LIBRARY
TREASURY DEPARTMENT LIBRARY ROOM 501
LIBRARY
ROOM 5030
JUN 2.3 1972
TREASURY DEPARTMENT
TREASURY DEPARTMENT FISCAL SERVICE, BUREAU OF ACCOUNTS OFFICE OF THE COMMISSIONER WASHINGTON 25, D.C. OFFICIAL BUSINESS
TREASURY BULLETIN
MAY - 1954
UNITED STATES TREASURY DEPARTMENT OFFICE OF THE SECRETARY
May 1954
Table of Contents
Treasury financing operations Page A-1
Summary of Federal fiscal operations 1
Budget receipts and expenditures 2
Trust account and other transactions 6
Treasury cash income and outgo 8
Debt outstanding and Treasurer's account 12
Statutory debt limitation 15
Debt operations 16
United States savings bonds 21
Treasury savings notes 26
Ownership of Federal securities 27
Treasury survey of ownership of Federal securities 29
Market quotations on Treasury securities 33
Average yields of long-term bonds 36
Internal revenue collections 38
Monetary statistics 42
Exchange Stabilization Fund 46
Capital movements 48
Corporations and certain other business-type activities - income and expense, and source and application of funds 61
Cumulative table of contents 78
Note: Where calculations have been made from unrounded figures, the details may not check to the totals shown.
May 1954
A-1
Treasury Financing Operations
May Note and Certificate Offerings
On April 30, 1954, the Secretary of the Treasury announced two offerings of Treasury securities. The first was for cash subscription on May 4 to an issue of $2 billion, or thereabouts; and the second on May 5 was in exchange for four securities outstanding in the total of $7.3 billion.
The security offered on May 4 for cash was an refunding would have an opportunity later to exchange their holdings for another Treasury issue, probably short-term.
Allotments on subscriptions to the cash offering of Treasury notes were $2.2 billion and exchanges of the certificates and bonds for the new securities amounted to $6.8 billion. The results of the exchange offering are summarized as follows:
<table><tr><th>Maturing or called securities</th><th>Outstanding, Apr. 30, 1954</th><th colspan="3">Securities issued in exchange</th><th>Payable in cash</th><th>Maturing or called securities held by the banking system, Feb. 28, 1954 1/2</th></tr><tr><th></th><th></th><th>Total</th><th>1-7/8 percent notes, Series A-1959</th><th>1-1/8 percent certificates, Series B-1955</th><th></th><th></th></tr><tr><td colspan="2">2-5/8 percent certificates of indebtedness, Series B-1954, maturing June 1, 1954......</td><td>$4,858</td><td>$4,683</td><td>$2,897</td><td>$1,786</td><td>$175</td><td>55</td></tr><tr><td colspan="2">2 percent bonds of 1952-54 (dated June 26, 1944), maturing June 15, 1954......</td><td>1,743</td><td>1,502</td><td>2/</td><td>1,502</td><td>241</td><td>47</td></tr><tr><td colspan="2">2-1/4 percent bonds of 1952-55, called on February 9 for redemption on June 15, 1954......</td><td>373</td><td>322</td><td>2/</td><td>322</td><td>51</td><td>59</td></tr><tr><td colspan="2">2-1/4 percent bonds of 1954-56, called on February 9 for redemption on June 15, 1954......</td><td>311</td><td>273</td><td>2/</td><td>273</td><td>38</td><td>62</td></tr><tr><td colspan="2">Total......</td><td>7,285</td><td>6,780</td><td>2,897</td><td>3,883</td><td>505</td><td>53</td></tr></table>
1/ Commercial banks and Federal Reserve Banks reporting to the Treasury on the ownership of Government securities. The ownership figures for February 28 are the latest published for commercial banks.
2/ Not eligible.
issue of 4-year, 9-month 1-7/8 percent Treasury notes, Series A-1959, dated May 17, 1954, to mature February 15, 1959. The exchange offering on May consisted of two parts. Holders of the 2-5/8 percent certificates of indebtedness, Series B-1954, maturing June 1, 1954, were given the option of exchanging for the new notes or for an issue of one-year 1-1/8 percent certificates of indebtedness, Series B-1955, dated May 17, 1954. This new certificate also was offered in exchange for the three issues of Treasury bonds maturing or called for redemption on June 15, 1954. This offering was in accordance with the announcement on February 10 that holders of these bonds not presented for exchange in the February
In accordance with the terms of the cash offering, commercial banks qualified as depositaries could pay for notes allotted by credit in Treasury tax and loan accounts. Commercial banks, which for this purpose are defined as banks accepting demand deposits, were permitted to subscribe for their own account without deposit, but were restricted in each case to an amount not exceeding one-half the combined capital, surplus, and undivided profits of the subscribing bank as of December 31, 1953. A payment of 10 percent of the amount of notes subscribed for, not subject to withdrawal until after allotment, was required on all other subscriptions. All subscriptions for amounts up to and including $10,000 were
A-2
Treasury Bulletin
allotted in full, and larger subscriptions were allotted 22 percent on an equal percentage basis regardless of investment class, but not less than $10,000 on any one subscription.
Commercial banks and other lenders were requested to refrain from making unsecured loans or loans collateralized in whole or in part by the notes subscribed for, to cover the 10 percent deposits required when subscriptions were entered. A certification by the subscribing bank that no such loan was made was required on each subscription entered by it for account of its customers. A certification that the bank had no beneficial interest in its customers' subscriptions, and that no customers had any beneficial interest in the bank's own subscription, also was required.
Subscription books to the cash offering on May 4 were open one day only. Subscriptions totaled over $9-3/4 billion and allotments amounted to $2.2 billion.
Subscription books to the exchange offering were opened on May 5 and were closed at the close of business on May 7. Exchanges of the maturing or called securities were made at par with an adjustment of interest. Accrued interest on the exchanged
securities was credited to their respective maturity or call dates, and accrued interest on the new securities from May 17, 1954, was charged to those dates.
The new notes, Series A-1959, and the new certificate, Series B-1955, were issued in bearer form only, with interest coupons attached, and in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The notes bear interest from May 17, 1954, at the rate of 1-7/8 percent per annum, payable on a semiannual basis on February 15 and August 15, 1955, and thereafter on February 15 and August 15 in each year until the principal amount becomes payable on February 15, 1959. The certificates bear interest from May 17, 1954, at the rate of 1-1/8 percent per annum, payable with the principal amount at their maturity on May 17, 1955.
91-Day Bills Refunded
April maturities of 91-day Treasury bills totaled $7.5 billion. They were refunded by five equivalent issues of approximately $1.5 billion each. The average rate of discount on the new issues were 1.063 percent for April 1; 1.013 percent for April 8; 1.066 percent for April 15; 1.027 percent for April 22; and 0.886 percent for April 29.
Note: Details of Treasury market financing operations are shown elsewhere in this issue of the "Treasury Bulletin", in the tables on "Offerings" and "Dis-
position", respectively, of marketable issues of bonds, notes, and certificates of indebtedness, and in the table "Offerings of Treasury Bills".
May 1954
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th>Net receipts 1/</th><th>Expend- itures 2/</th><th>Surplus, or deficit (-) 2/</th><th>Net of trust account and other transac- tions 2/ 3/</th><th>Clearing account, etc. 3/</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in Treasurer's cash bal- ance, or decrease (-)</th><th>Treasurer's cash balance</th><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Subject to limitation 2/</th></tr><tr><td colspan="14">Fiscal years:</td></tr><tr><td>1942</td><td>12,555</td><td>34,045</td><td>-21,490</td><td>-1,613</td><td>-</td><td>23,461</td><td>358</td><td>2,391</td><td>72,422</td><td>4,568</td><td>76,991</td><td>74,154</td></tr><tr><td>1943</td><td>21,557</td><td>79,407</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><td>140,469</td></tr><tr><td>1944</td><td>43,635</td><td>95,059</td><td>-51,423</td><td>-2,222</td><td>-</td><td>64,307</td><td>10,662</td><td>20,169</td><td>201,003</td><td>1,683</td><td>202,686</td><td>208,071</td></tr><tr><td>1945</td><td>44,475</td><td>98,416</td><td>-53,941</td><td>791</td><td>-</td><td>57,679</td><td>-10,160</td><td>24,688</td><td>258,682</td><td>433</td><td>259,115</td><td>268,671</td></tr><tr><td>1946</td><td>39,771</td><td>60,448</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,160</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td><td>269,392</td></tr><tr><td>1947</td><td>39,786</td><td>39,032</td><td>794</td><td>-1,103</td><td>555</td><td>-11,136</td><td>-10,930</td><td>3,308</td><td>258,286</td><td>90</td><td>258,376</td><td>257,691</td></tr><tr><td>1948</td><td>41,488</td><td>33,057</td><td>8,119</td><td>-294</td><td>-507</td><td>-5,994</td><td>1,624</td><td>4,332</td><td>252,292</td><td>73</td><td>252,366</td><td>251,942</td></tr><tr><td>1949</td><td>37,696</td><td>39,507</td><td>-1,811</td><td>-495</td><td>366</td><td>478</td><td>-1,462</td><td>3,370</td><td>252,770</td><td>27</td><td>252,798</td><td>252,088</td></tr><tr><td>1950</td><td>36,495</td><td>39,617</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><td>256,682</td></tr><tr><td>1951</td><td>47,568</td><td>44,058</td><td>3,510</td><td>679</td><td>-214</td><td>-2,135</td><td>1,839</td><td>7,357</td><td>255,222</td><td>29</td><td>255,251</td><td>254,567</td></tr><tr><td>1952</td><td>61,392</td><td>65,408</td><td>-4,017</td><td>147</td><td>-401</td><td>3,883</td><td>-383</td><td>6,969</td><td>259,105</td><td>46</td><td>259,151</td><td>258,507</td></tr><tr><td>1953</td><td>64,596</td><td>73,985</td><td>-9,389</td><td>437</td><td>-312</td><td>6,966</td><td>-2,289</td><td>4,670</td><td>266,072</td><td>52</td><td>266,123</td><td>265,282</td></tr><tr><td>1,54 (Est.)</td><td>67,628</td><td>70,902</td><td>-3,274</td><td>-118</td><td>-7</td><td>3,679</td><td>280</td><td>4,950</td><td>269,750</td><td>92</td><td>269,842</td><td>269,292</td></tr><tr><td>1955 (Est.)</td><td>62,642</td><td>65,570</td><td>-2,928</td><td>-342</td><td>19</td><td>3,250</td><td>-</td><td>4,950</td><td>273,000</td><td>86</td><td>273,086</td><td>272,561</td></tr><tr><td colspan="14">Calendar years:</td></tr><tr><td>1942</td><td>16,081</td><td>57,542</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><td>110,833</td></tr><tr><td>1943</td><td>34,287</td><td>89,918</td><td>-55,631</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><td>171,202</td></tr><tr><td>1944</td><td>43,246</td><td>96,896</td><td>-53,650</td><td>-1,161</td><td>-</td><td>64,753</td><td>9,942</td><td>22,236</td><td>230,630</td><td>1,514</td><td>232,144</td><td>239,099</td></tr><tr><td>1945</td><td>43,670</td><td>97,272</td><td>-43,594</td><td>-123</td><td>-</td><td>47,438</td><td>3,761</td><td>26,003</td><td>270,115</td><td>967</td><td>270,682</td><td>288,359</td></tr><tr><td>1946</td><td>38,568</td><td>61,080</td><td>-22,512</td><td>-1,386</td><td>362</td><td>-13,966</td><td>-22,502</td><td>3,502</td><td>259,129</td><td>339</td><td>259,467</td><td>255,594</td></tr><tr><td>1947</td><td>40,389</td><td>37,955</td><td>2,434</td><td>-350</td><td>-240</td><td>-2,289</td><td>-405</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td><td>256,127</td></tr><tr><td>1948</td><td>40,804</td><td>35,683</td><td>5,241</td><td>-229</td><td>199</td><td>4,100</td><td>1,121</td><td>4,203</td><td>258,800</td><td>55</td><td>258,854</td><td>252,057</td></tr><tr><td>1949</td><td>37,514</td><td>41,106</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><td>256,413</td></tr><tr><td>1950</td><td>37,305</td><td>37,728</td><td>-422</td><td>311</td><td>87</td><td>-423</td><td>-447</td><td>4,238</td><td>256,703</td><td>24</td><td>256,731</td><td>256,026</td></tr><tr><td>1951</td><td>28,979</td><td>56,337</td><td>-3,358</td><td>815</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><td>258,794</td></tr><tr><td>1952</td><td>68,840</td><td>70,682</td><td>-5,842</td><td>-41</td><td>-319</td><td>7,973</td><td>1,770</td><td>6,004</td><td>267,391</td><td>54</td><td>267,445</td><td>266,821</td></tr><tr><td>1953</td><td>63,841</td><td>72,997</td><td>-9,157</td><td>101</td><td>-209</td><td>7,777</td><td>-1,488</td><td>4,577</td><td>275,168</td><td>76</td><td>275,244</td><td>274,671</td></tr><tr><td colspan="14">Months:</td></tr><tr><td>1952-January</td><td>4,897</td><td>5,398</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><td>259,158</td></tr><tr><td>February</td><td>5,500</td><td>5,051</td><td>448</td><td>156</td><td>-25</td><td>587</td><td>1,196</td><td>5,075</td><td>260,362</td><td>37</td><td>260,399</td><td>259,745</td></tr><tr><td>March</td><td>9,887</td><td>5,645</td><td>4,182</td><td>106</td><td>-245</td><td>-2,278</td><td>1,765</td><td>6,800</td><td>258,084</td><td>41</td><td>258,124</td><td>257,473</td></tr><tr><td>April</td><td>4,270</td><td>5,963</td><td>-1,693</td><td>-291</td><td>329</td><td>209</td><td>-1,447</td><td>5,393</td><td>258,292</td><td>44</td><td>258,337</td><td>257,683</td></tr><tr><td>May</td><td>3,717</td><td>5,367</td><td>-1,890</td><td>357</td><td>-91</td><td>1,613</td><td>28</td><td>5,421</td><td>259,905</td><td>45</td><td>259,951</td><td>259,305</td></tr><tr><td>June</td><td>9,737</td><td>6,872</td><td>2,865</td><td>-192</td><td>-326</td><td>-800</td><td>1,940</td><td>6,969</td><td>259,105</td><td>46</td><td>259,151</td><td>258,507</td></tr><tr><td>July</td><td>3,299</td><td>6,725</td><td>-3,426</td><td>-17</td><td>432</td><td>3,968</td><td>957</td><td>7,925</td><td>263,073</td><td>34</td><td>263,107</td><td>262,472</td></tr><tr><td>August</td><td>3,964</td><td>4,932</td><td>-968</td><td>77</td><td>-195</td><td>113</td><td>-251</td><td>6,263</td><td>263,186</td><td>39</td><td>263,225</td><td>262,592</td></tr><tr><td>September</td><td>6,531</td><td>6,016</td><td>515</td><td>422</td><td>-229</td><td>-504</td><td>204</td><td>7,156</td><td>268,682</td><td>40</td><td>268,722</td><td>262,091</td></tr><tr><td>October</td><td>3,087</td><td>6,370</td><td>-3,283</td><td>-252</td><td>316</td><td>2,238</td><td>-981</td><td>6,175</td><td>264,919</td><td>45</td><td>264,964</td><td>264,336</td></tr><tr><td>November</td><td>4,067</td><td>5,077</td><td>-1,009</td><td>201</td><td>-343</td><td>2,513</td><td>1,461</td><td>7,636</td><td>267,432</td><td>51</td><td>267,483</td><td>266,857</td></tr><tr><td>December</td><td>5,944</td><td>7,056</td><td>-1,121</td><td>-265</td><td>-145</td><td>-41</td><td>-1,572</td><td>6,064</td><td>267,391</td><td>54</td><td>267,445</td><td>266,821</td></tr><tr><td>1953-January</td><td>5,048</td><td>5,724</td><td>-676</td><td>-111</td><td>401</td><td>11</td><td>-376</td><td>5,689</td><td>267,402</td><td>48</td><td>267,450</td><td>266,837</td></tr><tr><td>February</td><td>5,388</td><td>5,504</td><td>-116</td><td>272</td><td>-2</td><td>182</td><td>335</td><td>6,024</td><td>267,584</td><td>50</td><td>267,634</td><td>267,023</td></tr><tr><td>March</td><td>10,450</td><td>6,135</td><td>4,315</td><td>-197</td><td>-135</td><td>-3,099</td><td>834</td><td>6,908</td><td>264,485</td><td>51</td><td>264,536</td><td>263,929</td></tr><tr><td>April</td><td>2,837</td><td>6,350</td><td>-3,513</td><td>-207</td><td>289</td><td>105</td><td>-3,326</td><td>3,582</td><td>264,590</td><td>52</td><td>264,642</td><td>264,037</td></tr><tr><td>May</td><td>4,290</td><td>6,151</td><td>-1,862</td><td>416</td><td>-428</td><td>1,930</td><td>57</td><td>3,639</td><td>266,520</td><td>52</td><td>266,572</td><td>265,960</td></tr><tr><td>June</td><td>9,691</td><td>7,935</td><td>1,756</td><td>98</td><td>-373</td><td>-449</td><td>1,032</td><td>4,670</td><td>266,071</td><td>52</td><td>266,123</td><td>265,522</td></tr><tr><td colspan="14">Now reporting baselines:</td></tr><tr><td>1954-July/January</td><td>30,750</td><td>39,703</td><td>-8,913</td><td>-854</td><td>-237</td><td>8,777</td><td>-568</td><td>4,044</td><td>274,849</td><td>75</td><td>274,924</td><td>274,366</td></tr><tr><td>February</td><td>5,944</td><td>4,707</td><td>1,237</td><td>410</td><td>-135</td><td>4,667</td><td>944</td><td>4,988</td><td>274,792</td><td>77</td><td>274,859</td><td>274,300</td></tr><tr><td>March</td><td>11,434</td><td>5,555</td><td>5,879</td><td>193</td><td>-160</td><td>-4,946</td><td>1,366</td><td>6,355</td><td>270,335</td><td>77</td><td>270,312</td><td>269,757</td></tr></table>
Source: Actual figures are from the old Daily Treasury Statement through the fiscal year 1953; thereafter, debt figures and cash balance are from the new Daily Statement and other figures are from the new "Monthly Statement of Receipts and Expenditures of the United States Government", first published for February 1954 (see footnote 6); estimates based on the 1955 Budget document released January 21, 1954. More detailed information with respect to the figures on this page is given in succeeding tables. 1/ Gross receipts less appropriations to the Federal Old-Age and Survivors Insurance Trust Fund and the Railroad Retirement Account, and refunds of receipts. 2/ Transactions of the Foreign Economic Cooperation Trust Fund, established under Section 114 (r) of the Economic Cooperation Act of 1948 (62 Stat. 150), as consolidated with budget expenditures. 3/ Consists of transactions of trust and deposit funds, net investments of Government agencies in public debt securities, and sales and redemptions of obligations of Government agencies in the market; excess of receipts, or expenditures (-).
b) For checks and interest coupons outstanding and telegraphic reports from Federal Reserve Banks, and beginning with the fiscal year 1954, also deposits in transit and cash held outside the Treasury; net increase, or decrease (-).
5) For current issues of detail, see section on "Statutory Debt Limitation" in each issue of the Bulletin. The limitations in effect during the period covered by this table and the date when each became effective are as follows: March 28, 1942, $125 billion; April 11, 1943, $210 billion; June 9, 1944, $260 billion; April 3, 1945, $300 billion; and June 26, 1946, $275 billion. Guaranteed securities are included under the limitation beginning April 3, 1945. Savings bonds are included at current market value. The debt held by the Treasury, prior to the time they were included at maturity value. In the debt outstanding, savings bonds are carried at current redemption value.
5) For explanation, see announcement on page A-2 in the April 1954 issue of the "Treasury Bulletin". Figures for July 1953 through January 1954 will be shown by months in a subsequent issue, after analysis of the monthly data on the new basis has been completed.
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Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources (In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Corporation 2/</th><th colspan="3">Income and profit taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Excise taxes 2/</th><th rowspan="2">Estate and gift taxes 2/</th><th rowspan="2">Not otherwise classified 2/</th><th rowspan="2">Total internal revenue</th></tr><tr><th>Individual Not withheld 2/ 3/</th><th>Withheld 3/</th><th>Total income and profit</th><th>For old-age insurance 3/ 4/</th><th>For railroad retirement 3/</th><th>For unemployment insurance 3/</th><th>Total employment</th></tr><tr><td>1946</td><td>21,403</td><td>9,392</td><td>30,895</td><td>1,238</td><td>283</td><td>180</td><td>1,701</td><td>7,725</td><td>40,310</td></tr><tr><td>1947</td><td>19,292</td><td>10,013</td><td>29,306</td><td>1,459</td><td>380</td><td>195</td><td>2,024</td><td>8,049</td><td>39,379</td></tr><tr><td>1948</td><td>19,735</td><td>11,436</td><td>31,171</td><td>1,616</td><td>577</td><td>208</td><td>2,381</td><td>8,301</td><td>41,893</td></tr><tr><td>1949</td><td>19,641</td><td>9,842</td><td>29,482</td><td>1,690</td><td>564</td><td>223</td><td>2,477</td><td>8,348</td><td>40,307</td></tr><tr><td>1950</td><td>18,189</td><td>10,073</td><td>28,263</td><td>2,106</td><td>590</td><td>226</td><td>2,883</td><td>8,303</td><td>39,449</td></tr><tr><td>1951</td><td>24,218</td><td>13,535</td><td>37,753</td><td>3,120</td><td>578</td><td>234</td><td>3,931</td><td>9,423</td><td>51,106</td></tr><tr><td>1952</td><td>32,806</td><td>18,521</td><td>51,347</td><td>3,569</td><td>735</td><td>259</td><td>4,562</td><td>9,726</td><td>65,635</td></tr><tr><td>1953</td><td>32,901</td><td>21,172</td><td>54,073</td><td>4,086</td><td>626</td><td>276</td><td>4,988</td><td>10,870</td><td>69,931</td></tr><tr><td>1954 (Est.)</td><td>22,809</td><td>11,149</td><td>35,242</td><td>4,600</td><td>640</td><td>290</td><td>5,530</td><td>10,227</td><td>55</td><td>72,954</td></tr><tr><td>1955 (Est.)</td><td>20,264</td><td>10,158</td><td>30,587</td><td>5,469</td><td>640</td><td>308</td><td>6,417</td><td>10,239</td><td>955</td><td>68,198</td></tr><tr><td colspan="12">New reporting basis 1/1</td></tr><tr><td>1954-July-Jan.</td><td>5,815</td><td>4,958</td><td>12,174</td><td>1,807</td><td>339</td><td>73</td><td>2,218</td><td>6,113</td><td>470</td><td>-</td><td>31,749</td></tr><tr><td>Feb</td><td>396</td><td>1,044</td><td>3,066</td><td>598</td><td>120</td><td>184</td><td>902</td><td>769</td><td>87</td><td>3</td><td>6,268</td></tr><tr><td>March</td><td>7,353</td><td>2,454</td><td>1,413</td><td>589</td><td>50</td><td>6</td><td>645</td><td>834</td><td>118</td><td>2</td><td>12,820</td></tr><tr><td>1954 to date</td><td>13,564</td><td>8,457</td><td>16,654</td><td>3,935</td><td>509</td><td>262</td><td>3,765</td><td>7,716</td><td>675</td><td>6</td><td>50,836</td></tr><tr><td>1953 to date</td><td>23,976</td><td>15,642</td><td>39,618</td><td>2,919</td><td>467</td><td>255</td><td>3,640</td><td>8,066</td><td></td><td></td><td>51,324</td></tr><tr><td>1954 increase or decrease (-)</td><td>-1,955</td><td>1,012</td><td>-943</td><td>75</td><td>42</td><td>8</td><td>124</td><td>331</td><td></td><td></td><td>-488</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Customs</th><th>Miscellaneous receipts 8/</th><th>Total budget receipts</th><th>Appropriations to FOAT Trust Fund 2/</th><th>Appropriations of receipts to Railroad Retirement Account 10/</th><th colspan="4">Deductions from budget receipts</th><th>Net budget receipts</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Internal revenue</th><th>Customs</th><th>Other</th><th>Total refunds 11/</th><th></th></tr><tr><td>1946</td><td>435</td><td>3,492</td><td>44,238</td><td>1,238</td><td>255</td><td>2,957</td><td>11</td><td>5</td><td>2,973</td><td>39,771</td></tr><tr><td>1947</td><td>494</td><td>4,635</td><td>44,508</td><td>1,459</td><td>256</td><td>2,982</td><td>17</td><td>6</td><td>3,006</td><td>39,786</td></tr><tr><td>1948</td><td>422</td><td>3,824</td><td>46,099</td><td>1,616</td><td>723</td><td>2,250</td><td>19</td><td>2</td><td>2,272</td><td>41,488</td></tr><tr><td>1949</td><td>384</td><td>2,032</td><td>42,774</td><td>1,690</td><td>550</td><td>2,817</td><td>17</td><td>3</td><td>2,818</td><td>37,696</td></tr><tr><td>1950</td><td>423</td><td>1,439</td><td>41,311</td><td>2,106</td><td>590</td><td>2,135</td><td>16</td><td>8</td><td>2,160</td><td>36,495</td></tr><tr><td>1951</td><td>624</td><td>1,639</td><td>53,369</td><td>3,120</td><td>575</td><td>2,082</td><td>15</td><td>9</td><td>2,107</td><td>47,368</td></tr><tr><td>1952</td><td>251</td><td>1,814</td><td>67,999</td><td>3,369</td><td>718</td><td>2,275</td><td>18</td><td>9</td><td>2,302</td><td>61,391</td></tr><tr><td>1953</td><td>613</td><td>1,912</td><td>72,455</td><td>4,086</td><td>682</td><td>3,128</td><td>17</td><td>6</td><td>3,151</td><td>64,596</td></tr><tr><td>1954 (Est.)</td><td>590</td><td>2,313</td><td>75,857</td><td>4,600</td><td>640</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>2,988</td><td>67,628</td></tr><tr><td>1955 (Est.)</td><td>590</td><td>2,453</td><td>71,241</td><td>5,469</td><td>640</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>2,491</td><td>62,642</td></tr><tr><td colspan="11">New reporting basis 2/:</td></tr><tr><td>1954-July-Jan.</td><td>332</td><td>1,314</td><td>33,395</td><td>1,807</td><td>339</td><td>444</td><td>13</td><td>2</td><td>459</td><td>30,700</td></tr><tr><td>Feb.</td><td>41</td><td>159</td><td>6,668</td><td>598</td><td>120</td><td>304</td><td>1</td><td>*</td><td>306</td><td>5,444</td></tr><tr><td>Mar.</td><td>44</td><td>149</td><td>13,013</td><td>589</td><td>50</td><td>938</td><td>2</td><td>*</td><td>940</td><td>11,434</td></tr><tr><td>1954 to date</td><td>417</td><td>1,622</td><td>52,675</td><td>2,993</td><td>509</td><td>1,686</td><td>16</td><td>3</td><td>1,705</td><td>47,668</td></tr><tr><td>1953 to date</td><td>458</td><td>1,491</td><td>53,274</td><td>2,919</td><td>467</td><td>1,768</td><td>13</td><td>4</td><td>1,784</td><td>48,104</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-41</td><td>131</td><td>-398</td><td>75</td><td>42</td><td>-81</td><td>3</td><td>-1</td><td>-79</td><td>-435</td></tr></table>
Source: Actual figures from Daily Treasury Statement through 1953, and thereafter from the new "Monthly Statement of Receipts and Expenditures of the United States Government", first published for February 1954 (see footnote 7); estimates based on 1955 Budget document, released January 21, 1954. For further detail, see tables under "Internal Revenue Collections". Breakdown was not made in the Daily Treasury Statement for years prior to 1954. Beginning January 1951, the distribution of receipts between individual income taxes and old-age insurance taxes is made in accordance with provisions of Sec. 109 (a) (2) of the Social Security Act Amendments of 1950, for appropriation to the Federal Old-Age and Survivors Insurance Trust Fund (see footnote 9).
1/ Taxes on employers and employees under the Federal Insurance Contributions Act, as amended (26 U.S.C. 1600-1432) and, beginning with the taxable year 1951, tax on self-employed individuals under the Self-Employment Contributions Act (26 U.S.C. 400-482). 
2/ Taxes on carriers and their employee under the Carriers Taxing Act, as amended (26 U.S.C. 1500-1503). 
6/ Tax on employers of 8 or more under the Federal Unemployment Tax Act, as amended (26 U.S.C. 1600-1611). 
1/ For explanation, see announcement on page A-2 in the April 1954 issue of the "Treasury Bulletin". Figures for July 1953 through January 1954 will be shown by months in a subsequent issue, after analysis of the monthly data on the new basis has been completed. 
Footnotes 6 through 10 on page3 and remainder on pages 4 and 5.
May 1954
BUDGET RECEIPTS AND EXPENDITURES
Table 2.- Expenditures by Major Classifications
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 13/</th><th>National security</th><th>International affairs and finance</th><th>Interest on the public debt 1b/</th><th>Veterans' services and benefits 13/</th><th>Other</th></tr><tr><td>1947</td><td>39,032</td><td>15,130</td><td>6,562</td><td>4,958</td><td>7,299</td><td>5,123</td></tr><tr><td>1948</td><td>33,069 15/</td><td>11,446</td><td>4,479 16/</td><td>5,211</td><td>6,469</td><td>5,463</td></tr><tr><td>1949</td><td>39,507 16/</td><td>12,787</td><td>6,026 16/</td><td>5,339</td><td>6,878</td><td>8,476</td></tr><tr><td>1950</td><td>39,617</td><td>12,952</td><td>4,817</td><td>5,750</td><td>6,517</td><td>9,581</td></tr><tr><td>1951</td><td>44,058</td><td>21,663</td><td>3,798</td><td>5,613</td><td>5,333</td><td>7,652</td></tr><tr><td>1952</td><td>65,408</td><td>42,861 17/</td><td>2,839</td><td>5,859</td><td>4,932</td><td>8,891</td></tr><tr><td>1953</td><td>73,985</td><td>50,087</td><td>2,220</td><td>6,508</td><td>4,335</td><td>10,835</td></tr><tr><td>1954 (Est.)</td><td>70,902</td><td>48,720</td><td>1,637</td><td>6,325</td><td>4,190</td><td>9,828</td></tr><tr><td>1955 (Est.)</td><td>65,570</td><td>44,860</td><td>1,173</td><td>6,800</td><td>4,165</td><td>8,575</td></tr><tr><td colspan="7">New reporting basis: 1/</td></tr><tr><td>1954-July-January</td><td>39,703</td><td>27,398</td><td>1,033</td><td>3,061</td><td>2,453</td><td>5,758</td></tr><tr><td>February</td><td>4,707</td><td>3,568</td><td>177</td><td>372</td><td>345</td><td>266</td></tr><tr><td>March</td><td>5,555</td><td>3,830</td><td>50</td><td>588</td><td>340</td><td>747</td></tr><tr><td>1954 to date</td><td>49,965</td><td>34,795</td><td>1,259</td><td>4,021</td><td>3,339</td><td>6,751</td></tr><tr><td>1953 to date</td><td>52,342</td><td>35,608</td><td>1,471</td><td>4,075</td><td>3,284</td><td>7,904</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-2,377</td><td>-813</td><td>-212</td><td>-54</td><td>-145</td><td>-1,153</td></tr></table>
Source: See Table 1.
Footnotes follow Table 5.
Table 3.- Expenditures for National Security
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Secretary of Defense 18/</th><th>Air Force, military functions 12/</th><th>Army, military functions 20/</th><th>Mary, military functions</th><th>Mutual military program 21/</th><th>Atomic energy 22/</th><th>Strategic and critical materials</th><th>Other 23/</th></tr><tr><td>1947</td><td>15,130</td><td>-</td><td>-</td><td>6,911</td><td>4,998</td><td>-</td><td>139</td><td>11</td><td>3,092</td></tr><tr><td>1948</td><td>11,446</td><td>*</td><td>*</td><td>5,965</td><td>4,171</td><td>161</td><td>456</td><td>99</td><td>594</td></tr><tr><td>1949</td><td>12,787</td><td>5</td><td>1,690</td><td>5,346</td><td>4,412</td><td>279</td><td>647</td><td>299</td><td>108</td></tr><tr><td>1950</td><td>12,952</td><td>161</td><td>3,506</td><td>8,034</td><td>4,110</td><td>171</td><td>524</td><td>439</td><td>8</td></tr><tr><td>1951</td><td>21,663</td><td>343</td><td>6,238</td><td>6,611</td><td>5,757</td><td>948</td><td>908</td><td>656</td><td>3</td></tr><tr><td>1952</td><td>42,867 17/</td><td>402</td><td>12,350 17/</td><td>15,364 17/</td><td>9,961</td><td>2,292</td><td>1,648</td><td>847</td><td>3</td></tr><tr><td>1953</td><td>50,087</td><td>410</td><td>14,882</td><td>16,493</td><td>11,776</td><td>3,812</td><td>1,802</td><td>912</td><td>*</td></tr><tr><td>1954 (Est.)</td><td>48,720</td><td>450</td><td>15,600</td><td>14,200</td><td>11,300</td><td>4,200</td><td>2,200</td><td>770</td><td>*</td></tr><tr><td>1955 (Est.)</td><td>44,860</td><td>570</td><td>16,209</td><td>10,198</td><td>10,498</td><td>4,275</td><td>2,425</td><td>585</td><td>100</td></tr><tr><td colspan="10">New reporting basis: 1/</td></tr><tr><td>1954 July-December</td><td>27,398</td><td>273</td><td>8,999</td><td>8,333</td><td>6,399</td><td>1,983</td><td>1,111</td><td>360</td><td>-</td></tr><tr><td>February</td><td>3,368</td><td>37</td><td>1,272</td><td>970</td><td>577</td><td>194</td><td>160</td><td>58</td><td>-</td></tr><tr><td>March</td><td>3,830</td><td>35</td><td>1,315</td><td>922</td><td>1,001</td><td>321</td><td>181</td><td>55</td><td>-</td></tr><tr><td>1954 to date</td><td>34,795</td><td>345</td><td>11,586</td><td>10,224</td><td>8,277</td><td>2,438</td><td>1,452</td><td>474</td><td>-</td></tr><tr><td>1953 to date</td><td>35,608</td><td>277</td><td>10,567</td><td>11,998</td><td>8,343</td><td>2,350</td><td>1,344</td><td>730</td><td>*</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-813</td><td>68</td><td>1,019</td><td>-1,775</td><td>-66</td><td>88</td><td>108</td><td>-256</td><td>-</td></tr></table>
Source: See Table 1, Footnotes 11 and 12 on page 4 and remainder on page 5.
3/ Includes proceeds from sale of surplus property and from Government-owned securities; seigniorage; deposits resulting from renegotiation of contracts (see "Treasury Bulletin" for February 1948, page 5); and railroad employment insurance contributions for administrative expenses through 1953, after which they are carried as trust account receipts under the Railroad Retirement Board.
4/ Amounts appropriated to the Federal Old-Age and Survivors Insurance Trust are equivalent to the amount actually collected and deposited for old-age insurance (42 U.S.C. 401 (a)). The Social Security Act Amendments of 1950, approved August 28, 1950 (64 Stat. 477), changed in certain respects the basis of transferring the appropriated funds to the trust fund. Beginning January 1951, the amounts trans-
firmed currently as approximations to the trust fund are based on estimates of old-age insurance tax receipts made by the Secretary of the Treasury pursuant to the provisions of Sec. 109 (a)(2) of the Amendments of 1950, and are adjusted in later transfers on the basis of actual social security payment income records maintained in the Social Security Administration. 10/ Exclude the Government's contribution for creditable military service under the act of April 3, 1942 (56 Stat. 204). Beginning 1952, amounts are appropriated to the Railroad Retirement Account equal to the amount of taxes under the Railroad Retirement Tax Act deposited in the Treasury, less refunds, during each fiscal year (65 Stat. 222 and 361, 371). Transfers are made to the Treasury, and previously, annual appropriations were based, in effect, on estimated tax collections, with any necessary adjustments made in succeeding appropriations.
4
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 4.- Expenditures for International Affairs and Finance
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of State</th><th>Export-Import Bank 2&amp;3</th><th>Economic and technical assistance (Mutual Security Act) 25/</th><th>Government and relief in occupied areas</th><th>Civilian relief in Korea</th><th>Other 26/</th></tr><tr><td>1947</td><td>6,562</td><td>133</td><td>938</td><td>-</td><td>514</td><td>-</td><td>8,977</td></tr><tr><td>1948</td><td>4,479 16/</td><td>289</td><td>465</td><td>134 16/</td><td>881</td><td>-</td><td>8,770</td></tr><tr><td>1949</td><td>6,026 15/</td><td>265</td><td>-60</td><td>4,043 15/</td><td>1,333</td><td>-</td><td>445</td></tr><tr><td>1950</td><td>4,817</td><td>299</td><td>45</td><td>3,523</td><td>779</td><td>-</td><td>170</td></tr><tr><td>1951</td><td>3,798</td><td>277</td><td>88</td><td>3,006</td><td>370</td><td>9</td><td>49</td></tr><tr><td>1952</td><td>2,839</td><td>214</td><td>25</td><td>2,191</td><td>152</td><td>72</td><td>183</td></tr><tr><td>1953</td><td>2,220</td><td>245</td><td>112</td><td>1,724</td><td>48</td><td>82</td><td>9</td></tr><tr><td>1954 (Est.)</td><td>1,637</td><td>159</td><td>88</td><td>1,263</td><td>27/</td><td>80</td><td>47</td></tr><tr><td>1955 (Est.)</td><td>1,173</td><td>214</td><td>-151</td><td>958</td><td>27/</td><td>40</td><td>112</td></tr><tr><td colspan="8">New reporting basis: 1/</td></tr><tr><td>1954-July-January</td><td>1,033</td><td>108</td><td>207</td><td>668</td><td>27/</td><td>49</td><td>n.a.</td></tr><tr><td>February</td><td>177r</td><td>12</td><td>-2</td><td>156r</td><td>27/</td><td>11</td><td>n.a.</td></tr><tr><td>March</td><td>50</td><td>11</td><td>-74</td><td>111</td><td>27/</td><td>2</td><td>n.a.</td></tr><tr><td>1954 to date</td><td>1,259</td><td>130</td><td>132</td><td>935</td><td>27/</td><td>62</td><td>n.a.</td></tr><tr><td>1953 to date</td><td>1,471</td><td>221</td><td>28</td><td>1,170</td><td>27/</td><td>52</td><td>n.a.</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-212</td><td>-91</td><td>103</td><td>-234</td><td>27/</td><td>10</td><td>n.a.</td></tr></table>
Source: See Table 1.
Footnotes follow Table 5.
Table 5.- "Other" Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Social security, welfare, and health 28/</th><th>Housing and community development 29/</th><th>Agriculture and agricultural resources 30/</th><th>Natural resources 31/</th><th>Transportation and communication 32/</th><th>Finance, commerce, and industry 33/</th><th>Other 34/</th></tr><tr><td>1947</td><td>5,123</td><td>979</td><td>129</td><td>1,226</td><td>519</td><td>935</td><td>299</td><td>1,036</td></tr><tr><td>1948</td><td>5,463</td><td>1,045</td><td>68</td><td>782</td><td>822</td><td>1,121</td><td>287</td><td>1,133</td></tr><tr><td>1949</td><td>8,176</td><td>1,165</td><td>-56</td><td>2,698</td><td>1,221</td><td>1,386</td><td>399</td><td>1,703</td></tr><tr><td>1950</td><td>9,581</td><td>1,526</td><td>-270</td><td>2,842</td><td>1,399</td><td>1,482</td><td>714</td><td>1,888</td></tr><tr><td>1951</td><td>7,692</td><td>1,640</td><td>460</td><td>489</td><td>1,376</td><td>1,492</td><td>188</td><td>2,008</td></tr><tr><td>1952</td><td>8,891</td><td>1,672</td><td>665</td><td>1,063</td><td>1,451</td><td>1,834</td><td>138</td><td>2,069</td></tr><tr><td>1953</td><td>10,835</td><td>1,810</td><td>458</td><td>2,900</td><td>1,533</td><td>1,820</td><td>113</td><td>8,199</td></tr><tr><td>1954 (Est.)</td><td>9,828</td><td>1,833</td><td>-16</td><td>2,756</td><td>1,366</td><td>1,672</td><td>115</td><td>2,103</td></tr><tr><td>1955 (Est.)</td><td>8,575</td><td>1,682</td><td>-314</td><td>2,369</td><td>1,320</td><td>1,178</td><td>180</td><td>2,160</td></tr><tr><td colspan="9">New reporting basis: 1/</td></tr><tr><td>1954 July-January</td><td>5,758</td><td>1,174</td><td>-123</td><td>1,833</td><td>866</td><td>994</td><td>169</td><td>1,444</td></tr><tr><td>February</td><td>246</td><td>141</td><td>-101</td><td>-143</td><td>96</td><td>109</td><td>-2</td><td>144</td></tr><tr><td>March</td><td>747</td><td>134</td><td>-50</td><td>188</td><td>99</td><td>165</td><td>6</td><td>206</td></tr><tr><td>1954 to date</td><td>6,751</td><td>1,449</td><td>-274</td><td>1,278</td><td>1,061</td><td>1,268</td><td>173</td><td>1,794</td></tr><tr><td>1953 to date</td><td>7,904</td><td>1,290</td><td>402</td><td>1,927</td><td>1,175</td><td>1,305</td><td>21</td><td>1,783</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-1,153</td><td>160</td><td>-675</td><td>-650</td><td>-114</td><td>-37</td><td>152</td><td>11</td></tr></table>
Source: See Table 1. Footnotes 13 and remainder on page 5. 11/ Interest on refunds is included in Table 5 under "Other". 12/ The classifications have been revised, beginning with the April 1954 issue of the "Bulletin", to bring them as nearly into line
with the classifications in the 1955 Budget document as the detail available in monthly Treasury data will permit. The estimates in these tables are shown on the same classification basis as the actual expenditures, for purposes of comparison, and therefore will not exactly agree with figures for the corresponding categories in the Budget document.
May 1954
5
BUDGET RECEIPTS AND EXPENDITURES
Footnotes for Tables 1 through 5 - (Continued)
13/ 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 forwarding them into the Treasury. The figures include transfers to trust accounts. They exclude net investments of wholly owned Government corporations and agencies in public debt securities beginning 1951 (when these investments were grouped with those of trust funds and accounts), and public debt retirements chargeable to the sinking fund, etc., under special appropriation law. Payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and disposition of earnings are excluded from both receipts and expenditures. Further information on these capital transfers may be found in the 1953 Annual Report of the Secretary of the Treasury.
14/ Beginning November 1949, interest on the public debt is reported as an expenditure when such interest becomes due and payable, as distinguished from the previous practice of showing the expenditure on the basis of interest paid by the Treasurer of the United States.
15/ Consists of Veterans' Administration expenditures, including those on loan transactions.
16/ Includes transactions relating to the Foreign Economic Co-operation Trust Fund (see page 1).
17/ Net transactions by the Departments of the Air Force and the Army relating to "Deposit fund accounts" are included under "Trust Account and Other Transactions" instead of "Budget Receipts and Expenditures" beginning 1952.
18/ Includes retired pay for the military services beginning September 1949.
19/ Excludes certain expenditures made on behalf of the Department of the Air Force out of appropriations to the Department of the Army.
20/ Incl. certain expenditures on behalf of the Department of the Air Force (see footnote 19).
21/ Consists of expenditures from funds appropriated to the President under the Mutual Security Act, approved October 10, 1951 (64 Stat. 737), and the preceding Economic Cooperation Act; and Greek-Turkish assistance.
22/ Consists of expenditures of the Atomic Energy Commission.
23/ Consists of payments to the Armed Forces Leave Act, expenditures for surplus property disposal, and in 1947 national defense expenditures of the Reconstruction Finance Corporation and certain other agencies.
24/ Excludes Bank expenditures under the Mutual Security Act and the preceding Economic Cooperation Act of 1948, as amended.
25/ Consists of expenditures from funds appropriated to the President under the Mutual Security Act, and the preceding Economic Co-operation Act.
26/ Consists of expenditures under the Bretton Woods Agreements Act (1947) credit to the United Kingdom (1947 and 1948); expenditures of the United Nations Relief and Rehabilitation Administration; relief to countries devastated by war; various other foreign relief programs; international children's emergency funds; and loan for construction and furnishing of United Nations Headquarters.
27/ Expenditures by the Department of States are included under "Department of State" in this table; expenditures by the Department of the Army are no longer shown separately in monthly reports to the Treasury.
28/ Consists of expenditures of the Department of Health, Education, and Welfare except the Office of Education, and of the corresponding component organizations prior to the establishment of this department on April 11, 1953; the Government's contribution under the Railroad Revenue Act of 1916; the creditable military service of the Railroad Retirement Board expenditures through 1953; and also, beginning 1950, the school lunch program under the Department of Agriculture.
29/ Consists of expenditures of the Housing and Home Finance Agency, and of component organizations prior to the establishment of this agency on July 27, 1947; Federal Civil Defense Administration; and disaster relief.
30/ Consists of expenditures of the Department of Agriculture except the Forest Service and the school lunch program; and of the Farm Credit Administration.
31/ Consists of expenditures of the Department of the Interior; the Treasury-Walsh Authority, the Corps of Engineers; the Department of the Army (river and harbor works and flood control); and the Forest Service in the Department of Agriculture.
32/ Consists of expenditures of the Civil Aeronautics Administration, Civil Aeronautics Board, Maritime activities and predecessor agencies, and Revenue of Public Roads, all now in the Department of Commerce; the Coast Guard in the Treasury Department; and the Postal Service Fund (advances to cover the postal deficit) in the Post Office Department.
33/ Consists of expenditures of the Department of Commerce except those included under "Transportation and communication" the Reconstruction Finance Corporation; the Small Business Administration and the Smaller War Plants Corporation; the Economic Stabilization Agency; and funds appropriated to the President for the promotion of defense production.
34/ Includes expenditures for executive departments and other agencies not listed elsewhere, and for legislative and judicial functions. The National Advisory Committee for Aeronautics, formerly included in Table 3, is now included here, because expenditures are no longer shown separately in monthly reports to the Treasury.
* less than $500,000.
n. r. Revisited.
s. Not available.
6
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 $</th><th colspan="3">Trust accounts, etc.</th><th>Net investments of Government agencies in public debt securities</th><th colspan="2">Net redemptions, or sales (-) of securities of Government agencies in the market</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>1946</td><td>-504</td><td>3,238</td><td>7,712</td><td>4,474</td><td>3,668</td><td>160</td><td>-66</td></tr><tr><td>1947</td><td>-1,103</td><td>2,619</td><td>6,284</td><td>3,625</td><td>3,362</td><td>387</td><td>-28</td></tr><tr><td>1948</td><td>-294</td><td>2,658</td><td>6,515 2/</td><td>3,857</td><td>3,060</td><td>16</td><td>-123</td></tr><tr><td>1949</td><td>-495</td><td>1,890</td><td>5,714</td><td>3,824 2/</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</td><td>147</td><td>3,895</td><td>8,307</td><td>4,952</td><td>3,636</td><td>-16</td><td>88</td></tr><tr><td>1953</td><td>437</td><td>3,763</td><td>8,932</td><td>5,169</td><td>3,301</td><td>-7</td><td>32</td></tr><tr><td>1954 (Est.)</td><td>-118</td><td>2,586</td><td>9,444</td><td>6,859</td><td>2,999</td><td>-40</td><td>-255</td></tr><tr><td>1955 (Est.)</td><td>-342</td><td>2,683</td><td>10,323</td><td>7,639</td><td>3,154</td><td>6</td><td>-136</td></tr><tr><td colspan="8">Now reporting basis 3/1:</td></tr><tr><td>1954 July-Jan</td><td>-254</td><td>460</td><td>4,181</td><td>3,721</td><td>795</td><td>-23</td><td>-48</td></tr><tr><td>Feb</td><td>410</td><td>582</td><td>993</td><td>411</td><td>56</td><td>*</td><td>118</td></tr><tr><td>March</td><td>193</td><td>222</td><td>824</td><td>601</td><td>-30</td><td>-1</td><td>60</td></tr><tr><td>1954 to date</td><td>349</td><td>1,265</td><td>5,998</td><td>4,733</td><td>811</td><td>-24</td><td>129</td></tr><tr><td>1953 to date</td><td>130</td><td>2,177</td><td>6,103</td><td>3,927</td><td>2,002</td><td>-6</td><td>52</td></tr><tr><td>1954 increase, or decrease (-)</td><td>219</td><td>-912</td><td>-105</td><td>807</td><td>-1,189</td><td>-19</td><td>78</td></tr></table>
Source: Actual figures from Daily Treasury Statement through 1953, and thereafter from the new "Monthly Statement of Receipts and Expenditures of the United States Government" (see footnote 3); estimates based on 1955 Budget document, released January 21, 1954. 1/ Excess of receipts, or expenditures (-). 2/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
3/ For explanation, see announcement on page A-2 in the April 1954 issues of the "Treasury Bulletin". Figures for July 1953 through January 1954 will be shown by months in a subsequent issue, after analysis of the monthly data on the new basis has been completed. * 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>1946</td><td>7,712</td><td>1,386</td><td>312</td><td>1,280</td><td>2,351</td><td>103</td><td>614</td><td>1,666</td></tr><tr><td>1947</td><td>6,244</td><td>1,623</td><td>323</td><td>1,289</td><td>1,504</td><td>134</td><td>578</td><td>1,792</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>1,118 3/</td></tr><tr><td>1949</td><td>5,714</td><td>1,924</td><td>825</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>1,261</td><td>1,076</td><td>87</td><td>909</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>950</td><td>545</td></tr><tr><td>1952</td><td>8,807</td><td>3,932</td><td>850</td><td>1,643</td><td>736</td><td>87</td><td>912</td><td>597</td></tr><tr><td>1953</td><td>8,932</td><td>4,316</td><td>745</td><td>1,994</td><td>637</td><td>79</td><td>961</td><td>401</td></tr><tr><td>1954 (Est.)</td><td>9,444</td><td>5,142</td><td>782</td><td>1,566</td><td>721</td><td>83</td><td>685</td><td>464</td></tr><tr><td>1955 (Est.)</td><td>10,323</td><td>6,081</td><td>759</td><td>1,690</td><td>648</td><td>81</td><td>692</td><td>375</td></tr><tr><td colspan="9">Raw reporting basis 4/:</td></tr><tr><td>1954-Jul.-Jan.</td><td>4,181</td><td>2,068</td><td>372</td><td>845</td><td>266</td><td>22</td><td>286</td><td>322</td></tr><tr><td>Feb.</td><td>993</td><td>621</td><td>84</td><td>175</td><td>39</td><td>2</td><td>45</td><td>28</td></tr><tr><td>Mar.</td><td>824</td><td>609</td><td>56</td><td>20</td><td>44</td><td>4</td><td>36</td><td>56</td></tr><tr><td>1954 to date</td><td>5,998</td><td>3,298</td><td>512</td><td>1,039</td><td>348</td><td>27</td><td>367</td><td>406</td></tr><tr><td>1953 to date</td><td>6,103</td><td>3,150</td><td>504</td><td>1,088</td><td>373</td><td>25</td><td>646</td><td>317</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-105</td><td>148</td><td>8</td><td>-49</td><td>-25</td><td>2</td><td>-278</td><td>89</td></tr></table>
Source: See 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 any such seigniorage is included under budget receipts. Beginning with the fiscal year 1954, the Railroad Unemployment Insurance
Administration Fund is classified as a trust account, instead of being handled through budget accounts as formerly (see "Budget Receipts and Expenditures", Table 1, footnote 8). 3/ Excludes Foreign Economic Cooperation Trust Fund (see page 1). 4/ See Table 1, footnote 3.
May 1954
7
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 employees' retirement funds 1/</th><th>Other trust funds and accounts 2/ 1/</th><th>Deposit fund accounts (net) 3/</th></tr><tr><td>1946</td><td>4,474</td><td>358</td><td>152</td><td>1,146</td><td>280</td><td>50</td><td>267</td><td>1,374</td><td>647</td></tr><tr><td>1947</td><td>3,625</td><td>466</td><td>173</td><td>869</td><td>282</td><td>67</td><td>323</td><td>1,073</td><td>372</td></tr><tr><td>1948</td><td>3,857</td><td>590</td><td>222</td><td>859</td><td>302</td><td>70</td><td>244</td><td>1,234</td><td>367</td></tr><tr><td>1949</td><td>3,824 4/</td><td>661</td><td>278</td><td>1,314</td><td>348</td><td>61</td><td>222</td><td>526 4/</td><td>414</td></tr><tr><td>1950</td><td>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>1,560</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</td><td>4,952</td><td>2,067</td><td>391</td><td>1,049</td><td>996</td><td>82</td><td>300</td><td>413</td><td>-346 2/</td></tr><tr><td>1953</td><td>5,169</td><td>2,750</td><td>465</td><td>1,010</td><td>588</td><td>82</td><td>353</td><td>441</td><td>-259</td></tr><tr><td>1954 (Est.)</td><td>6,859</td><td>3,368</td><td>499</td><td>1,095</td><td>670</td><td>160</td><td>421</td><td>609</td><td>35</td></tr><tr><td>1955 (Est.)</td><td>7,639</td><td>4,217</td><td>523</td><td>1,255</td><td>652</td><td>89</td><td>448</td><td>470</td><td>-14</td></tr><tr><td colspan="10">New reporting basic 6/:</td></tr><tr><td>1954-July-Jan.</td><td>3,721</td><td>1,918</td><td>291</td><td>688</td><td>337</td><td>109</td><td>280</td><td>297</td><td>-158</td></tr><tr><td>Feb.</td><td>4,111</td><td>280</td><td>52</td><td>122</td><td>65</td><td>6</td><td>33</td><td>30</td><td>-247</td></tr><tr><td>Mar.</td><td>601</td><td>299</td><td>42</td><td>245</td><td>60</td><td>8</td><td>35</td><td>46</td><td>-134</td></tr><tr><td>1954 to date</td><td>3,733</td><td>2,496</td><td>385</td><td>1,124</td><td>462</td><td>124</td><td>308</td><td>374</td><td>-540</td></tr><tr><td>1953 to date</td><td>3,927</td><td>1,973</td><td>344</td><td>768</td><td>438</td><td>57</td><td>264</td><td>320</td><td>-233</td></tr><tr><td>1954 increase, or decrease (-)</td><td>807</td><td>923</td><td>41</td><td>361</td><td>24</td><td>66</td><td>45</td><td>54</td><td>-307</td></tr></table>
Source: See 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. Beginning with the fiscal year 1954, includes also the Railroad
3/ Excludes net investments in public debt securities beginning 1951 (see Table 4, footnotes 2 and 3).
4/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
5/ Includes transactions by the Air Force and the Army beginning 1952.
6/ See Table 1, footnote 3.
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 1/</th><th>Other trust funds and accounts 2/</th><th>Government corporations and agencies 3/</th></tr><tr><td>1946</td><td>3,668</td><td>3,668</td><td>1,002</td><td>156</td><td>102</td><td>2,053</td><td>47</td><td>309</td><td>-2</td><td>-</td></tr><tr><td>1947</td><td>3,362</td><td>3,362</td><td>1,194</td><td>148</td><td>443</td><td>1,234</td><td>60</td><td>282</td><td>*</td><td>-</td></tr><tr><td>1948</td><td>3,060</td><td>3,060</td><td>1,194</td><td>569</td><td>446</td><td>461</td><td>32</td><td>363</td><td>-6</td><td>-</td></tr><tr><td>1949</td><td>2,311</td><td>2,311</td><td>1,294</td><td>346</td><td>-160</td><td>351</td><td>32</td><td>447</td><td>*</td><td>-</td></tr><tr><td>1950</td><td>-402</td><td>-402</td><td>1,414</td><td>338</td><td>-724</td><td>-1,946</td><td>-26</td><td>543</td><td>*</td><td>-</td></tr><tr><td>1951</td><td>3,557</td><td>3,369</td><td>1,678</td><td>357</td><td>650</td><td>94</td><td>8</td><td>573</td><td>9</td><td>187</td></tr><tr><td>1952</td><td>3,636</td><td>3,355</td><td>1,950</td><td>449</td><td>583</td><td>-245</td><td>1</td><td>624</td><td>-6</td><td>281</td></tr><tr><td>1953</td><td>3,301</td><td>3,068</td><td>1,545</td><td>280</td><td>590</td><td>59</td><td>-2</td><td>588</td><td>9</td><td>232</td></tr><tr><td>1954 (Est.)</td><td>2,999</td><td>2,878</td><td>1,841</td><td>281</td><td>474</td><td>87</td><td>-74</td><td>268</td><td>1</td><td>121</td></tr><tr><td>1955 (Est.)</td><td>3,124</td><td>2,980</td><td>2,170</td><td>231</td><td>351</td><td>-5</td><td>-8</td><td>239</td><td>2</td><td>174</td></tr><tr><td colspan="11">New reporting basis 1/:</td></tr><tr><td>1954-July-Jan.</td><td>785</td><td>480</td><td>328</td><td>80</td><td>158</td><td>-40</td><td>-82</td><td>45</td><td>-9</td><td>305</td></tr><tr><td>Feb.</td><td>56</td><td>27</td><td>39</td><td>32</td><td>-20</td><td>-20</td><td>-4</td><td>2</td><td>-1</td><td>28</td></tr><tr><td>Mar.</td><td>-30</td><td>-69</td><td>165</td><td>12</td><td>-225</td><td>-20</td><td>-4</td><td>-2</td><td>5</td><td>39</td></tr><tr><td>1954 to date</td><td>811</td><td>439</td><td>331</td><td>124</td><td>-87</td><td>-80</td><td>-90</td><td>45</td><td>-5</td><td>372</td></tr><tr><td>1953 to date</td><td>2,000</td><td>1,673</td><td>871</td><td>160</td><td>327</td><td>-31</td><td>-24</td><td>373</td><td>-3</td><td>327</td></tr><tr><td>1954 increase, or decrease (-)</td><td>-1,189</td><td>-1,235</td><td>-340</td><td>-36</td><td>-414</td><td>-49</td><td>-66</td><td>-328</td><td>-1</td><td>45</td></tr></table>
Source: See Table 1.
1/ Consists of Civil Service and Foreign Service retirement funds.
2/ 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)".
3/ 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.
4/ See Table 1, footnote 3.
* Less than $500,000.
8
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
The cash income and outgo of the Treasury shown in Table 1 consist of cash deposits and withdrawals in the account of the Treasurer of the United States. This is in line with the new reporting basis of the "Daily Statement of the United States Treasury". Effective February 17, 1954, the Daily Treasury Statement shows deposits and withdrawals in the account of the Treasurer of the United States. Budget results and trust account and other transactions are now reported once each month in the "Monthly Statement of Receipts and Expenditures of the United States Government" (see page A-2 in the April 1954 issue of the "Treasury Bulletin").
Figures for previous fiscal years heretofore published have been revised to the basis of deposits and withdrawals by eliminating corporation and agency transactions included in the old Daily Statement but not cleared through the Treasurer's account. The cash borrowing or repayment of borrowing as now shown is likewise based only on transactions cleared through the Treasurer's account.
In Tables 2, 3, and 4 is given the reconciliation of the cash transactions with the budget and other trans-
actions which formerly appeared in the old Daily Statement and now appear in the new Monthly Statement. These tables follow the method used previously for deriving cash income and outgo from the transactions carried in the old Daily Statement. Some rearrangement has been made in the table setup, principally to combine all receipts and all expenditures instead of deriving separately the cash budget and trust account transactions. Since the figures in both the new Monthly Statement and the old Daily Statement include transactions not cleared through the Treasurer's account, such transactions are eliminated in the present reconciliation, as indicated above.
There remain, under the new reporting system, the differences in figures arising from differences in reporting bases between the new Daily Statement and the new Monthly Statement. An individual transaction near the end of a month, for example, may be included during that month in one statement but not until the following month in the other. These differences tend to correct themselves over a period of time, but for a given reporting date it is necessary to include an adjustment figure to cover them.
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Cash transactions other than borrowing</th><th>Net cash borrowing, or repayment of borrowing (-)</th><th>Increase, or decrease (-), in Treasurer's cash balance</th><th>Memorandum: Net receipts from exercise of monetary authority 1/</th></tr><tr><th></th><th>Cash deposits</th><th>Cash withdrawals</th><th>Excess of deposits, or withdrawals (-)</th><th></th><th></th><th></th></tr><tr><td>1947</td><td>43,590</td><td>36,924</td><td>6,665</td><td>-13,395</td><td>-10,930 2/</td><td>60</td></tr><tr><td>1948</td><td>41,399</td><td>36,443</td><td>8,956</td><td>-1,333</td><td>-1,668</td><td>37</td></tr><tr><td>1949</td><td>41,628</td><td>40,468</td><td>1,160</td><td>-2,621</td><td>-1,462</td><td>46</td></tr><tr><td>1950</td><td>40,970</td><td>43,087</td><td>-2,117</td><td>1,163</td><td>2,047</td><td>25</td></tr><tr><td>1951</td><td>53,439</td><td>45,726</td><td>7,714</td><td>-5,874</td><td>1,839</td><td>43</td></tr><tr><td>1952</td><td>68,093</td><td>67,786</td><td>307</td><td>-695</td><td>-388</td><td>68</td></tr><tr><td>1953</td><td>71,344</td><td>76,301</td><td>-4,957</td><td>2,659</td><td>-2,299</td><td>56</td></tr><tr><td>1954 (Est.)</td><td>75,010</td><td>75,172</td><td>-162</td><td>441</td><td>290</td><td>73</td></tr><tr><td>1955 (Est.)</td><td>70,895</td><td>70,731</td><td>154</td><td>-154</td><td>-</td><td>49</td></tr><tr><td>New reporting basis: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1954-July-January</td><td>33,810</td><td>41,989</td><td>-8,179</td><td>7,553</td><td>-626</td><td>34</td></tr><tr><td>February</td><td>6,529r</td><td>5,300r</td><td>1,228</td><td>-284</td><td>944</td><td>10</td></tr><tr><td>March</td><td>12,260</td><td>6,231</td><td>6,028</td><td>-4,662</td><td>1,366</td><td>16</td></tr><tr><td>1954 to date</td><td>52,598</td><td>53,321</td><td>-923</td><td>2,607</td><td>1,684</td><td>60</td></tr></table>
Source: Actual figures in Tables 1 through 4 are based on the old Daily Treasury Statement through 1953, and thereafter on the new "Daily Statement of the United States Treasury" and the new "Monthly Statement of Receipts and Expenditures of the United States"; estimates are based on the 1955 Budget document, released January 21, 1954. 1/ Consists of seigniorage on silver and increment resulting from reduction in weight of the gold dollar. This item is part of the cash budget receipts shown in these tables, but is excluded from the
2/ Budget document figures for "Receipts from the public". In addition to this decrease in the balance in the Treasurer's account, the Exchange Stabilization Fund was drawn down by $1,800 million for subscription to the capital of the International Monetary Fund. 3/ For explanation, see headnote. Figures for July 1953 through January 1954 will be shown by months in a subsequent issue, after analysis of the monthly data on the new basis has been completed.
