these debentures is partially tax-exempt.
11/ Includes $71.9 million debenture 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 $2.7 million, all held by commercial banks, are shown only in the total amount outstanding; buildings 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.
May 1952
39
MARKET QUOTATIONS, MARCH 31, 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 rowspan="2">Amount out- standing (millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Bank discount</th><th rowspan="2">Amount out- standing (millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Bank discount</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>$1,201</td><td>5/3/92</td><td>1/3/92</td><td>1.80%</td><td>.75%</td><td>.99%</td><td>-.24%</td><td>$1,100</td><td>5/22/92</td><td>2/21/92</td><td>1.28%</td><td>1.40%</td><td>1.46%</td><td>-.08%</td></tr><tr><td>1,201</td><td>5/10/92</td><td>1/10/92</td><td>1.35</td><td>.90</td><td>1.12</td><td>-.16</td><td>1,101</td><td>5/29/92</td><td>2/28/92</td><td>1.5%</td><td>1.40</td><td>1.47</td><td>-.10</td></tr><tr><td>1,202</td><td>6/17/92</td><td>1/27/92</td><td>1.35</td><td>1.00</td><td>1.18</td><td>-.20</td><td>1,100</td><td>5/5/92</td><td>3/6/92</td><td>1.5%</td><td>1.42</td><td>1.48</td><td>-.08</td></tr><tr><td>1,201</td><td>6/28/92</td><td>1/29/92</td><td>1.40</td><td>1.20</td><td>1.30</td><td>-.15</td><td>1,200</td><td>6/12/92</td><td>3/13/92</td><td>1.5%</td><td>1.42</td><td>1.48</td><td>-.08</td></tr><tr><td>1,301</td><td>5/1/92</td><td>1/31/92</td><td>1.45</td><td>1.25</td><td>1.35</td><td>-.18</td><td>1,289</td><td>6/19/92</td><td>11/21/91 1/</td><td>1.5%</td><td>1.45</td><td>1.50</td><td>-</td></tr><tr><td>1,302</td><td>5/8/92</td><td>9/7/92</td><td>1.50</td><td>1.30</td><td>1.40</td><td>-.14</td><td>1,201</td><td>6/19/92</td><td>3/20/92</td><td>1.56</td><td>1.46</td><td>1.51</td><td>-</td></tr><tr><td>1,302</td><td>5/15/92</td><td>2/14/92</td><td>1.52</td><td>1.35</td><td>1.44</td><td>-.10</td><td>1,201</td><td>6/26/92</td><td>3/27/92</td><td>1.56</td><td>1.48</td><td>1.52</td><td>-</td></tr></table>
Footnote at end of Section II.
Table 2.- Certificates of Indebtedness (Taxable)
<table><tr><th>Amount outstanding (millions)</th><th colspan="2">Description</th><th>Issue date</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$657</td><td>1-7/8%</td><td>4/1/92-A</td><td>6/15/91</td><td>2/1</td><td>2/1</td><td>2/1</td><td>-</td></tr><tr><td>$416</td><td>1-7/8</td><td>7/1/90-B</td><td>8/1/91</td><td>1.48%</td><td>1.35%</td><td>1.40%</td><td>-.23%</td></tr><tr><td>$83</td><td>1-7/8</td><td>8/15/90-C</td><td>9/15/91</td><td>1.32</td><td>1.45</td><td>1.48</td><td>-.16</td></tr><tr><td>1,832</td><td>1-7/8</td><td>9/1/92-D</td><td>10/1/91</td><td>1.32</td><td>1.48</td><td>1.50</td><td>-.16</td></tr><tr><td>10,861</td><td>1-7/8</td><td>10/1/92-E</td><td>10/15/91</td><td>1.55</td><td>1.50</td><td>1.52</td><td>-.17</td></tr><tr><td>1,063</td><td>1-7/8</td><td>12/1/92-F</td><td>12/15/91</td><td>1.58</td><td>1.52</td><td>1.55</td><td>-.13</td></tr><tr><td>8,967</td><td>1-7/8</td><td>2/15/93-G</td><td>3/1/92</td><td>1.71</td><td>1.66</td><td>1.68</td><td>-.12</td></tr></table>
Footnote at end of Section II.
Table 3.- Other Taxable Issues
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th rowspan="2">Change in mean from last month</th><th rowspan="2">To first call</th><th rowspan="2">Change from last month</th><th rowspan="2">Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 3/</th><th colspan="2">In 1951-52</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="15">Treasury notes:</td></tr><tr><td>$4,575</td><td>1-3/8 - 3/15/54-A</td><td>99.07</td><td>99.09</td><td>99.08</td><td>+.09</td><td>1.77%</td><td>-.12%</td><td>12/15/49</td><td>100.10$</td><td>1/10/50</td><td>98.01$</td><td>5/9/51</td><td>99.10</td><td>3/27/52</td><td>98.01$</td><td>5/9/51</td></tr><tr><td>5,365</td><td>1-1/2 - 3/15/55-A</td><td>98.30</td><td>99.10</td><td>98.71</td><td>+.13</td><td>1.86</td><td>-.13</td><td>3/13/50</td><td>100.07</td><td>3/10/50</td><td>97.32</td><td>12/26/51</td><td>99.10$</td><td>1/19/51</td><td>97.22</td><td>12/26/51</td></tr><tr><td>5,894</td><td>1-3/4 - 12/15/55-B</td><td>99.14</td><td>99.16</td><td>99.15</td><td>+.16</td><td>1.90</td><td>-.13</td><td>12/13/50</td><td>100.04$</td><td>1/19/51</td><td>97.30</td><td>12/27/51</td><td>100.04$</td><td>1/19/51</td><td>97.30</td><td>12/27/51</td></tr><tr><td>1,007</td><td>1-1/2 - 4/1/56-EA</td><td>98.12</td><td>98.20</td><td>98.16</td><td>+.12</td><td>1.89</td><td>-.09</td><td>4/1/51</td><td>98.20</td><td>9/13/51</td><td>97.20</td><td>1/21/52</td><td>98.20</td><td>9/13/51</td><td>97.20</td><td>1/21/52</td></tr><tr><td>249</td><td>1-1/2 - 10/1/56-BO</td><td>98.06</td><td>98.14</td><td>98.10</td><td>+.18</td><td>1.89</td><td>-.13</td><td>10/1/51</td><td>98.10</td><td>3/31/52</td><td>97.12</td><td>1/21/52</td><td>98.10</td><td>3/31/52</td><td>97.12</td><td>1/21/52</td></tr><tr><td colspan="15">Treasury bonds - bank eligible:</td></tr><tr><td>7,986</td><td>25 - 9/15/51-53 5/8</td><td>100.05</td><td>100.07</td><td>100.06</td><td>+.03</td><td>1.98</td><td>-.24</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>99.19</td><td>12/26/51</td><td>100.10$</td><td>1/4/51</td><td>99.19</td><td>12/26/51</td></tr><tr><td>310</td><td>2 - 12/15/51-55 5/8</td><td>100.03</td><td>100.06</td><td>100.04$</td><td>+.05$</td><td>1.80</td><td>-.12</td><td>12/15/41</td><td>104.25</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>5,823</td><td>2 - 6/15/52-54 5/8</td><td>100.04</td><td>100.06</td><td>100.05</td><td>+.04</td><td>1.78</td><td>-.18</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>99.12</td><td>12/27/51</td><td>100.18$</td><td>1/3/51</td><td>99.12</td><td>12/27/51</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-54 5/8</td><td>100.13</td><td>100.15</td><td>100.14</td><td>+.02</td><td>1.62</td><td>-.15</td><td>6/25/44</td><td>106.08</td><td>2/9/46</td><td>100.00</td><td>12/27/51</td><td>100.29</td><td>1/19/51</td><td>100.00</td><td>12/27/51</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>100.03$</td><td>100.05$</td><td>100.04$</td><td>+.04$</td><td>1.80</td><td>-.12</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>99.10</td><td>12/27/51</td><td>100.22$</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>101.16</td><td>101.20</td><td>101.18</td><td>+.15</td><td>2.09</td><td>-.13</td><td>6/2/41</td><td>110.22</td><td>2/3/46</td><td>100.27</td><td>3/4/52</td><td>103.23</td><td>1/19/51</td><td>100.27</td><td>3/4/52</td></tr><tr><td>1,822</td><td>2-1/4 - 9/15/56-59</td><td>100.12</td><td>100.16</td><td>100.14</td><td>+.04</td><td>2.15</td><td>-.13</td><td>2/1/44</td><td>107.16</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>926</td><td>2-3/8 - 3/15/57-59</td><td>1v.24</td><td>100.26</td><td>100.25</td><td>+.19</td><td>2.21</td><td>-.13</td><td>3/1/52</td><td>100.26</td><td>3/27/52</td><td>100.04</td><td>3/4/52</td><td>100.26</td><td>3/27/52</td><td>100.04</td><td>3/4/52</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/57-72 5/8</td><td>97.26</td><td>97.30</td><td>97.28</td><td>+.28</td><td>2.64%</td><td>-.05</td><td>10/20/41</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.
(Continued on following page)
40
Treasury Bulletin
MARKET QUOTATIONS, MARCH 31, 1952
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Other Taxable Issues - (Continued)
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th></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 colspan="2">Since first traded</th><th colspan="2">In 1951-52</th></tr><tr><th></th><th></th><th colspan="3"></th><th></th><th></th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="2">Treasury bonds - bank restricted</td><td colspan="3">8/</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></tr><tr><td>$5,282</td><td>2-1/4 - 6/15/59-62</td><td>98.02</td><td>98.06</td><td>98.04</td><td>+1.09</td><td>2.46% 7/</td><td>-1.1%</td><td>6/1/55</td><td>104.20</td><td>6/6/46</td><td>96.03</td><td>12/27/51</td><td>102.09</td><td>1/19/51</td><td>96.03</td><td>12/27/51</td></tr><tr><td>3,469</td><td>2-1/4 - 12/15/59-62</td><td>97.22</td><td>97.26</td><td>97.24</td><td>+1.02</td><td>2.49 7/</td><td>-1.11</td><td>11/15/55</td><td>104.21</td><td>6/6/46</td><td>95.31</td><td>12/27/51</td><td>101.09</td><td>1/19/51</td><td>95.31</td><td>12/27/51</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/58-61</td><td>93.24</td><td>93.28</td><td>93.26</td><td>+1.02</td><td>2.60 7/</td><td>-0.08</td><td>5/5/52</td><td>108.12</td><td>6/6/46</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 - 12/15/53-58</td><td>97.24</td><td>97.28</td><td>97.26</td><td>+2.14</td><td>2.56 7/</td><td>-0.06</td><td>12/1/52</td><td>108.03</td><td>6/6/46</td><td>96.88</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 - 5/15/54-59</td><td>97.02</td><td>97.06</td><td>97.04</td><td>+1.12</td><td>2.71 7/</td><td>-0.03</td><td>4/15/53</td><td>107.25</td><td>6/6/46</td><td>96.10</td><td>1/1/52</td><td>101.23</td><td>1/18/51</td><td>96.10</td><td>1/1/52</td></tr><tr><td>3,836</td><td>2-1/2 - 12/15/54-59</td><td>97.00</td><td>97.04</td><td>97.02</td><td>+1.12</td><td>2.72 7/</td><td>-0.03</td><td>9/15/53</td><td>107.24</td><td>6/6/46</td><td>96.07</td><td>1/1/52</td><td>101.17</td><td>1/18/51</td><td>96.07</td><td>1/1/52</td></tr><tr><td>5,195</td><td>2-1/2 - 3/15/55-70</td><td>96.28</td><td>96.30</td><td>96.29</td><td>+0.9</td><td>2.72 7/</td><td>-0.02</td><td>2/1/44</td><td>107.23</td><td>6/6/46</td><td>96.05</td><td>1/1/52</td><td>101.10</td><td>1/18/51</td><td>96.05</td><td>1/1/52</td></tr><tr><td>3,480</td><td>2-1/2 - 3/15/55-71</td><td>96.25</td><td>96.29</td><td>96.27</td><td>+0.8</td><td>2.71 7/</td><td>-0.02</td><td>12/1/44</td><td>107.22</td><td>6/6/46</td><td>96.03</td><td>1/1/52</td><td>101.07</td><td>1/18/51</td><td>96.03</td><td>1/1/52</td></tr><tr><td>2,000</td><td>2-1/2 - 6/15/57-72 6/</td><td>96.25</td><td>96.29</td><td>96.27</td><td>+0.7</td><td>2.70 7/</td><td>-0.02</td><td>6/1/55</td><td>106.16</td><td>6/6/46</td><td>95.22</td><td>1/1/52</td><td>100.26</td><td>1/19/51</td><td>95.22</td><td>1/1/52</td></tr><tr><td>4,072</td><td>2-1/2 - 12/15/57-72 6/</td><td>96.29</td><td>96.39</td><td>96.27</td><td>+0.8</td><td>2.70 7/</td><td>-0.02</td><td>11/15/55</td><td>106.16</td><td>6/6/46</td><td>95.22</td><td>1/1/52</td><td>100.26</td><td>1/19/51</td><td>95.22</td><td>1/1/52</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>Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">In 1951-52</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>Change from last month</th><th colspan="2">Since first traded</th><th colspan="2"></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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$725</td><td>2% - 6/15/53-55</td><td>101.06</td><td>101.10</td><td>101.08</td><td>.00</td><td>.95%</td><td>-.07%</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.05</td><td>3/10/52</td><td>108.17$</td><td>1/19/51</td><td>101.05</td><td>3/10/52</td></tr><tr><td>601</td><td>2-1/4 - 6/15/54-56</td><td>102.18</td><td>102.22</td><td>102.20</td><td>+.02</td><td>1.0%</td><td>-.07</td><td>7/22/40</td><td>109.89</td><td>3/18/46</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>2-7/8 - 3/15/55-60</td><td>105.03</td><td>105.07</td><td>105.09</td><td>+.08</td><td>1.10</td><td>-.12</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>95.30</td><td>9/80/39</td><td>107.14</td><td>1/29/51</td><td>104.39</td><td>3/5/52</td></tr><tr><td>932</td><td>2-3/4 - 9/15/56-59</td><td>106.88</td><td>107.00</td><td>106.30</td><td>+.08</td><td>1.13</td><td>-.08</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>95.10</td><td>5/1/37</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 - 6/15/58-63</td><td>108.14</td><td>108.18</td><td>108.16</td><td>+.12</td><td>1.32</td><td>-.07</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>111.08</td><td>1/19/51</td><td>107.27</td><td>6/28/51</td></tr><tr><td>1,469</td><td>2-3/4 - 12/15/60-65</td><td>110.18</td><td>110.22</td><td>110.80</td><td>+.20</td><td>1.45</td><td>-.08</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>6/28/51</td></tr><tr><td colspan="2">Panama Canal bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>50</td><td>3% - 6/1/61</td><td>116.08</td><td>117.08</td><td>116.24</td><td>.00</td><td>1.08</td><td>-.01</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>119.12</td><td>2/6/51</td><td>116.00</td><td>2/6/52</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>$63</td><td>2.35% - 4/1/92</td><td>7/2/91</td><td>2/</td><td>2/</td><td>2/</td><td>-</td><td>$86</td><td>2.12% - 9/2/92</td><td>12/3/91</td><td>1.95%</td><td>1.75%</td><td>1.85%</td><td>-1.0%</td></tr><tr><td>56</td><td>2.35 - 5/1/92</td><td>8/1/91</td><td>1.60%</td><td>1.50%</td><td>1.55%</td><td>-1.13%</td><td>102</td><td>2.80 - 10/1/92</td><td>1/2/92</td><td>2.00</td><td>1.80</td><td>1.90</td><td>-1.10</td></tr><tr><td>2</td><td>2.09 - 9/1/92</td><td>2/1/92</td><td>10/</td><td>10/</td><td>10/</td><td>-</td><td>108</td><td>2-1/4 - 11/3/92</td><td>2/1/92</td><td>2.05</td><td>1.90</td><td>1.98</td><td>-1.04</td></tr><tr><td>69</td><td>2-1/4 - 6/2/92</td><td>9/4/91</td><td>1.85%</td><td>1.60</td><td>1.72</td><td>-1.13</td><td>111</td><td>2.15 - 12/1/92</td><td>3/3/92</td><td>2.05</td><td>1.95</td><td>2.00</td><td>-1.08</td></tr><tr><td>78</td><td>2.20 - 7/1/92</td><td>10/1/91</td><td>1.90</td><td>1.69</td><td>1.78</td><td>-1.07</td><td>12/</td><td>2.13 - 1/2/93</td><td>4/1/92</td><td>2.10</td><td>2.00</td><td>2.09</td><td>-</td></tr><tr><td>67</td><td>2.20 - 8/1/92</td><td>11/1/91</td><td>1.95</td><td>1.75</td><td>1.85</td><td>-1.10</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of this section.
May 1952
41
MARKET QUOTATIONS, MARCH 31, 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 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="6">Price range 3/</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th colspan="3">Since first traded</th><th colspan="3">In 1951-52</th></tr><tr><th></th><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><th>High</th><th>Low</th></tr><tr><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="8">Central Bank for Cooperatives debentures:</td></tr><tr><td>$30</td><td>1-5/36 - 2/1/53</td><td>99.18</td><td>99.26</td><td>99.22</td><td>+0.06</td><td>2.01$</td><td>-0.17%</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>99.82</td><td>3/31/52</td><td>98.20</td><td>8/3/51</td></tr><tr><td>40</td><td>2-1/2 - 2/1/54</td><td>100.04</td><td>100.10</td><td>100.07</td><td>+0.04</td><td>2.36</td><td>-0.07</td><td>10/1/51</td><td>100.07</td><td>3/31/52</td><td>99.24</td><td>12/28/51</td><td>100.07</td><td>3/31/52</td><td>99.34</td><td>12/28/51</td></tr><tr><td colspan="8">Federal Home Loan Bank notes:</td></tr><tr><td>68</td><td>2-3/36 - 4/15/52-8</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-0.01</td><td>.77</td><td>-0.76</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 - 5/15/52-8</td><td>100.01</td><td>100.03</td><td>100.02</td><td>.00</td><td>1.70</td><td>-0.17</td><td>9/14/51</td><td>100.03</td><td>12/5/51</td><td>99.31</td><td>12/28/51</td><td>100.03</td><td>12/5/51</td><td>99.31</td><td>12/28/51</td></tr><tr><td>63</td><td>2.80 - 6/13/52-7</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.00</td><td>1.72</td><td>-0.12</td><td>10/15/51</td><td>100.03</td><td>3/31/52</td><td>99.31</td><td>12/28/51</td><td>100.03</td><td>3/31/52</td><td>99.31</td><td>12/28/51</td></tr><tr><td>120</td><td>2.20 - 8/15/52-6</td><td>100.03</td><td>100.09</td><td>100.04</td><td>+0.01</td><td>1.89</td><td>-0.12</td><td>11/15/51</td><td>100.04</td><td>3/31/52</td><td>99.30</td><td>1/2/52</td><td>100.04</td><td>3/31/52</td><td>99.30</td><td>1/2/52</td></tr><tr><td colspan="8">Federal Land Bank bonds:</td></tr><tr><td>195</td><td>1-1/4 - 5/1/50-32</td><td>99.30</td><td>100.00</td><td>99.31</td><td>+0.08</td><td>1.64</td><td>-0.27</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>3/8/48</td><td>99.31</td><td>3/31/52</td><td>98.26</td><td>4/20/51</td></tr><tr><td>186</td><td>1-1/2 - 1/1/51-53 13/</td><td>99.20</td><td>99.23</td><td>99.22</td><td>+0.03</td><td>1.90</td><td>-0.10</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>99.22</td><td>3/31/52</td><td>98.17</td><td>1/10/51</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-25</td><td>99.18</td><td>99.26</td><td>99.22</td><td>+0.02</td><td>2.36</td><td>-0.02</td><td>2/1/45</td><td>102.31</td><td>3/12/45</td><td>99.12</td><td>12/28/51</td><td>100.15</td><td>1/18/51</td><td>99.12</td><td>12/28/51</td></tr><tr><td>78</td><td>2-1/2 - 11/1/54</td><td>100.12</td><td>100.20</td><td>100.16</td><td>+0.08</td><td>2.30</td><td>-0.10</td><td>11/1/51</td><td>100.16</td><td>3/31/52</td><td>99.21</td><td>12/28/51</td><td>100.16</td><td>3/31/52</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>96.04</td><td>96.16</td><td>96.10</td><td>+0.15</td><td>2.47</td><td>-0.08</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>1/19/51</td><td>94.26</td><td>12/28/51</td></tr></table>
1/ Tax Anticipation Series.
2/ Not quoted on March 31, 1952.
3/ Prices are the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, are closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
4/ Callable on 4 months' notice on September 15, 1952.
5/ Callable on 4 months' notice on December 15, 1952.
6/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds".
1/ Yield to maturity. Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. For definition, see "Debt Outstanding", Table 3, footnotes 1-2.
9/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
10/ Not quoted since date of issue.
11/ Amount issued on April 1, 1952, was $102 million.
12/ Excludable 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.
13/ Callable on 15 days' notice on July 1, 1952.
42
Treasury Bulletin
MARKET QUOTATIONS, MARCH 31, 1952
YIELDS OF TREASURY SECURITIES, MAR. 31, 1952
Based on Mean of Closing Bid and Ask Quotations
Explanation. The points represent yields to call when prices are above par, and to maturity date when prices are at par or below The smooth curves for the various classes of points are fitted by eye. Issues for which on exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Office of the Technical Staff
F-235-J
May 1952
43
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 1/</th><th></th><th></th><th>Partially tax-exempt 1/</th><th>Taxable 1/</th><th></th><th></th><th>Partially tax-exempt 1/</th><th>Taxable 1/</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>2,66</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>2,69</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/</td><td>2,37</td><td>2,54</td><td>1951................</td><td>-</td><td>2,57</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>2,65</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>2,46</td><td>2,68</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>2,24</td><td>2,51</td><td>Aug............</td><td>-</td><td>2,24</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>2,24</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>2,95</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>2,72</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>2,45</td><td>2,85</td><td>1950-Jan............</td><td>-</td><td>2,80</td><td>2,94</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>2,94</td><td>Feb............</td><td>-</td><td>2,72</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>2,95</td><td>Mar............</td><td>-</td><td>2,70</td><td>2,96</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>2,97</td><td></td><td></td><td></td><td></td></tr><tr><td>May............</td><td>-</td><td>2,42</td><td>2,74</td><td>May............</td><td>-</td><td>2,31</td><td>2,97</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>2,99</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>2,98</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept............</td><td>-</td><td>2,45</td><td>2,89</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>2,69 4/</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov............</td><td>-</td><td>2,44</td><td>2,86</td><td>Nov............</td><td>-</td><td>2,38</td><td>2,66</td><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-Oct.</td><td>6......</td><td>-</td><td>2,60</td><td>2,88</td><td>1951-Deo.</td><td>1....</td><td>-</td><td>2,68</td><td>3,00</td><td>1952-Feb.</td><td>2....</td><td>-</td><td>2,71</td><td>2,90</td></tr><tr><td></td><td>13......</td><td>-</td><td>2,60</td><td>2,89</td><td></td><td>8....</td><td>-</td><td>2,69</td><td>3,00</td><td></td><td>9....</td><td>-</td><td>2,71</td><td>2,87</td></tr><tr><td></td><td>20......</td><td>-</td><td>2,62</td><td>2,92</td><td></td><td>15....</td><td>-</td><td>2,67</td><td>3,01</td><td></td><td>16....</td><td>-</td><td>2,71</td><td>2,88</td></tr><tr><td></td><td>27......</td><td>-</td><td>2,62</td><td>2,94</td><td></td><td>22....</td><td>-</td><td>2,70</td><td>3,02</td><td></td><td>23....</td><td>-</td><td>2,70</td><td>2,89</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>29....</td><td>-</td><td>2,74</td><td>3,08</td><td></td><td>Mar.</td><td>1....</td><td>-</td><td>2,70</td><td>2,93</td></tr><tr><td>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><td></td><td>8....</td><td>-</td><td>2,71</td><td>2,95</td></tr><tr><td></td><td>10......</td><td>-</td><td>2,63</td><td>2,96</td><td></td><td>12....</td><td>-</td><td>2,75</td><td>3,00</td><td></td><td>15....</td><td>-</td><td>2,71</td><td>2,97</td></tr><tr><td></td><td>17......</td><td>-</td><td>2,65</td><td>2,96</td><td></td><td>19....</td><td>-</td><td>2,75</td><td>2,95</td><td></td><td>22....</td><td>-</td><td>2,70</td><td>2,96</td></tr><tr><td></td><td>24......</td><td>-</td><td>2,68</td><td>2,99</td><td></td><td>26....</td><td>-</td><td>2,73</td><td>2,93</td><td></td><td>29....</td><td>-</td><td>2,68</td><td>2,94</td></tr></table>
Daily series - unweighted averages
<table><tr><th>1952-Mar.</th><th>1....</th><th>-</th><th>5/</th><th>2,94</th><th>1952-Mar.</th><th>13....</th><th>-</th><th>2,71</th><th>2,97</th><th>1952-Mar.</th><th>24....</th><th>-</th><th>2,70</th><th>2,95</th></tr><tr><td></td><td>3....</td><td>-</td><td>2,72</td><td>2,94</td><td></td><td>14....</td><td>-</td><td>2,71</td><td>2,97</td><td></td><td>25....</td><td>-</td><td>2,68</td><td>2,94</td></tr><tr><td></td><td>4....</td><td>-</td><td>2,72</td><td>2,95</td><td></td><td>15....</td><td>-</td><td>5/</td><td>2,97</td><td></td><td>26....</td><td>-</td><td>2,67</td><td>2,94</td></tr><tr><td></td><td>5....</td><td>-</td><td>2,71</td><td>2,95</td><td></td><td>17....</td><td>-</td><td>2,70</td><td>2,97</td><td></td><td>27....</td><td>-</td><td>2,67</td><td>2,95</td></tr><tr><td></td><td>6....</td><td>-</td><td>2,71</td><td>2,95</td><td></td><td>18....</td><td>-</td><td>2,71</td><td>2,95</td><td></td><td>28....</td><td>-</td><td>2,67</td><td>2,94</td></tr><tr><td></td><td>7....</td><td>-</td><td>5/</td><td>2,97</td><td></td><td>19....</td><td>-</td><td>2,70</td><td>2,95</td><td></td><td>29....</td><td>-</td><td>5/</td><td>2,93</td></tr><tr><td></td><td>8....</td><td>-</td><td>2,71</td><td>2,97</td><td></td><td>20....</td><td>-</td><td>2,70</td><td>2,96</td><td></td><td>31....</td><td>-</td><td>2,68</td><td>2,94</td></tr><tr><td>10....</td><td>-</td><td>2,71</td><td>2,97</td><td></td><td></td><td>21....</td><td>-</td><td>2,70</td><td>2,95</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>11....</td><td>-</td><td>2,70</td><td>2,98</td><td></td><td></td><td>22....</td><td>-</td><td>5/</td><td>2,96</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>12....</td><td>-</td><td>2,71</td><td>2,98</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>
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 twenty years. For the purposes of this table, the closing averages of "Treasury Bulletin" for March 1944, page 58; for the composition of the high-grade corporate bond average, see the "Treasury Bulletin" for July 1947, page 59, and January 1945, page 56. Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market for the day preceding the day for federal reserve Bank report. New York is beginning September 2, 1941. Prior to that time, yields were computed on the basis of closing prices on the New York Stock Exchange, except that on days when an issue did not sell the yield was computed on the mean of closing bid and ask quotations on the Exchange. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Cust 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 footnotes to the "Treasury Survey of Ownership" in this issue of the "Treasury Bulletin". The partially tax-exempt average was discontinued on December 15, 1949, 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 2-3/4%.
3/ As of December 21, 1949, the Consolidated Gas Electric Light and Power Company of Baltimore 2-3/41/4 of 1951 were dropped from the average, having been called.
1/ As of October 31, 1950, the Standard Oil Company of California 2-3/41/4 of 1965-66 were dropped from the average, having been called.
2/ Market closed.