May 1954
9
TREASURY CASH INCOME AND OUTGO
Table 2.- Derivation of Cash Deposits
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Budget (net) £/</th><th>Receipts Trust account</th><th>Total</th><th>Plus: Monocash items deducted from budget receipts - excess profits tax refund bonds 2/</th></tr><tr><td>1947</td><td>39,786</td><td>6,244</td><td>46,030</td><td>-39</td></tr><tr><td>1948</td><td>41,488</td><td>6,515</td><td>48,003</td><td>-10</td></tr><tr><td>1949</td><td>37,696</td><td>5,714</td><td>43,410</td><td>-4</td></tr><tr><td>1950</td><td>36,495</td><td>6,669</td><td>43,164</td><td>-1</td></tr><tr><td>1951</td><td>47,568</td><td>7,796</td><td>55,364</td><td>-1</td></tr><tr><td>1952</td><td>61,391</td><td>8,807</td><td>70,198</td><td>-1</td></tr><tr><td>1953</td><td>68,996</td><td>8,932</td><td>73,528</td><td>*</td></tr><tr><td>1954 (Est.)</td><td>67,629</td><td>9,444</td><td>77,073</td><td>-</td></tr><tr><td>1955 (Est.)</td><td>62,642</td><td>10,323</td><td>72,965</td><td>-</td></tr><tr><td colspan="5">New reporting basis: 3/</td></tr><tr><td>1954 July-January</td><td>30,790</td><td>4,181</td><td>34,971</td><td>*</td></tr><tr><td>February</td><td>5,444</td><td>993</td><td>6,437</td><td>*</td></tr><tr><td>March</td><td>11,434</td><td>624</td><td>12,258</td><td>*</td></tr><tr><td>1954 to date</td><td>47,668</td><td>5,998</td><td>53,666</td><td>*</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="7">Lease: Interfund transactions</th><th rowspan="2">Adjustment for differences in reporting bases $</th><th rowspan="2">Equals: Cash deposits</th></tr><tr><th>Transfer, budget to trust account</th><th>Payroll deductions for employees' retirement</th><th>Reimbursement to budget from trust accounts $</th><th>By Treasury to trust accounts</th><th>Interest payments To Treasury by Government agencies</th><th>Other $</th><th>Total interfund transactions</th></tr><tr><td>1947</td><td>1,105</td><td>259</td><td>16</td><td>686</td><td>105</td><td>272</td><td>2,402</td><td>-</td><td>43,590</td></tr><tr><td>1948</td><td>495</td><td>238</td><td>14</td><td>746</td><td>112</td><td>1,028</td><td>2,594</td><td>-</td><td>45,399</td></tr><tr><td>1949</td><td>366</td><td>329</td><td>24</td><td>841</td><td>33</td><td>186</td><td>1,778</td><td>-</td><td>41,688</td></tr><tr><td>1950</td><td>833</td><td>360</td><td>17</td><td>880</td><td>73</td><td>29</td><td>2,192</td><td>-</td><td>40,970</td></tr><tr><td>1951</td><td>397</td><td>380</td><td>21</td><td>892</td><td>87</td><td>146</td><td>1,923</td><td>-</td><td>53,439</td></tr><tr><td>1952</td><td>567</td><td>414</td><td>26</td><td>987</td><td>100</td><td>10</td><td>2,104</td><td>-</td><td>68,093</td></tr><tr><td>1953</td><td>455</td><td>424</td><td>66</td><td>1,094</td><td>144</td><td>-</td><td>2,183</td><td>-</td><td>71,344</td></tr><tr><td>1954 (Est.)</td><td>162</td><td>423</td><td>73</td><td>1,196</td><td>207</td><td>2</td><td>2,063</td><td>-</td><td>75,010</td></tr><tr><td>1955 (Est.)</td><td>106</td><td>423</td><td>73</td><td>1,241</td><td>224</td><td>3</td><td>2,070</td><td>-</td><td>70,895</td></tr><tr><td colspan="9">New reporting bases $</td><td></td></tr><tr><td>1954 July-Jan.</td><td>126</td><td>251</td><td>61</td><td>339</td><td>153</td><td>-</td><td>930</td><td>-231</td><td>33,810</td></tr><tr><td>Feb....</td><td>5</td><td>14</td><td>-</td><td>2</td><td>28</td><td>12</td><td>91</td><td>182</td><td>6,529</td></tr><tr><td>March....</td><td>6</td><td>35</td><td>6</td><td>15</td><td>1</td><td>-</td><td>64</td><td>66</td><td>12,260</td></tr><tr><td>1954 to date..</td><td>136</td><td>331</td><td>68</td><td>357</td><td>182</td><td>12</td><td>1,085</td><td>17</td><td>52,598</td></tr></table>
1/ For further detail, see "Budget Receipts and Expenditures", Table 1. As explained in that table, figures have been revised to treat appropriations of receipts to the Railroad Retirement Account as deductions from receipts.
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 b); net issuance, or redemption (-).
3/ See Table 1, footnote 3.
4/ By Federal Old-Age and Survivors Insurance Trust Fund through October 1948. Thereafter includes also reimbursements from the District of Columbia, etc.
2/ Includes proceeds of ship sales carried in trust accounts pending allocation to budget receipts from sale of surplus property, transfers between trust accounts, and payment of earnings or repayment of capital stock to the Treasury by corporations not wholly owned. 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.
5/ For explanation, see heading.
* Less than $500,000.
r Revised.
10
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 3.- Derivation of Cash Withdrawals (In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="4">Expenditures</th><th>Less: Interfund transactions (Table 2)</th><th>Memorandum: Interest payments by Treasury to Government corporations not wholly owned</th><th colspan="3">Less: Noncash and other expenditures reflected in debt transactions</th><th></th></tr><tr><th></th><th>Budget 1/</th><th>Trust account and other transactions 2/</th><th>Exchange Stabilization Fund 3/</th><th>Total</th><th></th><th>owned 5/</th><th>Interest on savings bonds and Treasury bills 2/</th><th>Net investments in public debt securities</th><th>Net redemptions of obligations of Government agencies in the market</th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>By trust funds and accounts</th><th>By Government agencies 6/</th><th></th></tr><tr><td>1947</td><td>39,032</td><td>7,347</td><td>1,026</td><td>47,405</td><td>2,402</td><td>25</td><td>4,697</td><td>3,362</td><td>177</td><td>359</td></tr><tr><td>1948</td><td>33,069</td><td>6,010</td><td>263</td><td>40,342</td><td>2,598</td><td>24</td><td>599</td><td>3,060</td><td>-69</td><td>-101</td></tr><tr><td>1949</td><td>39,507</td><td>6,209</td><td>98</td><td>45,814</td><td>1,778</td><td>29</td><td>580</td><td>2,311</td><td>319</td><td>74</td></tr><tr><td>1950</td><td>39,517</td><td>6,370</td><td>-207</td><td>45,980</td><td>2,191</td><td>32</td><td>574</td><td>-405</td><td>97</td><td>22</td></tr><tr><td>1951</td><td>44,058</td><td>7,117</td><td>-13</td><td>51,162</td><td>1,983</td><td>31</td><td>638</td><td>3,369</td><td>186</td><td>-384</td></tr><tr><td>1952</td><td>65,408</td><td>8,660</td><td>9</td><td>74,076</td><td>2,104</td><td>34</td><td>779</td><td>3,355</td><td>281</td><td>72</td></tr><tr><td>1953</td><td>73,995</td><td>8,495</td><td>-28</td><td>82,452</td><td>2,183</td><td>37</td><td>719</td><td>3,068</td><td>232</td><td>25</td></tr><tr><td>1954 (Est.)</td><td>70,902</td><td>9,264</td><td>-25</td><td>80,141</td><td>2,053</td><td>43</td><td>525</td><td>2,878</td><td>121</td><td>-293</td></tr><tr><td>1955 (Est.)</td><td>65,570</td><td>10,664</td><td>-</td><td>76,234</td><td>2,070</td><td>46</td><td>400</td><td>2,980</td><td>174</td><td>-130</td></tr><tr><td>New reporting basis: 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1954-July-Jan.</td><td>39,703</td><td>4,435</td><td>-50</td><td>44,088</td><td>930</td><td>20</td><td>356</td><td>480</td><td>305</td><td>-71</td></tr><tr><td>February</td><td>4,707</td><td>584</td><td>-</td><td>5,291</td><td>91</td><td>-</td><td>17</td><td>27</td><td>28</td><td>117</td></tr><tr><td>March</td><td>5,555</td><td>631</td><td>-39</td><td>6,147</td><td>64</td><td>1</td><td>10</td><td>-59</td><td>39</td><td>60</td></tr><tr><td>1954 to date</td><td>49,965</td><td>5,649</td><td>-89</td><td>55,525</td><td>1,085</td><td>21</td><td>383</td><td>439</td><td>372</td><td>105</td></tr><tr><th>Fiscal year or month</th><th colspan="4">Less: Noncash budget expenditures involving issuances of public debt securities 8/</th><th>Total deductions</th><th>Clearing account, etc., decrease, or increase (-)</th><th>Adjustment for transactions not cleared through Treasurer's account</th><th>Adjustment for differences in reporting base 9/</th><th>Equals: Cash withdrawals</th></tr><tr><th></th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1947</td><td>1,793</td><td>-8</td><td>1,366</td><td></td><td>9,919</td><td>-555</td><td>-7</td><td>-</td><td>35,924</td></tr><tr><td>1948</td><td>-1,229</td><td>-4</td><td>-350</td><td></td><td>4,853</td><td>507</td><td>-52</td><td>-</td><td>36,443</td></tr><tr><td>1949</td><td>-164</td><td>-2</td><td>-25</td><td></td><td>4,871</td><td>-366</td><td>-108</td><td>-</td><td>40,468</td></tr><tr><td>1950</td><td>-29</td><td>-2</td><td>-41</td><td></td><td>2,342</td><td>-483</td><td>-68</td><td>-</td><td>43,087</td></tr><tr><td>1951</td><td>-160</td><td>-1</td><td>-</td><td></td><td>5,571</td><td>214</td><td>-79</td><td>-</td><td>45,766</td></tr><tr><td>1952</td><td>-68</td><td>-1</td><td>-</td><td></td><td>6,522</td><td>401</td><td>-170</td><td>-</td><td>67,786</td></tr><tr><td>1953</td><td>-24</td><td>-1</td><td>-</td><td></td><td>6,203</td><td>312</td><td>-299</td><td>-</td><td>76,302</td></tr><tr><td>1954 (Est.)</td><td>-15</td><td>-1</td><td>-</td><td></td><td>5,276</td><td>7</td><td>-</td><td>-</td><td>75,172</td></tr><tr><td>1955 (Est.)</td><td>-10</td><td>*</td><td>-</td><td></td><td>5,484</td><td>-19</td><td>-</td><td>-</td><td>70,731</td></tr><tr><td>New reporting basis: 7/</td><td>-8</td><td>*</td><td>-</td><td></td><td>1,991</td><td>237</td><td>-101</td><td>-244</td><td>41,989</td></tr><tr><td>1954-July-Jan.</td><td>-1</td><td>*</td><td>-</td><td></td><td>280</td><td>135</td><td>-36</td><td>190</td><td>5,300</td></tr><tr><td>February</td><td>-1</td><td>*</td><td>-</td><td></td><td>102</td><td>160</td><td>-58</td><td>85</td><td>6,231</td></tr><tr><td>March</td><td>-1</td><td>*</td><td>-</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1954 to date</td><td>-11</td><td>*</td><td>-</td><td></td><td>2,373</td><td>532</td><td>-195</td><td>31</td><td>53,521</td></tr></table>
Source: See Table 1. 1/ For further detail, see "Budget Receipts and Expenditures", Table 2. As explained in that table, figures have been revised to treat appropriations of receipts to the Railroad Retirement Account as deductions from receipts instead of budget expenditures for transfers to trust accounts. 2/ Includes net investments of Government agencies in public debt securities and net redemptions in the market of securities of Government agencies (excluding Net Account and Other Transactions", Table 1). 3/ The United States 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). 4/ Since deposit funds (net) are included under trust account expenditures, the interest received by corporations not wholly owned is carried there as a negative expenditure. Thus when budget expenditures and trust account expenditures are combined, the payment and receipt of this
interest offset each other. Payments of interest to wholly owned Government corporations is offset because it is treated as a negative budget expenditure when received by the corporations.
2/Accrued discount on service bonds and bills less interest paid on savings bonds and bills redeemed.
6/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.
7/See Table 2, footnote 3.
5/Treated as noncash expenditures at the time of issuance and as cash expenditures at the time of redemption; net issuance, or redemption (-).
9/For explanation, see headnote.
*Less than $500,000.
rRetired.
May 1954
11
TREASURY CASH INCOME AND OUTGO
Table 4.- Derivation of Cash Borrowing or Repayment of Borrowing
(In millions of dollars; negative figures indicate net repayment of borrowing)
<table><tr><th>Fiscal year or month</th><th>Public debt increase, or decrease (-)</th><th>Less: Interest on savings bonds and Treasury bills 1/</th><th>Less: Net investments in public debt securities</th><th>By trust funds and accounts</th><th>By Government agencies</th><th>Less: Issuance of public debt securities involved in expenditures of other accounts or in refunds of receipts</th><th>Leased service leave bonds 2/</th><th>Adjusted service bonds 2/</th><th>Notes to International Bank and Fund 3/</th><th>Excess profits tax refund 3/</th><th>Total deductions</th><th>Plus: Net sales of obligations of Government agencies in the market</th><th>Quaranteed securities</th><th>Non-guaranteed securities</th><th>Adjustment for transactions not cleared through Treasurer's accounts</th><th>Adjustment for differences in reporting base 5/</th><th>Equals: Net cash borrowing, or repayment of borrowing (-) 5/</th></tr><tr><td>1947</td><td>-11,136</td><td>469</td><td>3,352</td><td>177</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>7,893</td><td>-387</td><td>28</td><td>-7</td><td>-</td><td>-19,395</td></tr><tr><td>1948</td><td>-5,994</td><td>599</td><td>3,060</td><td>-69</td><td>-1,229</td><td>-4</td><td>-913</td><td>-10</td><td>1,394</td><td>-16</td><td>123</td><td>-52</td><td>-</td><td>-7,333</td></tr><tr><td>1949</td><td>4,587</td><td>580</td><td>2,311</td><td>319</td><td>-164</td><td>-2</td><td>-123</td><td>-4</td><td>2,916</td><td>-46</td><td>-28</td><td>-108</td><td>-</td><td>-2,621</td></tr><tr><td>1950</td><td>4,587</td><td>574</td><td>-405</td><td>97</td><td>-95</td><td>-2</td><td>166</td><td>-1</td><td>334</td><td>-8</td><td>-14</td><td>-68</td><td>-</td><td>4,163</td></tr><tr><td>1951</td><td>-2,135</td><td>638</td><td>3,369</td><td>186</td><td>-160</td><td>-1</td><td>13</td><td>-1</td><td>4,044</td><td>10</td><td>374</td><td>-79</td><td>-</td><td>-5,874</td></tr><tr><td>1952</td><td>3,883</td><td>779</td><td>3,355</td><td>281</td><td>-63</td><td>-1</td><td>-9</td><td>-1</td><td>4,336</td><td>16</td><td>-88</td><td>-170</td><td>-</td><td>-695</td></tr><tr><td>1953</td><td>6,966</td><td>719</td><td>3,068</td><td>232</td><td>-24</td><td>-1</td><td>28</td><td>*</td><td>4,083</td><td>7</td><td>-32</td><td>-259</td><td>-</td><td>2,699</td></tr><tr><td>1954 (Est.)</td><td>3,679</td><td>525</td><td>2,878</td><td>121</td><td>-15</td><td>-1</td><td>25</td><td>-</td><td>3,533</td><td>40</td><td>295</td><td>-</td><td>-</td><td>441</td></tr><tr><td>1955 (Est.)</td><td>3,250</td><td>400</td><td>2,980</td><td>174</td><td>-10</td><td>*</td><td>-</td><td>-</td><td>3,544</td><td>-6</td><td>136</td><td>-</td><td>-</td><td>-164</td></tr><tr><th colspan="16">Rev reporting basis: 1/</th></tr><tr><td>1954 July-Jan.</td><td>8,777</td><td>356</td><td>480</td><td>305</td><td>-8</td><td>*</td><td>50</td><td>*</td><td>1,183</td><td>23</td><td>68</td><td>-101</td><td>-12</td><td>7,553</td></tr><tr><td>Feb.</td><td>-67</td><td>17</td><td>27</td><td>28</td><td>-1</td><td>*</td><td>-</td><td>*</td><td>72</td><td>*</td><td>-118</td><td>-36</td><td>8</td><td>-284</td></tr><tr><td>Mar.</td><td>4,546</td><td>10</td><td>-69</td><td>39</td><td>-1</td><td>*</td><td>39</td><td>*</td><td>17</td><td>1</td><td>-60</td><td>-38</td><td>19</td><td>-4,662</td></tr><tr><td>1954 to date</td><td>4,164</td><td>383</td><td>439</td><td>372</td><td>-11</td><td>*</td><td>89</td><td>*</td><td>1,271</td><td>24</td><td>-129</td><td>-195</td><td>14</td><td>2,607</td></tr></table>
1/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
2/ The issuance of these securities is treated as a noncash budget expend-iture at the time of issuance and as a cash budget expenditure at the time of cash redemption; net issuance, or redemption (-).
3/ See Table 3, footnote 3.
4. 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; not issuance, or redemption (-).
5. For explanation, see headings.
6. Includes borrowing through Postal Savings System.
7. See Table 1, footnote 3.
* Less than $500,000.
12
Treasury Bulletin
DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 1.- Summary of Federal Securities
<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="5">Matured debt and debt bearing no interest</th></tr><tr><th></th><th>Total 1/</th><th>Public debt</th><th>Cuarented securities 2/</th><th>Total</th><th>Public debt</th><th>Cuarented securities 2/ 3/</th><th>Total</th><th>Total</th><th>Public debt</th><th>Monetary Fund 4/</th><th>Other 5/</th><th>Guaranteed securities 2/ (matured)</th></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>925</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>259,197</td><td>259,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>1,724</td><td>1,218</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>1,161</td><td>788</td><td>5</td></tr><tr><td>1949</td><td>252,798</td><td>252,770</td><td>27</td><td>250,789</td><td>250,762</td><td>24</td><td>2,012</td><td>2,009</td><td>245</td><td>1,063</td><td>701</td><td>3</td></tr><tr><td>1950</td><td>257,377</td><td>257,357</td><td>20</td><td>255,226</td><td>255,209</td><td>17</td><td>2,150</td><td>2,148</td><td>265</td><td>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>1,283</td><td>575</td><td>2</td></tr><tr><td>1952</td><td>239,251</td><td>239,105</td><td>46</td><td>236,907</td><td>236,863</td><td>44</td><td>2,284</td><td>2,282</td><td>419</td><td>1,274</td><td>590</td><td>1</td></tr><tr><td>1953</td><td>265,123</td><td>265,071</td><td>52</td><td>263,997</td><td>263,946</td><td>51</td><td>2,126</td><td>2,125</td><td>298</td><td>1,302</td><td>525</td><td>1</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>1,063</td><td>12</td></tr><tr><td>1952-December</td><td>267,445</td><td>267,391</td><td>54</td><td>265,346</td><td>265,293</td><td>53</td><td>2,100</td><td>2,098</td><td>304</td><td>1,258</td><td>536</td><td>1</td></tr><tr><td>1953-July</td><td>272,732</td><td>272,669</td><td>63</td><td>270,685</td><td>270,603</td><td>62</td><td>2,067</td><td>2,066</td><td>243</td><td>1,302</td><td>521</td><td>1</td></tr><tr><td>August</td><td>273,269</td><td>273,206</td><td>63</td><td>271,207</td><td>271,145</td><td>62</td><td>2,062</td><td>2,061</td><td>292</td><td>1,291</td><td>518</td><td>1</td></tr><tr><td>September</td><td>273,001</td><td>272,937</td><td>64</td><td>270,806</td><td>270,744</td><td>63</td><td>2,195</td><td>2,193</td><td>398</td><td>1,280</td><td>516</td><td>1</td></tr><tr><td>October</td><td>273,452</td><td>273,386</td><td>66</td><td>271,356</td><td>271,294</td><td>65</td><td>2,097</td><td>2,095</td><td>301</td><td>1,280</td><td>515</td><td>1</td></tr><tr><td>November</td><td>275,282</td><td>275,209</td><td>74</td><td>273,301</td><td>273,128</td><td>73</td><td>2,082</td><td>2,081</td><td>287</td><td>1,280</td><td>514</td><td>1</td></tr><tr><td>December</td><td>275,244</td><td>275,168</td><td>76</td><td>272,956</td><td>272,881</td><td>75</td><td>2,288</td><td>2,287</td><td>436</td><td>1,340</td><td>511</td><td>1</td></tr><tr><td>1954-January</td><td>274,924</td><td>274,849</td><td>75</td><td>272,706</td><td>272,632</td><td>74</td><td>2,218</td><td>2,216</td><td>354</td><td>1,352</td><td>510</td><td>1</td></tr><tr><td>February</td><td>274,899</td><td>274,782</td><td>77</td><td>272,612</td><td>272,536</td><td>76</td><td>2,247</td><td>2,246</td><td>385</td><td>1,352</td><td>509</td><td>1</td></tr><tr><td>March</td><td>270,312</td><td>270,235</td><td>77</td><td>267,899</td><td>267,823</td><td>76</td><td>2,413</td><td>2,412</td><td>515</td><td>1,391</td><td>506</td><td>1</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes certain obligations not subject to statutory limitation.
For amounts subject to limitation, see page 1.
2/ Excludes guaranteed securities held by the Treasury.
3/ For current month detail, see "Treasury Survey of Ownership".
4/ Special notes of the United States issued to the International Monetary Fund in payment of part of the United States subscription.
pursuant to provisions of the Breeton Woods Agreements Act. The notes bear no interest, are nonnegotiable, and are payable on demand. Similar notes issued to the International Bank and outstanding 1947-1949 are included under "Other". Includes savings stamps, excess profits tax refund bonds, currency items, and notes issued to the International Bank (see footnote 4). For current month detail, see "Statutory Debt Limitation", Table 2.
Table 2.- Interest-Bearing Public Debt
n millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="9">Public issues</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="3">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Bill</th><th>Certificate</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</th><th>U.S. savings bonds</th><th>Treasury savings notes</th><th>Armed forces lease bonds</th><th>Treasury bonds, investment series</th><th>Other</th></tr><tr><th>Bank eligible</th><th>Bank restricted</th><th>2/</th><th></th><th></th><th></th><th></th><th>2/</th><th></th><th></th><th></th><th>2/</th></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>6,711</td><td>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>52,367</td><td>5,560</td><td>1,793</td><td>-</td><td>325</td><td>27,366</td></tr><tr><td>1948</td><td>250,063</td><td>219,852</td><td>160,346</td><td>13,757</td><td>22,588</td><td>11,375</td><td>62,826</td><td>49,636</td><td>164</td><td>59,506</td><td>53,274</td><td>4,394</td><td>563</td><td>959</td><td>316</td><td>30,211</td></tr><tr><td>1949</td><td>250,762</td><td>217,986</td><td>155,147</td><td>11,536</td><td>29,427</td><td>3,596</td><td>60,789</td><td>49,636</td><td>162</td><td>62,839</td><td>56,260</td><td>4,860</td><td>396</td><td>954</td><td>369</td><td>32,776</td></tr><tr><td>1950</td><td>255,209</td><td>222,853</td><td>155,310</td><td>13,533</td><td>18,418</td><td>20,404</td><td>53,159</td><td>49,636</td><td>160</td><td>67,544</td><td>57,536</td><td>8,472</td><td>297</td><td>954</td><td>285</td><td>32,336</td></tr><tr><td>1951</td><td>252,892</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>36,061</td><td>156</td><td>80,281</td><td>57,572</td><td>7,818</td><td>47</td><td>14,586</td><td>319</td><td>34,653</td></tr><tr><td>1952</td><td>256,863</td><td>219,124</td><td>140,407</td><td>17,219</td><td>28,423</td><td>18,963</td><td>48,200</td><td>27,460</td><td>142</td><td>78,717</td><td>57,685</td><td>6,612</td><td>-</td><td>14,046</td><td>373</td><td>37,739</td></tr><tr><td>1953</td><td>263,946</td><td>223,408</td><td>147,335</td><td>19,701</td><td>15,894</td><td>30,425</td><td>63,980</td><td>17,245</td><td>124</td><td>76,973</td><td>57,886</td><td>4,493</td><td>-</td><td>13,288</td><td>447</td><td>40,538</td></tr><tr><td>Debt peak:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>1952-Dec.</td><td>265,293</td><td>226,143</td><td>148,581</td><td>21,713</td><td>16,712</td><td>30,266</td><td>58,740</td><td>21,016</td><td>134</td><td>77,562</td><td>57,940</td><td>5,770</td><td>-</td><td>13,450</td><td>403</td><td>39,150</td></tr><tr><td>1953-July</td><td>270,603</td><td>230,009</td><td>153,757</td><td>20,207</td><td>21,756</td><td>30,455</td><td>63,989</td><td>17,243</td><td>107</td><td>76,252</td><td>57,871</td><td>4,706</td><td>-</td><td>13,231</td><td>444</td><td>40,594</td></tr><tr><td>Aug.</td><td>271,145</td><td>230,157</td><td>153,694</td><td>20,208</td><td>21,659</td><td>30,492</td><td>63,992</td><td>17,240</td><td>107</td><td>76,463</td><td>57,851</td><td>4,977</td><td>-</td><td>13,194</td><td>441</td><td>40,988</td></tr><tr><td>Sept.</td><td>270,744</td><td>229,785</td><td>152,804</td><td>19,508</td><td>26,369</td><td>33,578</td><td>59,837</td><td>13,406</td><td>107</td><td>76,982</td><td>57,795</td><td>5,639</td><td>-</td><td>13,088</td><td>459</td><td>40,958</td></tr><tr><td>Oct.</td><td>271,291</td><td>230,403</td><td>152,977</td><td>19,509</td><td>26,385</td><td>33,736</td><td>59,836</td><td>13,404</td><td>107</td><td>77,427</td><td>57,775</td><td>6,258</td><td>-</td><td>12,939</td><td>454</td><td>40,888</td></tr><tr><td>Nov.</td><td>273,128</td><td>232,115</td><td>154,726</td><td>19,509</td><td>26,386</td><td>33,249</td><td>62,074</td><td>13,408</td><td>107</td><td>77,389</td><td>57,806</td><td>6,204</td><td>-</td><td>12,927</td><td>452</td><td>41,013</td></tr><tr><td>Dec.</td><td>272,881</td><td>231,684</td><td>154,631</td><td>19,511</td><td>26,336</td><td>31,406</td><td>63,920</td><td>13,400</td><td>107</td><td>77,053</td><td>57,710</td><td>6,066</td><td>-</td><td>12,902</td><td>416</td><td>41,197</td></tr><tr><td>1954-Jan.</td><td>272,632</td><td>231,623</td><td>154,631</td><td>19,512</td><td>26,386</td><td>31,419</td><td>63,820</td><td>13,398</td><td>96</td><td>76,992</td><td>57,736</td><td>5,956</td><td>-</td><td>12,889</td><td>412</td><td>41,009</td></tr><tr><td>Feb.</td><td>272,536</td><td>231,466</td><td>154,500</td><td>19,520</td><td>25,278</td><td>26,866</td><td>74,074</td><td>8,675</td><td>96</td><td>76,965</td><td>57,797</td><td>5,887</td><td>-</td><td>12,870</td><td>410</td><td>41,070</td></tr><tr><td>Mar.</td><td>267,823</td><td>226,921</td><td>150,021</td><td>21,013</td><td>19,377</td><td>26,787</td><td>74,134</td><td>8,674</td><td>96</td><td>76,739</td><td>57,902</td><td>5,581</td><td>-</td><td>12,846</td><td>411</td><td>41,002</td></tr></table>
Source: Daily Treasury Statement. 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, they were permitted to subscribe for limited investment of their savings deposit; (2) they may temporarily acquire such issues through forfeiture of collateral; (3) they may hold a limited amount of such issues for
2/ Consists of postal savings and Panama Canal bonds, and also conversion bonds prior to 1947. 
3/ Consists of depositary bonds.
May 1954
13
DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 3.- 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>1946</td><td>22,332</td><td>120</td><td>-</td><td>5,910</td><td>49</td><td>2,177</td><td>684</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>1947</td><td>27,366</td><td>408</td><td>-</td><td>7,104</td><td>62</td><td>2,460</td><td>1,254</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td><td>30</td></tr><tr><td>1948</td><td>30,211</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,823</td><td>1,286</td><td>6,935</td><td>1,912</td><td>1,374</td><td>7,500</td><td>11</td></tr><tr><td>1949</td><td>32,776</td><td>666</td><td>117</td><td>9,003</td><td>95</td><td>3,270</td><td>1,318</td><td>7,088</td><td>1,952</td><td>1,720</td><td>7,340</td><td>7</td></tr><tr><td>1950</td><td>32,356</td><td>808</td><td>119</td><td>10,418</td><td>79</td><td>3,917</td><td>1,292</td><td>5,342</td><td>1,302</td><td>2,053</td><td>6,616</td><td>6</td></tr><tr><td>1951</td><td>34,693</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>106</td><td>2,418</td><td>7,266</td><td>13</td></tr><tr><td>1952</td><td>37,739</td><td>888</td><td>50</td><td>14,047</td><td>79</td><td>5,014</td><td>1,300</td><td>5,391</td><td>552</td><td>2,863</td><td>7,745</td><td>9</td></tr><tr><td>1953</td><td>40,538</td><td>846</td><td>50</td><td>15,532</td><td>61</td><td>5,602</td><td>1,299</td><td>5,249</td><td>452</td><td>3,128</td><td>8,287</td><td>32</td></tr><tr><td>1952-December</td><td>39,150</td><td>854</td><td>44</td><td>14,734</td><td>56</td><td>5,370</td><td>1,285</td><td>5,164</td><td>520</td><td>2,980</td><td>8,123</td><td>17</td></tr><tr><td>1953-July</td><td>40,594</td><td>846</td><td>50</td><td>15,618</td><td>52</td><td>5,605</td><td>1,295</td><td>5,249</td><td>452</td><td>3,135</td><td>8,284</td><td>7</td></tr><tr><td>August</td><td>40,988</td><td>846</td><td>50</td><td>15,682</td><td>53</td><td>5,643</td><td>1,295</td><td>5,259</td><td>439</td><td>3,188</td><td>8,289</td><td>7</td></tr><tr><td>September</td><td>40,958</td><td>816</td><td>50</td><td>15,754</td><td>54</td><td>5,642</td><td>1,292</td><td>5,249</td><td>419</td><td>3,201</td><td>8,475</td><td>7</td></tr><tr><td>October</td><td>40,888</td><td>823</td><td>57</td><td>15,793</td><td>56</td><td>5,642</td><td>1,226</td><td>5,239</td><td>412</td><td>3,175</td><td>8,458</td><td>7</td></tr><tr><td>November</td><td>41,013</td><td>803</td><td>53</td><td>15,819</td><td>57</td><td>5,642</td><td>1,222</td><td>5,229</td><td>376</td><td>3,222</td><td>8,582</td><td>7</td></tr><tr><td>December</td><td>41,197</td><td>813</td><td>53</td><td>16,006</td><td>60</td><td>5,645</td><td>1,219</td><td>5,219</td><td>358</td><td>3,236</td><td>8,580</td><td>8</td></tr><tr><td>1954-January</td><td>41,009</td><td>875</td><td>144</td><td>15,860</td><td>62</td><td>5,647</td><td>1,217</td><td>5,209</td><td>346</td><td>3,208</td><td>8,430</td><td>10</td></tr><tr><td>February</td><td>41,070</td><td>880</td><td>204</td><td>15,898</td><td>63</td><td>5,649</td><td>1,213</td><td>5,189</td><td>309</td><td>3,280</td><td>8,410</td><td>14</td></tr><tr><td>March</td><td>41,002</td><td>880</td><td>228</td><td>16,063</td><td>65</td><td>5,647</td><td>1,209</td><td>5,169</td><td>272</td><td>3,261</td><td>8,185</td><td>22</td></tr></table>
Source: Daily Treasury Statement. 1/ Include Canal Zone Postal Savings System. 2/ Consists of Adjusted Service Certificate Fund, various housing insurance
funds, Farm Tenant Mortgage Insurance Fund, and Veterans' Special Term Insurance Fund.
Table 4.- Computed Interest Charge and Computed Interest Rate on Federal Securities (Dollar amounts in millions)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Total interest-bearing securities</th><th colspan="8">Computed annual interest rate</th></tr><tr><th>Amount outstanding</th><th>Public debt</th><th>Computed annual interest charge</th><th>Total interest-bearing securities</th><th>Total public debt</th><th colspan="4">Marketable issues</th><th>Non-marketable issues</th><th>Special issues</th><th>Guaranteed securities</th></tr><tr><th></th><th>Public debt and guaranteed securities</th><th>Public debt</th><th>Public debt and guaranteed securities</th><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>1/4</th><th>1/</th><th>1/</th></tr><tr><td>1946</td><td>268,578</td><td>268,111</td><td>5,357</td><td>1.995</td><td>1.996</td><td>1.773</td><td>.381</td><td>.875</td><td>1.289</td><td>2.307</td><td>2.567</td><td>2.448</td><td>1.410</td></tr><tr><td>1947</td><td>255,197</td><td>255,133</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>2.538</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>1.984</td><td>1.187</td><td>1.163</td><td>1.334</td><td>2.322</td><td>2.569</td><td>2.589</td><td>2.634</td></tr><tr><td>1951</td><td>252,879</td><td>252,852</td><td>5,740</td><td>2.270</td><td>2.270</td><td>1.981</td><td>1.569</td><td>1.875</td><td>1.399</td><td>2.327</td><td>2.633</td><td>2.606</td><td>2.056</td></tr><tr><td>1952</td><td>256,907</td><td>256,863</td><td>5,982</td><td>2.329</td><td>2.329</td><td>2.051</td><td>1.711</td><td>1.875</td><td>1.560</td><td>2.317</td><td>2.659</td><td>2.675</td><td>2.578</td></tr><tr><td>1953</td><td>263,997</td><td>263,946</td><td>6,432</td><td>2.438</td><td>2.438</td><td>2.207</td><td>2.254</td><td>2.319</td><td>1.754</td><td>2.342</td><td>2.720</td><td>2.746</td><td>2.575</td></tr><tr><td>1953-July</td><td>270,665</td><td>270,603</td><td>6,595</td><td>2.438</td><td>2.438</td><td>2.214</td><td>2.221</td><td>2.368</td><td>1.753</td><td>2.342</td><td>2.728</td><td>2.751</td><td>2.552</td></tr><tr><td>August</td><td>271,207</td><td>271,145</td><td>6,622</td><td>2.443</td><td>2.443</td><td>2.221</td><td>2.187</td><td>2.450</td><td>1.753</td><td>2.342</td><td>2.723</td><td>2.750</td><td>2.561</td></tr><tr><td>September</td><td>270,806</td><td>270,744</td><td>6,648</td><td>2.456</td><td>2.456</td><td>2.242</td><td>2.067</td><td>2.482</td><td>1.852</td><td>2.380</td><td>2.723</td><td>2.751</td><td>2.550</td></tr><tr><td>October</td><td>271,356</td><td>271,291</td><td>6,603</td><td>2.435</td><td>2.435</td><td>2.206</td><td>1.792</td><td>2.482</td><td>1.851</td><td>2.380</td><td>2.720</td><td>2.749</td><td>2.558</td></tr><tr><td>November</td><td>273,201</td><td>273,128</td><td>6,619</td><td>2.424</td><td>2.424</td><td>2.188</td><td>1.583</td><td>2.482</td><td>1.947</td><td>2.391</td><td>2.722</td><td>2.749</td><td>2.552</td></tr><tr><td>December</td><td>272,956</td><td>272,891</td><td>6,587</td><td>2.414</td><td>2.414</td><td>2.170</td><td>1.510</td><td>2.482</td><td>1.765</td><td>2.393</td><td>2.713</td><td>2.747</td><td>2.551</td></tr><tr><td>1954-January</td><td>272,706</td><td>272,632</td><td>6,577</td><td>2.412</td><td>2.412</td><td>2.164</td><td>1.465</td><td>2.482</td><td>1.765</td><td>2.393</td><td>2.713</td><td>2.744</td><td>2.550</td></tr><tr><td>February</td><td>272,632</td><td>272,536</td><td>6,589</td><td>2.416</td><td>2.416</td><td>2.168</td><td>1.326</td><td>2.339</td><td>1.831</td><td>2.409</td><td>2.739</td><td>2.744</td><td>2.550</td></tr><tr><td>March</td><td>267,899</td><td>267,923</td><td>6,412</td><td>2.394</td><td>2.394</td><td>2.120</td><td>1.128</td><td>2.263</td><td>1.832</td><td>2.430</td><td>2.742</td><td></td><td>2.550</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes guaranteed securities held by the Treasury. 2/ Total includes "Other bonds"; see Table 2. 3/ Included in debt outstanding at face amount, but discount value is used
in computing annual interest charge and annual interest rate. The annual interest charge and annual interest rate on United States savings bonds are computed on the basis of the rate to maturity applied against the amount outstanding.
14
Treasury Bulletin
DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 5.- 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 of 1950 2/</th><th>Export-Import Bank of Washington 3/</th><th>Housing and Home Finance Administra- tor 4/</th><th>Foreign Operations Administra- tion 2/</th><th>Public Housing Administra- tion</th><th>Recon- struc- tion Finance Corpora- tion 6/</th><th>Fural Electri- fication Administra- tion</th><th>Secre- tary of Agri- culture 7/</th><th>Tennessee Valley Authority</th><th>Other 8/</th></tr><tr><td>1946</td><td>11,573</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>57</td><td>750</td></tr><tr><td>1947</td><td>11,346</td><td>510</td><td>-</td><td>516</td><td>-</td><td>-</td><td>347</td><td>9,966</td><td>-</td><td>-</td><td>56</td><td>550</td></tr><tr><td>1948</td><td>2,789</td><td>440</td><td>-</td><td>971</td><td>-</td><td>-</td><td>362</td><td>2/</td><td>718</td><td>-</td><td>54</td><td>244</td></tr><tr><td>1949</td><td>6,951</td><td>1,669</td><td>-</td><td>924</td><td>-</td><td>798</td><td>337</td><td>1,856</td><td>1,015</td><td>-</td><td>52</td><td>226</td></tr><tr><td>1950</td><td>8,423</td><td>3,133</td><td>-</td><td>964</td><td>1</td><td>964</td><td>349</td><td>1,456</td><td>1,381</td><td>65</td><td>49</td><td>130</td></tr><tr><td>1951</td><td>9,097</td><td>2,555</td><td>158</td><td>1,040</td><td>1,579</td><td>1,097</td><td>489</td><td>274</td><td>1,540</td><td>114</td><td>44</td><td>207</td></tr><tr><td>1952</td><td>3,636</td><td>1,970</td><td>355</td><td>1,088</td><td>2,082</td><td>1,150</td><td>655</td><td>197</td><td>1,751</td><td>131</td><td>39</td><td>178</td></tr><tr><td>1953</td><td>12,130</td><td>3,512</td><td>416</td><td>1,327</td><td>2,513</td><td>1,139</td><td>655</td><td>159</td><td>1,950</td><td>171</td><td>34</td><td>270</td></tr><tr><td>1953-July</td><td>11,959</td><td>3,463</td><td>420</td><td>1,332</td><td>2,553</td><td>1,130</td><td>503</td><td>159</td><td>1,983</td><td>142</td><td>29</td><td>270</td></tr><tr><td>Aug</td><td>12,532</td><td>3,798</td><td>424</td><td>1,373</td><td>2,572</td><td>1,131</td><td>551</td><td>159</td><td>1,983</td><td>152</td><td>29</td><td>270</td></tr><tr><td>Sept.</td><td>12,830</td><td>3,962</td><td>429</td><td>1,429</td><td>2,504</td><td>1,192</td><td>619</td><td>159</td><td>1,985</td><td>172</td><td>29</td><td>294</td></tr><tr><td>Oct.</td><td>12,380</td><td>3,917</td><td>451</td><td>1,466</td><td>2,547</td><td>1,134</td><td>598</td><td>159</td><td>2,033</td><td>202</td><td>29</td><td>294</td></tr><tr><td>Nov.</td><td>13,979</td><td>4,146</td><td>470</td><td>1,504</td><td>2,514</td><td>1,135</td><td>532</td><td>159</td><td>2,033</td><td>202</td><td>29</td><td>321</td></tr><tr><td>Dec.</td><td>17,953</td><td>3,948</td><td>501</td><td>1,502</td><td>2,438</td><td>1,136</td><td>537</td><td>157</td><td>2,033</td><td>241</td><td>29</td><td>321</td></tr><tr><td>1954-Jan.</td><td>13,151</td><td>1,101</td><td>517</td><td>1,54</td><td>2,495</td><td>1,137</td><td>509</td><td>157</td><td>2,089</td><td>241</td><td>29</td><td>321</td></tr><tr><td>Feb.</td><td>13,040</td><td>1,147</td><td>564</td><td>1,462</td><td>2,472</td><td>1,138</td><td>417</td><td>157</td><td>2,067</td><td>206</td><td>29</td><td>342</td></tr><tr><td>Mar.</td><td>12,026</td><td>3,163</td><td>608</td><td>1,388</td><td>2,417</td><td>1,139</td><td>422</td><td>142</td><td>2,067</td><td>226</td><td>29</td><td>342</td></tr></table>
Source: Daily Treasury Statement.
1/ The securities shown in this table were issued to the Treasury to finance Government corporations and other agencies, with the Treasury maintaining these securities throughout public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables.
2/ Securities consist of notes of the Secretary of the Interior (Defense Minerals Exploration Administration), Export-Import Bank of Washington, Bureau of the Budget, General Services Administration (defense materiels procurement), and the Secretary of the Treasury (to whom the activities of the Reconstruction Finance Corporation under this act were transferred pursuant to the act approved July 30, 1953 (67 Stat. 230), and Executive Order No. 10458, dated September 26, 1953). (For a description of these programs, see Treasury Bulletin No. 35-3.)
3/ Consists of slum clearance program; Federal National Mortgage Association and prefabricated housing loans program, transferred from the Reconstruction Finance Corporation beginning September 1950; and
b) loaning loans for educational institutions, beginning July 1951. 
c) Superseded the Mutual Security Agency on August 1, 1953. 
d) Excludes securities issued under Defense Production Act of 1950; beginning December 1953 excludes also securities issued under Federal Civil Defense Act of 1950, which are included under "Other". 
e) Reconstruction Finance Corporation activities under the Civil Defense Act have been transferred to the Treasury for the Treasury pursuant to the act approved July 30, 1953 (67 Stat. 130). 
f) For Farmers' Home Administration program. 
g) Consists of notes issued by Federal Farm Mortgage Corporation and Rome Owners' Loan Corporation prior to 1950; Virginia Islands Company 1948-49, Secretary of the Army (Natural Fibers Revolving Fund) 1949-51, and Secretary of the Treasury, beginning December 1953 (see footnote 6); and advances under agreement with Veterans' Administration for direct loan program beginning August 1950. 
h) Notes outstanding in the amount of $9,365 million, including interest, were canceled on June 30, 1948 (62 Stat. 1187).
Table 6.- Status of the Account of the Treasurer of the United States
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="2">Bullion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th>Deposits in special depositories</th><th>Other deposits and collections</th><th>Liabilities</th><th>Balance in account of Treasurer of U. S.</th></tr><tr><th></th><th></th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th>$</th><th></th><th></th><th></th></tr><tr><td>1946</td><td>14,703</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>3,170</td><td>1,023</td><td>232</td><td>1,208</td><td>-</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1948</td><td>5,370</td><td>1,073</td><td>191</td><td>1,928</td><td>123</td><td>1,773</td><td>283</td><td>438</td><td>4,392</td></tr><tr><td>1949</td><td>3,862</td><td>1,022</td><td>219</td><td>1,48</td><td>103</td><td>1,772</td><td>309</td><td>392</td><td>3,470</td></tr><tr><td>1950</td><td>5,967</td><td>1,052</td><td>131</td><td>950</td><td>143</td><td>3,268</td><td>323</td><td>410</td><td>5,217</td></tr><tr><td>1951</td><td>7,871</td><td>1,046</td><td>176</td><td>338</td><td>250</td><td>5,630</td><td>380</td><td>514</td><td>7,357</td></tr><tr><td>1952</td><td>7,841</td><td>1,009</td><td>194</td><td>333</td><td>355</td><td>5,106</td><td>484</td><td>512</td><td>6,369</td></tr><tr><td>1953</td><td>5,096</td><td>984</td><td>161</td><td>132</td><td>210</td><td>3,071</td><td>538</td><td>426</td><td>4,670</td></tr><tr><td>1952-Dec.</td><td>6,592</td><td>1,007</td><td>160</td><td>339</td><td>176</td><td>4,368</td><td>483</td><td>518</td><td>6,064</td></tr><tr><td>1953-July</td><td>9,115</td><td>999</td><td>146</td><td>548</td><td>181</td><td>6,690</td><td>590</td><td>374</td><td>8,741</td></tr><tr><td>Aug.</td><td>8,113</td><td>993</td><td>158</td><td>496</td><td>96</td><td>5,825</td><td>545</td><td>439</td><td>7,674</td></tr><tr><td>Sept.</td><td>7,894</td><td>1,002</td><td>161</td><td>642</td><td>183</td><td>5,255</td><td>611</td><td>376</td><td>7,478</td></tr><tr><td>Oct.</td><td>5,181</td><td>988</td><td>169</td><td>662</td><td>185</td><td>2,892</td><td>586</td><td>355</td><td>5,126</td></tr><tr><td>Nov.</td><td>6,292</td><td>487</td><td>164</td><td>451</td><td>81</td><td>4,545</td><td>566</td><td>369</td><td>5,923</td></tr><tr><td>Dec.</td><td>5,014</td><td>484</td><td>160</td><td>346</td><td>131</td><td>3,358</td><td>536</td><td>437</td><td>4,577</td></tr><tr><td>1954-Jan.</td><td>4,492</td><td>490</td><td>179</td><td>404</td><td>363</td><td>2,406</td><td>609</td><td>403</td><td>4,044</td></tr><tr><td>Feb.</td><td>5,382</td><td>496</td><td>169</td><td>548</td><td>167</td><td>3,458</td><td>527</td><td>397</td><td>4,988</td></tr><tr><td>Mar.</td><td>6,821</td><td>495</td><td>191</td><td>722</td><td>462</td><td>4,379</td><td>572</td><td>467</td><td>6,535</td></tr></table>
Source: Daily Treasury Statement. 1/ On account of withheld taxes and sales of Government securities.
May 1954
15
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, 1954
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitation imposed by the act of June 26, 1946 (31 U.S.C. 757 b).</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>269,679</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>77</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>269,757</td></tr><tr><td>Balance issuable under limitation.</td><td>5,243</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding March 31, 1954
(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>21,013</td><td>-</td><td>21,013</td></tr><tr><td>Certificates of indebtedness</td><td>19,377</td><td>-</td><td>19,377</td></tr><tr><td>Treasury notes</td><td>26,787</td><td>-</td><td>26,787</td></tr><tr><td>Treasury bonds - bank eligible</td><td>74,134</td><td>-</td><td>74,134</td></tr><tr><td>Treasury bonds - bank restricted</td><td>8,674</td><td>-</td><td>8,674</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>-</td><td>96</td><td>96</td></tr><tr><td>Total marketable</td><td>149,985</td><td>96</td><td>150,081</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>57,902</td><td>-</td><td>57,902</td></tr><tr><td>Treasury savings notes</td><td>5,581</td><td>-</td><td>5,581</td></tr><tr><td>Depositary bonds</td><td>411</td><td>-</td><td>411</td></tr><tr><td>Treasury bonds, investment series</td><td>12,846</td><td>-</td><td>12,846</td></tr><tr><td>Total nonmarketable</td><td>76,739</td><td>-</td><td>76,739</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>41,002</td><td>-</td><td>41,002</td></tr><tr><td>Total interest-bearing securities</td><td>267,727</td><td>96</td><td>267,823</td></tr><tr><td>Matured securities on which interest has ceased</td><td>510</td><td>5</td><td>515</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>50</td><td>-</td><td>50</td></tr><tr><td>Excess profits tax refund bonds</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Special notes of the United States:</td><td>1,391</td><td>-</td><td>1,391</td></tr><tr><td>International Monetary Fund Series</td><td>-</td><td>191</td><td>191</td></tr><tr><td>United States notes (less gold reserve)</td><td>-</td><td>258</td><td>258</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total debt bearing no interest</td><td>1,443</td><td>455</td><td>1,897</td></tr><tr><td>Total public debt</td><td>269,679</td><td>556</td><td>270,235</td></tr><tr><td>Guaranteed securities</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>76</td><td>-</td><td>76</td></tr><tr><td>Matured</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>77</td><td>-</td><td>77</td></tr><tr><td>Total public debt and guaranteed securities</td><td>269,757</td><td>556</td><td>270,312</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 and
2/ Excludes guaranteed securities held by the Treasury.
16
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government and Outstanding March 31, 1954
(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 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 eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of:</th><th></th><th></th><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of:</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th></tr><tr><td>1954</td><td></td><td></td><td></td><td></td><td></td><td>1957</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>Bills</td><td>7,505</td><td>-</td><td>-</td><td>Mar.</td><td>2-3/8% Bond - 3/15/57-59 2-7/8% Note - 3/15/57-A</td><td>2,997</td><td>927</td><td>-</td><td>-</td></tr><tr><td>May.</td><td>Bills</td><td>6,002</td><td>-</td><td>-</td><td>Apr.</td><td>1-1/2% Note - 4/1/57-EA</td><td>531</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June.</td><td>Bills (Tax Anticipation Series) 2% Bond - 6/15/52-54 2-1/4% Bond 1/ - 6/15/52-55 2-1/4% Bond 2/ - 6/15/54-56 2-5/8% Certificate - 6/1/54-B</td><td>6,004 1,501 1,743 373 312 4,858</td><td>-</td><td>-</td><td>Oct.</td><td>1-1/2% Note - 10/1/57-80</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>4,332</td><td>927</td><td>-</td><td>-</td></tr><tr><td>Aug.</td><td>2-5/8% Certificate - 8/15/54-D</td><td>2,788</td><td>-</td><td>-</td><td>1958</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-5/8% Certificate - 9/15/54-E</td><td>4,724</td><td>-</td><td>-</td><td>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td>-</td><td>-</td><td>1,449</td><td>-</td></tr><tr><td>Dec.</td><td>2% Bond 5/ - 12/15/51-55 2% Bond 6/ - 12/15/52-54 1-7/8% Note - 12/15/54-B</td><td>8,662 8,175</td><td>510</td><td>-</td><td>Apr.</td><td>1-1/2% Note - 4/1/58-EA</td><td>383</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td>52,648</td><td>510</td><td>-</td><td>June.</td><td>2-3/8% Bond - 6/15/58 2-1/4% Bond - 6/15/58-63</td><td>4,245</td><td>-</td><td>919</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Oct.</td><td>1-1/2% Note - 10/1/58-80</td><td>101</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1955</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/58</td><td>2,368</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Feb.</td><td>1-5/8% Certificate - 2/15/55-A</td><td>7,007</td><td>-</td><td>-</td><td>Total</td><td>7,097</td><td>919</td><td>1,449</td><td>-</td></tr><tr><td>Mar.</td><td>1-1/2% Note - 3/15/55-A 2-1/8% Bond - 3/15/55-60</td><td>5,365 2,611</td><td>-</td><td>-</td><td>1959</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond 1/ - 12/15/51-55 1-3/4% Note - 12/15/55-B</td><td>6,854</td><td>-</td><td>510</td><td>Mar.</td><td>2-3/8% Bond - 3/15/57-59</td><td>-</td><td>-</td><td>927</td><td>-</td></tr><tr><td>Total</td><td></td><td>19,226</td><td>2,611</td><td>510</td><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>-</td><td>5,277</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59 2-1/4% Bond - 9/15/56-59</td><td>-</td><td>-</td><td>982 3,822</td><td>-</td></tr><tr><td>1956</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>3,466</td><td>-</td><td>-</td></tr><tr><td>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td>-</td><td>1,449</td><td>-</td><td>Total</td><td>8,742</td><td>5,730</td><td>-</td><td>-</td></tr><tr><td>Apr.</td><td>1-1/2% Note - 4/1/56-EA</td><td>1,007</td><td>-</td><td>-</td><td>1960</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59 2-1/4% Bond - 9/15/56-59</td><td>-</td><td>982 3,822</td><td>-</td><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>-</td><td>-</td><td>2,611</td><td>-</td></tr><tr><td>Oct.</td><td>1-1/2% Note - 10/1/56-80</td><td>550</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>-</td></tr><tr><td>Total</td><td></td><td>1,557</td><td>6,252</td><td>-</td><td>Total</td><td>1,485</td><td>2,611</td><td>-</td><td>-</td></tr></table>
Footnote at end of table.
(Continued on following page)
May 1954
7
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding March 31, 1954 1/2 - (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>Dete bank re-stricted 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></tr><tr><td>1961</td><td>June... 3% Panama Canal bond - 6/1/61</td><td>50</td><td>-</td><td>-</td><td>.....</td></tr><tr><td>Sept..</td><td>2-3/4% Bond - 9/15/61</td><td>2,239</td><td>-</td><td>-</td><td>.....</td></tr><tr><td>Nov..</td><td>2-1/2% Bond - 11/15/61</td><td>11,176</td><td>-</td><td>-</td><td>.....</td></tr><tr><td>Total</td><td></td><td>13,465</td><td>-</td><td>-</td><td></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>2,116</td><td>5,277</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>-</td><td>3,466</td><td>.....</td></tr><tr><td>Total</td><td></td><td>-</td><td>2,116</td><td>8,742</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>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Bond - 12/15/63-68</td><td>-</td><td>2,827</td><td>-</td><td>.....</td></tr><tr><td>Total</td><td></td><td>-</td><td>2,827</td><td>919</td><td>.....</td></tr><tr><td>1964</td><td>June... 2-1/2% Bond - 6/15/64-69</td><td>-</td><td>3,754</td><td>-</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Bond - 12/15/64-69</td><td>-</td><td>3,831</td><td>-</td><td>.....</td></tr><tr><td>Total</td><td></td><td>-</td><td>7,585</td><td>-</td><td>.....</td></tr><tr><td>1965</td><td>Mar... 2-1/2% Bond - 3/15/65-70</td><td>-</td><td>4,719</td><td>-</td><td>.....</td></tr><tr><td>Dec..</td><td>2-3/4% Bond - 12/15/60-65</td><td>-</td><td>-</td><td>1,485</td><td>.....</td></tr><tr><td>Total</td><td></td><td>-</td><td>4,719</td><td>1,485</td><td>.....</td></tr><tr><td>1966</td><td>Mar... 2-1/2% Bond - 3/15/66-71</td><td>-</td><td>2,961</td><td>-</td><td>12/1/54</td></tr></table>
<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 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></tr><tr><td>1967</td><td>June. 2-1/2% Bond - 6/15/62-67......</td><td>-</td><td>1,890</td><td>2,116</td><td>6/15/62</td></tr><tr><td></td><td>Sept. 2-1/2% Bond - 9/15/67-72......</td><td>-</td><td>2,716</td><td>-</td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72......</td><td>-</td><td>3,823</td><td>-</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>-</td><td>8,429</td><td>2,116</td><td></td></tr><tr><td>1968</td><td>Dec. 2-1/2% Bond - 12/15/63-68......</td><td>-</td><td>-</td><td>2,827</td><td>......</td></tr><tr><td>1969</td><td>June. 2-1/2% Bond - 6/15/64-69......</td><td>-</td><td>-</td><td>3,754</td><td>......</td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69......</td><td>-</td><td>-</td><td>3,831</td><td>......</td></tr><tr><td></td><td>Total</td><td>-</td><td>-</td><td>7,585</td><td>......</td></tr><tr><td>1970</td><td>Mar. 2-1/2% Bond - 3/15/65-70......</td><td>-</td><td>-</td><td>4,719</td><td>......</td></tr><tr><td>1971</td><td>Mar. 2-1/2% Bond - 3/15/66-71......</td><td>-</td><td>-</td><td>2,961</td><td>12/1/54</td></tr><tr><td>1972</td><td>June. 2-1/2% Bond - 6/15/67-72......</td><td>-</td><td>-</td><td>1,890</td><td>6/15/62</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72......</td><td>-</td><td>-</td><td>2,716</td><td>......</td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72......</td><td>-</td><td>-</td><td>3,823</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>-</td><td>-</td><td>8,429</td><td>......</td></tr><tr><td>1978</td><td>June. 3-1/4% Bond - 6/15/78-83......</td><td>-</td><td>1,606</td><td>-</td><td>......</td></tr><tr><td>1983</td><td>June. 3-1/4% Bond - 6/15/78-83......</td><td>-</td><td>-</td><td>1,606</td><td>......</td></tr></table>
Source: Daily Treasury Statement and Bureau of the Public Debt.
1/ Excludes postal savings bonds.
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities. For date of issue of each security, see "Market Quotations"; for tax 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 Best Submittals and Treasurer's Account, Table 2, Footnote 1. 4/ Called on February 9, 1954, for redemption on June 15, 1954; were exchangeable for bonds issued on February 15, 1954 (see Table 4 in this issue of the Treasury Bulletin and page A-2 in the February 1954 issue). 5/ Not called for redemption on June 15, 1954; callable on four month's notice for redemption on December 15, 1954, succeeding interest payment date. 6/ Not called for redemption on June 15, 1954; will mature on December 15, 1954.
18
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>Total amount</th><th>Amount of bids accepted on competitive basis</th><th>On noncompetitive basis 1/</th><th>In exchange</th><th>Amount maturing on issue date of new offering</th><th>Total unamortized leases outstanding after new issue</th></tr><tr><td colspan="10">Regular Series:</td></tr><tr><td>1953-Dec. 3.......</td><td>1954-Mar. 4....</td><td>91</td><td>2,004.9</td><td>1,500.3</td><td>1,286.4</td><td>213.9</td><td>205.1</td><td>1,500.5</td><td>19,508.4</td></tr><tr><td>Dec. 10.........</td><td>Mar. 11.........</td><td>91</td><td>1,999.1</td><td>1,500.1</td><td>1,289.2</td><td>210.9</td><td>154.8</td><td>1,500.5</td><td>19,506.6</td></tr><tr><td>Dec. 17.........</td><td>Mar. 18.........</td><td>91</td><td>2,216.4</td><td>1,500.5</td><td>1,224.6</td><td>275.9</td><td>214.7</td><td>1,500.3</td><td>19,508.8</td></tr><tr><td>Dec. 24.........</td><td>Mar. 25.........</td><td>91</td><td>2,290.3</td><td>1,501.3</td><td>1,259.4</td><td>241.9</td><td>299.4</td><td>1,499.9</td><td>19,510.1</td></tr><tr><td>Dec. 31.........</td><td>Apr. 1.........</td><td>91</td><td>2,334.7</td><td>1,502.3</td><td>1,295.7</td><td>206.6</td><td>316.9</td><td>1,500.9</td><td>19,511.5</td></tr><tr><td>1954-Jan. 7.....</td><td>Apr. 8.........</td><td>91</td><td>2,607.9</td><td>1,500.3</td><td>1,281.4</td><td>218.9</td><td>191.5</td><td>1,500.8</td><td>1,512.9</td></tr><tr><td>Jan. 12.........</td><td>Apr. 15.........</td><td>91</td><td>2,321.0</td><td>1,500.4</td><td>1,234.7</td><td>265.7</td><td>120.7</td><td>1,501.4</td><td>19,509.9</td></tr><tr><td>Jan. 24.........</td><td>Apr. 22.........</td><td>91</td><td>2,558.9</td><td>1,502.0</td><td>1,242.6</td><td>259.4</td><td>137.5</td><td>1,500.7</td><td>19,511.1</td></tr><tr><td>Jan. 29.........</td><td>Apr. 29.........</td><td>91</td><td>2,140.3</td><td>1,500.3</td><td>1,283.2</td><td>217.1</td><td>235.3</td><td>1,499.9</td><td>19,511.6</td></tr><tr><td>Feb. 4.........</td><td>May 6.........</td><td>91</td><td>2,270.2</td><td>1,500.3</td><td>1,318.9</td><td>181.4</td><td>181.6</td><td>1,500.6</td><td>19,511.3</td></tr><tr><td>Feb. 11.........</td><td>May 13.........</td><td>91</td><td>2,256.7</td><td>1,501.3</td><td>1,278.8</td><td>221.4</td><td>210.0</td><td>1,500.1</td><td>19,512.5</td></tr><tr><td>Feb. 18.........</td><td>May 20.........</td><td>91</td><td>2,339.8</td><td>1,499.9</td><td>1,293.6</td><td>206.4</td><td>190.0</td><td>1,501.7</td><td>19,510.7</td></tr><tr><td>Feb. 25.........</td><td>May 27.........</td><td>91</td><td>2,189.3</td><td>1,500.7</td><td>1,325.2</td><td>175.5</td><td>224.7</td><td>1,501.2</td><td>19,510.3</td></tr><tr><td>Mar. 4.........</td><td>June 3.........</td><td>91</td><td>2,221.0</td><td>1,501.0</td><td>1,298.8</td><td>202.1</td><td>186.8</td><td>1,500.3</td><td>19,511.0</td></tr><tr><td>Mar. 11.........</td><td>June 10.........</td><td>91</td><td>2,269.0</td><td>1,501.1</td><td>1,287.7</td><td>213.5</td><td>115.8</td><td>1,500.7</td><td>19,511.5</td></tr><tr><td>Mar. 18.........</td><td>June 17.........</td><td>91</td><td>2,531.2</td><td>1,501.0</td><td>1,284.1</td><td>227.0</td><td>200.6</td><td>1,500.5</td><td>19,512.0</td></tr><tr><td>Mar. 25.........</td><td>June 24.........</td><td>91</td><td>2,371.5</td><td>1,501.2</td><td>1,257.1</td><td>244.1</td><td>208.6</td><td>1,501.3</td><td>19,511.9</td></tr><tr><td>Apr. 1.........</td><td>July 1.........</td><td>91</td><td>2,339.9</td><td>1,500.7</td><td>1,309.1</td><td>191.6</td><td>184.3</td><td>1,502.3</td><td>19,510.3</td></tr><tr><td>Apr. 8.........</td><td>July 8.........</td><td>91</td><td>2,337.9</td><td>1,500.0</td><td>1,305.8</td><td>194.2</td><td>114.3</td><td>1,500.3</td><td>19,510.0</td></tr><tr><td>Apr. 15 p......</td><td>July 15.........</td><td>91</td><td>2,214.2</td><td>1,501.3</td><td>1,259.6</td><td>241.7</td><td>146.3</td><td>1,500.4</td><td>19,511.0</td></tr><tr><td>Apr. 22 p......</td><td>July 22.........</td><td>91</td><td>2,364.5</td><td>1,501.5</td><td>1,270.6</td><td>230.8</td><td>152.5</td><td>1,502.0</td><td>19,510.3</td></tr><tr><td>Apr. 29 p......</td><td>July 29.........</td><td>91</td><td>2,493.5</td><td>1,502.5</td><td>1,286.6</td><td>216.0</td><td>210.5</td><td>1,500.3</td><td>19,513.0</td></tr><tr><td colspan="10">Tax Anticipation Series:</td></tr><tr><td>1954-Mar. 22.....</td><td>June 26.........</td><td>94</td><td>2,727.3</td><td>1,500.7</td><td>1,334.3</td><td>156.4</td><td>-</td><td>-</td><td>1,500.7</td></tr><tr><td>Apr. 27 p......</td><td>June 18.........</td><td>92</td><td>2,907.0</td><td>1,001.1</td><td>733.3</td><td>207.8</td><td>-</td><td>-</td><td>2,501.1</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/</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th>(Percent)</th><th>Price per hundred</th><th>Equivalent rate 2/</th><th>Price per hundred</th><th>Equivalent rate 2/</th></tr><tr><td colspan="7">Popular Series:</td></tr><tr><td>1953-Dec. 3</td><td>99.598</td><td>1.589</td><td>99.638</td><td>1.438</td><td>99.502</td><td>1.611</td></tr><tr><td>Dec. 10</td><td>99.595</td><td>1.603</td><td>99.615 3/</td><td>1.583</td><td>99.589</td><td>1.686</td></tr><tr><td>Dec. 27</td><td>99.575</td><td>1.682</td><td>99.621</td><td>1.499</td><td>99.570</td><td>1.701</td></tr><tr><td>Dec. 28</td><td>99.569</td><td>1.704</td><td>99.610</td><td>1.543</td><td>99.566</td><td>1.717</td></tr><tr><td>Dec. 31</td><td>99.602</td><td>1.574</td><td>99.607</td><td>1.555</td><td>99.601</td><td>1.575</td></tr><tr><td>1954-Jan. 7</td><td>99.668</td><td>1.314</td><td>99.670</td><td>1.305</td><td>99.600</td><td>1.321</td></tr><tr><td>Jan. 14</td><td>99.662</td><td>1.336</td><td>99.697</td><td>1.139</td><td>99.659</td><td>1.319</td></tr><tr><td>Jan. 21</td><td>99.695</td><td>1.208</td><td>99.701</td><td>1.181</td><td>99.692</td><td>1.218</td></tr><tr><td>Jan. 28</td><td>99.748</td><td>.998</td><td>99.756</td><td>.965</td><td>99.736</td><td>1.344</td></tr><tr><td>Feb. 4</td><td>99.739</td><td>1.331</td><td>99.775</td><td>.890</td><td>99.734</td><td>1.358</td></tr><tr><td>Feb. 11</td><td>99.774</td><td>.873</td><td>99.790</td><td>.870</td><td>99.770</td><td>.910</td></tr><tr><td>Feb. 18</td><td>99.741</td><td>1.024</td><td>99.795</td><td>.811</td><td>99.736</td><td>1.044</td></tr><tr><td>Feb. 25</td><td>99.751</td><td>.966</td><td>99.795</td><td>.811</td><td>99.748</td><td>.997</td></tr><tr><td>Mar. 4</td><td>99.732</td><td>1.260</td><td>99.792 4/</td><td>.981</td><td>99.728</td><td>1.076</td></tr><tr><td>Mar. 11</td><td>99.731</td><td>1.065</td><td>99.752</td><td>.981</td><td>99.728</td><td>1.076</td></tr><tr><td>Mar. 18</td><td>99.733</td><td>1.056</td><td>99.740</td><td>1.029</td><td>99.731</td><td>1.064</td></tr><tr><td>Mar. 25</td><td>99.743</td><td>1.030</td><td>99.747 5/</td><td>1.101</td><td>99.737</td><td>1.040</td></tr><tr><td>Apr. 1</td><td>99.731</td><td>1.063</td><td>99.750 6/</td><td>.986</td><td>99.729</td><td>1.072</td></tr><tr><td>Apr. 8</td><td>99.744</td><td>1.013</td><td>99.747 7/</td><td>1.101</td><td>99.728</td><td>1.021</td></tr><tr><td>Apr. 15 p.</td><td>99.750</td><td>1.056</td><td>99.750 5/</td><td>.981</td><td>99.728</td><td>1.076</td></tr><tr><td>Apr. 20</td><td>99.740</td><td>1.021</td><td>99.743 2/</td><td>1.101</td><td>99.735</td><td>1.033</td></tr><tr><td>Apr. 27 p.</td><td>99.776</td><td>.886</td><td>99.778</td><td>.876</td><td>99.770</td><td>.955</td></tr><tr><td colspan="7">Tax Anticipation Series:</td></tr><tr><td>1979-Mar. 2</td><td>73.750</td><td>.956</td><td>99.775</td><td>.862</td><td>99.747</td><td>.962</td></tr><tr><td>Apr. 2 p.</td><td>73.595</td><td>.756</td><td>99.703</td><td>.672</td><td>99.692</td><td>.743</td></tr></table>
Source: Bureau of the Public Debt.
1/ Tenders for $200,000 or less from any one bidder are accepted in full at average price on competitive bids.
2/ Bank discount basis.
3/ Except $300,000 at 36.633.
4/ Except $95,000 at 35.775.
5/ Except $127,000 at 99.775.
6/ Except $200,000 at 99.765.
7/ Except $300,000 at 99.760.
8/ Except $325,000 at 99.765.
2/ Except $300,000 at 99.747.
F Preliminary.
May 1954
19
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Due subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th colspan="2">Period to -</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>Maturity</th><th>First call</th><th>Cash $/ Exchange</th><th>For cash $/</th><th>In exchange for other securities</th><th></th></tr><tr><td>2/6/51</td><td>6/15/51</td><td>1-1/2% Note</td><td>5 yr</td><td>1/2 m</td><td>-</td><td>1,007 3/</td><td>1,007 3/</td><td>100</td></tr><tr><td>6/15/51</td><td>6/15/51</td><td>1-7/8% Certificate</td><td>11 m</td><td>-</td><td>-</td><td>9,284</td><td>9,284</td><td>100</td></tr><tr><td>7/15/51</td><td>8/1/51</td><td>1-7/8% Certificate</td><td>11 m</td><td>-</td><td>-</td><td>5,216</td><td>5,216</td><td>100</td></tr><tr><td>9/14/51</td><td>9/15/51</td><td>1-7/8% Certificate</td><td>11 m</td><td>-</td><td>-</td><td>583</td><td>583</td><td>100</td></tr><tr><td>9/18/51</td><td>10/15/51</td><td>1-7/8% Certificate</td><td>11 1/2 m</td><td>-</td><td>-</td><td>1,832</td><td>1,832</td><td>100</td></tr><tr><td>10/1/51</td><td>10/15/51</td><td>1-7/8% Certificate</td><td>11 1/2 m</td><td>-</td><td>-</td><td>10,861</td><td>10,861</td><td>100</td></tr><tr><td>10/1/51</td><td>10/15/51</td><td>1-1/2% Note</td><td>5 yr</td><td>11 1/2 m</td><td>-</td><td>550 3/</td><td>550 3/</td><td>100</td></tr><tr><td>12/3/51</td><td>12/15/51</td><td>1-7/8% Certificate</td><td>5 yr</td><td>1 1/2 m</td><td>-</td><td>1,063</td><td>1,063</td><td>100</td></tr><tr><td>2/18/52</td><td>3/1/52</td><td>2-3/8% Bond</td><td>7 yr</td><td>1 1/2 m</td><td>5 yr 1/2 m</td><td>927</td><td>927</td><td>100</td></tr><tr><td>2/3/52</td><td>3/1/52</td><td>1-7/8% Certificate</td><td>5 yr</td><td>11 1/2 m</td><td>-</td><td>8,968</td><td>8,968</td><td>100</td></tr><tr><td>6/16/52</td><td>7/1/52</td><td>1-1/2% Note</td><td>5 yr</td><td>11 1/2 m</td><td>11,593</td><td>531 3/</td><td>4,245</td><td>100/</td></tr><tr><td>8/1/52</td><td>8/15/52</td><td>2-3/8% Bond</td><td>5 yr</td><td>11 1/2 m</td><td>-</td><td>4,963</td><td>4,963</td><td>100</td></tr><tr><td>9/15/52</td><td>10/1/52</td><td>1-1/2% Note</td><td>1 yr</td><td>2 m</td><td>-</td><td>10,542</td><td>10,542</td><td>100</td></tr><tr><td>11/17/52</td><td>8/15/52</td><td>1-1/2% Note</td><td>5 yr</td><td>1 m</td><td>-</td><td>824 3/</td><td>824 3/</td><td>100</td></tr><tr><td>2/2/53</td><td>2/15/53</td><td>2-1/4% Certificate</td><td>1 yr</td><td>10 m</td><td>-</td><td>8,114</td><td>8,114</td><td>100 1/</td></tr><tr><td>2/3/53</td><td>4/15/53</td><td>1-1/2% Bond</td><td>5 yr</td><td>10 m</td><td>-</td><td>620 6/</td><td>620 6/</td><td>100</td></tr><tr><td>4/13/53</td><td>5/1/53</td><td>1-1/2% Note</td><td>30 yr</td><td>1 1/2 m</td><td>25 yr 1 1/2 m</td><td>383 3/</td><td>1,188</td><td>3/</td></tr><tr><td>5/20/53</td><td>6/1/53</td><td>2-5/8% Certificate</td><td>1 yr</td><td>8 m</td><td>5,250</td><td>418 8/</td><td>418 8/</td><td>100</td></tr><tr><td>7/6/53</td><td>7/15/53</td><td>2-1/2% Certificate</td><td>3/2</td><td>10</td><td>8,687</td><td>4,898</td><td>5,902</td><td>11/</td></tr><tr><td>8/5/53</td><td>8/15/53</td><td>2-5/8% Certificate</td><td>1 yr</td><td>1 m</td><td>-</td><td>2,788</td><td>2,788</td><td>100</td></tr><tr><td>9/2/53</td><td>9/15/53</td><td>2-5/8% Certificate</td><td>1 yr</td><td>6 m</td><td>-</td><td>4,724</td><td>4,724</td><td>100 12/</td></tr><tr><td>9/2/53</td><td>9/15/53</td><td>2-7/8% Note</td><td>3 yr</td><td>1 m</td><td>-</td><td>2,997</td><td>2,997</td><td>100</td></tr><tr><td>10/28/53</td><td>10/1/53</td><td>1-1/2% Note</td><td>5 yr</td><td>10 m</td><td>12,543</td><td>121 3/</td><td>2,239</td><td>100</td></tr><tr><td>11/18/53</td><td>12/1/53</td><td>1-7/8% Note</td><td>1 yr</td><td>1 1/2 m</td><td>-</td><td>8,175</td><td>8,175</td><td>100 11/</td></tr><tr><td>2/15/54</td><td>2/15/54</td><td>2-1/2% Bond</td><td>5 yr</td><td>10 m</td><td>-</td><td>1,748 6/</td><td>1,748 6/</td><td>100</td></tr><tr><td>2/1/54</td><td>2/15/54</td><td>1-5/8% Certificate</td><td>1 yr</td><td>9 m</td><td>-</td><td>7,007p</td><td>7,007p</td><td>100 15/</td></tr><tr><td>2/3/54</td><td>3/1/54</td><td>1-1/2% Note</td><td>7 yr</td><td>9 m</td><td>-</td><td>11,171</td><td>11,171</td><td>100</td></tr><tr><td>5/5/54</td><td>5/17/54</td><td>1-7/8% Note</td><td>4 yr</td><td>9 m</td><td>9,750</td><td>2,897p</td><td>2,205p</td><td>16/ 17/</td></tr><tr><td>5/5/54</td><td>5/17/54</td><td>1-1/2% Certificate</td><td>1 yr</td><td>-</td><td>-</td><td>3,883p</td><td>3,883p</td><td>100 11/</td></tr></table>
Source: Bureau of the Public Debt.
1/ Consists of all public cash subscriptions and subscriptions by U. S. Government investment accounts.
2/ Extends to cover all series of nonmarketable 2-3/4 Treasury Bonds, Investment Series B-1975-50, dated April 1, 1951. For further information relating to the original offering see "Treasury Bulletin" for April 1951, page A-1.
3/ Amounts shown are as of April 30, 1954. They include exchanges by Federal Reserve System Open Market Account amounting to $1,000 million in the case of Series EA-1956, $500 million each in the case of Series 20-13/56 and Series EA-1957, and $114 million in the case of Series 20-1957.
4/ Nonbank subscriptions were allotted in full. Commercial banks' subscriptions for amounts up to and including $100,000 for their own account were allotted in full. Commercial banks' subscriptions for amounts over $100,000 for their own account were allotted $100,000 on each subscription.
2/ The 2-1/2 certificates dated August 15, 1952, were reopened, with all certificates of the series identical in all respects, as an exchange offering for the 1-1/8% certificates which matured December 1, 1952. Total exchange in the two offerings amounted to $2,802 million.
5/ The 2-1/2% bonds dated February 15, 1953, were reopened with all the bonds of the series identical in all respects, as an exchange offering for the 2-1/8% notes which matured December 1, 1953. Total exchange in the two offerings amounted to $2,358 million.
6/ The 1-1/8% bonds dated 1/15/48 which matured February 15, 1953, were offered a choice of exchanging the securities for either the one-year certificates or the five-year, ten-month bonds.
7/ The bond offering was made available for exchange of Series F and G sinking fund bonds maturing in full through December 31, 1953. Total allotment on cash subscriptions were limited to approximately $1,000 million. Nonbank subscriptions in amounts up to and including $5,000 were allotted in full. All other subscriptions were allotted 20 percent. Commercial banks' subscriptions
were restricted to an amount not exceeding 5 percent of their time deposits as of December 31, 1952. The Treasury also reserved the right to limit subscriptions of amounts maturing at any given investment account, which subscribed to a total amount of $110 million. Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profits taxes due March 15, 1954. Subscriptions for amounts up to and including $100,000 were allotted in the first half of the year; amounts from $100,000 were allotted 67 percent but in no case less than $100,000. Holders of the 2½ bonds which matured September 15, 1953, were offered a choice of exchanging the securities for either the one-year certificate or the three-and-one-half-year notes. Subscriptions for amounts up to and including $10,000 were allotted in full. Subscriptions from individual savings banks, insurance companies, private investment funds, and State and local governments were allotted 26 percent. All others, including commercial banks, were allotted 16 percent but not less than $10,000 on any one subscription. Holders of the 2-1/8% notes maturing December 1, 1953, were offered a choice of exchanging the securities for either the twelve and one-half month notes or the five-year ten percent bonds. Holders of the 1½% 4½ certificates which matured February 15, 1954, and the 2-3/8% notes maturing March 15, 1954, were offered a choice of exchanging the securities on February 15, 1954, for either the one-year certificates or the seven-year, nine-month bonds. In addition, holders of the 2½ bonds maturing June 15, 1954, and two issues of 2-1/4% bonds called for redemption on June 15, 1954, were given an opportunity to exchange their holdings on February 15, 1954, for the 2-1/8% bonds. Subscriptions for amounts up to and including $10,000 were allotted in full. All other subscriptions were allotted 22 percent but in no case less than $10,000. Holders of the 2-5/8% certificates maturing June 1, 1954, were offered a choice of exchanging the securities on May 17, 1954, for either the one-year certificate or the four-year, nine-month note. Preliminary.
20
Treasury Bulletin
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offered by Treasury</th><th colspan="2">Result of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th>Description</th><th>Issue date</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Ex-changed</th><th>Turned in for cash 2/</th><th></th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>8/1/51</td><td>1-1/4% Note</td><td>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>135</td><td>1-7/8% Certificate - 7/1/52-B</td></tr><tr><td>9/15/51</td><td>3% Bond</td><td>9/15/51-55</td><td>9/15/31</td><td>755</td><td>-</td><td>755</td><td>583</td><td>172</td><td>1-7/8% Certificate - 8/19/52-C</td></tr><tr><td>10/1/51</td><td>1-1/4% Note</td><td>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>86</td><td>1-7/8% Certificate - 9/1/52-D</td></tr><tr><td>10/15/51</td><td>1-1/4% Note</td><td>10/15/51-7</td><td>9/15/50</td><td>5,931</td><td>-</td><td>5,931</td><td>5,873</td><td>57</td><td>1-7/8% Certificate - 10/1/52-E</td></tr><tr><td></td><td>1-1/4% Note</td><td>11/1/51-D</td><td>10/1/50</td><td>5,253</td><td>-</td><td>5,253</td><td>4,988</td><td>265</td><td></td></tr><tr><td></td><td>Total</td><td></td><td></td><td>11,194</td><td>-</td><td>11,194</td><td>10,661</td><td>333</td><td></td></tr><tr><td>12/15/51</td><td>2-1/4% Bond</td><td>12/15/51-53</td><td>12/28/39</td><td>1,118</td><td>-</td><td>1,118</td><td>1,063</td><td>55</td><td>1-7/8% Certificate - 12/1/52-F</td></tr><tr><td>3/1/52</td><td>2-1/2% Bond</td><td>3/15/52-2A</td><td>3/31/41</td><td>1,024</td><td>-</td><td>1,024</td><td>927</td><td>97</td><td>2-3/8% Bond - 3/15/57-59</td></tr><tr><td>3/1/52</td><td>1-7/8% Certificate</td><td>4/1/52-A</td><td>6/15/51</td><td>9,524</td><td>-</td><td>9,524</td><td>8,868</td><td>656</td><td>1-7/8% Certificate - 2/15/53-A</td></tr><tr><td>6/4/52</td><td>2-1/2% Bond</td><td>3/15/65-70</td><td>2/1/44</td><td>5,195</td><td>-</td><td>5,195</td><td>467</td><td>-</td><td>2-3/4% Treasury Bond, Investment Series B-1975-80 3/</td></tr><tr><td></td><td>2-1/2% Bond</td><td>3/15/66-71</td><td>12/1/44</td><td>3,480</td><td>-</td><td>3,480</td><td>512</td><td>-</td><td></td></tr><tr><td></td><td>2-1/2% Bond</td><td>6/15/67-72</td><td>6/1/45</td><td>1,999</td><td>-</td><td>1,999</td><td>100</td><td>-</td><td></td></tr><tr><td></td><td>2-1/2% Bond</td><td>12/15/67-72</td><td>11/15/45</td><td>4,072</td><td>-</td><td>4,072</td><td>227</td><td>-</td><td></td></tr><tr><td></td><td>Total</td><td></td><td></td><td>14,746</td><td>-</td><td>14,746</td><td>1,306</td><td>-</td><td></td></tr><tr><td>7/1/52</td><td>1-7/8% Certificate</td><td>7/1/52-B</td><td>8/1/51</td><td>5,216</td><td>-</td><td>5,216</td><td>4,963</td><td>253</td><td>1-7/8% Certificate - 6/1/53-B</td></tr><tr><td>8/15/52</td><td>1-7/8% Certificate</td><td>8/15/52-C</td><td>9/15/51</td><td>583</td><td>-</td><td>583</td><td>434</td><td>150</td><td>2% Certificate - 8/15/53-D</td></tr><tr><td></td><td>1-7/8% Certificate</td><td>9/1/52-D</td><td>10/1/51</td><td>1,832</td><td>-</td><td>1,832</td><td>1,375</td><td>258</td><td></td></tr><tr><td></td><td>Total</td><td></td><td></td><td>2,416</td><td>-</td><td>2,416</td><td>2,008</td><td>407</td><td></td></tr><tr><td>10/1/52</td><td>1-7/8% Certificate</td><td>10/1/52-E</td><td>10/15/51</td><td>10,861</td><td>-</td><td>10,861</td><td>10,542</td><td>319</td><td>2-1/8% Note - 12/1/53-A</td></tr><tr><td>12/1/52</td><td>1-7/8% Certificate</td><td>12/1/52-F</td><td>12/15/51</td><td>1,063</td><td>-</td><td>1,063</td><td>873</td><td>190</td><td>2% Certificate - 8/15/53-D</td></tr><tr><td>2/15/53</td><td>1-7/8% Certificate</td><td>2/15/53-A</td><td>3/1/52</td><td>8,868</td><td>-</td><td>8,868</td><td>8,734</td><td>134</td><td>2-1/4% Certificate - 2/15/54-A</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>-</td><td></td><td></td><td></td><td>2-1/2% Bond - 12/15/58 5/</td></tr><tr><td>6/1/53</td><td>1-7/8% Certificate</td><td>6/1/53-B</td><td>7/1/52</td><td>4,963</td><td>-</td><td>4,963</td><td>4,410</td><td>553</td><td>2-5/8% Certificate - 6/1/54-B</td></tr><tr><td>6/15/53</td><td>2% Bond</td><td>6/15/53-55</td><td>10/7/40</td><td>725</td><td>-</td><td>725</td><td>443</td><td>277</td><td></td></tr><tr><td></td><td>Total</td><td></td><td></td><td>5,688</td><td>-</td><td>5,688</td><td>4,858</td><td>829</td><td></td></tr><tr><td>8/15/53</td><td>2% Certificate</td><td>8/15/53-C</td><td>8/15/52</td><td>2,882</td><td>-</td><td>2,882</td><td>2,788</td><td>93</td><td>2-5/8% Certificate - 8/15/54-D</td></tr><tr><td>9/15/53</td><td>2% Bond</td><td>9/15/51-53</td><td>9/15/43</td><td>7,986</td><td>-</td><td>7,986</td><td>7,721</td><td>266</td><td>2-5/8% Certificate - 9/15/54-E</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>-</td><td></td><td></td><td></td><td>2-7/8% Note - 3/15/57-A</td></tr><tr><td>12/1/53</td><td>2-1/8% Note</td><td>12/1/53-A</td><td>10/1/52</td><td>10,042</td><td>6/</td><td>10,042</td><td>9,923</td><td>118</td><td>1-7/8% Note - 12/15/58 5/</td></tr><tr><td></td><td>2-1/4% Certificate</td><td>2/15/54-A</td><td>2/15/53</td><td>8,114</td><td>-</td><td>8,114</td><td>7,647p</td><td>100p</td><td>1-5/8% Certificate - 2/15/55-A</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>-</td><td></td><td>1,360p</td><td></td><td>2-1/2% Bond - 11/15/61</td></tr><tr><td>2/15/54 1/</td><td>1-3/8% Note</td><td>3/15/54-A</td><td>12/15/49</td><td>4,675</td><td>-</td><td>4,675</td><td>3,237p</td><td>76p</td><td>1-5/8% Certificate - 2/15/55-A</td></tr><tr><td></td><td>2% Bond</td><td>5/15/52-54</td><td>6/26/44</td><td>5,825</td><td>-</td><td>5,825</td><td>4,083p</td><td>1,743p</td><td>2-1/2% Bond - 11/15/61</td></tr><tr><td></td><td>2-1/4% Bond</td><td>6/15/52-55</td><td>2/25/42</td><td>1,501</td><td>-</td><td>1,501</td><td>1,127p</td><td>373p</td><td></td></tr><tr><td></td><td>2-1/4% Bond</td><td>6/15/54-56</td><td>7/22/40</td><td>681</td><td>-</td><td>681</td><td>369p</td><td>311p</td><td>7,007p total of 1-5/8% Certificate 11,177p total of 2-1/2% Bond</td></tr><tr><td></td><td>Total</td><td></td><td></td><td>20,796</td><td>-</td><td>20,796</td><td>18,184p</td><td>2,612p</td><td></td></tr><tr><td>5/17/54</td><td>2% Bond</td><td>6/15/52-54</td><td>6/26/44</td><td>1,743</td><td>-</td><td>1,743</td><td>1,502p</td><td>241p</td><td>1-1/8% Certificate - 5/17/55-B</td></tr><tr><td></td><td>2-1/4% Bond</td><td>6/15/52-55</td><td>2/25/42</td><td>373</td><td>-</td><td>373</td><td>322p</td><td>51p</td><td></td></tr><tr><td></td><td>2-1/4% Bond</td><td>6/15/54-56</td><td>7/22/40</td><td>311</td><td>-</td><td>311</td><td>273p</td><td>36p</td><td>1-1/8% Certificate - 5/17/55-B</td></tr><tr><td></td><td>2-5/8% Certificate</td><td>6/1/54-B</td><td>6/1/53</td><td>4,858</td><td>-</td><td>4,858</td><td>1,786p</td><td>175p</td><td>1-7/8% Note - 2/15/59-A</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>-</td><td></td><td>2,897p</td><td></td><td>3,883p total of 1-1/8% Certificate 2,897p total of 1-7/8% Note</td></tr><tr><td></td><td>Total</td><td></td><td></td><td>7,285</td><td>-</td><td>7,285</td><td>6,780p</td><td>505p</td><td></td></tr></table>
Source: Bureau of the Public Debt.
1/ Original call and maturity dates are used.
3/ All by investors other than Federal Reserve Banks.
2/ The 2½% marketable bonds, issued April 1, 1951, and maturing April 1, 1960, are exchangeable for 1-1/2% marketable Treasury notes; see Table 3, footnote 2. In the reopening, the Investment Series bonds were offered for cash subscriptions as well as exchange, and not less than one quarter of each subscription had to be paid in cash.
b/ The 2½ certificates maturing August 15, 1953, were reopened for the December 1, 1½% refunding (see Table 3).
2/ The 2-1/2% bonds maturing December 15, 1958, were reopened for the December 1, 1953, refunding (see Table 3).
On November 9, 1953, the Treasury purchased from the Federal Reserve System and retired $500 million of the 2-1/6% Treasury notes maturing December 15, 1953. For further details see "Treasury Bulletin" for November 1953, page A-1.
For details of exchange offering see Table 3, footnote 15.
It had been announced that holders of these bonds would be given an opportunity to exchange them for another Treasury issue after February 15, 1954. This exchange offering was included in the refunding of May 17, 1954.
Preliminary.
May 1954
21
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 1941, 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. A number of changes became effective May 1, 1952. The principal ones were: The rate of interest accrual on Series E was increased, especially for the near term, with corresponding changes in extended Series E; and Series F and G were replaced by two new issues, Series J and K, also at higher interest rates. A new new current-income bond, Series H, similar in interest return to Series E, was offered beginning June 1.
details of these changes see "Treasury Bulletin" for May 1952, page A-1. Series F and G began to mature on May 1, 1953. For the exchange offering made to holders of these bonds maturing through December 31, 1953, see the May 1953 issue, page A-1. The Treasury invited holders of Series F and G which begin to mature in January 1954 to reinvest the proceeds in other series of savings bonds. In the tables which follow, Series A-F and J sales are included at issue price and total redemptions and amounts outstanding at current redemption values. Series G, H, and K are included at face value throughout. Matured bonds which have been redeemed are included in redemptions. Matured F and G bonds outstanding are included in the interest-bearing debt until all bonds of the annual 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, 1954
(Dollar amounts in millions)
<table><tr><th>Series</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amount outstanding</th><th>Redemptions of interest-bearing series as percent of sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Interest-bearing debt</th><th>Matured debt</th><th></th></tr><tr><td>Series A-D 1/2</td><td>3,949</td><td>1,034</td><td>5,003</td><td>4,927</td><td>-</td><td>77</td><td>-</td></tr><tr><td>Series E and F</td><td>72,843</td><td>7,769</td><td>80,612</td><td>43,438 2/3</td><td>37,175</td><td>-</td><td>53.68</td></tr><tr><td>Series F, G, J, and K</td><td>29,436 2/3</td><td>703</td><td>30,189</td><td>9,390</td><td>20,728</td><td>71</td><td>26.78</td></tr><tr><td>Total A-K</td><td>106,278</td><td>9,527</td><td>115,804</td><td>57,755</td><td>57,902</td><td>148</td><td>-</td></tr></table>
Source: Daily Treasury Statement; Bureau of the Public Debt
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>Salee</th><th>Accrued discount</th><th>Salee plus accrued discount</th><th colspan="3">Redemptions 3/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Interest-bearing debt</th><th>Matured debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1945</td><td>52,783</td><td>986</td><td>53,769</td><td>8,184</td><td>8,098</td><td>85</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,512</td><td>573</td><td>10,184</td><td>6,117</td><td>6,579</td><td>138</td><td>49,035</td><td>18</td></tr><tr><td>1947</td><td>7,208</td><td>692</td><td>7,899</td><td>5,945</td><td>5,324</td><td>221</td><td>51,367</td><td>40</td></tr><tr><td>1948</td><td>6,235</td><td>804</td><td>7,039</td><td>5,113</td><td>4,845</td><td>268</td><td>53,274</td><td>59</td></tr><tr><td>1949</td><td>7,131</td><td>927</td><td>8,058</td><td>5,067</td><td>4,721</td><td>346</td><td>56,260</td><td>73</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>51,536</td><td>92</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>57,572</td><td>112</td></tr><tr><td>1952</td><td>3,955</td><td>1,207</td><td>5,132</td><td>5,109</td><td>4,640</td><td>469</td><td>57,685</td><td>122</td></tr><tr><td>1953</td><td>4,562</td><td>1,289</td><td>5,792</td><td>5,621</td><td>5,072</td><td>548</td><td>57,866</td><td>91</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>1935-1945</td><td>58,353</td><td>1,251</td><td>59,604</td><td>11,380</td><td>11,244</td><td>137</td><td>48,183</td><td>41</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>49,716</td><td>87</td></tr><tr><td>1947</td><td>6,594</td><td>742</td><td>7,436</td><td>5,126</td><td>4,889</td><td>237</td><td>52,053</td><td>122</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>55,051</td><td>146</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>56,707</td><td>203</td></tr><tr><td>1950</td><td>6,074</td><td>1,104</td><td>7,178</td><td>5,840</td><td>5,323</td><td>517</td><td>58,013</td><td>283</td></tr><tr><td>1951</td><td>3,961</td><td>1,181</td><td>5,142</td><td>5,651</td><td>5,150</td><td>501</td><td>57,591</td><td>138</td></tr><tr><td>1952</td><td>4,161</td><td>1,282</td><td>5,381</td><td>5,074</td><td>4,965</td><td>109</td><td>57,940</td><td>106</td></tr><tr><td>1953</td><td>4,800</td><td>1,237</td><td>6,037</td><td>6,149</td><td>5,552</td><td>597</td><td>57,710</td><td>225</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>1953-July</td><td>402</td><td>124</td><td>527</td><td>541</td><td>525</td><td>17</td><td>57,811</td><td>90</td></tr><tr><td>August</td><td>371</td><td>87</td><td>458</td><td>480</td><td>423</td><td>58</td><td>57,851</td><td>99</td></tr><tr><td>September</td><td>368</td><td>88</td><td>456</td><td>514</td><td>458</td><td>56</td><td>57,195</td><td>87</td></tr><tr><td>October</td><td>384</td><td>83</td><td>467</td><td>489</td><td>420</td><td>69</td><td>57,775</td><td>85</td></tr><tr><td>November</td><td>369</td><td>99</td><td>469</td><td>438</td><td>391</td><td>48</td><td>57,806</td><td>83</td></tr><tr><td>December</td><td>423</td><td>137</td><td>560</td><td>514</td><td>454</td><td>50</td><td>57,710</td><td>225</td></tr><tr><td>1954-January</td><td>561</td><td>126</td><td>688</td><td>704</td><td>653</td><td>51</td><td>57,736</td><td>153</td></tr><tr><td>February</td><td>515</td><td>87</td><td>602</td><td>560</td><td>437</td><td>63</td><td>57,797</td><td>163</td></tr><tr><td>March</td><td>602</td><td>86</td><td>698</td><td>598</td><td>527</td><td>71</td><td>57,902</td><td>142</td></tr></table>
Source: Daily Treasury Statement; Bureau of the Public Debt.
Footnotes at end of Table 4.
22
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods, Series E through K
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Salee</th><th>Accrued discount</th><th>Salee plus accrued discount</th><th>Total</th><th>Salee price</th><th>Accrued discount</th><th>Interest-bearing debt</th><th>Natured debt</th></tr><tr><td colspan="9">Series E and H combined</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-1945</td><td>35,374</td><td>418</td><td>35,792</td><td>6,694</td><td>6,668</td><td>26</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>5,883</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</td><td>536</td><td>4,824</td><td>4,391</td><td>4,288</td><td>103</td><td>30,791</td><td>-</td></tr><tr><td>1948</td><td>4,086</td><td>633</td><td>4,719</td><td>3,825</td><td>3,689</td><td>136</td><td>31,625</td><td>-</td></tr><tr><td>1949</td><td>4,278</td><td>793</td><td>5,071</td><td>3,730</td><td>3,368</td><td>168</td><td>33,127</td><td>-</td></tr><tr><td>1950</td><td>3,993</td><td>895</td><td>4,888</td><td>3,521</td><td>3,326</td><td>195</td><td>34,494</td><td>-</td></tr><tr><td>1951</td><td>3,272</td><td>1,035</td><td>4,307</td><td>4,295</td><td>3,987</td><td>307</td><td>34,506</td><td>-</td></tr><tr><td>1952</td><td>3,296</td><td>1,111</td><td>4,407</td><td>4,008</td><td>3,583</td><td>425</td><td>34,905</td><td>-</td></tr><tr><td>1953</td><td>4,061</td><td>1,120</td><td>5,181</td><td>4,038</td><td>3,538</td><td>500</td><td>36,048</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>1941-1945</td><td>39,680</td><td>615</td><td>40,295</td><td>9,568</td><td>9,517</td><td>51</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>4,105</td><td>579</td><td>4,684</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>3,579</td><td>154</td><td>32,188</td><td>-</td></tr><tr><td>1949</td><td>4,203</td><td>818</td><td>5,021</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</td><td>3,688</td><td>348</td><td>34,727</td><td>-</td></tr><tr><td>1952</td><td>3,575</td><td>1,120</td><td>4,696</td><td>4,098</td><td>3,622</td><td>476</td><td>35,324</td><td>-</td></tr><tr><td>1953</td><td>4,368</td><td>1,128</td><td>5,496</td><td>4,157</td><td>3,625</td><td>531</td><td>36,663</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>1953-July</td><td>370</td><td>109</td><td>478</td><td>358</td><td>343</td><td>15</td><td>36,168</td><td>-</td></tr><tr><td>August</td><td>346</td><td>81</td><td>427</td><td>331</td><td>280</td><td>51</td><td>36,264</td><td>-</td></tr><tr><td>September</td><td>343</td><td>83</td><td>427</td><td>379</td><td>331</td><td>48</td><td>36,311</td><td>-</td></tr><tr><td>October</td><td>357</td><td>76</td><td>432</td><td>353</td><td>289</td><td>64</td><td>36,391</td><td>-</td></tr><tr><td>November</td><td>339</td><td>92</td><td>432</td><td>313</td><td>270</td><td>44</td><td>36,509</td><td>-</td></tr><tr><td>December</td><td>381</td><td>125</td><td>506</td><td>352</td><td>309</td><td>43</td><td>36,663</td><td>-</td></tr><tr><td>1954-January</td><td>485</td><td>110</td><td>595</td><td>370</td><td>330</td><td>41</td><td>36,887</td><td>-</td></tr><tr><td>February</td><td>422</td><td>81</td><td>503</td><td>361</td><td>308</td><td>53</td><td>37,089</td><td>-</td></tr><tr><td>March</td><td>474</td><td>79</td><td>553</td><td>407</td><td>347</td><td>60</td><td>37,175</td><td>-</td></tr><tr><td colspan="9">Series F, G, J, and K combined</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-1945</td><td>13,461</td><td>30</td><td>13,491</td><td>588</td><td>587</td><td>1</td><td>12,903</td><td>-</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><td>-</td></tr><tr><td>1947</td><td>2,980</td><td>47</td><td>2,968</td><td>672</td><td>666</td><td>6</td><td>17,608</td><td>-</td></tr><tr><td>1948</td><td>2,209</td><td>61</td><td>2,270</td><td>772</td><td>764</td><td>9</td><td>19,105</td><td>-</td></tr><tr><td>1949</td><td>2,863</td><td>73</td><td>2,935</td><td>835</td><td>823</td><td>12</td><td>21,205</td><td>-</td></tr><tr><td>1950</td><td>1,680</td><td>83</td><td>1,763</td><td>821</td><td>807</td><td>14</td><td>22,147</td><td>-</td></tr><tr><td>1951</td><td>1,871</td><td>90</td><td>1,961</td><td>1,042</td><td>1,021</td><td>21</td><td>23,066</td><td>-</td></tr><tr><td>1952</td><td>689</td><td>96</td><td>785</td><td>1,012</td><td>990</td><td>21</td><td>22,780</td><td>-</td></tr><tr><td>1953</td><td>501</td><td>108</td><td>610</td><td>1,552</td><td>1,511</td><td>41</td><td>21,837</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>1941-1945</td><td>14,725</td><td>45</td><td>14,770</td><td>791</td><td>789</td><td>2</td><td>13,979</td><td>-</td></tr><tr><td>1946</td><td>2,962</td><td>40</td><td>3,002</td><td>615</td><td>611</td><td>4</td><td>16,366</td><td>-</td></tr><tr><td>1947</td><td>2,609</td><td>54</td><td>2,663</td><td>715</td><td>708</td><td>7</td><td>18,314</td><td>-</td></tr><tr><td>1948</td><td>3,071</td><td>67</td><td>3,139</td><td>840</td><td>829</td><td>11</td><td>20,613</td><td>-</td></tr><tr><td>1949</td><td>1,686</td><td>78</td><td>1,764</td><td>815</td><td>803</td><td>12</td><td>21,501</td><td>-</td></tr><tr><td>1950</td><td>2,406</td><td>87</td><td>2,493</td><td>905</td><td>888</td><td>17</td><td>23,089</td><td>-</td></tr><tr><td>1951</td><td>770</td><td>93</td><td>863</td><td>1,093</td><td>1,071</td><td>22</td><td>22,859</td><td>-</td></tr><tr><td>1952</td><td>986</td><td>100</td><td>1,086</td><td>929</td><td>908</td><td>21</td><td>22,616</td><td>-</td></tr><tr><td>1953</td><td>432</td><td>109</td><td>542</td><td>1,968</td><td>1,909</td><td>59</td><td>21,047</td><td>143</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>1953-July</td><td>33</td><td>16</td><td>48</td><td>183</td><td>182</td><td>1</td><td>21,703</td><td>-</td></tr><tr><td>August</td><td>25</td><td>6</td><td>31</td><td>148</td><td>141</td><td>6</td><td>21,587</td><td>-</td></tr><tr><td>September</td><td>29</td><td>5</td><td>29</td><td>138</td><td>125</td><td>7</td><td>21,484</td><td>-</td></tr><tr><td>October</td><td>27</td><td>7</td><td>35</td><td>134</td><td>129</td><td>5</td><td>21,385</td><td>-</td></tr><tr><td>November</td><td>29</td><td>6</td><td>36</td><td>124</td><td>120</td><td>4</td><td>21,297</td><td>143</td></tr><tr><td>December</td><td>42</td><td>12</td><td>54</td><td>161</td><td>155</td><td>6</td><td>21,047</td><td>143</td></tr><tr><td>1954-January</td><td>77</td><td>16</td><td>93</td><td>332</td><td>322</td><td>9</td><td>20,848</td><td>102</td></tr><tr><td>February</td><td>93</td><td>6</td><td>100</td><td>197</td><td>188</td><td>10</td><td>20,769</td><td>88</td></tr><tr><td>March</td><td>128</td><td>7</td><td>135</td><td>189</td><td>179</td><td>10</td><td>20,728</td><td>71</td></tr></table>
Footnotes at and of Table 4.
(Continued on following page)
May 1954
23
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods, Series E through K - (Continued)
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Redemption 2/ 3/ Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th></tr><tr><td colspan="8">Series E</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-1945</td><td>35,374</td><td>418</td><td>35,792</td><td>6,694</td><td>6,668</td><td>26</td><td>29,097</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,983</td><td>69</td><td>30,558</td></tr><tr><td>1947</td><td>4,087</td><td>536</td><td>4,624</td><td>4,391</td><td>4,288</td><td>103</td><td>30,721</td></tr><tr><td>1948</td><td>4,026</td><td>633</td><td>4,659</td><td>3,925</td><td>3,699</td><td>136</td><td>31,589</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></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></tr><tr><td>1951</td><td>3,272</td><td>1,035</td><td>4,307</td><td>4,295</td><td>3,987</td><td>307</td><td>38,506</td></tr><tr><td>1952</td><td>3,266</td><td>1,111</td><td>4,377</td><td>4,008</td><td>3,583</td><td>425</td><td>34,875</td></tr><tr><td>1953</td><td>3,700</td><td>1,120</td><td>4,821</td><td>4,032</td><td>3,532</td><td>500</td><td>35,664</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-1945</td><td>39,680</td><td>615</td><td>40,295</td><td>9,568</td><td>9,517</td><td>51</td><td>30,727</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></tr><tr><td>1947</td><td>4,085</td><td>579</td><td>4,664</td><td>3,930</td><td>3,813</td><td>116</td><td>30,997</td></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></tr><tr><td>1949</td><td>4,208</td><td>818</td><td>5,025</td><td>3,448</td><td>3,274</td><td>174</td><td>33,766</td></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></tr><tr><td>1951</td><td>3,190</td><td>1,080</td><td>4,270</td><td>4,036</td><td>3,688</td><td>348</td><td>34,727</td></tr><tr><td>1952</td><td>3,393</td><td>1,120</td><td>4,513</td><td>4,098</td><td>3,622</td><td>476</td><td>35,143</td></tr><tr><td>1953</td><td>3,906</td><td>1,120</td><td>5,034</td><td>4,141</td><td>3,609</td><td>531</td><td>36,036</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953-July</td><td>327</td><td>109</td><td>436</td><td>357</td><td>341 1/2</td><td>15 1/2</td><td>35,742</td></tr><tr><td>August</td><td>309</td><td>81</td><td>390</td><td>329</td><td>278</td><td>51</td><td>35,931</td></tr><tr><td>September</td><td>301</td><td>83</td><td>389</td><td>378</td><td>329</td><td>48</td><td>35,810</td></tr><tr><td>October</td><td>313</td><td>76</td><td>389</td><td>351</td><td>287</td><td>64</td><td>35,930</td></tr><tr><td>November</td><td>299</td><td>92</td><td>391</td><td>312</td><td>268</td><td>44</td><td>35,987</td></tr><tr><td>December</td><td>334</td><td>125</td><td>459</td><td>350</td><td>307</td><td>43</td><td>36,030</td></tr><tr><td>1954-January</td><td>392</td><td>110</td><td>502</td><td>369</td><td>328</td><td>41</td><td>36,169</td></tr><tr><td>February</td><td>353</td><td>81</td><td>433</td><td>359</td><td>306</td><td>53</td><td>36,244</td></tr><tr><td>March</td><td>430</td><td>79</td><td>478</td><td>404</td><td>344</td><td>60</td><td>36,317</td></tr><tr><td colspan="8">Series H 5/</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1952</td><td>30</td><td>-</td><td>30</td><td>-</td><td>-</td><td>-</td><td>30</td></tr><tr><td>1953</td><td>360</td><td>-</td><td>360</td><td>6</td><td>6</td><td>-</td><td>385</td></tr><tr><td>Calendar year:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1952</td><td>182</td><td>-</td><td>182</td><td>*</td><td>*</td><td>-</td><td>101</td></tr><tr><td>1953</td><td>462</td><td>-</td><td>462</td><td>16</td><td>16</td><td>-</td><td>627</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953-July</td><td>43</td><td>-</td><td>43</td><td>1</td><td>1</td><td>-</td><td>426</td></tr><tr><td>August</td><td>37</td><td>-</td><td>37</td><td>2</td><td>2</td><td>-</td><td>462</td></tr><tr><td>September</td><td>42</td><td>-</td><td>42</td><td>2</td><td>2</td><td>-</td><td>502</td></tr><tr><td>October</td><td>43</td><td>-</td><td>43</td><td>2</td><td>2</td><td>-</td><td>543</td></tr><tr><td>November</td><td>41</td><td>-</td><td>41</td><td>2</td><td>2</td><td>-</td><td>582</td></tr><tr><td>December</td><td>47</td><td>-</td><td>47</td><td>2</td><td>2</td><td>-</td><td>627</td></tr><tr><td>1954-January</td><td>93</td><td>-</td><td>93</td><td>2</td><td>2</td><td>-</td><td>718</td></tr><tr><td>February</td><td>69</td><td>-</td><td>69</td><td>2</td><td>2</td><td>-</td><td>785</td></tr><tr><td>March</td><td>75</td><td>-</td><td>75</td><td>3</td><td>3</td><td>-</td><td>857</td></tr></table>
Source: Daily Treasury Statement; Bureau of the Public Debt.
Footnotes at end of Table 4.
24
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In millions of dollars)
<table><tr><th>Period 6/</th><th>Total</th><th colspan="6">Matured bonds</th><th colspan="3">Unmatured bonds</th></tr><tr><th></th><th></th><th>Total matured</th><th>Series A-D</th><th>Total</th><th>For cash</th><th>In exchange for Series C or E</th><th>Series F and G</th><th>Total unmatured 1/</th><th>Sale price 1/</th><th>Accrued discount</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1951</td><td>6,137</td><td>817</td><td>779</td><td>38</td><td>37</td><td>1</td><td>-</td><td>5,320</td><td>4,996</td><td>324</td></tr><tr><td>1952</td><td>5,109</td><td>792</td><td>90</td><td>702</td><td>694</td><td>9</td><td>-</td><td>4,317</td><td>4,046</td><td>271</td></tr><tr><td>1953</td><td>5,621</td><td>1,761</td><td>31</td><td>1,128</td><td>1,126</td><td>2</td><td>602 8/</td><td>3,860</td><td>3,622</td><td>238</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950</td><td>5,840</td><td>987</td><td>987</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,853</td><td>4,583</td><td>270</td></tr><tr><td>1951</td><td>5,651</td><td>772</td><td>522</td><td>250</td><td>245</td><td>5</td><td>-</td><td>4,879</td><td>4,571</td><td>308</td></tr><tr><td>1952</td><td>5,074</td><td>1,015</td><td>47</td><td>968</td><td>962</td><td>6</td><td>-</td><td>4,059</td><td>3,806</td><td>253</td></tr><tr><td>1953</td><td>6,149</td><td>2,318</td><td>24</td><td>1,328</td><td>1,326</td><td>2</td><td>967 8/</td><td>3,831</td><td>3,613</td><td>217</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953-July 6/</td><td>541</td><td>72</td><td>1</td><td>37</td><td>37</td><td>*</td><td>34 8/</td><td>470</td><td>463</td><td>6</td></tr><tr><td>August</td><td>430</td><td>200</td><td>2</td><td>118</td><td>118</td><td>*</td><td>80</td><td>280</td><td>257</td><td>23</td></tr><tr><td>September</td><td>514</td><td>179</td><td>2</td><td>113</td><td>113</td><td>*</td><td>64</td><td>335</td><td>312</td><td>23</td></tr><tr><td>October</td><td>489</td><td>248</td><td>2</td><td>180</td><td>180</td><td>*</td><td>66</td><td>241</td><td>221</td><td>20</td></tr><tr><td>November</td><td>438</td><td>159</td><td>1</td><td>117</td><td>117</td><td>*</td><td>40</td><td>280</td><td>265</td><td>15</td></tr><tr><td>December</td><td>514</td><td>197</td><td>2</td><td>116</td><td>116</td><td>*</td><td>79</td><td>318</td><td>302</td><td>16</td></tr><tr><td>1954-January</td><td>704</td><td>295</td><td>2</td><td>113</td><td>113</td><td>*</td><td>181</td><td>408</td><td>395</td><td>13</td></tr><tr><td>February</td><td>560</td><td>347</td><td>2</td><td>153</td><td>153</td><td>*</td><td>192</td><td>213</td><td>199</td><td>14</td></tr><tr><td>March</td><td>598</td><td>332</td><td>2</td><td>175</td><td>175</td><td>*</td><td>195</td><td>266</td><td>249</td><td>17</td></tr></table>
source: Daily Treasury Statement.
✓ 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".
✓ Includes exchanges of matured Series F bonds for Series G bonds beginning May 1951 and for Series X bonds beginning May 1952.
✓ Includes both matured and unmatured bonds; see Table 4.
✓ Because of a change in procedure in July 1953 for processing redeemed savings bonds, the amount of redemptions not yet classified at the end of July as between matured and unmatured was larger than normal. This
situation was reversed in subsequent months as these redemptions were classified. Since the unclassified redemptions are included in these tables at issue price, the relation between issue price and accrued discount is somewhat distorted also. Sales began June 1, 1958. Comparable data are not available prior to January 1950. Includes redemptions not yet classified between matured and unmatured. Includes exchanges of Series 1983 F and G savings bonds for Treasury 3-1/4% bonds of 1978-83. Less than $500,000.
May 1954
25
UNITED STATES SAVINGS BONDS
Table 5.- Sales and Redemptions by Denominations, Series E and H Combined
(In thousands of pieces)
<table><tr><th>Period</th><th>Total, all denominations</th><td>$10 2/</td><td>$25</td><td>$50</td><td>$100</td><td>$200 3/</td><td>$500</td><td>$1,000</td><td>$5,000 1/</td><td>$10,000 1/</td></tr></table>
<table><tr><th>Fiscal years:</th><th>1941-45</th><th>1946</th><th>1947</th><th>1948</th><th>1949</th><th>1950</th><th>1951</th><th>1952</th><th>1953</th><th>1954</th><th>1955</th><th>1956</th><th>1957</th></tr><tr><td></td><td>882,683</td><td>15,039</td><td>71,356</td><td>58,971</td><td>68,576</td><td>64,304</td><td>64,299</td><td>75,136</td><td>80,485</td><td>992,118</td><td>93,502</td><td>62,574</td><td>61,813</td><td>65,118</td></tr><tr><td></td><td>9,223</td><td>8,509</td><td>2,095</td><td>322</td><td>394</td><td>1</td><td>1</td><td>1</td><td>14,963</td><td>4,191</td><td>374</td><td>455</td><td>371</td><td>141</td></tr><tr><td></td><td>623,733</td><td>112,071</td><td>45,876</td><td>36,146</td><td>39,400</td><td>39,150</td><td>41,751</td><td>50,701</td><td>54,380</td><td>697,925</td><td>62,769</td><td>39,219</td><td>37,559</td><td>39,050</td></tr><tr><td></td><td>128,084</td><td>28,774</td><td>10,896</td><td>9,901</td><td>11,425</td><td>11,841</td><td>11,786</td><td>13,129</td><td>14,372</td><td>144,232</td><td>13,757</td><td>10,009</td><td>10,640</td><td>11,986</td></tr><tr><td></td><td>100,769</td><td>14,593</td><td>7,803</td><td>7,777</td><td>8,550</td><td>8,654</td><td>7,649</td><td>7,559</td><td>8,211</td><td>110,832</td><td>8,695</td><td>7,650</td><td>8,246</td><td>8,688</td></tr><tr><td></td><td>-</td><td>1,312</td><td>801</td><td>816</td><td>916</td><td>917</td><td>786</td><td>720</td><td>794</td><td>769</td><td>915</td><td>803</td><td>879</td><td>933</td></tr><tr><td></td><td>11,753</td><td>2,605</td><td>1,645</td><td>1,571</td><td>1,569</td><td>1,413</td><td>1,036</td><td>948</td><td>1,243</td><td>13,073</td><td>1,505</td><td>1,307</td><td>1,503</td><td>1,524</td></tr><tr><td></td><td>9,122</td><td>2,121</td><td>2,241</td><td>2,233</td><td>2,322</td><td>1,955</td><td>1,290</td><td>1,076</td><td>1,462</td><td>10,323</td><td>1,870</td><td>2,223</td><td>2,352</td><td>2,213</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950</td><td>68,909</td><td>1</td><td>77,271</td><td>-</td><td>56,743</td><td>-</td><td>7,011</td><td>6,736</td><td>6,786</td><td>7,114</td><td>6,865</td><td>7,502</td><td>7,514</td><td>6,713</td></tr><tr><td>1951</td><td>141</td><td>1</td><td>-</td><td>4,695</td><td>4,531</td><td>4,541</td><td>4,736</td><td>4,659</td><td>5,035</td><td>4,806</td><td>4,386</td><td>5,287</td><td>5,036</td><td>8,036</td></tr><tr><td>1952</td><td>1</td><td>-</td><td>-</td><td>1,270</td><td>1,216</td><td>1,260</td><td>1,286</td><td>1,289</td><td>1,351</td><td>1,381</td><td>1,208</td><td>1,468</td><td>1,468</td><td>1,313</td></tr><tr><td>1953</td><td>-</td><td>718</td><td>695</td><td>695</td><td>702</td><td>676</td><td>766</td><td>800</td><td>727</td><td>82</td><td>72</td><td>856</td><td>83</td><td>145</td></tr><tr><td>1954</td><td>116</td><td>107</td><td>104</td><td>116</td><td>109</td><td>103</td><td>114</td><td>152</td><td>135</td><td>136</td><td>121</td><td>129</td><td>179</td><td>190</td></tr><tr><td>1955</td><td>136</td><td>124</td><td>116</td><td>121</td><td>112</td><td>129</td><td>207</td><td>179</td><td>190</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td></tr><tr><td>1956</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>1957</td><td>22</td><td>9</td><td>22</td><td>9</td><td>41</td><td>18</td><td>41</td><td>18</td><td>41</td><td>18</td><td>41</td><td>18</td><td>41</td><td>18</td></tr><tr><th>Months:</th><th>1953-July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>1954-January P.</th><th>February P.</th><th>March p.</th><th>Inception to date p</th><th></th><th></th><th></th><th></th></tr><tr><td></td><td>1,590,045</td><td>21,076</td><td>1,085,964</td><td>247,428</td><td>178,302</td><td>7,709</td><td>24,327</td><td>25,161</td><td>41</td><td>18</td><td>41</td><td>18</td><td>41</td><td>18</td></tr></table>
Redemptions
<table><tr><th>Fiscal years:</th><td>1941-45</td><td>1946</td><td>1947</td><td>1948</td><td>1949</td><td>1950</td><td>1951</td><td>1952</td><td>1953</td></tr><tr><td></td><td>241,760</td><td>192,985</td><td>123,725</td><td>93,438</td><td>79,646</td><td>76,109</td><td>82,875</td><td>76,403</td><td>81,983</td></tr><tr><td></td><td>1,317</td><td>6,247</td><td>4,109</td><td>2,052</td><td>1,369</td><td>1,017</td><td>701</td><td>443</td><td>313</td></tr><tr><td></td><td>198,935</td><td>145,094</td><td>88,836</td><td>65,331</td><td>54,809</td><td>52,101</td><td>54,840</td><td>51,649</td><td>56,734</td></tr><tr><td></td><td>27,464</td><td>26,344</td><td>17,872</td><td>14,302</td><td>12,623</td><td>12,346</td><td>14,134</td><td>12,662</td><td>13,535</td></tr><tr><td></td><td>12,201</td><td>13,205</td><td>10,713</td><td>9,387</td><td>8,450</td><td>8,155</td><td>9,911</td><td>8,777</td><td>8,840</td></tr><tr><td></td><td>-</td><td>76</td><td>189</td><td>246</td><td>284</td><td>334</td><td>466</td><td>371</td><td>342</td></tr><tr><td></td><td>1,062</td><td>1,141</td><td>1,105</td><td>1,115</td><td>1,077</td><td>1,069</td><td>1,351</td><td>1,211</td><td>1,112</td></tr><tr><td></td><td>780</td><td>877</td><td>900</td><td>1,004</td><td>1,035</td><td>1,088</td><td>1,472</td><td>1,291</td><td>1,106</td></tr><tr><th>Calendar years:</th><td>1941-45</td><td>1946</td><td>1947</td><td>1948</td><td>1949</td><td>1950</td><td>1951</td><td>1952</td><td>1953</td></tr><tr><td></td><td>341,505</td><td>163,115</td><td>102,977</td><td>85,888</td><td>76,933</td><td>79,176</td><td>77,202</td><td>80,140</td><td>85,582</td></tr><tr><td></td><td>4,150</td><td>5,802</td><td>2,897</td><td>1,595</td><td>1,217</td><td>835</td><td>549</td><td>375</td><td>282</td></tr><tr><td></td><td>275,768</td><td>118,862</td><td>72,911</td><td>59,265</td><td>52,996</td><td>53,087</td><td>51,592</td><td>55,000</td><td>59,519</td></tr><tr><td></td><td>40,669</td><td>23,111</td><td>15,295</td><td>13,470</td><td>12,284</td><td>13,257</td><td>13,000</td><td>13,285</td><td>14,191</td></tr><tr><td></td><td>18,335</td><td>12,965</td><td>9,664</td><td>9,086</td><td>8,065</td><td>9,081</td><td>9,079</td><td>8,991</td><td>9,038</td></tr><tr><td></td><td>-</td><td>169</td><td>213</td><td>273</td><td>302</td><td>404</td><td>420</td><td>356</td><td>347</td></tr><tr><td></td><td>1,533</td><td>1,236</td><td>1,077</td><td>1,134</td><td>1,045</td><td>1,220</td><td>1,244</td><td>1,191</td><td>1,115</td></tr><tr><td></td><td>1,129</td><td>975</td><td>920</td><td>1,065</td><td>1,025</td><td>1,292</td><td>1,359</td><td>1,220</td><td>1,089</td></tr><tr><th>Months:</th><td>1953-July</td><td>August</td><td>September</td><td>October</td><td>November</td><td>December</td><td>1954-January p...</td><td>February p...</td><td>March p...</td></tr><tr><td></td><td>8,403</td><td>6,623</td><td>7,949</td><td>6,694</td><td>6,505</td><td>7,742</td><td>7,506</td><td>6,976</td><td>8,184</td></tr><tr><td></td><td>30</td><td>21</td><td>25</td><td>19</td><td>17</td><td>22</td><td>21</td><td>19</td><td>23</td></tr><tr><td></td><td>5,903</td><td>4,614</td><td>5,555</td><td>4,559</td><td>4,586</td><td>5,471</td><td>5,210</td><td>4,785</td><td>5,663</td></tr><tr><td></td><td>1,392</td><td>1,104</td><td>1,326</td><td>1,113</td><td>1,088</td><td>1,278</td><td>1,232</td><td>1,160</td><td>1,376</td></tr><tr><td></td><td>848</td><td>687</td><td>814</td><td>757</td><td>689</td><td>772</td><td>803</td><td>785</td><td>882</td></tr><tr><td></td><td>34</td><td>27</td><td>32</td><td>26</td><td>25</td><td>28</td><td>28</td><td>28</td><td>33</td></tr><tr><td></td><td>99</td><td>86</td><td>100</td><td>94</td><td>83</td><td>89</td><td>103</td><td>101</td><td>106</td></tr><tr><td></td><td>97</td><td>84</td><td>97</td><td>86</td><td>75</td><td>82</td><td>108</td><td>97</td><td>102</td></tr><tr><td>Inception to date p</td><td>1,115,465</td><td>17,765</td><td>814,617</td><td>168,349</td><td>96,675</td><td>2,571</td><td>11,105</td><td>10,381</td><td>1</td></tr></table>
Note: These figures are estimates, based on Daily Treasury Statement and reports from Federal Reserve Banks and Bureau of the Public Debt.