44
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Office of the Technical Staff
F-220-J-1
May 1952
45
INTERNAL REVENUE COLLECTIONS
Table 1. - Summary by Principal Sources
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment of collections to Daily Treasury Statement</th><th>Total internal revenue collections</th><th>Corporation income and excess profits taxes 2/</th><th>Total</th><th>Individual income tax not withheld 3/</th><th>Individual income tax withheld and old-age insurance 4/</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>1,744,083</td><td>4,448,162</td><td>3,262,800</td><td>895,336</td><td>170,409</td><td>119,617</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>9,668,956</td><td>8,128,637</td><td>5,943,917</td><td>1,817,561</td><td>211,151</td><td>156,008</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,555,477</td><td>43,119,510</td><td>14,766,796</td><td>19,999,378</td><td>10,471,570</td><td>9,113,460</td><td>265,011</td><td>183,337</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,604</td><td>43,800,338</td><td>16,087,213</td><td>20,813,491</td><td>8,770,094</td><td>11,572,151</td><td>284,758</td><td>186,489</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,922</td><td>12,553,602</td><td>20,405,364</td><td>8,846,947</td><td>11,095,414</td><td>284,258</td><td>178,745</td></tr><tr><td>1947</td><td>39,379,409</td><td>+271,136</td><td>39,108,273</td><td>9,676,757</td><td>21,367,662</td><td>9,501,015</td><td>11,301,216</td><td>379,555</td><td>185,876</td></tr><tr><td>1948</td><td>41,853,485</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>560,113</td><td>208,508</td></tr><tr><td>1949</td><td>40,307,285</td><td>-195,834</td><td>40,463,119</td><td>12,553,669</td><td>20,927,935</td><td>7,996,320</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>10,894,351</td><td>19,797,883</td><td>7,264,332</td><td>11,762,377</td><td>548,038</td><td>283,135</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>26,684,788</td><td>9,907,539</td><td>15,900,519 2/</td><td>579,778</td><td>236,932</td></tr><tr><td>1951-July</td><td>2,608,091</td><td>-236,788</td><td>2,844,879</td><td>596,832</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>3,937,332</td><td>-956,050</td><td>4,893,431</td><td>289,964</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>6,398,200</td><td>+1,256,757</td><td>5,141,443</td><td>2,942,105</td><td>1,505,982</td><td>1,275,602</td><td>110,121</td><td>119,392</td><td>348</td></tr><tr><td>October.</td><td>2,538,573</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>1,390</td><td>3,490</td></tr><tr><td>November</td><td>3,739,949</td><td>-872,660</td><td>4,612,609</td><td>129,683</td><td>3,607,119</td><td>98,418</td><td>3,488,084</td><td>67,189</td><td>13,428</td></tr><tr><td>December.</td><td>5,421,363</td><td>+1,135,233</td><td>4,106,130</td><td>2,648,691</td><td>668,862</td><td>309,629</td><td>274,604</td><td>84,482</td><td>147</td></tr><tr><td>1952-January.</td><td>4,769,509</td><td>-43,595</td><td>4,813,105</td><td>807,468</td><td>3,177,845</td><td>2,329,955</td><td>814,231</td><td>3,877</td><td>29,792</td></tr><tr><td>February.</td><td>6,062,723</td><td>-908,271</td><td>6,970,994</td><td>310,611</td><td>5,840,010</td><td>1,464,298</td><td>4,172,031</td><td>42,713</td><td>160,969</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax 5/-</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>1,048,165</td><td>780,792</td><td>41,702</td><td>852,065</td><td>400,505</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,840</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,708</td><td>511,210</td><td>1,618,045</td><td>938,483</td><td>50,800</td><td>728,694</td><td>1,075,436</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,664</td><td>932,145</td><td>65,528</td><td>1,206,615</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,063,854</td><td>1,597</td><td>779,291</td><td>2,474,756</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,550,882</td></tr><tr><td>1948</td><td>8,311,003</td><td>1,723</td><td>899,345</td><td>2,255,320</td><td>1,300,280</td><td>79,466</td><td>2,119,157</td><td>1,655,711</td></tr><tr><td>1949</td><td>8,381,515</td><td>6,138</td><td>796,538</td><td>2,210,601</td><td>1,321,875</td><td>72,828</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1950</td><td>8,304,892</td><td>266</td><td>706,226</td><td>2,219,195</td><td>1,328,464</td><td>84,618</td><td>2,285,128</td><td>1,780,998</td></tr><tr><td>1951</td><td>9,433,328</td><td>-</td><td>729,730</td><td>2,546,838</td><td>1,380,396</td><td>93,107</td><td>2,840,690</td><td>1,882,598</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>837,273</td><td>-</td><td>66,246</td><td>200,566</td><td>137,156</td><td>7,832</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>182,799</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>226,284</td><td>195,080</td></tr><tr><td>November</td><td>845,808</td><td>-</td><td>70,248</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>768,578</td><td>-</td><td>76,618</td><td>207,216</td><td>101,056</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>132,924</td><td>6,711</td><td>236,183</td><td>170,350</td></tr><tr><td>February</td><td>820,372</td><td>-</td><td>66,192</td><td>210,234</td><td>122,996</td><td>5,674</td><td>261,553</td><td>153,714</td></tr></table>
Miscellaneous internal revenue
Sources: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax. Detail by type of tax is shown only on the 2nd and 3rd columns. Accounting details for the 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. Excludes collection of the Alaska income tax. Excludes collection on the island post office. Includes corporation income tax on Alaska Railroad. 2/ Includes excess profits taxes formerly shown separately as follows: un- just enrichment through 1947 (thereafter these collections are included under "Miscellaneous taxes"), declared value (revealed for years ending after June 30, 1936), and unassessed tax. The taxable value of the 1934 tax is shown as $3,128, which was repealed for years ending after December 31, 1949, and Vinson Act as amended (34 U.S.C. 496).
3/ Include 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 and withheld by the taxpayer as of January 1, 1951, withheld income tax and 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 comparison, but are shown separately in the March 1951 and preceding issues of the Treasury Bulletin.
5/ For the estimated 1951 breakdown, see Table 2, footnote 5.
7/ Repealed for years ending after June 30, 1945. Beginning July 1950, included under "Miscellaneous taxes".
46
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Office of the Secretary of the Treasury, Office of the Technical Staff
B-165-M
May 1952
47
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 8 months of fiscal year</th><th colspan="2">Eight month of fiscal year</th></tr><tr><th></th><th>1950</th><th>1951</th><th>1951</th><th>1952</th><th>1951 (February 1951)</th><th>1952 (February 1952)</th></tr><tr><td>Corporation income and excess profits taxes 2/</td><td>10,854,351</td><td>14,307,569</td><td>5,419,768</td><td>8,266,633</td><td>150,901</td><td>310,611</td></tr><tr><td colspan="7">Individual income tax and employment taxes:</td></tr><tr><td>Income tax not withheld 3/</td><td>7,264,332</td><td>9,907,539</td><td>5,436,209</td><td>6,129,419</td><td>1,027,980</td><td>1,454,298</td></tr><tr><td>Income tax withheld and old-age insurance 4/</td><td>11,762,377</td><td>15,900,519 2/</td><td>10,791,453</td><td>14,784,130</td><td>3,104,779</td><td>4,172,031</td></tr><tr><td>Redeem retirement</td><td>548,038</td><td>579,778</td><td>306,776</td><td>396,763</td><td>80,861</td><td>42,713</td></tr><tr><td>Unemployment insurance</td><td>223,135</td><td>236,952</td><td>202,769</td><td>225,460</td><td>135,247</td><td>160,969</td></tr><tr><td>Total individual income tax and employment taxes</td><td>19,797,883</td><td>26,624,762</td><td>15,737,206</td><td>21,495,772</td><td>4,288,867</td><td>5,840,010</td></tr><tr><td colspan="7">Miscellaneous internal revenues</td></tr><tr><td>Capital stock tax 5/</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>418,512</td><td>489,291</td><td>49,903</td><td>61,860</td></tr><tr><td>Gift tax</td><td>18,785</td><td>91,207</td><td>18,037</td><td>15,119</td><td>3,692</td><td>4,332</td></tr><tr><td colspan="7">Liquor taxes:</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>126,344</td><td>172,362</td><td>122,883</td><td>128,098</td><td>11,883</td><td>12,382</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,295,549</td><td>1,574,472</td><td>1,231,013</td><td>933,412</td><td>158,433</td><td>99,339</td></tr><tr><td>Distilled spirits, rectification tax</td><td>30,069</td><td>38,053</td><td>29,304</td><td>21,938</td><td>4,164</td><td>2,038</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,500</td><td>3,738</td><td>2,713</td><td>2,638</td><td>822</td><td>192</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>70,001</td><td>63,526</td><td>45,321</td><td>45,260</td><td>4,810</td><td>5,977</td></tr><tr><td>Dealers in distilled spirits, rectifiers, manufacturers of stile (special taxes)</td><td>9,860</td><td>9,161</td><td>6,603</td><td>11,212</td><td>176</td><td>179</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>9</td><td>12</td><td>9</td><td>21</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>836</td><td>847</td><td>103</td><td>78</td></tr><tr><td>Container stamps</td><td>11,825</td><td>14,921</td><td>11,525</td><td>8,206</td><td>1,414</td><td>797</td></tr><tr><td>Floor taxes</td><td>3</td><td>12</td><td>8</td><td>83,566</td><td>1</td><td>39,327</td></tr><tr><td>Fermented malt liquors</td><td>667,411</td><td>665,009</td><td>435,694</td><td>472,382</td><td>41,061</td><td>49,869</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>4,784</td><td>4,462</td><td>3,266</td><td>3,742</td><td>47</td><td>53</td></tr><tr><td>Total liquor taxes</td><td>2,219,196</td><td>2,546,808</td><td>1,889,468</td><td>1,711,324</td><td>222,305</td><td>210,234</td></tr><tr><td colspan="7">Tobacco taxes:</td></tr><tr><td>Cigars (large)</td><td>42,112</td><td>44,220</td><td>29,681</td><td>29,760</td><td>3,299</td><td>3,321</td></tr><tr><td>Cigars (small)</td><td>58</td><td>56</td><td>38</td><td>34</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>5</td><td>1</td><td>1</td><td>6</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,284,085</td><td>1,293,966</td><td>877,703</td><td>955,800</td><td>100,331</td><td>117,045</td></tr><tr><td>Snuff</td><td>7,339</td><td>7,235</td><td>4,849</td><td>3,499</td><td>588</td><td>374</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>35,070</td><td>33,870</td><td>22,714</td><td>16,953</td><td>2,610</td><td>1,475</td></tr><tr><td>Cigarette papers and tubes</td><td>984</td><td>1,041</td><td>719</td><td>592</td><td>69</td><td>8</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</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>1</td><td>17,638</td><td>166</td><td>166</td></tr><tr><td>Total tobacco taxes</td><td>1,328,464</td><td>1,380,396</td><td>915,709</td><td>1,024,263</td><td>106,903</td><td>122,996</td></tr><tr><td colspan="7">Stamp taxes:</td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>50,156</td><td>36,105</td><td>36,750</td><td>35,744</td><td>4,899</td><td>2,749</td></tr><tr><td>Transfer of capital stock and similar interest sales</td><td>23,883</td><td>28,679</td><td>19,989</td><td>15,243</td><td>3,427</td><td>2,144</td></tr><tr><td>Playing cards</td><td>10,546</td><td>8,222</td><td>6,185</td><td>5,070</td><td>605</td><td>779</td></tr><tr><td>Silver bullion sales or transfers</td><td>123</td><td>100</td><td>43</td><td>56</td><td>5</td><td>1</td></tr><tr><td>Total stamp taxes</td><td>84,648</td><td>93,107</td><td>62,907</td><td>56,114</td><td>8,896</td><td>5,674</td></tr><tr><td colspan="7">Manufacturers' excise taxes:</td></tr><tr><td>Lubricating oils</td><td>77,610</td><td>37,338</td><td>69,605</td><td>57,460</td><td>6,292</td><td>5,616</td></tr><tr><td>Gasoline 7/</td><td>526,732</td><td>569,948</td><td>388,345</td><td>466,118</td><td>47,887</td><td>70,333</td></tr><tr><td>Tires and tubes</td><td>151,799</td><td>138,383</td><td>140,873</td><td>107,982</td><td>12,819</td><td>7,334</td></tr><tr><td>Automobile trucks and buses</td><td>123,630</td><td>121,285</td><td>79,177</td><td>84,891</td><td>9,592</td><td>14,173</td></tr><tr><td>Other automobiles and motorcycles</td><td>52,066</td><td>653,363</td><td>448,957</td><td>353,664</td><td>47,781</td><td>41,508</td></tr><tr><td>Parts and accessories for automobiles</td><td>58,733</td><td>119,475</td><td>77,499</td><td>95,823</td><td>9,181</td><td>14,109</td></tr><tr><td>Electric energy 8/</td><td>85,704</td><td>93,185</td><td>99,989</td><td>92,518</td><td>6,862</td><td>745</td></tr><tr><td>Electric, gas and oil appliances</td><td>80,405</td><td>121,995</td><td>77,153</td><td>95,183</td><td>8,980</td><td>6,870</td></tr><tr><td>Electric light bulbs and tubes</td><td>20,726</td><td>30,284</td><td>18,436</td><td>17,927</td><td>3,239</td><td>3,046</td></tr><tr><td>Radio sets, phonographs, components, etc. 9/</td><td>42,089</td><td>128,187</td><td>59,491</td><td>75,791</td><td>11,350</td><td>9,693</td></tr><tr><td>Phonograph records</td><td>5,769</td><td>7,007</td><td>4,616</td><td>5,201</td><td>503</td><td>368</td></tr><tr><td>Musical instruments</td><td>8,865</td><td>10,756</td><td>6,947</td><td>5,298</td><td>860</td><td>792</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc. 10/</td><td>64,316</td><td>96,319</td><td>57,959</td><td>34,410</td><td>2,800</td><td>3,386</td></tr><tr><td>Matches</td><td>3,875</td><td>10,169</td><td>6,845</td><td>2,117</td><td>678</td><td>533</td></tr><tr><td>Business and office machines</td><td>30,012</td><td>44,491</td><td>28,184</td><td>31,501</td><td>4,140</td><td>4,768</td></tr><tr><td>Photographic apparatus</td><td>39,331</td><td>46,020</td><td>30,495</td><td>26,578</td><td>3,408</td><td>1,907</td></tr><tr><td>Sporting goods</td><td>13,969</td><td>17,962</td><td>10,834</td><td>12,063</td><td>1,327</td><td>705</td></tr><tr><td>Firearms, shells, and cartridges</td><td>9,351</td><td>17,866</td><td>11,851</td><td>6,747</td><td>1,044</td><td>171</td></tr><tr><td>Pistols and revolvers</td><td>481</td><td>762</td><td>422</td><td>756</td><td>73</td><td>61</td></tr><tr><td>Fountain and ball point pens, mechanical pencils, cigarettes, cigar end pipe lighters 11/</td><td>-</td><td>-</td><td>-</td><td>1,367</td><td>-</td><td>700</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,836,053</td><td>2,383,677</td><td>1,576,839</td><td>1,498,615</td><td>181,895</td><td>187,153</td></tr></table>
Footnotes at end of table.
(Continued on following page)
Treasury Bulletin
48
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 8 months of fiscal year</th><th colspan="2">Eighth month of fiscal year</th></tr><tr><th></th><th>1950</th><th>1951</th><th>1951</th><th>1952</th><th>1951 (February 1951)</th><th>1952 (February 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>Retailer's excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pure....................</td><td>45,781</td><td>57,604</td><td>40,866</td><td>37,422</td><td>8,761</td><td>8,325</td></tr><tr><td>Jewelry....................</td><td>190,320</td><td>210,239</td><td>143,188</td><td>160,220</td><td>33,954</td><td>37,643</td></tr><tr><td>Luggage....................</td><td>77,532</td><td>82,831</td><td>58,464</td><td>64,878</td><td>11,943</td><td>14,102</td></tr><tr><td>Toilet preparations.........</td><td>94,995</td><td>105,339</td><td>78,143</td><td>79,996</td><td>12,868</td><td>14,338</td></tr><tr><td>Total retailers' excise taxes</td><td>409,128</td><td>457,013</td><td>322,692</td><td>342,516</td><td>67,326</td><td>74,410</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>58,234</td><td>53,976</td><td>6,690</td><td>5,777</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities.</td><td>312,339</td><td>354,560</td><td>236,309</td><td>271,070</td><td>28,531</td><td>32,140</td></tr><tr><td>Local telephone service........</td><td>247,251</td><td>290,320</td><td>195,966</td><td>201,499</td><td>22,401</td><td>22,564</td></tr><tr><td>Transportation of oil by pipe line.</td><td>18,939</td><td>24,945</td><td>16,298</td><td>18,171</td><td>2,020</td><td>2,260</td></tr><tr><td>Transportation of persons, etc.</td><td>228,738</td><td>237,517</td><td>157,239</td><td>188,405</td><td>18,084</td><td>24,245</td></tr><tr><td>Transportation of property........</td><td>321,193</td><td>321,342</td><td>233,633</td><td>262,264</td><td>29,339</td><td>31,109</td></tr><tr><td>Leases of safe-deposit boxes.....</td><td>9,554</td><td>9,569</td><td>6,139</td><td>6,771</td><td>1,044</td><td>1,095</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>371,244</td><td>346,492</td><td>239,078</td><td>236,226</td><td>23,108</td><td>23,999</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>41,453</td><td>42,646</td><td>28,433</td><td>33,025</td><td>3,503</td><td>3,969</td></tr><tr><td>Club dues and initiation fees....</td><td>28,740</td><td>30,120</td><td>17,899</td><td>20,126</td><td>2,968</td><td>3,196</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>3,708</td><td>600</td><td>3,042</td><td>3,115</td><td>35</td><td>43</td></tr><tr><td>Coin operated devices............</td><td>20,174</td><td>20,731</td><td>18,758</td><td>17,247</td><td>225</td><td>266</td></tr><tr><td>Adulterated and processed or renovated butter, and filled cheeses.</td><td>12</td><td>11</td><td>7</td><td>3</td><td>1</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes 12/</td><td>29,297</td><td>35</td><td>31</td><td>4</td><td>55</td><td>37</td></tr><tr><td>Narcotics, including marihuana and special taxes.</td><td>867</td><td>866</td><td>866</td><td>9,626</td><td>2,247</td><td>615</td></tr><tr><td>Coconut and other vegetable oils processed.</td><td>15,057</td><td>19,088</td><td>13,149</td><td>4</td><td>*</td><td>*</td></tr><tr><td>National Firearms Act............</td><td>7</td><td>9</td><td>6</td><td>4</td><td>1,422</td><td>676</td></tr><tr><td>Diesel fuel 13/.</td><td>437</td><td>347</td><td>126</td><td>171</td><td>-187</td><td>5</td></tr><tr><td>Wagering taxes 11/.</td><td>1,720,908</td><td>1,842,598</td><td>1,244,708</td><td>1,324,847</td><td>142,804</td><td>133,714</td></tr><tr><td>All other, including repeated taxes not shown separately</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total miscellaneous taxes.</td><td>8,304,892</td><td>9,433,328</td><td>6,448,891</td><td>6,462,089</td><td>783,884</td><td>820,372</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>38,957,126</td><td>50,445,686</td><td>28,605,866</td><td>36,224,494</td><td>5,223,592</td><td>6,970,954</td></tr><tr><td>Total internal revenue collections.</td><td>491,482</td><td>660,409</td><td>419,889</td><td>748,704</td><td>574,780</td><td>908,773</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>39,448,607</td><td>51,106,095</td><td>28,186,036</td><td>35,475,790</td><td>4,648,872</td><td>6,068,723</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>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax; bill of settlement of tax on the first day of each tax year. 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; include corporation income tax on Alaska Railroad.
2/ Include excise profits taxex formerly shown separately as follows: declared value (repealed for years ending after June 30, 1966). Excise Profits Tax Act of 1940 (Title II of the Second Revenue Act of 1940, which was repealed for years ending after December 31, 1945), and 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.
3/ Beginning January 1951, withheld income tax and social security employee tax, payable by employers, are reported to 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
2/ For the fiscal year 1951 as a whole, the social security taxes are estimated at $2,740,369, leaving $13,089,769,209 as estimated tax income withheld (see Annual Report of the Secretary of the Treasury, page 783, and 1951 Annual Report of the Commissioner of Internal Revenue, pages 1 and 2). Corresponding figures for 1950 are $1,873,401,208 and $9,888,975,639.
5/ Repealed for years ending after June 30, 1948. Beginning July 1950, included under Miscellaneous taxes.
7/ Includes floor taxes, effective November 1, 1951, under Revenue Act of 1951 (Public Law 813), approved October 20, 1951.
8/ Repealed, effective November 1, 1951, by Revenue Act of 1951.
9/ Includes television sets, effective November 1, 1950, as provided in the Revenue Act of 1950 (Public Law 814), 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/ Repealed (except on 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.
May 1952
49
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 5/</th></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1947</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr><tr><td>1948</td><td>27,903</td><td>26,482</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</td></tr><tr><td>1949</td><td>27,493</td><td>26,034</td><td>43</td><td>2,061</td><td>1</td><td>319</td><td>23,209</td><td>309</td><td>93</td></tr><tr><td>1950</td><td>27,156</td><td>25,661</td><td>41</td><td>2,177</td><td>1</td><td>321</td><td>22,760</td><td>274</td><td>86</td></tr><tr><td>1951</td><td>27,809</td><td>26,231</td><td>39</td><td>2,092</td><td>1</td><td>318</td><td>23,495</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>27,891</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>28,155</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>23,924</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>38</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</td><td>28,469</td><td>26,835</td><td>38</td><td>1,998</td><td>1</td><td>313</td><td>24,179</td><td>228</td><td>79</td></tr><tr><td>March</td><td>28,476</td><td>26,838</td><td>38</td><td>2,029</td><td>1</td><td>315</td><td>24,150</td><td>226</td><td>78</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>392</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>196.31</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.32</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>1,590</td><td>182</td><td>1,027</td><td>382</td><td>180.15</td></tr><tr><td>August</td><td>1,502</td><td>183</td><td>1,015</td><td>384</td><td>181.82</td></tr><tr><td>September</td><td>1,516</td><td>189</td><td>1,044</td><td>387</td><td>182.37</td></tr><tr><td>October</td><td>1,531</td><td>186</td><td>1,056</td><td>390</td><td>182.91</td></tr><tr><td>November</td><td>1,542</td><td>187</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>187.48</td></tr><tr><td>1952-January</td><td>1,531</td><td>188</td><td>1,055</td><td>388</td><td>181.97</td></tr><tr><td>February</td><td>1,630</td><td>188</td><td>1,056</td><td>386</td><td>182.23</td></tr><tr><td>March 7</td><td>1,638</td><td>188</td><td>1,062</td><td>387</td><td>182.04</td></tr></table>
Source: Circulation Statement of United States Money.
1/ Excludes money held by the Treasury, money held by or for the account of the Federal Reserve Banks and agents, and coin estimated to be held outside the continental limits of the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates were withdrawn from circulation in 1933.
1/ Treasury notes of 1890 in circulation are being canceled and retired
upon receipt by the Treasury. Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement. Based on Bureau of the Census estimates of population. Preliminary. Revised.
50
Treasury Bulletin
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>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,908.1</td><td>18.8</td></tr><tr><td>1947</td><td>21,266.5</td><td>3,925.7</td><td>18.2</td></tr><tr><td>1948</td><td>23,532.5</td><td>3,571.0</td><td>13.2</td></tr><tr><td>1949</td><td>24,466.3</td><td>3,618.3</td><td>12.9</td></tr><tr><td>1950</td><td>24,230.7</td><td>3,671.5</td><td>13.2</td></tr><tr><td>1951</td><td>21,759.9</td><td>3,718.5</td><td>16.6</td></tr><tr><td>1950-December</td><td>22,706.1</td><td>3,697.1</td><td>16.0</td></tr><tr><td>1951-July</td><td>21,759.1</td><td>3,724.0</td><td>16.6</td></tr><tr><td>August</td><td>21,893.6</td><td>3,789.3</td><td>16.6</td></tr><tr><td>September</td><td>22,013.2</td><td>3,731.2</td><td>16.5</td></tr><tr><td>October</td><td>22,233.2</td><td>3,735.0</td><td>16.4</td></tr><tr><td>November</td><td>22,381.6</td><td>3,737.2</td><td>16.3</td></tr><tr><td>December</td><td>22,695.5</td><td>3,741.3</td><td>16.2</td></tr><tr><td>1952-January</td><td>22,951.1</td><td>3,746.9</td><td>16.0</td></tr><tr><td>February</td><td>23,130.9</td><td>3,751.1</td><td>15.9</td></tr><tr><td>March p.</td><td>23,290.3</td><td>3,754.1</td><td>15.9</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures. For detail of silver monetary stock, see Table 4.
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 certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1944</td><td>20,618.3</td><td>18,977.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.3</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,529.0</td><td>16,630.5</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>21,244.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>1948</td><td>24,243.9</td><td>23,010.0</td><td>156.0</td><td>-</td><td>1,077.9</td></tr><tr><td>1949</td><td>24,427.1</td><td>23,217.9</td><td>156.0</td><td>-</td><td>1,053.2</td></tr><tr><td>1950</td><td>22,706.1</td><td>21,897.5</td><td>156.0</td><td>-</td><td>1,092.6</td></tr><tr><td>1951</td><td>22,695.5</td><td>21,506.5</td><td>156.0</td><td>-</td><td>1,032.9</td></tr><tr><td>1951-July</td><td>21,759.1</td><td>20,943.0</td><td>156.0</td><td>-</td><td>1,060.0</td></tr><tr><td>August</td><td>21,973.6</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>21,506.5</td><td>156.0</td><td>-</td><td>1,032.9</td></tr><tr><td>1952-January</td><td>22,951.1</td><td>21,769.8</td><td>156.0</td><td>-</td><td>1,025.3</td></tr><tr><td>February</td><td>23,190.9</td><td>22,030.5</td><td>156.0</td><td>-</td><td>1,004.4</td></tr><tr><td>March p</td><td>23,490.3</td><td>22,153.5</td><td>156.0</td><td>-</td><td>980.8</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures.
1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (e) 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.
May 1952
51
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29+ per fine ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th colspan="2"></th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoining 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</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>772.6</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>3,512.6</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1948</td><td>1,971.5</td><td>328.1</td><td>5.9</td><td>-</td><td>89.3</td><td>165.0</td><td>971.5</td><td>3,596.7</td></tr><tr><td>1949</td><td>2,003.2</td><td>321.9</td><td>11.4</td><td>-</td><td>94.4</td><td>171.0</td><td>982.2</td><td>3,643.1</td></tr><tr><td>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>194.6</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>1,059.7</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</td><td>2,079.6</td><td>300.7</td><td>12.4</td><td>-</td><td>78.1</td><td>191.6</td><td>1,085.4</td><td>3,722.1</td></tr><tr><td>March 1</td><td>2,084.0</td><td>300.4</td><td>15.8</td><td>-</td><td>74.2</td><td>191.8</td><td>1,088.8</td><td>3,750.1</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for certain preliminary figures.
1/ Valued at $1.294 per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government (see Daily Treasury Statement for amount). Does not include silver 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 recoinge 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
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="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>1.4</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>38.6</td><td>30.3 1/4</td><td>27.4 1/4</td><td>-</td><td>-</td></tr><tr><td>1948</td><td>39.8</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>1.2</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><tr><td>February</td><td>3.4</td><td>3.7</td><td>3.4</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. For information on silver production in other countries, see annual reports of the Director of the Mint. Data from 1933 through 1941 are summarized in the "Treasury Bulletin" for August 1943, page 74. Acquired at 61.64 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 61.64 cents per fine
3/ No foreign silver has been purchased under the Silver Purchase Act of 1938 since July 2, 1942.
4/ Includes 0.2 million ounces valued at 71.11 cents per fine ounce totaling $0.2 million, and 30.1 million ounces valued at 90.5 cents per fine ounce totaling $27.2 million.
* Less than 50,000 ounces or $50,000.
Treasury Bulletin
52
MONETARY STATISTICS
Table 6. - Seigniorage on Silver
(Cumulative from January 1, 1935 - in millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Acta 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 $/oz</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>-</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>-</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>-</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>-</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,095.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947</td><td>520.5</td><td>48.7</td><td>87.6</td><td>74.5</td><td>832.1</td><td>34.7</td><td>1,077.6</td><td>146.8</td></tr><tr><td>1948</td><td>559.2</td><td>48.7</td><td>87.6</td><td>84.6</td><td>832.2</td><td>34.7</td><td>1,087.8</td><td>129.9</td></tr><tr><td>1949</td><td>578.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>833.6</td><td>34.7</td><td>1,098.1</td><td>127.2</td></tr><tr><td>1950</td><td>596.6</td><td>48.7</td><td>87.6</td><td>104.7</td><td>833.6</td><td>34.7</td><td>1,109.3</td><td>111.7</td></tr><tr><td>1951</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><tr><td>March</td><td>661.4</td><td>48.7</td><td>87.6</td><td>117.4</td><td>833.6</td><td>34.7</td><td>1,122.0</td><td>70.7</td></tr></table>
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential eesignorage thereon changes.
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.
Table 7.- Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1952
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of increment</th></tr><tr><td>Exchange Stabilisation Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,899,356.99</td><td>27,346,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>83,866,790.78</td><td>-</td><td>23,866,790.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,173,121.93</td><td>1,895,813.05</td><td>319,908.88</td></tr><tr><td>Retirement of national bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,608,481.03</td><td>-</td><td>8,608,481.03</td></tr><tr><td>Total increment</td><td>2,819,333,876.18</td><td>2,674,789,489.47</td><td>144,944,386.71</td></tr></table>
Source: Office of the Treasurer of the United States
May 1952
53
EXCHANGE STABILIZATION FUND
Table 1.- Balance Sheet as of June 30, 1951, and December 31, 1951
<table><tr><th></th><th>June 30, 1951</th><th>December 31, 1951</th></tr><tr><td>Assets:</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, checking account</td><td>$57,890,727.32</td><td>$7,733,680.80</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>104,101,418.69</td><td>98,402,098.62</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>10,559.97</td><td>15,642.59</td></tr><tr><td>Total cash</td><td>$162,004,706.18</td><td>$106,151,422.01</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold</td><td>115,769,670.31</td><td>177,441,576.35</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>9.48</td><td>9.48</td></tr><tr><td>Indian rupees</td><td>7,808,268.38</td><td>5,331,280.51</td></tr><tr><td>Pakistan rupees</td><td>2,325,165.16</td><td>1,789,301.39</td></tr><tr><td>Total due from foreign banks</td><td>10,133,443.02</td><td>7,116,831.38</td></tr><tr><td>Investments in United States Government securities</td><td>20,000,000.00</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable</td><td>82,936.11</td><td>84,417.97</td></tr><tr><td>Accounts receivable</td><td>3,894.48</td><td>180.25</td></tr><tr><td>Federal Reserve Bank of New York, clearing account</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>307,994,690.10</td><td>310,794,427.96</td></tr><tr><td>Liabilities and capital:</td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>3,603.94</td><td>905.40</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>936.40</td><td>1,533.70</td></tr><tr><td>Due on purchases</td><td>271,780.22</td><td>242,582.25</td></tr><tr><td>Miscellaneous</td><td>113,406.87</td><td>128,708.14</td></tr><tr><td>Total accounts payable</td><td>389,726.83</td><td>373,729.49</td></tr><tr><td>Reserve for expenses and contingencies (net)</td><td>9,044,078.17</td><td>9,213,837.44</td></tr><tr><td>Capital account</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Deficit - Subcription to International Monetary Fund</td><td>1,800,000,000.00</td><td>1,800,000,000.00</td></tr><tr><td>Net income (See Table 2)</td><td>200,000,000.00</td><td>200,000,000.00</td></tr><tr><td>Total liabilities and capital</td><td>98,960,845.10</td><td>101,806,861.03</td></tr><tr><td></td><td>307,994,690.10</td><td>310,794,427.96</td></tr></table>
Note: Annual balance sheets for fiscal years 1934 through 1940 appear in the 1940 Annual Report of the Secretary of the Treasury and those for succeeding years appear in subsequent reports. Quarterly balance sheets
beginning with that for December 31, 1938, have been published in the "Treasury Bulletin".