1/ Sale of Series E bonds began June 1, 1952.
2/ Sale was authorized on June 1949, to Armed Forces only, and discontinued after March 31, 1950.
3/ Sale began in October 1945.
4/ Sales of $10,000 denomination Series E bonds were authorized on May 1, 1952, and $5,000 and $10,000 Series H bonds on June 1, 1952.
5/ Includes exchanges of matured Series E bonds for Series G bonds beginning May 1951 and for Series K bonds beginning May 1952.
6/ Because redemptions of pieces by denominations are adjusted to dollar redemptions at issue price as shown in the Daily Treasury Statement, the totals shown here are overstated in July and understated in subsequent months. See also footnote 4 to Table 3.
* Less than 500 pieces.
p Preliminary.
26
Treasury Bulletin
TREASURY SAVINGS NOTES
Treasury tax and savings notes have been issued as follows: 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; Savings Series A from May 15, 1951, through May 14, 1953; Savings Series B from May 15, 1953, through September 25, 1953; and a new Savings Series C from October 1, through October 23, 1953, when sale of these notes was suspended. Details concerning terms and conditions for purchase and redemption and information on investment yields of Savings Series C appear in the October 1953 issue of the "Treasury Bulletin", page A-1.
Similar information with respect to the offering of the earlier series was published currently in the "Treasury Bulletin", and appears also in the "Annual Report of the Secretary of the Treasury" for appropriate years.
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 annual 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, 1954
(In millions of dollars)
<table><tr><th rowspan="2">Series</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A (tax series)</td><td>4,071/</td><td>4,06</td><td>681/</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>1901/</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C</td><td>32,4381/</td><td>32,434</td><td>11,041</td><td>21,393</td><td>4</td><td>-</td></tr><tr><td>Series D</td><td>12,333</td><td>12,311</td><td>9,248</td><td>3,063</td><td>5</td><td>17</td></tr><tr><td>Series A</td><td>9,187</td><td>8,365</td><td>4,121</td><td>4,264</td><td>-</td><td>802</td></tr><tr><td>Series B</td><td>4,671</td><td>511</td><td>198</td><td>313</td><td>-</td><td>4,151</td></tr><tr><td>Series C</td><td>680</td><td>78</td><td>12</td><td>66</td><td>-</td><td>692</td></tr><tr><td>Total</td><td>64,659</td><td>59,068</td><td>24,870</td><td>34,198</td><td>10</td><td>5,551</td></tr></table>
Source: Office of the Treasurer of the U.S.; Daily Treasury Statement 1/ Includes exchanges in connection with the offering in September 1942
of Tax Series A-1945 and Series C.
Less than $500,000.
Table 2.- Sales and Redemptions by Periods, All Series Combined
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>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>1942-45</td><td>28,967</td><td>18,725</td><td>1,256</td><td>17,469</td><td>6</td><td>10,136</td></tr><tr><td>1945</td><td>3,585</td><td>6,935</td><td>2,630</td><td>4,305</td><td>20</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,200</td><td>2,155</td><td>2,015</td><td>28</td><td>5,560</td></tr><tr><td>1948</td><td>2,114</td><td>3,303</td><td>1,972</td><td>1,331</td><td>35</td><td>4,394</td></tr><tr><td>1949</td><td>3,994</td><td>3,532</td><td>2,079</td><td>1,453</td><td>32</td><td>4,860</td></tr><tr><td>1950</td><td>6,150</td><td>2,549</td><td>1,510</td><td>1,039</td><td>20</td><td>8,472</td></tr><tr><td>1951</td><td>5,142</td><td>2,729</td><td>1,633</td><td>1,166</td><td>18</td><td>7,818</td></tr><tr><td>1952</td><td>4,965</td><td>6,174</td><td>3,437</td><td>2,737</td><td>14</td><td>6,612</td></tr><tr><td>1953</td><td>4,824</td><td>6,388</td><td>4,307</td><td>2,082</td><td>10</td><td>4,553</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-45</td><td>31,050</td><td>22,737</td><td>2,691</td><td>20,046</td><td>77</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,305</td><td>2,337</td><td>2,968</td><td>72</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,241</td><td>1,881</td><td>1,363</td><td>94</td><td>5,338</td></tr><tr><td>1948</td><td>3,032</td><td>3,871</td><td>2,446</td><td>1,424</td><td>66</td><td>4,572</td></tr><tr><td>1949</td><td>5,971</td><td>2,951</td><td>1,584</td><td>1,366</td><td>49</td><td>7,610</td></tr><tr><td>1950</td><td>3,613</td><td>2,592</td><td>1,802</td><td>790</td><td>40</td><td>8,640</td></tr><tr><td>1951</td><td>5,983</td><td>6,922</td><td>5,657</td><td>1,265</td><td>47</td><td>7,534</td></tr><tr><td>1952</td><td>3,726</td><td>5,510</td><td>2,554</td><td>2,966</td><td>28</td><td>5,770</td></tr><tr><td>1953</td><td>5,730</td><td>3,482</td><td>3,699</td><td>1,783</td><td>20</td><td>6,926</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953-July</td><td>472</td><td>219</td><td>185</td><td>34</td><td>9</td><td>4,706</td></tr><tr><td>August</td><td>479</td><td>308</td><td>194</td><td>14</td><td>9</td><td>4,977</td></tr><tr><td>September</td><td>952</td><td>290</td><td>111</td><td>179</td><td>9</td><td>5,639</td></tr><tr><td>October</td><td>687</td><td>68</td><td>53</td><td>16</td><td>8</td><td>6,258</td></tr><tr><td>November</td><td>2</td><td>55</td><td>42</td><td>13</td><td>8</td><td>6,204</td></tr><tr><td>December</td><td>*</td><td>167</td><td>67</td><td>100</td><td>20</td><td>6,026</td></tr><tr><td>1954-January</td><td>-</td><td>73</td><td>60</td><td>13</td><td>17</td><td>5,956</td></tr><tr><td>February</td><td>-</td><td>71</td><td>47</td><td>24</td><td>14</td><td>5,887</td></tr><tr><td>March</td><td>-</td><td>310</td><td>101</td><td>209</td><td>10</td><td>5,581</td></tr></table>
1/ Includes both matured and unmatured notes.
Less than $500,000.
May 1954
27
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 1/</th><th rowspan="2">Total outstanding</th><th colspan="4">Held by U.S. Government investment accounts 2/</th><th colspan="3">Held by private investors 3/</th><th colspan="3">Interest-bearing securities guaranteed by the U.S. Government 4/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total</th><th>Public issues</th><th>Special issues</th><th>Held by Federal Reserve Banks - public issues</th><th>Total</th><th>Public market-able issues</th><th>Public non-market-able issues</th><th>Total outstanding</th><th>Held by U.S. Government investment accounts and Federal Reserve Banks 2/ 3/</th><th>Held by private investors 3/</th><th>Public non-market-able issues 5/</th></tr><tr><td>1945.....</td><td>259,115</td><td>256,357</td><td>24,934</td><td>6,122</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>28</td><td>375</td><td>2,350</td></tr><tr><td>1946.....</td><td>269,899</td><td>268,111</td><td>29,121</td><td>6,789</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>34</td><td>424</td><td>1,321</td></tr><tr><td>1947.....</td><td>258,376</td><td>255,113</td><td>32,809</td><td>5,443</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>37</td><td>45</td><td>3,179</td></tr><tr><td>1948.....</td><td>252,366</td><td>250,063</td><td>35,761</td><td>5,550</td><td>30,211</td><td>21,366</td><td>192,936</td><td>133,267</td><td>59,369</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>1949.....</td><td>252,798</td><td>250,768</td><td>38,288</td><td>5,512</td><td>32,776</td><td>19,343</td><td>193,131</td><td>130,417</td><td>62,714</td><td>24</td><td>-</td><td>13</td><td>11</td><td>2,012</td></tr><tr><td>1950.....</td><td>257,377</td><td>255,209</td><td>37,830</td><td>5,474</td><td>32,356</td><td>18,331</td><td>199,048</td><td>131,629</td><td>67,419</td><td>17</td><td>*</td><td>16</td><td>1</td><td>2,150</td></tr><tr><td>1951.....</td><td>255,251</td><td>252,802</td><td>40,958</td><td>6,305</td><td>34,653</td><td>22,982</td><td>188,911</td><td>111,663</td><td>77,248</td><td>27</td><td>*</td><td>27</td><td>*</td><td>2,372</td></tr><tr><td>1952.....</td><td>259,151</td><td>256,863</td><td>44,333</td><td>6,596</td><td>37,739</td><td>22,906</td><td>189,623</td><td>115,185</td><td>74,437</td><td>44</td><td>*</td><td>43</td><td>1</td><td>2,244</td></tr><tr><td>1953.....</td><td>266,123</td><td>263,986</td><td>47,560</td><td>7,001</td><td>40,538</td><td>28,796</td><td>191,640</td><td>119,129</td><td>72,511</td><td>51</td><td>*</td><td>51</td><td>-</td><td>2,126</td></tr><tr><td>1952-Dec....</td><td>267,445</td><td>265,293</td><td>45,891</td><td>6,742</td><td>39,150</td><td>24,697</td><td>194,705</td><td>120,709</td><td>73,996</td><td>53</td><td>*</td><td>52</td><td>*</td><td>2,100</td></tr><tr><td>1953-July....</td><td>272,732</td><td>270,603</td><td>47,599</td><td>7,005</td><td>40,594</td><td>24,964</td><td>198,040</td><td>125,354</td><td>72,686</td><td>62</td><td>2</td><td>60</td><td>-</td><td>2,067</td></tr><tr><td>Aug....</td><td>273,269</td><td>272,144</td><td>47,973</td><td>6,986</td><td>40,988</td><td>25,063</td><td>198,108</td><td>125,212</td><td>72,896</td><td>62</td><td>*</td><td>62</td><td>-</td><td>2,062</td></tr><tr><td>Sept....</td><td>273,001</td><td>270,744</td><td>48,035</td><td>7,070</td><td>40,958</td><td>25,235</td><td>197,474</td><td>124,099</td><td>73,415</td><td>63</td><td>*</td><td>62</td><td>-</td><td>2,195</td></tr><tr><td>Oct....</td><td>273,452</td><td>271,291</td><td>47,964</td><td>7,077</td><td>40,888</td><td>25,348</td><td>197,979</td><td>124,118</td><td>73,860</td><td>65</td><td>1</td><td>63</td><td>-</td><td>2,097</td></tr><tr><td>Nov....</td><td>275,292</td><td>273,128</td><td>48,169</td><td>7,196</td><td>41,013</td><td>25,095</td><td>199,864</td><td>126,041</td><td>73,822</td><td>73</td><td>*</td><td>73</td><td>-</td><td>2,082</td></tr><tr><td>Dec....</td><td>275,244</td><td>272,881</td><td>48,313</td><td>7,116</td><td>41,197</td><td>25,916</td><td>198,698</td><td>125,165</td><td>73,487</td><td>75</td><td>*</td><td>74</td><td>-</td><td>2,288</td></tr><tr><td>1954-Jan....</td><td>274,924</td><td>272,632</td><td>48,254</td><td>7,245</td><td>41,009</td><td>24,639</td><td>199,739</td><td>126,312</td><td>73,427</td><td>74</td><td>*</td><td>74</td><td>-</td><td>2,217</td></tr><tr><td>Feb....</td><td>274,859</td><td>272,536</td><td>48,291</td><td>7,221</td><td>41,070</td><td>24,569</td><td>199,735</td><td>126,335</td><td>73,400</td><td>76</td><td>1</td><td>75</td><td>-</td><td>2,247</td></tr><tr><td>Mar....</td><td>270,312</td><td>267,883</td><td>48,204</td><td>7,202</td><td>41,002</td><td>24,632</td><td>194,987</td><td>121,812</td><td>73,174</td><td>76</td><td>1</td><td>75</td><td>-</td><td>2,413</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 report from Federal Reserve System for securities held by Federal Reserve Banks. 1/ Includes certain obligations not subject to statutory limitation. For amounts subject to limitation, see page 1. 2/ Includes accounts under the control of certain U. S. Government agencies whose investments are handled outside the Treasury; excludes Federal land banks after June 26, 1947, when the proprietary interests of the United States in these banks ended.
3/ The total amount of interest-bearing securities held by private investors is calculated by deducting from the total amount outstanding the amount held by U.S. Government investment accounts and Federal Reserve Banks.
4/ Excludes guaranteed securities held by the Treasury.
5/ All public marketable issues.
6/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month.
* Less than $500,000.
Table 2.- Net Market Purchases or Sales of Federal Securities for Investment Accounts Handled by the Treasury 1/
(In millions of dollars; negative figures are net sales)
<table><tr><th>Year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.4</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>-.3</td><td>-</td><td>-.3</td><td>-67.8</td><td>-15.8</td><td>-2.7</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>-114.5</td><td>-67.8</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-.5</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>-20.5</td><td>-18.5</td><td>-19.0</td><td>-12.5</td><td>.*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-43.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-</td><td>1.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-.7</td><td>-.4</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-.7</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>-.1</td><td>-.7</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>3.4</td><td>4.4</td><td>7.2</td><td>1.1</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>-94.7</td><td>-88.4</td><td>-</td><td>3.8</td><td>4.6</td><td>-1.7</td><td>11.5</td><td>-.1</td></tr><tr><td>1950</td><td>-6.6</td><td>13.5</td><td>6.3</td><td>1.1</td><td>-1.9</td><td>5.1</td><td>8.2</td><td>-2.0</td><td>5.0</td><td>5.8</td><td>10.7</td><td>7.0</td></tr><tr><td>1951</td><td>36.8</td><td>261.2</td><td>482.7</td><td>8.4</td><td>11.4</td><td>3.5</td><td>.2</td><td>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>19.9</td><td>2.9</td><td>1.5</td><td>1.4</td><td>1.9</td><td>3.5</td><td>16.5</td><td>11.7</td><td>8.2</td></tr><tr><td>1953</td><td>24.6</td><td>8.8</td><td>12.9</td><td>36.2</td><td>35.9</td><td>20.1</td><td>7.9</td><td>.4</td><td>38.4</td><td>17.0</td><td>-.1.1</td><td>.0</td></tr><tr><td>1954</td><td>7.0</td><td>-.4</td><td>-22.4</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U. S. Government for (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. It will be noted that these
transactions differ from those reflected in Table 1 because they exclude those Government investment accounts for which investments are not handled by the Treasury. Table 2 also includes purchases under Section 19 of the Second Liberty Bond Act, as amended (31 U.S.C. 754 e), and excludes the Exchange Stabilization Fund. Less than $50,000.
28
Treasury Bulletin
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstanding 2/</th><th colspan="3">Held by banks</th><th>U. S. Government investment accounts 1/</th><th colspan="3">Total</th><th colspan="6">Held by private nonbank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 2/</th><th>Federal Reserve Banks</th><th></th><th>Total</th><th>Individuals 2/</th><th>Savings bonds</th><th>Other</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Corporations 3/</th><th>State and local government 1/</th><th>Miscellaneous investors 1/</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>15.9</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>46.3</td><td>31.2</td><td>15.1</td><td>17.3</td><td>7.3</td><td>20.0</td><td>3.2</td><td>6.1</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>53.3</td><td>36.2</td><td>17.1</td><td>19.6</td><td>8.3</td><td>21.4</td><td>4.3</td><td>7.0</td></tr><tr><td>1945-June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>25.9</td><td>128.2</td><td>59.5</td><td>40.7</td><td>18.9</td><td>22.7</td><td>9.6</td><td>22.9</td><td>5.3</td><td>8.3</td></tr><tr><td>December</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>27.0</td><td>136.6</td><td>64.3</td><td>42.9</td><td>21.4</td><td>24.0</td><td>10.7</td><td>22.0</td><td>6.5</td><td>9.1</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>64.1</td><td>43.3</td><td>20.8</td><td>24.4</td><td>11.1</td><td>19.9</td><td>6.7</td><td>8.9</td></tr><tr><td>June</td><td>269.9</td><td>109.2</td><td>84.4</td><td>23.8</td><td>29.1</td><td>132.6</td><td>63.4</td><td>43.5</td><td>20.0</td><td>24.9</td><td>11.5</td><td>17.7</td><td>6.5</td><td>8.6</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>64.2</td><td>44.2</td><td>20.1</td><td>24.9</td><td>11.8</td><td>15.3</td><td>6.3</td><td>8.1</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>66.4</td><td>45.5</td><td>20.9</td><td>24.6</td><td>12.1</td><td>13.9</td><td>7.1</td><td>9.6</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>65.7</td><td>46.2</td><td>19.4</td><td>23.9</td><td>12.0</td><td>14.1</td><td>7.3</td><td>8.4</td></tr><tr><td>1948-June</td><td>252.4</td><td>85.9</td><td>64.6</td><td>21.4</td><td>35.8</td><td>130.7</td><td>65.8</td><td>47.1</td><td>18.6</td><td>22.8</td><td>12.0</td><td>13.6</td><td>7.8</td><td>8.7</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>65.5</td><td>47.8</td><td>17.6</td><td>21.2</td><td>11.5</td><td>14.8</td><td>7.9</td><td>8.9</td></tr><tr><td>1949-June</td><td>252.8</td><td>82.4</td><td>63.0</td><td>19.3</td><td>38.3</td><td>132.2</td><td>66.8</td><td>48.8</td><td>19.0</td><td>20.5</td><td>11.6</td><td>15.6</td><td>8.0</td><td>9.6</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>66.3</td><td>49.3</td><td>17.0</td><td>20.1</td><td>11.4</td><td>16.8</td><td>8.1</td><td>9.4</td></tr><tr><td>1950-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>67.4r</td><td>49.9</td><td>17.6r</td><td>19.8</td><td>11.6</td><td>18.4r</td><td>8.7</td><td>9.7</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>134.5</td><td>66.3r</td><td>49.6</td><td>16.7r</td><td>18.7</td><td>10.9</td><td>19.7r</td><td>8.8</td><td>10.5</td></tr><tr><td>1951-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>66.3r</td><td>49.3</td><td>17.0r</td><td>17.9</td><td>10.5</td><td>20.3r</td><td>9.1</td><td>10.4</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>65.5r</td><td>49.1</td><td>16.0r</td><td>17.1</td><td>10.2</td><td>20.0r</td><td>9.4</td><td>10.1</td></tr><tr><td>September</td><td>257.4</td><td>83.2</td><td>59.5</td><td>23.7</td><td>42.0</td><td>132.2</td><td>65.0r</td><td>49.0</td><td>16.0r</td><td>16.8</td><td>10.1</td><td>20.2r</td><td>9.5</td><td>10.6</td></tr><tr><td>December</td><td>259.5</td><td>85.4</td><td>61.6</td><td>23.8</td><td>42.3</td><td>131.8</td><td>64.0r</td><td>49.1</td><td>15.7r</td><td>16.5</td><td>9.8</td><td>20.5r</td><td>9.6</td><td>10.6</td></tr><tr><td>1952-March</td><td>258.1</td><td>82.6</td><td>60.1</td><td>22.5</td><td>43.0</td><td>132.5</td><td>65.6r</td><td>49.1</td><td>16.4r</td><td>16.3</td><td>9.8</td><td>19.9r</td><td>10.1</td><td>10.6</td></tr><tr><td>June</td><td>259.2</td><td>84.0</td><td>61.1</td><td>22.9</td><td>44.3</td><td>130.8</td><td>64.7r</td><td>49.0</td><td>15.6r</td><td>15.7</td><td>9.6</td><td>18.9r</td><td>10.4</td><td>11.6</td></tr><tr><td>September</td><td>262.7</td><td>85.3</td><td>61.6</td><td>23.7</td><td>45.1</td><td>132.4</td><td>65.0r</td><td>49.0</td><td>15.9r</td><td>16.2</td><td>9.7</td><td>19.4r</td><td>10.9</td><td>11.3</td></tr><tr><td>December</td><td>267.4</td><td>88.1</td><td>63.4</td><td>24.7</td><td>45.9</td><td>133.4</td><td>64.6r</td><td>49.2</td><td>15.7r</td><td>16.1</td><td>9.5</td><td>20.2r</td><td>11.1</td><td>11.7</td></tr><tr><td>1953-January</td><td>267.5</td><td>86.7</td><td>62.8</td><td>23.9</td><td>46.0</td><td>134.7</td><td>64.9r</td><td>49.3</td><td>15.6r</td><td>16.2</td><td>9.5</td><td>20.6r</td><td>11.2</td><td>12.3</td></tr><tr><td>February</td><td>267.6</td><td>85.8</td><td>61.9</td><td>23.9</td><td>46.2</td><td>135.7</td><td>65.2r</td><td>49.4</td><td>15.8r</td><td>16.2</td><td>9.6</td><td>21.0r</td><td>11.3</td><td>12.5</td></tr><tr><td>March</td><td>264.5</td><td>83.4</td><td>59.5</td><td>23.8</td><td>46.3</td><td>134.9</td><td>65.4r</td><td>49.5</td><td>15.3r</td><td>16.0</td><td>9.6</td><td>20.0r</td><td>11.4</td><td>12.5</td></tr><tr><td>April</td><td>264.6</td><td>83.0</td><td>59.1</td><td>23.9</td><td>46.3</td><td>135.3</td><td>65.5r</td><td>49.6</td><td>15.9r</td><td>16.0</td><td>9.5</td><td>19.8r</td><td>11.5</td><td>13.0</td></tr><tr><td>May</td><td>266.5</td><td>82.8</td><td>58.6</td><td>24.2</td><td>46.8</td><td>137.0</td><td>65.9r</td><td>49.3</td><td>16.6r</td><td>16.0</td><td>9.6</td><td>20.8r</td><td>11.9</td><td>12.8</td></tr><tr><td>June</td><td>266.1</td><td>83.6</td><td>58.8</td><td>24.7</td><td>47.6</td><td>135.0</td><td>66.0r</td><td>49.3</td><td>16.8r</td><td>16.0</td><td>9.5</td><td>18.7r</td><td>12.0</td><td>12.8</td></tr><tr><td>July</td><td>272.7</td><td>88.4</td><td>63.5</td><td>25.0</td><td>47.6</td><td>136.7</td><td>65.9r</td><td>49.3</td><td>16.6r</td><td>16.0</td><td>9.5</td><td>20.0r</td><td>12.2</td><td>13.2r</td></tr><tr><td>August</td><td>273.3</td><td>87.7</td><td>62.7</td><td>25.1</td><td>48.0</td><td>137.6</td><td>65.6r</td><td>49.3</td><td>15.3r</td><td>16.0</td><td>9.5</td><td>20.7r</td><td>12.3r</td><td>13.4r</td></tr><tr><td>September</td><td>273.0</td><td>87.8</td><td>62.5</td><td>25.2</td><td>48.0</td><td>137.8</td><td>65.7r</td><td>49.3</td><td>16.5r</td><td>15.9</td><td>9.5</td><td>20.4r</td><td>12.4r</td><td>13.3r</td></tr><tr><td>October</td><td>273.5</td><td>88.1</td><td>62.7</td><td>25.3</td><td>48.0</td><td>137.4</td><td>65.4r</td><td>49.2</td><td>16.2r</td><td>15.9</td><td>9.3</td><td>20.9r</td><td>12.4r</td><td>13.2r</td></tr><tr><td>November</td><td>275.3</td><td>88.9</td><td>63.8</td><td>25.1</td><td>48.2</td><td>138.8</td><td>65.3r</td><td>49.3</td><td>16.1r</td><td>15.9</td><td>9.3</td><td>21.7r</td><td>12.5r</td><td>13.5r</td></tr><tr><td>December</td><td>275.2</td><td>89.5</td><td>63.6</td><td>25.9</td><td>48.3</td><td>137.4</td><td>65.5r</td><td>49.3</td><td>16.2r</td><td>15.8</td><td>9.2</td><td>21.5r</td><td>12.5r</td><td>12.9r</td></tr><tr><td>1954-January</td><td>274.9</td><td>88.7</td><td>64.0</td><td>24.6</td><td>48.3</td><td>138.0</td><td>65.5</td><td>49.4</td><td>15.1</td><td>15.7</td><td>9.2</td><td>21.7</td><td>12.6</td><td>13.3</td></tr><tr><td>February</td><td>274.9</td><td>87.5</td><td>63.0</td><td>24.5</td><td>48.3</td><td>139.1</td><td>65.5</td><td>49.4</td><td>16.1</td><td>15.7</td><td>9.2</td><td>22.4</td><td>12.6</td><td>13.6</td></tr></table>
1. United States savings bonds, Series A-F and J, are included at current redemption values.
2. Government securities held by the Treasury, excluding guarantees of commercial banks, trust companies, and stock savings banks. Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and island possessions.
3. Figures exclude securities held in trust departments.
4. Holdings by Federal land banks are included under "Miscellaneous investments" instead of "U. S. Government investment accounts" after June 26, 1947, when the proprietary interest of the United States in these banks ended.
5. Includes partnerships and personal trust accounts. Nonprofit institu-
6/ Excludes 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 1966, includes investments by the International Bank for Reconstruction and Development and the International Monetary Fund. In special noninterest-bearing notes issued by the U. S. Government.
p Preliminary.
r Revised.
May 1954
29
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 28, 1954
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".
Distribution of ownership by types of banks and insurance companies is published each month. Holdings of commercial banks distributed according to Federal Reserve member bank classes and nonmember banks are published for June 30 and December 31. Holdings by corporate pension trust funds are published quarterly and first appeared in the March 1956 Bulletin for quarters beginning December 31, 1949.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,995 commercial banks 1/ 2/</th><th>526 mutual savings banks 1/</th><th>Insurance companies 314 life</th><th>598 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>1/</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable</td><td>154,576</td><td>55,317</td><td>7,279</td><td>6,185</td><td>1,250</td><td>28,166</td><td>23,079</td></tr><tr><td>Public nonmarketable 2/</td><td>76,965</td><td>2,168</td><td>1,952</td><td>3,483</td><td>884</td><td>3,569</td><td>64,912</td></tr><tr><td>Special issues</td><td>41,070</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41,070</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>272,612</td><td>57,495</td><td>9,231</td><td>9,669</td><td>5,435</td><td>72,802</td><td>117,991</td></tr><tr><td>Matured debt and debt bearing no interest 3/</td><td>2,247</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total securities issued or guaranteed by the U.S. Government 4/</td><td>274,859</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Section I
Table 2.- Summary of Interest-Bearing Public Marketable Securities (Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,995 commercial banks 1/2/</th><th>526 mutual savings banks 1/</th><th>314 life</th><th>598 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>1/</th></tr><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issued by U.S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>19,510</td><td>3,920</td><td>133</td><td>456</td><td>106</td><td>1,937</td><td>12,958</td></tr><tr><td>Certificates of indebtedness</td><td>25,278</td><td>7,377</td><td>169</td><td>60</td><td>389</td><td>6,131</td><td>11,121</td></tr><tr><td>Treasury notes</td><td>26,866</td><td>8,813</td><td>104</td><td>54</td><td>499</td><td>13,038</td><td>4,358</td></tr><tr><td>Treasury bonds - bank eligible</td><td>78,074</td><td>38,914</td><td>6,034</td><td>4,627</td><td>3,266</td><td>5,967</td><td>19,266</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>8,675</td><td>215</td><td>814</td><td>978</td><td>290</td><td>1,079</td><td>5,269</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>96</td><td>14</td><td>-</td><td>-</td><td>1</td><td>13</td><td>68</td></tr><tr><td>Guaranteed by U.S. Government 2/</td><td>76</td><td>34</td><td>23</td><td>10</td><td>*</td><td>1</td><td>6</td></tr><tr><td>Total</td><td>154,576</td><td>55,317</td><td>7,279</td><td>6,105</td><td>4,550</td><td>28,166</td><td>53,079</td></tr><tr><td>Maturity classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>63,632</td><td>17,505</td><td>404</td><td>533</td><td>783</td><td>15,806</td><td>28,601</td></tr><tr><td>1 to 5 years</td><td>27,917</td><td>14,704</td><td>372</td><td>111</td><td>922</td><td>6,348</td><td>5,404</td></tr><tr><td>5 to 10 years</td><td>31,222</td><td>18,355</td><td>1,496</td><td>777</td><td>1,505</td><td>1,824</td><td>7,304</td></tr><tr><td>10 to 15 years</td><td>6,428</td><td>2,069</td><td>1,033</td><td>852</td><td>415</td><td>653</td><td>1,406</td></tr><tr><td>15 to 20 years</td><td>23,696</td><td>2,560</td><td>3,861</td><td>3,781</td><td>891</td><td>3,380</td><td>9,223</td></tr><tr><td>Over 20 years</td><td>1,606</td><td>89</td><td>129</td><td>122</td><td>33</td><td>159</td><td>1,074</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>76</td><td>34</td><td>23</td><td>10</td><td>*</td><td>1</td><td>6</td></tr><tr><td>Total</td><td>154,576</td><td>55,317</td><td>7,279</td><td>6,185</td><td>4,550</td><td>28,166</td><td>53,079</td></tr><tr><td>Tax status: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>96</td><td>14</td><td>-</td><td>-</td><td>1</td><td>13</td><td>58</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>9,155</td><td>5,169</td><td>7</td><td>4</td><td>198</td><td>8</td><td>3,769</td></tr><tr><td>Subject to Federal income taxes 2/</td><td>145,325</td><td>50,133</td><td>7,272</td><td>6,181</td><td>4,351</td><td>28,145</td><td>49,282</td></tr><tr><td>Total</td><td>154,576</td><td>55,317</td><td>7,279</td><td>6,185</td><td>4,550</td><td>28,166</td><td>53,079</td></tr></table>
Footnotes at end of Section II.
30
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 28,
1954
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 8/1 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</th></tr><tr><th></th><th></th><th>6,995 commercial banks 1/2/</th><th>526 mutual savings banks 1/</th><th>Insurance companies 314 life</th><th>598 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>1/</th></tr><tr><td>Treasury bills......(taxable)</td><td>19,510</td><td>3,920</td><td>133</td><td>456</td><td>106</td><td>1,937</td><td>12,958</td></tr><tr><td colspan="8">Certificates of indebtedness:</td></tr><tr><td>2-5/8 June 1954-B......(taxable)</td><td>4,858</td><td>1,528</td><td>34</td><td>1</td><td>91</td><td>1,160</td><td>2,044</td></tr><tr><td>2-1/2 March 1954-C (Tax Anticipation Series)......(taxable)</td><td>5,902</td><td>1,733</td><td>48</td><td>53</td><td>46</td><td>24</td><td>3,997</td></tr><tr><td>2-5/8 August 1954-D......(taxable)</td><td>2,788</td><td>1,193</td><td>18</td><td>4</td><td>89</td><td>166</td><td>1,318</td></tr><tr><td>2-5/8 September 1954-E......(taxable)</td><td>4,784</td><td>1,780</td><td>64</td><td>2</td><td>119</td><td>894</td><td>1,995</td></tr><tr><td>1-5/8 February 1955-A......(taxable)</td><td>7,006</td><td>1,142</td><td>4</td><td>-</td><td>44</td><td>3,926</td><td>1,889</td></tr><tr><td>Total certificates of indebtedness</td><td>25,278</td><td>7,377</td><td>169</td><td>60</td><td>389</td><td>6,131</td><td>11,153</td></tr><tr><td colspan="8">Treasury notes:</td></tr><tr><td>1-3/8 March 1954-A......(taxable)</td><td>103</td><td>82</td><td>1</td><td>*</td><td>20</td><td>*</td><td>1</td></tr><tr><td>1-7/8 December 1954-B......(taxable)</td><td>8,175</td><td>242</td><td>1</td><td>1</td><td>28</td><td>6,997</td><td>906</td></tr><tr><td>1-1/2 March 1955-A......(taxable)</td><td>5,365</td><td>3,317</td><td>12</td><td>*</td><td>175</td><td>92</td><td>1,769</td></tr><tr><td>1-3/4 December 1955-B......(taxable)</td><td>6,854</td><td>2,422</td><td>10</td><td>1</td><td>119</td><td>3,236</td><td>1,065</td></tr><tr><td>1-1/2 April 1956-EA......(taxable)</td><td>1,007</td><td>5</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>2</td></tr><tr><td>1-1/2 October 1956-30......(taxable)</td><td>550</td><td>37</td><td>*</td><td>-</td><td>2</td><td>500</td><td>10</td></tr><tr><td>2-7/8 March 1957-A......(taxable)</td><td>2,997</td><td>2,257</td><td>71</td><td>4</td><td>123</td><td>*</td><td>542</td></tr><tr><td>1-1/2 April 1957-EA......(taxable)</td><td>531</td><td>27</td><td>*</td><td>-</td><td>*</td><td>500</td><td>3</td></tr><tr><td>1-1/2 October 1957-80......(taxable)</td><td>824</td><td>91</td><td>*</td><td>-</td><td>9</td><td>714</td><td>10</td></tr><tr><td>1-1/2 April 1958-EA......(taxable)</td><td>383</td><td>283</td><td>7</td><td>42</td><td>19</td><td>-</td><td>32</td></tr><tr><td>1-1/2 October 1958-80......(taxable)</td><td>77</td><td>49</td><td>1</td><td>7</td><td>3</td><td>-</td><td>16</td></tr><tr><td>Total Treasury notes</td><td>26,866</td><td>8,813</td><td>104</td><td>54</td><td>499</td><td>13,038</td><td>4,358</td></tr><tr><td colspan="8">Treasury bonds:</td></tr><tr><td colspan="8">Bank eligible:</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>331</td><td>8</td><td>2</td><td>19</td><td>8</td><td>142</td></tr><tr><td>2 June 1952-54......(taxable)</td><td>1,903</td><td>437</td><td>19</td><td>1</td><td>32</td><td>455</td><td>960</td></tr><tr><td>2-1/4 June 1952-55......(taxable)</td><td>332</td><td>134</td><td>4</td><td>*</td><td>20</td><td>97</td><td>137</td></tr><tr><td>2 December 1952-54......(taxable)</td><td>8,662</td><td>5,440</td><td>80</td><td>15</td><td>208</td><td>287</td><td>2,623</td></tr><tr><td>2-1/4 June 1954-56......(partially)</td><td>318</td><td>198</td><td>1</td><td>*</td><td>15</td><td>*</td><td>105</td></tr><tr><td>2-7/8 March 1955-60......(partially)</td><td>2,611</td><td>1,907</td><td>3</td><td>1</td><td>77</td><td>5</td><td>618</td></tr><tr><td>2-1/2 March 1956-58......(taxable)</td><td>1,449</td><td>1,071</td><td>29</td><td>10</td><td>44</td><td>29</td><td>265</td></tr><tr><td>2-1/4 September 1956-59......(taxable)</td><td>3,882</td><td>2,854</td><td>35</td><td>46</td><td>87</td><td>50</td><td>749</td></tr><tr><td>2-3/4 September 1956-59......(partially)</td><td>982</td><td>912</td><td>1</td><td>*</td><td>37</td><td>*</td><td>32</td></tr><tr><td>2-3/8 March 1957-59......(taxable)</td><td>927</td><td>476</td><td>19</td><td>1</td><td>8</td><td>339</td><td>84</td></tr><tr><td>2-3/8 June 1958......(taxable)</td><td>4,285</td><td>2,864</td><td>176</td><td>37</td><td>282</td><td>109</td><td>776</td></tr><tr><td>2-3/4 June 1958-63......(partially)</td><td>919</td><td>843</td><td>1</td><td>*</td><td>36</td><td>1</td><td>37</td></tr><tr><td>2-1/2 December 1958......(taxable)</td><td>2,368</td><td>1,610</td><td>52</td><td>7</td><td>92</td><td>45</td><td>561</td></tr><tr><td>2-1/4 June 1959-62......(taxable)</td><td>5,277</td><td>1,344</td><td>615</td><td>286</td><td>492</td><td>588</td><td>1,952</td></tr><tr><td>2-1/4 December 1959-62......(taxable)</td><td>3,466</td><td>541</td><td>269</td><td>332</td><td>310</td><td>754</td><td>1,260</td></tr><tr><td>2-3/4 December 1960-65......(partially)</td><td>1,485</td><td>1,310</td><td>1</td><td>3</td><td>33</td><td>1</td><td>138</td></tr><tr><td>2-3/4 September 1961......(taxable)</td><td>2,239</td><td>1,518</td><td>162</td><td>35</td><td>126</td><td>51</td><td>347</td></tr><tr><td>2-1/2 November 1961......(taxable)</td><td>10,930</td><td>7,953</td><td>352</td><td>76</td><td>331</td><td>34</td><td>2,184</td></tr><tr><td>2-1/2 June 1962-67......(taxable)</td><td>2,116</td><td>494</td><td>376</td><td>346</td><td>138</td><td>274</td><td>488</td></tr><tr><td>2-1/2 December 1963-68......(taxable)</td><td>2,827</td><td>265</td><td>656</td><td>503</td><td>244</td><td>378</td><td>780</td></tr><tr><td>2-1/2 June 1964-69......(taxable)</td><td>3,754</td><td>277</td><td>1,205</td><td>648</td><td>192</td><td>428</td><td>1,004</td></tr><tr><td>2-1/2 December 1964-69......(taxable)</td><td>3,831</td><td>240</td><td>801</td><td>954</td><td>176</td><td>519</td><td>1,180</td></tr><tr><td>2-1/2 March 1965-70......(taxable)</td><td>8,719</td><td>77</td><td>866</td><td>1,184</td><td>191</td><td>1,166</td><td>1,774</td></tr><tr><td>2-1/2 September 1967-72......(taxable)</td><td>2,716</td><td>1,720</td><td>214</td><td>17</td><td>42</td><td>187</td><td>535</td></tr><tr><td>3-1/4 June 1978-83......(taxable)</td><td>1,606</td><td>89</td><td>129</td><td>122</td><td>33</td><td>159</td><td>1,071</td></tr><tr><td>Total bank eligible</td><td>74,074</td><td>34,914</td><td>6,034</td><td>4,627</td><td>3,266</td><td>5,967</td><td>19,266</td></tr><tr><td colspan="8">Bank restricted: 1/</td></tr><tr><td>2-1/2 March 1966-71......(taxable)</td><td>2,961</td><td>40</td><td>403</td><td>864</td><td>121</td><td>675</td><td>859</td></tr><tr><td>2-1/2 June 1967-72......(taxable)</td><td>1,890</td><td>68</td><td>254</td><td>45</td><td>55</td><td>141</td><td>1,327</td></tr><tr><td>2-1/2 December 1967-72......(taxable)</td><td>3,824</td><td>137</td><td>158</td><td>70</td><td>114</td><td>263</td><td>3,082</td></tr><tr><td>Total bank restricted</td><td>8,675</td><td>245</td><td>814</td><td>978</td><td>290</td><td>1,079</td><td>5,269</td></tr><tr><td>Total Treasury bonds</td><td>82,750</td><td>35,158</td><td>6,849</td><td>5,605</td><td>3,556</td><td>7,046</td><td>24,535</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
May 1954
31
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 28, 1954
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par value - in millions of dollars)
<table><tr><th>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>6,995 commercial banks 1/ 2/</th><th>526 mutual savings banks 1/</th><th>313 life</th><th>598 fire, casualty, and marine</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal earning bonds......(wholly)</td><td>46</td><td>7</td><td>-</td><td>-</td><td>*</td><td>13</td><td>26</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>7</td><td>-</td><td>-</td><td>1</td><td>*</td><td>42</td></tr><tr><td>Total other bonds</td><td>96</td><td>14</td><td>-</td><td>-</td><td>1</td><td>13</td><td>68</td></tr><tr><td>Guaranteed securities: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(taxable 10/)</td><td>76</td><td>34</td><td>23</td><td>10</td><td>*</td><td>1</td><td>6</td></tr><tr><td>Total public marketable securities</td><td>154,976</td><td>55,317</td><td>7,279</td><td>6,185</td><td>4,550</td><td>28,166</td><td>53,079</td></tr></table>
Footnote 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 &frac12; is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Eled by investors covered in Treasury Survey</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,995 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>1/</th></tr><tr><th></th><th></th><th></th><th></th><th>31k life</th><th>598 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 &frac12; (taxable)</td><td>36,244</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>36,244</td></tr><tr><td>Series F &frac12; (taxable)</td><td>3,485</td><td>457</td><td>13</td><td>33</td><td>79</td><td>1</td><td>2,902</td></tr><tr><td>Series G (taxable)</td><td>16,347</td><td>309</td><td>536</td><td>259</td><td>413</td><td>18</td><td>14,212</td></tr><tr><td>Series H (taxable)</td><td>785</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>785</td></tr><tr><td>Series J &frac12; (taxable)</td><td>252</td><td>1</td><td>*</td><td>1</td><td>5</td><td>*</td><td>246</td></tr><tr><td>Series K (taxable)</td><td>685</td><td>1</td><td>10</td><td>4</td><td>16</td><td>2</td><td>652</td></tr><tr><td>Total United States savings bonds</td><td>57,797</td><td>1,367</td><td>559</td><td>297</td><td>514</td><td>21</td><td>55,040</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>5,887</td><td>39</td><td>1</td><td>*</td><td>15</td><td>6</td><td>5,827</td></tr><tr><td>Depository bonds (taxable)</td><td>410</td><td>410</td><td>11/</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>914</td><td>104</td><td>121</td><td>266</td><td>36</td><td>100</td><td>206</td></tr><tr><td>Investment Series B (taxable)</td><td>11,957</td><td>167</td><td>1,271</td><td>2,921</td><td>320</td><td>3,439</td><td>3,838</td></tr><tr><td>Total other U. S. securities</td><td>19,168</td><td>801</td><td>1,393</td><td>3,187</td><td>371</td><td>3,545</td><td>9,872</td></tr><tr><td>Total public nonmarketable securities</td><td>76,965</td><td>2,168</td><td>1,952</td><td>3,483</td><td>884</td><td>3,565</td><td>64,912</td></tr></table>
Footnotes at end of Section II.
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 28, 1954
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>6,995 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>314 life</th><th>598 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>584</td><td>298</td><td>31</td><td>3</td><td>17</td><td>*</td><td>235</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>2-5/8/4 June 1954 (Debentures)....(taxable)</td><td>30</td><td>19</td><td>2</td><td>-</td><td>1</td><td>-</td><td>8</td></tr><tr><td>2-3/4 June 1954 (Debentures)....(taxable)</td><td>40</td><td>19</td><td>4</td><td>*</td><td>1</td><td>-</td><td>15</td></tr><tr><td>2-1/8 February 1955 (Debentures)....(taxable)</td><td>40</td><td>22</td><td>5</td><td>*</td><td>*</td><td>-</td><td>12</td></tr><tr><td>Total Central Bank for Cooperatives securities</td><td>110</td><td>60</td><td>12</td><td>*</td><td>2</td><td>-</td><td>36</td></tr><tr><td>Federal home loan banks: 12/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2.75% March 1954 (Notes)....(taxable)</td><td>98</td><td>43</td><td>6</td><td>*</td><td>2</td><td>1</td><td>43</td></tr><tr><td>2-7/8 April 1954 (Notes)....(taxable)</td><td>100</td><td>45</td><td>3</td><td>1</td><td>2</td><td>1</td><td>49</td></tr><tr><td>2.10 May 1954 (Notes)....(taxable)</td><td>104</td><td>49</td><td>5</td><td>1</td><td>1</td><td>13</td><td>35</td></tr><tr><td>Total Federal home loan bank securities.....</td><td>302</td><td>137</td><td>14</td><td>2</td><td>4</td><td>17</td><td>128</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>2-1/4/8 February 1953-55 (Bonds)....(taxable)</td><td>114</td><td>87</td><td>3</td><td>*</td><td>4</td><td>-</td><td>20</td></tr><tr><td>2-1/2 November 1954 (Bonds)....(taxable)</td><td>71</td><td>43</td><td>3</td><td>1</td><td>2</td><td>-</td><td>21</td></tr><tr><td>2-1/2 November 1954 (Bonds)....(taxable)</td><td>100</td><td>53</td><td>8</td><td>*</td><td>4</td><td>-</td><td>36</td></tr><tr><td>2-3/4 February 1955 (Bonds)....(taxable)</td><td>79</td><td>49</td><td>4</td><td>*</td><td>2</td><td>-</td><td>23</td></tr><tr><td>1-3/4 October 1955-57 (Bonds)....(taxable)</td><td>215</td><td>178</td><td>3</td><td>-</td><td>7</td><td>-</td><td>27</td></tr><tr><td>2-5/8 May 1956 (Bonds)....(taxable)</td><td>229</td><td>158</td><td>9</td><td>1</td><td>12</td><td>-</td><td>42</td></tr><tr><td>2-3/4 May 1958 (Bonds)....(taxable)</td><td>131</td><td>72</td><td>11</td><td>1</td><td>4</td><td>-</td><td>43</td></tr><tr><td>Total Federal land bank securities.........</td><td>939</td><td>641</td><td>41</td><td>3</td><td>35</td><td>-</td><td>219</td></tr></table>
2/ Excludes trust departments.
2/ Includes trust companies and, beginning with figures for July 1949, also includes stock savings banks. Formerly these banks were shown as separate classification, but they are no longer so reported.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ United States savings bonds, Series E, F, and J, 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.
5/ Excludes guaranteed securities held by the Treasury.
7/ Includes which commercial banks may not acquire prior to specified dates (with minor exceptions); see "Debt Outstanding and Treasurer's Account", Table 2, 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 income exempt from the normal tax except that in the case of partially tax-exempt Treasury bonds, interest derived from $200 of principal amount owned by any one holder is also exempt from the surtax. "Taxable" securities are those with the income subject to normal tax and surtax. 
3/10/ 
Include Federal Housing Administration debentures; see footnote 10. 
11/ 
A small indeterminate amount of these debentures is partially tax exempt. 
12/ 
Include $113.0 million depository bonds held by commercial banks not included in the Treasury Survey. 
12/ 
The proprietary interest of the United States in these banks ended in July 1951. 
13/ 
Exclude issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in these banks ended in June 1947. 
* 
Less than $500,000.
May 1954
33
MARKET QUOTATIONS ON TREASURY SECURITIES, MARCH 31, 1954
Current market quotations shown here are over-the-counter closing bid 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 include all regularly quoted
public marketable securities issued by the United States Government except Panama Canal bonds. Outstanding issues which are guaranteed by the United States Government are excluded because they are not regularly quoted in the market.
Table 1.- Treasury Bills (Taxable)
<table><tr><th>Amount out-standing (millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="2">Bank discount</th><th>Amount out-standing (millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="2">Bank discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Change from last month</th><th></th><th></th><th></th><th>Bid</th><th>Change from last month</th></tr><tr><td>$1,502</td><td>1/1/53</td><td>12/31/52</td><td>1/</td><td>1/</td><td>$1,500</td><td>5/20/54</td><td>2/18/54</td><td>1.00%</td><td>+ .04%</td></tr><tr><td>1,500</td><td>4/8/54</td><td>1/1/54</td><td>1.00%</td><td>+ .10%</td><td>1,501</td><td>5/21/54</td><td>2/25/54</td><td>1.02</td><td>+ .02</td></tr><tr><td>1,500</td><td>1/15/54</td><td>1/14/54</td><td>1.00</td><td>+ .09</td><td>1,501</td><td>5/3/54</td><td>3/3/54</td><td>1.02</td><td>-</td></tr><tr><td>1,502</td><td>1/22/54</td><td>1/21/54</td><td>1.00</td><td>+ .07</td><td>1,501</td><td>6/10/54</td><td>3/11/54</td><td>1.02</td><td>-</td></tr><tr><td>1,500</td><td>1/29/54</td><td>1/28/54</td><td>1.02</td><td>+ .08</td><td>1,501</td><td>6/17/54</td><td>3/18/54</td><td>1.02</td><td>-</td></tr><tr><td>1,500</td><td>5/6/54</td><td>2/4/54</td><td>1.02</td><td>+ .06</td><td>1,501</td><td>6/24/54</td><td>3/22/54 2/</td><td>.95</td><td>-</td></tr><tr><td>1,501</td><td>5/13/54</td><td>2/11/54</td><td>1.02</td><td>+ .04</td><td>1,501</td><td>6/24/54</td><td>3/25/54</td><td>1.02</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>3/</td><td>7/1/54</td><td>4/1/54</td><td>1.03</td><td>-</td></tr></table>
Footnotes at end of Table 4.
Table 2.- Certificates of Indebtedness (Taxable)
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="2">Price</th><th colspan="2">Yield</th></tr><tr><th>Bid</th><th>Change from last month</th><th>To maturity</th><th>Change from last month</th></tr><tr><td>$4,868</td><td>2-5/06 - 6/1/94-B</td><td>6/1/53</td><td>100.12</td><td>-.04</td><td>.34%</td><td>-.26%</td></tr><tr><td>2,768</td><td>2-5/8 - 8/15/94-D</td><td>8/15/53</td><td>100.32</td><td>-.05</td><td>.75</td><td>.00</td></tr><tr><td>4,724</td><td>2-5/8 - 9/15/94-E</td><td>9/15/53</td><td>100.36</td><td>-.07</td><td>.50</td><td>+.12</td></tr><tr><td>7,007</td><td>1-5/0 - 2/15/95-A</td><td>2/15/94</td><td>100.17½</td><td>+.01½</td><td>.99</td><td>-.11</td></tr></table>
Table 3.- Other Taxable Issues
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th>Bid</th><th>Change from last month</th><th>To first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Price range since first traded b/</th><th colspan="2">Price range since first traded b/</th></tr><tr><th></th><th></th><th colspan="2">Price</th><th colspan="2">Yield</th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="11">Treasury notes:</td></tr><tr><td>$8,175</td><td>1-7/8 - 12/15/54-3</td><td>100.36</td><td>+.03</td><td>.71%</td><td>-.25%</td><td>12/1/53</td><td>100.27</td><td>3/30/54</td><td>100.07½</td><td>12/15/53</td></tr><tr><td>5,289</td><td>1-1/2 - 3/15/55-A</td><td>100.13</td><td>+.02</td><td>1.07</td><td>+.09</td><td>3/15/50</td><td>100.14</td><td>3/23/54</td><td>97.22</td><td>1/26/51</td></tr><tr><td>6,894</td><td>1-3/4 - 12/15/55-3</td><td>100.26</td><td>+.02</td><td>1.27</td><td>+.02</td><td>12/15/50</td><td>100.28</td><td>3/13/54</td><td>97.21</td><td>6/1/53</td></tr><tr><td>1,007</td><td>1-1/2 - 4/1/56-EA</td><td>100.12</td><td>+.04</td><td>1.31</td><td>-.07</td><td>4/1/51</td><td>100.12</td><td>3/31/54</td><td>97.06</td><td>6/16/53</td></tr><tr><td>550</td><td>1-1/2 - 10/1/56-20</td><td>100.12</td><td>+.04</td><td>1.35</td><td>-.05</td><td>10/1/51</td><td>100.12</td><td>3/31/54</td><td>96.20</td><td>6/8/53</td></tr><tr><td>2,997</td><td>2-7/8 - 3/15/57-A</td><td>103.22</td><td>-.10</td><td>1.59</td><td>+.07</td><td>9/15/53</td><td>104.01</td><td>2/24/54</td><td>100.04½</td><td>3/2/53</td></tr><tr><td>531</td><td>1-1/2 - 4/1/57-EA</td><td>100.06</td><td>+.06</td><td>1.44</td><td>+.06</td><td>4/1/52</td><td>100.06</td><td>3/31/54</td><td>95.24</td><td>6/6/53</td></tr><tr><td>824</td><td>1-1/2 - 10/1/57-20</td><td>100.04</td><td>+.06</td><td>1.46</td><td>-.06</td><td>10/1/52</td><td>100.04</td><td>3/31/54</td><td>94.24</td><td>6/4/53</td></tr><tr><td>383</td><td>1-1/2 - 4/1/58-EA</td><td>99.15</td><td>+.08</td><td>1.53</td><td>-.06</td><td>4/1/53</td><td>99.18</td><td>3/25/54</td><td>93.16</td><td>6/4/53</td></tr><tr><td>101</td><td>1-1/2 - 10/1/58-20</td><td>99.14</td><td>+.14</td><td>1.63</td><td>-.10</td><td>10/1/53</td><td>99.14</td><td>3/31/54</td><td>95.02</td><td>10/5/53</td></tr><tr><td colspan="11">Treasury bonds - bank eligible:</td></tr><tr><td>1,743</td><td>2% - 6/15/52-5 5/7</td><td>100.10</td><td>-.04</td><td>.46</td><td>-.02</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>93.10</td><td>5/29/53</td></tr><tr><td>373</td><td>2-1/4 - 6/15/52-55 6/1</td><td>100.11</td><td>+.05</td><td>.55</td><td>+.04</td><td>2/25/42</td><td>106.08</td><td>5/5/46</td><td>98.30</td><td>6/1/53</td></tr><tr><td>510</td><td>2 - 12/15/51-55 7</td><td>100.27</td><td>.00</td><td>.75</td><td>-.13</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>98.08</td><td>6/1/53</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54 5/7</td><td>100.26</td><td>.00</td><td>.83</td><td>-.13</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>99.00</td><td>6/2/53</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>108.07</td><td>-.02</td><td>1.35</td><td>-.01</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>97.10</td><td>6/1/53</td></tr><tr><td>3,802</td><td>2-1/4 - 9/15/56-59</td><td>101.18</td><td>-.02</td><td>1.60</td><td>+.01</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>95.04</td><td>6/2/53</td></tr><tr><td>927</td><td>2-3/8 - 3/15/57-59</td><td>102.13</td><td>+.04</td><td>1.54</td><td>-.06</td><td>3/1/52</td><td>102.18</td><td>3/27/54</td><td>96.06</td><td>6/2/53</td></tr><tr><td>4,245</td><td>2-3/8 - 6/15/58</td><td>102.17</td><td>+.09</td><td>1.75</td><td>-.08</td><td>7/1/52</td><td>102.20</td><td>3/24/54</td><td>96.10</td><td>6/1/53</td></tr><tr><td>2,368</td><td>2-1/2 - 12/15/58</td><td>103.12</td><td>+.11</td><td>1.75</td><td>-.09</td><td>2/15/53</td><td>103.18</td><td>3/17/54</td><td>97.04</td><td>6/1/53</td></tr><tr><td>5,277</td><td>2-1/4 - 6/15/59-62</td><td>100.15</td><td>+.13</td><td>2.16</td><td>-.08</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>92.02</td><td>6/1/53</td></tr><tr><td>3,466</td><td>2-1/4 - 12/15/59-62</td><td>100.15</td><td>+.13</td><td>2.17</td><td>-.07</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>92.00</td><td>6/1/53</td></tr><tr><td>2,239</td><td>2-3/4 - 9/15/61</td><td>103.26</td><td>+.17</td><td>2.17</td><td>-.09</td><td>12/9/53</td><td>103.26</td><td>3/31/54</td><td>100.19</td><td>11/13/53</td></tr><tr><td>11,176</td><td>2-1/2 - 11/15/61</td><td>101.28</td><td>+.15</td><td>2.23</td><td>-.07</td><td>5/5/42</td><td>101.30</td><td>3/26/54</td><td>100.12</td><td>2/1/54</td></tr><tr><td>2,116</td><td>2-1/2 - 6/15/62-67</td><td>101.04</td><td>+.16</td><td>2.35</td><td>-.06</td><td>12/1/42</td><td>108.12</td><td>4/6/46</td><td>92.00</td><td>6/1/53</td></tr><tr><td>2,827</td><td>2-1/2 - 12/15/63-68</td><td>100.23</td><td>+.15</td><td>2.41</td><td>-.05</td><td>4/15/43</td><td>108.03</td><td>4/6/46</td><td>91.04</td><td>6/1/53</td></tr><tr><td>3,754</td><td>2-1/2 - 6/15/64-69</td><td>100.10</td><td>+.13</td><td>2.46</td><td>-.05</td><td>9/15/43</td><td>107.25</td><td>4/6/46</td><td>90.28</td><td>6/1/53</td></tr><tr><td>3,831</td><td>2-1/2 - 12/15/64-69</td><td>100.09</td><td>+.14</td><td>2.47</td><td>-.04</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>90.20</td><td>6/1/53</td></tr><tr><td>4,719</td><td>2-1/2 - 3/15/65-70</td><td>100.07</td><td>+.19</td><td>2.47</td><td>-.06</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>90.18</td><td>6/1/53</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 2/1</td><td>99.31</td><td>+.17</td><td>2.50 10/</td><td>-.03</td><td>10/20/41</td><td>103.18</td><td>4/6/46</td><td>89.30</td><td>6/1/53</td></tr><tr><td>1,606</td><td>3-1/4 - 6/15/78-83 11/</td><td>109.03</td><td>+.11</td><td>2.73</td><td>-.02</td><td>5/1/53</td><td>106.27</td><td>1/27/54</td><td>98.20</td><td>6/1/53</td></tr></table>
Footnotes at end of Table 4.
(Continued on following page)
34
Treasury Bulletin
MARKET QUOTATIONS ON TREASURY SECURITIES, MARCH 31, 1954
Table 3.- Other Taxable Issues - (Continued)
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="2">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range since first traded b/</th></tr><tr><th>Bid</th><th>Change from last month</th><th>To first call</th><th>Change from last month</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>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="11">Treasury bonds - bank restricted 1/1:</td></tr><tr><td>$2,751</td><td>2-1/3/ - 3/15/66-71</td><td>100.05</td><td>+21</td><td>2.83%</td><td>-.06%</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>90.16</td><td>6/1/53</td></tr><tr><td>1,899</td><td>2-1/2 - 6/15/67-72 2/</td><td>99.31</td><td>+19</td><td>2.50 10/</td><td>-.04</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>89.30</td><td>6/1/53</td></tr><tr><td>3,823</td><td>2-1/2 - 12/15/67-72 2/</td><td>99.31</td><td>+19</td><td>2.50 10/</td><td>-.04</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>89.30</td><td>6/1/53</td></tr></table>
Footnotes at end of Table 4.
Table 4.- Partially Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="2">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range since first traded ¼</th></tr><tr><th>Bid</th><th>Change from last month</th><th>To first call</th><th>Change from last month</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td colspan="3">Treasury bonds - bank eligible:</td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr><tr><td>$312</td><td>2-1/4/6 - 6/15/94-56 6/</td><td>100.11</td><td>-.06</td><td>.55%</td><td>+1.5%</td><td>7/25/40</td><td>109.29</td><td>3/12/46</td><td>100.10</td><td>5/18/53</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>102.01</td><td>-.05</td><td>.73</td><td>-.02</td><td>3/15/35</td><td>116.02</td><td>1/20/46</td><td>98.30</td><td>2/20/55</td></tr><tr><td>932</td><td>2-3/4 - 9/15/56-59</td><td>104.12</td><td>.00</td><td>.94</td><td>-.06</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>1/1/37</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>106.14</td><td>+.04</td><td>1.13</td><td>-.06</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td></tr><tr><td>1,305</td><td>2-3/4 - 12/15/60-65</td><td>108.08</td><td>.00</td><td>1.45</td><td>-.02</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td></tr></table>
Not quoted on March 31, 1954.
Tax Anticipation Series.
Amount issued on April 1, 1954, was $1,501 million.
Beginning April 1953, prices are closing bid quotations in the over-the-counter market. Market prices for prior dates are the mean of closing bid and ask quotations, except that before October 1, 1939, they 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.
Not called for redemption on December 15, 1953. Will mature on June 15, 1954.
Called for redemption on June 15, 1954.
Not called for redemption on June 15, 1954. Callable on four months' notice on December 15, 1954.
8/ Not called for redemption on June 15, 1954. Will mature on December 15, 1954.
2/ Included in the average of taxable Treasury bonds due or callable from 12 to 20 years beginning April 15, 1953, an shown under "Average Yields of Long-Term Bonds".
10/ Yield to maturity. Yields are computed to call date when the price is above par and to maturity when the price is at or below par.
11/ First quoted April 15, 1953. This issue is listed under a new long-term taxable Treasury bond class due or callable 20 years and after as shown under "Average Yields of Long-Term Bonds".
12/ For definition, see "Debt Outstanding and Treasurer's Account". Table 2, footnote 1.