54
Treasury Bulletin
EXCHANGE STABILIZATION FUND
Table 2.- Income and Expense
<table><tr><th>Classification</th><th>January 31, 1934, through June 30, 1951</th><th>January 31, 1934, through December 31, 1951</th></tr><tr><td>Income:</td><td></td><td></td></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franco transactions</td><td>351,327.50</td><td>351,327.50</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>43,385,251.78</td><td>52,320,110.06</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>102,735.27</td><td>102,735.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalised)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,876,790.95</td><td>1,876,790.95</td></tr><tr><td>Interest on investments</td><td>7,698,066.89</td><td>7,949,348.75</td></tr><tr><td>Miscellaneous profits</td><td>861,546.93</td><td>861,546.93</td></tr><tr><td>Interest earned on foreign balances</td><td>2,849,683.19</td><td>2,849,683.19</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total income</td><td>108,884,919.66</td><td>112,271,259.80</td></tr><tr><td>Expense:</td><td></td><td></td></tr><tr><td>Personal services</td><td>7,462,286.92</td><td>8,111,176.50</td></tr><tr><td>Travel</td><td>395,969.30</td><td>415,938.74</td></tr><tr><td>Transportation of things</td><td>654,147.75</td><td>661,722.91</td></tr><tr><td>Communications</td><td>539,422.99</td><td>547,515.34</td></tr><tr><td>Supplies and materials</td><td>88,926.40</td><td>93,616.18</td></tr><tr><td>Other</td><td>1,186,321.20</td><td>1,234,429.10</td></tr><tr><td>Total expense</td><td>10,324,074.56</td><td>11,064,398.77</td></tr><tr><td>Net income</td><td>98,560,845.10</td><td>101,206,861.03</td></tr></table>
May 1952
55
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 bases 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. Tables 2 supplies information by countries on long-term claims on and liabilities to foreigners as reported by banks and bankers in the United States. This table appeared for the first time in the December 1949 issue. Data are for the end of the calendar year beginning with 1942. Table 3 gives information on short-term liabilities to countries not regularly reported separately by banks and bankers. This table appeared for the first time in the April 1950 issue. The data have been requested at irregular intervals, the earliest date being October 1943.
Section I - Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars: negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935-41</td><td>5,354,071</td><td>3,770,922</td><td>100,870</td><td>626,731</td><td>855,548</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,285,833</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>6,929</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</td><td>-793,384</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947</td><td>334,163</td><td>395,924</td><td>-11,318</td><td>-89,095</td><td>39,012</td></tr><tr><td>1948</td><td>285,417</td><td>331,777</td><td>-19,313</td><td>-192,235</td><td>-94,832</td></tr><tr><td>1949</td><td>194,458</td><td>90,845</td><td>610</td><td>75,203</td><td>27,800</td></tr><tr><td>1950</td><td>1,757,618</td><td>950,583 1/</td><td>7,992</td><td>944,430</td><td>-145,387</td></tr><tr><td>1951</td><td>-398,265</td><td>968,594</td><td>-6,141</td><td>-584,289</td><td>-376,389</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>15,479 r</td><td>212,896</td><td>-2,005</td><td>-193,338 r</td><td>926</td></tr><tr><td>September</td><td>51,899</td><td>70,710</td><td>1,219</td><td>-20,671</td><td>641</td></tr><tr><td>October</td><td>-56,202</td><td>361,581</td><td>-7,494</td><td>-243,888</td><td>-168,401</td></tr><tr><td>November</td><td>15,498 r</td><td>841</td><td>-1,97</td><td>4,173 r</td><td>10,683</td></tr><tr><td>December</td><td>-7,718</td><td>56,172</td><td>1,486</td><td>1,556</td><td>-66,932</td></tr><tr><td>1952-January p.</td><td>-77,019 r</td><td>-93,649 r 2/</td><td>-992 r</td><td>12,903 r 3/</td><td>4,657 4/</td></tr><tr><td>February p.</td><td>160,664</td><td>201,512</td><td>2,391</td><td>-13,699</td><td>-29,200</td></tr></table>
1/ See Table 2, footnote 1.
2/ See Table 2, footnote 2.
3/ See Table 4, footnote 2.
4/ See Table 5, footnote 1.
Preliminary. Revised.
56
Treasury Bulletin
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="3">Short-term claims on foreigners</th><th colspan="3">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></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,583,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>287,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,138,412</td><td>1,228,590</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,986,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,840,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1947</td><td>948,936</td><td>165,439</td><td>292,866</td><td>490,631</td><td>7,115,419</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>557,138</td><td>7,717,360</td><td>5,209,820</td><td>2,437,751</td><td>70,389</td><td>6,699,260</td></tr><tr><td>1949</td><td>827,854</td><td>110,804</td><td>222,719</td><td>494,331</td><td>7,617,959</td><td>5,073,586</td><td>2,493,334</td><td>51,039</td><td>6,790,105</td></tr><tr><td>1950</td><td>897,966</td><td>280,583</td><td>151,115</td><td>506,268</td><td>8,644,775</td><td>5,503,872</td><td>3,095,992</td><td>44,911</td><td>7,746,809</td></tr><tr><td>1951</td><td>968,443</td><td>91,803</td><td>177,246</td><td>699,389</td><td>9,283,806</td><td>5,382,052</td><td>3,889,518</td><td>72,226</td><td>8,315,363</td></tr><tr><td>1951-July</td><td>933,940</td><td>134,083</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>134,726</td><td>680,538</td><td>8,771,526</td><td>5,231,640</td><td>3,484,475</td><td>59,411</td><td>7,884,099</td></tr><tr><td>September</td><td>897,447</td><td>135,505</td><td>155,951</td><td>605,990</td><td>8,798,216</td><td>5,262,205</td><td>3,480,045</td><td>49,966</td><td>7,894,769</td></tr><tr><td>October</td><td>918,053</td><td>104,072</td><td>153,815</td><td>660,166</td><td>9,175,403</td><td>5,217,228</td><td>3,903,967</td><td>59,208</td><td>8,258,350</td></tr><tr><td>November</td><td>943,092</td><td>122,502</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</td><td>968,443</td><td>91,803</td><td>177,246</td><td>699,389</td><td>9,283,806</td><td>5,382,052</td><td>3,889,518</td><td>72,226</td><td>8,315,363</td></tr><tr><td>1952-January</td><td>995,955</td><td>79,410</td><td>177,553</td><td>738,910</td><td>9,217,569</td><td>5,202,787</td><td>3,908,788</td><td>105,934</td><td>8,221,714</td></tr><tr><td>February</td><td>964,438</td><td>70,448</td><td>182,975</td><td>731,015</td><td>9,387,604</td><td>5,338,082</td><td>3,873,089</td><td>130,493</td><td>8,423,226</td></tr></table>
1/ Beginning 1950, data include for the first time certain deposit balances and other assets which are held in specific trust accounts but which previously had been excluded from reported liabilities. 2/ Includes for the first time balances in certain accounts which are held
with the U. S. Treasury but which previously had been excluded from reported liabilities. 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="3">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</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Payable in foreign currencies</th></tr><tr><td>1935-41</td><td>736,307</td><td>307,187</td><td>6,409</td><td>4,22,711</td><td>3,034,615</td><td>2,806,001</td><td>266,156</td><td>-37,542</td><td>3,770,922</td></tr><tr><td>1942</td><td>97,503</td><td>13,933</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>533,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,472</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,864</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>1,111</td><td>5,154</td><td>-175,340</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>-213,372</td><td>-45,485</td><td>-418,422</td><td>-268,864</td><td>-104,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947</td><td>-240,683</td><td>-67,320</td><td>26,773</td><td>-200,136</td><td>636,207</td><td>115,384</td><td>511,788</td><td>9,035</td><td>395,524</td></tr><tr><td>1948</td><td>-69,764</td><td>65,068</td><td>-68,331</td><td>-66,501</td><td>601,541</td><td>400,575</td><td>180,841</td><td>20,725</td><td>531,777</td></tr><tr><td>1949</td><td>190,846</td><td>-10,433</td><td>138,478</td><td>62,801</td><td>-100,001</td><td>-136,234</td><td>55,583</td><td>-19,150</td><td>90,845</td></tr><tr><td>1950</td><td>-76,833</td><td>-129,779</td><td>62,483</td><td>-11,937</td><td>1,066,816 1/</td><td>430,286 1/</td><td>602,658 1/</td><td>-6,128</td><td>950,583 1/</td></tr><tr><td>1951</td><td>-70,477</td><td>148,775</td><td>-26,131</td><td>-193,121</td><td>639,031</td><td>-121,810</td><td>733,266</td><td>27,315</td><td>568,594</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>-105,025</td></tr><tr><td>August</td><td>-1,527</td><td>21,830</td><td>-4,708</td><td>-24,599</td><td>220,423</td><td>-37,231</td><td>256,675</td><td>979</td><td>212,856</td></tr><tr><td>September</td><td>50,000</td><td>36,098</td><td>-1,227</td><td>14,549</td><td>20,690</td><td>30,569</td><td>-4,430</td><td>-5,445</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>44,577</td><td>423,922</td><td>5,242</td><td>363,581</td></tr><tr><td>November</td><td>-29,039</td><td>-3,430</td><td>-15,724</td><td>-1996</td><td>25,880</td><td>49,860</td><td>-28,763</td><td>4,783</td><td>841</td></tr><tr><td>December</td><td>-25,331</td><td>20,694</td><td>-7,707</td><td>-38,338</td><td>81,523</td><td>114,974</td><td>-45,686</td><td>12,233</td><td>56,172</td></tr><tr><td>1952-January p.</td><td>-27,412 r</td><td>12,398 r</td><td>-289 r</td><td>-39,221 r</td><td>-66,237 r2/</td><td>-179,275 r2/</td><td>79,280 r2/</td><td>33,758 r</td><td>-33,649 r2/</td></tr><tr><td>February p.</td><td>31,417</td><td>6,964</td><td>14,560</td><td>7,899</td><td>170,095</td><td>181,293</td><td>-35,709</td><td>24,509</td><td>201,512</td></tr></table>
1/ See Table 2, footnote 1.
2/ See Table 2, footnote 2.
p Preliminary. r Revised.
May 1952
57
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of domestic securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</td><td>430,245 1/</td><td>811,610 1/</td><td>-411,365 1/</td><td>336,768 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>96,389</td><td>75,488</td><td>20,895</td><td>124,218</td><td>138,514</td><td>29,704</td><td>250,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,525</td><td>70,774</td><td>392,938</td><td>365,172</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,258</td><td>268,244</td><td>245,314</td><td>690,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947</td><td>286,089</td><td>376,674</td><td>-150,585</td><td>344,809</td><td>283,279</td><td>61,530</td><td>670,894</td><td>699,949</td><td>-89,055</td></tr><tr><td>1948</td><td>369,736</td><td>514,099</td><td>-144,363</td><td>282,423</td><td>330,307</td><td>-47,882</td><td>692,151</td><td>884,366</td><td>-192,215</td></tr><tr><td>1949</td><td>334,685</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>2,011,092</td><td>1,066,622</td><td>944,470</td></tr><tr><td>1951</td><td>739,789</td><td>619,457</td><td>120,332</td><td>793,551</td><td>1,498,172</td><td>-704,621</td><td>1,533,340</td><td>2,117,689</td><td>-584,349</td></tr><tr><td>1951-July</td><td>43,383</td><td>38,919</td><td>4,464</td><td>38,144</td><td>87,796</td><td>-49,652</td><td>81,527</td><td>126,675</td><td>-45,148</td></tr><tr><td>August</td><td>59,223</td><td>49,763</td><td>9,458</td><td>34,454</td><td>237,250</td><td>-202,796</td><td>93,677</td><td>287,015</td><td>-193,338</td></tr><tr><td>September</td><td>70,346</td><td>47,673</td><td>22,673</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>83,499</td><td>55,947</td><td>27,552</td><td>31,139</td><td>302,579</td><td>-271,440</td><td>114,638</td><td>358,526</td><td>-243,888</td></tr><tr><td>November</td><td>82,881</td><td>58,751</td><td>130</td><td>30,511</td><td>26,470</td><td>4,041</td><td>83,392</td><td>79,221</td><td>4,171</td></tr><tr><td>December</td><td>94,943</td><td>43,193</td><td>11,748</td><td>36,350</td><td>46,542</td><td>-10,192</td><td>91,893</td><td>89,737</td><td>1,256</td></tr><tr><td>1952-January p...</td><td>66,783</td><td>57,106</td><td>9,617</td><td>29,992</td><td>26,704</td><td>3,288</td><td>95,713</td><td>83,810</td><td>12,903</td></tr><tr><td>February p...</td><td>56,179</td><td>67,356</td><td>-11,177</td><td>27,599</td><td>29,921</td><td>-2,322</td><td>83,778</td><td>97,177</td><td>-13,699</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 which are performed by the U. S. Treasury on behalf of foreigners but which
previously had been excluded from reported transactions. 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-July</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>4,008,188</td><td>3,152,640</td><td>855,548</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>285,289</td><td>88,973</td><td>340,863</td><td>287,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,769</td><td>-17,441</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,038</td><td>-46,617</td></tr><tr><td>1946</td><td>69,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>596,056</td><td>265,127</td></tr><tr><td>1947</td><td>57,118</td><td>42,558</td><td>14,560</td><td>658,781</td><td>634,289</td><td>24,492</td><td>715,899</td><td>676,847</td><td>39,012</td></tr><tr><td>1948</td><td>81,715</td><td>96,744</td><td>-15,029</td><td>211,621</td><td>291,424</td><td>-79,803</td><td>293,336</td><td>388,168</td><td>-94,832</td></tr><tr><td>1949</td><td>88,815</td><td>70,788</td><td>18,027</td><td>321,243</td><td>311,470</td><td>9,773</td><td>410,058</td><td>382,258</td><td>27,800</td></tr><tr><td>1950</td><td>173,768</td><td>198,168</td><td>-24,380</td><td>589,232</td><td>710,239</td><td>-121,007</td><td>763,000</td><td>908,407</td><td>-145,387</td></tr><tr><td>1951</td><td>278,951</td><td>348,666</td><td>-76,715</td><td>900,149</td><td>806,123</td><td>-899,974</td><td>778,700</td><td>1,114,089</td><td>-316,389</td></tr><tr><td>1951-July</td><td>16,339</td><td>18,061</td><td>-1,702</td><td>45,429</td><td>28,152</td><td>17,277</td><td>61,768</td><td>46,213</td><td>15,575</td></tr><tr><td>August</td><td>19,567</td><td>13,649</td><td>6,918</td><td>21,098</td><td>20,090</td><td>1,008</td><td>40,665</td><td>39,739</td><td>968</td></tr><tr><td>September</td><td>26,602</td><td>26,608</td><td>-6</td><td>73,632</td><td>72,985</td><td>647</td><td>100,234</td><td>99,593</td><td>641</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>247,503</td><td>-168,401</td></tr><tr><td>November</td><td>24,193</td><td>47,642</td><td>-23,449</td><td>73,734</td><td>39,362</td><td>34,172</td><td>97,927</td><td>87,004</td><td>10,683</td></tr><tr><td>December</td><td>24,377</td><td>88,611</td><td>-58,240</td><td>38,083</td><td>46,775</td><td>-8,692</td><td>62,460</td><td>139,392</td><td>-66,932</td></tr><tr><td>1952-January</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>4,657 1/</td></tr><tr><td>February</td><td>89,070</td><td>27,492</td><td>1,578</td><td>19,590</td><td>50,668</td><td>-31,078</td><td>48,660</td><td>78,160</td><td>-29,500</td></tr></table>
1/ Includes for the first time certain transactions in long-term securities which are performed by the U. S. Treasury on behalf of foreigners but which previously had been excluded from reported transactions.
n.a. Not available. p Preliminary.
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Country</th><th colspan="5">Net capital movement</th><th colspan="5">Short-term banking funds</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January p</th><th>February p</th><th>October</th><th>November</th><th>December</th><th>January p</th><th>February 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>4,444</td><td>1,461</td><td>-5,700</td><td>-95</td><td>-1,343</td><td>3,781</td><td>1,770</td><td>-5,691</td><td>-227</td><td>-1,943</td></tr><tr><td>Belgium</td><td>10,375</td><td>-1,047</td><td>-19,383</td><td>-5,082r</td><td>13,881</td><td>8,699</td><td>-2,017</td><td>-22,840</td><td>-5,290</td><td>12,972</td></tr><tr><td>Czechoslovakia</td><td>-453</td><td>37</td><td>-290</td><td>-636</td><td>86</td><td>-430</td><td>45</td><td>-272</td><td>-626</td><td>80</td></tr><tr><td>Denmark</td><td>2,528</td><td>-467</td><td>-72</td><td>-389</td><td>-5,619</td><td>2,173</td><td>-765</td><td>-292</td><td>-463</td><td>-5,995</td></tr><tr><td>Finland</td><td>785</td><td>3,318</td><td>-722</td><td>2,599</td><td>12</td><td>779</td><td>3,283</td><td>-798</td><td>2,974</td><td>191</td></tr><tr><td>France</td><td>48,540</td><td>-14,196</td><td>36,982</td><td>-39,010r</td><td>2,336</td><td>47,147</td><td>-15,415</td><td>35,829</td><td>40,463</td><td>-39,856</td></tr><tr><td>Germany 1/</td><td>-16,343</td><td>-30,091</td><td>-50,009</td><td>-32,299</td><td>-39,892</td><td>-16,338</td><td>-30,030</td><td>-50,094</td><td>-12,319</td><td>-49,921</td></tr><tr><td>Greece</td><td>-1,960</td><td>2,107</td><td>4,536</td><td>-6,787</td><td>-412</td><td>-1,977</td><td>2,108</td><td>4,546</td><td>-6,874</td><td>-495</td></tr><tr><td>Italy</td><td>2,111</td><td>8,819</td><td>4,443</td><td>-13,654</td><td>3,172</td><td>2,344</td><td>8,592</td><td>4,575</td><td>-13,587</td><td>2,888</td></tr><tr><td>Netherlands</td><td>-6,530</td><td>17,170</td><td>-6,897</td><td>1,337r</td><td>1,161</td><td>-3,012</td><td>21,078</td><td>-6,752</td><td>4,013r</td><td>2,448</td></tr><tr><td>Norway</td><td>4,769</td><td>-7,496</td><td>28</td><td>-1,450r</td><td>-490</td><td>3,557</td><td>-7,210</td><td>-207</td><td>-1,560r</td><td>-561</td></tr><tr><td>Poland</td><td>102</td><td>403</td><td>85</td><td>419</td><td>3,374</td><td>102</td><td>290</td><td>199</td><td>424</td><td>3,395</td></tr><tr><td>Portugal</td><td>-11,614</td><td>-1,109</td><td>5,237</td><td>-2,082</td><td>1,515</td><td>-11,281</td><td>-1,070</td><td>5,195</td><td>-2,123</td><td>1,587</td></tr><tr><td>Romania</td><td>-58</td><td>33</td><td>155</td><td>-99</td><td>7</td><td>-58</td><td>33</td><td>155</td><td>-98</td><td>9</td></tr><tr><td>Spain</td><td>-374</td><td>1,917</td><td>-1,212</td><td>-611</td><td>-52</td><td>-469</td><td>1,955</td><td>-3,257</td><td>-737</td><td>-33</td></tr><tr><td>Sweden</td><td>-5,856</td><td>-5,161</td><td>-8,734</td><td>-6,261</td><td>1,363</td><td>-5,847</td><td>-5,272</td><td>-8,805</td><td>-6,212</td><td>1,090</td></tr><tr><td>Switzerland</td><td>-8,195</td><td>18,334</td><td>8,632</td><td>16,570r</td><td>17,240</td><td>-18,591</td><td>14,324</td><td>12,056</td><td>4,649r</td><td>19,077</td></tr><tr><td>U. S. S. R.</td><td>-1,292</td><td>1,199</td><td>215</td><td>1,735</td><td>256</td><td>-1,592</td><td>215</td><td>215</td><td>1,730</td><td>140</td></tr><tr><td>United Kingdom</td><td>45,160</td><td>50,312</td><td>57,89</td><td>14,336r</td><td>144,615</td><td>49,310</td><td>46,257</td><td>51,100</td><td>9,167r</td><td>147,019</td></tr><tr><td>Yugoslavia</td><td>-540</td><td>1,777</td><td>-1,407</td><td>2,113</td><td>2,037</td><td>461</td><td>1,777</td><td>-1,472</td><td>2,117</td><td>2,037</td></tr><tr><td>Other Europe</td><td>-1,364</td><td>-278</td><td>5,293</td><td>712r</td><td>-1,279</td><td>-1,258</td><td>-729</td><td>5,002</td><td>1,747r</td><td>-1,067</td></tr><tr><td>Total Europe</td><td>63,935</td><td>46,243</td><td>28,389</td><td>-49,472r</td><td>141,708</td><td>56,438</td><td>38,829</td><td>18,412</td><td>-64,606r</td><td>144,451</td></tr><tr><td>Canada</td><td>-78,421</td><td>-15,892</td><td>8,072</td><td>15,218r</td><td>3,302</td><td>233,505</td><td>-23,556</td><td>83,365</td><td>12,019r</td><td>35,883</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>-13,135</td><td>-21,452</td><td>-26,792</td><td>-24,138</td><td>-13,438</td><td>-13,552</td><td>-21,042</td><td>-27,070</td><td>-24,153</td><td>-12,850</td></tr><tr><td>Bolivia</td><td>-1,570</td><td>945</td><td>2,741</td><td>-3,645r</td><td>-789</td><td>-1,603</td><td>926</td><td>2,583</td><td>-3,924</td><td>-747</td></tr><tr><td>Brazil</td><td>-27,410</td><td>-30,254</td><td>-29,280</td><td>-23,584r</td><td>8,870</td><td>-28,278</td><td>-31,319</td><td>-30,493</td><td>-24,160r</td><td>8,069</td></tr><tr><td>Chile</td><td>-4,016</td><td>-6,768</td><td>4,619</td><td>1,397r</td><td>6,010</td><td>-4,104</td><td>-7,006</td><td>4,373</td><td>989r</td><td>5,649</td></tr><tr><td>Colombia</td><td>17,028</td><td>22,871</td><td>23,019</td><td>-4,316</td><td>2,039</td><td>13,912</td><td>22,011</td><td>22,699</td><td>-4,443</td><td>1,842</td></tr><tr><td>Cuba</td><td>-1,869</td><td>-19,563</td><td>-37,119</td><td>-287r</td><td>10,618</td><td>-3,287</td><td>-19,888</td><td>-35,749</td><td>4,014r</td><td>10,467</td></tr><tr><td>Dominican Republic</td><td>-6,668</td><td>-621</td><td>2,119</td><td>-71r</td><td>2,634</td><td>-6,691</td><td>-638</td><td>2,874</td><td>2,872</td><td>8,70</td></tr><tr><td>Guatemala</td><td>-1,968</td><td>1,159</td><td>1,053</td><td>7,604</td><td>3,480</td><td>-2,014</td><td>1,125</td><td>999</td><td>7,497</td><td>3,480</td></tr><tr><td>Mexico</td><td>1,006</td><td>-3,575</td><td>-2,575</td><td>-28,154</td><td>-7,256</td><td>1,498</td><td>-4,408</td><td>-4,319</td><td>-29,678</td><td>-6,983</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>191</td><td>748</td><td>4,657</td><td>-3,011r</td><td>447</td><td>25</td><td>765</td><td>3,816</td><td>-3,289r</td><td>-179</td></tr><tr><td>Peru</td><td>-2,830</td><td>-1,421</td><td>-471</td><td>2,244r</td><td>-526</td><td>-2,887</td><td>-1,401</td><td>-543</td><td>2,093r</td><td>-444</td></tr><tr><td>Republic of Panama</td><td>6,332</td><td>-1,521</td><td>3,537</td><td>-2,628r</td><td>-1,065</td><td>5,952</td><td>837</td><td>2,392</td><td>-5,852r</td><td>2,741</td></tr><tr><td>El Salvador</td><td>-7,402</td><td>-4,579</td><td>-1,807</td><td>8,728</td><td>3,984</td><td>-7,500</td><td>4,598</td><td>-1,830</td><td>8,345</td><td>3,989</td></tr><tr><td>Uruguay</td><td>-4,006</td><td>8,390</td><td>1,339</td><td>-12,221</td><td>7,843</td><td>-1,082</td><td>8,560</td><td>2,326</td><td>-12,215</td><td>6,337</td></tr><tr><td>Yucatan</td><td>-7,523</td><td>12,768</td><td>16,023</td><td>2,660r</td><td>-8,445</td><td>-7,421</td><td>12,319</td><td>16,676</td><td>2,346r</td><td>-8,833</td></tr><tr><td>Other Latin America</td><td>612</td><td>2,036</td><td>-3,757</td><td>12,339r</td><td>-1,053</td><td>512</td><td>1,965</td><td>-3,624</td><td>12,576r</td><td>-1,083</td></tr><tr><td>Total Latin America</td><td>-51,628</td><td>-41,623</td><td>-40,897</td><td>-66,594r</td><td>13,418</td><td>-56,424</td><td>-42,286</td><td>-47,594</td><td>-69,981r</td><td>14,985</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>223r</td><td>1,083</td><td>107</td><td>-1,149r</td><td>-336</td><td>32r</td><td>1,097</td><td>38</td><td>-1,233r</td><td>-415</td></tr><tr><td>Formosa</td><td>-3,733r</td><td>-2,452</td><td>-1,098</td><td>4,211</td><td>684</td><td>-3,816r</td><td>-2,465</td><td>-1,011</td><td>4,283</td><td>644</td></tr><tr><td>Hong Kong</td><td>1,389</td><td>3,640</td><td>2,131</td><td>3,275r</td><td>284</td><td>-363</td><td>2,203</td><td>975</td><td>3,542r</td><td>-6</td></tr><tr><td>India</td><td>-6,693</td><td>-5,618</td><td>4,398</td><td>-4,930r</td><td>-986</td><td>-6,671</td><td>-5,690</td><td>4,354</td><td>-4,947r</td><td>-1,206</td></tr><tr><td>Indonesia</td><td>-49,743</td><td>1,113</td><td>11,595</td><td>-8,949</td><td>-4,497</td><td>-44,745</td><td>1,108</td><td>11,599</td><td>-8,945</td><td>-4,464</td></tr><tr><td>Iran</td><td>-4,910</td><td>280</td><td>2,946</td><td>1,837r</td><td>50</td><td>-4,913</td><td>290</td><td>2,932</td><td>1,796r</td><td>52</td></tr><tr><td>Israel</td><td>-5,428</td><td>4,360</td><td>2,908</td><td>-17,730r</td><td>-1,592</td><td>241</td><td>77</td><td>10,018</td><td>-11,795r</td><td>2,088</td></tr><tr><td>Japan</td><td>46,330</td><td>27,815</td><td>39,806</td><td>39,030</td><td>23,030</td><td>46,300</td><td>21,828</td><td>29,798</td><td>39,932</td><td>23,129</td></tr><tr><td>Philippines</td><td>-17,751</td><td>-13,001</td><td>-20,355</td><td>2,692</td><td>2,186</td><td>-17,764</td><td>-12,877</td><td>-19,801</td><td>-12,436r</td><td>5,988</td></tr><tr><td>Thailand</td><td>8,037</td><td>6,339</td><td>5,781</td><td>12,429</td><td>5,366</td><td>6,038</td><td>6,337</td><td>9,784</td><td>12,435</td><td>5,366</td></tr><tr><td>Turkey</td><td>-9,560</td><td>8,990</td><td>2,849</td><td>-379</td><td>1,182</td><td>-9,571</td><td>8,990</td><td>2,837</td><td>-364</td><td>1,167</td></tr><tr><td>Other Asia</td><td>11,180</td><td>-11,958</td><td>938</td><td>-2,166</td><td>6,889</td><td>11,126</td><td>-12,119</td><td>611</td><td>-2,060</td><td>6,282</td></tr><tr><td>Total Asia</td><td>-30,420</td><td>11,563</td><td>37,926</td><td>20,556r</td><td>31,722</td><td>-23,961</td><td>14,639</td><td>44,336</td><td>26,666r</td><td>33,582</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>13,155</td><td>6,484</td><td>2,640</td><td>-4,500</td><td>8,120</td><td>12,702</td><td>6,310</td><td>2,297</td><td>-4,559</td><td>7,704</td></tr><tr><td>Belgian Congo</td><td>2,694</td><td>566</td><td>2,821</td><td>267</td><td>3,815</td><td>2,692</td><td>267</td><td>2,822</td><td>271</td><td>3,803</td></tr><tr><td>Egypt and Anglo-</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Egyptian Sudan</td><td>444</td><td>-393</td><td>9,437</td><td>9,882r</td><td>5,919</td><td>478</td><td>-392</td><td>9,431</td><td>9,867r</td><td>5,934</td></tr><tr><td>Union of South Africa</td><td>5,286</td><td>-1,447</td><td>-6,244</td><td>2,829r</td><td>4,017</td><td>5,204</td><td>-1,612</td><td>-6,497</td><td>1,656r</td><td>3,920</td></tr><tr><td>Other</td><td>6,429</td><td>11,362</td><td>2,431</td><td>2,821r</td><td>8,262</td><td>6,750</td><td>10,747</td><td>2,298</td><td>2,346r</td><td>7,692</td></tr><tr><td>Total other countries</td><td>28,004</td><td>16,972</td><td>11,089</td><td>10,227r</td><td>30,136</td><td>27,828</td><td>15,620</td><td>10,351</td><td>9,581r</td><td>29,059</td></tr><tr><td>International</td><td>12,328</td><td>-1,359r</td><td>-51,893</td><td>-7,014r</td><td>-39,622</td><td>126,201</td><td>-2,405</td><td>-52,738</td><td>-7,288</td><td>-56,408</td></tr><tr><td>Grand total</td><td>-56,202</td><td>15,493r</td><td>-7,713</td><td>-77,079r</td><td>160,664</td><td>363,581</td><td>841</td><td>56,172</td><td>-93,649r</td><td>201,512</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 Revised.
May 1952
59
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>October</th><th>November</th><th>December</th><th>January p</th><th>February p</th><th>October</th><th>November</th><th>December</th><th>January p</th><th>February 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>274</td><td>-278</td><td>-14</td><td>21</td><td>288</td><td>389</td><td>-31</td><td>5</td><td>111</td><td>-28</td></tr><tr><td>Belgium</td><td>-433</td><td>330</td><td>-348</td><td>1h2r</td><td>-42</td><td>2,149</td><td>640</td><td>3,809</td><td>66</td><td>951</td></tr><tr><td>Czechoslovakia</td><td>-40</td><td>80</td><td>-59</td><td>17h</td><td>8</td><td>-23</td><td>-8</td><td>-17</td><td>-10</td><td>-2</td></tr><tr><td>Denmark</td><td>-40</td><td>-13</td><td>15</td><td>-</td><td>-14</td><td>392</td><td>218</td><td>299</td><td>-100</td><td>290</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-140</td><td>6</td><td>3</td><td>61</td><td>20</td><td>1</td></tr><tr><td>France</td><td>179</td><td>602</td><td>-294</td><td>-1,034</td><td>763</td><td>1,214</td><td>617</td><td>1,447</td><td>2,487</td><td>1,083</td></tr><tr><td>Germany</td><td>13</td><td>-38</td><td>57</td><td>-3</td><td>13</td><td>-18</td><td>17</td><td>-12</td><td>23</td><td>-11</td></tr><tr><td>Greece</td><td>-21</td><td>-7</td><td>-504</td><td>37</td><td>-7</td><td>38</td><td>-</td><td>10</td><td>90</td><td>34</td></tr><tr><td>Italy</td><td>-92</td><td>24</td><td>-604</td><td>-19</td><td>145</td><td>-141</td><td>203</td><td>372</td><td>-48</td><td>139</td></tr><tr><td>Netherlands</td><td>-1,246</td><td>298</td><td>672</td><td>-1,653</td><td>1,037</td><td>-1,572</td><td>-4,206</td><td>-817</td><td>-1,023</td><td>-2,324</td></tr><tr><td>Norway</td><td>172</td><td>-105</td><td>32</td><td>-29</td><td>5</td><td>1,040</td><td>-181</td><td>143</td><td>139</td><td>66</td></tr><tr><td>Poland</td><td>-</td><td>113</td><td>-113</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-21</td></tr><tr><td>Portugal</td><td>-27</td><td>-39</td><td>37</td><td>35</td><td>-62</td><td>-360</td><td>-</td><td>5</td><td>6</td><td>-10</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td></tr><tr><td>Spain</td><td>101</td><td>7</td><td>-17</td><td>42</td><td>-4</td><td>-6</td><td>-45</td><td>2,062</td><td>84</td><td>-15</td></tr><tr><td>Svden</td><td>-</td><td>113</td><td>45</td><td>7</td><td>292</td><td>-9</td><td>-2</td><td>26</td><td>-56</td><td>21</td></tr><tr><td>Switzerland</td><td>-1,004</td><td>53</td><td>-9</td><td>-736</td><td>1,542</td><td>11,400</td><td>3,957</td><td>-3,415</td><td>12,697</td><td>+3,382</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-5</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-379</td></tr><tr><td>United Kingdom</td><td>-668</td><td>1,197</td><td>664</td><td>-826r</td><td>1,064</td><td>-3,382</td><td>3,422</td><td>5,445</td><td>5,595</td><td>+3,768</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-79</td><td>-</td><td>66</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>69</td><td>-3</td><td>99</td><td>-46</td><td>-30</td><td>-172</td><td>454</td><td>192</td><td>-989</td><td>-182</td></tr><tr><td>Total Europe</td><td>-3,369</td><td>2,333</td><td>321</td><td>-3,883r</td><td>4,796</td><td>10,866</td><td>5,081</td><td>9,656</td><td>19,017</td><td>-7,539</td></tr><tr><td>Canada</td><td>410</td><td>144</td><td>297</td><td>1,124</td><td>-2,419</td><td>-312,336</td><td>7,920</td><td>-75,590</td><td>2,075</td><td>-30,162</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>-197</td><td>228</td><td>209</td><td>-127</td><td>-527</td><td>614</td><td>-638</td><td>69</td><td>142</td><td>-61</td></tr><tr><td>Bolivia</td><td>-38</td><td>-12</td><td>-5</td><td>101r</td><td>-100</td><td>71</td><td>31</td><td>163</td><td>178</td><td>58</td></tr><tr><td>Brazil</td><td>-79</td><td>17</td><td>4</td><td>-288</td><td>504</td><td>947</td><td>1,048</td><td>1,209</td><td>924</td><td>297</td></tr><tr><td>Chile</td><td>-120</td><td>-127</td><td>-24</td><td>377r</td><td>-120</td><td>208</td><td>365</td><td>270</td><td>31</td><td>481</td></tr><tr><td>Colombia</td><td>215</td><td>-791</td><td>-3</td><td>290</td><td>445</td><td>2,901</td><td>904</td><td>383</td><td>-296</td><td>-248</td></tr><tr><td>Cuba</td><td>-1,092</td><td>476</td><td>556</td><td>-532</td><td>187</td><td>370</td><td>-156</td><td>-231</td><td>-3,195</td><td>24</td></tr><tr><td>Dominican Republic</td><td>-401</td><td>-2</td><td>-74</td><td>-12</td><td>-228</td><td>424</td><td>19</td><td>89</td><td>13</td><td>-8</td></tr><tr><td>Guatemala</td><td>-47</td><td>40</td><td>-27</td><td>22</td><td>17</td><td>93</td><td>65</td><td>83</td><td>89</td><td>17</td></tr><tr><td>Mexico</td><td>-1,035</td><td>39</td><td>93</td><td>39</td><td>-22</td><td>544</td><td>794</td><td>1,691</td><td>1,489</td><td>-251</td></tr><tr><td>Netherlands East Indies and Surinam</td><td>-47</td><td>12</td><td>5</td><td>51</td><td>16</td><td>213</td><td>-29</td><td>836</td><td>227</td><td>610</td></tr><tr><td>Peru</td><td>80</td><td>-2</td><td>-117</td><td>94</td><td>32</td><td>-43</td><td>-18</td><td>189</td><td>52</td><td>-114</td></tr><tr><td>Republic of Panama</td><td>258</td><td>-1,712</td><td>891</td><td>1,382</td><td>-1,216</td><td>142</td><td>-646</td><td>294</td><td>1,842</td><td>-2,590</td></tr><tr><td>El Salvador</td><td>-</td><td>-1</td><td>5</td><td>2</td><td>1</td><td>98</td><td>20</td><td>18</td><td>381</td><td>-6</td></tr><tr><td>Uruguay</td><td>-1,096</td><td>-213</td><td>1,262</td><td>-305</td><td>-204</td><td>1,776</td><td>803</td><td>-255</td><td>359</td><td>1,115</td></tr><tr><td>Venezuela</td><td>-831</td><td>-759</td><td>-1,466</td><td>830</td><td>-173</td><td>729</td><td>1,208</td><td>813</td><td>-503</td><td>561</td></tr><tr><td>Other Latin America</td><td>-117</td><td>30</td><td>31</td><td>21</td><td>203</td><td>217</td><td>41</td><td>-104</td><td>-498</td><td>73</td></tr><tr><td>Total Latin America</td><td>-4,508</td><td>-3,077</td><td>1,320</td><td>2,165r</td><td>-1,491</td><td>9,304</td><td>3,740</td><td>5,337</td><td>1,222</td><td>-76</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>-40</td><td>-9</td><td>11</td><td>58</td><td>-</td><td>231</td><td>31</td><td>95</td><td>26</td><td>79</td></tr><tr><td>Formosa</td><td>86</td><td>12</td><td>-89</td><td>69</td><td>37</td><td>-4</td><td>1</td><td>2</td><td>-</td><td>3</td></tr><tr><td>Hong Kong</td><td>293</td><td>7</td><td>9</td><td>-386</td><td>1,066</td><td>1,644</td><td>1,430</td><td>1,547</td><td>119</td><td>-776</td></tr><tr><td>India</td><td>-10</td><td>47</td><td>-3</td><td>3</td><td>-2</td><td>28</td><td>25</td><td>7</td><td>14</td><td>222</td></tr><tr><td>Indonesia</td><td>1</td><td>6</td><td>-4</td><td>-6</td><td>-</td><td>-4,999</td><td>1</td><td>-</td><td>2</td><td>-33</td></tr><tr><td>Iran</td><td>4</td><td>-11</td><td>1</td><td>5</td><td>-1</td><td>-1</td><td>1</td><td>13</td><td>36</td><td>-1</td></tr><tr><td>Israel</td><td>-27</td><td>1</td><td>-9</td><td>28</td><td>1</td><td>-5,642</td><td>-4,438</td><td>-7,501</td><td>-5,963</td><td>-3,681</td></tr><tr><td>Japan</td><td>194</td><td>-208</td><td>11</td><td>-77r</td><td>32</td><td>44</td><td>-105</td><td>-3</td><td>25</td><td>-69</td></tr><tr><td>Philippines</td><td>11</td><td>-36</td><td>88</td><td>-20</td><td>-28</td><td>24</td><td>12</td><td>-1,242</td><td>124 1/2</td><td>1,296</td></tr><tr><td>Thailand</td><td>-15</td><td>2</td><td>-31</td><td>8</td><td>34</td><td>2,014</td><td>-</td><td>-12</td><td>-14</td><td>-34</td></tr><tr><td>Turkey</td><td>-22</td><td>18</td><td>5</td><td>20</td><td>-12</td><td>33</td><td>-18</td><td>7</td><td>-35</td><td>27</td></tr><tr><td>Other Asia</td><td>40</td><td>51</td><td>7</td><td>-97</td><td>-12</td><td>-56</td><td>100</td><td>318</td><td>-9</td><td>72</td></tr><tr><td>Total Asia</td><td>493</td><td>-116</td><td>-4</td><td>-395r</td><td>1,115</td><td>-6,952</td><td>-2,960</td><td>-6,806</td><td>-5,6751/2</td><td>-2,915</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>-38</td><td>4</td><td>17</td><td>-27</td><td>-8</td><td>491</td><td>170</td><td>326</td><td>86</td><td>414</td></tr><tr><td>Belgian Congo</td><td>2</td><td>-1</td><td>-</td><td>-1</td><td>8</td><td>-</td><td>-</td><td>-1</td><td>-3</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-48</td><td>-8</td><td>3</td><td>9</td><td>-2</td><td>18</td><td>7</td><td>3</td><td>6</td><td>-13</td></tr><tr><td>Union of South Africa</td><td>29</td><td>96</td><td>-130</td><td>221</td><td>-42</td><td>23</td><td>69</td><td>383</td><td>408</td><td>139</td></tr><tr><td>Other</td><td>-165</td><td>428</td><td>-318</td><td>-205</td><td>388</td><td>140</td><td>187</td><td>471</td><td>152</td><td>128</td></tr><tr><td>Total other countries</td><td>-320</td><td>519</td><td>-448</td><td>-3</td><td>350</td><td>702</td><td>433</td><td>1,182</td><td>649</td><td>727</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-113,873</td><td>1,0k0r</td><td>845</td><td>274r</td><td>-3,214</td></tr><tr><td>Grand total</td><td>-7,494</td><td>-197</td><td>1,486</td><td>-992r</td><td>2,351</td><td>-12,289</td><td>14,854r</td><td>-65,376</td><td>17,562r 1/2</td><td>-43,139</td></tr></table>
1/ Includes for the first time certain transactions in long-term securities which are performed by the U. S. Treasury on behalf of foreigners but which previously had been excluded from reported transactions.
p Preliminary.
r Revised.
60
Treasury Bulletin
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</th><th colspan="4">Liabilities to foreigners</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January p</th><th>October</th><th>November</th><th>December</th><th>January p</th></tr><tr><th colspan="9">1951</th><th colspan="4">1952</th></tr><tr><th colspan="9">Europe:</th><th colspan="4"></th></tr><tr><td>Austria</td><td>22</td><td>50</td><td>20</td><td>9</td><td>61,072</td><td>62,870</td><td>57,149</td><td>56,911</td><td>55,395</td></tr><tr><td>Belgium</td><td>23,568</td><td>27,060</td><td>39,551</td><td>42,896</td><td>143,593</td><td>145,068</td><td>134,719</td><td>132,774</td><td>136,566</td></tr><tr><td>Czechoslovakia</td><td>49</td><td>15</td><td>15</td><td>44</td><td>1,532</td><td>1,543</td><td>1,271</td><td>674</td><td>755</td></tr><tr><td>Denmark</td><td>5,661</td><td>5,902</td><td>4,830</td><td>3,979</td><td>47,206</td><td>46,682</td><td>45,318</td><td>44,004</td><td>38,711</td></tr><tr><td>Finland</td><td>2,673</td><td>3,216</td><td>3,101</td><td>3,586</td><td>24,005</td><td>27,876</td><td>26,963</td><td>30,082</td><td>30,732</td></tr><tr><td>France</td><td>11,301</td><td>10,977</td><td>10,114</td><td>14,073</td><td>270,125</td><td>254,386</td><td>289,352</td><td>252,848</td><td>253,398</td></tr><tr><td>Germany 1/</td><td>30,884</td><td>28,593</td><td>28,276</td><td>30,121</td><td>483,300</td><td>495,939</td><td>405,608</td><td>395,134</td><td>353,018</td></tr><tr><td>Greece</td><td>121</td><td>168</td><td>151</td><td>158</td><td>39,091</td><td>41,543</td><td>45,778</td><td>38,899</td><td>38,410</td></tr><tr><td>Italy</td><td>11,220</td><td>7,945</td><td>10,289</td><td>12,303</td><td>283,222</td><td>293,199</td><td>300,458</td><td>283,175</td><td>293,858</td></tr><tr><td>Netherlands</td><td>2,880</td><td>3,879</td><td>4,980</td><td>5,835</td><td>132,336</td><td>134,463</td><td>148,812</td><td>153,680</td><td>155,999</td></tr><tr><td>Norway</td><td>1,666</td><td>1,135</td><td>2,466</td><td>2,009</td><td>106,331</td><td>98,590</td><td>99,714</td><td>97,697</td><td>96,721</td></tr><tr><td>Poland</td><td>47</td><td>41</td><td>43</td><td>40</td><td>2,362</td><td>2,646</td><td>2,847</td><td>2,420</td><td>5,814</td></tr><tr><td>Portugal</td><td>648</td><td>707</td><td>798</td><td>1,044</td><td>36,146</td><td>35,435</td><td>40,721</td><td>38,944</td><td>40,300</td></tr><tr><td>Romania</td><td>8</td><td>6</td><td>6</td><td>5</td><td>5,960</td><td>5,991</td><td>6,146</td><td>6,047</td><td>6,056</td></tr><tr><td>Spain</td><td>17,136</td><td>16,753</td><td>18,755</td><td>18,995</td><td>16,816</td><td>18,388</td><td>17,133</td><td>16,636</td><td>17,134</td></tr><tr><td>Sweden</td><td>4,258</td><td>6,195</td><td>5,367</td><td>5,801</td><td>83,659</td><td>80,324</td><td>70,691</td><td>64,313</td><td>64,123</td></tr><tr><td>Switzerland</td><td>9,595</td><td>8,811</td><td>11,185</td><td>11,224</td><td>493,306</td><td>506,846</td><td>521,276</td><td>525,964</td><td>544,099</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>-</td><td>1</td><td>-</td><td>2,509</td><td>2,889</td><td>2,505</td><td>1,234</td><td>1,874</td></tr><tr><td>United Kingdom</td><td>32,958</td><td>34,738</td><td>35,082</td><td>28,521</td><td>543,185</td><td>591,217</td><td>642,581</td><td>645,647</td><td>796,944</td></tr><tr><td>Yugoslavia</td><td>1,034</td><td>3,181</td><td>3,083</td><td>1,351</td><td>4,033</td><td>4,197</td><td>7,127</td><td>7,712</td><td>8,744</td></tr><tr><td>Other Europe</td><td>1,295</td><td>1,104</td><td>1,963</td><td>1,139</td><td>51</td><td>52,694</td><td>57,555</td><td>59,1478</td><td>58,759</td></tr><tr><td>Total Europe</td><td>160,083</td><td>163,636</td><td>182,816</td><td>186,817</td><td>2,843,749</td><td>2,886,126</td><td>2,923,718</td><td>2,863,113</td><td>3,000,940</td></tr><tr><td>Canada</td><td>102,506</td><td>118,313</td><td>91,995</td><td>89,383</td><td>1,257,810</td><td>1,250,061</td><td>1,307,068</td><td>1,316,495</td><td>1,335,414</td></tr><tr><th colspan="9">Latin America:</th><th colspan="4"></th></tr><tr><td>Argentina</td><td>9,263</td><td>7,915</td><td>7,598</td><td>7,897</td><td>299,501</td><td>277,111</td><td>249,728</td><td>225,870</td><td>212,913</td></tr><tr><td>Bolivia</td><td>7,287</td><td>7,191</td><td>7,476</td><td>7,138</td><td>24,073</td><td>24,963</td><td>27,831</td><td>23,569</td><td>25,608</td></tr><tr><td>Brazil</td><td>155,613</td><td>164,310</td><td>185,013</td><td>207,313</td><td>132,753</td><td>110,131</td><td>100,341</td><td>98,481</td><td>116,219</td></tr><tr><td>Chile</td><td>20,624</td><td>22,784</td><td>24,238</td><td>25,628</td><td>92,493</td><td>47,702</td><td>98,113</td><td>96,113</td><td>99,501</td></tr><tr><td>Columbia</td><td>42,977</td><td>39,661</td><td>43,702</td><td>39,326</td><td>61,001</td><td>79,702</td><td>106,442</td><td>97,623</td><td>96,282</td></tr><tr><td>Cuba</td><td>30,110</td><td>29,433</td><td>32,273</td><td>29,568</td><td>305,223</td><td>284,658</td><td>251,749</td><td>233,058</td><td>264,924</td></tr><tr><td>Dominican Republic</td><td>1,694</td><td>1,725</td><td>1,886</td><td>2,242</td><td>44,161</td><td>43,594</td><td>45,799</td><td>46,213</td><td>48,866</td></tr><tr><td>Guatemala</td><td>3,361</td><td>3,170</td><td>3,793</td><td>3,954</td><td>21,830</td><td>22,814</td><td>24,436</td><td>32,094</td><td>35,894</td></tr><tr><td>Mexico</td><td>74,085</td><td>87,364</td><td>90,600</td><td>109,108</td><td>150,428</td><td>159,293</td><td>158,210</td><td>147,040</td><td>133,986</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,097</td><td>1,405</td><td>1,232</td><td>1,153</td><td>30,161</td><td>31,234</td><td>34,877</td><td>31,509</td><td>31,332</td></tr><tr><td>Peru</td><td>13,881</td><td>12,657</td><td>11,783</td><td>11,951</td><td>51,241</td><td>48,616</td><td>47,199</td><td>49,465</td><td>48,840</td></tr><tr><td>Republic of Panama</td><td>3,078</td><td>3,301</td><td>2,968</td><td>4,200</td><td>64,570</td><td>65,630</td><td>67,689</td><td>63,069</td><td>65,671</td></tr><tr><td>El Salvador</td><td>7,457</td><td>8,222</td><td>9,497</td><td>9,585</td><td>32,175</td><td>28,542</td><td>27,787</td><td>36,920</td><td>38,974</td></tr><tr><td>Uruguay</td><td>12,604</td><td>9,257</td><td>10,784</td><td>11,104</td><td>79,127</td><td>83,079</td><td>84,139</td><td>73,724</td><td>76,808</td></tr><tr><td>Venezuela</td><td>66,885</td><td>54,430</td><td>41,727</td><td>38,220</td><td>68,009</td><td>69,073</td><td>71,966</td><td>61,385</td><td>62,224</td></tr><tr><td>Other Latin America</td><td>13,125</td><td>12,319</td><td>14,583</td><td>13,694</td><td>85,391</td><td>86,550</td><td>85,130</td><td>96,897</td><td>95,947</td></tr><tr><td>Total Latin America</td><td>463,841</td><td>469,504</td><td>489,328</td><td>520,331</td><td>1,502,181</td><td>1,461,553</td><td>1,437,828</td><td>1,398,850</td><td>1,414,069</td></tr><tr><th colspan="9">Asia:</th><th colspan="4"></th></tr><tr><td>China Mainland</td><td>2,775</td><td>2,734</td><td>2,710</td><td>2,704</td><td>42,617</td><td>43,633</td><td>43,647</td><td>42,408</td><td>41,925</td></tr><tr><td>Formose</td><td>7,468</td><td>7,408</td><td>7,409</td><td>7,407</td><td>47,139</td><td>44,194</td><td>43,784</td><td>39,499</td><td>39,653</td></tr><tr><td>Hong Kong</td><td>3,632</td><td>3,295</td><td>3,131</td><td>1,425</td><td>60,108</td><td>61,974</td><td>62,389</td><td>64,221</td><td>64,368</td></tr><tr><td>India</td><td>9,701</td><td>13,344</td><td>13,380</td><td>14,765</td><td>59,770</td><td>57,723</td><td>62,113</td><td>58,551</td><td>59,427</td></tr><tr><td>Indonesia</td><td>396</td><td>405</td><td>330</td><td>480</td><td>127,995</td><td>129,112</td><td>140,636</td><td>131,781</td><td>127,393</td></tr><tr><td>Iran</td><td>8,114</td><td>8,613</td><td>9,348</td><td>8,904</td><td>21,005</td><td>21,794</td><td>25,861</td><td>26,813</td><td>26,946</td></tr><tr><td>Israel</td><td>27,084</td><td>27,836</td><td>29,970</td><td>35,890</td><td>13,209</td><td>11,398</td><td>26,250</td><td>20,675</td><td>19,275</td></tr><tr><td>Jepart</td><td>8,450</td><td>10,688</td><td>12,163</td><td>8,999</td><td>538,676</td><td>563,742</td><td>596,020</td><td>632,383</td><td>655,716</td></tr><tr><td>Philippines</td><td>23,038</td><td>22,615</td><td>29,280</td><td>29,105</td><td>355,644</td><td>342,244</td><td>329,708</td><td>332,081</td><td>331,224</td></tr><tr><td>Thailand</td><td>2,758</td><td>2,441</td><td>2,474</td><td>2,143</td><td>84,902</td><td>90,928</td><td>96,733</td><td>108,843</td><td>114,970</td></tr><tr><td>Turkey</td><td>10,964</td><td>778</td><td>609</td><td>510</td><td>12,202</td><td>11,406</td><td>14,074</td><td>13,611</td><td>14,915</td></tr><tr><td>Other Asia</td><td>42,930</td><td>58,866</td><td>51,615</td><td>50,046</td><td>171,261</td><td>169,078</td><td>168,440</td><td>164,811</td><td>166,054</td></tr><tr><td>Total Asia</td><td>146,870</td><td>153,023</td><td>162,424</td><td>161,918</td><td>1,535,028</td><td>1,555,820</td><td>1,609,557</td><td>1,635,677</td><td>1,661,856</td></tr><tr><th colspan="9">Other countries:</th><th colspan="4"></th></tr><tr><td>Australia</td><td>25,259</td><td>23,363</td><td>22,775</td><td>21,128</td><td>32,416</td><td>36,830</td><td>38,339</td><td>32,333</td><td>36,481</td></tr><tr><td>Belgian Congo</td><td>6,889</td><td>6,668</td><td>5,737</td><td>5,291</td><td>52,241</td><td>52,581</td><td>54,478</td><td>54,303</td><td>58,843</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>270</td><td>181</td><td>232</td><td>131</td><td>101,652</td><td>101,173</td><td>110,633</td><td>120,419</td><td>126,358</td></tr><tr><td>Union of South Africa</td><td>7,649</td><td>6,830</td><td>6,725</td><td>6,317</td><td>16,011</td><td>13,580</td><td>6,978</td><td>8,226</td><td>11,806</td></tr><tr><td>Other</td><td>4,681</td><td>5,580</td><td>6,431</td><td>4,599</td><td>72,004</td><td>83,650</td><td>86,799</td><td>87,313</td><td>95,681</td></tr><tr><td>Total other countries</td><td>44,748</td><td>42,616</td><td>41,900</td><td>37,466</td><td>274,324</td><td>287,812</td><td>297,447</td><td>302,994</td><td>329,145</td></tr><tr><td>International</td><td>-</td><td>-</td><td>20</td><td>-</td><td>1,761</td><td>1,760,906</td><td>1,708,188</td><td>1,700,880</td><td>1,646,239</td></tr><tr><td>Grand total</td><td>918,053</td><td>943,092</td><td>968,443</td><td>995,859</td><td>964,338</td><td>9,175,403</td><td>9,202,283</td><td>9,283,806</td><td>9,217,969</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 which are held
with the U.S. Treasury but which previously had been excluded from reported liabilities. p Preliminary.