YIELDS OF TAXABLE TREASURY SECURITIES, MAR. 31, 1954
May 1954
35
Based on Closing Bid Quotations
Explanation: The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded
Office of the Secretary of the Treasury
F-598-8
36
Treasury Bulletin
AVERAGE YIELDS OF LONG-TERM BONDS
Table 1.- Average Yields of Treasury Bonds and Moody's Aaa Corporate Bonds by Periods
(Percent per annum)
<table><tr><th>Period</th><th>Taxable Treasury bonds 1/2/</th><th>Moody's Aaa corporate bonds</th><th>Period</th><th>Taxable Treasury bonds 1/2/</th><th>Moody's Aaa corporate bonds 2/</th><th>Period</th><th>Taxable Treasury bonds, due or callable - 1/ From 12 to 20 years</th><th>20 years and after</th><th>Moody's Aaa corporate bonds 3/</th></tr></table>
Annual series - calendar year averages of monthly series
<table><tr><td>1942</td><td>2,46</td><td>2,63</td><td>1948</td><td>2,44</td><td>2,88</td><td>1953</td><td>2,98</td><td>3,16</td><td>3,20</td></tr><tr><td>1943</td><td>2,47</td><td>2,73</td><td>1949</td><td>2,31</td><td>2,66</td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>2,48</td><td>2,72</td><td>1950</td><td>2,32</td><td>2,68</td><td></td><td></td><td></td><td></td></tr><tr><td>1945</td><td>2,37</td><td>2,62</td><td>1951</td><td>2,57</td><td>2,96</td><td></td><td></td><td></td><td></td></tr><tr><td>1946</td><td>2,19</td><td>2,53</td><td>1952</td><td>2,68</td><td>2,96</td><td></td><td></td><td></td><td></td></tr><tr><td>1947</td><td>2,25</td><td>2,61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Monthly series - averages of daily series
<table><tr><td>1949-Jan........</td><td>2.42</td><td>1951-Apr........</td><td>2.56</td><td>1953-Apr........</td><td>2.97</td><td></td></tr><tr><td>Feb........</td><td>2.39</td><td>May........</td><td>2.63</td><td>May........</td><td>3.09</td><td>3.04</td></tr><tr><td>Mar........</td><td>2.38</td><td>June........</td><td>2.65</td><td>June........</td><td>3.09</td><td>3.26</td></tr><tr><td>Apr........</td><td>2.38</td><td>July........</td><td>2.63</td><td>July........</td><td>2.99</td><td>3.29</td></tr><tr><td>May........</td><td>2.38</td><td>Aug........</td><td>2.57</td><td>Aug........</td><td>3.00</td><td>3.25</td></tr><tr><td>June........</td><td>2.38</td><td>Sept........</td><td>2.56</td><td>Sept........</td><td>2.97</td><td>3.19</td></tr><tr><td>July........</td><td>2.27</td><td>Oct........</td><td>2.61</td><td>Oct........</td><td>2.83</td><td>3.06</td></tr><tr><td>Aug........</td><td>2.24</td><td>Nov........</td><td>2.66</td><td>Nov........</td><td>2.85</td><td>3.04</td></tr><tr><td>Sept........</td><td>2.22</td><td>Dec........</td><td>2.70</td><td>Dec........</td><td>2.79</td><td>2.96</td></tr><tr><td>Oct........</td><td>2.22</td><td>1950-Jan........</td><td>2.74</td><td>1954-Jan........</td><td>2.68</td><td>2.90</td></tr><tr><td>Nov........</td><td>2.20</td><td>Feb........</td><td>2.71</td><td>Feb........</td><td>2.60</td><td>2.85</td></tr><tr><td>Dec........</td><td>2.19</td><td>Mar........</td><td>2.70</td><td>Mar........</td><td>2.51</td><td>2.73</td></tr><tr><td>1950-Jan........</td><td>2.20</td><td>Apr........</td><td>2.64 5/</td><td>1954-Feb........</td><td>2.93</td><td>2.95</td></tr><tr><td>Feb........</td><td>2.24</td><td>May........</td><td>2.57</td><td>Mar........</td><td>2.93</td><td>2.86</td></tr><tr><td>Mar........</td><td>2.27</td><td>June........</td><td>2.61</td><td>Apr........</td><td>2.94</td><td></td></tr><tr><td>Apr........</td><td>2.30</td><td>July........</td><td>2.61</td><td>May........</td><td>2.95</td><td></td></tr><tr><td>May........</td><td>2.31</td><td>Aug........</td><td>2.70</td><td>June........</td><td>2.94</td><td></td></tr><tr><td>June........</td><td>2.33</td><td>Sept........</td><td>2.71</td><td>July........</td><td>2.95</td><td></td></tr><tr><td>July........</td><td>2.34</td><td>Oct........</td><td>2.74</td><td>Aug........</td><td>2.95</td><td></td></tr><tr><td>Aug........</td><td>2.33</td><td>Nov........</td><td>2.71</td><td>Sept........</td><td>2.98</td><td></td></tr><tr><td>Sept........</td><td>2.36</td><td>Dec........</td><td>2.75</td><td>Oct........</td><td>2.97</td><td></td></tr><tr><td>Oct........</td><td>2.38</td><td>1953-Jan........</td><td>2.80</td><td>Nov........</td><td>2.97</td><td></td></tr><tr><td>Nov........</td><td>2.38</td><td>Feb........</td><td>2.83</td><td>Dec........</td><td>2.98</td><td></td></tr><tr><td>Dec........</td><td>2.39</td><td>Mar........</td><td>2.89</td><td>1951-Jan........</td><td>3.02</td><td></td></tr><tr><td>1951-Jan........</td><td>2.39</td><td>1953-Feb........</td><td>3.07</td><td>Feb........</td><td>3.12</td><td></td></tr><tr><td>Feb........</td><td>2.40</td><td>Mar........</td><td>2.66</td><td>Mar........</td><td></td><td></td></tr><tr><td>Mar........</td><td>2.47</td><td>1951-Mar........</td><td>2.78</td><td></td><td></td><td></td></tr></table>
<table><tr><th>Period</th><th>Taxable Treasury bonds, due or callable - 1/2</th><th>Moody's Aaa corporate bonds 1/2</th><th>Period</th><th>Taxable Treasury bonds, due or callable - 1/2</th><th>Moody's Aaa corporate bonds 1/2</th><th>Period</th><th>Taxable Treasury bonds, due or callable - 1/2</th><th>Moody's Aaa corporate bonds 1/2</th></tr><tr><td></td><td>From 12 to 20 years and after</td><td></td><td></td><td>From 12 to 20 years and after</td><td></td><td></td><td>From 12 to 20 years and after</td><td></td></tr></table>
Weekly series - averages of daily series for weeks ending -
<table><tr><td>1953-Oct.</td><td>2</td><td>2.87</td><td>3.12</td><td>3.24</td><td>1953-Dec.</td><td>1</td><td>2.85</td><td>3.01</td><td>3.18</td><td>1954-Feb.</td><td>5</td><td>2.62</td><td>2.87</td><td>3.00</td></tr><tr><td></td><td>9</td><td>2.84</td><td>3.05</td><td>3.19</td><td></td><td>11</td><td>2.80</td><td>2.97</td><td>3.13</td><td></td><td>12</td><td>2.59</td><td>3.86</td><td>2.94</td></tr><tr><td></td><td>16</td><td>2.84</td><td>3.06</td><td>3.16</td><td></td><td>16</td><td>2.79</td><td>2.97</td><td>3.12</td><td></td><td>19</td><td>2.60</td><td>2.86</td><td>2.93</td></tr><tr><td></td><td>23</td><td>2.83</td><td>3.05</td><td>3.14</td><td></td><td>25</td><td>2.78</td><td>2.96</td><td>3.12</td><td></td><td>26</td><td>2.57</td><td>2.79</td><td>2.92</td></tr><tr><td></td><td>30</td><td>2.81</td><td>3.02</td><td>3.12</td><td>1954-Jan.</td><td>1</td><td>2.74</td><td>2.92</td><td>3.12</td><td>Mar.</td><td>5</td><td>2.53</td><td>2.72</td><td>2.89</td></tr><tr><td>Nov.</td><td>6</td><td>2.82</td><td>3.04</td><td>3.09</td><td></td><td>8</td><td>2.74</td><td>2.93</td><td>3.10</td><td></td><td>12</td><td>2.58</td><td>2.74</td><td>2.96</td></tr><tr><td></td><td>13</td><td>2.85</td><td>3.06</td><td>3.10</td><td></td><td>15</td><td>2.71</td><td>2.91</td><td>3.08</td><td></td><td>19</td><td>2.49</td><td>2.73</td><td>2.85</td></tr><tr><td></td><td>20</td><td>2.86</td><td>3.03</td><td>3.13</td><td></td><td>22</td><td>2.66</td><td>2.88</td><td>3.06</td><td></td><td>26</td><td>2.50</td><td>2.74</td><td>2.85</td></tr><tr><td></td><td>27</td><td>2.88</td><td>3.04</td><td>3.12</td><td></td><td>29</td><td>2.63</td><td>2.87</td><td>3.03</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily series - unweighted averages
<table><tr><th>1954-Mar.</th><th>1</th><th>2</th><th>3</th><th>4</th><th>5</th><th>6</th><th>7</th><th>8</th><th>9</th><th>10</th></tr><tr><td></td><td>2.53</td><td>2.72</td><td>2.91</td><td>2.94</td><td>2.51</td><td>2.52</td><td>2.74</td><td>2.86</td><td>2.82</td><td>2.89</td></tr><tr><td>1954-Mar.</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>16</td><td>17</td><td>18</td><td>19</td><td></td></tr><tr><td></td><td>2.51</td><td>2.51</td><td>2.50</td><td>2.50</td><td>2.50</td><td>2.50</td><td>2.74</td><td>2.73</td><td>2.52</td><td></td></tr><tr><td>1954-Mar.</td><td>22</td><td>23</td><td>24</td><td>25</td><td>26</td><td>27</td><td>28</td><td>29</td><td>30</td><td>31</td></tr><tr><td></td><td>2.90</td><td>2.90</td><td>2.90</td><td>2.90</td><td>2.90</td><td>2.90</td><td>2.74</td><td>2.51</td><td>2.50</td><td>2.73</td></tr></table>
1. Beginning April 1953, Treasury bond yields are reported to the Treasury by the Federal Reserve Bank of New York, based on closing bid quotations in the over-the-counter market. Yields for prior periods were computed on the basis of the mean of closing bid and ask quotations for definition of taxable bonds, see footnotes to the "Treasury Survey of Ownership" in this issue of the "Treasury Bulletin".
2. Prior to April 1953, the single series on long-term taxable Treasury bonds was published beginning October 1946. For March 1953, bonds neither due nor callable for 12 years; October 1941 through March 1952, bonds neither due nor callable for 15 years. For a discussion of the composition of these Treasury bond averages, see the "Treasury Bulletin" for March 1944, page 58.
3/ Moody's Investors Service average of Aaa corporate bonds. This series supersedes the Treasury average of high-grade corporate bonds previously shown in this table, which was discontinued after March 1953.
4/ Average covers 8-1/2 months beginning April 15, the inception date of this series.
5/ The long-term taxable Treasury bond average was revised beginning April 1, 1952, see footnote 2. The old average for April 1952 was 2.50 percent.
May 1954
57
AVERAGE YIELDS OF LONG-TERM BONDS
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly averages of daily figures. See footnote 2 to Table I under "Average Yields of Long-Term Bonds".
Office of the Secretary of the Treasury
F-220-1
38
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Budget receipts from internal revenue</th><th>Adjustment of collections to budget receipts</th><th>Total internal revenue collections</th><th>Corporation income and profit taxes 2/</th><th>Total</th><th>Individual income tax not withheld 3/</th><th>Individual income tax withheld 3/</th><th>Old-age insurance taxes 3/</th><th>Railroad retirement</th><th>Unemployment insurance</th></tr><tr><td>1945</td><td>43,902,002</td><td>+101,684</td><td>43,800,338</td><td>16,027,213</td><td>20,813,491</td><td>8,770,094</td><td>10,264,219</td><td>1,307,931</td><td>284,758</td><td>186,499</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,982</td><td>12,553,602</td><td>20,405,394</td><td>8,846,947</td><td>9,897,589</td><td>1,237,825</td><td>284,258</td><td>178,745</td></tr><tr><td>1947</td><td>39,379,409</td><td>+671,136</td><td>39,108,273</td><td>9,676,757</td><td>21,367,662</td><td>9,901,015</td><td>9,982,282</td><td>1,458,934</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>11,533,577</td><td>1,612,721</td><td>560,113</td><td>208,908</td></tr><tr><td>1949</td><td>40,307,205</td><td>-155,834</td><td>40,465,113</td><td>11,553,669</td><td>20,307,935</td><td>7,996,320</td><td>10,055,502</td><td>1,687,151</td><td>526,734</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>10,854,351</td><td>19,797,893</td><td>7,624,332</td><td>9,888,976</td><td>1,873,401</td><td>545,018</td><td>223,135</td></tr><tr><td>1951</td><td>51,106,095</td><td>+660,409</td><td>50,445,568</td><td>14,387,569</td><td>26,524,788</td><td>9,907,539</td><td>13,089,769</td><td>2,810,750</td><td>579,778</td><td>236,952</td></tr><tr><td>1952</td><td>65,636,894</td><td>+625,502</td><td>65,009,393</td><td>21,466,910</td><td>33,738,370</td><td>11,345,060</td><td>17,929,047</td><td>3,584,026</td><td>620,622</td><td>299,616</td></tr><tr><td>1953</td><td>69,930,655</td><td>+244,145</td><td>69,686,509</td><td>21,594,515</td><td>37,254,619</td><td>11,403,942</td><td>21,130,307</td><td>3,818,219</td><td>628,969</td><td>273,192</td></tr><tr><td>1953-July</td><td>31,748,631 5/</td><td>+771,092</td><td>31,752,858</td><td>650,737</td><td>2,124,615</td><td>324,338</td><td>1,792,397</td><td>3,091</td><td>4,789</td></tr><tr><td>August.</td><td></td><td></td><td>5,759,981</td><td>326,461</td><td>4,606,713</td><td>91,185</td><td>4,434,181</td><td>67,299</td><td>13,896</td></tr><tr><td>September.</td><td></td><td></td><td>4,334,937</td><td>1,766,879</td><td>2,032,213</td><td>1,631,114</td><td>312,661</td><td>87,694</td><td>744</td></tr><tr><td>October.</td><td></td><td></td><td>2,202,827</td><td>477,665</td><td>2,020,527</td><td>78,836</td><td>1,933,761</td><td>3,222</td><td>1,817</td></tr><tr><td>November.</td><td></td><td></td><td>5,372,004</td><td>318,122</td><td>4,556,682</td><td>771,090</td><td>4,397,501</td><td>70,997</td><td>11,934</td></tr><tr><td>December.</td><td></td><td></td><td>3,097,810</td><td>1,882,291</td><td>566,172</td><td>364,365</td><td>118,999</td><td>84,736</td><td>2,071</td></tr><tr><td>1954-January.</td><td>6,268,205</td><td>+2,018,245</td><td>8,826,450</td><td>445,246</td><td>3,524,343</td><td>2,372,889</td><td>1,114,675</td><td>3,651</td><td>38,128</td></tr><tr><td>February.</td><td>12,819,540</td><td>+1,520,594</td><td>11,239,946</td><td>401,136</td><td>6,483,048</td><td>1,050,976</td><td>5,191,628</td><td>57,235</td><td>183,190</td></tr><tr><td>March...</td><td></td><td></td><td>7,353,717</td><td>3,136,360</td><td>2,697,997</td><td></td><td>1,01,628</td><td>91,159</td><td>2,377</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax 6/</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 7/</th><th>Miscellaneous taxes 7/</th></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,115</td><td>65,528</td><td>1,206,616</td><td>1,130,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>352,121</td><td>676,832</td><td>2,528,152</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>2,478,756</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,550,842</td></tr><tr><td>1948</td><td>8,311,003</td><td>1,723</td><td>809,345</td><td>2,555,320</td><td>1,300,280</td><td>79,466</td><td>2,113,157</td><td>1,659,711</td></tr><tr><td>1949</td><td>8,381,525</td><td>6,138</td><td>796,538</td><td>2,210,601</td><td>1,321,875</td><td>72,888</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1950</td><td>8,304,892</td><td>266</td><td>706,226</td><td>2,219,136</td><td>1,328,464</td><td>84,648</td><td>2,285,132</td><td>1,720,908</td></tr><tr><td>1951</td><td>9,433,328</td><td>-</td><td>729,730</td><td>2,246,807</td><td>1,380,396</td><td>93,107</td><td>2,380,690</td><td>1,842,598</td></tr><tr><td>1952</td><td>9,804,112</td><td>-</td><td>833,147</td><td>2,293,088</td><td>1,565,162</td><td>88,995</td><td>2,824,509</td><td>1,947,311</td></tr><tr><td>1953</td><td>10,837,375</td><td>-</td><td>891,204</td><td>2,780,925</td><td>1,654,911</td><td>90,319</td><td>3,358,797</td><td>2,061,130</td></tr><tr><td>1953-July</td><td>977,506</td><td>82,890</td><td>243,259</td><td>125,260</td><td>11,663</td><td>312,345</td><td>201,803</td></tr><tr><td>August</td><td>952,808</td><td>60,231</td><td>228,681</td><td>185,120</td><td>4,897</td><td>266,510</td><td>151,418</td></tr><tr><td>September</td><td>335,945</td><td>94,142</td><td>266,071</td><td>140,280</td><td>4,982</td><td>4,406</td><td>55,939</td></tr><tr><td>October</td><td>704,325</td><td>96,340</td><td>294,008</td><td>146,664</td><td>11,482</td><td>73,720</td><td>82,410</td></tr><tr><td>November</td><td>1,977,200</td><td>55,636</td><td>275,707</td><td>126,341</td><td>4,802</td><td>772,715</td><td>261,949</td></tr><tr><td>December</td><td>649,346</td><td>62,680</td><td>216,490</td><td>120,058</td><td>5,079</td><td>46,321</td><td>198,649</td></tr><tr><td>1954-January</td><td>460,772</td><td>65,454</td><td>156,610</td><td>123,405</td><td>11,895</td><td>45,124</td><td>99,224</td></tr><tr><td>February</td><td>1,402,272</td><td>85,813</td><td>181,401</td><td>110,993</td><td>11,913</td><td>757,495</td><td>260,636</td></tr><tr><td>March</td><td>748,870</td><td>119,423</td><td>223,896</td><td>134,778</td><td>6,128</td><td>60,201</td><td>204,442</td></tr></table>
Source: Internal Revenue Service for collections by type of tax; Daily Treasury Statement for budget receipts from internal revenue through the fiscal year 1953, and the new "Monthly Statement of Receipts and Expenditures of the United States Government" for receipts therefrom in certain installments, as reported in the Monthly Financial Revenue Service reports. Differences in the amounts reported for a given period by the two sources arise because of differences in the timing of the reports. Under arrangements begun in 1950, certain taxes are paid currently into Treasury depositories, and the deposits are recorded as due. These are included in the quarterly return to the Internal Revenue Service. These deposits are included currently in Treasury reports of internal revenue receipts but are taken into the accounts of the Internal Revenue Service after the returns are filed. 1/ Excludes collections for credit to certain trusts accounts for island possessions; includes corporation income tax on Alaska Railroad (repealed by Public Law 336, approved June 10, 1953, for taxable years ending after that date). 2/ Includes excess profits taxes formerly shown separately as follows: unjust enrichment through 1947 (thereafter these collections are included under "Miscellaneous") ; declared value (repealed for years ending after June 30, 1946); Excess Profits Tax Act of 1940 (Title II of the Second Revenue Act of 1940, which was repealed for years ending after December 31, 1945). Includes also excess profits
taxes on Army and Navy contracts under the Vinenon Act as amended (34 U.S.C. 496), and income tax on business income of exempt organizations imposed by the Revenue Act of 1951, approved October 20, 1951. Monthly figures include old-age insurance tax on self-employment income which is treated as earned as partial taxable individual income tax beginning with the taxable year 1951. Fiscal year figures exclude this tax, on the basis of estimates beginning 1952 (see footnote 4), and it is included under "Old-age insurance taxes". Withheld income tax and old-age insurance taxes on employees and employers are paid into the Treasury in combined amounts beginning January 1951. In Internal Revenue Service reports, current collections have been shown in separate columns for these taxes. The Predawn for fiscal years beginning 1951 is based on estimates made in accordance with provisions of Sec. 109 (a) (2) of the Social Security Act Amendments of 1950, for appropriations to the Federal Old-Age and Survivors Insurance Trust Fund. New reporting basis beginning with the fiscal year 1954; for explanation see page A-2 in the April 1954 "Treasury Bulletin". Figures for July 1953 through January 1954 will be published by months after analysis of the monthly data on the new basis has been completed. Repealed for years ending after June 30, 1945. Beginning 1951, included under "Miscellaneous taxes". See Table 2, footnote 5, regarding change to quarterly returns in the fiscal year 1954. Revised.
May 1954
39
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Office of the Secretary of the Treasury
8-165-0
4Q
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th>Fiscal year 1952</th><th>Fiscal year 1953</th><th>First 9 months of fiscal year 1953</th><th>First 9 months of fiscal year 1954</th><th>Ninth month of fiscal year (March 1953)</th><th>Ninth month of fiscal year (March 1954)</th></tr><tr><td>Corporation income and profits taxes 2/.</td><td>21,466,910</td><td>21,594,515</td><td>14,898,112</td><td>13,682,254</td><td>6,171,089</td><td>7,353,717</td></tr><tr><td colspan="7">Individual income tax and employment taxes:</td></tr><tr><td>Income tax not withheld 3/.</td><td>11,545,060</td><td>11,603,942</td><td>9,161,282</td><td>8,687,750</td><td>2,698,047</td><td>2,697,997</td></tr><tr><td>Income tax withheld and old-age insurance 4/.</td><td>21,313,072</td><td>24,748,526</td><td>18,036,327</td><td>19,693,747</td><td>327,686</td><td>401,388</td></tr><tr><td>Railroad retirement.</td><td>620,682</td><td>628,969</td><td>475,642</td><td>468,394</td><td>91,058</td><td>91,159</td></tr><tr><td>Unemployment insurance.</td><td>259,616</td><td>273,182</td><td>250,341</td><td>260,887</td><td>8,672</td><td>5,377</td></tr><tr><td>Total individual income tax and employment taxes.</td><td>33,738,370</td><td>37,254,619</td><td>27,923,592</td><td>29,110,778</td><td>3,125,463</td><td>3,196,360</td></tr><tr><td colspan="7">Miscellaneous internal revenue:</td></tr><tr><td>Estate tax.</td><td>750,592</td><td>784,590</td><td>591,613</td><td>629,598</td><td>75,070</td><td>73,085</td></tr><tr><td>Gift tax.</td><td>82,556</td><td>106,694</td><td>93,313</td><td>62,922</td><td>78,435</td><td>46,339</td></tr><tr><td colspan="7">Liquor taxes:</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>187,479</td><td>204,794</td><td>155,942</td><td>178,768</td><td>18,167</td><td>17,147</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>1,402,220</td><td>1,641,922</td><td>1,287,816</td><td>1,241,787</td><td>140,646</td><td>136,262</td></tr><tr><td>Distilled spirits, rectification tax.</td><td>31,812</td><td>26,845</td><td>24,465</td><td>19,326</td><td>2,751</td><td>2,047</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>3,753</td><td>3,956</td><td>3,020</td><td>3,122</td><td>328</td><td>260</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>68,621</td><td>76,579</td><td>56,996</td><td>55,323</td><td>6,612</td><td>6,874</td></tr><tr><td>Dealers in distilled spirits, rectifiers; manufacturers of stills (special tax).</td><td>15,249</td><td>16,272</td><td>12,602</td><td>12,423</td><td>113</td><td>102</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>28</td><td>24</td><td>20</td><td>27</td><td>2</td><td>2</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>1,295</td><td>1,020</td><td>753</td><td>881</td><td>83</td><td>87</td></tr><tr><td>Container stamps.</td><td>12,080</td><td>13,345</td><td>9,958</td><td>9,867</td><td>1,124</td><td>1,327</td></tr><tr><td>Floor taxes.</td><td>93,808</td><td>27,956</td><td>27,853</td><td>262</td><td>77</td><td>10</td></tr><tr><td>Fermented malt liquors.</td><td>727,504</td><td>762,983</td><td>561,218</td><td>565,728</td><td>59,141</td><td>59,766</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>5,148</td><td>5,215</td><td>4,017</td><td>3,959</td><td>45</td><td>52</td></tr><tr><td>Total liquor taxes.</td><td>2,549,038</td><td>2,780,925</td><td>2,084,660</td><td>2,091,475</td><td>229,030</td><td>223,396</td></tr><tr><td colspan="7">Tobacco taxes:</td></tr><tr><td>Cigars (large).</td><td>44,760</td><td>46,277</td><td>34,512</td><td>34,234</td><td>3,809</td><td>3,782</td></tr><tr><td>Cigars (small).</td><td>50</td><td>49</td><td>37</td><td>29</td><td>1</td><td>3</td></tr><tr><td>Cigarettes (large).</td><td>12</td><td>7</td><td>7</td><td>1</td><td></td><td></td></tr><tr><td>Cigarettes (small).</td><td>1,474,060</td><td>1,586,775</td><td>1,206,139</td><td>1,123,198</td><td>138,063</td><td>129,205</td></tr><tr><td>Snuff.</td><td>4,796</td><td>3,821</td><td>2,823</td><td>2,892</td><td>328</td><td>332</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>22,817</td><td>17,244</td><td>12,633</td><td>12,049</td><td>1,413</td><td>1,416</td></tr><tr><td>Cigarette papers and tubes.</td><td>913</td><td>717</td><td>506</td><td>491</td><td>1</td><td>39</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>1</td><td>1</td><td></td><td></td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>17,752</td><td>19</td><td>17</td><td>2</td><td></td><td></td></tr><tr><td>Total tobacco taxes.</td><td>1,565,162</td><td>1,654,911</td><td>1,256,934</td><td>1,172,899</td><td>143,621</td><td>134,778</td></tr><tr><td colspan="7">Stamp taxes:</td></tr><tr><td>Bonds, issues and transfers of capital stock, deeds of conveyance, etc.</td><td>77,556</td><td>82,640</td><td>61,342</td><td>61,361</td><td>5,128</td><td>5,434</td></tr><tr><td>Playing cards.</td><td>7,353</td><td>7,582</td><td>5,910</td><td>5,432</td><td>715</td><td>693</td></tr><tr><td>Silver bullion sales or transfers.</td><td>86</td><td>97</td><td>74</td><td>17</td><td>39</td><td>1</td></tr><tr><td>Total stamp taxes.</td><td>84,995</td><td>90,319</td><td>67,326</td><td>66,810</td><td>9,883</td><td>6,128</td></tr><tr><td colspan="7">Manufacturers' excise taxes 2/.</td></tr><tr><td>Lubricating oils.</td><td>95,286</td><td>73,321</td><td>54,617</td><td>72,725</td><td>5,587</td><td>20,630</td></tr><tr><td>Gasoline.</td><td>713,178</td><td>830,679</td><td>674,912</td><td>606,813</td><td>64,889</td><td>9,828</td></tr><tr><td>Gas and tubes and hussers.</td><td>163,328</td><td>180,047</td><td>132,190</td><td>114,406</td><td>16,364</td><td>842</td></tr><tr><td>Automobile trucks.</td><td>147,145</td><td>210,032</td><td>147,112</td><td>113,077</td><td>14,045</td><td>4,824</td></tr><tr><td>Other automobiles and motorcycles.</td><td>578,149</td><td>785,716</td><td>521,873</td><td>635,126</td><td>78,816</td><td>192</td></tr><tr><td>Parts and accessories for automobiles.</td><td>164,135</td><td>177,924</td><td>132,257</td><td>99,812</td><td>14,315</td><td>2,639</td></tr><tr><td>Electrical energy 6/.</td><td>53,094</td><td>-</td><td>78,888</td><td>66,982</td><td>8,113</td><td>3,424</td></tr><tr><td>Electric, gas, and oil appliances.</td><td>89,544</td><td>113,330</td><td>25,712</td><td>25,028</td><td>4,708</td><td>147</td></tr><tr><td>Electric light bulbs and tubes.</td><td>30,176</td><td>36,634</td><td>114,141</td><td>103,120</td><td>16,115</td><td>7,275</td></tr><tr><td>Radio sets, phonographs, television sets, components, etc.</td><td>118,244</td><td>159,383</td><td>5,353</td><td>6,105</td><td>844</td><td>101</td></tr><tr><td>Photograph records.</td><td>6,880</td><td>7,517</td><td>8,204</td><td>6,968</td><td>747</td><td>1,040</td></tr><tr><td>Musical instruments.</td><td>9,412</td><td>11,048</td><td></td><td></td><td></td><td></td></tr><tr><td>Mechanical refrigerators, air-conditioners, quick-freeze units, etc.</td><td>57,970</td><td>67,424</td><td>59,267</td><td>43,206</td><td>8,803</td><td>2,945</td></tr><tr><td>Matches.</td><td>8,018</td><td>8,950</td><td>6,858</td><td>6,256</td><td>994</td><td>175</td></tr><tr><td>Stoves and other appliances.</td><td>48,315</td><td>50,259</td><td>38,573</td><td>36,621</td><td>3,929</td><td>658</td></tr><tr><td>Photographic apparatus.</td><td>33,766</td><td>29,401</td><td>22,225</td><td>21,005</td><td>1,901</td><td>256</td></tr><tr><td>Sporting goods.</td><td>16,501</td><td>15,845</td><td>10,956</td><td>8,832</td><td>1,211</td><td>208</td></tr><tr><td>Firearms, shells, and cartridges.</td><td>10,679</td><td>12,148</td><td>9,025</td><td>8,461</td><td>610</td><td>16</td></tr><tr><td>Pistols and revolvers.</td><td>1,472</td><td>983</td><td>696</td><td>745</td><td>66</td><td>9</td></tr><tr><td>Mechanical pencils, pens, and lighters 7/.</td><td>4,830</td><td>11,938</td><td>9,308</td><td>8,833</td><td>675</td><td>260</td></tr><tr><td>Total manufacturers' excise taxes.</td><td>2,348,943</td><td>2,862,788</td><td>2,052,168</td><td>1,991,193</td><td>242,799</td><td>59,022</td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1954
41
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 9 months of fiscal year</th><th colspan="2">Ninth month of fiscal year</th></tr><tr><th></th><th>1952</th><th>1953</th><th>1953</th><th>1954</th><th>1953 (March 1953)</th><th>1954 (March 1954)</th></tr><tr><td>Miscellaneous internal revenue - (Continued);</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retailers' excise taxes: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pure</td><td>51,436</td><td>45,923r</td><td>41,163</td><td>29,836</td><td>5,068</td><td>1,211</td></tr><tr><td>Jewelry</td><td>220,339</td><td>234,659r</td><td>184,758</td><td>167,579</td><td>15,253</td><td>151</td></tr><tr><td>Luggage</td><td>90,799</td><td>95,750r</td><td>73,617</td><td>65,786</td><td>5,040</td><td>1,860</td></tr><tr><td>Toilet preparations</td><td>112,892</td><td>115,671r</td><td>88,269</td><td>84,575</td><td>7,805</td><td>1,957</td></tr><tr><td>Total retailers' excise taxes</td><td>475,466</td><td>495,009r</td><td>387,807</td><td>347,775</td><td>33,166</td><td>5,179</td></tr><tr><td>Miscellaneous taxes: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sugar Act of 1937, radio, and cable facilities</td><td>78,473</td><td>78,130r</td><td>58,470</td><td>55,504</td><td>5,776</td><td>32</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities</td><td>395,434</td><td>417,940r</td><td>333,733</td><td>336,287</td><td>43,183</td><td>90,679</td></tr><tr><td>Local telephone services</td><td>310,337</td><td>357,933r</td><td>260,999</td><td>272,184</td><td>30,837</td><td>83,727</td></tr><tr><td>Transportation of oil by pipe line</td><td>26,881</td><td>28,378</td><td>20,579</td><td>21,660</td><td>2,135</td><td>305</td></tr><tr><td>Transportation of persons, etc.</td><td>275,174</td><td>287,408r</td><td>220,135</td><td>193,933</td><td>21,914</td><td>14,712</td></tr><tr><td>Transportation of property</td><td>388,589</td><td>419,604r</td><td>311,372</td><td>294,055</td><td>33,667</td><td>7,793</td></tr><tr><td>Leases of safe deposit boxes</td><td>10,211</td><td>10,368r</td><td>8,211</td><td>5,928</td><td>853</td><td>157</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>330,617</td><td>332,831</td><td>237,981</td><td>207,435</td><td>21,225</td><td>3,046</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>45,489</td><td>46,691</td><td>35,351</td><td>28,194</td><td>3,716</td><td>887</td></tr><tr><td>Club dues and initiation fees</td><td>33,292</td><td>36,869</td><td>25,695</td><td>21,223</td><td>3,236</td><td>614</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>3,597</td><td>3,411</td><td>3,019</td><td>2,783</td><td>24</td><td>21</td></tr><tr><td>Coin operated devices</td><td>18,923</td><td>16,505</td><td>15,162</td><td>13,182</td><td>170</td><td>115</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheeses</td><td>4</td><td>6</td><td>5</td><td>5</td><td>3</td><td>1</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>915</td><td>929</td><td>580</td><td>568</td><td>69</td><td>43</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>15,205</td><td>17,957</td><td>13,782</td><td>11,679</td><td>1,489</td><td>575</td></tr><tr><td>National Firearms Act</td><td>29</td><td>7</td><td>6</td><td>6</td><td>*</td><td>*</td></tr><tr><td>Diesel oil 5/</td><td>7,138</td><td>15,091</td><td>11,221</td><td>13,756</td><td>1,074</td><td>325</td></tr><tr><td>Wagering taxes 1/</td><td>5,345</td><td>10,475r</td><td>8,030</td><td>7,463</td><td>712</td><td>650</td></tr><tr><td>All other, including repealed taxes not shown separately</td><td>1,261</td><td>647</td><td>608</td><td>624</td><td>16</td><td>163</td></tr><tr><td>Total miscellaneous taxes</td><td>1,947,311</td><td>2,061,138r</td><td>1,544,887</td><td>1,466,471</td><td>169,999</td><td>204,442</td></tr><tr><td>Total miscellaneous internal revenue</td><td>9,804,112</td><td>10,837,375</td><td>8,078,703</td><td>7,469,148</td><td>978,064</td><td>748,876</td></tr><tr><td>Total internal revenue collections</td><td>65,009,393</td><td>69,686,509</td><td>50,900,414</td><td>50,562,180</td><td>10,274,615</td><td>11,298,946</td></tr><tr><td>Adjustment to budget receipts</td><td>4625,502</td><td>4248,185</td><td>496,741</td><td>4274,197</td><td>11,437,829</td><td>11,520,504</td></tr><tr><td>Budget receipts from internal revenue</td><td>65,634,894</td><td>69,930,655</td><td>50,993,154</td><td>50,836,377 2/</td><td>11,712,444</td><td>12,819,504 2/</td></tr></table>
Source: Internal Revenue Service for collections by type of tax; Daily Treasury Statement for budget receipts from internal revenue through the fiscal year 1953, and the new (Monthly Statement of Receipts and Expenditures) for the fiscal year 1954, for receipts thereafter. Certain detail by type of tax is available only in Internal Revenue Service reports. Differences in the amounts reported for a given period by the two sources arise because certain taxes are paid currently into Treasury depositories, and the depository receipts, or balances of the Treasury, are not always available for use in Internal Revenue Service. These deposits are included currently in Treasury reports of internal revenue receipts but are taken into the accounts of the Internal Revenue Service after the returns are filed. Excludes collections for credit to certain trust accounts for island property and the correction income tax on Alaska Railroad (repealed by Public Law 356, approved June 10, 1932, for taxable years ending after that date). Includes excess profits tax on Army and Navy contracts imposed by the Vinson Act as amended (31 U.S.C. 466), and income tax on business interest on certain contracts imposed by the Revenue Act of 1951, approved October 20, 1951. Includes old-age insurance tax on self-employment income, imposed by the Social Security Act Amendments of 1950 (Public Law 734), approved
August 28, 1950. The tax is levied and collected as part of the individual income tax beginning with the taxable year 1951. For estimated fiscal year breakdown, see Table 1.
4/ Beginning January 1951, withheld income tax and social security employment taxes on employers and employees are paid into the Treasury in combined amounts, pursuant to the Social Security Act amendments of 1950. For estimated fiscal year breakdown, see Table 1.
5/ Collections in fiscal year 1954 are not comparable month by month with those in the prior year because of the institution of quarterly returns with credit against them of receipts for interim payments made directly into Government depositories (see also source note).
6/ Repealed, effective November 1, 1951, by Revenue Act of 1951. Beginning July 1952, included with other repealed taxes under "Miscellaneous taxes".
7/ Effective November 1, 1951, under Revenue Act of 1951.
8/ Applies to diesel oil used in highway vehicles; effective November 1, 1951, under Revenue Act of 1951.
9/ New reporting basis beginning with the Fiscal year 1954; for explanation, see page A-2 in the April 1954 issue of the "Treasury Bulletin".
* Less than $500.
r Revised.
42
Treasury Bulletin
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Cold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1990 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>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>26,432</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>352</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>21,156</td><td>25,661</td><td>41</td><td>2,177</td><td>1</td><td>321</td><td>22,760</td><td>274</td><td>86</td></tr><tr><td>1951</td><td>27,809</td><td>26,231</td><td>39</td><td>2,092</td><td>1</td><td>318</td><td>23,456</td><td>263</td><td>81</td></tr><tr><td>1952</td><td>29,086</td><td>27,340</td><td>38</td><td>2,088</td><td>1</td><td>318</td><td>24,602</td><td>221</td><td>71</td></tr><tr><td>1953</td><td>30,125</td><td>28,359</td><td>37</td><td>2,122</td><td>1</td><td>318</td><td>25,609</td><td>200</td><td>73</td></tr><tr><td>1952-December</td><td>30,433</td><td>28,683</td><td>37</td><td>2,105</td><td>1</td><td>314</td><td>25,941</td><td>210</td><td>75</td></tr><tr><td>1953-July</td><td>30,120</td><td>28,351</td><td>36</td><td>2,107</td><td>1</td><td>317</td><td>25,618</td><td>198</td><td>73</td></tr><tr><td>August</td><td>30,248</td><td>28,470</td><td>36</td><td>2,106</td><td>1</td><td>319</td><td>25,738</td><td>197</td><td>73</td></tr><tr><td>September</td><td>30,275</td><td>28,483</td><td>36</td><td>2,100</td><td>1</td><td>316</td><td>25,752</td><td>195</td><td>72</td></tr><tr><td>October</td><td>30,398</td><td>28,596</td><td>36</td><td>2,098</td><td>1</td><td>316</td><td>25,879</td><td>193</td><td>72</td></tr><tr><td>November</td><td>30,807</td><td>28,992</td><td>36</td><td>2,120</td><td>1</td><td>321</td><td>26,249</td><td>192</td><td>72</td></tr><tr><td>December</td><td>30,781</td><td>28,968</td><td>36</td><td>2,100</td><td>1</td><td>316</td><td>26,253</td><td>190</td><td>72</td></tr><tr><td>1954-January</td><td>29,981</td><td>28,206</td><td>36</td><td>2,017</td><td>1</td><td>306</td><td>25,987</td><td>187</td><td>71</td></tr><tr><td>February</td><td>29,904</td><td>28,134</td><td>36</td><td>2,041</td><td>1</td><td>309</td><td>25,490</td><td>186</td><td>71</td></tr><tr><td>March</td><td>29,707</td><td>27,931</td><td>36</td><td>2,070</td><td>1</td><td>312</td><td>25,257</td><td>185</td><td>71</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars) 5/</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1946</td><td>1,300</td><td>180</td><td>843</td><td>317</td><td>199.76</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.33</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.31</td></tr><tr><td>1949</td><td>1,459</td><td>164</td><td>940</td><td>355</td><td>184.33</td></tr><tr><td>1950</td><td>1,496</td><td>170</td><td>965</td><td>351</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>1952</td><td>1,678</td><td>191</td><td>1,093</td><td>393</td><td>184.90</td></tr><tr><td>1953</td><td>1,766</td><td>202</td><td>1,150</td><td>413</td><td>188.64</td></tr><tr><td>1952-December</td><td>1,750</td><td>199</td><td>1,141</td><td>410</td><td>192.07</td></tr><tr><td>1953-July</td><td>1,769</td><td>204</td><td>1,151</td><td>414</td><td>188.30</td></tr><tr><td>August</td><td>1,778</td><td>205</td><td>1,156</td><td>416</td><td>188.78</td></tr><tr><td>September</td><td>1,792</td><td>207</td><td>1,166</td><td>419</td><td>188.65</td></tr><tr><td>October</td><td>1,802</td><td>207</td><td>1,174</td><td>420</td><td>189.12</td></tr><tr><td>November</td><td>1,816</td><td>208</td><td>1,189</td><td>423</td><td>191.40</td></tr><tr><td>December</td><td>1,812</td><td>210</td><td>1,179</td><td>424</td><td>191.06</td></tr><tr><td>1954-January</td><td>1,775</td><td>208</td><td>1,149</td><td>418</td><td>185.64</td></tr><tr><td>February</td><td>1,769</td><td>209</td><td>1,146</td><td>416</td><td>185.12</td></tr><tr><td>March</td><td>1,776</td><td>209</td><td>1,152</td><td>416</td><td>183.65</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.
3/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
b/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
5/ Based on latest population estimates by the Bureau of the Census.
r Revised.
May 1954
43
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 ($15 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>1947</td><td>21,266.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>1948</td><td>23,532.5</td><td>3,571.0</td><td>13.2</td></tr><tr><td>1949</td><td>24,466.3</td><td>3,618.3</td><td>12.9</td></tr><tr><td>1950</td><td>24,230.7</td><td>3,671.5</td><td>13.2</td></tr><tr><td>1951</td><td>21,755.9</td><td>3,718.5</td><td>14.6</td></tr><tr><td>1952</td><td>23,346.5</td><td>3,768.5</td><td>13.9</td></tr><tr><td>1953</td><td>22,462.8</td><td>3,814.3</td><td>14.5</td></tr><tr><td>1952-December</td><td>23,187.1</td><td>3,794.1</td><td>14.1</td></tr><tr><td>1953-July</td><td>22,277.3</td><td>3,818.3</td><td>14.6</td></tr><tr><td>August</td><td>22,178.4</td><td>3,820.8</td><td>14.7</td></tr><tr><td>September</td><td>22,128.4</td><td>3,824.7</td><td>14.7</td></tr><tr><td>October</td><td>22,076.7</td><td>3,828.5</td><td>14.8</td></tr><tr><td>November</td><td>22,021.5</td><td>3,832.7</td><td>14.8</td></tr><tr><td>December</td><td>22,029.5</td><td>3,837.0</td><td>14.8</td></tr><tr><td>1954-January</td><td>21,996.0</td><td>3,840.4</td><td>14.9</td></tr><tr><td>February</td><td>21,927.9</td><td>3,843.6</td><td>14.9</td></tr><tr><td>March</td><td>21,965.2</td><td>3,848.0</td><td>14.9</td></tr></table>
Source: Circulation Statement of United States Money. For detail of silver monetary stock see Table 4.
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>Liabilities Gold certificates, etc. 1/</th><th>Balance of gold in Treasurer's account</th></tr><tr><td>1947</td><td>22,753.9</td><td>21,700.0</td><td>1,053.9</td></tr><tr><td>1948</td><td>24,243.9</td><td>23,166.0</td><td>1,077.9</td></tr><tr><td>1949</td><td>24,427.1</td><td>23,373.9</td><td>1,053.2</td></tr><tr><td>1950</td><td>22,706.1</td><td>21,693.5</td><td>1,092.6</td></tr><tr><td>1951</td><td>22,695.5</td><td>21,662.5</td><td>1,032.9</td></tr><tr><td>1952</td><td>23,187.1</td><td>22,178.8</td><td>1,008.2</td></tr><tr><td>1953</td><td>22,029.5</td><td>21,545.7</td><td>88.7</td></tr><tr><td>1953-July</td><td>22,277.3</td><td>21,277.8</td><td>999.4</td></tr><tr><td>August</td><td>22,178.4</td><td>21,185.1</td><td>993.3</td></tr><tr><td>September</td><td>22,128.4</td><td>21,125.7</td><td>1,002.7</td></tr><tr><td>October</td><td>22,076.7</td><td>21,089.1</td><td>987.5</td></tr><tr><td>November</td><td>22,027.5</td><td>21,040.4</td><td>987.0</td></tr><tr><td>December</td><td>22,029.5</td><td>21,545.7</td><td>88.7</td></tr><tr><td>1954-January</td><td>21,956.0</td><td>21,466.1</td><td>489.9</td></tr><tr><td>February</td><td>21,957.9</td><td>21,461.5</td><td>496.4</td></tr><tr><td>March</td><td>21,969.2</td><td>21,469.8</td><td>499.4</td></tr></table>
Source: Circulation Statement of United States Money. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; (2) gold certificate credits in (a) the gold certificate fund -
Board of Governors, Federal Reserve System, and (b) the redemption fund - Federal Reserve notes; and (c) reserve of $156.0 million against United States notes and Treasury notes of 1890.
44
Treasury Bulletin
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Securing silver certificates 1/</th><th colspan="2">In Treasurer's account</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29+ per fine ounce</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 1/</th><th>Bullion for recoinage 1/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 1/</th><th></th></tr><tr><td>1947.</td><td>1,937.6</td><td>337.2</td><td>11.1</td><td>-</td><td>91.1</td><td>156.3</td><td>923.7</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>992.2</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>1952.</td><td>2,109.7</td><td>299.3</td><td>3.9</td><td>.2</td><td>45.3</td><td>202.5</td><td>1,153.1</td><td>3,794.1</td></tr><tr><td>1953.</td><td>2,110.8</td><td>278.3</td><td>7.3</td><td>-</td><td>30.7</td><td>213.2</td><td>1,213.1</td><td>3,837.0</td></tr><tr><td>1953-July.</td><td>2,128.0</td><td>294.6</td><td>13.3</td><td>-</td><td>33.9</td><td>201.0</td><td>1,134.3</td><td>3,818.3</td></tr><tr><td>August.</td><td>2,130.3</td><td>283.1</td><td>16.9</td><td>-</td><td>31.8</td><td>208.4</td><td>1,187.3</td><td>3,850.8</td></tr><tr><td>September.</td><td>2,132.7</td><td>281.6</td><td>11.4</td><td>-</td><td>32.0</td><td>209.9</td><td>1,195.2</td><td>3,854.7</td></tr><tr><td>October.</td><td>2,135.3</td><td>281.0</td><td>9.2</td><td>-</td><td>31.5</td><td>210.5</td><td>1,201.5</td><td>3,828.5</td></tr><tr><td>November.</td><td>2,137.9</td><td>279.1</td><td>5.5</td><td>-</td><td>31.8</td><td>212.5</td><td>1,207.7</td><td>3,832.7</td></tr><tr><td>December.</td><td>2,140.8</td><td>278.3</td><td>6.3</td><td>-</td><td>30.7</td><td>213.2</td><td>1,213.1</td><td>3,837.0</td></tr><tr><td>1954-January.</td><td>2,143.9</td><td>278.2</td><td>9.6</td><td>.1</td><td>29.6</td><td>213.2</td><td>1,213.4</td><td>3,840.4</td></tr><tr><td>February.</td><td>2,145.9</td><td>278.1</td><td>23.3</td><td>-</td><td>25.9</td><td>213.3</td><td>1,213.2</td><td>3,843.6</td></tr><tr><td>March.</td><td>2,148.5</td><td>277.9</td><td>44.7</td><td>-</td><td>19.9</td><td>213.4</td><td>1,213.3</td><td>3,848.6</td></tr></table>
Source: Circulation Statement of United States Money; Office of the Treasurer of the United States.
1/ Valued at $1.29+ per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government.
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 recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
May 1954
45
MONETARY STATISTICS
Table 5.- 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 (Act July 6, 1939, and July 31, 1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th>Potential seigniorage on silver bullion at cost in Treasurer's account 2/</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>-</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>-</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>-</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>-</td><td>497.7</td><td>34.7</td><td>616.0</td><td>758.3</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>920.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947</td><td>520.5</td><td>48.7</td><td>87.6</td><td>74.5</td><td>832.1</td><td>34.7</td><td>1,077.6</td><td>146.8</td></tr><tr><td>1948</td><td>559.2</td><td>48.7</td><td>87.6</td><td>84.6</td><td>832.2</td><td>34.7</td><td>1,087.8</td><td>129.9</td></tr><tr><td>1949</td><td>578.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>833.6</td><td>34.7</td><td>1,098.1</td><td>127.2</td></tr><tr><td>1950</td><td>596.6</td><td>48.7</td><td>87.6</td><td>104.7</td><td>833.6</td><td>34.7</td><td>1,109.3</td><td>111.7</td></tr><tr><td>1951</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</td><td>694.2</td><td>48.7</td><td>87.6</td><td>125.4</td><td>833.6</td><td>34.7</td><td>1,130.0</td><td>57.2</td></tr><tr><td>1953</td><td>742.2</td><td>48.7</td><td>87.6</td><td>134.7</td><td>833.6</td><td>34.7</td><td>1,139.3</td><td>34.9</td></tr><tr><td>1953 July</td><td>719.7</td><td>48.7</td><td>87.6</td><td>130.9</td><td>833.6</td><td>34.7</td><td>1,135.5</td><td>46.9</td></tr><tr><td>August</td><td>724.9</td><td>48.7</td><td>87.6</td><td>131.6</td><td>833.6</td><td>34.7</td><td>1,136.2</td><td>42.2</td></tr><tr><td>September</td><td>728.4</td><td>48.7</td><td>87.6</td><td>132.3</td><td>833.6</td><td>34.7</td><td>1,136.9</td><td>41.2</td></tr><tr><td>October</td><td>732.4</td><td>48.7</td><td>87.6</td><td>133.1</td><td>833.6</td><td>34.7</td><td>1,137.7</td><td>39.1</td></tr><tr><td>November</td><td>736.5</td><td>48.7</td><td>87.6</td><td>133.9</td><td>833.6</td><td>34.7</td><td>1,138.5</td><td>37.8</td></tr><tr><td>December</td><td>742.2</td><td>48.7</td><td>87.6</td><td>134.7</td><td>833.6</td><td>34.7</td><td>1,139.3</td><td>34.9</td></tr><tr><td>1954 January</td><td>745.8</td><td>48.7</td><td>87.6</td><td>135.7</td><td>833.6</td><td>34.7</td><td>1,140.3</td><td>32.6</td></tr><tr><td>February</td><td>754.8</td><td>48.7</td><td>87.6</td><td>136.3</td><td>833.6</td><td>34.7</td><td>1,140.9</td><td>27.9</td></tr><tr><td>March</td><td>769.3</td><td>48.7</td><td>87.6</td><td>137.1</td><td>833.6</td><td>34.7</td><td>1,141.7</td><td>18.7</td></tr></table>
Source: Office of the Treasurer of the United States. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Table 6.- Increment Resulting from the Reduction in the Weight of the Gold Dollar as of March 31, 1954
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of increment</th></tr><tr><td>Exchange Stabilization 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>139,399,556.99</td><td>27,546,310.97</td><td>111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,955,213.05</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>8,721,059.09</td><td>-</td><td>8,721,059.09</td></tr><tr><td>Total increment</td><td>2,819,446,454.24</td><td>2,679,789,489.47</td><td>144,656,964.77</td></tr></table>
Source: Office of the Treasurer of the United States
46
Treasury Bulletin
EXCHANGE STABILIZATION FUND
Table 1.- Balance Sheets as of June 30, 1953, and December 31, 1953
<table><tr><th></th><th>June 30, 1953</th><th>December 31, 1953</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>$207,364,834.89</td><td>$6,869,962.21</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>27,046,530.97</td><td>226,013,579.59</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>3,985.01</td><td>2,551.86</td></tr><tr><td>Total cash</td><td>$235,415,330.87</td><td>$232,886,093.66</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>57,971,871.12</td><td>61,065,955.34</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Indian rupees</td><td>61,978.74</td><td>-</td></tr><tr><td>Pakistan rupees</td><td>-</td><td>-</td></tr><tr><td>Total due from foreign banks</td><td>61,978.74</td><td>-</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>92,936.11</td><td>84,884.03</td></tr><tr><td>Accounts receivable</td><td>40.68</td><td>600.00</td></tr><tr><td>Federal Reserve Bank of New York, clearing account</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>$313,332,157.52</td><td>$314,037,533.03</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>11,755.33</td><td>5,897.66</td></tr><tr><td>Employee's payroll allotment account, United States savings bonds</td><td>1,151.33</td><td>1,428.55</td></tr><tr><td>Due on purchases</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>123,497.98</td><td>144,404.45</td></tr><tr><td>Total accounts payable</td><td>136,404.64</td><td>151,730.66</td></tr><tr><td>Reserve for expenses and contingencies (net)</td><td>456,058.76</td><td>456,787.02</td></tr><tr><td>Capital account</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Debent - Subscription 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></td><td>112,739,604.12</td><td>113,429,015.35</td></tr><tr><td>Total liabilities and capital</td><td>$313,332,157.52</td><td>$314,037,533.03</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".
May 1954
47
EXCHANGE STABILIZATION FUND
Table 2.- Income and Expense
<table><tr><th>Classification</th><th>January 31, 1934, through June 30, 1933</th><th>January 31, 1934, through December 31, 1933</th></tr><tr><td>Income:</td><td></td><td></td></tr><tr><td>Profit on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profit on French franc transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profit on gold bullion (including profits from handling charges on gold)</td><td>56,452,114.97</td><td>57,564,217.84</td></tr><tr><td>Profit on other gold and exchange transactions</td><td>49,164,525.40</td><td>49,166,724.23</td></tr><tr><td>Profit on silver transactions</td><td>102,735.27</td><td>102,735.27</td></tr><tr><td>Profit on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profit on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>8,698,066.89</td><td>8,950,014.81</td></tr><tr><td>Miscellaneous profits</td><td>861,546.95</td><td>861,546.95</td></tr><tr><td>Interest earned on foreign balances</td><td>2,989,583.19</td><td>2,943,433.19</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>126,116,308.27</td><td>127,576,601.89</td></tr><tr><td>Expenses:</td><td></td><td></td></tr><tr><td>Personal services</td><td>10,093,183.99</td><td>10,753,976.92</td></tr><tr><td>Travel</td><td>500,940.85</td><td>529,550.90</td></tr><tr><td>Transportation of things</td><td>686,263.87</td><td>708,843.73</td></tr><tr><td>Communications</td><td>575,885.04</td><td>585,023.52</td></tr><tr><td>Supplies and materials</td><td>107,177.20</td><td>110,234.40</td></tr><tr><td>Other</td><td>1,413,163.20</td><td>1,465,961.07</td></tr><tr><td>Total expense</td><td>13,376,614.15</td><td>14,147,592.54</td></tr><tr><td>Net income</td><td>112,739,694.12</td><td>113,429,015.35</td></tr></table>
48
Treasury Bulletin
CAPITAL MOVEMENTS
Date 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 50-58. Revised report forms and regulations became effective with
the data for January 1950. Attention is called to the fact that although the grand total figures on the revised reporting basis are reasonably comparable with those for preceding months, data for individual countries in some instances are not comparable because of certain changes in coverage and geographical classification.
The supplementary information, contained in Section IV, is presented in three tables appearing at different times. Table 1 gives data by countries on short-term claims on and liabilities to foreigners as reported quarterly by exporters, importers, and industrial and commercial concerns in the United States. This information was published for the first time in the October 1949 issue of the "Treasury Bulletin" and begins with data for September 30, 1946. Table 2 supplies information by countries on long-term claims on and liabilities to foreigners as reported by banks and bankers in the United States. This table appeared for the first time in the December 1949 issue. Data are for the end of the calendar year beginning with 1942. Table 3 gives information on short-term liabilities to countries not regularly reported separately by banks and bankers. This table appeared for the first time in the April 1950 issue. The data have been requested at irregular intervals, the earliest date being October 1943.
Section I - Summary by Periods
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1955-41</td><td>5,334,071</td><td>3,770,922</td><td>100,870</td><td>626,731</td><td>855,548</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,932</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,379</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</td><td>-733,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947</td><td>334,163</td><td>395,524</td><td>-11,318</td><td>-59,059</td><td>39,012</td></tr><tr><td>1948</td><td>225,817</td><td>531,777</td><td>-19,313</td><td>-192,215</td><td>-94,832</td></tr><tr><td>1949</td><td>194,458</td><td>90,845</td><td>610</td><td>72,203</td><td>27,800</td></tr><tr><td>1950</td><td>1,757,618</td><td>950,583</td><td>1,992</td><td>944,430</td><td>-145,387</td></tr><tr><td>1951</td><td>-380,471</td><td>586,948</td><td>-6,141</td><td>-508,289</td><td>-376,989</td></tr><tr><td>1952</td><td>1,258,081</td><td>1,163,573</td><td>-1,800</td><td>314,944</td><td>-217,876</td></tr><tr><td>1953</td><td>1,141,500</td><td>1,231,587</td><td>-6,343</td><td>-11,513</td><td>-72,231</td></tr><tr><td>1953-July</td><td>75,895</td><td>113,998</td><td>1,774</td><td>-37,764</td><td>-2,153</td></tr><tr><td>August</td><td>199,260r</td><td>197,353r</td><td>-3,463</td><td>3,185</td><td>2,185</td></tr><tr><td>September</td><td>186,692r</td><td>222,704r</td><td>235</td><td>-50,249</td><td>14,005</td></tr><tr><td>October</td><td>75,603r</td><td>113,425r</td><td>-3,946</td><td>-1,055</td><td>-32,021</td></tr><tr><td>November</td><td>115,025r</td><td>165,440r</td><td>-1,346</td><td>4,356</td><td>-44,983</td></tr><tr><td>December</td><td>-58,011</td><td>-92,420</td><td>5,472</td><td>9,778</td><td>-20,941</td></tr><tr><td>1954-January p.</td><td>-21,561r</td><td>190,960r</td><td>5,196r</td><td>-7,774</td><td>-169,921</td></tr><tr><td>February p.</td><td>138,182</td><td>150,653</td><td>545</td><td>-21,192</td><td>-1,984</td></tr></table>
1/ See Table 2, footnote 1.
P. Preliminary.
R. Barlow
May 1954
49
CAPITAL MOVEMENTS
Section I - Summary by Periods
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Short-term claims on foreigners</th><th colspan="3">Short-term liabilities to foreigners</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Total</th><th>Payable in dollars</th><th>Payable in foreign currencies</th></tr><tr><th></th><th colspan="3">Loans to foreign banks</th><th colspan="3">Deposits of foreigners</th><th></th></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>5,378,903</td><td>4,134,432</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>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>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,586</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>6,480,262</td><td>4,993,911</td><td>1,745,722</td><td>40,669</td><td>5,778,009</td></tr><tr><td>1947</td><td>948,936</td><td>165,439</td><td>292,866</td><td>7,116,419</td><td>4,809,245</td><td>2,257,510</td><td>49,664</td><td>6,167,483</td></tr><tr><td>1948</td><td>1,018,700</td><td>100,371</td><td>361,197</td><td>7,717,960</td><td>5,209,980</td><td>2,437,731</td><td>70,399</td><td>6,699,260</td></tr><tr><td>1949</td><td>827,954</td><td>110,804</td><td>222,719</td><td>7,637,959</td><td>5,073,586</td><td>2,493,333</td><td>51,039</td><td>6,790,105</td></tr><tr><td>1950</td><td>897,966</td><td>240,583</td><td>151,115</td><td>8,644,775 1/</td><td>5,903,872 1/</td><td>3,095,992 1/</td><td>44,911</td><td>7,746,809 1/</td></tr><tr><td>1951</td><td>968,443</td><td>91,808</td><td>177,246</td><td>9,302,200</td><td>5,382,062</td><td>3,947,912</td><td>72,226</td><td>8,333,757</td></tr><tr><td>1952</td><td>1,048,722</td><td>78,364</td><td>122,866</td><td>10,546,052</td><td>5,831,895</td><td>4,692,786</td><td>61,371</td><td>9,497,130</td></tr><tr><td>1953</td><td>904,510</td><td>101,571</td><td>156,485</td><td>11,633,427</td><td>6,139,050</td><td>5,450,664</td><td>43,713</td><td>10,728,917</td></tr><tr><td>1953-July</td><td>919,540r</td><td>71,691</td><td>98,219</td><td>11,001,455</td><td>5,888,869</td><td>5,065,581</td><td>47,005</td><td>10,081,915r</td></tr><tr><td>August</td><td>917,931r</td><td>67,703</td><td>97,899</td><td>11,197,061</td><td>5,831,688</td><td>5,320,584</td><td>44,789</td><td>10,279,268r</td></tr><tr><td>September</td><td>901,807r</td><td>71,939</td><td>104,285</td><td>11,403,779</td><td>5,921,836</td><td>5,439,042</td><td>42,901</td><td>10,501,972r</td></tr><tr><td>October</td><td>906,512r</td><td>85,987</td><td>116,381</td><td>11,521,909</td><td>5,967,786</td><td>5,514,126</td><td>39,977</td><td>10,615,397r</td></tr><tr><td>November</td><td>910,035</td><td>85,104</td><td>150,889</td><td>11,691,372</td><td>6,130,826</td><td>5,517,693</td><td>42,853</td><td>10,781,337</td></tr><tr><td>December</td><td>904,510</td><td>101,571</td><td>156,485</td><td>11,633,427</td><td>6,139,050</td><td>5,450,664</td><td>43,713</td><td>10,728,917</td></tr><tr><td>1954-January p...</td><td>928,898</td><td>105,650</td><td>155,518</td><td>11,808,783r</td><td>6,139,173r</td><td>5,626,214</td><td>43,391</td><td>10,879,828r</td></tr><tr><td>February p...</td><td>901,462</td><td>98,412</td><td>168,023</td><td>11,942,000</td><td>6,253,579</td><td>5,642,825</td><td>45,596</td><td>11,040,538</td></tr></table>
1/ Beginning 1950, includes certain deposit balances and other assets which are held in specific trust accounts but which previously had been excluded from reported liabilities.
p Preliminary. r Revised.