May 1952
61
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="4">Debit balances (due from foreigners)</th><th colspan="4">Credit balances (due to foreigners)</th></tr><tr><th></th><th colspan="2">1951</th><th colspan="2">1952</th><th colspan="2">1951</th><th colspan="2">1952</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January p</th><th>February p</th><th>October</th><th>November</th><th>December</th><th>January p</th><th>February 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>5</td><td>144</td><td>151</td><td>132</td><td>136</td><td>148</td><td>9</td><td>2</td><td>4</td><td>236</td></tr><tr><td>Belgium</td><td>410</td><td>359</td><td>506</td><td>480</td><td>511</td><td>2,978</td><td>3,257</td><td>3,056</td><td>3,172</td><td>3,161</td></tr><tr><td>Czechoslovakia</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>6</td><td>8</td></tr><tr><td>Denmark</td><td>437</td><td>390</td><td>440</td><td>227</td><td>242</td><td>175</td><td>208</td><td>199</td><td>160</td><td>161</td></tr><tr><td>Finland</td><td>4</td><td>17</td><td>5</td><td>2</td><td>142</td><td>2</td><td>2</td><td>5</td><td>2</td><td>2</td></tr><tr><td>France</td><td>1,973</td><td>1,420</td><td>1,602</td><td>2,230</td><td>1,790</td><td>4,128</td><td>4,171</td><td>4,099</td><td>3,653</td><td>3,976</td></tr><tr><td>Germany</td><td>97</td><td>142</td><td>88</td><td>89</td><td>74</td><td>81</td><td>88</td><td>91</td><td>89</td><td>97</td></tr><tr><td>Greece</td><td>1</td><td>5</td><td>5</td><td>5</td><td>5</td><td>30</td><td>28</td><td>28</td><td>65</td><td>54</td></tr><tr><td>Italy</td><td>280</td><td>281</td><td>515</td><td>433</td><td>319</td><td>1,723</td><td>1,778</td><td>1,908</td><td>1,407</td><td>1,438</td></tr><tr><td>Netherlands</td><td>402</td><td>445</td><td>322</td><td>678</td><td>316</td><td>5,486</td><td>5,827</td><td>6,376</td><td>5,079</td><td>5,754</td></tr><tr><td>Norway</td><td>683</td><td>697</td><td>605</td><td>614</td><td>508</td><td>622</td><td>491</td><td>531</td><td>511</td><td>410</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>113</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>25</td><td>35</td><td>26</td><td>41</td><td>18</td><td>188</td><td>159</td><td>187</td><td>237</td><td>152</td></tr><tr><td>Romania</td><td>-</td><td>5</td><td>164</td><td>123</td><td>126</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Spain</td><td>22</td><td>5</td><td>164</td><td>123</td><td>126</td><td>99</td><td>89</td><td>231</td><td>232</td><td>231</td></tr><tr><td>Sweden</td><td>201</td><td>96</td><td>35</td><td>26</td><td>30</td><td>178</td><td>186</td><td>170</td><td>168</td><td>164</td></tr><tr><td>Switzerland</td><td>4,687</td><td>5,589</td><td>5,403</td><td>5,689</td><td>4,396</td><td>23,689</td><td>24,644</td><td>24,449</td><td>23,999</td><td>24,251</td></tr><tr><td>U.S. S. R.</td><td>-</td><td>3,662</td><td>3,405</td><td>3,544</td><td>2,769</td><td>4,602</td><td>4,822</td><td>5,229</td><td>4,542</td><td>4,831</td></tr><tr><td>United Kingdom</td><td>4,639</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>15</td><td>16</td><td>16</td></tr><tr><td>Yugoslavia</td><td>-</td><td>3,662</td><td>3,405</td><td>3,544</td><td>2,769</td><td>4,602</td><td>4,822</td><td>5,229</td><td>4,542</td><td>4,831</td></tr><tr><td>Other Europe</td><td>46</td><td>13</td><td>24</td><td>37</td><td>40</td><td>663</td><td>627</td><td>737</td><td>704</td><td>677</td></tr><tr><td>Total Europe</td><td>13,912</td><td>13,262</td><td>13,296</td><td>14,351</td><td>11,423</td><td>44,046</td><td>46,529</td><td>46,884</td><td>44,058</td><td>45,924</td></tr><tr><td>Canada</td><td>6,572</td><td>5,737</td><td>5,617</td><td>6,069</td><td>6,123</td><td>7,003</td><td>6,312</td><td>6,189</td><td>8,065</td><td>5,690</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>341</td><td>304</td><td>308</td><td>282</td><td>309</td><td>1,854</td><td>2,045</td><td>2,258</td><td>2,105</td><td>1,605</td></tr><tr><td>Bolivia</td><td>10</td><td>19</td><td>18</td><td>25</td><td>28</td><td>75</td><td>72</td><td>66</td><td>174</td><td>77</td></tr><tr><td>Brazil</td><td>1,040</td><td>1,021</td><td>925</td><td>1,045</td><td>736</td><td>1,234</td><td>1,234</td><td>1,169</td><td>974</td><td>1,160</td></tr><tr><td>Chile</td><td>758</td><td>793</td><td>924</td><td>510</td><td>715</td><td>723</td><td>661</td><td>768</td><td>831</td><td>816</td></tr><tr><td>Colombia</td><td>26</td><td>787</td><td>978</td><td>687</td><td>411</td><td>1,073</td><td>1,043</td><td>1,231</td><td>1,230</td><td>1,399</td></tr><tr><td>Cuba</td><td>4,618</td><td>4,205</td><td>4,183</td><td>4,294</td><td>4,496</td><td>1,453</td><td>1,518</td><td>2,052</td><td>1,591</td><td>2,080</td></tr><tr><td>Dominican Republic</td><td>16</td><td>2</td><td>1</td><td>1</td><td>1</td><td>388</td><td>372</td><td>287</td><td>284</td><td>56</td></tr><tr><td>Guatemala</td><td>12</td><td>3</td><td>1</td><td>4</td><td>1</td><td>116</td><td>117</td><td>118</td><td>143</td><td>157</td></tr><tr><td>Mexico</td><td>3,241</td><td>3,143</td><td>2,719</td><td>2,714</td><td>3,094</td><td>1,958</td><td>1,899</td><td>1,568</td><td>1,602</td><td>1,960</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>20</td><td>11</td><td>19</td><td>4</td><td>18</td><td>119</td><td>122</td><td>135</td><td>171</td><td>201</td></tr><tr><td>Paru</td><td>60</td><td>57</td><td>86</td><td>32</td><td>33</td><td>269</td><td>264</td><td>176</td><td>216</td><td>249</td></tr><tr><td>Republic of Panama</td><td>646</td><td>947</td><td>657</td><td>313</td><td>280</td><td>4,444</td><td>3,033</td><td>3,594</td><td>4,632</td><td>3,383</td></tr><tr><td>El Salvador</td><td>5</td><td>5</td><td>1</td><td>1</td><td>1</td><td>7</td><td>6</td><td>7</td><td>8</td><td>10</td></tr><tr><td>Uruguay</td><td>1,824</td><td>2,054</td><td>2,126</td><td>1,636</td><td>1,714</td><td>6,898</td><td>6,615</td><td>7,994</td><td>7,154</td><td>7,088</td></tr><tr><td>Venezuela</td><td>1,056</td><td>1,221</td><td>1,230</td><td>1,443</td><td>1,495</td><td>5,005</td><td>4,411</td><td>2,954</td><td>3,997</td><td>3,876</td></tr><tr><td>Other Latin America</td><td>525</td><td>470</td><td>416</td><td>228</td><td>321</td><td>527</td><td>502</td><td>499</td><td>552</td><td>542</td></tr><tr><td>Total Latin America</td><td>14,198</td><td>15,042</td><td>14,592</td><td>13,277</td><td>13,658</td><td>26,177</td><td>23,944</td><td>24,814</td><td>25,664</td><td>24,548</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>60</td><td>61</td><td>65</td><td>8</td><td>6</td><td>158</td><td>154</td><td>169</td><td>170</td><td>168</td></tr><tr><td>Formose</td><td>29</td><td>21</td><td>63</td><td>24</td><td>17</td><td>45</td><td>49</td><td>2</td><td>32</td><td>62</td></tr><tr><td>Hong Kong</td><td>573</td><td>811</td><td>798</td><td>1,322</td><td>322</td><td>2,667</td><td>2,912</td><td>2,908</td><td>3,246</td><td>3,112</td></tr><tr><td>India</td><td>139</td><td>101</td><td>100</td><td>100</td><td>101</td><td>198</td><td>207</td><td>203</td><td>206</td><td>205</td></tr><tr><td>Indonesia</td><td>2</td><td>4</td><td>4</td><td>7</td><td>7</td><td>-</td><td>8</td><td>4</td><td>1</td><td>1</td></tr><tr><td>Iran</td><td>-</td><td>4</td><td>6</td><td>1</td><td>1</td><td>7</td><td>16</td><td>3</td><td>3</td><td>2</td></tr><tr><td>Israel</td><td>60</td><td>113</td><td>109</td><td>93</td><td>135</td><td>292</td><td>137</td><td>114</td><td>36</td><td>37</td></tr><tr><td>Jepan</td><td>78</td><td>107</td><td>1</td><td>9</td><td>33</td><td>109</td><td>98</td><td>80</td><td>68</td><td>64</td></tr><tr><td>Philippines</td><td>-</td><td>-</td><td>31</td><td>21</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>13</td></tr><tr><td>Thailand</td><td>9</td><td>8</td><td>7</td><td>7</td><td>7</td><td>23</td><td>40</td><td>44</td><td>64</td><td>45</td></tr><tr><td>Turkey</td><td>42</td><td>38</td><td>69</td><td>62</td><td>73</td><td>427</td><td>474</td><td>512</td><td>408</td><td>407</td></tr><tr><td>Other Asia</td><td>992</td><td>1,268</td><td>1,253</td><td>1,894</td><td>695</td><td>3,938</td><td>4,098</td><td>4,079</td><td>4,285</td><td>4,241</td></tr><tr><td>Total Asia</td><td>992</td><td>1,268</td><td>1,253</td><td>1,894</td><td>695</td><td>3,938</td><td>4,098</td><td>4,079</td><td>4,285</td><td>4,241</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>20</td><td>15</td><td>5</td><td>23</td><td>23</td><td>28</td><td>27</td><td>34</td><td>25</td><td>23</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>2</td><td>2</td><td>1</td><td>9</td></tr><tr><td>Egypt and Anglo-</td><td>2</td><td>2</td><td>1</td><td>2</td><td>2</td><td>52</td><td>44</td><td>46</td><td>56</td><td>52</td></tr><tr><td>Union of South Africa</td><td>19</td><td>9</td><td>6</td><td>9</td><td>8</td><td>168</td><td>234</td><td>121</td><td>345</td><td>302</td></tr><tr><td>Other</td><td>617</td><td>526</td><td>613</td><td>621</td><td>496</td><td>1,329</td><td>1,862</td><td>1,611</td><td>1,414</td><td>1,677</td></tr><tr><td>Total other countries</td><td>698</td><td>552</td><td>625</td><td>655</td><td>527</td><td>1,776</td><td>2,189</td><td>1,814</td><td>1,811</td><td>2,063</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>36,332</td><td>35,861</td><td>35,383</td><td>36,208</td><td>32,410</td><td>83,740</td><td>83,072</td><td>84,080</td><td>83,913</td><td>82,466</td></tr></table>
p Preliminary.
62
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of December 1951
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in dollars</th><th colspan="4">Short-term claims payable in foreign currencies</th></tr><tr><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>Deposite payable 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></tr><tr><td>Austria</td><td>20</td><td>19</td><td>1</td><td>-</td><td>8</td><td>10</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Belgium</td><td>39,251</td><td>38,118</td><td>4,513</td><td>1,119</td><td>8,089</td><td>24,449</td><td>1,439</td><td>1,260</td><td>24</td></tr><tr><td>Czechoslovakia</td><td>15</td><td>2</td><td>-</td><td>-</td><td>2</td><td>13</td><td>12</td><td>1</td><td>155</td></tr><tr><td>Denmark</td><td>4,830</td><td>4,782</td><td>139</td><td>61</td><td>328</td><td>4,334</td><td>48</td><td>44</td><td>1</td></tr><tr><td>Finland</td><td>3,101</td><td>3,018</td><td>38</td><td>-</td><td>205</td><td>2,775</td><td>83</td><td>2</td><td>81</td></tr><tr><td>France</td><td>10,114</td><td>9,507</td><td>1,307</td><td>5,496</td><td>832</td><td>1,872</td><td>607</td><td>205</td><td>2</td></tr><tr><td>Germany</td><td>28,276</td><td>27,592</td><td>11,246</td><td>6,256</td><td>2,391</td><td>7,899</td><td>284</td><td>276</td><td>8</td></tr><tr><td>Greece</td><td>131</td><td>151</td><td>23</td><td>-</td><td>128</td><td>-</td><td>-</td><td>-</td><td>400</td></tr><tr><td>Italy</td><td>10,889</td><td>10,071</td><td>3,187</td><td>1,700</td><td>3,227</td><td>1,937</td><td>213</td><td>92</td><td>11</td></tr><tr><td>Netherlands</td><td>4,980</td><td>4,789</td><td>482</td><td>38</td><td>2,937</td><td>1,332</td><td>191</td><td>179</td><td>12</td></tr><tr><td>Norway</td><td>2,466</td><td>2,392</td><td>152</td><td>157</td><td>1,583</td><td>190</td><td>74</td><td>74</td><td>-</td></tr><tr><td>Poland</td><td>43</td><td>42</td><td>9</td><td>-</td><td>33</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Portugal</td><td>798</td><td>766</td><td>129</td><td>16</td><td>621</td><td>32</td><td>32</td><td>32</td><td>-</td></tr><tr><td>Romania</td><td>6</td><td>1</td><td>-</td><td>-</td><td>5</td><td>2</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Spain</td><td>18,759</td><td>18,694</td><td>8,523</td><td>8</td><td>8,646</td><td>7,177</td><td>101</td><td>93</td><td>48</td></tr><tr><td>Sweden</td><td>5,367</td><td>5,079</td><td>604</td><td>157</td><td>1,473</td><td>2,843</td><td>288</td><td>263</td><td>25</td></tr><tr><td>Switzerland</td><td>11,189</td><td>6,386</td><td>764</td><td>2,444</td><td>2,704</td><td>476</td><td>4,799</td><td>4,738</td><td>34</td></tr><tr><td>U.S. S. R.</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>87</td></tr><tr><td>United Kingdom</td><td>35,022</td><td>13,996</td><td>2,699</td><td>7,384</td><td>2,849</td><td>1,074</td><td>21,066</td><td>19,438</td><td>866</td></tr><tr><td>Yugoslavia</td><td>3,883</td><td>3,883</td><td>3,883</td><td>-</td><td>-</td><td>1,074</td><td>-</td><td>-</td><td>782</td></tr><tr><td>Other Europe</td><td>3,963</td><td>3,821</td><td>1,058</td><td>1,992</td><td>394</td><td>387</td><td>142</td><td>138</td><td>4</td></tr><tr><td>Total Europe</td><td>192,816</td><td>153,467</td><td>39,079</td><td>26,818</td><td>30,994</td><td>97,276</td><td>89,349</td><td>26,810</td><td>1,180</td></tr><tr><td>Canada</td><td>91,993</td><td>47,367</td><td>2,474</td><td>24,618</td><td>6,238</td><td>14,037</td><td>44,588</td><td>30,492</td><td>1,732</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>12,404</td></tr><tr><td>Argentina</td><td>7,293</td><td>7,243</td><td>602</td><td>1,222</td><td>2,421</td><td>53</td><td>37</td><td>16</td><td>-</td></tr><tr><td>Bolivia</td><td>7,476</td><td>7,476</td><td>4,579</td><td>164</td><td>2,133</td><td>500</td><td>53</td><td>4</td><td>122</td></tr><tr><td>Brazil</td><td>129,013</td><td>108,874</td><td>33,355</td><td>11,118</td><td>112,451</td><td>27,926</td><td>139</td><td>4</td><td>13</td></tr><tr><td>Chile</td><td>24,773</td><td>24,774</td><td>392</td><td>2,224</td><td>9,108</td><td>13,017</td><td>9</td><td>3</td><td>6</td></tr><tr><td>Colombia</td><td>43,702</td><td>43,666</td><td>8,602</td><td>4,839</td><td>15,403</td><td>13,286</td><td>36</td><td>5</td><td>11</td></tr><tr><td>Cuba</td><td>32,873</td><td>32,032</td><td>4,404</td><td>2,883</td><td>11,292</td><td>13,453</td><td>241</td><td>231</td><td>10</td></tr><tr><td>Dominican Republic</td><td>1,826</td><td>1,824</td><td>1</td><td>1,418</td><td>1,409</td><td>-</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Guatemala</td><td>3,793</td><td>3,793</td><td>477</td><td>129</td><td>2,690</td><td>501</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>90,600</td><td>87,813</td><td>43,726</td><td>15,244</td><td>8,846</td><td>19,997</td><td>2,787</td><td>1,990</td><td>121</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,832</td><td>1,832</td><td>8</td><td>11</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>676</td></tr><tr><td>Peru</td><td>11,783</td><td>11,701</td><td>135</td><td>1,172</td><td>8,999</td><td>1,392</td><td>86</td><td>22</td><td>60</td></tr><tr><td>Republic of Panama</td><td>2,968</td><td>2,967</td><td>723</td><td>723</td><td>1,393</td><td>891</td><td>1</td><td>1</td><td>1</td></tr><tr><td>El Salvador</td><td>9,497</td><td>9,497</td><td>327</td><td>948</td><td>2,482</td><td>7,740</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Uruguay</td><td>10,284</td><td>10,421</td><td>5,499</td><td>1,392</td><td>3,368</td><td>802</td><td>103</td><td>102</td><td>1</td></tr><tr><td>Venezuela</td><td>41,737</td><td>41,429</td><td>12,077</td><td>5,587</td><td>19,291</td><td>3,874</td><td>308</td><td>74</td><td>4</td></tr><tr><td>Other Latin America</td><td>14,983</td><td>14,488</td><td>1,673</td><td>848</td><td>11,063</td><td>898</td><td>41</td><td>15</td><td>26</td></tr><tr><td>Total Latin America</td><td>489,383</td><td>489,386</td><td>115,920</td><td>49,541</td><td>217,888</td><td>102,177</td><td>3,800</td><td>2,483</td><td>380</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>939</td></tr><tr><td>China Mainland</td><td>2,710</td><td>2,705</td><td>2,648</td><td>33</td><td>22</td><td>2</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Formosa</td><td>7,409</td><td>7,409</td><td>5,405</td><td>2,000</td><td>3</td><td>1</td><td>887</td><td>285</td><td>2</td></tr><tr><td>Hong Kong</td><td>3,131</td><td>2,841</td><td>1,805</td><td>899</td><td>722</td><td>18</td><td>5,911</td><td>5,885</td><td>26</td></tr><tr><td>India</td><td>13,380</td><td>7,459</td><td>1,715</td><td>-</td><td>2,214</td><td>3,739</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Indonesia</td><td>330</td><td>339</td><td>339</td><td>5</td><td>389</td><td>-</td><td>1</td><td>1</td><td>7</td></tr><tr><td>Iran</td><td>9,348</td><td>9,341</td><td>535</td><td>8</td><td>8,798</td><td>-</td><td>7</td><td>-</td><td>3</td></tr><tr><td>Israel</td><td>29,970</td><td>29,956</td><td>13,001</td><td>3,047</td><td>5,273</td><td>10,335</td><td>14</td><td>11</td><td>3</td></tr><tr><td>Japan</td><td>12,168</td><td>12,168</td><td>9,461</td><td>388</td><td>1,920</td><td>389</td><td>114</td><td>44</td><td>70</td></tr><tr><td>Philippines</td><td>29,280</td><td>29,166</td><td>24,158</td><td>216</td><td>4,779</td><td>213</td><td>114</td><td>44</td><td>-</td></tr><tr><td>Thailand</td><td>2,474</td><td>2,444</td><td>1,789</td><td>37</td><td>622</td><td>30</td><td>30</td><td>30</td><td>-</td></tr><tr><td>Turkey</td><td>609</td><td>604</td><td>144</td><td>87</td><td>373</td><td>5</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Other Asia</td><td>21,613</td><td>49,784</td><td>43,015</td><td>2,540</td><td>4,829</td><td>1,831</td><td>1,831</td><td>1,831</td><td>-</td></tr><tr><td>Total Asia</td><td>162,424</td><td>124,219</td><td>103,673</td><td>8,655</td><td>27,454</td><td>14,437</td><td>8,805</td><td>8,097</td><td>108</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,148</td></tr><tr><td>Australia</td><td>22,772</td><td>18,146</td><td>474</td><td>99</td><td>4,945</td><td>12,668</td><td>4,689</td><td>3,481</td><td>1</td></tr><tr><td>Belgian Congo</td><td>5,737</td><td>5,736</td><td>-</td><td>1</td><td>5,343</td><td>392</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>232</td><td>197</td><td>166</td><td>7</td><td>24</td><td>-</td><td>35</td><td>28</td><td>7</td></tr><tr><td>Union of South Africa</td><td>6,725</td><td>5,859</td><td>1,597</td><td>146</td><td>4,940</td><td>959</td><td>826</td><td>569</td><td>46</td></tr><tr><td>Other</td><td>6,431</td><td>6,058</td><td>1,997</td><td>146</td><td>3,043</td><td>1,872</td><td>373</td><td>321</td><td>6</td></tr><tr><td>Total other countries</td><td>41,900</td><td>36,036</td><td>2,237</td><td>213</td><td>18,259</td><td>13,891</td><td>5,864</td><td>4,100</td><td>59</td></tr><tr><td>International</td><td>20</td><td>20</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>1,105</td></tr><tr><td>Grand total</td><td>968,443</td><td>876,633</td><td>263,383</td><td>109,845</td><td>300,189</td><td>203,218</td><td>91,900</td><td>72,842</td><td>3,399</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>16,167</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
63
May 1952
CAPITAL MOVEMENTS
Section III - Details for Month of December 1951
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="4">To foreign banks and official institutions</th><th colspan="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>37,119</td><td>55,673</td><td>23,042</td><td>9,100</td><td>23,531</td><td>1,476</td><td>1,476</td><td>-</td><td>-</td><td>103</td><td>95</td><td>7</td></tr><tr><td>Belgium</td><td>134,719</td><td>68,202</td><td>45,729</td><td>1,736</td><td>20,707</td><td>66,414</td><td>57,714</td><td>5,292</td><td>3,408</td><td>2</td><td>2</td><td>1</td></tr><tr><td>Czechoslovakia</td><td>1,271</td><td>296</td><td>347</td><td>-</td><td>249</td><td>673</td><td>673</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>Denmark</td><td>45,318</td><td>37,522</td><td>13,722</td><td>23,500</td><td>300</td><td>7,751</td><td>6,755</td><td>643</td><td>353</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Finland</td><td>86,963</td><td>25,941</td><td>24,918</td><td>-</td><td>1,023</td><td>1,022</td><td>1,022</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>289,392</td><td>217,017</td><td>194,561</td><td>8,610</td><td>13,846</td><td>71,371</td><td>66,107</td><td>4,106</td><td>1,158</td><td>964</td><td>948</td><td>16</td></tr><tr><td>Germany /</td><td>405,608</td><td>402,754</td><td>183,923</td><td>187,000</td><td>31,831</td><td>2,848</td><td>2,685</td><td>30</td><td>133</td><td>6</td><td>6</td><td>2</td></tr><tr><td>Greece</td><td>45,772</td><td>38,699</td><td>28,588</td><td>10,000</td><td>111</td><td>7,071</td><td>6,965</td><td>-</td><td>106</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Italy</td><td>300,458</td><td>265,698</td><td>164,794</td><td>86,881</td><td>14,023</td><td>34,709</td><td>24,622</td><td>9,873</td><td>214</td><td>21</td><td>49</td><td>2</td></tr><tr><td>Netherlands</td><td>148,012</td><td>126,919</td><td>97,622</td><td>23,368</td><td>5,929</td><td>21,827</td><td>19,673</td><td>2,058</td><td>70</td><td>66</td><td>64</td><td>2</td></tr><tr><td>Norway</td><td>99,714</td><td>75,777</td><td>28,749</td><td>33,304</td><td>13,284</td><td>24,130</td><td>23,757</td><td>281</td><td>92</td><td>7</td><td>7</td><td>1</td></tr><tr><td>Poland</td><td>2,087</td><td>2,375</td><td>2,372</td><td>-</td><td>84</td><td>9,128</td><td>6,621</td><td>-</td><td>2,503</td><td>128</td><td>128</td><td>9</td></tr><tr><td>Portugal</td><td>40,021</td><td>31,659</td><td>30,627</td><td>-</td><td>862</td><td>1,335</td><td>1,335</td><td>-</td><td>12</td><td>9</td><td>3</td><td>-</td></tr><tr><td>Romania</td><td>6,146</td><td>4,802</td><td>4,802</td><td>-</td><td>-</td><td>8,373</td><td>7,557</td><td>804</td><td>12</td><td>13</td><td>13</td><td>-</td></tr><tr><td>Spain</td><td>17,133</td><td>8,747</td><td>8,466</td><td>-</td><td>281</td><td>5,700</td><td>5,646</td><td>54</td><td>336</td><td>336</td><td>336</td><td>-</td></tr><tr><td>Sweden</td><td>70,691</td><td>64,655</td><td>39,495</td><td>13,500</td><td>11,659</td><td>5,700</td><td>5,646</td><td>54</td><td>336</td><td>336</td><td>336</td><td>-</td></tr><tr><td>Switzerland</td><td>281,276</td><td>398,831</td><td>269,063</td><td>41,539</td><td>88,289</td><td>119,323</td><td>91,482</td><td>7,719</td><td>20,338</td><td>2,745</td><td>1,772</td><td>2</td></tr><tr><td>U. S. S. R.</td><td>2,505</td><td>2,040</td><td>2,035</td><td>-</td><td>5</td><td>463</td><td>459</td><td>-</td><td>4</td><td>2</td><td>2</td><td>1</td></tr><tr><td>United Kingdom</td><td>642,581</td><td>389,741</td><td>293,812</td><td>29,808</td><td>6,721</td><td>293,879</td><td>153,134</td><td>100,310</td><td>435</td><td>58,961</td><td>58,840</td><td>121</td></tr><tr><td>Yugoslavia</td><td>7,127</td><td>6,320</td><td>6,315</td><td>-</td><td>5</td><td>802</td><td>802</td><td>-</td><td>5</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Other Europe</td><td>97,595</td><td>39,463</td><td>31,284</td><td>7,578</td><td>601</td><td>18,046</td><td>17,253</td><td>773</td><td>20</td><td>46</td><td>46</td><td>-</td></tr><tr><td>Total Europe</td><td>2,923,718</td><td>2,803,041</td><td>1,149,297</td><td>475,384</td><td>833,480</td><td>697,009</td><td>496,150</td><td>131,969</td><td>28,890</td><td>63,668</td><td>63,330</td><td>338</td></tr><tr><td>Canada</td><td>1,307,068</td><td>1,121,027</td><td>311,674</td><td>796,678</td><td>2,675</td><td>191,461</td><td>192,046</td><td>39,082</td><td>333</td><td>4,980</td><td>1,774</td><td>2,806</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>249,724</td><td>213,541</td><td>210,421</td><td>6</td><td>3,114</td><td>36,147</td><td>36,001</td><td>76</td><td>70</td><td>36</td><td>12</td><td>24</td></tr><tr><td>Bolivia</td><td>27,831</td><td>16,980</td><td>16,980</td><td>-</td><td>-</td><td>10,868</td><td>10,807</td><td>-</td><td>21</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Brazil</td><td>100,341</td><td>60,126</td><td>42,347</td><td>-</td><td>17,719</td><td>40,173</td><td>40,056</td><td>-</td><td>117</td><td>42</td><td>28</td><td>14</td></tr><tr><td>Chile</td><td>34,019</td><td>25,677</td><td>25,593</td><td>-</td><td>64</td><td>28,335</td><td>28,305</td><td>-</td><td>30</td><td>7</td><td>7</td><td>1</td></tr><tr><td>Colombia</td><td>106,442</td><td>83,780</td><td>77,696</td><td>-</td><td>6,132</td><td>22,641</td><td>22,385</td><td>238</td><td>18</td><td>13</td><td>9</td><td>4</td></tr><tr><td>Cuba</td><td>251,749</td><td>194,908</td><td>130,725</td><td>43,580</td><td>20,599</td><td>26,845</td><td>26,473</td><td>364</td><td>8</td><td>1</td><td>1</td><td>1</td></tr><tr><td> Dominican Republic</td><td>45,799</td><td>30,207</td><td>29,634</td><td>7</td><td>973</td><td>13,592</td><td>13,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Guatemala</td><td>24,436</td><td>10,268</td><td>9,046</td><td>1,300</td><td>182</td><td>13,908</td><td>13,906</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>158,210</td><td>86,734</td><td>84,892</td><td>1,179</td><td>1,263</td><td>71,088</td><td>62,055</td><td>9,010</td><td>23</td><td>388</td><td>50</td><td>338</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>34,877</td><td>27,685</td><td>18,870</td><td>8,740</td><td>15</td><td>7,252</td><td>6,717</td><td>335</td><td>200</td><td>6</td><td>6</td><td>1</td></tr><tr><td>Peru</td><td>47,199</td><td>23,983</td><td>23,813</td><td>-</td><td>170</td><td>23,210</td><td>23,162</td><td>48</td><td>48</td><td>6</td><td>6</td><td>1</td></tr><tr><td>Republic of Panama</td><td>67,689</td><td>26,413</td><td>26,249</td><td>-</td><td>164</td><td>41,276</td><td>33,576</td><td>4,673</td><td>3,027</td><td>70</td><td>70</td><td>1</td></tr><tr><td>El Salvador</td><td>27,787</td><td>18,492</td><td>5,341</td><td>13,100</td><td>51</td><td>9,292</td><td>9,215</td><td>-</td><td>80</td><td>158</td><td>146</td><td>1</td></tr><tr><td>Uruguay</td><td>84,739</td><td>26,846</td><td>22,214</td><td>700</td><td>3,932</td><td>27,735</td><td>23,181</td><td>100</td><td>4,454</td><td>241</td><td>241</td><td>1</td></tr><tr><td>Venezuela</td><td>71,896</td><td>26,369</td><td>26,263</td><td>7</td><td>1,321</td><td>25,842</td><td>25,193</td><td>7,029</td><td>78</td><td>145</td><td>145</td><td>1</td></tr><tr><td>Other Latin America</td><td>85,130</td><td>25,917</td><td>46,718</td><td>8,568</td><td>631</td><td>29,068</td><td>27,158</td><td>1,792</td><td>118</td><td>1,065</td><td>972</td><td>493</td></tr><tr><td>Total Latin America</td><td>1,437,828</td><td>928,129</td><td>796,162</td><td>77,180</td><td>34,787</td><td>508,634</td><td>476,732</td><td>23,608</td><td>8,294</td><td>1,065</td><td>972</td><td>493</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>43,647</td><td>31,104</td><td>30,422</td><td>342</td><td>340</td><td>12,243</td><td>12,408</td><td>115</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>43,704</td><td>39,142</td><td>36,090</td><td>3,090</td><td>-</td><td>4,642</td><td>4,642</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>62,389</td><td>26,708</td><td>25,812</td><td>-</td><td>896</td><td>34,950</td><td>34,151</td><td>790</td><td>9</td><td>727</td><td>727</td><td>-</td></tr><tr><td>India</td><td>62,113</td><td>57,854</td><td>55,131</td><td>290</td><td>1,773</td><td>3,253</td><td>3,253</td><td>-</td><td>-</td><td>706</td><td>706</td><td>1</td></tr><tr><td>Indonesia</td><td>140,636</td><td>139,697</td><td>69,319</td><td>65,465</td><td>4,913</td><td>936</td><td>936</td><td>-</td><td>3</td><td>2</td><td>2</td><td>1</td></tr><tr><td>Iran</td><td>25,461</td><td>18,854</td><td>18,807</td><td>-</td><td>47</td><td>6,607</td><td>6,575</td><td>32</td><td>32</td><td>37</td><td>36</td><td>1</td></tr><tr><td>Israel</td><td>86,290</td><td>23,639</td><td>23,586</td><td>-</td><td>53</td><td>2,874</td><td>2,811</td><td>693</td><td>3</td><td>36</td><td>36</td><td>1</td></tr><tr><td>Japan</td><td>796,080</td><td>585,938</td><td>582,845</td><td>2,690</td><td>443</td><td>10,081</td><td>10,078</td><td>3</td><td>1</td><td>92</td><td>92</td><td>1</td></tr><tr><td>Philippine</td><td>329,708</td><td>310,780</td><td>303,792</td><td>2,900</td><td>4,489</td><td>18,336</td><td>18,791</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>96,739</td><td>94,493</td><td>14,101</td><td>79,770</td><td>622</td><td>2,846</td><td>2,246</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>14,074</td><td>9,277</td><td>8,662</td><td>-</td><td>613</td><td>4,797</td><td>4,783</td><td>22</td><td>52</td><td>218</td><td>218</td><td>-</td></tr><tr><td>Other Asia</td><td>168,440</td><td>136,310</td><td>107,137</td><td>24,271</td><td>9,102</td><td>31,712</td><td>31,906</td><td>79</td><td>127</td><td>218</td><td>218</td><td>-</td></tr><tr><td>Total Asia</td><td>1,609,597</td><td>1,473,996</td><td>1,275,709</td><td>178,998</td><td>19,289</td><td>133,777</td><td>131,750</td><td>1,784</td><td>243</td><td>1,784</td><td>1,782</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><td></td><td></td></tr><tr><td>Australia</td><td>38,539</td><td>35,635</td><td>32,892</td><td>-</td><td>2,743</td><td>2,341</td><td>2,268</td><td>50</td><td>23</td><td>563</td><td>552</td><td>11</td></tr><tr><td>Belgian Congo</td><td>94,478</td><td>54,120</td><td>15,394</td><td>38,630</td><td>96</td><td>358</td><td>358</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>110,693</td><td>106,047</td><td>28,471</td><td>76,600</td><td>1,776</td><td>3,801</td><td>3,790</td><td>11</td><td>5</td><td>121</td><td>121</td><td>1</td></tr><tr><td>Union of South Africa</td><td>6,978</td><td>3,589</td><td>3,368</td><td>-</td><td>61</td><td>3,268</td><td>3,266</td><td>8</td><td>1</td><td>426</td><td>426</td><td>1</td></tr><tr><td>Other</td><td>36,799</td><td>73,904</td><td>69,173</td><td>1,600</td><td>3,211</td><td>12,373</td><td>12,343</td><td>370</td><td>668</td><td>1,129</td><td>1,104</td><td>25</td></tr><tr><td>Total other countries</td><td>297,147</td><td>274,175</td><td>189,453</td><td>116,830</td><td>7,807</td><td>22,143</td><td>21,025</td><td>420</td><td>698</td><td>1,129</td><td>1,104</td><td>25</td></tr><tr><td>International</td><td>1,708,188</td><td>1,709,188</td><td>77,099</td><td>1,572,976</td><td>59,153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>9,283,806</td><td>7,698,355</td><td>4,104,359</td><td>3,216,986</td><td>377,211</td><td>1,913,024</td><td>1,277,703</td><td>195,863</td><td>38,458</td><td>72,226</td><td>68,562</td><td>3,664</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
64
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of December 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>13</td><td>-</td><td>-</td><td>6</td><td>-</td><td>7</td><td>8</td><td>-</td><td>8</td><td>-</td><td>-</td><td>567</td></tr><tr><td>Belgium</td><td>7,618</td><td>3,133</td><td>58</td><td>3,072</td><td>815</td><td>540</td><td>3,813</td><td>2,029</td><td>16</td><td>812</td><td>359</td><td>-</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>-</td><td>17</td><td>-</td></tr><tr><td>Denmark</td><td>602</td><td>-</td><td>43</td><td>324</td><td>235</td><td>-</td><td>303</td><td>65</td><td>71</td><td>166</td><td>1</td><td>-</td></tr><tr><td>Finland</td><td>64</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td></tr><tr><td>France</td><td>4,692</td><td>81</td><td>122</td><td>2,541</td><td>362</td><td>1,586</td><td>3,245</td><td>189</td><td>160</td><td>1,703</td><td>275</td><td>918</td></tr><tr><td>Germany</td><td>11</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>23</td><td>10</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>783</td><td>6</td><td>108</td><td>266</td><td>25</td><td>118</td><td>111</td><td>4</td><td>5</td><td>337</td><td>42</td><td>83</td></tr><tr><td>Netherlands</td><td>3,867</td><td>68</td><td>2</td><td>2,006</td><td>1,169</td><td>626</td><td>4,684</td><td>42</td><td>88</td><td>2,960</td><td>878</td><td>716</td></tr><tr><td>Norway</td><td>700</td><td>22</td><td>1</td><td>468</td><td>168</td><td>41</td><td>257</td><td>22</td><td>-</td><td>438</td><td>66</td><td>1</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>389</td><td>51</td><td>-</td><td>155</td><td>153</td><td>26</td><td>380</td><td>30</td><td>-</td><td>28</td><td>309</td><td>13</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>2,116</td><td>-</td><td>33</td><td>54</td><td>2,083</td><td>6</td><td>94</td><td>2</td><td>51</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Sweden</td><td>222</td><td>-</td><td>1</td><td>117</td><td>97</td><td>7</td><td>196</td><td>57</td><td>8</td><td>52</td><td>79</td><td>-</td></tr><tr><td>Switzerland</td><td>26,289</td><td>399</td><td>1,132</td><td>19,756</td><td>2,648</td><td>2,354</td><td>29,704</td><td>8,364</td><td>1,577</td><td>15,614</td><td>1,952</td><td>2,197</td></tr><tr><td>U.S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>31,879</td><td>15,661</td><td>1,631</td><td>9,235</td><td>3,332</td><td>1,966</td><td>26,434</td><td>13,633</td><td>1,108</td><td>6,274</td><td>3,381</td><td>2,038</td></tr><tr><td>Yugoslavia</td><td>141</td><td>-</td><td>16</td><td>123</td><td>1</td><td>1</td><td>75</td><td>-</td><td>-</td><td>75</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>519</td><td>28</td><td>59</td><td>252</td><td>80</td><td>117</td><td>347</td><td>128</td><td>-</td><td>116</td><td>69</td><td>38</td></tr><tr><td>Total Europe</td><td>79,921</td><td>19,351</td><td>3,258</td><td>38,649</td><td>11,168</td><td>7,195</td><td>70,265</td><td>24,601</td><td>3,065</td><td>28,661</td><td>7,124</td><td>6,512</td></tr><tr><td>Canada</td><td>53,092</td><td>5,677</td><td>4,135</td><td>5,536</td><td>23,733</td><td>14,014</td><td>128,689</td><td>9,252</td><td>7,294</td><td>6,406</td><td>30,774</td><td>74,959</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>335</td><td>-</td><td>-</td><td>280</td><td>53</td><td>2</td><td>266</td><td>1</td><td>12</td><td>147</td><td>92</td><td>14</td></tr><tr><td>Bolivia</td><td>183</td><td>-</td><td>4</td><td>170</td><td>-</td><td>9</td><td>20</td><td>-</td><td>-</td><td>19</td><td>-</td><td>1</td></tr><tr><td>Brazil</td><td>1,483</td><td>10</td><td>7</td><td>250</td><td>1,120</td><td>66</td><td>278</td><td>7</td><td>18</td><td>209</td><td>19</td><td>21</td></tr><tr><td>Chile</td><td>522</td><td>-</td><td>-</td><td>236</td><td>60</td><td>226</td><td>292</td><td>5</td><td>7</td><td>213</td><td>6</td><td>19</td></tr><tr><td>Colombia</td><td>526</td><td>-</td><td>-</td><td>461</td><td>45</td><td>20</td><td>203</td><td>-</td><td>-</td><td>203</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,704</td><td>45</td><td>22</td><td>1,256</td><td>104</td><td>277</td><td>2,013</td><td>200</td><td>15</td><td>1,028</td><td>292</td><td>480</td></tr><tr><td>Dominican Republic</td><td>121</td><td>-</td><td>-</td><td>109</td><td>3</td><td>9</td><td>32</td><td>-</td><td>-</td><td>32</td><td>-</td><td>1</td></tr><tr><td>Guatemala</td><td>115</td><td>-</td><td>-</td><td>115</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>31</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>3,128</td><td>1,650</td><td>19</td><td>1,175</td><td>70</td><td>214</td><td>1,477</td><td>2</td><td>31</td><td>1,175</td><td>216</td><td>53</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,081</td><td>-</td><td>541</td><td>127</td><td>298</td><td>115</td><td>245</td><td>-</td><td>-</td><td>61</td><td>176</td><td>8</td></tr><tr><td>Peru</td><td>414</td><td>102</td><td>-</td><td>273</td><td>1</td><td>38</td><td>225</td><td>8</td><td>-</td><td>193</td><td>24</td><td>152</td></tr><tr><td>Republic of Panama</td><td>1,510</td><td>40</td><td>-</td><td>1,134</td><td>24</td><td>312</td><td>1,216</td><td>-</td><td>14</td><td>1,010</td><td>40</td><td>152</td></tr><tr><td>El Salvador</td><td>28</td><td>-</td><td>-</td><td>23</td><td>5</td><td>-</td><td>10</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>2,343</td><td>38</td><td>305</td><td>1,378</td><td>398</td><td>284</td><td>2,598</td><td>622</td><td>24</td><td>1,658</td><td>129</td><td>165</td></tr><tr><td>Venezuela</td><td>1,126</td><td>-</td><td>829</td><td>829</td><td>20</td><td>279</td><td>315</td><td>-</td><td>-</td><td>301</td><td>1</td><td>2</td></tr><tr><td>Other Latin America</td><td>432</td><td>-</td><td>4</td><td>323</td><td>-</td><td>102</td><td>616</td><td>1</td><td>1</td><td>296</td><td>17</td><td>924</td></tr><tr><td>Total Latin America</td><td>15,133</td><td>1,889</td><td>902</td><td>8,139</td><td>2,311</td><td>1,896</td><td>9,796</td><td>845</td><td>122</td><td>6,888</td><td>987</td><td>954</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>93</td><td>-</td><td>-</td><td>68</td><td>2</td><td>23</td><td>35</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>2</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>2,037</td><td>92</td><td>4</td><td>1,148</td><td>140</td><td>653</td><td>490</td><td>3</td><td>-</td><td>405</td><td>27</td><td>55</td></tr><tr><td>India</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>14</td><td>-</td><td>-</td><td>12</td><td>-</td><td>2</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>77</td><td>-</td><td>-</td><td>37</td><td>-</td><td>40</td><td>7,578</td><td>-</td><td>1</td><td>80</td><td>7,557</td><td>-</td></tr><tr><td>Japan</td><td>65</td><td>-</td><td>3</td><td>63</td><td>-</td><td>3</td><td>69</td><td>-</td><td>-</td><td>22</td><td>-</td><td>47</td></tr><tr><td>Philippines</td><td>36</td><td>-</td><td>3</td><td>25</td><td>-</td><td>14</td><td>1,878</td><td>1,205</td><td>-</td><td>65</td><td>-</td><td>32</td></tr><tr><td>Thailand</td><td>186</td><td>-</td><td>-</td><td>132</td><td>-</td><td>-</td><td>158</td><td>-</td><td>-</td><td>126</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>10</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>443</td><td>2</td><td>14</td><td>340</td><td>-</td><td>79</td><td>125</td><td>11</td><td>7</td><td>105</td><td>2</td><td>-</td></tr><tr><td>Total Asia</td><td>2,931</td><td>97</td><td>21</td><td>1,845</td><td>145</td><td>823</td><td>9,737</td><td>1,220</td><td>8</td><td>781</td><td>7,586</td><td>112</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>341</td><td>-</td><td>-</td><td>22</td><td>317</td><td>2</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Belgian Congo</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>8</td><td>-</td><td>1</td><td>7</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>411</td><td>-</td><td>-</td><td>33</td><td>375</td><td>3</td><td>28</td><td>-</td><td>-</td><td>27</td><td>1</td><td>-</td></tr><tr><td>Other</td><td>967</td><td>-</td><td>2</td><td>638</td><td>34</td><td>243</td><td>496</td><td>20</td><td>13</td><td>412</td><td>3</td><td>48</td></tr><tr><td>Total other countries</td><td>1,728</td><td>-</td><td>3</td><td>750</td><td>726</td><td>249</td><td>546</td><td>20</td><td>13</td><td>459</td><td>4</td><td>50</td></tr><tr><td>International</td><td>945</td><td>113</td><td>808</td><td>24</td><td>-</td><td>-</td><td>100</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>153,753</td><td>27,223</td><td>9,127</td><td>54,943</td><td>38,083</td><td>24,377</td><td>213,129</td><td>36,040</td><td>10,502</td><td>43,195</td><td>46,775</td><td>82,617</td></tr></table>
May 1952
65
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of February 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 claims payable in dollars</th><th colspan="4">Short-term claims payable in foreign currencies</th></tr><tr><th></th><th>Total</th><th>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></tr><tr><td>Austria</td><td>36</td><td>36</td><td>13</td><td>-</td><td>20</td><td>607</td><td>351</td><td>-</td><td>256</td></tr><tr><td>Belgium</td><td>33,715</td><td>33,109</td><td>2,371</td><td>572</td><td>6,916</td><td>23,290</td><td>43</td><td>12</td><td>31</td></tr><tr><td>Czechoslovakia</td><td>45</td><td>2</td><td>-</td><td>-</td><td>2</td><td>32</td><td>32</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>4,281</td><td>4,249</td><td>-</td><td>68</td><td>348</td><td>48</td><td>1</td><td>47</td><td>-</td></tr><tr><td>Finland</td><td>4,145</td><td>4,097</td><td>906</td><td>-</td><td>235</td><td>8,956</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>14,133</td><td>13,258</td><td>1,818</td><td>7,860</td><td>1,043</td><td>875</td><td>200</td><td>18</td><td>657</td></tr><tr><td>Germany 1/</td><td>27,859</td><td>27,356</td><td>12,378</td><td>5,997</td><td>1,101</td><td>503</td><td>503</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>102</td><td>99</td><td>-</td><td>3</td><td>96</td><td>3</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Italy</td><td>14,388</td><td>13,836</td><td>2,782</td><td>1,479</td><td>2,910</td><td>552</td><td>95</td><td>8</td><td>449</td></tr><tr><td>Netherlands</td><td>5,636</td><td>5,283</td><td>820</td><td>126</td><td>3,346</td><td>353</td><td>330</td><td>23</td><td>-</td></tr><tr><td>Norway</td><td>1,594</td><td>1,529</td><td>79</td><td>135</td><td>525</td><td>65</td><td>65</td><td>-</td><td>-</td></tr><tr><td>Poland</td><td>39</td><td>39</td><td>9</td><td>-</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>913</td><td>885</td><td>204</td><td>9</td><td>672</td><td>28</td><td>28</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>5</td><td>3</td><td>-</td><td>-</td><td>3</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>19,786</td><td>19,729</td><td>5,139</td><td>190</td><td>2,999</td><td>97</td><td>49</td><td>48</td><td>-</td></tr><tr><td>Sweden</td><td>4,261</td><td>4,044</td><td>336</td><td>110</td><td>1,557</td><td>217</td><td>212</td><td>5</td><td>-</td></tr><tr><td>Switzerland</td><td>10,282</td><td>6,329</td><td>938</td><td>2,667</td><td>2,182</td><td>3,953</td><td>3,911</td><td>15</td><td>27</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>542</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>32,799</td><td>13,203</td><td>3,839</td><td>6,925</td><td>1,842</td><td>19,596</td><td>18,785</td><td>349</td><td>462</td></tr><tr><td>Yugoslavia</td><td>1,346</td><td>1,331</td><td>1,326</td><td>-</td><td>5</td><td>15</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Other Europe</td><td>1,487</td><td>1,203</td><td>1,430</td><td>1,973</td><td>402</td><td>284</td><td>281</td><td>3</td><td>-</td></tr><tr><td>Total Europe</td><td>150,193</td><td>158,920</td><td>33,991</td><td>28,131</td><td>26,177</td><td>64,621</td><td>27,273</td><td>24,857</td><td>550</td></tr><tr><td>Canada</td><td>72,399</td><td>43,472</td><td>190</td><td>23,228</td><td>6,091</td><td>13,967</td><td>28,927</td><td>24,310</td><td>1,557</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>7,790</td><td>7,757</td><td>393</td><td>1,695</td><td>5,669</td><td>33</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Bolivia</td><td>9,924</td><td>9,924</td><td>4,865</td><td>465</td><td>1,714</td><td>2,880</td><td>-</td><td>18</td><td>25</td></tr><tr><td>Brazil</td><td>217,002</td><td>216,921</td><td>19,806</td><td>14,641</td><td>190,501</td><td>31,973</td><td>10</td><td>2</td><td>38</td></tr><tr><td>Chile</td><td>23,627</td><td>23,617</td><td>394</td><td>2,231</td><td>9,086</td><td>11,906</td><td>5</td><td>2</td><td>3</td></tr><tr><td>Colombia</td><td>36,183</td><td>36,138</td><td>9,104</td><td>4,668</td><td>16,697</td><td>9,709</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>30,967</td><td>30,580</td><td>4,163</td><td>6,247</td><td>10,896</td><td>9,274</td><td>387</td><td>376</td><td>11</td></tr><tr><td>Dominican Republic</td><td>2,095</td><td>2,095</td><td>-</td><td>332</td><td>1,563</td><td>190</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>4,834</td><td>4,003</td><td>432</td><td>310</td><td>2,986</td><td>675</td><td>231</td><td>-</td><td>231</td></tr><tr><td>Mexico</td><td>103,037</td><td>100,199</td><td>51,250</td><td>15,883</td><td>8,772</td><td>28,294</td><td>2,838</td><td>2,070</td><td>61</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,155</td><td>1,155</td><td>-</td><td>10</td><td>1,145</td><td>-</td><td>-</td><td>-</td><td>707</td></tr><tr><td>Peru</td><td>11,770</td><td>11,705</td><td>303</td><td>1,269</td><td>9,289</td><td>844</td><td>65</td><td>13</td><td>52</td></tr><tr><td>Republic of Panama</td><td>4,061</td><td>4,054</td><td>19</td><td>1,477</td><td>1,442</td><td>1,116</td><td>7</td><td>-</td><td>7</td></tr><tr><td>El Salvador</td><td>8,350</td><td>8,350</td><td>162</td><td>1,130</td><td>2,409</td><td>4,649</td><td>100</td><td>99</td><td>1</td></tr><tr><td>Uruguay</td><td>7,931</td><td>7,831</td><td>3,904</td><td>978</td><td>2,863</td><td>86</td><td>370</td><td>143</td><td>5</td></tr><tr><td>Venezuela</td><td>38,692</td><td>38,380</td><td>13,822</td><td>5,445</td><td>16,913</td><td>3,140</td><td>372</td><td>10</td><td>224</td></tr><tr><td>Other Latin America</td><td>13,757</td><td>13,775</td><td>2,074</td><td>849</td><td>10,522</td><td>330</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>520,265</td><td>516,124</td><td>106,091</td><td>57,640</td><td>251,667</td><td>101,026</td><td>4,141</td><td>2,766</td><td>175</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>2,706</td><td>2,701</td><td>2,653</td><td>33</td><td>13</td><td>2</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Formosa</td><td>6,917</td><td>6,917</td><td>5,405</td><td>1,500</td><td>10</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>1,598</td><td>1,491</td><td>480</td><td>292</td><td>750</td><td>107</td><td>107</td><td>-</td><td>-</td></tr><tr><td>India</td><td>16,847</td><td>12,287</td><td>3,873</td><td>-</td><td>2,287</td><td>6,167</td><td>4,364</td><td>26</td><td>-</td></tr><tr><td>Indonesia</td><td>496</td><td>495</td><td>16</td><td>-</td><td>479</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>8,985</td><td>8,973</td><td>236</td><td>10</td><td>8,427</td><td>12</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>32,402</td><td>32,400</td><td>13,455</td><td>1,995</td><td>4,540</td><td>12,370</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Japan</td><td>8,803</td><td>8,912</td><td>6,911</td><td>762</td><td>1,097</td><td>70</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Philippines</td><td>27,193</td><td>27,105</td><td>22,376</td><td>410</td><td>4,087</td><td>232</td><td>85</td><td>36</td><td>49</td></tr><tr><td>Thailand</td><td>2,904</td><td>2,892</td><td>2,308</td><td>-</td><td>544</td><td>52</td><td>50</td><td>-</td><td>2</td></tr><tr><td>Turkey</td><td>647</td><td>682</td><td>72</td><td>51</td><td>519</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>45,060</td><td>43,486</td><td>37,946</td><td>2,446</td><td>3,094</td><td>1,974</td><td>1,573</td><td>1</td><td>-</td></tr><tr><td>Total Asia</td><td>154,555</td><td>148,191</td><td>96,071</td><td>7,459</td><td>25,759</td><td>18,852</td><td>6,404</td><td>6,314</td><td>90</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>17,540</td><td>14,413</td><td>92</td><td>31</td><td>4,016</td><td>10,274</td><td>3,127</td><td>1,701</td><td>4</td></tr><tr><td>Belgian Congo</td><td>6,031</td><td>6,031</td><td>7</td><td>26</td><td>5,489</td><td>509</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>136</td><td>83</td><td>44</td><td>7</td><td>28</td><td>4</td><td>23</td><td>30</td><td>-</td></tr><tr><td>Union of South Africa</td><td>5,977</td><td>5,494</td><td>1,092</td><td>72</td><td>3,693</td><td>661</td><td>483</td><td>436</td><td>47</td></tr><tr><td>Other</td><td>5,275</td><td>5,235</td><td>704</td><td>300</td><td>3,543</td><td>688</td><td>80</td><td>38</td><td>2</td></tr><tr><td>Total other countries</td><td>34,959</td><td>31,255</td><td>1,939</td><td>416</td><td>16,765</td><td>12,130</td><td>3,793</td><td>2,190</td><td>83</td></tr><tr><td>International</td><td>1,767</td><td>1,767</td><td>1,767</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>954,438</td><td>893,990</td><td>240,049</td><td>116,870</td><td>326,469</td><td>210,602</td><td>70,448</td><td>60,445</td><td>2,455</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>7,548</td></tr></table>
1/ Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
66
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of February 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>Deposito</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>Deposito</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>To foreign banks and official institutions</th><th>To others</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>55,335</td><td>5,054</td><td>21,057</td><td>5,550</td><td>27,437</td><td>1,341</td><td>1,341</td><td>4,150</td><td>4,055</td><td>164</td><td>157</td><td>7</td></tr><tr><td>Belgium</td><td>136,566</td><td>70,246</td><td>47,409</td><td>1,740</td><td>21,101</td><td>65,156</td><td>57,951</td><td>4,150</td><td>3,055</td><td>164</td><td>157</td><td>7</td></tr><tr><td>Czechoslovakia</td><td>755</td><td>354</td><td>397</td><td>16,725</td><td>129</td><td>9,386</td><td>8,390</td><td>643</td><td>353</td><td>56</td><td>56</td><td>-</td></tr><tr><td>Denmark</td><td>38,711</td><td>29,269</td><td>12,419</td><td>16,725</td><td>755</td><td>1,125</td><td>1,125</td><td>-</td><td>-</td><td>56</td><td>56</td><td>-</td></tr><tr><td>Finland</td><td>30,732</td><td>29,607</td><td>28,852</td><td>-</td><td>1,259</td><td>1,125</td><td>1,125</td><td>-</td><td>-</td><td>56</td><td>56</td><td>-</td></tr><tr><td>France</td><td>253,398</td><td>179,272</td><td>125,799</td><td>8,008</td><td>15,465</td><td>72,417</td><td>68,443</td><td>3,188</td><td>766</td><td>1,709</td><td>1,693</td><td>16</td></tr><tr><td>Germany 1/</td><td>353,018</td><td>350,037</td><td>127,820</td><td>187,000</td><td>35,217</td><td>2,971</td><td>2,871</td><td>16</td><td>84</td><td>10</td><td>10</td><td>-</td></tr><tr><td>Greece</td><td>38,410</td><td>30,810</td><td>20,725</td><td>10,000</td><td>85</td><td>7,298</td><td>7,444</td><td>157</td><td>157</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Italy</td><td>28,058</td><td>260,523</td><td>29,574</td><td>95,805</td><td>19,244</td><td>33,230</td><td>23,092</td><td>9,793</td><td>345</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Netherlands</td><td>199,969</td><td>137,438</td><td>87,309</td><td>44,696</td><td>5,277</td><td>16,160</td><td>17,997</td><td>188</td><td>73</td><td>331</td><td>329</td><td>2</td></tr><tr><td>Norway</td><td>96,721</td><td>76,194</td><td>27,622</td><td>33,309</td><td>13,828</td><td>22,324</td><td>81,909</td><td>506</td><td>109</td><td>4</td><td>1</td><td>3</td></tr><tr><td>Poland</td><td>5,814</td><td>5,294</td><td>5,292</td><td>-</td><td>870</td><td>519</td><td>516</td><td>3</td><td>3</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Portugal</td><td>40,300</td><td>33,338</td><td>32,468</td><td>-</td><td>-</td><td>6,913</td><td>6,910</td><td>-</td><td>3</td><td>19</td><td>49</td><td>9</td></tr><tr><td>Romania</td><td>6,056</td><td>4,745</td><td>4,745</td><td>-</td><td>-</td><td>1,302</td><td>1,302</td><td>-</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Spain</td><td>17,434</td><td>9,201</td><td>9,236</td><td>-</td><td>245</td><td>7,928</td><td>7,691</td><td>174</td><td>63</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Sweden</td><td>64,423</td><td>57,373</td><td>44,221</td><td>12,892</td><td>6,833</td><td>6,778</td><td>6,390</td><td>21,876</td><td>1,718</td><td>217</td><td>217</td><td>93</td></tr><tr><td>Switzerland</td><td>94,099</td><td>414,907</td><td>263,253</td><td>46,161</td><td>105,493</td><td>127,474</td><td>99,208</td><td>6,390</td><td>4</td><td>1,718</td><td>1,625</td><td>93</td></tr><tr><td>U. S. S. R.</td><td>4,874</td><td>3,621</td><td>3,618</td><td>30,004</td><td>9,988</td><td>265,410</td><td>172,258</td><td>92,677</td><td>475</td><td>112,226</td><td>112,198</td><td>28</td></tr><tr><td>United Kingdom</td><td>796,944</td><td>419,308</td><td>379,316</td><td>8,988</td><td>117</td><td>642</td><td>642</td><td>-</td><td>5</td><td>24</td><td>24</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8,744</td><td>8,102</td><td>7,985</td><td>8,988</td><td>471</td><td>18,275</td><td>17,504</td><td>766</td><td>5</td><td>24</td><td>24</td><td>162</td></tr><tr><td>Other Europe</td><td>98,759</td><td>40,460</td><td>31,001</td><td>8,988</td><td>471</td><td>18,275</td><td>17,504</td><td>766</td><td>5</td><td>24</td><td>24</td><td>162</td></tr><tr><td>Total Europe</td><td>3,000,940</td><td>2,212,292</td><td>1,456,356</td><td>487,945</td><td>268,020</td><td>671,858</td><td>328,913</td><td>118,945</td><td>28,394</td><td>116,530</td><td>116,368</td><td>162</td></tr><tr><td>Canada</td><td>1,335,414</td><td>1,143,567</td><td>306,917</td><td>834,225</td><td>2,425</td><td>182,847</td><td>147,609</td><td>35,078</td><td>160</td><td>9,000</td><td>7,616</td><td>1,384</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>212,913</td><td>175,306</td><td>172,133</td><td>6</td><td>3,167</td><td>37,543</td><td>37,324</td><td>144</td><td>45</td><td>64</td><td>51</td><td>13</td></tr><tr><td>Bolivia</td><td>25,608</td><td>13,196</td><td>12,088</td><td>1,108</td><td>12,389</td><td>12,389</td><td>12,380</td><td>-</td><td>9</td><td>23</td><td>23</td><td>23</td></tr><tr><td>Brazil</td><td>116,239</td><td>75,092</td><td>63,255</td><td>-</td><td>11,837</td><td>41,120</td><td>41,026</td><td>-</td><td>94</td><td>27</td><td>27</td><td>-</td></tr><tr><td>Chile</td><td>99,501</td><td>29,361</td><td>29,233</td><td>146</td><td>29,816</td><td>21,701</td><td>21,471</td><td>305</td><td>46</td><td>6</td><td>4</td><td>4</td></tr><tr><td>Colombia</td><td>96,282</td><td>74,495</td><td>73,641</td><td>46,584</td><td>22,916</td><td>54,940</td><td>54,940</td><td>414</td><td>2</td><td>10</td><td>2</td><td>10</td></tr><tr><td>Cuba</td><td>264,926</td><td>209,958</td><td>140,458</td><td>8,400</td><td>3,339</td><td>14,173</td><td>14,169</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dominican Republic</td><td>48,866</td><td>34,246</td><td>33,282</td><td>302</td><td>1,220</td><td>72,322</td><td>67,278</td><td>4,998</td><td>46</td><td>350</td><td>47</td><td>303</td></tr><tr><td>Guatemala</td><td>35,894</td><td>21,681</td><td>9,582</td><td>8,400</td><td>3,339</td><td>14,173</td><td>14,169</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>133,986</td><td>61,314</td><td>59,792</td><td>302</td><td>1,220</td><td>72,322</td><td>67,278</td><td>4,998</td><td>46</td><td>350</td><td>47</td><td>303</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>31,332</td><td>25,970</td><td>17,225</td><td>8,740</td><td>5</td><td>5,362</td><td>1,605</td><td>597</td><td>200</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Peru</td><td>48,840</td><td>26,065</td><td>25,949</td><td>23,600</td><td>116</td><td>22,771</td><td>22,749</td><td>22</td><td>22</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Republic of Panama</td><td>65,671</td><td>25,054</td><td>28,761</td><td>23,600</td><td>290</td><td>10,617</td><td>10,091</td><td>7,625</td><td>2,941</td><td>23</td><td>23</td><td>-</td></tr><tr><td>El Salvador</td><td>38,974</td><td>25,371</td><td>16,015</td><td>4,168</td><td>56,465</td><td>53,131</td><td>53,131</td><td>120</td><td>3,184</td><td>166</td><td>68</td><td>98</td></tr><tr><td>Uruguay</td><td>75,808</td><td>20,177</td><td>19,719</td><td>5,168</td><td>42,082</td><td>38,097</td><td>38,097</td><td>1,850</td><td>135</td><td>304</td><td>502</td><td>2</td></tr><tr><td>Venezuela</td><td>62,328</td><td>19,738</td><td>51,664</td><td>8,568</td><td>5,176</td><td>30,404</td><td>28,540</td><td>1,998</td><td>123</td><td>73</td><td>73</td><td>-</td></tr><tr><td>Other Latin America</td><td>95,947</td><td>65,408</td><td>79,699</td><td>96,200</td><td>54,893</td><td>507,084</td><td>480,366</td><td>19,835</td><td>6,883</td><td>1,833</td><td>780</td><td>493</td></tr><tr><td>Total Latin America</td><td>1,414,069</td><td>905,792</td><td>794,699</td><td>96,200</td><td>54,893</td><td>507,084</td><td>480,366</td><td>19,835</td><td>6,883</td><td>1,833</td><td>780</td><td>493</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>41,995</td><td>29,873</td><td>29,229</td><td>342</td><td>302</td><td>12,122</td><td>11,899</td><td>243</td><td>80</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>39,693</td><td>34,978</td><td>34,982</td><td>50</td><td>1,811</td><td>35,096</td><td>34,719</td><td>350</td><td>27</td><td>196</td><td>196</td><td>-</td></tr><tr><td>Hong Kong</td><td>64,388</td><td>29,096</td><td>27,285</td><td>500</td><td>1,905</td><td>3,589</td><td>3,589</td><td>-</td><td>-</td><td>715</td><td>715</td><td>-</td></tr><tr><td>India</td><td>99,427</td><td>52,123</td><td>53,118</td><td>69,675</td><td>1,978</td><td>1,015</td><td>1,015</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>127,339</td><td>126,370</td><td>54,725</td><td>69,675</td><td>1,162</td><td>6,290</td><td>6,288</td><td>693</td><td>6</td><td>6</td><td>5</td><td>1</td></tr><tr><td>Iran</td><td>26,946</td><td>20,656</td><td>20,240</td><td>-</td><td>22</td><td>3,726</td><td>3,033</td><td>1</td><td>1</td><td>-</td><td>2</td><td>1</td></tr><tr><td>Israel</td><td>19,272</td><td>15,234</td><td>15,221</td><td>4,550</td><td>346</td><td>11,336</td><td>11,335</td><td>85</td><td>2</td><td>75</td><td>75</td><td>-</td></tr><tr><td>Japan</td><td>695,736</td><td>544,383</td><td>639,438</td><td>6,181</td><td>9,974</td><td>19,058</td><td>18,981</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippines 2/</td><td>331,124</td><td>311,981</td><td>295,866</td><td>99,895</td><td>660</td><td>2,609</td><td>2,609</td><td>-</td><td>-</td><td>75</td><td>75</td><td>-</td></tr><tr><td>Thailand</td><td>114,970</td><td>112,361</td><td>11,806</td><td>99,895</td><td>11</td><td>4,550</td><td>4,509</td><td>22</td><td>19</td><td>322</td><td>322</td><td>-</td></tr><tr><td>Turkey</td><td>14,915</td><td>10,365</td><td>10,354</td><td>17,721</td><td>4,818</td><td>32,722</td><td>32,466</td><td>79</td><td>177</td><td>322</td><td>322</td><td>-</td></tr><tr><td>Other Asia</td><td>166,029</td><td>133,010</td><td>110,471</td><td>17,721</td><td>4,818</td><td>32,722</td><td>32,466</td><td>79</td><td>177</td><td>322</td><td>322</td><td>-</td></tr><tr><td>Total Asia 2/</td><td>1,661,856</td><td>1,523,744</td><td>1,303,327</td><td>198,874</td><td>21,543</td><td>136,798</td><td>135,073</td><td>1,472</td><td>253</td><td>1,314</td><td>1,313</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></tr><tr><td>Australia</td><td>36,433</td><td>32,868</td><td>30,932</td><td>-</td><td>1,936</td><td>2,877</td><td>2,825</td><td>50</td><td>2</td><td>708</td><td>697</td><td>11</td></tr><tr><td>Belgian Congo</td><td>98,848</td><td>58,518</td><td>19,880</td><td>38,630</td><td>8</td><td>328</td><td>328</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>126,138</td><td>128,686</td><td>31,997</td><td>90,400</td><td>389</td><td>3,725</td><td>3,725</td><td>-</td><td>-</td><td>7</td><td>7</td><td>-</td></tr><tr><td>Union of South Africa</td><td>11,306</td><td>7,010</td><td>5,715</td><td>1,200</td><td>95</td><td>3,497</td><td>3,496</td><td>-</td><td>1</td><td>1,299</td><td>1,299</td><td>-</td></tr><tr><td>Other</td><td>99,581</td><td>77,723</td><td>71,704</td><td>1,500</td><td>4,949</td><td>17,520</td><td>16,592</td><td>270</td><td>706</td><td>1,000</td><td>1,366</td><td>14</td></tr><tr><td>Total other countries</td><td>329,146</td><td>299,775</td><td>160,128</td><td>131,730</td><td>6,917</td><td>27,995</td><td>26,926</td><td>320</td><td>709</td><td>2,416</td><td>2,391</td><td>25</td></tr><tr><td>International</td><td>1,046,239</td><td>1,046,239</td><td>87,532</td><td>1,522,776</td><td>35,933</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total 2/</td><td>9,387,664</td><td>7,730,689</td><td>4,069,189</td><td>3,271,751</td><td>389,699</td><td>1,526,542</td><td>1,314,893</td><td>1,752,250</td><td>36,399</td><td>130,493</td><td>128,468</td><td>2,025</td></tr></table>
Beginning March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
Beginning January 1952, data include for the first time the balances in certain accounts held with the U. S. Treasury which previously had been excluded from reported liabilities.