Table 3. - Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net movement of short-term banking funds</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1955-41</td><td>736,307</td><td>307,187</td><td>6,409</td><td>422,711</td><td>3,034,615</td><td>2,836,001</td><td>266,156</td><td>-317,942</td><td>3,770,922</td></tr><tr><td>1942</td><td>91,503</td><td>15,933</td><td>20,571</td><td>60,999</td><td>1,055,070</td><td>105,607</td><td>395,365</td><td>-9,102</td><td>53,373</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>620,984</td><td>534,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,769</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,822</td><td>-668,894</td><td>-164,651</td><td>15,003</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>115,338</td><td>511,788</td><td>9,035</td><td>395,924</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>130,241</td><td>20,725</td><td>531,777</td></tr><tr><td>1949</td><td>190,846</td><td>-10,433</td><td>138,478</td><td>68,801</td><td>-106,001</td><td>-136,234</td><td>55,583</td><td>-19,350</td><td>90,985</td></tr><tr><td>1950</td><td>-76,233</td><td>-129,779</td><td>65,485</td><td>-11,937</td><td>1,006,816 1/</td><td>630,286 1/</td><td>602,658 1/</td><td>-6,128</td><td>990,583 1/</td></tr><tr><td>1951</td><td>-70,477</td><td>148,775</td><td>-26,131</td><td>-193,121</td><td>657,425</td><td>-121,810</td><td>751,920</td><td>27,315</td><td>586,948</td></tr><tr><td>1952</td><td>-80,279</td><td>13,444</td><td>54,350</td><td>-148,103</td><td>1,243,892</td><td>449,833</td><td>804,874</td><td>-10,895</td><td>1,163,573</td></tr><tr><td>1953</td><td>144,232</td><td>-23,207</td><td>-33,619</td><td>201,038</td><td>1,007,375</td><td>307,155</td><td>707,878</td><td>-17,658</td><td>1,231,587</td></tr><tr><td>1953-July</td><td>27,157</td><td>6,170</td><td>11,539</td><td>9,448</td><td>85,841</td><td>34,289</td><td>58,386</td><td>-5,834</td><td>113,998</td></tr><tr><td>August</td><td>1,747</td><td>3,988</td><td>3,220</td><td>-2,561</td><td>195,606</td><td>-57,181</td><td>255,003</td><td>-2,216</td><td>197,333</td></tr><tr><td>September</td><td>15,986</td><td>-10,236</td><td>-6,336</td><td>32,609</td><td>206,718</td><td>90,148</td><td>118,458</td><td>-1,388</td><td>222,704</td></tr><tr><td>October</td><td>-4,705</td><td>-8,048</td><td>-12,096</td><td>15,439</td><td>118,130</td><td>45,910</td><td>75,144</td><td>-2,924</td><td>113,425</td></tr><tr><td>November</td><td>-3,523</td><td>883</td><td>-34,508</td><td>30,102</td><td>169,463</td><td>163,080</td><td>3,507</td><td>2,876</td><td>165,940</td></tr><tr><td>December</td><td>5,525</td><td>-16,467</td><td>-5,596</td><td>27,588</td><td>-57,945</td><td>8,224</td><td>-67,029</td><td>860</td><td>-52,420</td></tr><tr><td>1954-January p</td><td>-24,389</td><td>-4,079</td><td>967</td><td>-21,276</td><td>175,356</td><td>128</td><td>175,550</td><td>-322</td><td>150,960</td></tr><tr><td>February p</td><td>27,436</td><td>7,238</td><td>-12,505</td><td>32,703</td><td>133,217</td><td>114,401</td><td>16,611</td><td>2,205</td><td>160,633</td></tr></table>
1/ See Table 2, footnote 1.
P Preliminary. r Revised.
50
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Summary by Periods
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of domestic securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</td><td>430,245 1/</td><td>841,610 1/</td><td>-411,365 1/</td><td>396,768 1/</td><td>492,820 1/</td><td>-95,652 1/</td><td>9,382,066</td><td>8,695,335</td><td>626,731</td></tr><tr><td>1942</td><td>36,333</td><td>175,838</td><td>20,895</td><td>164,218</td><td>136,214</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,955</td><td>70,744</td><td>392,938</td><td>365,173</td><td>27,167</td></tr><tr><td>1944</td><td>136,953</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>666,284</td><td>-245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,659</td><td>-97,432</td><td>377,717</td><td>393,330</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>686,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947</td><td>226,089</td><td>376,674</td><td>-150,585</td><td>344,805</td><td>283,275</td><td>61,530</td><td>570,894</td><td>659,949</td><td>-89,055</td></tr><tr><td>1948</td><td>369,736</td><td>514,099</td><td>-144,363</td><td>282,415</td><td>330,307</td><td>-47,892</td><td>652,151</td><td>844,366</td><td>-192,215</td></tr><tr><td>1949</td><td>354,085</td><td>375,303</td><td>-21,218</td><td>430,013</td><td>333,592</td><td>96,421</td><td>784,098</td><td>708,895</td><td>75,203</td></tr><tr><td>1950</td><td>666,941</td><td>664,016</td><td>2,925</td><td>1,344,111</td><td>402,606</td><td>941,505</td><td>2,011,052</td><td>1,066,622</td><td>944,430</td></tr><tr><td>1951</td><td>739,789</td><td>619,497</td><td>120,332</td><td>793,521</td><td>1,498,172</td><td>-704,621</td><td>1,533,340</td><td>2,117,629</td><td>-584,289</td></tr><tr><td>1952</td><td>650,151</td><td>649,197</td><td>994</td><td>733,802</td><td>419,812</td><td>313,990</td><td>1,383,953</td><td>1,069,004</td><td>314,944</td></tr><tr><td>1953</td><td>989,078</td><td>533,925</td><td>55,153</td><td>858,777</td><td>923,443</td><td>-65,666</td><td>1,447,855</td><td>1,459,368</td><td>-11,513</td></tr><tr><td>1953-July</td><td>36,578</td><td>32,328</td><td>4,250</td><td>56,189</td><td>98,203</td><td>-42,014</td><td>92,767</td><td>130,531</td><td>-37,764</td></tr><tr><td>August</td><td>13,942</td><td>37,782</td><td>3,880</td><td>38,183</td><td>38,818</td><td>-535</td><td>79,725</td><td>75,540</td><td>3,185</td></tr><tr><td>September</td><td>40,413</td><td>30,759</td><td>9,654</td><td>70,866</td><td>130,769</td><td>-59,903</td><td>111,279</td><td>161,528</td><td>-50,249</td></tr><tr><td>October</td><td>38,800</td><td>33,572</td><td>5,228</td><td>38,863</td><td>45,946</td><td>-7,083</td><td>77,663</td><td>79,518</td><td>-1,855</td></tr><tr><td>November</td><td>44,641</td><td>39,532</td><td>5,109</td><td>49,836</td><td>59,331</td><td>-9,495</td><td>94,477</td><td>92,063</td><td>-4,396</td></tr><tr><td>December</td><td>50,099</td><td>47,084</td><td>3,011</td><td>216,349</td><td>209,582</td><td>6,767</td><td>266,444</td><td>256,666</td><td>9,778</td></tr><tr><td>1954-January p</td><td>46,672</td><td>45,705</td><td>967</td><td>55,182</td><td>63,923</td><td>-8,741</td><td>101,854</td><td>109,628</td><td>-7,774</td></tr><tr><td>February p</td><td>59,321</td><td>63,681</td><td>-4,360</td><td>105,129</td><td>121,961</td><td>-16,832</td><td>164,450</td><td>185,642</td><td>-21,192</td></tr></table>
1/ January 4, 1940, through December 31, 1941; the breakdown between stocks and bonds is not available for earlier years.
p Preliminary.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of foreign securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</td><td>n.a.</td><td>n.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>318,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946</td><td>65,247</td><td>69,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947</td><td>57,118</td><td>42,558</td><td>14,560</td><td>658,741</td><td>634,289</td><td>24,452</td><td>715,859</td><td>676,847</td><td>39,012</td></tr><tr><td>1948</td><td>81,715</td><td>95,764</td><td>-15,049</td><td>211,621</td><td>291,424</td><td>-79,803</td><td>293,336</td><td>388,168</td><td>-94,832</td></tr><tr><td>1949</td><td>88,815</td><td>70,788</td><td>18,027</td><td>321,243</td><td>311,470</td><td>9,773</td><td>410,058</td><td>382,258</td><td>27,800</td></tr><tr><td>1950</td><td>173,788</td><td>198,168</td><td>-24,380</td><td>589,328</td><td>720,239</td><td>-131,907</td><td>763,080</td><td>908,407</td><td>-145,327</td></tr><tr><td>1951</td><td>272,251</td><td>348,666</td><td>-76,415</td><td>500,449</td><td>801,023</td><td>-300,574</td><td>772,700</td><td>1,149,689</td><td>-376,989</td></tr><tr><td>1952</td><td>293,870</td><td>329,682</td><td>-35,732</td><td>695,258</td><td>677,392</td><td>-182,124</td><td>789,128</td><td>1,007,004</td><td>-217,876</td></tr><tr><td>1953</td><td>310,138</td><td>303,378</td><td>6,760</td><td>542,923</td><td>621,514</td><td>-78,591</td><td>852,661</td><td>924,892</td><td>-72,231</td></tr><tr><td>1953-July</td><td>23,135</td><td>21,173</td><td>1,962</td><td>16,212</td><td>50,327</td><td>-4,115</td><td>69,347</td><td>71,500</td><td>-2,153</td></tr><tr><td>August</td><td>18,526</td><td>18,467</td><td>115</td><td>20,005</td><td>17,935</td><td>2,070</td><td>38,587</td><td>35,402</td><td>2,185</td></tr><tr><td>September</td><td>23,942</td><td>16,272</td><td>7,670</td><td>23,187</td><td>16,852</td><td>6,335</td><td>47,129</td><td>33,124</td><td>14,005</td></tr><tr><td>October</td><td>23,062</td><td>18,393</td><td>4,669</td><td>81,872</td><td>120,562</td><td>-36,690</td><td>106,934</td><td>138,955</td><td>-32,021</td></tr><tr><td>November</td><td>25,587</td><td>25,504</td><td>23</td><td>34,571</td><td>79,577</td><td>-45,006</td><td>60,158</td><td>105,141</td><td>-44,983</td></tr><tr><td>December</td><td>34,322</td><td>30,945</td><td>3,377</td><td>39,542</td><td>63,960</td><td>-24,418</td><td>74,064</td><td>94,905</td><td>-20,841</td></tr><tr><td>1954-January p...</td><td>28,118</td><td>26,875</td><td>1,243</td><td>58,562</td><td>229,756</td><td>-171,194</td><td>86,680</td><td>256,631</td><td>-169,951</td></tr><tr><td>February p...</td><td>26,895</td><td>38,867</td><td>-11,982</td><td>44,672</td><td>34,514</td><td>10,158</td><td>71,557</td><td>73,381</td><td>-1,824</td></tr></table>
n.a. Not available.
p. Preliminary.
May 1954
51
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Country</th><th colspan="4">Net capital movement</th><th colspan="4">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>13,008</td><td>12,180</td><td>8,089</td><td>9,336</td><td>8,545</td><td>9,003</td><td>12,202</td><td>8,094</td><td>9,377</td><td>8,753</td></tr><tr><td>Belgium</td><td>-29,187</td><td>7,991</td><td>2,990</td><td>5,426r</td><td>-800</td><td>-29,697</td><td>7,451</td><td>2,671</td><td>4,116r</td><td>-2,168</td></tr><tr><td>Czechoslovakia</td><td>20</td><td>19</td><td>-7</td><td>-</td><td>74</td><td>19</td><td>19</td><td>-7</td><td>18</td><td>74</td></tr><tr><td>Denmark</td><td>5,597</td><td>6,504</td><td>2,387</td><td>11,437</td><td>5,914</td><td>4,934</td><td>5,230</td><td>1,962</td><td>8,675</td><td>-2,872</td></tr><tr><td>Finland</td><td>2,322</td><td>3,127</td><td>3,142</td><td>2,763</td><td>4,086</td><td>2,313</td><td>3,121</td><td>2,044</td><td>2,201</td><td>3,069</td></tr><tr><td>France</td><td>49,002</td><td>263</td><td>6,404</td><td>-21,962r</td><td>1,534</td><td>49,980</td><td>-692</td><td>1,990</td><td>-11,561r</td><td>17,488</td></tr><tr><td>Germany</td><td>29,999</td><td>28,879</td><td>49,441</td><td>37,023</td><td>29,089</td><td>29,840</td><td>28,812</td><td>49,527</td><td>34,809</td><td>29,118</td></tr><tr><td>Greece</td><td>7,169</td><td>6,688</td><td>8,216</td><td>5,568</td><td>4,291</td><td>7,154</td><td>6,695</td><td>8,223</td><td>5,568</td><td>4,240</td></tr><tr><td>Italy</td><td>26,332</td><td>38,042</td><td>22,728</td><td>7,640r</td><td>13,268</td><td>28,346</td><td>38,939</td><td>22,171</td><td>7,204r</td><td>13,102</td></tr><tr><td>Netherlands</td><td>11,097</td><td>11,918</td><td>-15,336</td><td>-30,673r</td><td>-5,684</td><td>8,640</td><td>14,320</td><td>-12,177</td><td>-28,903r</td><td>766</td></tr><tr><td>Norway</td><td>2,231</td><td>1,935</td><td>1,344</td><td>2,296</td><td>2,543</td><td>2,159</td><td>2,072</td><td>704</td><td>-222</td><td>-221</td></tr><tr><td>Poland</td><td>-1,216</td><td>688</td><td>-632</td><td>603</td><td>909</td><td>-1,216</td><td>697</td><td>-632</td><td>603</td><td>909</td></tr><tr><td>Portugal</td><td>3,500</td><td>2,978</td><td>-512</td><td>-334r</td><td>2,158</td><td>3,376</td><td>2,866</td><td>-617</td><td>-377r</td><td>2,219</td></tr><tr><td>Rumania</td><td>-50</td><td>213</td><td>-492</td><td>-92</td><td>2,110</td><td>213</td><td>213</td><td>-192</td><td>-466</td><td>-2,111</td></tr><tr><td>Spain</td><td>10,774</td><td>3,276</td><td>-1,289</td><td>-2,807</td><td>5,125</td><td>10,746</td><td>3,066</td><td>1,327</td><td>-2,645</td><td>5,993</td></tr><tr><td>Sweden</td><td>-6,875</td><td>8,010</td><td>10,516</td><td>8,334</td><td>1,081</td><td>-6,971</td><td>8,509</td><td>11,171</td><td>8,572</td><td>5,109</td></tr><tr><td>Switzerland</td><td>13,850</td><td>-5,738</td><td>23,566</td><td>761r</td><td>-213</td><td>-3,840</td><td>-8,904</td><td>19,343</td><td>-3,930r</td><td>598</td></tr><tr><td>U. S. S. R.</td><td>-5,243</td><td>808</td><td>-804</td><td>1,111</td><td>-860</td><td>-6,243</td><td>808</td><td>-804</td><td>1,091</td><td>-804</td></tr><tr><td>United Kingdom</td><td>22,422</td><td>-17,605</td><td>-190,972</td><td>20,576r</td><td>34,807</td><td>9,836</td><td>-17,132</td><td>-221,295</td><td>9,931r</td><td>26,124</td></tr><tr><td>Yugoslavia</td><td>512</td><td>-249</td><td>-1,344</td><td>-463</td><td>-752</td><td>512</td><td>-248</td><td>-1,344</td><td>-484</td><td>-752</td></tr><tr><td>Other Europe</td><td>808</td><td>2,583</td><td>-1,143</td><td>-1,481r</td><td>6,764</td><td>450</td><td>2,551</td><td>-1,161</td><td>-2,420r</td><td>6,116</td></tr><tr><td>Total Europe</td><td>155,592</td><td>113,118</td><td>-73,763</td><td>53,042r</td><td>101,133</td><td>115,255</td><td>110,595</td><td>-108,656</td><td>38,849r</td><td>102,355</td></tr><tr><td>Canada</td><td>-41,265</td><td>4,821</td><td>6,483</td><td>-53,799r</td><td>-2,681</td><td>-15,384</td><td>68,270</td><td>45,934</td><td>45,109r</td><td>4,851</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>-2,769</td><td>-5,724</td><td>-7,140</td><td>7,507</td><td>21,559</td><td>-3,019</td><td>-5,710</td><td>-7,754</td><td>9,083</td><td>21,657</td></tr><tr><td>Bolivia</td><td>966</td><td>1,092</td><td>-250</td><td>1,415</td><td>1,587</td><td>932</td><td>1,057</td><td>892</td><td>1,375</td><td>2,006</td></tr><tr><td>Brazil</td><td>16,665r</td><td>56,022r</td><td>16,067</td><td>-1,618r</td><td>-814</td><td>15,656r</td><td>55,992r</td><td>14,187</td><td>-2,217r</td><td>-1,103</td></tr><tr><td>Chile</td><td>-4,224</td><td>-5,323</td><td>-17,750</td><td>-8,380</td><td>-2,126</td><td>-4,725</td><td>-5,500</td><td>-18,176</td><td>-8,586</td><td>-2,115</td></tr><tr><td>Colombia</td><td>1,362</td><td>11,115</td><td>13,359</td><td>6,076</td><td>1,702</td><td>1,012</td><td>10,925</td><td>13,221</td><td>6,106</td><td>1,121</td></tr><tr><td>Cuba</td><td>-14,114</td><td>-37,689</td><td>-10,998</td><td>-2,965</td><td>6,470</td><td>-26,063</td><td>-40,092</td><td>-13,536</td><td>-4,924</td><td>6,803</td></tr><tr><td>Dominican Republic</td><td>-3,161</td><td>680</td><td>-3,751</td><td>3,921</td><td>2,632</td><td>-3,101</td><td>474</td><td>-3,268</td><td>3,375</td><td>2,726</td></tr><tr><td>Guatemala</td><td>-4,258</td><td>-1,077</td><td>6,514</td><td>6,810</td><td>7,377</td><td>-4,356</td><td>-1,071</td><td>6,406</td><td>7,472</td><td>7,364</td></tr><tr><td>Mexico</td><td>4,974</td><td>5,091</td><td>-9,164</td><td>-1,887</td><td>13,050</td><td>2,793</td><td>5,422</td><td>-8,887</td><td>-3,502</td><td>13,405</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>4,317</td><td>4,862</td><td>-1,554</td><td>324</td><td>-3,453</td><td>4,174</td><td>4,703</td><td>-1,689</td><td>1,708</td><td>-3,446</td></tr><tr><td>Peru</td><td>7,211</td><td>4,585</td><td>-7,053</td><td>6,109</td><td>-1,083</td><td>7,187</td><td>4,555</td><td>-7,207</td><td>6,199</td><td>-1,382</td></tr><tr><td>Republic of Panama</td><td>-17,103</td><td>-9,317</td><td>12,226</td><td>-2,210</td><td>-2,519</td><td>-18,183</td><td>-9,467</td><td>12,736</td><td>-3,138</td><td>1,031</td></tr><tr><td>El Salvador</td><td>-5,191</td><td>-5,785</td><td>1,725</td><td>10,438</td><td>6,019</td><td>-6,141</td><td>-5,788</td><td>1,660</td><td>10,494</td><td>6,010</td></tr><tr><td>Uruguay</td><td>3,296</td><td>-5,169</td><td>22,024</td><td>-6,877</td><td>-754</td><td>4,085</td><td>4,682</td><td>20,862</td><td>-9,260</td><td>-808</td></tr><tr><td>Venezuela</td><td>-27,228</td><td>9,836</td><td>36,961</td><td>-20,003</td><td>-21,067</td><td>-27,585</td><td>9,915</td><td>36,974</td><td>-20,155</td><td>-20,225</td></tr><tr><td>Other Latin America</td><td>-4,953</td><td>66</td><td>-4,227</td><td>4,273</td><td>6,192</td><td>-9,345</td><td>-1,429</td><td>-5,048</td><td>3,172</td><td>5,194</td></tr><tr><td>Total Latin America</td><td>-44,229r</td><td>27,265r</td><td>46,119</td><td>2,993r</td><td>35,172</td><td>-66,676r</td><td>83,361r</td><td>39,793</td><td>-2,412r</td><td>37,680</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>92</td><td>-736</td><td>411</td><td>540r</td><td>-730</td><td>161</td><td>-417</td><td>402</td><td>533r</td><td>-651</td></tr><tr><td>Formosa</td><td>1,140</td><td>467</td><td>-3,573</td><td>3,423r</td><td>2,184</td><td>1,063</td><td>438</td><td>-3,598</td><td>3,466</td><td>2,242</td></tr><tr><td>Hong Kong</td><td>-64</td><td>-1,307</td><td>176</td><td>108</td><td>-1,127</td><td>-574</td><td>-981</td><td>592</td><td>198</td><td>-1,611</td></tr><tr><td>India</td><td>2,105</td><td>4,008</td><td>-315</td><td>-773</td><td>21,776</td><td>2,093</td><td>1,005</td><td>-551</td><td>-768</td><td>22,343</td></tr><tr><td>Indonesia</td><td>178</td><td>-746</td><td>5,045</td><td>36,250</td><td>-963</td><td>177</td><td>-743</td><td>5,046</td><td>36,264</td><td>-975</td></tr><tr><td>Iran</td><td>15,322</td><td>-3,922</td><td>510</td><td>-2,982</td><td>-2,085</td><td>19,318</td><td>-3,933</td><td>495</td><td>-2,965</td><td>-2,083</td></tr><tr><td>Israel</td><td>-5,815</td><td>4,665</td><td>-1,111</td><td>-4,942</td><td>-3,695</td><td>2,700</td><td>-2,378</td><td>4,073</td><td>-1,030</td><td>255</td></tr><tr><td>Japan</td><td>-15,277</td><td>-9,840</td><td>-46,244</td><td>-36,648</td><td>-60,338</td><td>-17,464</td><td>-6,092</td><td>-85,983</td><td>-36,758</td><td>-60,650</td></tr><tr><td>Philippines</td><td>-1,674</td><td>-1,981</td><td>-4,325</td><td>2,416</td><td>12,725</td><td>-1,621</td><td>-3,810</td><td>4,351</td><td>2,477</td><td>12,882</td></tr><tr><td>Thailand</td><td>-4,757</td><td>-10,885</td><td>-8,048</td><td>-13,919</td><td>4,909</td><td>-4,567</td><td>-10,692</td><td>-8,509</td><td>-13,924</td><td>5,389</td></tr><tr><td>Turkey</td><td>4,277</td><td>5,958</td><td>-16,355</td><td>-16,813</td><td>-3,979</td><td>-4,259</td><td>5,957</td><td>-16,358</td><td>-16,811</td><td>-3,368</td></tr><tr><td>Other Asia</td><td>6,076</td><td>11,969</td><td>5,380</td><td>7,408</td><td>18,050</td><td>6,387</td><td>11,579</td><td>5,149</td><td>7,477</td><td>18,047</td></tr><tr><td>Total Asia</td><td>-6,951</td><td>-9,580</td><td>-108,779</td><td>-25,450r</td><td>-17,319</td><td>-5,986</td><td>-5,987</td><td>-103,579</td><td>-22,610r</td><td>-12,540</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>8,798</td><td>380</td><td>-1,177</td><td>2,534r</td><td>2,714</td><td>6,069</td><td>-311</td><td>-1,548</td><td>-6,662r</td><td>1,588</td></tr><tr><td>Belgian Congo</td><td>-6,287</td><td>-16,666</td><td>4,892</td><td>1,360</td><td>-3,463</td><td>-6,283</td><td>-16,675</td><td>4,895</td><td>1,363</td><td>-3,444</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>678</td><td>-3,967</td><td>2,370</td><td>310</td><td>2,198</td><td>661</td><td>-3,962</td><td>2,386</td><td>356</td><td>2,166</td></tr><tr><td>Union of South Africa</td><td>7,098</td><td>-6,689</td><td>747</td><td>-9,913</td><td>1,437</td><td>5,943</td><td>-6,267</td><td>1,143</td><td>-6,032</td><td>9,905</td></tr><tr><td>Other</td><td>-9,144</td><td>3,189</td><td>3,676</td><td>2,417</td><td>3,566</td><td>-12,166</td><td>2,770</td><td>2,894</td><td>2,230</td><td>4,082</td></tr><tr><td>Total other countries</td><td>1,1143</td><td>-23,753</td><td>1,724</td><td>704r</td><td>6,452</td><td>-6,330</td><td>-24,445</td><td>-1,024</td><td>-8,692r</td><td>14,293</td></tr><tr><td>International</td><td>11,313</td><td>3,154</td><td>70,205</td><td>945</td><td>15,428</td><td>92,598</td><td>-5,894</td><td>75,116</td><td>100,727</td><td>13,966</td></tr><tr><td>Grand total</td><td>75,603r</td><td>115,025r</td><td>-58,011</td><td>-21,561r</td><td>138,182</td><td>113,425r</td><td>165,940r</td><td>-52,120</td><td>150,968r</td><td>160,633</td></tr></table>
p Preliminary. r Revised.
52
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners)
<table><tr><th>Country</th><th colspan="5">Movement in brokerage balances</th><th colspan="5">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>6</td><td>3</td><td>8</td><td>2</td><td>1</td><td>3,999</td><td>-17</td><td>-13</td><td>-33</td><td>-209</td></tr><tr><td>Belgium</td><td>-408</td><td>4</td><td>312</td><td>272</td><td>-221</td><td>918</td><td>544</td><td>7</td><td>738</td><td>1,589</td></tr><tr><td>Czechoslovakia</td><td>-24</td><td>42</td><td>50</td><td>35</td><td>-1</td><td>647</td><td>1,232</td><td>375</td><td>-18</td><td>8,787</td></tr><tr><td>Denmark</td><td>-6</td><td>6</td><td>-</td><td>-1</td><td>-</td><td>15</td><td>-</td><td>1,098</td><td>563</td><td>1,021</td></tr><tr><td>Finland</td><td>-631</td><td>1,091</td><td>50</td><td>-557</td><td>44</td><td>253</td><td>-136</td><td>1,364</td><td>-6,884</td><td>-16,012</td></tr><tr><td>France</td><td>36</td><td>-9</td><td>-55</td><td>75</td><td>-59</td><td>83</td><td>76</td><td>-31</td><td>139</td><td>30</td></tr><tr><td>Germany</td><td>20</td><td>-27</td><td>33</td><td>2</td><td>9</td><td>-5</td><td>20</td><td>-40</td><td>-2</td><td>40</td></tr><tr><td>Greece</td><td>33</td><td>56</td><td>-113</td><td>-10</td><td>185</td><td>1,953</td><td>-353</td><td>670</td><td>446</td><td>-19</td></tr><tr><td>Italy</td><td>21</td><td>365</td><td>-52</td><td>1,164</td><td>516</td><td>2,436</td><td>-2,767</td><td>-3,167</td><td>-2,934</td><td>-6,966</td></tr><tr><td>Netherlands</td><td>163</td><td>-211</td><td>41</td><td>371</td><td>45</td><td>-91</td><td>74</td><td>599</td><td>2,147</td><td>2,719</td></tr><tr><td>Norway</td><td>-24</td><td>-30</td><td>-58</td><td>101</td><td>-141</td><td>148</td><td>142</td><td>163</td><td>-68</td><td>80</td></tr><tr><td>Poland</td><td>-</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-26</td><td>-</td></tr><tr><td>Romania</td><td>-13</td><td>88</td><td>4</td><td>10</td><td>9</td><td>41</td><td>122</td><td>34</td><td>-172</td><td>129</td></tr><tr><td>Spain</td><td>50</td><td>-47</td><td>-88</td><td>140</td><td>-3</td><td>46</td><td>-452</td><td>-567</td><td>-378</td><td>-1,029</td></tr><tr><td>Switzerland</td><td>594</td><td>-1,205</td><td>1,627</td><td>1,509</td><td>-1,234</td><td>17,116</td><td>4,371</td><td>2,596</td><td>3,190</td><td>183</td></tr><tr><td>U.S. S. R.</td><td>2,512</td><td>-1,672</td><td>137</td><td>595</td><td>-179</td><td>10,074</td><td>1,199</td><td>30,186</td><td>10,090</td><td>8,863</td></tr><tr><td>United Kingdom</td><td>-</td><td>-1</td><td>-</td><td>1</td><td>-</td><td>711</td><td>51</td><td>-38</td><td>895</td><td>451</td></tr><tr><td>Yugoslavia</td><td>-353</td><td>-19</td><td>-239</td><td>44</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>1,976</td><td>-1,574</td><td>1,657</td><td>3,773</td><td>-851</td><td>38,361</td><td>4,097</td><td>33,236</td><td>10,420</td><td>-171</td></tr><tr><td>Canada</td><td>-6,139</td><td>1,019</td><td>1,275</td><td>-1,430</td><td>442</td><td>-19,742</td><td>-64,468</td><td>-40,726</td><td>-97,478</td><td>-8,017</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>83</td><td>-255</td><td>60</td><td>-5</td><td>79</td><td>167</td><td>241</td><td>84</td><td>-1,511</td><td>-177</td></tr><tr><td>Bolivia</td><td>-12</td><td>28</td><td>15</td><td>32</td><td>-15</td><td>46</td><td>7</td><td>57</td><td>8</td><td>-4</td></tr><tr><td>Brazil</td><td>122</td><td>-38</td><td>166</td><td>28</td><td>146</td><td>868</td><td>68</td><td>1,714</td><td>525</td><td>142</td></tr><tr><td>Chile</td><td>91</td><td>-102</td><td>40</td><td>52</td><td>-40</td><td>410</td><td>279</td><td>386</td><td>124</td><td>23</td></tr><tr><td>Colombia</td><td>327</td><td>181</td><td>40</td><td>-47</td><td>82</td><td>23</td><td>9</td><td>98</td><td>17</td><td>-301</td></tr><tr><td>Cuba</td><td>-394</td><td>-172</td><td>151</td><td>-162</td><td>567</td><td>12,343</td><td>2,575</td><td>2,387</td><td>1,721</td><td>-303</td></tr><tr><td>Dominican Republic</td><td>-9</td><td>-5</td><td>10</td><td>583</td><td>-387</td><td>-51</td><td>201</td><td>493</td><td>-37</td><td>303</td></tr><tr><td>Guatemala</td><td>57</td><td>-56</td><td>27</td><td>24</td><td>5</td><td>41</td><td>30</td><td>61</td><td>-66</td><td>6</td></tr><tr><td>Mexico</td><td>676</td><td>184</td><td>-3</td><td>-3</td><td>-181</td><td>1,505</td><td>-515</td><td>-274</td><td>1,683</td><td>-174</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>113</td><td>93</td><td>95</td><td>153</td><td>-1</td><td>30</td><td>66</td><td>40</td><td>-1,537</td><td>-6</td></tr><tr><td>Peru</td><td>-12</td><td>55</td><td>48</td><td>-26</td><td>137</td><td>36</td><td>-25</td><td>106</td><td>-64</td><td>102</td></tr><tr><td>Republic of Panama</td><td>675</td><td>-723</td><td>-146</td><td>828</td><td>466</td><td>405</td><td>873</td><td>-364</td><td>100</td><td>-3,054</td></tr><tr><td>El Salvador</td><td>-8</td><td>6</td><td>78</td><td>-90</td><td>1</td><td>958</td><td>-3</td><td>-13</td><td>24</td><td>8</td></tr><tr><td>Uruguay</td><td>-604</td><td>-1,275</td><td>618</td><td>1,573</td><td>-188</td><td>-186</td><td>731</td><td>544</td><td>810</td><td>242</td></tr><tr><td>Venezuela</td><td>243</td><td>188</td><td>446</td><td>61</td><td>-259</td><td>114</td><td>267</td><td>492</td><td>31</td><td>-552</td></tr><tr><td>Other Latin America</td><td>21</td><td>-299</td><td>375</td><td>104</td><td>65</td><td>4,371</td><td>1,794</td><td>446</td><td>997</td><td>933</td></tr><tr><td>Total Latin America</td><td>1,369</td><td>-2,180</td><td>1,990</td><td>3,140</td><td>345</td><td>21,030</td><td>6,084</td><td>4,340</td><td>2,265</td><td>-2,861</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>-65</td><td>56</td><td>5</td><td>-7</td><td>11</td><td>-4</td><td>-375</td><td>4</td><td>21</td><td>-92</td></tr><tr><td>Formosa</td><td>71</td><td>-78</td><td>35</td><td>-242</td><td>11</td><td>136</td><td>107</td><td>-24</td><td>-19</td><td>-89</td></tr><tr><td>Hong Kong</td><td>374</td><td>-265</td><td>459</td><td>65</td><td>172</td><td>4</td><td>-300</td><td>-111</td><td>-155</td><td>312</td></tr><tr><td>India</td><td>8</td><td>-18</td><td>32</td><td>6</td><td>-19</td><td>-3</td><td>21</td><td>204</td><td>-11</td><td>-248</td></tr><tr><td>Indonesia</td><td>4</td><td>-2</td><td>4</td><td>3</td><td>10</td><td>-</td><td>-1</td><td>-5</td><td>-17</td><td>2</td></tr><tr><td>Iran</td><td>4</td><td>1</td><td>15</td><td>-15</td><td>-1</td><td>10</td><td>-</td><td>-</td><td>-2</td><td>-1</td></tr><tr><td>Israel</td><td>3</td><td>12</td><td>-7</td><td>-51</td><td>52</td><td>-3,118</td><td>+3,299</td><td>-5,477</td><td>+2,691</td><td>+4,002</td></tr><tr><td>Japan</td><td>58</td><td>5</td><td>-1</td><td>28</td><td>63</td><td>2,129</td><td>207</td><td>-260</td><td>82</td><td>203</td></tr><tr><td>Philippines</td><td>-15</td><td>-7</td><td>36</td><td>-24</td><td>-26</td><td>-38</td><td>-24</td><td>-</td><td>-37</td><td>-131</td></tr><tr><td>Thailand</td><td>-190</td><td>263</td><td>-129</td><td>73</td><td>-77</td><td>-</td><td>-496</td><td>-10</td><td>-58</td><td>-543</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>18</td><td>8</td><td>-13</td><td>-18</td><td>1</td><td>-15</td><td>-10</td><td>2</td></tr><tr><td>Other Asia</td><td>-431</td><td>268</td><td>251</td><td>-48</td><td>-110</td><td>120</td><td>82</td><td>-20</td><td>53</td><td>113</td></tr><tr><td>Total Asia</td><td>-173</td><td>474</td><td>714</td><td>1kr</td><td>93</td><td>-792</td><td>-4,067</td><td>-5,914</td><td>-2,854</td><td>-4,072</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>23</td><td>-2</td><td>-14</td><td>3</td><td>2,713</td><td>668</td><td>1,373</td><td>9,210</td><td>1,123</td></tr><tr><td>Belgian Congo</td><td>-3</td><td>4</td><td>1</td><td>-</td><td>-17</td><td>-1</td><td>5</td><td>2</td><td>-3</td><td>-2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>16</td><td>1</td><td>-12</td><td>3</td><td>5</td><td>1</td><td>-6</td><td>-</td><td>-49</td><td>31</td></tr><tr><td>Union of South Africa</td><td>-212</td><td>71</td><td>139</td><td>65</td><td>36</td><td>1,967</td><td>-493</td><td>465</td><td>54</td><td>-8,504</td></tr><tr><td>Other</td><td>-800</td><td>616</td><td>-290</td><td>-355</td><td>489</td><td>3,822</td><td>-397</td><td>1,072</td><td>492</td><td>-1,005</td></tr><tr><td>Total other countries</td><td>-979</td><td>915</td><td>-164</td><td>-301</td><td>516</td><td>8,932</td><td>-223</td><td>2,912</td><td>9,704</td><td>-8,357</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-81,285</td><td>9,008</td><td>-4,911</td><td>-99,788</td><td>1,462</td></tr><tr><td>Grand total</td><td>-3,946</td><td>-1,346</td><td>5,472</td><td>5,196</td><td>545</td><td>-33,876</td><td>-49,569</td><td>-11,063</td><td>-171,725</td><td>-23,016</td></tr></table>
p Preliminary. r Revised.
May 1954
53
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>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>144</td><td>186</td><td>78</td><td>214</td><td>181</td><td>169,944</td><td>182,188</td><td>190,878</td><td>199,687</td><td>208,407</td></tr><tr><td>Belgium</td><td>11,081</td><td>12,891</td><td>13,008</td><td>13,426</td><td>14,345</td><td>118,206</td><td>126,327</td><td>130,331</td><td>135,149</td><td>133,300</td></tr><tr><td>Czechoslovakia</td><td>5</td><td>-</td><td>3</td><td>3</td><td>3</td><td>94</td><td>558</td><td>569</td><td>569</td><td>946</td></tr><tr><td>Denmark</td><td>5,736</td><td>5,268</td><td>6,228</td><td>6,020</td><td>4,998</td><td>88,050</td><td>92,812</td><td>95,734</td><td>104,201</td><td>99,407</td></tr><tr><td>Finland</td><td>2,675</td><td>1,789</td><td>1,926</td><td>1,531</td><td>1,331</td><td>33,451</td><td>35,686</td><td>37,867</td><td>39,673</td><td>42,538</td></tr><tr><td>France</td><td>9,768</td><td>8,197</td><td>10,559</td><td>7,370</td><td>7,052</td><td>425,643</td><td>423,380</td><td>430,732</td><td>412,982</td><td>430,183</td></tr><tr><td>Germany</td><td>37,258</td><td>31,327</td><td>30,541</td><td>40,095</td><td>43,590</td><td>827,151</td><td>860,032</td><td>898,773</td><td>943,136</td><td>971,753</td></tr><tr><td>Greece</td><td>171</td><td>705</td><td>1,305</td><td>1,372</td><td>1,439</td><td>85,116</td><td>92,045</td><td>100,868</td><td>106,503</td><td>110,812</td></tr><tr><td>Italy</td><td>19,930</td><td>20,286</td><td>18,760</td><td>16,734</td><td>17,531</td><td>390,825</td><td>430,060</td><td>450,705</td><td>455,883</td><td>469,780</td></tr><tr><td>Netherlands</td><td>9,061</td><td>6,265</td><td>8,977</td><td>6,138</td><td>9,430</td><td>281,236</td><td>292,760</td><td>282,895</td><td>211,611</td><td>215,611</td></tr><tr><td>Norway</td><td>893</td><td>787</td><td>956</td><td>1,189</td><td>1,626</td><td>115,672</td><td>117,638</td><td>118,511</td><td>118,822</td><td>118,738</td></tr><tr><td>Poland</td><td>33</td><td>45</td><td>30</td><td>33</td><td>31</td><td>12,338</td><td>12,391</td><td>2,284</td><td>7,850</td><td>3,787</td></tr><tr><td>Portugal</td><td>834</td><td>592</td><td>559</td><td>409</td><td>504</td><td>70,045</td><td>73,069</td><td>72,415</td><td>71,892</td><td>76,206</td></tr><tr><td>Romania</td><td>18</td><td>14</td><td>14</td><td>11</td><td>18</td><td>5,790</td><td>5,959</td><td>5,767</td><td>5,698</td><td>7,823</td></tr><tr><td>Spain</td><td>28,620</td><td>22,777</td><td>24,257</td><td>24,378</td><td>19,760</td><td>32,666</td><td>35,889</td><td>36,042</td><td>33,518</td><td>22,047</td></tr><tr><td>Sweden</td><td>1,698</td><td>2,375</td><td>2,693</td><td>2,127</td><td>1,731</td><td>96,033</td><td>105,219</td><td>126,708</td><td>124,714</td><td>129,427</td></tr><tr><td>Switzerland</td><td>15,360</td><td>16,761</td><td>17,940</td><td>18,083</td><td>16,140</td><td>661,158</td><td>653,655</td><td>674,177</td><td>670,382</td><td>669,277</td></tr><tr><td>U. S. S. R.</td><td>39,499</td><td>48,088</td><td>70,503</td><td>66,913</td><td>59,936</td><td>2,029</td><td>2,837</td><td>2,033</td><td>3,124</td><td>2,281</td></tr><tr><td>United Kingdom</td><td>3,319</td><td>4,275</td><td>4,788</td><td>4,470</td><td>5,351</td><td>912,308</td><td>921,761</td><td>708,883</td><td>715,889</td><td>787,759</td></tr><tr><td>Yugoslavia</td><td>7,087</td><td>7,469</td><td>6,753</td><td>7,850</td><td>6,105</td><td>51,953</td><td>54,886</td><td>53,009</td><td>51,686</td><td>56,057</td></tr><tr><td>Total Europe</td><td>189,090</td><td>189,497</td><td>220,195</td><td>218,423</td><td>210,202</td><td>4,382,989</td><td>4,453,991</td><td>4,376,033</td><td>4,413,110</td><td>4,507,244</td></tr><tr><td>Canada</td><td>80,707</td><td>67,113</td><td>56,359</td><td>51,748</td><td>59,235</td><td>1,205,692</td><td>1,260,328</td><td>1,295,508</td><td>1,336,006</td><td>1,348,384</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></tr><tr><td>Argentina</td><td>6,980</td><td>6,654</td><td>7,124</td><td>7,266</td><td>7,224</td><td>133,128</td><td>137,088</td><td>130,004</td><td>139,169</td><td>160,784</td></tr><tr><td>Bolivia</td><td>11,891</td><td>9,732</td><td>10,89</td><td>9,284</td><td>8,720</td><td>19,932</td><td>18,830</td><td>19,055</td><td>18,823</td><td>20,307</td></tr><tr><td>Brazil</td><td>203,984</td><td>168,768</td><td>125,106</td><td>125,106</td><td>116,736</td><td>110,010</td><td>141,913</td><td>101,713</td><td>102,003</td><td>99,069</td></tr><tr><td>Chile</td><td>6,067</td><td>7,115</td><td>22,969</td><td>20,983</td><td>20,143</td><td>85,986</td><td>81,534</td><td>78,812</td><td>68,980</td><td>65,695</td></tr><tr><td>Colombia</td><td>47,054</td><td>51,955</td><td>56,906</td><td>53,055</td><td>50,617</td><td>116,215</td><td>132,041</td><td>150,213</td><td>152,468</td><td>151,151</td></tr><tr><td>Cuba</td><td>41,721</td><td>49,374</td><td>51,169</td><td>59,984</td><td>62,172</td><td>385,027</td><td>392,588</td><td>340,847</td><td>345,138</td><td>353,582</td></tr><tr><td>Dominican Republic</td><td>1,728</td><td>1,741</td><td>1,874</td><td>2,066</td><td>1,844</td><td>41,938</td><td>42,425</td><td>39,290</td><td>42,817</td><td>45,351</td></tr><tr><td>Guatemala</td><td>4,190</td><td>4,675</td><td>4,084</td><td>3,411</td><td>3,350</td><td>32,690</td><td>32,104</td><td>37,919</td><td>44,718</td><td>52,061</td></tr><tr><td>Mexico</td><td>86,337</td><td>90,053</td><td>92,871</td><td>98,101</td><td>87,166</td><td>130,152</td><td>189,290</td><td>183,221</td><td>104,949</td><td>187,419</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>3,027</td><td>1,563</td><td>2,565</td><td>2,593</td><td>1,795</td><td>48,969</td><td>52,208</td><td>51,521</td><td>53,257</td><td>49,003</td></tr><tr><td>Paraguay</td><td>17,733</td><td>18,451</td><td>20,200</td><td>18,753</td><td>17,205</td><td>68,178</td><td>73,451</td><td>67,933</td><td>72,745</td><td>69,875</td></tr><tr><td>Republic of Panama</td><td>4,893</td><td>7,442</td><td>4,628</td><td>5,731</td><td>6,172</td><td>82,809</td><td>79,931</td><td>89,803</td><td>87,818</td><td>89,290</td></tr><tr><td>El Salvador</td><td>5,958</td><td>7,942</td><td>8,162</td><td>8,870</td><td>7,378</td><td>28,718</td><td>24,914</td><td>26,794</td><td>37,996</td><td>42,514</td></tr><tr><td>Uruguay</td><td>3,805</td><td>4,385</td><td>3,659</td><td>2,817</td><td>3,293</td><td>93,490</td><td>89,445</td><td>109,581</td><td>99,479</td><td>99,147</td></tr><tr><td>Venezuela</td><td>39,839</td><td>40,303</td><td>41,581</td><td>40,792</td><td>38,851</td><td>173,142</td><td>164,121</td><td>222,373</td><td>201,429</td><td>179,243</td></tr><tr><td>Other Latin America</td><td>18,221</td><td>18,568</td><td>19,305</td><td>17,799</td><td>17,797</td><td>124,558</td><td>123,476</td><td>139,166</td><td>120,831</td><td>126,063</td></tr><tr><td>Total Latin America</td><td>502,366</td><td>506,461</td><td>472,653</td><td>476,935</td><td>450,432</td><td>1,734,938</td><td>1,762,374</td><td>1,768,355</td><td>1,770,225</td><td>1,781,410</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>3,075</td><td>3,076</td><td>2,630</td><td>2,629</td><td>2,630</td><td>36,866</td><td>36,430</td><td>36,386</td><td>36,919</td><td>36,269</td></tr><tr><td>Formosa</td><td>5,135</td><td>5,451</td><td>5,462</td><td>5,466</td><td>5,479</td><td>50,280</td><td>40,754</td><td>37,181</td><td>40,651</td><td>42,906</td></tr><tr><td>Hong Kong</td><td>2,609</td><td>4,333</td><td>3,064</td><td>2,307</td><td>2,249</td><td>67,938</td><td>68,681</td><td>68,004</td><td>67,445</td><td>65,776</td></tr><tr><td>India</td><td>3,340</td><td>4,096</td><td>3,715</td><td>2,933</td><td>3,168</td><td>95,289</td><td>99,360</td><td>99,028</td><td>97,478</td><td>120,156</td></tr><tr><td>Indonesia</td><td>576</td><td>617</td><td>839</td><td>964</td><td>891</td><td>34,729</td><td>34,027</td><td>39,295</td><td>75,684</td><td>74,636</td></tr><tr><td>Iran</td><td>18,170</td><td>13,276</td><td>13,836</td><td>14,662</td><td>15,767</td><td>47,419</td><td>42,596</td><td>43,047</td><td>41,508</td><td>40,530</td></tr><tr><td>Israel</td><td>25,877</td><td>23,377</td><td>22,937</td><td>32,729</td><td>26,444</td><td>18,278</td><td>14,400</td><td>18,033</td><td>26,225</td><td>19,995</td></tr><tr><td>Japan</td><td>17,739</td><td>26,637</td><td>25,612</td><td>29,994</td><td>32,918</td><td>912,032</td><td>914,970</td><td>867,870</td><td>729,444</td><td>737,626</td></tr><tr><td>Philippines</td><td>2,457</td><td>5,165</td><td>5,916</td><td>5,916</td><td>7,992</td><td>303,259</td><td>309,157</td><td>295,457</td><td>298,097</td><td>312,982</td></tr><tr><td>Thailand</td><td>6,239</td><td>6,755</td><td>6,106</td><td>5,476</td><td>4,197</td><td>187,185</td><td>177,009</td><td>167,851</td><td>153,297</td><td>157,547</td></tr><tr><td>Turkey</td><td>7,687</td><td>7,695</td><td>15,655</td><td>29,175</td><td>31,002</td><td>16,655</td><td>22,620</td><td>14,222</td><td>10,931</td><td>8,790</td></tr><tr><td>Other Asia</td><td>19,739</td><td>24,984</td><td>24,739</td><td>23,876</td><td>25,012</td><td>241,024</td><td>257,788</td><td>262,752</td><td>269,366</td><td>284,549</td></tr><tr><td>Total Asia</td><td>112,013</td><td>125,402</td><td>130,411</td><td>136,140</td><td>157,635</td><td>2,000,894</td><td>2,008,296</td><td>1,909,726</td><td>1,912,845</td><td>1,901,800</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>5,803</td><td>5,683</td><td>7,974</td><td>6,913</td><td>7,216</td><td>58,932</td><td>58,501</td><td>59,244</td><td>51,521</td><td>53,416</td></tr><tr><td>Belgian Congo</td><td>5,720</td><td>5,797</td><td>6,329</td><td>6,516</td><td>6,540</td><td>110,558</td><td>93,960</td><td>89,597</td><td>91,147</td><td>87,761</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>240</td><td>376</td><td>456</td><td>729</td><td>460</td><td>44,704</td><td>40,878</td><td>43,340</td><td>43,959</td><td>45,882</td></tr><tr><td>Union of South Africa</td><td>2,737</td><td>2,321</td><td>2,359</td><td>4,715</td><td>3,093</td><td>92,101</td><td>36,024</td><td>38,205</td><td>34,529</td><td>34,812</td></tr><tr><td>Other</td><td>7,816</td><td>7,130</td><td>7,729</td><td>6,776</td><td>6,949</td><td>90,104</td><td>92,441</td><td>95,709</td><td>97,006</td><td>98,961</td></tr><tr><td>Total other countries</td><td>22,316</td><td>21,562</td><td>24,877</td><td>25,049</td><td>23,956</td><td>349,003</td><td>343,504</td><td>385,095</td><td>335,172</td><td>330,774</td></tr><tr><td>International</td><td>-</td><td>-</td><td>15</td><td>3</td><td>-</td><td>1,888,433</td><td>1,882,579</td><td>1,957,710</td><td>2,058,425</td><td>2,072,358</td></tr><tr><td>Grand total</td><td>906,512</td><td>910,035</td><td>904,510</td><td>928,898</td><td>901,462</td><td>11,551,909</td><td>11,691,372</td><td>11,633,427</td><td>11,808,783</td><td>11,942,000</td></tr></table>
p Preliminary. r Revised.