May 1952
67
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of February 1952
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th>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>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>66</td><td>-</td><td>-</td><td>59</td><td>-</td><td>7</td></tr><tr><td>Belgium</td><td>4,079</td><td>1,046</td><td>132</td><td>1,260</td><td>814</td><td>527</td><td>3,128</td><td>961</td><td>19</td><td>1,263</td><td>278</td><td>607</td></tr><tr><td>Czechoslovakia</td><td>672</td><td>191</td><td>-</td><td>332</td><td>141</td><td>8</td><td>382</td><td>40</td><td>-</td><td>316</td><td>19</td><td>7</td></tr><tr><td>Denmark</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>5,247</td><td>54</td><td>402</td><td>2,375</td><td>226</td><td>1,690</td><td>4,104</td><td>203</td><td>101</td><td>2,305</td><td>393</td><td>1,156</td></tr><tr><td>Germany</td><td>34</td><td>5</td><td>-</td><td>34</td><td>-</td><td>-</td><td>45</td><td>4</td><td>-</td><td>27</td><td>-</td><td>14</td></tr><tr><td>Greece</td><td>39</td><td>2</td><td>81</td><td>36</td><td>13</td><td>14</td><td>5</td><td>32</td><td>45</td><td>156</td><td>22</td><td>37</td></tr><tr><td>Italy</td><td>431</td><td>28</td><td>81</td><td>292</td><td>13</td><td>14</td><td>292</td><td>32</td><td>45</td><td>156</td><td>22</td><td>37</td></tr><tr><td>Netherlands</td><td>2,722</td><td>224</td><td>6</td><td>1,409</td><td>566</td><td>517</td><td>5,046</td><td>13</td><td>95</td><td>4,202</td><td>389</td><td>347</td></tr><tr><td>Norway</td><td>11</td><td>12</td><td>-</td><td>237</td><td>128</td><td>34</td><td>345</td><td>9</td><td>-</td><td>315</td><td>21</td><td>-</td></tr><tr><td>Poland</td><td>15</td><td>-</td><td>11</td><td>4</td><td>-</td><td>-</td><td>36</td><td>-</td><td>-</td><td>36</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>201</td><td>-</td><td>-</td><td>21</td><td>106</td><td>74</td><td>211</td><td>-</td><td>-</td><td>17</td><td>189</td><td>5</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>74</td><td>6</td><td>52</td><td>10</td><td>6</td><td>6</td><td>89</td><td>27</td><td>52</td><td>10</td><td>78</td><td>-</td></tr><tr><td>Sweden</td><td>211</td><td>404</td><td>1,060</td><td>114</td><td>71</td><td>22</td><td>190</td><td>14</td><td>24</td><td>74</td><td>78</td><td>3,348</td></tr><tr><td>Switzerland</td><td>26,911</td><td>404</td><td>1,060</td><td>20,459</td><td>1,384</td><td>3,604</td><td>30,293</td><td>459</td><td>1,815</td><td>23,711</td><td>900</td><td>3,181</td></tr><tr><td>U.S. S. R.</td><td>-</td><td>11,194</td><td>745</td><td>7,788</td><td>1,450</td><td>2,476</td><td>27,421</td><td>10,694</td><td>32</td><td>9,298</td><td>3,786</td><td>3,181</td></tr><tr><td>United Kingdom</td><td>23,653</td><td>11,194</td><td>745</td><td>7,788</td><td>1,450</td><td>2,476</td><td>27,421</td><td>10,694</td><td>32</td><td>9,298</td><td>3,786</td><td>3,181</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>42</td><td>433</td><td>68</td><td>52</td><td>797</td><td>316</td><td>12</td><td>421</td><td>13</td><td>35</td></tr><tr><td>Other Europe</td><td>615</td><td>20</td><td>-</td><td>42</td><td>433</td><td>68</td><td>797</td><td>316</td><td>12</td><td>421</td><td>13</td><td>35</td></tr><tr><td>Total Europe</td><td>65,357</td><td>13,175</td><td>2,489</td><td>35,687</td><td>4,981</td><td>9,023</td><td>72,896</td><td>12,711</td><td>2,674</td><td>42,666</td><td>6,100</td><td>8,745</td></tr><tr><td>Canada</td><td>47,029</td><td>1,438</td><td>8,354</td><td>10,183</td><td>10,206</td><td>16,948</td><td>77,191</td><td>602</td><td>8,841</td><td>10,919</td><td>39,466</td><td>17,363</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>788</td><td>14</td><td>236</td><td>399</td><td>128</td><td>11</td><td>849</td><td>68</td><td>690</td><td>88</td><td>3</td></tr><tr><td>Bolivia</td><td>87</td><td>4</td><td>78</td><td>9</td><td>-</td><td>21</td><td>372</td><td>15</td><td>3</td><td>303</td><td>33</td><td>21</td></tr><tr><td>Brazil</td><td>672</td><td>4</td><td>-</td><td>296</td><td>351</td><td>21</td><td>372</td><td>15</td><td>3</td><td>303</td><td>33</td><td>21</td></tr><tr><td>Chile</td><td>580</td><td>2</td><td>112</td><td>192</td><td>74</td><td>99</td><td>99</td><td>-</td><td>81</td><td>18</td><td>-</td><td>43</td></tr><tr><td>Colombia</td><td>459</td><td>-</td><td>318</td><td>123</td><td>16</td><td>707</td><td>707</td><td>-</td><td>664</td><td>-</td><td>355</td><td>-</td></tr><tr><td>Cuba</td><td>1,796</td><td>328</td><td>5</td><td>1,138</td><td>179</td><td>152</td><td>1,772</td><td>1</td><td>1,207</td><td>209</td><td>355</td><td>-</td></tr><tr><td>Dominican Republic</td><td>15</td><td>-</td><td>15</td><td>15</td><td>-</td><td>32</td><td>32</td><td>-</td><td>32</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>15</td><td>-</td><td>15</td><td>15</td><td>-</td><td>32</td><td>32</td><td>-</td><td>32</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>984</td><td>-</td><td>10</td><td>723</td><td>91</td><td>160</td><td>1,235</td><td>34</td><td>16</td><td>932</td><td>182</td><td>71</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>706</td><td>-</td><td>1</td><td>62</td><td>618</td><td>25</td><td>96</td><td>1</td><td>1</td><td>95</td><td>10</td><td>9</td></tr><tr><td>Peru</td><td>284</td><td>-</td><td>5</td><td>143</td><td>21</td><td>115</td><td>398</td><td>104</td><td>275</td><td>10</td><td>9</td><td>-</td></tr><tr><td>Republic of Panama</td><td>3,880</td><td>122</td><td>1,836</td><td>3</td><td>1,321</td><td>5,870</td><td>165</td><td>34</td><td>4,937</td><td>277</td><td>497</td><td>-</td></tr><tr><td>El Salvador</td><td>28</td><td>10</td><td>9</td><td>2</td><td>1,791</td><td>30</td><td>1,791</td><td>20</td><td>61</td><td>1,105</td><td>446</td><td>199</td></tr><tr><td>Uruguay</td><td>2,906</td><td>195</td><td>2,044</td><td>376</td><td>330</td><td>1,791</td><td>1,791</td><td>20</td><td>61</td><td>1,105</td><td>446</td><td>199</td></tr><tr><td>Venezuela</td><td>1,124</td><td>1</td><td>743</td><td>101</td><td>279</td><td>563</td><td>563</td><td>11</td><td>459</td><td>36</td><td>31</td><td>-</td></tr><tr><td>Other Latin America</td><td>368</td><td>15</td><td>215</td><td>134</td><td>4</td><td>292</td><td>292</td><td>11</td><td>124</td><td>130</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>14,088</td><td>348</td><td>561</td><td>8,336</td><td>2,324</td><td>2,519</td><td>14,164</td><td>351</td><td>1,831</td><td>11,038</td><td>1,414</td><td>1,178</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>109</td><td>-</td><td>100</td><td>-</td><td>9</td><td>-</td><td>30</td><td>-</td><td>30</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formose</td><td>22</td><td>-</td><td>22</td><td>-</td><td>19</td><td>-</td><td>19</td><td>-</td><td>19</td><td>-</td><td>116</td><td>-</td></tr><tr><td>Hong Kong</td><td>1,312</td><td>151</td><td>37</td><td>835</td><td>3</td><td>286</td><td>2,088</td><td>150</td><td>1,822</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India</td><td>239</td><td>220</td><td>18</td><td>-</td><td>1</td><td>17</td><td>33</td><td>15</td><td>8</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>-</td><td>-</td><td>27</td><td>9</td><td>27</td><td>-</td><td>3,717</td><td>-</td><td>8</td><td>35</td><td>3,670</td><td>4</td></tr><tr><td>Israel</td><td>36</td><td>1</td><td>-</td><td>1</td><td>1</td><td>1</td><td>107</td><td>21</td><td>1</td><td>21</td><td>16</td><td>16</td></tr><tr><td>Japan</td><td>38</td><td>1</td><td>9</td><td>1,569</td><td>30</td><td>389</td><td>389</td><td>362</td><td>10</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>1,645</td><td>-</td><td>2</td><td>46</td><td>-</td><td>80</td><td>80</td><td>-</td><td>80</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>46</td><td>-</td><td>10</td><td>22</td><td>5</td><td>60</td><td>142</td><td>-</td><td>10</td><td>140</td><td>2</td><td>-</td></tr><tr><td>Turkey</td><td>37</td><td>-</td><td>10</td><td>194</td><td>60</td><td>142</td><td>142</td><td>-</td><td>10</td><td>140</td><td>2</td><td>-</td></tr><tr><td>Other Asia</td><td>214</td><td>-</td><td>49</td><td>1,277</td><td>1,582</td><td>418</td><td>6,633</td><td>527</td><td>18</td><td>2,263</td><td>3,670</td><td>155</td></tr><tr><td>Total Asia</td><td>3,698</td><td>372</td><td>49</td><td>1,277</td><td>1,582</td><td>418</td><td>6,633</td><td>527</td><td>18</td><td>2,263</td><td>3,670</td><td>155</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>428</td><td>2</td><td>14</td><td>412</td><td>-</td><td>14</td><td>5</td><td>6</td><td>1</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Belgian Congo</td><td>6</td><td>-</td><td>6</td><td>-</td><td>-</td><td>1</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>20</td><td>-</td><td>17</td><td>3</td><td>33</td><td>3</td><td>33</td><td>-</td><td>30</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>172</td><td>98</td><td>36</td><td>2</td><td>36</td><td>33</td><td>7</td><td>12</td><td>11</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>854</td><td>10</td><td>7</td><td>611</td><td>5</td><td>221</td><td>672</td><td>2</td><td>622</td><td>6</td><td>42</td><td>-</td></tr><tr><td>Total other countries</td><td>1,480</td><td>12</td><td>105</td><td>684</td><td>419</td><td>260</td><td>753</td><td>5</td><td>670</td><td>18</td><td>51</td><td>-</td></tr><tr><td>International</td><td>786</td><td>173</td><td>523</td><td>12</td><td>78</td><td>-</td><td>4,000</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>132,438</td><td>15,518</td><td>12,081</td><td>56,179</td><td>19,590</td><td>29,070</td><td>175,637</td><td>18,196</td><td>11,725</td><td>61,595</td><td>50,668</td><td>27,492</td></tr></table>
1/ Beginning January 1952, data include for the first time certain transactions in long-term securities which are performed by the U.S. Treasury on behalf
of foreigners but which previously had been excluded from reported transactions.
68
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.
Tables 3 and 4, published in this issue of the "Treasury Bulletin", are compiled from reports of the agencies, adjusted by the Treasury Department. Tables 1 and 2, giving the oorresponding loan and balance sheet data, were published in the April 1952 issue.
Table 3.- Income and Expense for the Six Months Ended December 31, 1951
(In thousands of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th>Banks for cooperatives</th><th>Commodity 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>Income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sale of commodities and supplies</td><td>1,091,991</td><td>679,985</td><td>-</td><td>429,839</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of services</td><td>74,603</td><td>73,697</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>35,363</td><td>5,230</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends</td><td>270,453</td><td>122,158</td><td>5,955</td><td>5,556</td><td>35,101</td><td>-</td><td>926</td><td>9,044</td><td>9,088</td></tr><tr><td>Interest on loans</td><td>26,601</td><td>21,219</td><td>514</td><td>-</td><td>-</td><td>14,726</td><td>-</td><td>2,601</td><td>595</td></tr><tr><td>Interest on public debt obligations</td><td>4,392</td><td>3,442</td><td>*</td><td>2,459</td><td>-</td><td>46</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Interest, other</td><td>76,630</td><td>1,263</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>101,579</td><td>52,876</td><td>-</td><td>-</td><td>-</td><td>27,032</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>3</td><td>3</td><td>-</td><td>2</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>34</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>-</td></tr><tr><td>Gains on sale of acquired security or collateral</td><td>7,189</td><td>297</td><td>16</td><td>509</td><td>-</td><td>3</td><td>295</td><td>4</td><td>272</td></tr><tr><td>Other</td><td>9,604</td><td>9,151</td><td>-</td><td>-</td><td>-</td><td>41</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Total income</td><td>1,696,703</td><td>969,349</td><td>6,488</td><td>434,364</td><td>35,101</td><td>41,688</td><td>1,227</td><td>11,678</td><td>9,967</td></tr><tr><td>Expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold</td><td>1,099,062</td><td>681,889</td><td>-</td><td>464,276</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>74,283</td><td>52,968</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>On borrowings from the U.S. Treasury</td><td>55,038</td><td>37,186</td><td>-</td><td>17,438 1/</td><td>7,407</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>35,708</td><td>35,557</td><td>2,012</td><td>10</td><td>-</td><td>-</td><td>12</td><td>7,418</td><td>8,151</td></tr><tr><td>Administrative expenses</td><td>74,347</td><td>36,774</td><td>954</td><td>8,103</td><td>503</td><td>3,426</td><td>283</td><td>769</td><td>697</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>6,113</td><td>5,865</td><td>1</td><td>37</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grants, subsidies, and contributions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>74,099</td><td>5,172</td><td>-</td><td>-261</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>25,961</td><td>19,086</td><td>-</td><td>2,369</td><td>23</td><td>18</td><td>47</td><td>239</td><td>167</td></tr><tr><td>Guaranty and insurance losses</td><td>15,479</td><td>15,479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Losses and charge-offs</td><td>13,602</td><td>654</td><td>221</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans charged off</td><td>8,221</td><td>440</td><td>81</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27</td></tr><tr><td>Other assets charged off</td><td>5,371</td><td>3,510</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>9,477</td><td>47</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>1</td></tr><tr><td>Losses on sale of investments</td><td>2,266</td><td>571</td><td>505</td><td>-</td><td>-</td><td>-14</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves</td><td>189</td><td>149</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>1,483,783</td><td>895,244</td><td>3,811</td><td>492,446</td><td>7,937</td><td>3,430</td><td>581</td><td>8,437</td><td>9,043</td></tr><tr><td>Total expense</td><td>212,919</td><td>74,105</td><td>2,673</td><td>-58,082</td><td>27,164</td><td>38,418</td><td>645</td><td>3,241</td><td>924</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjustments of valuation and operating reserves</td><td>11,704</td><td>5,502</td><td>87</td><td>2,168</td><td>-</td><td>-</td><td>4,900</td><td>-</td><td>*</td></tr><tr><td>Reserve for losses on loans</td><td>-4,946</td><td>501</td><td>549</td><td>-</td><td>-</td><td>-63</td><td>15</td><td>-</td><td>*</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets</td><td>29,948</td><td>29,948</td><td>-</td><td>29,948</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>-18,892</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>36,328</td><td>-611</td><td>42</td><td>-683</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>84,143</td><td>65,347</td><td>678</td><td>61,433</td><td>-</td><td>-63</td><td>4,915</td><td>-</td><td>*</td></tr><tr><td>Net income, or loss (-)</td><td>297,062</td><td>139,432</td><td>3,331</td><td>3,331</td><td>27,164</td><td>38,335</td><td>5,561</td><td>3,241</td><td>924</td></tr><tr><td>Changes in unreserved earned surplus or deficit</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus, or deficit (-), June 30, 1951</td><td>-2,799,733</td><td>-290,943</td><td>37,348</td><td>-575,627</td><td>51,613</td><td>-</td><td>37,683</td><td>10,529</td><td>27,349</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1951</td><td>297,062</td><td>139,432</td><td>3,331</td><td>3,331</td><td>27,164</td><td>38,335</td><td>5,561</td><td>3,241</td><td>924</td></tr><tr><td>Transfers to (-) surplus reserves</td><td>-80,977</td><td>-80,977</td><td>-350</td><td>-</td><td>-31,615</td><td>-38,349</td><td>-4,915</td><td>-648</td><td>-</td></tr><tr><td>Transfers from surplus reserves</td><td>113</td><td>113</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>109</td><td>-</td></tr><tr><td>Distribution of profits</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings</td><td>-158,425</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-59,832</td><td>-59,832</td><td>-</td><td>-</td><td>-20,000</td><td>-</td><td>-8,000</td><td>-2,638</td><td>-</td></tr><tr><td>Other</td><td>-1,391</td><td>-280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>425,927</td><td>422,035</td><td>-</td><td>421,463</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus, or deficit (-), December 31, 1951</td><td>-2,377,349</td><td>130,066</td><td>40,390</td><td>-150,814</td><td>27,164</td><td>-</td><td>30,389</td><td>10,981</td><td>28,273</td></tr></table>
Footnote at end of Table 4
(Continued on following page)
May 1952
69
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 3.- Income and Expense for the Six Months Ended December 31, 1951 - (Continued)
(In thousands 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 2/</th><th>Reconstruction Finance Corporation 3/</th><th>Exclusive of assets held for the U.S. Treasury</th><th>Assets held for the U.S. Treasury</th><th>Defense Production Act of 1950</th><th>Tennessee Valley Authority</th><th>Other 2/</th></tr><tr><td>Income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sale of commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>217,623</td><td>-</td><td>9,530</td><td>26,924</td></tr><tr><td>Sale of services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45,334</td><td>28,163</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>1,817</td><td>-</td><td>-</td><td>3,093</td><td>-</td><td>233</td><td>87</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>34,430</td><td>2,271</td><td>512</td><td>7,188</td><td>14,478</td><td>-</td><td>-</td><td>343</td><td>-</td><td>51</td></tr><tr><td>Interest on public debt obligations</td><td>216</td><td>-</td><td>-</td><td>-</td><td>394</td><td>-</td><td>206</td><td>-</td><td>3</td><td>107</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>2</td><td>-</td><td>1,261</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>572</td><td>5,331</td><td>-</td><td>-</td><td>559</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,382</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or collateral</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</td><td>3</td><td>*</td><td>75</td><td>840</td><td>1,313</td><td>-</td><td>3,710</td><td>-</td><td>1,780</td><td>580</td></tr><tr><td>Total income</td><td>35,221</td><td>7,603</td><td>589</td><td>9,845</td><td>18,005</td><td>-</td><td>224,631</td><td>343</td><td>57,080</td><td>75,363</td></tr><tr><td>Expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>189,988</td><td>-</td><td>7,212</td><td>20,808</td></tr><tr><td>Direct operating costs</td><td>-</td><td>-</td><td>-</td><td>295</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33,589</td><td>19,084</td></tr><tr><td>Interest expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>On borrowings from the U.S. Treasury</td><td>15,836</td><td>888 6/</td><td>-</td><td>5,779</td><td>2,110</td><td>-</td><td>-</td><td>118</td><td>377</td><td>3,068</td></tr><tr><td>Other</td><td>1,657</td><td>211</td><td>664</td><td>4,850</td><td>1,993</td><td>1,020</td><td>1,954</td><td>180</td><td>1,006</td><td>4,229</td></tr><tr><td>Administrative expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>3</td><td>1</td><td>1,724</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,356</td><td>2,740</td></tr><tr><td>Grants, subsidies, and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>-</td><td>-</td><td>-</td><td>3,775</td><td>-</td><td>-</td><td>234</td><td>-</td><td>-</td><td>1,425</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15,479</td></tr><tr><td>Guaranty and insurance losses</td><td>4,211</td><td>145</td><td>130</td><td>840</td><td>-627</td><td>-</td><td>3,800</td><td>*</td><td>2,905</td><td>4,818</td></tr><tr><td>Other expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Loans charged off</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td></tr><tr><td>Other assets charged off</td><td>-</td><td>-</td><td>-</td><td>-29</td><td>-</td><td>-</td><td>286</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Looses on sale of fixed assets</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>3,539</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Looses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Looses on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves</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</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>148</td></tr><tr><td>Total expense</td><td>21,743</td><td>1,246</td><td>829</td><td>17,236</td><td>10,496</td><td>-</td><td>199,401</td><td>298</td><td>46,446</td><td>71,863</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>13,478</td><td>6,357</td><td>-240</td><td>-7,391</td><td>7,509</td><td>-</td><td>25,230</td><td>46</td><td>10,633 7/</td><td>3,500</td></tr><tr><td>Adjustments of valuation and operating reserves:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,233</td><td>-</td><td>-</td><td>-421</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td></tr><tr><td>Operating reserves</td><td>-</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>30</td></tr><tr><td>Other reserves</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 adjustment of valuation and operating reserves</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-1,233</td><td>-</td><td>-</td><td>-421</td><td>-</td><td>37</td></tr><tr><td>Net income, or loss (-)</td><td>13,478</td><td>6,357</td><td>-240</td><td>-7,391</td><td>6,277</td><td>-</td><td>25,230</td><td>-375</td><td>10,633 7/</td><td>3,537</td></tr><tr><td>Changes in unreserved earned surplus or deficit</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus, or deficit (-), June 30, 1951</td><td>34,031r</td><td>-</td><td>16,201</td><td>-90,966</td><td>250,000</td><td>8,665r</td><td>-4,91r</td><td>47,785</td><td>-144,702r</td><td>-</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1951</td><td>13,478</td><td>6,357</td><td>-240</td><td>-7,391</td><td>6,277</td><td>25,230</td><td>-375</td><td>10,633 7/</td><td>3,537</td><td>-</td></tr><tr><td>Transfers to (-) surplus reserves</td><td>-5,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Transfers from surplus reserves</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 of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenue - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-29,197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-269 8/</td></tr><tr><td>Prior year adjustments</td><td>359</td><td>-</td><td>-</td><td>121</td><td>46</td><td>-</td><td>-</td><td>-</td><td>-</td><td>92</td></tr><tr><td>Unreserved earned surplus, or deficit (-), December 31, 1951</td><td>13,672</td><td>6,357</td><td>15,961</td><td>-98,236</td><td>256,323</td><td>33,899</td><td>-826</td><td>58,418</td><td>-141,380</td><td>-</td></tr></table>
Footnotes at and of Table 4.
(Continued on following page)
70
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 3.- Income and Expense for the Six Months Ended December 31, 1951 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">Certain other business-type activities</th></tr><tr><th></th><th>Total certain other business-type activities 2/</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 10/</th><th>Public Housing Administration 11/</th><th>Rural Electric Administration</th><th>Other 12/</th></tr><tr><td>Income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sale of commodities and supplies</td><td>412,006</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>412,006</td></tr><tr><td>Sale of services</td><td>906</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>906</td></tr><tr><td>Rents and royalties</td><td>30,133</td><td>92</td><td>-</td><td>-</td><td>114</td><td>29,733</td><td>-</td><td>174</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>143,299</td><td>49,460</td><td>322</td><td>3</td><td>606</td><td>291</td><td>16,898</td><td>80,215</td></tr><tr><td>Interest on public debt obligations</td><td>3,383</td><td>10</td><td>-</td><td>3,372</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest, other</td><td>910</td><td>27</td><td>1</td><td>761</td><td>24</td><td>*</td><td>-</td><td>98</td></tr><tr><td>Dividends</td><td>75,368</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>75,367</td></tr><tr><td>Quaranty and insurance premiums</td><td>43,703</td><td>38</td><td>-</td><td>47,180</td><td>5</td><td>-</td><td>-</td><td>1,480</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>6</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>7,192</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,199</td></tr><tr><td>Gains on sale of acquired security or collateral</td><td>453</td><td>178</td><td>1</td><td>-1</td><td>-</td><td>2</td><td>*</td><td>272</td></tr><tr><td>Total income</td><td>721,354</td><td>49,809</td><td>824</td><td>51,322</td><td>749</td><td>30,047</td><td>16,898</td><td>577,706</td></tr><tr><td>Expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold</td><td>407,177</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>407,177</td></tr><tr><td>Direct operating costs</td><td>21,315</td><td>-</td><td>-</td><td>-</td><td>*</td><td>13,615</td><td>-</td><td>7,700</td></tr><tr><td>Interest expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>On borrowings from the U.S. Treasury</td><td>17,893</td><td>419</td><td>-</td><td>282</td><td>287</td><td>-</td><td>14,356</td><td>2,591</td></tr><tr><td>Other</td><td>252</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Administrative expenses</td><td>37,173</td><td>14,497</td><td>678</td><td>15,166</td><td>-</td><td>1,681</td><td>4,198</td><td>1,553</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>278</td><td>-</td><td>-</td><td>98</td><td>-</td><td>180</td><td>-</td><td>-</td></tr><tr><td>Grants, subsidies, and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>68,927</td><td>67</td><td>-</td><td>-</td><td>93</td><td>-</td><td>-</td><td>68,767</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>6,875</td><td>6</td><td>-1</td><td>8</td><td>13</td><td>149</td><td>-</td><td>6,701</td></tr><tr><td>Other expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off</td><td>12,948</td><td>12,684</td><td>229</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td></tr><tr><td>Other assets charged off</td><td>7,781</td><td>7,690</td><td>15</td><td>-</td><td>-</td><td>66</td><td>9</td><td>*</td></tr><tr><td>Losses on sale of fixed assets</td><td>5,627</td><td>34</td><td>-</td><td>4</td><td>2,115</td><td>3,078</td><td>-</td><td>396</td></tr><tr><td>Losses on sale of investments</td><td>1,695</td><td>*</td><td>*</td><td>1,689</td><td>4</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Losses on sale of acquired security or collateral</td><td>1,695</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges on operating reserves</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>-</td><td>21</td></tr><tr><td>Other</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>588,540</td><td>35,397</td><td>920</td><td>17,212</td><td>2,513</td><td>18,787</td><td>18,764</td><td>494,947</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>133,814</td><td>14,412</td><td>-97</td><td>34,109</td><td>-1,764</td><td>11,260</td><td>-1,866</td><td>82,759</td></tr><tr><td>Adjustments of valuation and operating reserves:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>6,203</td><td>4,347</td><td>1,963</td><td>-108</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-5,447</td><td>-18</td><td>*</td><td>-5,430</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Reserve for losses on fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-18,899</td><td>-</td><td>-</td><td>-17,158</td><td>-</td><td>-1</td><td>-</td><td>-1,740</td></tr><tr><td>Other reserves</td><td>36,939</td><td>-31,108</td><td>-380</td><td>-</td><td>-</td><td>21</td><td>-</td><td>68,406</td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>18,796</td><td>-26,779</td><td>1,583</td><td>-22,697</td><td>-</td><td>20</td><td>-</td><td>66,569</td></tr><tr><td>Net income, or loss (-),</td><td>157,610</td><td>-12,367</td><td>1,486</td><td>11,413</td><td>-1,764</td><td>11,280</td><td>-1,866</td><td>149,428</td></tr><tr><td>Changes in unreserved earned surplus or deficit:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus, or deficit (-), June 30, 1951</td><td>-2,509,211 r</td><td>-1,642</td><td>-4,611</td><td>109,894</td><td>-3,070r</td><td>-624,162</td><td>-20,388</td><td>-1,969,232r</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1951</td><td>157,610</td><td>-12,367</td><td>1,486</td><td>11,413</td><td>-1,764</td><td>11,280</td><td>-1,866</td><td>149,428</td></tr><tr><td>Transfers to (-) surplus reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Transfers from surplus reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings</td><td>-158,495</td><td>-</td><td>-</td><td>-</td><td>-5,050</td><td>-</td><td>-46</td><td>-153,399</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-1,111</td><td>-</td><td>-</td><td>-1,00013/</td><td>*</td><td>3,776</td><td>14</td><td>-111</td></tr><tr><td>Prior year adjustments</td><td>3,792</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Unreserved earned surplus, or deficit (-), December 31, 1951</td><td>-2,507,415</td><td>-14,009</td><td>-3,125</td><td>120,307</td><td>-9,884</td><td>-609,107</td><td>-22,289</td><td>-1,969,312</td></tr></table>
Footnotes at and of Table 4.
May 1952
71
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4. - Source and Application of Funds for the Six Months Ended December 31, 1951
(In thousands 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>Funds applied:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made</td><td>5,563,626</td><td>3,149,113</td><td>324,826</td><td>745,353</td><td>58,504</td><td>-</td><td>54</td><td>221,398</td><td>1,011,931 1/2</td></tr><tr><td>Purchase of 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 United States.</td><td>705,306</td><td>684,115</td><td>-</td><td>-</td><td>-</td><td>379,330</td><td>-</td><td>221,891</td><td>74,443</td></tr><tr><td>Other securities</td><td>995</td><td>975</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>111,649</td><td>111,192</td><td>-</td><td>622</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of acquiring collateral on defaulted loans</td><td>25,468</td><td>675</td><td>661</td><td>167,389 15/8</td><td>-</td><td>1,972</td><td>14</td><td>-</td><td>*</td></tr><tr><td>Other</td><td>170,730</td><td>169,562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>6,577,775</td><td>4,115,633</td><td>325,487</td><td>913,565</td><td>58,509</td><td>381,302</td><td>68</td><td>443,289</td><td>1,086,374</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>939,470</td><td>449,532</td><td>2,964</td><td>27,733</td><td>7,933</td><td>38,762</td><td>581</td><td>8,426</td><td>9,015</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td>872,486</td><td>856,333</td><td>-</td><td>471,837</td><td>99,500</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cash</td><td>454,163</td><td>454,163</td><td>-</td><td>454,163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To other Government corporations and agencies</td><td>21,269</td><td>19,826</td><td>19,462</td><td>-</td><td>-</td><td>-</td><td>60</td><td>429,965</td><td>652,220</td></tr><tr><td>To the public</td><td>1,199,583</td><td>1,195,837</td><td>65,610</td><td>47,846</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>125,167</td><td>105,957</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,000</td><td>879</td></tr><tr><td>To others</td><td>4,245</td><td>4,245</td><td>3,336</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund revenues - deposit of earnings</td><td>158,449</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>80,485</td><td>76,180</td><td>-</td><td>-</td><td>20,000</td><td>-</td><td>8,000</td><td>2,638</td><td>-</td></tr><tr><td>Other distribution of surplus</td><td>96</td><td>87</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>2,915,906</td><td>2,713,628</td><td>88,408</td><td>973,846</td><td>119,500</td><td>-</td><td>8,060</td><td>443,493</td><td>652,220</td></tr><tr><td>To increase in working capital and deferred items</td><td>492,410</td><td>180,667</td><td>8,312</td><td>-</td><td>-</td><td>23,172</td><td>-</td><td>-</td><td>14,076</td></tr><tr><td>Other funds applied</td><td>1,933</td><td>1,933</td><td>-</td><td>-</td><td>1,933</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>10,927,494</td><td>7,461,392</td><td>425,172</td><td>1,915,144</td><td>187,875</td><td>443,237</td><td>8,709</td><td>895,207</td><td>1,761,685</td></tr><tr><td>Funds provided:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By realization of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash</td><td>3,853,016</td><td>2,334,243</td><td>211,639</td><td>289,058</td><td>84,128</td><td>-</td><td>5,716</td><td>231,617</td><td>1,107,651 1/2</td></tr><tr><td>By cancellation of corporation notes</td><td>454,163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of 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 United States</td><td>663,409</td><td>661,057</td><td>-</td><td>-</td><td>-</td><td>365,000</td><td>-</td><td>217,547</td><td>69,369</td></tr><tr><td>Capital stock of Government corporations</td><td>11,948</td><td>11,944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>3,681</td><td>2,177</td><td>-</td><td>8</td><td>-</td><td>1</td><td>-</td><td>50</td><td>-</td></tr><tr><td>Sale of fixed assets</td><td>12,271</td><td>7,222</td><td>239</td><td>-</td><td>-</td><td>1,082</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>421,984</td><td>421,950</td><td>-</td><td>420,308 16/8</td><td>-</td><td>-</td><td>333</td><td>-</td><td>-</td></tr><tr><td>Total realization of assets</td><td>5,420,471</td><td>3,438,594</td><td>211,878</td><td>709,374</td><td>84,128</td><td>366,082</td><td>6,049</td><td>449,214</td><td>1,177,019</td></tr><tr><td>By income</td><td>1,307,221</td><td>579,876</td><td>6,904</td><td>8,535</td><td>35,101</td><td>77,155</td><td>933</td><td>11,650</td><td>9,941</td></tr><tr><td>By borrowings, capital and surplus subcriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>1,289,308</td><td>888,218</td><td>-</td><td>396,000</td><td>64,900</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>331,626</td><td>330,071</td><td>44,853</td><td>-</td><td>-</td><td>-</td><td>-</td><td>410,700</td><td>573,225</td></tr><tr><td>From the public</td><td>1,205,380</td><td>1,190,135</td><td>154,740</td><td>51,470</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>2,400</td><td>2,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,214</td><td>1,500</td></tr><tr><td>By others</td><td>19,971</td><td>19,953</td><td>7,196</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury</td><td>421,463</td><td>421,463</td><td>-</td><td>421,463</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expended</td><td>493,872</td><td>173,980</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subscriptions, and appropriations</td><td>3,764,020</td><td>3,026,219</td><td>206,790</td><td>868,933</td><td>64,900</td><td>-</td><td>419,914</td><td>574,725</td><td>-</td></tr><tr><td>By decrease in working capital and deferred items</td><td>430,382</td><td>412,376</td><td>-</td><td>328,302 17/8</td><td>3,746</td><td>-</td><td>1,728</td><td>14,429</td><td>-</td></tr><tr><td>Other funds provided</td><td>5,400</td><td>4,327</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>10,927,494</td><td>7,461,392</td><td>425,172</td><td>1,915,144</td><td>187,875</td><td>443,237</td><td>8,709</td><td>895,207</td><td>1,761,685</td></tr></table>
Footnotes at end of table.
(Continued on following page)
72
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4. - Source and Application of Funds for the Six Months Ended December 31, 1951 - (Continued)
(In thousands 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 2/</th><th>Reconstruction Finance Corporation 3/ Exclusive of assets held for the U.S. Treasury</th><th>Assets held for the U.S. Treasury</th><th>Defense Production Act of 1950</th><th>Tennessee Valley Authority</th><th>Other 2/</th></tr><tr><td>Funds applied:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made</td><td>318,757</td><td>-</td><td>-</td><td>386,322</td><td>58,304</td><td>-</td><td>23,588</td><td>-</td><td>77</td></tr><tr><td>Purchase of investments</td><td>-</td><td>5,372</td><td>3,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>975</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>110</td><td>3</td><td>-</td><td>610</td><td>-</td><td>8,520</td><td>-</td><td>96,446</td><td>4,875</td></tr><tr><td>Cost of acquiring collateral on defaulted loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>318,867</td><td>5,375</td><td>4,055</td><td>386,931</td><td>58,304</td><td>8,520</td><td>23,588</td><td>96,446</td><td>4,953</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>21,734</td><td>1,243</td><td>794</td><td>15,541</td><td>10,496</td><td>195,577</td><td>298</td><td>40,277</td><td>68,158</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>135,000</td><td>144,995</td><td>-</td><td>-</td><td>5,000</td><td>-</td></tr><tr><td>By cash</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>354</td></tr><tr><td>By cancellation of notes</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>136</td></tr><tr><td>To other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of capital and surplus</td><td>-</td><td>6,716</td><td>-</td><td>*</td><td>75,000</td><td>30</td><td>-</td><td>11,047</td><td>4,194</td></tr><tr><td>To U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To others</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund revenues - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>29,197</td><td>-</td><td>-</td><td>16,316</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>29,197</td><td>6,716</td><td>-</td><td>135,000</td><td>161,341</td><td>75,030</td><td>-</td><td>16,047</td><td>4,770</td></tr><tr><td>To increase in working capital and deferred items</td><td>-</td><td>1,016</td><td>416</td><td>22,230</td><td>39,567</td><td>-</td><td>-</td><td>59,312</td><td>12,555</td></tr><tr><td>Other funds applied</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>369,798</td><td>14,350</td><td>5,265</td><td>559,702</td><td>269,707</td><td>279,127</td><td>23,886</td><td>212,083</td><td>90,445</td></tr><tr><td>Funds provided:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By realization of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash</td><td>47,325</td><td>-</td><td>-</td><td>238,427</td><td>115,645</td><td>74</td><td>2,697</td><td>-</td><td>266</td></tr><tr><td>By cancellation of corporation notes</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales or collection of investments</td><td>-</td><td>6,722</td><td>2,410</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td></tr><tr><td>Public debt obligations 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>Capital stock of Government corporations</td><td>-</td><td>-</td><td>2,261</td><td>-</td><td>9,633</td><td>131</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>7</td><td>1</td><td>-</td><td>1,087</td><td>-</td><td>-</td><td>-</td><td>943</td><td>*</td></tr><tr><td>Sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,538</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>25</td><td>-</td><td>-</td><td>1,637</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Total realization of assets</td><td>47,333</td><td>6,748</td><td>4,671</td><td>239,514</td><td>132,584</td><td>74</td><td>2,697</td><td>943</td><td>286</td></tr><tr><td>By income</td><td>35,221</td><td>7,602</td><td>594</td><td>9,845</td><td>18,005</td><td>224,631</td><td>343</td><td>58,785</td><td>75,031</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>291,000</td><td>119,118</td><td>-</td><td>17,200</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>285,218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>900</td></tr><tr><td>By U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>18</td><td>3,591</td></tr><tr><td>By others</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expended</td><td>-</td><td>-</td><td>-</td><td>19,321</td><td>-</td><td>-</td><td>-</td><td>152,337</td><td>2,322</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subscriptions, and appropriations</td><td>285,218</td><td>-</td><td>-</td><td>310,344</td><td>119,118</td><td>-</td><td>17,200</td><td>152,335</td><td>6,723</td></tr><tr><td>By decrease in working capital and deferred items</td><td>2,027</td><td>-</td><td>-</td><td>-</td><td>-</td><td>94,421</td><td>3,645</td><td>-</td><td>4,078</td></tr><tr><td>Other funds provided</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,327</td></tr><tr><td>Total funds provided</td><td>369,798</td><td>14,350</td><td>5,265</td><td>559,702</td><td>269,707</td><td>279,127</td><td>23,886</td><td>212,083</td><td>90,445</td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1952
73
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4. - Source and Application of Funds for the Six Months Ended December 31, 1951 - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Total certain other business-type activities 2/</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 10/</th><th>Public Housing Administration 11/</th><th>Rural Electrification Administration</th><th>Other 12/</th></tr><tr><td>Funds applied:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made</td><td>2,414,513</td><td>76,598</td><td>4,307</td><td>-</td><td>9,861</td><td>-</td><td>120,303</td><td>2,203,444 18/</td></tr><tr><td>Purchase of investments</td><td>21,191</td><td>250</td><td>-</td><td>20,941</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States</td><td>20</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>457</td><td>-</td><td>-</td><td>40</td><td>-</td><td>193</td><td>16</td><td>209</td></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>24,792</td><td>25</td><td>1</td><td>24,232</td><td>189</td><td>-</td><td>-</td><td>345</td></tr><tr><td>Cost of acquiring collateral on defaulted loans</td><td>1,168</td><td>169</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>989</td></tr><tr><td>Other</td><td>2,468,142</td><td>77,042</td><td>4,318</td><td>45,233</td><td>10,050</td><td>193</td><td>120,319</td><td>2,204,987</td></tr><tr><td>Total acquisition of assets</td><td>489,939</td><td>14,988</td><td>689</td><td>15,426</td><td>304</td><td>15,591</td><td>18,751</td><td>424,191</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td>16,153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,153</td><td>-</td></tr><tr><td>By cancellation of notes</td><td>1,442</td><td>-</td><td>-</td><td>1,442</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies</td><td>3,711</td><td>-</td><td>-</td><td>3,711</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public</td><td>18,210</td><td>1,726</td><td>-</td><td>-</td><td>-</td><td>12,884</td><td>-</td><td>3,599</td></tr><tr><td>Repayment of capital and surplus</td><td>158,449</td><td>-</td><td>-</td><td>4,304</td><td>5,090</td><td>-</td><td>-</td><td>153,399</td></tr><tr><td>General Fund revenues - deposit of earnings</td><td>4,304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>202,278</td><td>1,726</td><td>-</td><td>9,458</td><td>5,050</td><td>12,894</td><td>15,153</td><td>156,998</td></tr><tr><td>To increase in working capital and deferred items</td><td>311,743</td><td>143,932</td><td>2,097</td><td>5,067</td><td>9,967</td><td>8,810</td><td>8,311</td><td>134,099</td></tr><tr><td>Other funds applied</td><td>3,466,102</td><td>237,988</td><td>7,104</td><td>75,183</td><td>25,371</td><td>37,087</td><td>163,534</td><td>2,920,235</td></tr><tr><td>Total funds applied</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Funds provided:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By realization of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash</td><td>1,218,773</td><td>78,137</td><td>15,839</td><td>-</td><td>1,954</td><td>2,676</td><td>22,423</td><td>1,397,785</td></tr><tr><td>By cancellation of corporation notes</td><td>454,163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>454,163</td></tr><tr><td>Sale or collection of investments</td><td>2,351</td><td>-</td><td>-</td><td>2,351</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States</td><td>4</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock of Government corporations</td><td>1,503</td><td>9</td><td>-</td><td>3</td><td>311</td><td>832</td><td>3</td><td>346</td></tr><tr><td>Other securities</td><td>5,049</td><td>-</td><td>-</td><td>4,709</td><td>-</td><td>-</td><td>-</td><td>339</td></tr><tr><td>Sale of fixed assets</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>1,981,877</td><td>78,147</td><td>15,839</td><td>7,067</td><td>2,869</td><td>3,942</td><td>22,426</td><td>1,892,593</td></tr><tr><td>Total realization of assets</td><td>727,345</td><td>49,806</td><td>824</td><td>51,316</td><td>749</td><td>30,047</td><td>16,898</td><td>577,706</td></tr><tr><td>By income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>401,090</td><td>95,000</td><td>-</td><td>-</td><td>7,300</td><td>-</td><td>120,000</td><td>178,590</td></tr><tr><td>From other Government corporations and agencies</td><td>1,555</td><td>-</td><td>-</td><td>1,555</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public</td><td>15,284</td><td>-</td><td>-</td><td>15,245</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>15</td></tr><tr><td>By others</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury</td><td>319,892</td><td>14,636</td><td>-9,558</td><td>-</td><td>9,445</td><td>-70</td><td>4,211</td><td>301,229</td></tr><tr><td>General Fund appropriations - expended</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>737,801</td><td>109,636</td><td>-9,558</td><td>16,800</td><td>16,945</td><td>-67</td><td>124,211</td><td>479,834</td></tr><tr><td>Total borrowings, capital and surplus subscriptions, and appropriations</td><td>18,006</td><td>-</td><td>-</td><td>-</td><td>5,412</td><td>2,492</td><td>-</td><td>10,102</td></tr><tr><td>By decrease in working capital and deferred items</td><td>1,073</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,073</td><td>-</td><td>-</td></tr><tr><td>Other funds provided</td><td>3,466,102</td><td>237,988</td><td>7,104</td><td>75,183</td><td>25,371</td><td>37,087</td><td>163,534</td><td>2,920,235</td></tr><tr><td>Total funds provided</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes on following page.
74
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Footnotes for Tables 3 and 4 (December 31, 1951)
1/ Includes $938 thousand interest accrued on capital stock.
2/ Represents activities under the U. S. Rubber Act as amended. War bonds and other operations of the Administration are shown under "Certain other business-type activities".
3/ Includes merged war affiliates; excludes War Damage Corporation (in liquidation), which is included under "Other" corporations.
4/ Represents assets held for the Treasury in accordance with provisions of act of June 30, 1948 (62 Stat. 1187-1188), which provided for cancellation of certain U. S. war bonds of $14,313,156 thousand, interest accrued thereon subsequent to June 30, 1947, representing unrecovered costs to the Corporation as of June 30, 1947, in its national defense, war, and recovery operations, and stipulated that any amounts recovered by the Corporation with respect to these activities subsequent to June 30, 1947, should, after deduction of related expenses, be deposited in the U. S. Treasury as miscellaneous revenue.
5/ Consists of Defense Home Corporation (in liquidation); Federal Crop Insurance Corporation; Federal Pricco Industry, Inc.; Home Owners' Loan Corporation (liquidated); Inland Vatware Corporation (as of November 30, 1951, the latest available); Institute of Inter-American Affairs; Smaller War Plants Corporation (in liquidation); The Virgin Islands Corporation; War Damage Corporation (in liquidation); and Panaman Canal Commission. After June 30, 1951, pursuant to act of September 26, 1950 (64 Stat. 1038), and Executive Order 10253 of June 29, 1951, the business activities of the Panama Canal (which previously had not been required to submit reports) and the Panama Railroad Company were combined into one Federal corporation known as the Panama Canal Company.
6/ Represents accrual of interest in lieu of dividends on capital stock.
7/ Represents net income during the first six months of fiscal year 1952 from power operations.
8/ Includes $134 thousand representing surplus from liquidation deposited by Home Owners' Loan Corporation to miscellaneous receipts of the U. S. Treasury during the fiscal year 1952.
9/ Reorganization Plan No. 21, 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.
10/ Consists of Alaska housing program, community facilities service, housing loans for educational institutions, prefabricated housing loans program, revolving fund for development of isolated defense areas, and submarine clearance program.
11/ Consists of Farm Security Administration program, homes conversion program, public war housing program, and veterans' re-use housing program.
12/ Consists of Agricultural Marketing Act Revolving Fund; Federal Security Agency - loans to students; Department of the Interior - loans to 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 - R. O. L. C. liquidation unit; Public Works Administration (in liquidation); Treasury Department - miscellaneous loans and certain other assets; Veterans' Administration - Veterans' Organizations; Veterans' direct loan program, guaranteed loans to veterans; agencies reporting pursuant to Defense Production Act of 1950, approved September 8, 1950, which consist of Atomic Energy Commission and Departments of the Air Force, Army, Commerce, Interior, and Navy; and Defense Materials Procurement Agency (to which have been transferred, pursuant to Executive Order 10281 of August 28, 1951, the assets of agencies reported by the General Services Administration). Represents transfer from War Housing Insurance Fund to establish National Defense Housing Insurance Fund.
13/ Includes renewals.
14/ Represents purchases of commodities and other related items.
15/ Includes sales of commodities and loans transferred to accounts receivable.
17/ Includes $9,620 thousand decrease in cash with U. S. Treasurer.
18/ Includes $322,135 thousand advanced to agencies not required to report.
* Less than $500.
r Revised.
May 1952
75
CUMULATIVE TABLE OF CONTENTS
June 1951 through May 1952
<table><tr><th rowspan="2">Article:</th><th colspan="6">1951</th><th colspan="6">1952</th></tr><tr><th>June</th><th>July</th><th>Aug.</th><th>Sep.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td>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>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 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>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>"Other" expenditures</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Summary of budget results 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>6</td><td>6</td></tr><tr><td>Detail of budget receipts and deductions by months and years</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>15</td><td>7</td><td>7</td><td>7</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>16</td><td>7</td><td>7</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>16</td><td>7</td><td>7</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>17</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Trust account receipts</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><td>9</td><td>9</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>18</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Net investments of Government agencies in public debt securities</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><td>10</td><td>10</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>19</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Railroad Retirement Account</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><td>11</td><td>11</td></tr><tr><td>Unemployment Trust Fund</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>20</td><td>11</td><td>11</td><td>11</td></tr><tr><td>National Service Life Insurance Fund</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury cash income and outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cash transactions</td><td>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><td>12</td><td>12</td></tr><tr><td>Derivation of cash budget receipts</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>21</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash budget expenditures</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>22</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash trust account transactions</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>22</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>23</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Cash operating income and outgo by months</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>23</td><td>14</td><td>14</td><td>14</td></tr><tr><td>General Fund of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Status of the General Fund</td><td>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><td>15</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>24</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Debt outstanding:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of Federal securities</td><td>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><td>16</td><td>16</td></tr><tr><td>Net change in Federal securities</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>25</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Interest-bearing public debt</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>26</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Net change in interest-bearing public debt</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>26</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Interest-bearing guaranteed securities</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>27</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Special issues to U. S. Government investment accounts</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>27</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities</td><td>19</td><td>19</td><td>19</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>27</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Treasury holdings of securities issued by Government corporations and other agencies</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>28</td><td>19</td><td>19</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>29</td><td>20</td><td>20</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>30</td><td>21</td><td>21</td><td>21</td></tr><tr><td>Application of limitation to public debt and guaranteed securities outstanding</td><td>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><td>21</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>31</td><td>22</td><td>22</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>33</td><td>24</td><td>24</td><td>24</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>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><td>25</td><td>25</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness and guaranteed securities</td><td>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><td>26</td><td>26</td></tr></table>
(Continued on following page)
76
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
June 1951 through May 1952 - (Continued)
<table><tr><th rowspan="2"></th><th colspan="6">Issue and page number</th><th colspan="6">Issue and page number</th></tr><tr><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td colspan="13">United States savings bonds:</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>36</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Sales and redemptions by periods, 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>36</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Sales and redemptions of Series A-D, E, F, and O by periods</td><td>28</td><td>28</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>37</td><td>28</td><td>28</td><td>28</td></tr><tr><td>Sales and redemptions by periods, Series E, F, and O</td><td>...</td><td>...</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><td>30</td></tr><tr><td>Redemptions of matured and unmatured bonds</td><td>30</td><td>30</td><td>31</td><td>30</td><td>31</td><td>31</td><td>31</td><td>31</td><td>40</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Sales and redemptions of Series E and F by denominations</td><td>...</td><td>...</td><td>32</td><td>...</td><td>...</td><td>...</td><td>...</td><td>41</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="13">Treasury savings notes:</td></tr><tr><td>Cumulative sales and redemptions by series, all series combined</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><td>32</td></tr><tr><td>Sales and redemptions by periods, all series combined</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><td>32</td></tr><tr><td colspan="13">Ownership of Federal securities:</td></tr><tr><td>Distribution by classes of investors and types of issues</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><td>33</td></tr><tr><td>Net market purchases or sales for investment accounts handled by the Treasury</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><td>33</td></tr><tr><td>Estimated ownership</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><td>34</td></tr><tr><td colspan="13">Treasury survey of ownership:</td></tr><tr><td>Ownership by banks, insurance companies, and others</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><td>35</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>38</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>38</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="13">Market quotations:</td></tr><tr><td>Over-the-counter closing quotations on Federal securities by issues</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><td>39</td></tr><tr><td>Chart - Yields of Treasury securities</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><td>42</td></tr><tr><td colspan="13">Yields of Treasury and corporate bonds:</td></tr><tr><td>Average yields of long-term bonds by periods</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><td>43</td></tr><tr><td>Chart - Average yields of long-term bonds</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><td>44</td></tr><tr><td colspan="13">Internal revenue collections:</td></tr><tr><td>Summary by principal sources</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><td>45</td></tr><tr><td>Chart - Internal revenue collections by principal sources</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><td>46</td></tr><tr><td>Detail of collections by type of tax</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><td>47</td></tr><tr><td colspan="13">Monetary statistics:</td></tr><tr><td>Money in circulation</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><td>49</td></tr><tr><td>Monetary stocks of gold and silver</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><td>50</td></tr><tr><td>Cash assets and liabilities of the Treasury</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><td>50</td></tr><tr><td>Components of silver monetary stock</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><td>51</td></tr><tr><td>Silver production in the United States and acquisitions by mints and assay offices</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><td>51</td></tr><tr><td>Seigniorage on silver</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><td>52</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date March 31, 1952)</td><td>...</td><td>...</td><td>54</td><td>...</td><td>52</td><td>...</td><td>...</td><td>63</td><td>...</td><td>...</td><td>...</td><td>52</td></tr><tr><td>Net Treasury gold receipts (latest quarter ending December 31, 1951)</td><td>51</td><td>...</td><td>55</td><td>...</td><td>51</td><td>...</td><td>...</td><td>...</td><td>55</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="13">Exchange Stabilization Fund:</td></tr><tr><td>Balance Sheet (latest date December 31, 1951)</td><td>...</td><td>...</td><td>55</td><td>...</td><td>...</td><td>53</td><td>...</td><td>...</td><td>64</td><td>...</td><td>...</td><td>53</td></tr><tr><td>Income and expense (latest date December 31, 1951)</td><td>...</td><td>...</td><td>56</td><td>...</td><td>...</td><td>54</td><td>...</td><td>...</td><td>65</td><td>...</td><td>...</td><td>54</td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries:</td></tr><tr><td>Historical summary of capital movements since 1935</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><td>55</td></tr><tr><td>Summary by countries and months</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><td>58</td></tr><tr><td>Details for latest months by countries</td><td>59</td><td>59</td><td>64</td><td>...</td><td>59</td><td>62</td><td>59</td><td>59</td><td>73</td><td>63</td><td>59</td><td>62</td></tr><tr><td>Supplementary data by countries</td><td>69</td><td>69</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>65</td><td>...</td><td>...</td></tr><tr><td colspan="13">Corporations and certain other business-type activities (latest date December 31, 1951):</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>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>65</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>68</td></tr><tr><td>Source and application of funds</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>68</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>71</td></tr></table>
TD-DAS-D