Treasury Bulletin
54
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="3">Debit balances (due from foreigners)</th><th colspan="3">Credit balances (due to foreigners)</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>1954</td><td></td><td>1953</td><td></td><td>1954</td><td></td><td></td></tr><tr><td>Austria</td><td>16</td><td>13</td><td>-</td><td>-</td><td>-</td><td>13</td><td>14</td><td>9</td><td>11</td><td>12</td></tr><tr><td>Belgium</td><td>279</td><td>380</td><td>131</td><td>147</td><td>336</td><td>1,914</td><td>2,011</td><td>2,124</td><td>2,362</td><td>2,330</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>363</td><td>345</td><td>322</td><td>294</td><td>292</td><td>158</td><td>182</td><td>209</td><td>216</td><td>173</td></tr><tr><td>Finland</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>1</td><td>-</td></tr><tr><td>France</td><td>2,474</td><td>2,011</td><td>1,609</td><td>2,607</td><td>1,984</td><td>2,886</td><td>3,514</td><td>3,162</td><td>3,603</td><td>3,025</td></tr><tr><td>Germany</td><td>60</td><td>125</td><td>178</td><td>138</td><td>171</td><td>71</td><td>197</td><td>105</td><td>140</td><td>115</td></tr><tr><td>Greece</td><td>4</td><td>15</td><td>15</td><td>8</td><td>8</td><td>39</td><td>23</td><td>48</td><td>64</td><td>60</td></tr><tr><td>Italy</td><td>346</td><td>322</td><td>352</td><td>308</td><td>277</td><td>748</td><td>780</td><td>697</td><td>643</td><td>797</td></tr><tr><td>Netherlands</td><td>433</td><td>1,074</td><td>750</td><td>413</td><td>378</td><td>4,603</td><td>5,609</td><td>5,233</td><td>6,060</td><td>6,941</td></tr><tr><td>Norway</td><td>368</td><td>410</td><td>441</td><td>396</td><td>348</td><td>633</td><td>464</td><td>536</td><td>862</td><td>899</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>39</td><td>68</td><td>54</td><td>46</td><td>122</td><td>159</td><td>154</td><td>82</td><td>175</td><td>110</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Spain</td><td>139</td><td>62</td><td>74</td><td>124</td><td>128</td><td>149</td><td>160</td><td>176</td><td>236</td><td>249</td></tr><tr><td>Sweden</td><td>59</td><td>72</td><td>207</td><td>45</td><td>64</td><td>275</td><td>241</td><td>288</td><td>266</td><td>282</td></tr><tr><td>Switzerland</td><td>6,623</td><td>7,071</td><td>6,080</td><td>6,468</td><td>5,278</td><td>22,945</td><td>22,188</td><td>22,824</td><td>24,721</td><td>22,877</td></tr><tr><td>U. S. S. R.</td><td>4,261</td><td>3,323</td><td>4,680</td><td>11,300</td><td>13,227</td><td>6,225</td><td>3,635</td><td>5,109</td><td>12,324</td><td>14,072</td></tr><tr><td>United Latvia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>21</td><td>21</td><td>22</td><td>23</td></tr><tr><td>Other Europe</td><td>96</td><td>81</td><td>251</td><td>303</td><td>231</td><td>1,133</td><td>1,099</td><td>1,030</td><td>1,126</td><td>1,251</td></tr><tr><td>Total Europe</td><td>15,586</td><td>15,372</td><td>15,134</td><td>22,596</td><td>22,804</td><td>41,985</td><td>40,197</td><td>41,676</td><td>52,851</td><td>52,208</td></tr><tr><td>Canada</td><td>7,329</td><td>6,875</td><td>5,221</td><td>7,046</td><td>6,567</td><td>6,717</td><td>7,282</td><td>6,903</td><td>7,298</td><td>7,261</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td>1954</td><td></td><td>1953</td><td></td><td>1954</td><td></td><td></td></tr><tr><td>Argentina</td><td>390</td><td>472</td><td>433</td><td>415</td><td>397</td><td>1,346</td><td>1,173</td><td>1,194</td><td>1,171</td><td>1,332</td></tr><tr><td>Bolivia</td><td>19</td><td>13</td><td>26</td><td>13</td><td>13</td><td>22</td><td>74</td><td>72</td><td>91</td><td>76</td></tr><tr><td>Brazil</td><td>587</td><td>753</td><td>665</td><td>738</td><td>662</td><td>1,396</td><td>1,514</td><td>1,992</td><td>1,691</td><td>1,750</td></tr><tr><td>Chile</td><td>504</td><td>833</td><td>232</td><td>126</td><td>135</td><td>1,088</td><td>721</td><td>770</td><td>756</td><td>749</td></tr><tr><td>Columbia</td><td>26</td><td>92</td><td>37</td><td>35</td><td>40</td><td>905</td><td>1,112</td><td>1,137</td><td>1,088</td><td>1,975</td></tr><tr><td>Cuba</td><td>5,307</td><td>5,595</td><td>5,535</td><td>5,497</td><td>5,369</td><td>1,685</td><td>1,762</td><td>1,892</td><td>1,692</td><td>2,131</td></tr><tr><td>Dominican Republic</td><td>9</td><td>6</td><td>7</td><td>7</td><td>48</td><td>150</td><td>152</td><td>163</td><td>764</td><td>400</td></tr><tr><td>Guatemala</td><td>7</td><td>7</td><td>8</td><td>7</td><td>8</td><td>158</td><td>102</td><td>130</td><td>153</td><td>159</td></tr><tr><td>Mexico</td><td>2,418</td><td>2,197</td><td>2,197</td><td>2,173</td><td>1,904</td><td>3,397</td><td>3,360</td><td>3,357</td><td>3,325</td><td>2,955</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>26</td><td>32</td><td>72</td><td>52</td><td>43</td><td>248</td><td>347</td><td>482</td><td>615</td><td>605</td></tr><tr><td>Peru</td><td>405</td><td>383</td><td>372</td><td>368</td><td>369</td><td>171</td><td>204</td><td>241</td><td>211</td><td>349</td></tr><tr><td>Republic of Panama</td><td>262</td><td>389</td><td>305</td><td>123</td><td>433</td><td>2,152</td><td>1,956</td><td>1,326</td><td>1,972</td><td>1,816</td></tr><tr><td>El Salvador</td><td>3</td><td>2</td><td>15</td><td>1</td><td>1</td><td>6</td><td>9</td><td>8</td><td>6</td><td>8</td></tr><tr><td>Uruguay</td><td>706</td><td>922</td><td>1,515</td><td>799</td><td>835</td><td>5,549</td><td>4,589</td><td>5,801</td><td>6,658</td><td>6,506</td></tr><tr><td>Venezuela</td><td>1,929</td><td>1,718</td><td>1,567</td><td>1,618</td><td>1,828</td><td>2,813</td><td>2,790</td><td>3,085</td><td>3,197</td><td>3,148</td></tr><tr><td>Other Latin America</td><td>283</td><td>978</td><td>646</td><td>470</td><td>462</td><td>412</td><td>568</td><td>611</td><td>539</td><td>596</td></tr><tr><td>Total Latin America</td><td>13,121</td><td>13,710</td><td>13,632</td><td>12,530</td><td>12,676</td><td>21,614</td><td>20,023</td><td>21,935</td><td>23,973</td><td>24,464</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td>1954</td><td></td><td>1953</td><td></td><td>1954</td><td></td><td></td></tr><tr><td>China Mainland</td><td>59</td><td>3</td><td>3</td><td>11</td><td>3</td><td>56</td><td>56</td><td>61</td><td>62</td><td>65</td></tr><tr><td>Formosa</td><td>-</td><td>39</td><td>28</td><td>28</td><td>-</td><td>50</td><td>11</td><td>35</td><td>11</td><td>14</td></tr><tr><td>Hong Kong</td><td>504</td><td>618</td><td>688</td><td>620</td><td>649</td><td>1,310</td><td>1,398</td><td>1,923</td><td>1,920</td><td>2,121</td></tr><tr><td>India</td><td>58</td><td>60</td><td>53</td><td>56</td><td>52</td><td>68</td><td>52</td><td>77</td><td>86</td><td>63</td></tr><tr><td>Indonesia</td><td>38</td><td>37</td><td>36</td><td>31</td><td>26</td><td>8</td><td>5</td><td>8</td><td>6</td><td>11</td></tr><tr><td>Iran</td><td>4</td><td>5</td><td>4</td><td>-</td><td>-</td><td>8</td><td>10</td><td>24</td><td>5</td><td>4</td></tr><tr><td>Israel</td><td>-</td><td>-</td><td>-</td><td>56</td><td>-</td><td>46</td><td>60</td><td>53</td><td>58</td><td>58</td></tr><tr><td>Japan</td><td>36</td><td>36</td><td>38</td><td>11</td><td>9</td><td>58</td><td>63</td><td>64</td><td>65</td><td>126</td></tr><tr><td>Philippines</td><td>46</td><td>50</td><td>14</td><td>41</td><td>70</td><td>30</td><td>27</td><td>27</td><td>30</td><td>33</td></tr><tr><td>Thailand</td><td>294</td><td>8</td><td>277</td><td>8</td><td>8</td><td>126</td><td>143</td><td>283</td><td>87</td><td>10</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>28</td><td>36</td><td>23</td></tr><tr><td>Other Asia</td><td>544</td><td>429</td><td>156</td><td>79</td><td>96</td><td>645</td><td>798</td><td>776</td><td>651</td><td>558</td></tr><tr><td>Total Asia</td><td>1,543</td><td>1,285</td><td>1,297</td><td>941</td><td>913</td><td>2,417</td><td>2,633</td><td>3,359</td><td>3,017</td><td>3,032</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td>1954</td><td></td><td>1953</td><td></td><td>1954</td><td></td><td></td></tr><tr><td>Australia</td><td>13</td><td>15</td><td>9</td><td>16</td><td>16</td><td>62</td><td>87</td><td>79</td><td>72</td><td>72</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3</td><td>7</td><td>8</td><td>8</td><td>10</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>2</td><td>1</td><td>1</td><td>2</td><td>2</td><td>52</td><td>42</td><td>40</td><td>44</td><td>45</td></tr><tr><td>Union of South Africa</td><td>68</td><td>8</td><td>7</td><td>18</td><td>15</td><td>145</td><td>56</td><td>194</td><td>270</td><td>303</td></tr><tr><td>Other</td><td>230</td><td>96</td><td>172</td><td>279</td><td>201</td><td>1,425</td><td>2,107</td><td>1,893</td><td>1,645</td><td>2,096</td></tr><tr><td>Total other countries</td><td>313</td><td>120</td><td>189</td><td>315</td><td>259</td><td>1,587</td><td>2,309</td><td>2,214</td><td>2,039</td><td>2,499</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>37,892</td><td>37,362</td><td>35,533</td><td>43,428</td><td>43,219</td><td>74,320</td><td>72,444</td><td>76,087</td><td>89,278</td><td>89,514</td></tr></table>
p Preliminary
May 1954
55
CAPITAL MOVEMENTS
Section III - Details for Month of December 1953
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">Loans to:</th><th colspan="3">Short-term claims payable in foreign currencies</th></tr><tr><th></th><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><td></td></tr><tr><td>Austria</td><td>782</td><td>782</td><td>596</td><td>1</td><td>185</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td></tr><tr><td>Belgium</td><td>13,024</td><td>12,622</td><td>1,090</td><td>125</td><td>3,995</td><td>7,412</td><td>402</td><td>354</td><td>19</td><td>29</td></tr><tr><td>Czechoslovakia</td><td>6,828</td><td>6,155</td><td>30</td><td>939</td><td>253</td><td>4,933</td><td>73</td><td>73</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>1,926</td><td>1,925</td><td>-</td><td>251</td><td>167</td><td>1,507</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>10,559</td><td>8,701</td><td>3,113</td><td>3,594</td><td>1,394</td><td>600</td><td>1,858</td><td>647</td><td>17</td><td>1,194</td></tr><tr><td>France</td><td>30,541</td><td>26,308</td><td>10,094</td><td>4,058</td><td>2,889</td><td>9,267</td><td>4,233</td><td>4,136</td><td>97</td><td>-</td></tr><tr><td>Germany</td><td>1,305</td><td>1,298</td><td>70</td><td>35</td><td>1,193</td><td>-</td><td>7</td><td>7</td><td>-</td><td>5</td></tr><tr><td>Greece</td><td>18,760</td><td>18,356</td><td>1,841</td><td>9,534</td><td>2,720</td><td>4,261</td><td>404</td><td>388</td><td>11</td><td>5</td></tr><tr><td>Italy</td><td>8,977</td><td>7,998</td><td>1,050</td><td>73</td><td>5,021</td><td>1,854</td><td>579</td><td>555</td><td>24</td><td>-</td></tr><tr><td>Netherlands</td><td>956</td><td>837</td><td>30</td><td>6</td><td>430</td><td>371</td><td>119</td><td>119</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>30</td><td>30</td><td>-</td><td>11</td><td>30</td><td>5</td><td>60</td><td>60</td><td>-</td><td>-</td></tr><tr><td>Poland</td><td>555</td><td>495</td><td>115</td><td>-</td><td>361</td><td>-</td><td>60</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>11</td><td>11</td><td>115</td><td>9</td><td>2</td><td>20,036</td><td>1,680</td><td>1,497</td><td>123</td><td>-</td></tr><tr><td>Rumenia</td><td>28,257</td><td>22,637</td><td>1,965</td><td>264</td><td>372</td><td>1,580</td><td>1,680</td><td>1,497</td><td>123</td><td>-</td></tr><tr><td>Spain</td><td>2,623</td><td>2,341</td><td>435</td><td>54</td><td>1,506</td><td>346</td><td>352</td><td>351</td><td>1</td><td>27</td></tr><tr><td>Sweden</td><td>17,940</td><td>13,467</td><td>1,745</td><td>8,468</td><td>2,898</td><td>356</td><td>4,473</td><td>4,114</td><td>32</td><td>27</td></tr><tr><td>Switzerland</td><td>70,503</td><td>17,491</td><td>8,523</td><td>3,138</td><td>3,708</td><td>2,122</td><td>53,012</td><td>52,005</td><td>734</td><td>273</td></tr><tr><td>U.S.S.R.</td><td>3,788</td><td>4,786</td><td>4,724</td><td>62</td><td>246</td><td>156</td><td>123</td><td>123</td><td>3</td><td>-</td></tr><tr><td>United Kingdom</td><td>6,753</td><td>6,537</td><td>932</td><td>4,316</td><td>1,103</td><td>246</td><td>156</td><td>123</td><td>3</td><td>-</td></tr><tr><td>Yugoslavia</td><td>192,841</td><td>36,353</td><td>34,880</td><td>28,289</td><td>53,319</td><td>67,324</td><td>64,765</td><td>1,061</td><td>1,520</td><td>-</td></tr><tr><td>Total Europe</td><td>220,495</td><td>32,988</td><td>6,070</td><td>13,512</td><td>5,928</td><td>7,470</td><td>23,371</td><td>20,708</td><td>2,543</td><td>120</td></tr><tr><td>Canada</td><td>56,359</td><td>32,988</td><td>6,070</td><td>13,512</td><td>5,928</td><td>7,470</td><td>23,371</td><td>20,708</td><td>2,543</td><td>120</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>7,124</td><td>7,088</td><td>934</td><td>1,114</td><td>5,040</td><td>-</td><td>36</td><td>35</td><td>1</td><td>-</td></tr><tr><td>Bolivia</td><td>10,89</td><td>10,849</td><td>8,789</td><td>30</td><td>1,790</td><td>240</td><td>-</td><td>157</td><td>44</td><td>32</td></tr><tr><td>Brazil</td><td>125,106</td><td>124,866</td><td>35,202</td><td>12,213</td><td>49,509</td><td>30,642</td><td>240</td><td>157</td><td>44</td><td>32</td></tr><tr><td>Chile</td><td>28,569</td><td>26,567</td><td>13,550</td><td>3,130</td><td>4,592</td><td>20,677</td><td>81</td><td>4</td><td>3</td><td>74</td></tr><tr><td>Colombia</td><td>56,306</td><td>56,925</td><td>10,203</td><td>4,518</td><td>21,427</td><td>-</td><td>1,541</td><td>383</td><td>50</td><td>1,105</td></tr><tr><td>Cuba</td><td>51,169</td><td>49,628</td><td>20,637</td><td>3,320</td><td>10,350</td><td>15,321</td><td>1,541</td><td>383</td><td>50</td><td>1,105</td></tr><tr><td>Dominican Republic</td><td>1,071</td><td>1,071</td><td>1</td><td>213</td><td>1,060</td><td>600</td><td>3</td><td>3</td><td>53</td><td>1,301</td></tr><tr><td>Guatemala</td><td>4,051</td><td>4,051</td><td>955</td><td>70</td><td>2,456</td><td>39,473</td><td>3,838</td><td>1,884</td><td>53</td><td>1,301</td></tr><tr><td>Mexico</td><td>92,871</td><td>89,033</td><td>29,510</td><td>11,156</td><td>8,894</td><td>-</td><td>874</td><td>874</td><td>-</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>2,565</td><td>1,691</td><td>39</td><td>189</td><td>1,463</td><td>-</td><td>874</td><td>874</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>20,200</td><td>19,862</td><td>872</td><td>384</td><td>10,617</td><td>7,909</td><td>336</td><td>260</td><td>34</td><td>14</td></tr><tr><td>Republic of Panama</td><td>8,628</td><td>4,627</td><td>34</td><td>2,397</td><td>1,315</td><td>881</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>El Salvador</td><td>8,156</td><td>8,156</td><td>1,471</td><td>1,172</td><td>1,365</td><td>5,800</td><td>1,308</td><td>475</td><td>16</td><td>1,041</td></tr><tr><td>Uruguay</td><td>3,659</td><td>3,174</td><td>380</td><td>1,172</td><td>1,365</td><td>255</td><td>1,308</td><td>475</td><td>16</td><td>1,041</td></tr><tr><td>Venezuela</td><td>41,581</td><td>40,273</td><td>3,025</td><td>7,625</td><td>23,380</td><td>6,243</td><td>1,308</td><td>251</td><td>5</td><td>4,217</td></tr><tr><td>Other Latin America</td><td>19,305</td><td>19,282</td><td>1,292</td><td>3,123</td><td>13,305</td><td>1,562</td><td>24</td><td>19</td><td>5</td><td>4,217</td></tr><tr><td>Total Latin America</td><td>472,653</td><td>463,882</td><td>122,425</td><td>51,125</td><td>159,714</td><td>130,528</td><td>8,771</td><td>4,344</td><td>210</td><td>4,217</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>2,630</td><td>2,626</td><td>2,619</td><td>48</td><td>7</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>5,462</td><td>5,462</td><td>5,406</td><td>391</td><td>1,662</td><td>7</td><td>108</td><td>108</td><td>8</td><td>-</td></tr><tr><td>Hong Kong</td><td>3,064</td><td>2,996</td><td>903</td><td>1</td><td>2,949</td><td>261</td><td>253</td><td>253</td><td>-</td><td>-</td></tr><tr><td>India</td><td>3,723</td><td>3,494</td><td>904</td><td>1</td><td>816</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>839</td><td>839</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>13,836</td><td>13,836</td><td>837</td><td>181</td><td>12,818</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>22,937</td><td>22,936</td><td>8,255</td><td>1,311</td><td>2,398</td><td>10,972</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>25,612</td><td>25,599</td><td>12,557</td><td>6,209</td><td>6,115</td><td>718</td><td>13</td><td>13</td><td>20</td><td>-</td></tr><tr><td>Philippines</td><td>5,816</td><td>5,759</td><td>2,131</td><td>6</td><td>3,622</td><td>57</td><td>37</td><td>37</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>6,106</td><td>6,106</td><td>4,979</td><td>125</td><td>1,102</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>15,655</td><td>15,650</td><td>15,071</td><td>15</td><td>504</td><td>10</td><td>34</td><td>34</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>24,733</td><td>24,705</td><td>20,263</td><td>289</td><td>3,903</td><td>10</td><td>34</td><td>34</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>130,411</td><td>129,928</td><td>73,848</td><td>8,516</td><td>35,297</td><td>11,707</td><td>483</td><td>455</td><td>28</td><td>5</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>7,974</td><td>6,798</td><td>85</td><td>198</td><td>3,327</td><td>3,126</td><td>1,176</td><td>667</td><td>259</td><td>20</td></tr><tr><td>Belgian Congo</td><td>6,387</td><td>6,384</td><td>4</td><td>-</td><td>5,612</td><td>708</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>456</td><td>438</td><td>75</td><td>-</td><td>347</td><td>16</td><td>18</td><td>17</td><td>1</td><td>18</td></tr><tr><td>Union of South Africa</td><td>2,359</td><td>2,152</td><td>35</td><td>63</td><td>1,964</td><td>90</td><td>207</td><td>181</td><td>6</td><td>18</td></tr><tr><td>Other</td><td>7,755</td><td>7,573</td><td>2,730</td><td>1,240</td><td>3,348</td><td>225</td><td>166</td><td>111</td><td>75</td><td>-</td></tr><tr><td>Total other countries</td><td>24,877</td><td>23,205</td><td>2,929</td><td>1,501</td><td>14,598</td><td>4,257</td><td>1,592</td><td>983</td><td>341</td><td>28</td></tr><tr><td>International</td><td>17</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>904,510</td><td>802,930</td><td>241,640</td><td>109,834</td><td>244,086</td><td>207,379</td><td>101,571</td><td>21,255</td><td>4,183</td><td>6,133</td></tr></table>
56
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of December 1953
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 liability</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></tr><tr><td>Austria</td><td>190,878</td><td>189,713</td><td>130,565</td><td>3,200</td><td>55,948</td><td>1,165</td><td>1,165</td><td>1,165</td><td></td><td>51</td><td>44</td><td>7</td></tr><tr><td>Belgium</td><td>130,331</td><td>75,782</td><td>37,534</td><td>3,080</td><td>35,166</td><td>94,499</td><td>40,867</td><td>3,488</td><td>10,143</td><td>7</td><td>2</td><td>4</td></tr><tr><td>Czechoslovakia</td><td>555</td><td>167</td><td>167</td><td>-</td><td>-</td><td>388</td><td>388</td><td>-</td><td>620</td><td>24</td><td>2</td><td>22</td></tr><tr><td>Denmark</td><td>95,734</td><td>86,462</td><td>40,317</td><td>45,625</td><td>520</td><td>9,265</td><td>7,754</td><td>891</td><td>60</td><td>7</td><td>7</td><td>1</td></tr><tr><td>Finland</td><td>37,867</td><td>35,971</td><td>20,546</td><td>2,000</td><td>5,426</td><td>1,869</td><td>1,863</td><td>6</td><td>1,736</td><td>1,909</td><td>1,910</td><td>19</td></tr><tr><td>France</td><td>430,732</td><td>370,219</td><td>201,085</td><td>151,353</td><td>17,794</td><td>58,586</td><td>53,234</td><td>3,614</td><td>3</td><td>238</td><td>238</td><td>-</td></tr><tr><td>Germany</td><td>898,773</td><td>895,074</td><td>267,383</td><td>555,000</td><td>72,691</td><td>3,461</td><td>3,426</td><td>35</td><td>92</td><td>31</td><td>31</td><td>2</td></tr><tr><td>Greece</td><td>100,868</td><td>92,758</td><td>74,567</td><td>18,000</td><td>191</td><td>8,110</td><td>6,676</td><td>1,340</td><td>1,064</td><td>31</td><td>5</td><td>2</td></tr><tr><td>Italy</td><td>450,705</td><td>419,618</td><td>148,539</td><td>223,766</td><td>47,333</td><td>31,056</td><td>20,398</td><td>9,594</td><td>285</td><td>7</td><td>7</td><td>-</td></tr><tr><td>Netherlands</td><td>242,895</td><td>217,004</td><td>86,610</td><td>126,473</td><td>8,221</td><td>25,884</td><td>21,747</td><td>2,785</td><td>3,009</td><td>73</td><td>73</td><td>-</td></tr><tr><td>Norway</td><td>118,511</td><td>90,640</td><td>23,089</td><td>63,883</td><td>3,668</td><td>27,798</td><td>22,004</td><td>2,785</td><td>269</td><td>13</td><td>13</td><td>2</td></tr><tr><td>Poland</td><td>2,244</td><td>1,849</td><td>1,847</td><td>48</td><td>2</td><td>395</td><td>393</td><td>3</td><td>5</td><td>9</td><td>9</td><td>1</td></tr><tr><td>Portugal</td><td>75,415</td><td>47,100</td><td>46,130</td><td>48</td><td>922</td><td>25,302</td><td>25,030</td><td>3</td><td>269</td><td>146</td><td>146</td><td>15</td></tr><tr><td>Rumania</td><td>5,767</td><td>4,418</td><td>4,418</td><td>-</td><td>305</td><td>10,513</td><td>10,337</td><td>151</td><td>5</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Spain</td><td>36,042</td><td>29,528</td><td>29,223</td><td>-</td><td>-</td><td>6,866</td><td>6,405</td><td>441</td><td>13</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Sweden</td><td>116,708</td><td>109,116</td><td>47,359</td><td>35,800</td><td>26,555</td><td>6,866</td><td>6,405</td><td>441</td><td>13,970</td><td>2,963</td><td>2,948</td><td>15</td></tr><tr><td>Switzerland</td><td>674,177</td><td>553,355</td><td>294,920</td><td>113,183</td><td>145,265</td><td>117,839</td><td>94,824</td><td>9,055</td><td>13,970</td><td>2,963</td><td>2,948</td><td>15</td></tr><tr><td>U. S. S. R.</td><td>2,033</td><td>1,722</td><td>1,706</td><td>16</td><td>16</td><td>311</td><td>311</td><td>311</td><td>424</td><td>23,531</td><td>23,435</td><td>196</td></tr><tr><td>United Kingdom</td><td>708,881</td><td>408,136</td><td>221,873</td><td>168,241</td><td>18,022</td><td>277,114</td><td>141,736</td><td>134,954</td><td>1</td><td>70</td><td>70</td><td>248</td></tr><tr><td>Yugoslavia</td><td>6,908</td><td>6,227</td><td>5,034</td><td>-</td><td>1,193</td><td>681</td><td>680</td><td>729</td><td>703</td><td>70</td><td>70</td><td>248</td></tr><tr><td>Other Europe</td><td>53,009</td><td>41,384</td><td>33,745</td><td>7,184</td><td>455</td><td>11,555</td><td>10,123</td><td>1,432</td><td>703</td><td>29,193</td><td>28,945</td><td>378</td></tr><tr><td>Total Europe</td><td>4,376,033</td><td>3,672,856</td><td>1,726,456</td><td>1,516,520</td><td>439,880</td><td>673,984</td><td>470,723</td><td>170,938</td><td>32,323</td><td>29,193</td><td>28,945</td><td>378</td></tr><tr><td>Canada</td><td>1,295,508</td><td>1,032,057</td><td>342,565</td><td>674,393</td><td>15,099</td><td>254,597</td><td>194,687</td><td>59,004</td><td>906</td><td>8,894</td><td>8,476</td><td>378</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>130,004</td><td>86,360</td><td>84,419</td><td>224</td><td>1,717</td><td>43,576</td><td>42,692</td><td>115</td><td>769</td><td>68</td><td>54</td><td>14</td></tr><tr><td>Bolivia</td><td>19,055</td><td>6,548</td><td>6,345</td><td>203</td><td>203</td><td>12,507</td><td>12,455</td><td>49</td><td>3</td><td>60</td><td>60</td><td>-</td></tr><tr><td>Brazil</td><td>101,713</td><td>53,516</td><td>40,247</td><td>13,269</td><td>48,137</td><td>47,991</td><td>20</td><td>126</td><td>60</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Chile</td><td>78,812</td><td>43,857</td><td>43,833</td><td>-</td><td>34,925</td><td>34,794</td><td>151</td><td>15</td><td>34</td><td>-</td><td>34</td><td>34</td></tr><tr><td>Colombia</td><td>150,213</td><td>124,781</td><td>113,746</td><td>-</td><td>1,035</td><td>35,425</td><td>35,116</td><td>294</td><td>15</td><td>7</td><td>7</td><td>-</td></tr><tr><td>Cuba</td><td>340,847</td><td>272,261</td><td>143,310</td><td>127,500</td><td>1,451</td><td>68,552</td><td>66,331</td><td>1,416</td><td>805</td><td>34</td><td>-</td><td>111</td></tr><tr><td>Dominican Republic</td><td>39,290</td><td>23,092</td><td>23,020</td><td>-</td><td>72</td><td>16,198</td><td>16,155</td><td>43</td><td>53</td><td>260</td><td>49</td><td>211</td></tr><tr><td>Guatemala</td><td>37,919</td><td>19,133</td><td>18,417</td><td>3,800</td><td>1,216</td><td>12,816</td><td>10,063</td><td>170</td><td>56</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Mexico</td><td>183,221</td><td>89,229</td><td>87,419</td><td>8</td><td>2,102</td><td>93,432</td><td>84,888</td><td>8,504</td><td>66</td><td>260</td><td>49</td><td>211</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>51,521</td><td>42,368</td><td>28,395</td><td>15,725</td><td>4,248</td><td>9,153</td><td>8,972</td><td>104</td><td>77</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Peru</td><td>67,993</td><td>21,575</td><td>21,368</td><td>207</td><td>207</td><td>40,413</td><td>36,082</td><td>145</td><td>4,186</td><td>672</td><td>672</td><td>672</td></tr><tr><td>Republic of Panama</td><td>89,853</td><td>28,053</td><td>28,001</td><td>-</td><td>52</td><td>61,128</td><td>61,498</td><td>9,671</td><td>9,959</td><td>125</td><td>125</td><td>23</td></tr><tr><td>El Salvador</td><td>26,724</td><td>14,124</td><td>14,028</td><td>7,000</td><td>192</td><td>12,600</td><td>12,512</td><td>200</td><td>7,046</td><td>148</td><td>148</td><td>50</td></tr><tr><td>Uruguay</td><td>109,981</td><td>57,649</td><td>43,697</td><td>4,000</td><td>15,592</td><td>51,788</td><td>44,938</td><td>1,710</td><td>633</td><td>1,096</td><td>1,096</td><td>50</td></tr><tr><td>Yamalese</td><td>222,373</td><td>135,586</td><td>135,530</td><td>4,000</td><td>56</td><td>89,691</td><td>79,643</td><td>5,395</td><td>19</td><td>680</td><td>680</td><td>-</td></tr><tr><td>Other Latin America</td><td>119,166</td><td>80,089</td><td>55,509</td><td>13,452</td><td>11,32</td><td>38,397</td><td>33,770</td><td>4,608</td><td>19</td><td>1,011</td><td>1,011</td><td>-</td></tr><tr><td>Total Latin America</td><td>1,768,355</td><td>1,095,091</td><td>874,444</td><td>168,109</td><td>52,538</td><td>670,234</td><td>615,494</td><td>30,885</td><td>23,855</td><td>3,030</td><td>2,019</td><td>1,011</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>36,386</td><td>29,070</td><td>28,473</td><td>342</td><td>255</td><td>7,316</td><td>7,314</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>37,181</td><td>32,463</td><td>31,717</td><td>745</td><td>1</td><td>4,718</td><td>4,718</td><td>2</td><td>982</td><td>190</td><td>190</td><td>-</td></tr><tr><td>Hong Kong</td><td>68,004</td><td>29,706</td><td>29,494</td><td>-</td><td>212</td><td>38,108</td><td>37,071</td><td>55</td><td>20</td><td>307</td><td>307</td><td>-</td></tr><tr><td>India</td><td>99,028</td><td>95,391</td><td>82,635</td><td>10,920</td><td>1,576</td><td>3,330</td><td>3,307</td><td>3</td><td>20</td><td>307</td><td>307</td><td>-</td></tr><tr><td>Indonesia</td><td>39,295</td><td>37,248</td><td>32,233</td><td>4,718</td><td>297</td><td>8,047</td><td>8,047</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>43,647</td><td>35,607</td><td>35,219</td><td>-</td><td>388</td><td>8,040</td><td>8,040</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>18,033</td><td>16,601</td><td>16,547</td><td>54</td><td>54</td><td>1,438</td><td>1,432</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>827,870</td><td>810,495</td><td>786,749</td><td>21,980</td><td>5,766</td><td>17,375</td><td>17,372</td><td>-</td><td>97</td><td>97</td><td>97</td><td>-</td></tr><tr><td>Philippines</td><td>295,457</td><td>276,049</td><td>266,224</td><td>3,000</td><td>10,825</td><td>19,311</td><td>19,061</td><td>250</td><td>97</td><td>97</td><td>97</td><td>-</td></tr><tr><td>Thailand</td><td>167,851</td><td>155,124</td><td>17,583</td><td>147,331</td><td>210</td><td>2,727</td><td>2,727</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>14,222</td><td>10,519</td><td>10,507</td><td>35,974</td><td>12</td><td>3,703</td><td>3,698</td><td>238</td><td>638</td><td>279</td><td>279</td><td>-</td></tr><tr><td>Other Asia</td><td>262,752</td><td>224,864</td><td>183,073</td><td>-</td><td>5,817</td><td>37,609</td><td>36,733</td><td>238</td><td>638</td><td>279</td><td>279</td><td>-</td></tr><tr><td>Total Asia</td><td>1,909,726</td><td>1,763,137</td><td>1,512,714</td><td>225,010</td><td>25,413</td><td>145,716</td><td>143,519</td><td>548</td><td>1,649</td><td>873</td><td>873</td><td>-</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>59,244</td><td>54,884</td><td>17,617</td><td>32,150</td><td>5,117</td><td>3,351</td><td>3,343</td><td>8</td><td>1,009</td><td>1,006</td><td>1</td><td>1</td></tr><tr><td>Belgian Congo</td><td>89,597</td><td>88,100</td><td>20,064</td><td>58,160</td><td>15,876</td><td>1,892</td><td>928</td><td>2</td><td>368</td><td>205</td><td>205</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>43,340</td><td>40,325</td><td>21,967</td><td>18,200</td><td>158</td><td>3,015</td><td>2,984</td><td>30</td><td>1</td><td>80</td><td>48</td><td>32</td></tr><tr><td>Union of South Africa</td><td>38,205</td><td>35,804</td><td>12,038</td><td>23,700</td><td>66</td><td>2,321</td><td>2,312</td><td>6</td><td>3,130</td><td>469</td><td>454</td><td>15</td></tr><tr><td>Other</td><td>95,709</td><td>68,456</td><td>26,105</td><td>1,584</td><td>10,767</td><td>26,784</td><td>23,218</td><td>136</td><td>3,510</td><td>1,763</td><td>1,713</td><td>50</td></tr><tr><td>Total other countries</td><td>326,095</td><td>287,569</td><td>127,791</td><td>127,794</td><td>31,984</td><td>36,763</td><td>33,079</td><td>174</td><td>3,510</td><td>1,763</td><td>1,713</td><td>50</td></tr><tr><td>International</td><td>1,957,710</td><td>1,957,710</td><td>101,578</td><td>1,795,693</td><td>54,439</td><td>-</td><td>1,457,502</td><td>261,549</td><td>62,243</td><td>43,713</td><td>42,026</td><td>1,687</td></tr><tr><td>Grand total</td><td>11,633,427</td><td>9,808,120</td><td>4,681,548</td><td>4,507,519</td><td>619,353</td><td>1,781,294</td><td>1,457,502</td><td>261,549</td><td>62,243</td><td>43,713</td><td>42,026</td><td>1,687</td></tr></table>
May 1954
57
CAPITAL MOVEMENTS
Section III - Details for Month of December 1953
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th rowspan="2">Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th>Total purchases</th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Foreign securities Bonds</th><th>Foreign securities Stocks</th><th>Total sales</th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Foreign securities Bonds</th><th>Foreign securities Stocks</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>14</td><td>1</td></tr><tr><td>Belgium</td><td>5,191</td><td>1,558</td><td>1,291</td><td>743</td><td>1,376</td><td>223</td><td>5,184</td><td>1,530</td><td>813</td><td>879</td><td>1,074</td><td>898</td></tr><tr><td>Czechoslovakia</td><td>755</td><td>337</td><td>54</td><td>63</td><td>248</td><td>53</td><td>360</td><td>202</td><td>4</td><td>166</td><td>8</td><td>-</td></tr><tr><td>Denmark</td><td>1,331</td><td>1,020</td><td>3</td><td>2</td><td>106</td><td>-</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>6,584</td><td>370</td><td>712</td><td>2,644</td><td>2,146</td><td>1,012</td><td>5,280</td><td>441</td><td>388</td><td>1,841</td><td>2,092</td><td>759</td></tr><tr><td>France</td><td>126</td><td>1</td><td>74</td><td>10</td><td>25</td><td>23</td><td>157</td><td>51</td><td>6</td><td>45</td><td>24</td><td>82</td></tr><tr><td>Germany</td><td>1,004</td><td>148</td><td>54</td><td>219</td><td>538</td><td>45</td><td>334</td><td>369</td><td>29</td><td>279</td><td>25</td><td>1</td></tr><tr><td>Italy</td><td>6,298</td><td>99</td><td>941</td><td>2,038</td><td>296</td><td>2,924</td><td>9,465</td><td>369</td><td>215</td><td>3,638</td><td>566</td><td>4,677</td></tr><tr><td>Netherlands</td><td>1,232</td><td>416</td><td>221</td><td>484</td><td>84</td><td>27</td><td>633</td><td>59</td><td>32</td><td>456</td><td>85</td><td>1</td></tr><tr><td>Norway</td><td>271</td><td>-</td><td>9</td><td>73</td><td>173</td><td>16</td><td>108</td><td>-</td><td>-</td><td>27</td><td>73</td><td>8</td></tr><tr><td>Poland</td><td>69</td><td>-</td><td>1</td><td>56</td><td>10</td><td>2</td><td>35</td><td>2</td><td>1</td><td>31</td><td>1</td><td>1</td></tr><tr><td>Romania</td><td>281</td><td>-</td><td>214</td><td>26</td><td>10</td><td>41</td><td>848</td><td>285</td><td>237</td><td>42</td><td>279</td><td>1</td></tr><tr><td>Spain</td><td>28,061</td><td>201</td><td>6,044</td><td>12,815</td><td>2,168</td><td>2,833</td><td>21,465</td><td>1,443</td><td>3,149</td><td>13,268</td><td>2,519</td><td>1,085</td></tr><tr><td>Sweden</td><td>86,787</td><td>59,318</td><td>2,125</td><td>13,219</td><td>9,028</td><td>3,077</td><td>56,601</td><td>41,335</td><td>621</td><td>6,794</td><td>6,586</td><td>1,065</td></tr><tr><td>Switzerland</td><td>86,787</td><td>59,318</td><td>2,125</td><td>13,219</td><td>9,028</td><td>3,077</td><td>56,601</td><td>41,335</td><td>621</td><td>6,794</td><td>6,586</td><td>1,065</td></tr><tr><td>U.S. S.R.</td><td>1,452</td><td>563</td><td>189</td><td>340</td><td>269</td><td>91</td><td>1,490</td><td>264</td><td>390</td><td>581</td><td>142</td><td>113</td></tr><tr><td>Yugoslavia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Europe</td><td>135,598</td><td>64,060</td><td>11,849</td><td>32,805</td><td>16,477</td><td>10,367</td><td>102,322</td><td>46,134</td><td>5,809</td><td>28,148</td><td>13,475</td><td>8,680</td></tr><tr><td>Total Europe</td><td>156,788</td><td>100,823</td><td>6,723</td><td>9,198</td><td>17,154</td><td>22,890</td><td>197,514</td><td>114,860</td><td>10,313</td><td>8,985</td><td>42,484</td><td>20,872</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>382</td><td>1</td><td>1</td><td>263</td><td>91</td><td>13</td><td>298</td><td>-</td><td>4</td><td>174</td><td>120</td><td>1</td></tr><tr><td>Bolivia</td><td>68</td><td>6</td><td>6</td><td>44</td><td>16</td><td>2</td><td>11</td><td>-</td><td>-</td><td>10</td><td>7</td><td>84</td></tr><tr><td>Brazil</td><td>2,185</td><td>19</td><td>279</td><td>1,055</td><td>33</td><td>3</td><td>471</td><td>-</td><td>8</td><td>372</td><td>30</td><td>32</td></tr><tr><td>Chile</td><td>786</td><td>50</td><td>150</td><td>350</td><td>177</td><td>55</td><td>396</td><td>50</td><td>-</td><td>284</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>7,363</td><td>3,016</td><td>3,476</td><td>852</td><td>378</td><td>131</td><td>5,476</td><td>3,050</td><td>111</td><td>1,748</td><td>520</td><td>47</td></tr><tr><td>Cuba</td><td>56</td><td>-</td><td>-</td><td>56</td><td>-</td><td>-</td><td>549</td><td>-</td><td>-</td><td>108</td><td>441</td><td>-</td></tr><tr><td>Dominican Republic</td><td>109</td><td>68</td><td>7</td><td>29</td><td>2</td><td>5</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>1,717</td><td>20</td><td>549</td><td>827</td><td>189</td><td>132</td><td>1,992</td><td>2</td><td>226</td><td>1,577</td><td>12</td><td>194</td></tr><tr><td>Mexico</td><td>181</td><td>41</td><td>53</td><td>64</td><td>15</td><td>8</td><td>141</td><td>50</td><td>-</td><td>88</td><td>3</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>160</td><td>-</td><td>5</td><td>95</td><td>55</td><td>5</td><td>54</td><td>-</td><td>12</td><td>40</td><td>2</td><td>-</td></tr><tr><td>Peru</td><td>810</td><td>142</td><td>537</td><td>29</td><td>102</td><td>-</td><td>1,174</td><td>-</td><td>171</td><td>672</td><td>108</td><td>23</td></tr><tr><td>Republic of Panama</td><td>8</td><td>18</td><td>443</td><td>1,110</td><td>451</td><td>279</td><td>1,757</td><td>36</td><td>169</td><td>736</td><td>577</td><td>249</td></tr><tr><td>El Salvador</td><td>2,301</td><td>18</td><td>69</td><td>669</td><td>124</td><td>153</td><td>1,474</td><td>34</td><td>15</td><td>1,073</td><td>68</td><td>284</td></tr><tr><td>Venezuela</td><td>3,015</td><td>497</td><td>76</td><td>148</td><td>81</td><td>46</td><td>402</td><td>41</td><td>41</td><td>291</td><td>60</td><td>10</td></tr><tr><td>Other Latin America</td><td>848</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>16,621</td><td>3,711</td><td>5,012</td><td>5,410</td><td>3,519</td><td>969</td><td>14,281</td><td>3,222</td><td>757</td><td>7,430</td><td>1,948</td><td>924</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>75</td><td>-</td><td>63</td><td>9</td><td>3</td><td>3</td><td>71</td><td>-</td><td>-</td><td>63</td><td>8</td><td>-</td></tr><tr><td>Formosa</td><td>33</td><td>-</td><td>5</td><td>27</td><td>1</td><td>1</td><td>57</td><td>-</td><td>-</td><td>57</td><td>15</td><td>30</td></tr><tr><td>Hong Kong</td><td>845</td><td>8</td><td>86</td><td>619</td><td>128</td><td>14</td><td>1,156</td><td>90</td><td>8</td><td>1,013</td><td>-</td><td>-</td></tr><tr><td>India</td><td>208</td><td>4</td><td>2</td><td>200</td><td>3</td><td>-</td><td>4</td><td>-</td><td>1</td><td>18</td><td>1</td><td>-</td></tr><tr><td>Indonesia</td><td>15</td><td>6</td><td>6</td><td>3</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>5</td><td>-</td><td>2</td><td>3</td><td>3</td><td>3</td><td>5</td><td>-</td><td>6</td><td>12</td><td>5,467</td><td>-</td></tr><tr><td>Iraq</td><td>8</td><td>-</td><td>5</td><td>3</td><td>40</td><td>4</td><td>333</td><td>-</td><td>-</td><td>48</td><td>9</td><td>285</td></tr><tr><td>Japan</td><td>73</td><td>-</td><td>3</td><td>33</td><td>30</td><td>4</td><td>67</td><td>-</td><td>-</td><td>54</td><td>9</td><td>6</td></tr><tr><td>Philippines</td><td>3</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td><td>13</td><td>-</td><td>3</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>42</td><td>-</td><td>-</td><td>22</td><td>20</td><td>4</td><td>57</td><td>46</td><td>3</td><td>16</td><td>27</td><td>11</td></tr><tr><td>Turkey</td><td>222</td><td>-</td><td>123</td><td>93</td><td>9</td><td>4</td><td>249</td><td>46</td><td>-</td><td>200</td><td>-</td><td>3</td></tr><tr><td>Other Asia</td><td>1,603</td><td>10</td><td>219</td><td>908</td><td>439</td><td>33</td><td>7,527</td><td>136</td><td>18</td><td>1,503</td><td>5,527</td><td>136</td></tr><tr><td>Total Asia</td><td>3,941</td><td>1</td><td>207</td><td>1,519</td><td>1,951</td><td>263</td><td>1,029</td><td>37</td><td>8</td><td>823</td><td>25</td><td>136</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>1,447</td><td>-</td><td>-</td><td>15</td><td>1,428</td><td>4</td><td>74</td><td>4</td><td>-</td><td>69</td><td>1</td><td>-</td></tr><tr><td>Belgian Congo</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>7</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>576</td><td>1</td><td>2</td><td>73</td><td>501</td><td>-</td><td>111</td><td>-</td><td>-</td><td>111</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>1,909</td><td>1</td><td>205</td><td>1,422</td><td>22</td><td>259</td><td>837</td><td>33</td><td>8</td><td>636</td><td>24</td><td>136</td></tr><tr><td>Total other countries</td><td>3,941</td><td>1</td><td>207</td><td>1,519</td><td>1,951</td><td>263</td><td>1,029</td><td>37</td><td>8</td><td>823</td><td>25</td><td>136</td></tr><tr><td>International</td><td>23,997</td><td>22,458</td><td>1,276</td><td>261</td><td>2</td><td>-</td><td>28,908</td><td>28,212</td><td>-</td><td>195</td><td>501</td><td>-</td></tr><tr><td>Grand total</td><td>340,508</td><td>191,063</td><td>25,286</td><td>50,095</td><td>39,542</td><td>34,524</td><td>351,571</td><td>192,601</td><td>16,981</td><td>47,084</td><td>63,960</td><td>30,945</td></tr></table>
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of February 1954
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th rowspan="2">Country</th><th rowspan="2">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>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>Deposit of reporting banks and domestic customers with foreigners</th><th>Collections outstanding for own account and domestic customers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>181</td><td>181</td><td>145</td><td>10</td><td>26</td><td>-</td><td>749</td><td>740</td><td>5</td><td>4</td></tr><tr><td>Belgium</td><td>14,345</td><td>13,596</td><td>766</td><td>38</td><td>4,150</td><td>8,642</td><td>3</td><td>1</td><td>3</td><td></td></tr><tr><td>Czechoslovakia</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>61</td><td>61</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>4,098</td><td>4,037</td><td>10</td><td>-</td><td>263</td><td>3,764</td><td>1</td><td>1</td><td>1</td><td></td></tr><tr><td>Finland</td><td>1,331</td><td>1,330</td><td>-</td><td>63</td><td>97</td><td>1,170</td><td>1,535</td><td>500</td><td>26</td><td>1,007</td></tr><tr><td>France</td><td>7,052</td><td>5,517</td><td>958</td><td>3,418</td><td>822</td><td>319</td><td>8,981</td><td>8,996</td><td>85</td><td>10</td></tr><tr><td>Germany</td><td>43,590</td><td>34,609</td><td>11,205</td><td>4,012</td><td>3,165</td><td>15,927</td><td>10</td><td>-</td><td>23</td><td>20</td></tr><tr><td>Greece</td><td>1,439</td><td>1,429</td><td>21</td><td>34</td><td>1,374</td><td>-</td><td>199</td><td>156</td><td>18</td><td></td></tr><tr><td>Italy</td><td>17,531</td><td>17,332</td><td>2,539</td><td>6,197</td><td>2,633</td><td>5,383</td><td>635</td><td>617</td><td>-</td><td></td></tr><tr><td>Netherlands</td><td>9,430</td><td>8,795</td><td>911</td><td>109</td><td>5,543</td><td>2,832</td><td>114</td><td>114</td><td>-</td><td></td></tr><tr><td>Norway</td><td>1,626</td><td>1,512</td><td>457</td><td>2</td><td>734</td><td>339</td><td>1</td><td>1</td><td>-</td><td></td></tr><tr><td>Poland</td><td>31</td><td>30</td><td>-</td><td>2</td><td>30</td><td>8</td><td>47</td><td>47</td><td>-</td><td></td></tr><tr><td>Portugal</td><td>504</td><td>457</td><td>123</td><td>6</td><td>320</td><td>-</td><td>7</td><td>7</td><td>-</td><td></td></tr><tr><td>Romania</td><td>18</td><td>11</td><td>-</td><td>9</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Spain</td><td>19,760</td><td>18,084</td><td>238</td><td>199</td><td>314</td><td>17,333</td><td>1,676</td><td>1,594</td><td>82</td><td>-</td></tr><tr><td>Sweden</td><td>1,731</td><td>1,478</td><td>80</td><td>25</td><td>1,074</td><td>299</td><td>253</td><td>244</td><td>9</td><td>-</td></tr><tr><td>Switzerland</td><td>16,140</td><td>11,128</td><td>2,073</td><td>6,953</td><td>1,651</td><td>451</td><td>5,012</td><td>4,925</td><td>60</td><td>27</td></tr><tr><td>U. S. S. R.</td><td>59,936</td><td>10,620</td><td>731</td><td>3,159</td><td>3,373</td><td>3,357</td><td>49,316</td><td>47,935</td><td>1,045</td><td>336</td></tr><tr><td>United Kingdom</td><td>5,351</td><td>5,349</td><td>5,288</td><td>3,159</td><td>61</td><td>3,357</td><td>2</td><td>2</td><td>1</td><td>-</td></tr><tr><td>Yugoslavia</td><td>6,105</td><td>5,954</td><td>628</td><td>4,332</td><td>639</td><td>355</td><td>151</td><td>150</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>210,202</td><td>141,449</td><td>26,453</td><td>29,166</td><td>26,271</td><td>59,559</td><td>68,753</td><td>65,990</td><td>1,367</td><td>1,395</td></tr><tr><td>Total Europe</td><td>59,235</td><td>37,610</td><td>7,030</td><td>17,231</td><td>5,107</td><td>8,242</td><td>21,625</td><td>19,626</td><td>1,897</td><td>102</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>7,224</td><td>7,186</td><td>1,117</td><td>1,085</td><td>4,984</td><td>-</td><td>38</td><td>37</td><td>1</td><td>-</td></tr><tr><td>Bolivia</td><td>8,720</td><td>8,720</td><td>6,622</td><td>99</td><td>1,985</td><td>14</td><td>14</td><td>53</td><td>37</td><td>53</td></tr><tr><td>Brazil</td><td>116,736</td><td>114,587</td><td>26,905</td><td>9,147</td><td>43,759</td><td>37,198</td><td>149</td><td>53</td><td>1</td><td>106</td></tr><tr><td>Chile</td><td>20,143</td><td>20,140</td><td>1,259</td><td>3,659</td><td>3,880</td><td>13,350</td><td>115</td><td>8</td><td>1</td><td>-</td></tr><tr><td>Colombia</td><td>50,627</td><td>50,502</td><td>5,866</td><td>3,934</td><td>13,577</td><td>20,129</td><td>370</td><td>309</td><td>61</td><td>-</td></tr><tr><td>Cuba</td><td>62,172</td><td>61,801</td><td>35,217</td><td>7,316</td><td>9,445</td><td>9,823</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Dominican Republic</td><td>1,844</td><td>1,844</td><td>-</td><td>316</td><td>1,519</td><td>9</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>3,350</td><td>3,349</td><td>191</td><td>244</td><td>2,433</td><td>481</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>87,166</td><td>84,760</td><td>31,269</td><td>8,231</td><td>7,787</td><td>37,473</td><td>2,406</td><td>1,158</td><td>69</td><td>1,179</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,785</td><td>1,332</td><td>-</td><td>113</td><td>1,215</td><td>4</td><td>453</td><td>453</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>17,205</td><td>17,033</td><td>288</td><td>333</td><td>9,063</td><td>7,349</td><td>172</td><td>114</td><td>46</td><td>12</td></tr><tr><td>Republic of Panama</td><td>6,172</td><td>6,171</td><td>1</td><td>4,032</td><td>1,288</td><td>855</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>El Salvador</td><td>7,378</td><td>7,378</td><td>-</td><td>833</td><td>2,112</td><td>4,432</td><td>133</td><td>123</td><td>-</td><td>10</td></tr><tr><td>Uruguay</td><td>3,493</td><td>3,160</td><td>1,199</td><td>144</td><td>2,174</td><td>643</td><td>1,265</td><td>430</td><td>16</td><td>819</td></tr><tr><td>Venezuela</td><td>38,831</td><td>37,566</td><td>2,243</td><td>8,203</td><td>20,673</td><td>6,447</td><td>311</td><td>296</td><td>15</td><td>-</td></tr><tr><td>Other Latin America</td><td>17,797</td><td>17,486</td><td>687</td><td>2,100</td><td>12,911</td><td>1,788</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>450,432</td><td>445,015</td><td>113,438</td><td>47,789</td><td>143,801</td><td>139,991</td><td>5,417</td><td>2,985</td><td>247</td><td>2,189</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>2,630</td><td>2,626</td><td>2,619</td><td>-</td><td>-</td><td>7</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>5,479</td><td>5,479</td><td>5,412</td><td>43</td><td>1,695</td><td>24</td><td>121</td><td>120</td><td>1</td><td>-</td></tr><tr><td>Bong Kong</td><td>2,289</td><td>2,128</td><td>86</td><td>347</td><td>2,112</td><td>51</td><td>242</td><td>232</td><td>10</td><td>-</td></tr><tr><td>India</td><td>3,168</td><td>2,926</td><td>762</td><td>1</td><td>823</td><td>41</td><td>3</td><td>1</td><td>3</td><td>-</td></tr><tr><td>Indonesia</td><td>891</td><td>891</td><td>768</td><td>1</td><td>13,396</td><td>9,472</td><td>1</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Iran</td><td>15,767</td><td>15,754</td><td>1,584</td><td>743</td><td>2,953</td><td>939</td><td>5</td><td>5</td><td>12</td><td>-</td></tr><tr><td>Israel</td><td>26,444</td><td>26,443</td><td>18,246</td><td>1,172</td><td>7,867</td><td>2</td><td>56</td><td>42</td><td>6</td><td>-</td></tr><tr><td>Japan</td><td>32,814</td><td>32,809</td><td>17,116</td><td>6,887</td><td>3,007</td><td>1</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>7,928</td><td>7,928</td><td>4,744</td><td>175</td><td>970</td><td>1</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Thailand</td><td>4,197</td><td>4,191</td><td>3,220</td><td>-</td><td>521</td><td>17</td><td>62</td><td>62</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>31,002</td><td>30,997</td><td>30,461</td><td>15</td><td>3,742</td><td>17</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>25,012</td><td>24,950</td><td>20,879</td><td>312</td><td>3,742</td><td>17</td><td>62</td><td>62</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>157,535</td><td>157,132</td><td>101,197</td><td>9,695</td><td>35,588</td><td>10,554</td><td>593</td><td>471</td><td>32</td><td>-</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>7,216</td><td>6,567</td><td>56</td><td>37</td><td>2,921</td><td>3,553</td><td>649</td><td>545</td><td>74</td><td>20</td></tr><tr><td>Belgian Congo</td><td>6,540</td><td>6,538</td><td>47</td><td>24</td><td>5,991</td><td>476</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>460</td><td>170</td><td>42</td><td>-</td><td>126</td><td>2</td><td>290</td><td>289</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>5,093</td><td>4,093</td><td>1,250</td><td>19</td><td>2,654</td><td>170</td><td>1,000</td><td>612</td><td>67</td><td>321</td></tr><tr><td>Other</td><td>4,649</td><td>4,476</td><td>1,374</td><td>894</td><td>1,874</td><td>334</td><td>173</td><td>102</td><td>69</td><td>2</td></tr><tr><td>Total other countries</td><td>23,958</td><td>21,844</td><td>2,769</td><td>974</td><td>13,566</td><td>4,535</td><td>2,114</td><td>1,550</td><td>211</td><td>353</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>901,462</td><td>803,050</td><td>250,887</td><td>104,851</td><td>224,431</td><td>222,881</td><td>98,412</td><td>90,622</td><td>3,754</td><td>4,036</td></tr></table>
May 1954
59
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of February 1954
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>Deposite</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>Deposite</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>208,407</td><td>207,193</td><td>155,153</td><td>3,200</td><td>48,840</td><td>1,214</td><td>1,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Belgium</td><td>133,900</td><td>80,070</td><td>28,973</td><td>3,350</td><td>47,742</td><td>53,692</td><td>39,806</td><td>3,332</td><td>10,654</td><td>138</td><td>131</td><td>7</td></tr><tr><td>Czechoslovakia</td><td>203</td><td>203</td><td>-</td><td>-</td><td>-</td><td>419</td><td>419</td><td>-</td><td>-</td><td>24</td><td>24</td><td>0</td></tr><tr><td>Denmark</td><td>99,407</td><td>90,417</td><td>40,405</td><td>49,600</td><td>4,008</td><td>8,969</td><td>7,611</td><td>625</td><td>733</td><td>21</td><td>20</td><td>1</td></tr><tr><td>Finland</td><td>42,538</td><td>40,577</td><td>29,675</td><td>5,500</td><td>5,402</td><td>1,941</td><td>1,935</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>France</td><td>430,149</td><td>373,166</td><td>156,179</td><td>195,846</td><td>21,141</td><td>55,231</td><td>51,023</td><td>3,217</td><td>991</td><td>1,752</td><td>1,736</td><td>16</td></tr><tr><td>Germany</td><td>971,745</td><td>967,046</td><td>290,743</td><td>605,000</td><td>71,303</td><td>4,320</td><td>4,246</td><td>6</td><td>66</td><td>379</td><td>244</td><td>135</td></tr><tr><td>Greece</td><td>110,812</td><td>102,444</td><td>84,240</td><td>18,000</td><td>204</td><td>8,359</td><td>6,965</td><td>1,340</td><td>63</td><td>39</td><td>39</td><td>0</td></tr><tr><td>Italy</td><td>469,782</td><td>441,177</td><td>151,317</td><td>246,746</td><td>43,114</td><td>28,566</td><td>18,312</td><td>9,467</td><td>787</td><td>6</td><td>4</td><td>2</td></tr><tr><td>Netherlands</td><td>215,611</td><td>190,851</td><td>71,316</td><td>110,961</td><td>8,974</td><td>24,754</td><td>20,809</td><td>3,619</td><td>326</td><td>26</td><td>26</td><td>0</td></tr><tr><td>Norway</td><td>118,738</td><td>88,776</td><td>25,649</td><td>59,058</td><td>4,069</td><td>29,936</td><td>24,456</td><td>2,948</td><td>2,532</td><td>26</td><td>15</td><td>1</td></tr><tr><td>Poland</td><td>3,757</td><td>3,343</td><td>3,341</td><td>-</td><td>2</td><td>414</td><td>413</td><td>-</td><td>1</td><td>15</td><td>15</td><td>0</td></tr><tr><td>Portugal</td><td>74,206</td><td>50,572</td><td>48,896</td><td>18</td><td>1,628</td><td>23,619</td><td>23,603</td><td>3</td><td>13</td><td>32</td><td>32</td><td>0</td></tr><tr><td>Romania</td><td>7,823</td><td>6,504</td><td>6,490</td><td>-</td><td>139</td><td>10,081</td><td>9,987</td><td>124</td><td>12</td><td>32</td><td>32</td><td>0</td></tr><tr><td>Spain</td><td>22,047</td><td>11,934</td><td>11,535</td><td>-</td><td>-</td><td>6,955</td><td>6,484</td><td>471</td><td>-</td><td>239</td><td>239</td><td>52</td></tr><tr><td>Sweden</td><td>129,427</td><td>122,233</td><td>49,328</td><td>48,231</td><td>24,674</td><td>155,008</td><td>91,584</td><td>9,076</td><td>14,348</td><td>2,923</td><td>2,871</td><td>52</td></tr><tr><td>Switzerland</td><td>669,277</td><td>551,346</td><td>308,280</td><td>98,029</td><td>145,077</td><td>115,008</td><td>91,584</td><td>23,414</td><td>1</td><td>2,923</td><td>2,871</td><td>52</td></tr><tr><td>U. S. S. R.</td><td>2,284</td><td>1,910</td><td>1,902</td><td>-</td><td>8</td><td>374</td><td>373</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>734,369</td><td>425,940</td><td>252,886</td><td>165,194</td><td>7,860</td><td>282,336</td><td>160,106</td><td>121,974</td><td>256</td><td>26,093</td><td>25,984</td><td>109</td></tr><tr><td>Yugoslavia</td><td>6,268</td><td>5,617</td><td>3,313</td><td>-</td><td>2,298</td><td>645</td><td>645</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>56,057</td><td>44,494</td><td>35,505</td><td>8,328</td><td>267</td><td>11,543</td><td>9,749</td><td>1,111</td><td>683</td><td>20</td><td>20</td><td>0</td></tr><tr><td>Total Europe</td><td>1,507,244</td><td>1,305,833</td><td>1,755,704</td><td>1,617,085</td><td>433,044</td><td>669,695</td><td>480,990</td><td>157,239</td><td>31,466</td><td>31,716</td><td>31,395</td><td>331</td></tr><tr><td>Canada</td><td>1,348,384</td><td>1,029,536</td><td>333,074</td><td>676,688</td><td>21,778</td><td>310,158</td><td>212,203</td><td>96,050</td><td>1,905</td><td>8,690</td><td>7,528</td><td>1,162</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><td></td><td></td></tr><tr><td>Argentina</td><td>160,734</td><td>116,359</td><td>113,781</td><td>224</td><td>2,354</td><td>44,375</td><td>44,308</td><td>65</td><td>2</td><td>50</td><td>37</td><td>13</td></tr><tr><td>Bolivia</td><td>20,307</td><td>1,375</td><td>7,130</td><td>-</td><td>195</td><td>12,932</td><td>12,857</td><td>43</td><td>32</td><td>3</td><td>3</td><td>0</td></tr><tr><td>Brazil</td><td>90,069</td><td>37,829</td><td>23,443</td><td>-</td><td>13,866</td><td>52,777</td><td>52,574</td><td>10</td><td>193</td><td>3</td><td>3</td><td>0</td></tr><tr><td>Chile</td><td>65,685</td><td>28,930</td><td>28,679</td><td>-</td><td>251</td><td>36,755</td><td>36,620</td><td>116</td><td>19</td><td>10</td><td>3</td><td>7</td></tr><tr><td>Colombia</td><td>151,151</td><td>113,051</td><td>112,179</td><td>-</td><td>872</td><td>38,050</td><td>37,788</td><td>294</td><td>8</td><td>10</td><td>3</td><td>7</td></tr><tr><td>Cuba</td><td>353,528</td><td>284,381</td><td>163,449</td><td>118,500</td><td>3,032</td><td>63,545</td><td>65,721</td><td>1,986</td><td>838</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Cuban Republic</td><td>45,351</td><td>30,315</td><td>30,128</td><td>-</td><td>187</td><td>15,036</td><td>15,023</td><td>13</td><td>13</td><td>-</td><td>-</td><td>0</td></tr><tr><td>Oman</td><td>58,021</td><td>35,334</td><td>17,847</td><td>14,500</td><td>287</td><td>19,637</td><td>19,399</td><td>230</td><td>58</td><td>666</td><td>416</td><td>250</td></tr><tr><td>Mexico</td><td>187,419</td><td>95,590</td><td>93,246</td><td>-</td><td>2,444</td><td>91,063</td><td>87,569</td><td>3,454</td><td>40</td><td>666</td><td>416</td><td>250</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>49,003</td><td>39,501</td><td>24,250</td><td>9,225</td><td>6,126</td><td>9,402</td><td>9,243</td><td>80</td><td>79</td><td>155</td><td>155</td><td>-</td></tr><tr><td>Peru</td><td>69,875</td><td>27,604</td><td>27,063</td><td>-</td><td>141</td><td>42,516</td><td>38,191</td><td>143</td><td>4,132</td><td>155</td><td>155</td><td>-</td></tr><tr><td>Republic of Panama</td><td>89,290</td><td>27,609</td><td>27,593</td><td>-</td><td>16</td><td>60,977</td><td>43,095</td><td>6,231</td><td>11,691</td><td>704</td><td>704</td><td>-</td></tr><tr><td>El Salvador</td><td>42,514</td><td>28,751</td><td>7,675</td><td>21,000</td><td>76</td><td>13,763</td><td>13,468</td><td>180</td><td>295</td><td>32</td><td>9</td><td>23</td></tr><tr><td>Uruguay</td><td>99,147</td><td>50,683</td><td>38,011</td><td>420</td><td>12,292</td><td>48,432</td><td>42,487</td><td>6,210</td><td>5,765</td><td>837</td><td>819</td><td>18</td></tr><tr><td>Venezuela</td><td>126,023</td><td>89,529</td><td>69,969</td><td>13,328</td><td>6,438</td><td>36,173</td><td>34,481</td><td>1,675</td><td>17</td><td>221</td><td>221</td><td>0</td></tr><tr><td>Other Latin America</td><td>1,751,410</td><td>1,119,029</td><td>953,148</td><td>177,191</td><td>43,690</td><td>659,701</td><td>515,206</td><td>20,730</td><td>23,765</td><td>2,680</td><td>1,663</td><td>1,017</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>36,269</td><td>29,084</td><td>28,481</td><td>342</td><td>261</td><td>7,185</td><td>7,185</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>42,906</td><td>38,149</td><td>35,701</td><td>2,718</td><td>-</td><td>4,487</td><td>4,486</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>65,776</td><td>28,990</td><td>28,763</td><td>-</td><td>227</td><td>36,695</td><td>36,426</td><td>45</td><td>224</td><td>91</td><td>91</td><td>0</td></tr><tr><td>India</td><td>120,156</td><td>116,446</td><td>109,232</td><td>5,420</td><td>1,794</td><td>3,148</td><td>3,132</td><td>3</td><td>13</td><td>562</td><td>562</td><td>0</td></tr><tr><td>Indonesia</td><td>74,636</td><td>73,069</td><td>50,656</td><td>22,118</td><td>295</td><td>1,567</td><td>1,567</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>40,530</td><td>32,546</td><td>32,378</td><td>-</td><td>168</td><td>7,984</td><td>7,984</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>19,995</td><td>18,731</td><td>18,686</td><td>-</td><td>45</td><td>1,254</td><td>1,254</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>317,664</td><td>720,942</td><td>690,495</td><td>23,733</td><td>6,621</td><td>16,806</td><td>16,805</td><td>-</td><td>-</td><td>9</td><td>9</td><td>0</td></tr><tr><td>Philippines</td><td>312,952</td><td>294,160</td><td>277,746</td><td>3,025</td><td>13,389</td><td>18,791</td><td>18,641</td><td>150</td><td>-</td><td>31</td><td>31</td><td>0</td></tr><tr><td>Thailand</td><td>157,547</td><td>124,282</td><td>14,918</td><td>138,040</td><td>1,324</td><td>3,265</td><td>3,265</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>8,790</td><td>5,262</td><td>5,246</td><td>-</td><td>15</td><td>3,529</td><td>3,529</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>284,549</td><td>284,522</td><td>219,065</td><td>21,912</td><td>3,668</td><td>39,776</td><td>38,904</td><td>237</td><td>635</td><td>121</td><td>121</td><td>0</td></tr><tr><td>Total Asia</td><td>1,901,800</td><td>1,756,489</td><td>1,513,367</td><td>217,315</td><td>27,801</td><td>144,437</td><td>143,188</td><td>436</td><td>873</td><td>814</td><td>814</td><td>0</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>53,412</td><td>49,443</td><td>20,157</td><td>26,700</td><td>2,591</td><td>3,569</td><td>3,529</td><td>-</td><td>435</td><td>435</td><td>-</td><td>-</td></tr><tr><td>Belgian Congo</td><td>37,727</td><td>86,282</td><td>28,116</td><td>56,160</td><td>6,552</td><td>899</td><td>665</td><td>2</td><td>232</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>45,862</td><td>42,504</td><td>21,944</td><td>20,200</td><td>660</td><td>3,046</td><td>3,016</td><td>30</td><td>12</td><td>12</td><td>12</td><td>0</td></tr><tr><td>Union of South Africa</td><td>44,812</td><td>38,774</td><td>18,314</td><td>19,900</td><td>60</td><td>4,918</td><td>4,908</td><td>6</td><td>1,120</td><td>1,092</td><td>28</td><td>0</td></tr><tr><td>Other</td><td>98,961</td><td>73,351</td><td>61,222</td><td>1,695</td><td>10,701</td><td>28,851</td><td>21,896</td><td>84</td><td>2,871</td><td>129</td><td>112</td><td>17</td></tr><tr><td>Total other countries</td><td>330,774</td><td>291,353</td><td>146,626</td><td>124,645</td><td>20,564</td><td>37,243</td><td>34,014</td><td>122</td><td>3,107</td><td>1,696</td><td>1,544</td><td>52</td></tr><tr><td>International</td><td>2,072,338</td><td>2,072,338</td><td>128,059</td><td>1,897,979</td><td>46,350</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>11,942,000</td><td>10,075,110</td><td>4,767,978</td><td>4,708,903</td><td>598,229</td><td>1,921,234</td><td>1,485,601</td><td>274,577</td><td>61,116</td><td>45,596</td><td>43,034</td><td>2,562</td></tr></table>
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of February 1954
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 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 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></tr><tr><td>Austria</td><td>20</td><td>-</td><td>-</td><td>12</td><td>-</td><td>8</td><td>200</td><td>2</td><td>20</td><td>7</td></tr><tr><td>Belgium</td><td>6,444</td><td>2,123</td><td>1,468</td><td>1,060</td><td>936</td><td>857</td><td>1,500</td><td>1,084</td><td>1,203</td><td>796</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>767</td><td>23</td><td>128</td><td>8,238</td><td>18</td><td>-</td><td>3</td><td>179</td><td>205</td></tr><tr><td>Denmark</td><td>9,174</td><td>1,060</td><td>-</td><td>-</td><td>1</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>1,021</td><td>393</td><td>1,336</td><td>3,433</td><td>944</td><td>651</td><td>18,350</td><td>152</td><td>2,827</td><td>487</td></tr><tr><td>France</td><td>6,757</td><td>141</td><td>11</td><td>33</td><td>10</td><td>81</td><td>111</td><td>78</td><td>74</td><td>37</td></tr><tr><td>Germany</td><td>93</td><td>31</td><td>62</td><td>33</td><td>16</td><td>53</td><td>31</td><td>1</td><td>21</td><td>7</td></tr><tr><td>Greece</td><td>657</td><td>201</td><td>12</td><td>310</td><td>115</td><td>19</td><td>197</td><td>89</td><td>355</td><td>28</td></tr><tr><td>Italy</td><td>5,284</td><td>142</td><td>600</td><td>1,858</td><td>830</td><td>1,804</td><td>12,250</td><td>400</td><td>4,982</td><td>2,451</td></tr><tr><td>Netherlands</td><td>-</td><td>325</td><td>44</td><td>155</td><td>2,853</td><td>31</td><td>689</td><td>14</td><td>342</td><td>292</td></tr><tr><td>Norway</td><td>3,408</td><td>-</td><td>4</td><td>159</td><td>-</td><td>-</td><td>144</td><td>11</td><td>16</td><td>18</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>7</td><td>19</td><td>143</td><td>55</td><td>144</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>224</td><td>-</td><td>-</td><td>166</td><td>128</td><td>1</td><td>409</td><td>315</td><td>58</td><td>27</td></tr><tr><td>Romania</td><td>538</td><td>333</td><td>2</td><td>76</td><td>126</td><td>1</td><td>1,514</td><td>9</td><td>442</td><td>1,014</td></tr><tr><td>Spain</td><td>4,89</td><td>179</td><td>15</td><td>20,999</td><td>3,420</td><td>1,892</td><td>35,675</td><td>5,520</td><td>3,904</td><td>1,509</td></tr><tr><td>Sweden</td><td>35,058</td><td>4,603</td><td>5,024</td><td>20,999</td><td>3,420</td><td>1,892</td><td>35,675</td><td>5,520</td><td>3,904</td><td>1,509</td></tr><tr><td>Switzerland</td><td>-</td><td>55,118</td><td>1,427</td><td>11,035</td><td>6,122</td><td>2,723</td><td>67,563</td><td>52,940</td><td>1,340</td><td>4,725</td></tr><tr><td>U.S. S.R.</td><td>76,425</td><td>336</td><td>10</td><td>202</td><td>36</td><td>83</td><td>364</td><td>69</td><td>296</td><td>3</td></tr><tr><td>United Kingdom</td><td>1,642</td><td>103</td><td>524</td><td>984</td><td>31</td><td>1,191</td><td>445</td><td>109</td><td>444</td><td>167</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>118,511</td><td>65,235</td><td>10,082</td><td>40,032</td><td>21,942</td><td>8,220</td><td>118,882</td><td>79,696</td><td>7,638</td><td>13,949</td></tr><tr><td>Total Europe</td><td>52,123</td><td>4,122</td><td>5,555</td><td>10,409</td><td>14,805</td><td>17,232</td><td>60,140</td><td>2,566</td><td>12,987</td><td>12,855</td></tr><tr><td>Canada</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>331</td><td>7</td><td>17</td><td>236</td><td>48</td><td>21</td><td>508</td><td>9</td><td>355</td><td>125</td></tr><tr><td>Bolivia</td><td>87</td><td>15</td><td>28</td><td>297</td><td>347</td><td>16</td><td>280</td><td>30</td><td>10</td><td>22</td></tr><tr><td>Brazil</td><td>663</td><td>-</td><td>2</td><td>335</td><td>28</td><td>127</td><td>468</td><td>29</td><td>379</td><td>24</td></tr><tr><td>Chile</td><td>497</td><td>5</td><td>13</td><td>82</td><td>19</td><td>4</td><td>419</td><td>-</td><td>62</td><td>300</td></tr><tr><td>Colombia</td><td>118</td><td>4,332</td><td>485</td><td>810</td><td>284</td><td>126</td><td>6,277</td><td>4,434</td><td>249</td><td>1,087</td></tr><tr><td>Cuba</td><td>5,977</td><td>-</td><td>-</td><td>331</td><td>36</td><td>1</td><td>65</td><td>32</td><td>32</td><td>1</td></tr><tr><td>Dominican Republic</td><td>368</td><td>10</td><td>101</td><td>713</td><td>198</td><td>247</td><td>1,443</td><td>34</td><td>86</td><td>175</td></tr><tr><td>Guatemala</td><td>1,269</td><td>497</td><td>48</td><td>70</td><td>93</td><td>68</td><td>782</td><td>497</td><td>142</td><td>129</td></tr><tr><td>Mexico</td><td>776</td><td>-</td><td>150</td><td>150</td><td>18</td><td>34</td><td>149</td><td>3</td><td>109</td><td>21</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>251</td><td>68</td><td>936</td><td>46</td><td>131</td><td>280</td><td>154</td><td>28</td><td>3,819</td><td>183</td></tr><tr><td>Paru</td><td>1,330</td><td>25</td><td>150</td><td>1,292</td><td>294</td><td>275</td><td>2,044</td><td>68</td><td>1,327</td><td>537</td></tr><tr><td>Republic of Panama</td><td>1,330</td><td>25</td><td>150</td><td>1,292</td><td>294</td><td>275</td><td>2,044</td><td>68</td><td>1,327</td><td>537</td></tr><tr><td>El Salvador</td><td>162</td><td>15</td><td>200</td><td>460</td><td>103</td><td>15</td><td>1,366</td><td>44</td><td>1,126</td><td>58</td></tr><tr><td>Uruguay</td><td>2,886</td><td>-</td><td>138</td><td>190</td><td>213</td><td>1</td><td>1,859</td><td>1,251</td><td>122</td><td>151</td></tr><tr><td>Venezuela</td><td>783</td><td>2,250</td><td>1,299</td><td>5,968</td><td>2,063</td><td>1,221</td><td>20,563</td><td>6,383</td><td>730</td><td>1,297</td></tr><tr><td>Other Latin America</td><td>2,792</td><td>2,250</td><td>1,299</td><td>5,968</td><td>2,063</td><td>1,221</td><td>20,563</td><td>6,383</td><td>730</td><td>1,297</td></tr><tr><td>Total Latin America</td><td>17,707</td><td>7,156</td><td>1,299</td><td>5,968</td><td>2,063</td><td>1,221</td><td>20,563</td><td>6,383</td><td>730</td><td>1,297</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>14</td><td>10</td><td>14</td><td>10</td><td>113</td><td>8</td><td>1,185</td><td>590</td><td>2</td><td>45</td></tr><tr><td>Formose</td><td>1,497</td><td>590</td><td>12</td><td>774</td><td>14</td><td>5</td><td>653</td><td>500</td><td>3</td><td>150</td></tr><tr><td>Bong Kong</td><td>5</td><td>20</td><td>12</td><td>12</td><td>-</td><td>1</td><td>33</td><td>-</td><td>21</td><td>8</td></tr><tr><td>India</td><td>12</td><td>2</td><td>188</td><td>266</td><td>1</td><td>1</td><td>259</td><td>-</td><td>74</td><td>2</td></tr><tr><td>Indonesia</td><td>2</td><td>2</td><td>37</td><td>3</td><td>6</td><td>177</td><td>78</td><td>129</td><td>10</td><td>1</td></tr><tr><
May 1954
61
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Balance sheet data of corporations in which the United States Government has a proprietary interest, direct or indirect, and of certain other business-type
activities appeared in the April 1954 "Treasury Bulletin" as Tables 1, 2, and 3.
Table 4.- Income and Expense for the Six Months Ended December 31, 1953
(In thousands of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th colspan="2">Department of Agriculture</th><th colspan="2">Department of Commerce</th><th colspan="2">Department of the Interior</th><th colspan="2">Department of Justice</th><th>Export-Import Bank of Washington</th></tr><tr><th></th><th></th><th></th><th>Commodity Credit Corporation</th><th>Federal Crop Insurance Corporation</th><th>Inland Waterways Corporation</th><th>Virgin Islands Corporation</th><th>Federal Prison Industries, Inc.</th><th>Regular landing activities</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><td></td></tr><tr><td>Sale of commodities and supplies</td><td>620,311</td><td>572,259</td><td>386,170</td><td>-</td><td>-</td><td>-</td><td>32</td><td>11,375</td><td>-</td><td>-</td></tr><tr><td>Sale of services</td><td>133,277</td><td>91,514</td><td>-</td><td>-</td><td>-</td><td>240</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>37,043</td><td>4,355</td><td>-</td><td>-</td><td>1</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</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><td></td></tr><tr><td>Interest on loans</td><td>443,602</td><td>145,381</td><td>3,131</td><td>-</td><td>171</td><td>*</td><td>-</td><td>-</td><td>-</td><td>43,047</td></tr><tr><td>Interest on public debt obligations</td><td>30,080</td><td>26,070</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>16,977</td><td>4,781</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>6,827</td><td>569</td><td>3,443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>128,746</td><td>67,353</td><td>-</td><td>27,179</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><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>33</td><td>5</td><td>2</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>297</td><td>137</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>7,558</td><td>220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>15,033</td><td>10,429</td><td>2,155</td><td>2</td><td>180</td><td>64</td><td>84</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total income</td><td>1,439,785</td><td>923,032</td><td>394,902</td><td>27,281</td><td>351</td><td>366</td><td>11,459</td><td>-</td><td>43,047</td></tr><tr><td>Expense:</td><td></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>715,999</td><td>666,612</td><td>515,082</td><td>-</td><td>-</td><td>31</td><td>9,294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>148,018</td><td>80,716</td><td>-</td><td>-</td><td>-</td><td>282</td><td>234</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><td></td><td></td></tr><tr><td>On borrowings from the U.S. Treasury</td><td>111,317</td><td>74,942</td><td>49,035</td><td>1/</td><td>-</td><td>67</td><td>2/</td><td>-</td><td>-</td><td>14,051</td></tr><tr><td>Other</td><td>18,271</td><td>48,016</td><td>-</td><td>-</td><td>-</td><td>61</td><td>-</td><td>-</td><td>-</td><td>542</td></tr><tr><td>Administrative expenses</td><td>77,048</td><td>33,733</td><td>9,082</td><td>3,613</td><td>4</td><td>-</td><td>163</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>4,661</td><td>3,185</td><td>107</td><td>-</td><td>-</td><td>152</td><td>-</td><td>-</td><td>4</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><td></td><td></td></tr><tr><td>Direct</td><td>102,526</td><td>24,444</td><td>80</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>29,518</td><td>29,518</td><td>-</td><td>29,518</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>34,967</td><td>25,168</td><td>3,274</td><td>-</td><td>112</td><td>-</td><td>301</td><td>-</td><td>6</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><td></td><td></td></tr><tr><td>Loans charged off</td><td>8,053</td><td>182</td><td>172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off</td><td>5,815</td><td>532</td><td>145</td><td>367</td><td>2,958</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>22,628</td><td>5,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or collateral</td><td>3,271</td><td>-2</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>5,834</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>1,347,909</td><td>992,151</td><td>576,916</td><td>33,498</td><td>3,077</td><td>593</td><td>9,993</td><td>-</td><td>14,503</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>91,876</td><td>-69,119</td><td>-182,015</td><td>-6,216</td><td>-2,726</td><td>-227</td><td>1,466</td><td>-</td><td>28,444</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><td></td></tr><tr><td>Reserve for losses on loans</td><td>21,496</td><td>22,005</td><td>22,614</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-1,314</td><td>332</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>754</td><td>206</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserves for losses on commodities and supplies</td><td>-99,155</td><td>-99,155</td><td>-99,155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserve</td><td>4,395</td><td>111</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>7,791</td><td>8,242</td><td>7,559</td><td>351</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>-66,043</td><td>-68,258</td><td>-68,982</td><td>351</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Net income, or loss (-)</td><td>25,833</td><td>-137,378</td><td>-250,997</td><td>-5,866</td><td>-2,726</td><td>-227</td><td>1,466</td><td>-</td><td>28,444</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><td></td></tr><tr><td>Unreserved earned surplus, or deficit (-), June 30, 1953</td><td>-3,636,574</td><td>-887,269</td><td>-737,535</td><td>-75,389</td><td>-13,756</td><td>-970</td><td>13,762</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net increase, or loss (-), for the six months ended December 31, 1953</td><td>62,075</td><td>-131,378</td><td>-250,997</td><td>-5,866</td><td>-2,726</td><td>-227</td><td>1,466</td><td>-</td><td>28,444</td><td>-</td></tr><tr><td>Transfers to surplus reserves</td><td>-45,205</td><td>-45,205</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><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><td></td></tr><tr><td>Treasury's account - deposit of earnings</td><td>-23,929</td><td>-8,774</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-4,846</td><td>-77</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>87,433</td><td>92,835</td><td>95,205</td><td>-</td><td>723</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td></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 (-), December 31, 1953</td><td>-3,769,920</td><td>-985,869</td><td>-892,326</td><td>-81,255</td><td>-16,482</td><td>-474</td><td>15,228</td><td>-</td><td>28,444</td><td>-</td></tr></table>
Footnotes at end of Table 5.
(Continued on following page)
Treasury Bulletin
62
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.- Income and Expense for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="2">Corporations - (Continued)</th><th colspan="5">Export-Import Bank of Washington - (Continued)</th><th colspan="3">Foreign Operations Administration</th><th colspan="2">Housing and Home Finance Agency</th></tr><tr><th></th><th></th><th colspan="4">Farm Credit Administration 4/</th><th>Federal Deposit Insurance Corporation</th><th>Institute of Inter-American Affairs 2/</th><th>Home Loan Bank Board</th><th>Federal Savings and Loan Insurance Corporation</th></tr><tr><th></th><th></th><th>Banks for cooperatives</th><th>Federal Farm Mortgage Corporation</th><th>Federal intermediate credit banks</th><th>Production credit corporations</th><th></th><th></th><th>Federal home loan banks</th><th></th></tr><tr><td>Income:</td><td>Sale of commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Sale of services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Interest and dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Interest on loans</td><td>71</td><td>6,156</td><td>504</td><td>10,699</td><td>-</td><td>-</td><td>11,319</td><td>-</td></tr><tr><td></td><td>Interest on public debt obligations</td><td>-</td><td>538</td><td>-</td><td>691</td><td>558</td><td>17,332</td><td>4,389</td><td>2,559</td></tr><tr><td></td><td>Interest, other</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td></td><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,858</td><td>-</td><td>-</td><td>7,569</td></tr><tr><td></td><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Gains on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td></td><td>Gains on sale of investments</td><td>-</td><td>3</td><td>216</td><td>2</td><td>-</td><td>-</td><td>132</td><td>-</td></tr><tr><td></td><td>Gains on sale of acquired security or collateral</td><td>-</td><td>4</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other</td><td>-</td><td>137</td><td>-</td><td>3</td><td>99</td><td>209</td><td>4</td><td>22</td></tr><tr><td></td><td>Total income</td><td>71</td><td>6,838</td><td>721</td><td>11,402</td><td>657</td><td>47,404</td><td>15,847</td><td>10,151</td></tr><tr><td>Expenses:</td><td>Cost of commodities and supplies sold</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Direct operating costs</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Interest expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>On borrowings from the U. S. Treasury</td><td>37</td><td>2,170</td><td>6</td><td>9,804</td><td>-</td><td>-</td><td>8,975</td><td>783 5/</td></tr><tr><td></td><td>Other</td><td>-</td><td>1,022</td><td>364</td><td>801</td><td>725</td><td>3,525</td><td>-1</td><td>870</td></tr><tr><td></td><td>Administrative expenses</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>221</td></tr><tr><td></td><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td></td><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></td><td>Direct</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,220</td><td>-</td><td>-</td></tr><tr><td></td><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>19</td><td>155</td><td>37</td><td>8</td><td>721</td><td>143</td></tr><tr><td></td><td>Other expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Loose and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Loans charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other assets charged off</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Looses on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Looses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>1</td><td>10</td><td>-</td><td>13</td><td>-</td></tr><tr><td></td><td>Looses on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td></td><td>Losses charges to operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total expense</td><td>37</td><td>3,205</td><td>389</td><td>10,811</td><td>832</td><td>3,631</td><td>5,219</td><td>10,109</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td></td><td>34</td><td>3,532</td><td>332</td><td>590</td><td>-175</td><td>43,774</td><td>-5,219</td><td>5,738</td></tr><tr><td>Adjustments of valuation and operating reserves</td><td>Reserve for losses on loans</td><td>-</td><td>-36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>282</td><td>-</td><td>-</td></tr><tr><td></td><td>Reserve for losses on fixed assets</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Reserves 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></td><td>Operating reserves</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Net adjustment of valuation and operating reserves</td><td>-</td><td>19</td><td>-</td><td>1</td><td>-</td><td>282</td><td>-</td><td>-</td></tr><tr><td>Net income, or loss (-)</td><td></td><td>34</td><td>3,651</td><td>332</td><td>592</td><td>-175</td><td>44,055</td><td>-5,219</td><td>5,738</td></tr><tr><td>Changes in unreserved earned surplus or deficit:</td><td>Unreserved earned surplus, or deficit (-), June 30, 1953</td><td>7</td><td>46,510</td><td>22,886</td><td>29,365</td><td>14,835</td><td>-119,584</td><td>14,794</td><td>-</td></tr><tr><td></td><td>Net income, or lose (-), for the six months ended December 31, 1953</td><td>34</td><td>3,651</td><td>332</td><td>592</td><td>-175</td><td>44,055</td><td>-5,219</td><td>5,738</td></tr><tr><td></td><td>Transfers to surplus reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-44,055</td><td>-1,150</td><td>8,995</td></tr><tr><td></td><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></td><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Treasurary's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4,551</td><td>-</td></tr><tr><td></td><td>Dividends</td><td>-</td><td>-</td><td>-4,000</td><td>-</td><td>-</td><td>-</td><td>-77</td><td>-</td></tr><tr><td></td><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Prior year adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Unreserved earned surplus, or deficit (-), December 31, 1953</td><td>41</td><td>50,161</td><td>19,218</td><td>29,996</td><td>14,660</td><td>-124,800</td><td>13,755</td><td>8,995</td></tr></table>
Footnotes at end of Table 5.
(Continued on following page)
May 1954
63
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.
Income and Expense for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="2">Housing and Home Finance agency - (Continued)</th><th colspan="5">Corporations - (Continued)</th></tr><tr><th>Office of the Administra-tor</th><th>Public Housing Adminis-tration</th><th>Panama Canal Company 8/</th><th>Reconstruction Finance Corporation and certain affiliates 9/</th><th>In liquidation by Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><th colspan="2">Federal National Mortgage Association</th><th></th><th>Regular lending activities</th><th>Assets held for the U. S. Treasury 10/</th><th>Defense Home Corpora-tion</th><th>Smaller War Plante Corpora-tion</th></tr><tr><td colspan="2">Income:</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>12,954</td><td>-</td><td>151,833</td><td>-</td><td>9,895</td></tr><tr><td>Sale of services</td><td>-</td><td>-</td><td>29,708</td><td>-</td><td>-</td><td>-</td><td>61,566</td></tr><tr><td>Rents and royalties</td><td>-</td><td>896</td><td>1,203</td><td>-</td><td>1,985</td><td>-</td><td>282</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>50,796</td><td>7,010</td><td>*</td><td>12,447</td><td>-</td><td>30</td><td>-</td></tr><tr><td>Interest on public debt obligations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,107</td><td>-</td><td>16</td></tr><tr><td>Interest, other</td><td>57</td><td>-</td><td>-</td><td>569</td><td>-</td><td>-</td><td>10</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>269</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>2,478</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></tr><tr><td>Gains on sale of fixed assets</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></tr><tr><td>Gains on sale of acquired security or collateral</td><td>8</td><td>670</td><td>1,552</td><td>2,375</td><td>2,275</td><td>18</td><td>13</td><td>391</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total income</td><td>53,339</td><td>8,535</td><td>45,418</td><td>15,660</td><td>157,200</td><td>18</td><td>57</td><td>72,144</td></tr><tr><td colspan="2">Expense:</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>10,063</td><td>-</td><td>123,784</td><td>-</td><td>8,418</td></tr><tr><td>Direct operating costs</td><td>7,440</td><td>-</td><td>21,051 11/</td><td>-</td><td>-</td><td>-</td><td>51,708</td></tr><tr><td>Interest expense:</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>-</td><td>5,936</td><td>3,215 12/</td><td>1,482</td><td>-</td><td>-</td><td>339</td></tr><tr><td>Other</td><td>26,009</td><td>-</td><td>1,807</td><td>1,003</td><td>1,389</td><td>-</td><td>28</td><td>966</td></tr><tr><td>Administrative expenses</td><td>1,638</td><td>3,610</td><td>-</td><td>3,204</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>21</td><td>1,470</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,428</td></tr><tr><td>Grants, subsidies, and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>-</td><td>19,245</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>4,967</td><td>180</td><td>6,080</td><td>-</td><td>2,793</td></tr><tr><td>Other expenses</td><td>6,055</td><td>780</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></tr><tr><td>Loans charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td></tr><tr><td>Other assets charged off</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>-</td><td>568</td><td>-</td><td>-</td><td>1,555</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</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></tr><tr><td>Direct charges to operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>41,168</td><td>31,506</td><td>41,103</td><td>5,869</td><td>138,748</td><td>-</td><td>38</td><td>65,651</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>12,171</td><td>-22,971</td><td>4,315</td><td>9,791</td><td>24,452</td><td>18</td><td>19</td><td>6,492 13/</td></tr><tr><td colspan="2">Adjustments of valuation and operating reserves:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserves for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-585</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Reserves for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserves for losses on fixed assets</td><td>-</td><td>205</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserves for losses on commodities and supplies</td><td>-</td><td>111</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>327</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></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>-</td><td>317</td><td>-</td><td>-585</td><td>327</td><td>-</td><td>9</td></tr><tr><td>Net income, or loss (-)</td><td>12,171</td><td>-22,654</td><td>4,315</td><td>9,206</td><td>24,780</td><td>18</td><td>28</td><td>6,492 13/</td></tr><tr><td colspan="2">Changes in unreceived earned surplus or deficit:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus, or deficit (-), June 30, 1953</td><td>-145,171</td><td>73,594</td><td>245,222</td><td>-301,826</td><td>3,868</td><td>-36,727</td><td>78,885</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1953</td><td>12,171</td><td>-22,654</td><td>4,315</td><td>9,206</td><td>24,780</td><td>18</td><td>28</td><td>6,492 13/</td></tr><tr><td>Transfers to surplus reserves</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></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-223</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>32</td><td>-4,132</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unrecovered earned surplus, or deficit (-), December 31, 1953</td><td>11,948</td><td>-167,793</td><td>73,737</td><td>254,434</td><td>-877,046</td><td>4,051</td><td>-36,699</td><td>85,377</td></tr></table>
Footnotes at end of Table 5.
(Continued on following page)
64
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.- Income and Expense for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Total certain other business-type activities lb/</th><th colspan="3">Department of Agriculture</th><th>Department of Commerce</th><th>Department of Health, Education, and Welfare</th><th>Department of the Interior</th></tr><tr><th></th><th></th><th>Farmers' Home Administration</th><th>Disaster Loans, etc., Revolving Fund, Farmers' Home Administration</th><th>Rural Electrification Administration</th><th>Federal Maritime Board and Maritime Administration</th><th>Office of Education Loans to students</th><th>Indian loans</th></tr><tr><td>Income:</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>88,032</td><td>-</td><td>-</td><td>-</td><td>40,944</td><td>-</td><td>-</td></tr><tr><td>Sale of services</td><td>61,763</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>32,688</td><td>20</td><td>-</td><td>-</td><td>2,729</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td>10</td><td>*</td></tr><tr><td>Interest on loans</td><td>298,222</td><td>12,642</td><td>827</td><td>20,725</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest on public debt obligations</td><td>4,011</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest, other</td><td>12,237</td><td>13</td><td>4</td><td>-</td><td>5,945</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>6,237</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>61,393</td><td>32</td><td>-</td><td>-</td><td>14</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></tr><tr><td>Gains on sale of fixed assets</td><td>38</td><td>-</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>161</td><td>-</td><td>-</td><td>-</td><td>161</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or collateral</td><td>7,338</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>4,605</td><td>13</td><td>1</td><td>*</td><td>3,421</td><td>-</td><td>-</td></tr><tr><td>Total income</td><td>516,753</td><td>12,776</td><td>832</td><td>20,725</td><td>52,642</td><td>10</td><td>*</td></tr><tr><td>Expense:</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>49,347</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>67,302</td><td>-</td><td>-</td><td>-</td><td>43,706</td><td>-</td><td>-</td></tr><tr><td>Interest expenses:</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>66,375</td><td>1,475</td><td>-</td><td>19,460</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>255</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Administrative expenses</td><td>43,315</td><td>13,772</td><td>910</td><td>3,739</td><td>3,768</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>1,476</td><td>-</td><td>-</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></tr><tr><td>Direct</td><td>78,082</td><td>27</td><td>40,000</td><td>-</td><td>35,352</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other expenses</td><td>9,799</td><td>10</td><td>-1</td><td>-</td><td>42</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></tr><tr><td>Loans charged off</td><td>7,871</td><td>7,734</td><td>64</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Other assets charged off</td><td>5,282</td><td>5,052</td><td>31</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>17,547</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or collateral</td><td>3,274</td><td>16</td><td>5</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></tr><tr><td>Other</td><td>5,833</td><td>-</td><td>-</td><td>-</td><td>6,016</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>355,758</td><td>28,086</td><td>41,008</td><td>23,210</td><td>88,895</td><td>*</td><td>-</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>160,995</td><td>-15,310</td><td>-40,176</td><td>-2,485</td><td>-36,242</td><td>9</td><td>*</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></tr><tr><td>Reserve for losses on loans</td><td>-510</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-1,646</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets</td><td>947</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></tr><tr><td>Operating reserves</td><td>4,274</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-451</td><td>-71</td><td>-35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>2,215</td><td>-69</td><td>-35</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Net income, or loss (-)</td><td>163,210</td><td>-15,380</td><td>-40,210</td><td>-2,485</td><td>-36,242</td><td>9</td><td>*</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></tr><tr><td>Unreserved earned surplus, or deficit (-)</td><td>-2,749,305</td><td>-105,340</td><td>-11,963</td><td>-29,581</td><td>15/</td><td>-233</td><td>-1,745</td></tr><tr><td>June 30, 1953</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1953</td><td>199,453</td><td>-15,380</td><td>-40,210</td><td>-2,485</td><td>-</td><td>9</td><td>*</td></tr><tr><td>Transfers to surplus reserves</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></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-223,929</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>*</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-4,769</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustment</td><td>-5,101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus, or deficit (-)</td><td>-2,783,951</td><td>-120,789</td><td>-52,174</td><td>-32,066</td><td>-</td><td>-233</td><td>-1,745</td></tr><tr><td>December 31, 1953</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Table 5.
(Continued on following page)
May 1954
65
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.- Income and Expense for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="7">Certain other business-type activities - (Continued)</th></tr><tr><th></th><th>Department of the Interior - (Continued)</th><th colspan="2">Department of the Treasury</th><th>Farm Credit Administration</th><th>Foreign Operations Administration</th><th>General Services Administration</th></tr><tr><th></th><th>Puerto Rico Reconstruction Administration</th><th>Miscellaneous loans and certain other assets</th><th>Federal Civil Defense Act of 1950, as amended</th><th>Agricultural Marketing Act</th><th>Guaranty program</th><th>Loan program</th><th>Public Works Administration (in liquidation)</th></tr><tr><td>Income:</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>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of services</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>21</td><td>209,781</td><td>24</td><td>7</td><td>-</td><td>17,330</td><td>1,074</td></tr><tr><td>Interest on public debt obligations</td><td>-</td><td>3,711</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest, other</td><td>-</td><td>6,033</td><td>-</td><td>-</td><td>92</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</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></tr><tr><td>Other income:</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>-</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>1,171</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>985</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>*</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total income</td><td>131</td><td>218,525</td><td>25</td><td>1,178</td><td>1,076</td><td>17,330</td><td>1,074</td></tr><tr><td>Expense:</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>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>106</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></tr><tr><td>On borrowing from the U. S. Treasury</td><td>-</td><td>-</td><td>9</td><td>-</td><td>40</td><td>11,157</td><td>-</td></tr><tr><td>Other</td><td>72</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Administrative expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>-</td><td>-</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></tr><tr><td>Direct</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,361</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></tr><tr><td>Loans and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off</td><td>298</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of acquired security or collateral</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></tr><tr><td>Other</td><td>560</td><td>-</td><td>17</td><td>-</td><td>2,401</td><td>11,157</td><td>-</td></tr><tr><td>Total expense</td><td>429</td><td>218,525</td><td>8</td><td>1,178</td><td>-1,325</td><td>6,230</td><td>1,074</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>-429</td><td>218,525</td><td>8</td><td>1,178</td><td>-1,325</td><td>6,230</td><td>1,074</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></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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></tr><tr><td>Reserve for losses on fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for loss on commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</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></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>-429</td><td>218,525</td><td>8</td><td>1,178</td><td>-1,325</td><td>6,230</td><td>1,074</td></tr><tr><td>Net income, or loss (-)</td><td>-</td><td>218,525</td><td>8</td><td>1,178</td><td>-1,325</td><td>6,230</td><td>1,074</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></tr><tr><td>Unreserved earned surplus, or deficit (-), June 30, 1953</td><td>-53,461</td><td>-</td><td>-</td><td>-315,295</td><td>-3,630</td><td>-50,765</td><td>-1,582,887</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1953</td><td>-429</td><td>218,525</td><td>8</td><td>1,178</td><td>-1,325</td><td>6,230</td><td>1,074</td></tr><tr><td>Transfers to surplus reserves</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></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-</td><td>-218,525</td><td>-</td><td>-</td><td>-</td><td>-4,312</td><td>-1,061</td></tr><tr><td>Dividends</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></tr><tr><td>Prior year's adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus, or deficit (-), December 31, 1953</td><td>-53,890</td><td>-</td><td>8</td><td>-314,117</td><td>-4,955</td><td>-48,847</td><td>-1,582,844</td></tr></table>
Footnotes at end of Table 5.
(Continued on following page)
66
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.- Income and Expense for the Six Months Ended December 31, 1953 - (Continued
(In thousands of dollars)
<table><tr><th colspan="8">Certain other business-type activities - (Continued)</th></tr><tr><th rowspan="2"></th><th rowspan="2">Federal Housing Administration</th><th colspan="6">Housing and Home Finance Agency</th></tr><tr><th>Home Loan Bank Board</th><th>Office of the Administrator 12/</th><th>Alaska housing program</th><th>Community facilities service</th><th>Housing loans for educational institutions</th><th>Investment in Federal National Mortgage Association</th><th>Prefabricated housing loans program</th></tr><tr><td>Income:</td><td></td><td>HOIL liquidation unit</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>-</td><td>-</td></tr><tr><td>Sale of services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends:</td><td>10</td><td>-</td><td>175</td><td>20</td><td>302</td><td>26,009</td><td>210</td><td>-</td></tr><tr><td>Interest on loans</td><td>3,998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest on public debt obligations</td><td>1,515</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Dividends</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>223</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>57,010</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></tr><tr><td>Gains on sale of fixed assets</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></tr><tr><td>Gains on sale of acquired security or collateral</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>47</td><td>-</td><td>-</td><td>28</td></tr><tr><td>Total income</td><td>62,529</td><td>-</td><td>175</td><td>45</td><td>349</td><td>26,232</td><td>241</td><td>-</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>-</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></tr><tr><td>On borrowings from the U. S. Treasury</td><td>430 20/</td><td>254</td><td>-</td><td>-</td><td>221</td><td>26,232</td><td>134</td><td>-</td></tr><tr><td>Other</td><td>15,915</td><td>6</td><td>42</td><td>7</td><td>212</td><td>-</td><td>4</td><td>-</td></tr><tr><td>Administrative expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>74</td><td>-</td><td>-</td><td>-</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></tr><tr><td>Direct</td><td>-</td><td>-</td><td>-</td><td>1,848</td><td>-</td><td>-</td><td>-</td><td>-</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>10</td><td>-</td><td>-</td><td>5</td><td>47</td><td>-</td><td>1</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></tr><tr><td>Loans charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>Loans charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td><td>-</td></tr><tr><td>Loans on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>2,048</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of investments</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of acquired security or collateral</td><td>3,251</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></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-139</td><td>-</td></tr><tr><td>Total expense</td><td>29,234</td><td>6</td><td>42</td><td>3,208</td><td>489</td><td>26,232</td><td>19</td><td>-</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>42,594</td><td>-6</td><td>133</td><td>-3,862</td><td>-131</td><td>-</td><td>222</td><td>-</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>-53</td><td>-</td><td>-65</td><td>-</td><td>-</td><td>-</td><td>212</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-1,751</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>125</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></tr><tr><td>Reserve for losses on commodities and supplies</td><td>7,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-224</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></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>5,789</td><td>-</td><td>-65</td><td>-</td><td>-</td><td>-</td><td>94</td><td>-</td></tr><tr><td>Net income, or loss (-)</td><td>48,323</td><td>-6</td><td>68</td><td>-3,862</td><td>-131</td><td>-</td><td>316</td><td>-</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>Unresolved earned surplus, or deficit (-)</td><td>146,298</td><td>31</td><td>151</td><td>-8,642</td><td>13</td><td>-</td><td>-4,220</td><td>-</td></tr><tr><td>Net income, or loss (-) for the six months ended December 31, 1953</td><td>48,323</td><td>-6</td><td>68</td><td>-3,862</td><td>-131</td><td>-</td><td>315</td><td>-</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 profit:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-4,130</td><td>-</td><td>-</td><td>-669</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>9</td><td>-</td></tr><tr><td>Unresolved earned surplus, or deficit (-), December 31, 1953</td><td>130,521</td><td>25</td><td>219</td><td>-13,179</td><td>-118</td><td>-</td><td>-4,201</td><td>-</td></tr></table>
Footnotes at end of Table 5.
(Continued on following page)
May 1954
67
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.- Income and Expense for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="9">Certain other business-type activities - (Continued)</th></tr><tr><th rowspan="2">Income</th><th colspan="3">Housing and Home Finance Agency - (Continued)</th><th colspan="3">Veterans' Administration</th><th rowspan="2">Defense Production Act of 1950, as amended Atomic Energy Commission</th></tr><tr><th>Office of the Administrator - (Continued) Jim clearance program</th><th>Farm Security Administration program</th><th>Public war housing program</th><th>Veterans' war housing program</th><th>Guaranteed loans to veterans</th><th>Veterans' canteen service</th><th>Veterans' direct loan program</th></tr><tr><td>Sale of commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,014</td><td>-</td><td>-</td></tr><tr><td>Sale of services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,119</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>-</td><td>37</td><td>27,030</td><td>915</td><td>87</td><td>-</td><td>-</td><td>-</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>352</td><td>184</td><td>423</td><td>1</td><td>1,077</td><td>-</td><td>4,517</td><td>-</td></tr><tr><td>Interest on public debt obligations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</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></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>-</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>6,124</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Gains on sale of acquired security or collateral</td><td>27</td><td>-</td><td>6</td><td>-</td><td>8</td><td>44</td><td>6</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total income</td><td>379</td><td>221</td><td>27,519</td><td>817</td><td>7,256</td><td>15,171</td><td>4,534</td><td>6</td></tr><tr><td>Expenses</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>10,851</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>-</td><td>39</td><td>11,541</td><td>261</td><td>277</td><td>2,919</td><td>201</td><td>-</td></tr><tr><td>Interest expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,479</td><td>-</td></tr><tr><td>On borrowings from the U.S. Treasury</td><td>279</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other</td><td>-</td><td>11</td><td>1,860</td><td>72</td><td>-</td><td>561</td><td>-</td><td>-</td></tr><tr><td>Administrative expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>199</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>855</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td><td>-</td><td>-</td><td>-</td><td>5,689</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other expenses</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans 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>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off</td><td>-</td><td>500</td><td>14,896</td><td>-373</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of acquired security or collateral</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>4</td><td>-</td><td>6</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></tr><tr><td>Total expenses</td><td>1,161</td><td>554</td><td>28,258</td><td>-37</td><td>5,967</td><td>14,536</td><td>2,740</td><td>1</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>-782</td><td>-333</td><td>-739</td><td>853</td><td>1,319</td><td>641</td><td>1,793</td><td>5</td></tr><tr><td>Adjustments for valuation and operating reserves</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserves for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserves for losses on acquired security or collateral</td><td>-</td><td>547</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></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>-</td><td>-</td><td>-9</td><td>139</td><td>-374</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></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>-</td><td>547</td><td>-14</td><td>139</td><td>-374</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income, or loss (-)</td><td>-782</td><td>214</td><td>-753</td><td>993</td><td>945</td><td>641</td><td>1,793</td><td>5</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, 1953</td><td>-8,567</td><td>-29,284</td><td>-208,515</td><td>-433,335</td><td>-9,651</td><td>5,339</td><td>4,349</td><td>7</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1953</td><td>-782</td><td>214</td><td>-753</td><td>993</td><td>945</td><td>641</td><td>1,793</td><td>5</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>Treasurer's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td><td>-213</td><td>1,451</td><td>141</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</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 (-), December 31, 1953</td><td>-9,349</td><td>-29,289</td><td>-207,817</td><td>-431,901</td><td>-8,706</td><td>5,980</td><td>5,142</td><td>11</td></tr></table>
(Continued on following page)
Footnotes at and of Table 5.
68
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 4.- Income and Expense for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="7">Certain other business-type activities - (Continued)</th></tr><tr><th></th><th colspan="6">Defense Production Act of 1950, as amended - (Continued)</th></tr><tr><th></th><th>Department of the Air Force</th><th>Department of the Army</th><th>Department of Commerce</th><th>Department of the Interior</th><th>Department of the Navy</th><th>Department of the Treasury 21/</th><th>General Services Administration</th><th>Loan guarantees</th><th>Revolving fund 22/</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,904</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>1,790</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends</td><td>-</td><td>21</td><td>-</td><td>-</td><td>103</td><td>3,316</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest on public debt obligations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest, other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,342</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>1,473</td><td>763</td><td>1</td><td>1</td><td>1,150</td><td>-</td><td>-</td><td>833</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>-</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></tr><tr><td>Gain on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</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>2</td></tr><tr><td>Total income</td><td>1,473</td><td>764</td><td>1</td><td>1</td><td>1,253</td><td>3,337</td><td>833</td><td>-</td><td>37,153</td></tr><tr><td>Expense:</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>-</td><td>-</td><td>33,476</td></tr><tr><td>Direct operating costs</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,126</td></tr><tr><td>Interest expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>109</td><td>1,345</td><td>-</td><td>-</td><td>3,304</td></tr><tr><td>On borrowings from the U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other administrative expenses</td><td>83</td><td>116</td><td>-</td><td>657</td><td>63</td><td>126</td><td>-</td><td>-</td><td>1,314</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,158</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</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>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>6</td><td>-</td><td>6</td><td>1,502</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></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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>123</td></tr><tr><td>Other assets charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>218</td></tr><tr><td>Loans on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans 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>-</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 expense</td><td>83</td><td>117</td><td>1</td><td>766</td><td>53</td><td>1,172</td><td>6</td><td>-</td><td>24,125</td></tr><tr><td>Net income, or loss (-), before adjustment of valuation and operating reserves</td><td>1,390</td><td>657</td><td>*</td><td>-765</td><td>1,201</td><td>1,866</td><td>837</td><td>-16,957</td><td>-</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></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-601</td><td>-</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>-</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>-1,390</td><td>-667</td><td>-</td><td>-</td><td>-1,201</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>123</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>-1,390</td><td>-667</td><td>-</td><td>-</td><td>-1,201</td><td>-601</td><td>-</td><td>-</td><td>123</td></tr><tr><td>Net income, or loss (-)</td><td>-</td><td>-</td><td>*</td><td>-765</td><td>-</td><td>1,265</td><td>837</td><td>-16,934</td><td>-</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, 1953</td><td>-</td><td>-</td><td>5</td><td>-1,633</td><td>-</td><td>-1,421</td><td>1,204</td><td>-43,269</td><td>-</td></tr><tr><td>Net income, or loss (-), for the six months ended December 31, 1953</td><td>-</td><td>-</td><td>*</td><td>-756</td><td>-</td><td>1,265</td><td>837</td><td>-16,983</td><td>-</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><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><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>Treasurer's account - 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>-</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>Prior year adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-7,070</td><td>-</td></tr><tr><td>Unreserved earned surplus, or deficit (-), December 31, 1953</td><td>-</td><td>-</td><td>6</td><td>-2,392</td><td>-</td><td>-155</td><td>2,041</td><td>-57,197</td><td>-</td></tr></table>
Footnotes at end of Table 5.
May 1954
69
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953
(In thousands of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th colspan="5">Corporations</th></tr><tr><th></th><th></th><th></th><th>Department of Agriculture</th><th>Department of Commerce</th><th>Department of the Interior</th><th>Department of Justice</th><th>Export-Import Bank of Washington</th></tr><tr><th></th><th></th><th></th><th>Commodity Credit Corporation</th><th>Federal Crop Insurance Corporation</th><th>Inland Waterways Corporation</th><th>Virgin Islands Corporation</th><th>Federal Prison Industries, Inc.</th><th>Regular lending activities</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>8,434,578</td><td>4,949,276</td><td>2,346,445</td><td>-</td><td>-</td><td>17</td><td>-</td><td>424,299</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations</td><td>706,556</td><td>705,856</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>711</td><td>700</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>224,216</td><td>256,947</td><td>23,440</td><td>-</td><td>-</td><td>783</td><td>215</td><td>2</td></tr><tr><td>Cost of acquiring collateral on defaulted loans</td><td>20,982</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>471,951</td><td>467,040</td><td>457,718 23/</td><td>-</td><td>9,000 24/</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>9,858,995</td><td>6,279,848</td><td>2,827,604</td><td>-</td><td>9,000</td><td>827</td><td>215</td><td>424,301</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>823,519</td><td>500,739</td><td>61,737</td><td>33,498</td><td>3,075</td><td>484</td><td>9,837</td><td>14,582</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>2,025,729</td><td>1,880,425</td><td>1,390,997</td><td>-</td><td>-</td><td>-</td><td>-</td><td>121,600</td></tr><tr><td>By cash</td><td>275,003</td><td>275,003</td><td>275,003</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes</td><td>140,706</td><td>136,839</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies</td><td>903,944</td><td>899,106</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></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>115,662</td><td>15,129</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To others</td><td>6,451</td><td>4,992</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>223,369</td><td>8,761</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>12,372</td><td>77</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus</td><td>77</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>3,703,472</td><td>3,220,332</td><td>1,666,000</td><td>2</td><td>-</td><td>-</td><td>-</td><td>121,600</td></tr><tr><td>To increases in working capital and deferred items</td><td>376,476</td><td>233,008</td><td>110</td><td>-</td><td>-</td><td>175</td><td>1,408</td><td>16,404</td></tr><tr><td>Other funds applied</td><td>21,427</td><td>14,483</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,483</td></tr><tr><td>Total funds applied</td><td>14,783,899</td><td>10,248,411</td><td>4,555,450</td><td>33,500</td><td>12,075</td><td>1,486</td><td>11,460</td><td>591,371</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>4,947,719</td><td>2,574,036</td><td>149,800</td><td>-</td><td>3</td><td>5</td><td>-</td><td>137,968</td></tr><tr><td>By cancellation of corporation notes</td><td>275,003</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>712,681</td><td>687,227</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations</td><td>-</td><td>4,884</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations</td><td>2,112</td><td>21,094</td><td>-</td><td>-</td><td>11,438</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>25,441</td><td>21,110</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of fixed assets</td><td>17,205</td><td>11,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>321,961</td><td>321,597</td><td>321,495 25/</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></tr><tr><td>Total realization of assets</td><td>6,305,122</td><td>3,619,947</td><td>471,298</td><td>-</td><td>11,441</td><td>5</td><td>-</td><td>137,968</td></tr><tr><td>By income</td><td>1,098,517</td><td>583,128</td><td>8,851</td><td>27,281</td><td>351</td><td>366</td><td>11,459</td><td>43,047</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>3,036,013</td><td>2,648,902</td><td>2,002,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>396,400</td></tr><tr><td>From other Government corporations and agencies</td><td>108,717</td><td>104,954</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public</td><td>958,459</td><td>930,255</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td>300</td><td>300</td><td>-</td><td>-</td><td>300</td><td>-</td><td>1</td><td>-</td></tr><tr><td>By U.S. Treasury</td><td>57,340</td><td>52,322</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others</td><td>96,805</td><td>96,805</td><td>96,205</td><td>-</td><td>-</td><td>815</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expanded</td><td>1,041,239</td><td>145,666</td><td>-</td><td>2,960</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></tr><tr><td>Total borrowings, capital and surplus sub-scriptions, and appropriations</td><td>5,298,874</td><td>3,978,834</td><td>2,098,805</td><td>2,960</td><td>-</td><td>1,115</td><td>1</td><td>396,400</td></tr><tr><td>By decrease in working capital and deferred items</td><td>2,066,392</td><td>2,052,195</td><td>1,977,097</td><td>3,258</td><td>283</td><td>-</td><td>-</td><td>13,955</td></tr><tr><td>Other funds provided</td><td>14,984</td><td>14,305</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>14,783,889</td><td>10,248,411</td><td>4,555,450</td><td>33,500</td><td>12,075</td><td>1,486</td><td>11,460</td><td>591,371</td></tr></table>
(Continued on following page)
Footnotes at end of table.
70
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">Corporations - (Continued)</th></tr><tr><th></th><th>Export-Import Bank of Washington - (Continued)</th><th colspan="4">Farm Credit Administration &frac12;/</th><th>Foreign Operations Administration</th><th colspan="2">Housing and Home Finance Agency</th></tr><tr><th></th><th>Defense Production Act of 1950, as amended</th><th>Banks for cooperatives</th><th>Federal Farm Mortgage Corporation</th><th>Federal intermediate credit banks</th><th>Production credit corporations</th><th>Federal Deposit Insurance Corporation</th><th>Institute of Inter-American Affairs &frac12;/</th><th>Home Loan Bank Board</th><th>Federal Savings and Loan Insurance Corporation</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>7,493</td><td>307,444</td><td>22</td><td>826,625</td><td>-</td><td>-</td><td>-</td><td>478,199</td><td>-</td></tr><tr><td>Purchase of investments:</td><td>-</td><td>16,467</td><td>-</td><td>137,068</td><td>1,091,700</td><td>124,130</td><td>-</td><td>419,085</td><td>8,016</td></tr><tr><td>Public debt obligations</td><td>-</td><td>-</td><td>-</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>3</td></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>-</td><td>21</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>295</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>7,493</td><td>323,932</td><td>30</td><td>963,693</td><td>1,791</td><td>124,424</td><td>-</td><td>897,284</td><td>8,018</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>37</td><td>3,192</td><td>390</td><td>10,811</td><td>822</td><td>43,252</td><td>5,220</td><td>10,096</td><td>1,153</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>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td></tr><tr><td>By cancellation of notes</td><td>-</td><td>9,288</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>-</td><td>31,940</td><td>31</td><td>687,085</td><td>-</td><td>-</td><td>-</td><td>180,050</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>4,023</td><td>-</td><td>2,850</td><td>100</td><td>-</td><td>-</td><td>969</td><td>-</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>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,551</td><td>-</td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>77</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>14</td><td>45,251</td><td>4,031</td><td>689,935</td><td>100</td><td>-</td><td>-</td><td>155,547</td><td>-</td></tr><tr><td>To increase in working capital and deferred items</td><td>29</td><td>8,596</td><td>-</td><td>32,665</td><td>133</td><td>27,827</td><td>13,603</td><td>-</td><td>9,780</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>7,573</td><td>380,970</td><td>4,450</td><td>1,697,103</td><td>2,817</td><td>195,563</td><td>18,823</td><td>1,093,027</td><td>18,951</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>254,405</td><td>3,240</td><td>1,041,999</td><td>-</td><td>-</td><td>-</td><td>244,903</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>-</td></tr><tr><td>By cancellation of corporation notes</td><td>-</td><td>16,491</td><td>-</td><td>125,787</td><td>915</td><td>105,600</td><td>-</td><td>429,634</td><td>8,800</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</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,241</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>Sale of fixed assets</td><td>-</td><td>144</td><td>222</td><td>1</td><td>-</td><td>3,099</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total realization of assets</td><td>-</td><td>271,041</td><td>3,462</td><td>1,167,777</td><td>2,156</td><td>108,699</td><td>-</td><td>674,537</td><td>8,800</td></tr><tr><td>By income</td><td>71</td><td>6,829</td><td>506</td><td>11,333</td><td>661</td><td>86,864</td><td>1</td><td>15,715</td><td>10,151</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>7,502</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>-</td><td>27,500</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>69,760</td><td>-</td><td>517,995</td><td>-</td><td>-</td><td>-</td><td>342,500</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>-</td><td>5,840</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,821</td><td>15,945</td><td>-</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 - expanded</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 borrowings, capital and surplus subcriptions, and appropriations</td><td>7,502</td><td>103,100</td><td>5,843</td><td>517,995</td><td>-</td><td>18,821</td><td>15,945</td><td>-</td><td>-</td></tr><tr><td>By decrease in working capital and deferred items</td><td>-</td><td>-</td><td>483</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44,330</td><td>-</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>-</td></tr><tr><td>Total funds provided</td><td>7,573</td><td>380,970</td><td>4,450</td><td>1,697,103</td><td>2,817</td><td>195,563</td><td>18,823</td><td>1,093,027</td><td>18,951</td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1954
71
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Corporations - (Continued)</th></tr><tr><th></th><th colspan="2">Housing and Home Finance Agency - (Continued)</th><th>Panama Canal Company 3/</th><th>Reconstruction Finance Corporation and certain affiliates 2/</th><th colspan="2">In liquidation by Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><th></th><th>Office of the Administrator</th><th>Public Housing Administration 1/</th><th></th><th>Regular lending activities</th><th>Assets held for the U. S. Treasury 10/</th><th>Defense Home Corporation</th><th>Smaller War Plants Corporation 26/</th><th></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>208,403</td><td>303,250</td><td>-</td><td>34,929</td><td>12,160</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations....................</td><td>-</td><td>-</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></tr><tr><td>Purchase, construction, or improvement of fixed assets....................</td><td>8</td><td>412</td><td>3,627</td><td>-</td><td>-</td><td>-</td><td>-</td><td>128,457</td></tr><tr><td>Cost of acquiring collateral on defaulted loans. Other....................</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>208,410</td><td>303,663</td><td>3,627</td><td>34,939</td><td>12,160</td><td>-</td><td>-</td><td>128,457</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)....................</td><td>41,141</td><td>29,831</td><td>36,867</td><td>5,869</td><td>131,193</td><td>-</td><td>29</td><td>57,627</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash....................</td><td>-</td><td>351,000</td><td>-</td><td>1,814</td><td>-</td><td>-</td><td>-</td><td>5,000</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></tr><tr><td>To other Government corporations and agencies....................</td><td>127,551</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></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></tr><tr><td>To U. S. Treasury....................</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,171</td></tr><tr><td>To others....................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Treasurer's account - deposit of earnings....................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends....................</td><td>210</td><td>-</td><td>-</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></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus....................</td><td>127,761</td><td>351,000</td><td>-</td><td>1,814</td><td>-</td><td>-</td><td>-</td><td>17,177</td></tr><tr><td>To increase in working capital and deferred items. Other funds applied....................</td><td>-</td><td>-</td><td>7,349</td><td>80,047</td><td>34,497</td><td>184</td><td>171</td><td>-</td></tr><tr><td>Total funds applied....................</td><td>377,313</td><td>694,494</td><td>47,843</td><td>122,649</td><td>177,850</td><td>184</td><td>200</td><td>203,262</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 realisation 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>244,465</td><td>401,557</td><td>-</td><td>95,593</td><td>-</td><td>-</td><td>107</td><td>-</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></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></tr><tr><td>Public debt obligations....................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations....................</td><td>-</td><td>-</td><td>-</td><td>3,643</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities....................</td><td>10</td><td>136</td><td>-</td><td>1,38</td><td>8,718</td><td>-</td><td>-</td><td>650</td></tr><tr><td>Sale of fixed assets....................</td><td>-</td><td>-</td><td>-</td><td>7,609</td><td>-</td><td>-</td><td>36</td><td>-</td></tr><tr><td>Sale of acquired security or collateral....................</td><td>-</td><td>4</td><td>97</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></tr><tr><td>Total realisation of assets....................</td><td>244,474</td><td>401,697</td><td>97</td><td>106,983</td><td>8,718</td><td>-</td><td>143</td><td>650</td></tr><tr><td>By income....................</td><td>53,339</td><td>9,009</td><td>47,449</td><td>15,666</td><td>157,200</td><td>184</td><td>57</td><td>76,743</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>-</td><td>243,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies....................</td><td>77,454</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></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>-</td><td>-</td><td>-</td><td>-</td><td>11,932</td><td>-</td><td>-</td><td>11</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>106,440</td></tr><tr><td>General Fund appropriations - expanded....................</td><td>-</td><td>35,451</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></tr><tr><td>Total borrowings, capital and surplus sub-scriptions, and appropriations....................</td><td>77,454</td><td>278,451</td><td>-</td><td>11,932</td><td>-</td><td>-</td><td>-</td><td>106,453</td></tr><tr><td>By decreases in working capital and deferred items. Other funds provided....................</td><td>2,046</td><td>5,283</td><td>297</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15,416</td></tr><tr><td>Total funds provided....................</td><td>377,313</td><td>694,404</td><td>47,843</td><td>122,649</td><td>177,850</td><td>184</td><td>200</td><td>203,262</td></tr></table>
Footnotes at end of table.
72
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued
(In thousands of dollars)
<table><tr><th colspan="6">Certain other business-type activities</th></tr><tr><th>Total certain business-type activities 1b/</th><th colspan="3">Department of Agriculture</th><th>Department of Commerce</th><th>Department of Health, Education, and Welfare</th><th>Department of the Interior</th></tr><tr><th></th><th>Farmers' Home Admin-istration</th><th>Disaster Loans, etc., Borrowing Fund, Farmers' Home Admin-istration</th><th>Rural Electri-fication Adminis-tration</th><th>Federal Maritime Board and Maritime Adminis-tration</th><th>Office of Education Loans to students</th><th>Indian loans</th></tr><tr><td>Funds applied:</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></tr><tr><td>Loans made</td><td>3,405,302</td><td>88,014</td><td>27,010</td><td>109,929</td><td>-</td><td>87</td></tr><tr><td>Purchase of investments:</td><td>700</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations</td><td>11</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></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>57,259</td><td>-</td><td>-</td><td>14</td><td>39,567</td><td>-</td></tr><tr><td>Cost of acquiring collateral on defaulted loans</td><td>20,955</td><td>55</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>4,911</td><td>95</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>3,579,116</td><td>88,168</td><td>27,016</td><td>109,943</td><td>39,567</td><td>87</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>322,780</td><td>20,274</td><td>40,937</td><td>23,199</td><td>88,835</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></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury:</td><td>145,304</td><td>72,821</td><td>-</td><td>20,379</td><td>-</td><td>-</td></tr><tr><td>By cash</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes</td><td>3,867</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies</td><td>4,436</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></tr><tr><td>Repayment of capital and surplus:</td><td>100,533</td><td>329</td><td>-</td><td>30,136</td><td>39</td><td>18</td></tr><tr><td>To U.S. Treasury</td><td>1,459</td><td>-</td><td>-</td><td>1,458</td><td>10</td><td>-</td></tr><tr><td>To others</td><td>223,529</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Treasurer's account - deposit of earnings</td><td>3,610</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</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></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>483,180</td><td>73,150</td><td>-</td><td>20,380</td><td>31,592</td><td>48</td></tr><tr><td>To increase in working capital and deferred items</td><td>18,468</td><td>41,779</td><td>1,871</td><td>-</td><td>28,309</td><td>-</td></tr><tr><td>Other funds applied</td><td>6,944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>4,535,476</td><td>223,371</td><td>69,825</td><td>153,402</td><td>188,353</td><td>105</td></tr><tr><td>Funds provided:</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></tr><tr><td>Repayment of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash</td><td>2,373,683</td><td>71,863</td><td>32,324</td><td>27,642</td><td>-</td><td>39</td></tr><tr><td>By cancellation of corporation notes</td><td>375,003</td><td>-</td><td>-</td><td>-</td><td>-</td><td>480</td></tr><tr><td>Sale or collection of investments:</td><td>25,454</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations</td><td>228</td><td>-</td><td>-</td><td>-</td><td>226</td><td>-</td></tr><tr><td>Other securities</td><td>4,047</td><td>1</td><td>-</td><td>-</td><td>237</td><td>-</td></tr><tr><td>Sale of fixed assets</td><td>6,395</td><td>89</td><td>12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>365</td><td>95</td><td>17</td><td>-</td><td>248</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total realization of assets</td><td>2,689,175</td><td>72,048</td><td>32,352</td><td>27,642</td><td>711</td><td>480</td></tr><tr><td>By income</td><td>515,389</td><td>12,776</td><td>832</td><td>20,725</td><td>52,453</td><td>10</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></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U.S. Treasury</td><td>387,111</td><td>125,000</td><td>-</td><td>100,030</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>3,755</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public</td><td>28,204</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></tr><tr><td>By U.S. Treasury</td><td>2,389</td><td>-</td><td>-</td><td>-</td><td>1,244</td><td>-</td></tr><tr><td>By others</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></tr><tr><td>General fund appropriations - expended</td><td>895,573</td><td>13,547</td><td>36,641</td><td>3,602</td><td>133,645</td><td>-125</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus sub-scriptions, and appropriations</td><td>1,320,040</td><td>138,547</td><td>36,641</td><td>103,632</td><td>135,189</td><td>-125</td></tr><tr><td>By decrease in working capital and deferred items</td><td>14,197</td><td>-</td><td>-</td><td>1,373</td><td>-</td><td>50</td></tr><tr><td>Other funds provided</td><td>677</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>4,535,170</td><td>223,371</td><td>69,825</td><td>153,422</td><td>188,353</td><td>105</td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1954
73
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="7">Certain other business-type activities - (Continued)</th></tr><tr><th></th><th>Department of the Interior - (Continued)</th><th>Department of the Treasury</th><th>Farm Credit Administration</th><th>Foreign Operations Administration</th><th>General Services Administration</th></tr><tr><th></th><th>Puerto Rico Reconstruction Administration 16/</th><th>Miscellaneous loans and certain other assets</th><th>Federal Civil Defense Act of 1950, as amended 17/</th><th>Agricultural Marketing Act</th><th>Guaranty program</th><th>Loan program</th><th>Public Works Administration (in liquidation)</th></tr><tr><td>Funds applied:</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>3,113,467</td><td>1,869</td><td>-</td><td>-</td><td>7,136</td><td>-</td></tr><tr><td>Loans made.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations.</td><td>-</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></tr><tr><td>Purchase, construction, or improvement of fixed assets.</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</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></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets.</td><td>-</td><td>3,113,467</td><td>1,869</td><td>3</td><td>-</td><td>7,136</td><td>-</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds).</td><td>254</td><td>-</td><td>17</td><td>-</td><td>2,401</td><td>11,157</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></tr><tr><td>Repayment of borrowings:</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>-</td><td>-</td><td>307</td><td>-</td></tr><tr><td>By cash.</td><td>-</td><td>-</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></tr><tr><td>To other Government corporations and agencies.</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></tr><tr><td>Repayment of capital and surplus:</td><td>472</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>633</td></tr><tr><td>To U.S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To others.</td><td>-</td><td>218,585</td><td>-</td><td>-</td><td>-</td><td>4,312</td><td>1,001</td></tr><tr><td>Treasury's account - deposit of earnings.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>-</td><td>-</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></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus.</td><td>472</td><td>218,585</td><td>-</td><td>-</td><td>-</td><td>4,619</td><td>1,714</td></tr><tr><td>To increase in working capital and deferred items.</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>1,667</td><td>-</td></tr><tr><td>Other funds applied.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>726</td><td>3,331,993</td><td>1,886</td><td>5</td><td>2,401</td><td>28,580</td><td>1,714</td></tr><tr><td>Funds provided:</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></tr><tr><td>Repayment of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash.</td><td>304</td><td>2,149,311</td><td>3</td><td>424</td><td>-</td><td>56</td><td>633</td></tr><tr><td>By cancellation of corporation notes.</td><td>-</td><td>275,003</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></tr><tr><td>Public debt obligations.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations.</td><td>-</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></tr><tr><td>Sale of fixed assets.</td><td>37</td><td>-</td><td>-</td><td>1,092</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral.</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></tr><tr><td>Total realization of assets.</td><td>341</td><td>2,424,314</td><td>3</td><td>1,516</td><td>-</td><td>56</td><td>633</td></tr><tr><td>By income.</td><td>131</td><td>218,585</td><td>25</td><td>7</td><td>1,076</td><td>17,388</td><td>1,074</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></tr><tr><td>Borrowings:</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>1,814</td><td>-</td><td>1,280</td><td>6,394</td><td>-</td></tr><tr><td>From other Government corporations and agencies.</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></tr><tr><td>Capital and surplus subscriptions:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By U.S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others.</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></tr><tr><td>General Fund appropriations - expanded.</td><td>145</td><td>689,154</td><td>-</td><td>-1,517</td><td>-</td><td>742</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subcriptions, and appropriations.</td><td>145</td><td>689,154</td><td>1,814</td><td>-1,517</td><td>1,280</td><td>7,136</td><td>-</td></tr><tr><td>By decrease in working capital and deferred items.</td><td>109</td><td>-</td><td>44</td><td>-</td><td>45</td><td>-</td><td>7</td></tr><tr><td>Other funds provided.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided.</td><td>726</td><td>3,331,993</td><td>1,886</td><td>5</td><td>2,401</td><td>28,580</td><td>1,714</td></tr></table>
Footnotes at end of table.
(Continued on following page)
74
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.
Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="7">Certain other business-type activities - (Continued)</th></tr><tr><th rowspan="2">Federal Housing Administration</th><th rowspan="2">Home Loan Bank Board IDIC liquidation unit</th><th colspan="5">Housing and Home Finance Agency Office of the Administrator</th></tr><tr><th>Alaska housing program</th><th>Community facilities service</th><th>Housing loans for educational institutions</th><th>Investment in Federal National Mortgage Association 25/</th><th>Prefabricated housing loan program</th><th>Revolving fund for development of isolated defense sites 27/</th></tr><tr><td colspan="8">Funds applied:</td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made</td><td>-</td><td>-</td><td>3,262</td><td>-</td><td>14,173</td><td>-</td><td>6,755</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations</td><td>700</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>11</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>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of acquiring collateral on defaulted loans</td><td>20,510</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></tr><tr><td>Total acquisition of assets</td><td>21,237</td><td>-</td><td>3,262</td><td>-</td><td>14,173</td><td>-</td><td>6,755</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>16,609</td><td>6</td><td>42</td><td>12</td><td>480</td><td>26,232</td><td>134</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></tr><tr><td>Repayment of borrowings:</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></td><td></td><td>50,097</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></tr><tr><td>To other Government corporations and agencies</td><td>3,867</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public</td><td>4,438</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></td><td></td><td>669</td><td>-</td><td>-</td><td>6,250</td></tr><tr><td>To U. S. Treasury</td><td>43,930</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></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>3,610</td><td>-</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></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>55,846</td><td>-</td><td>-</td><td>569</td><td>-</td><td>50,097</td><td>6,250</td></tr><tr><td>To increase in working capital and deferred items</td><td>31,224</td><td>-</td><td>1,462</td><td>69</td><td>721</td><td>-</td><td>-</td></tr><tr><td>Other funds applied</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>124,916</td><td>6</td><td>4,766</td><td>750</td><td>15,374</td><td>76,329</td><td>6,890</td></tr><tr><td colspan="8">Funds provided:</td></tr><tr><td>By realization of assets:</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></tr><tr><td>By cash</td><td>-</td><td>-</td><td>4,591</td><td>148</td><td>25</td><td>50,097</td><td>6,488</td></tr><tr><td>By cancellation of corporation notes</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></tr><tr><td>Public debt obligations</td><td>25,434</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of fixed assets</td><td>3</td><td>-</td><td>-</td><td>596</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>4,961</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Total realization of assets</td><td>30,420</td><td>-</td><td>4,591</td><td>704</td><td>25</td><td>50,097</td><td>6,541</td></tr><tr><td>By income</td><td>62,529</td><td>-</td><td>175</td><td>45</td><td>349</td><td>26,232</td><td>249</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></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td>15,000</td><td>-</td><td>-</td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>3,763</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public</td><td>28,204</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></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others</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></tr><tr><td>General Fund appropriations - expended</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></tr><tr><td>Total borrowings, capital and surplus subscriptions, and appropriations</td><td>31,968</td><td>6</td><td>-</td><td>-</td><td>15,000</td><td>-</td><td>99</td></tr><tr><td>By decrease in working capital and deferred items</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,250</td></tr><tr><td>Other funds provided</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>124,916</td><td>6</td><td>4,766</td><td>750</td><td>15,374</td><td>76,329</td><td>6,890</td></tr></table>
Footnotes at end of table.
(Continued on following page)
May 1954
75
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">Certain other business-type activities - (Continued)</th></tr><tr><th rowspan="2">Housing and Home Finance Agency - (Continued)</th><th colspan="3">Office of the Administrator - (Continued)</th><th colspan="3">Veterans' Administration</th><th rowspan="2">Defense Production Act of 1950, as amended Atomic Energy Commission</th></tr><tr><th>Slum clearance program</th><th>Farm Security Administration program</th><th>Public war housing program</th><th>Veterans' re-use housing program</th><th>Guaranteed loans to veterans</th><th>Veterans' canteen service</th><th>Veterans' direct loan program</th></tr><tr><td>Funds applied:</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></tr><tr><td>Loans made</td><td>13,808</td><td>-</td><td>334</td><td>-</td><td>4,769</td><td>-</td><td>57,034</td></tr><tr><td>Purchase of investments:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations</td><td>-</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></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>-</td><td>-</td><td>16,297</td><td>27</td><td>-</td><td>454</td><td>-</td></tr><tr><td>Cost of acquiring collateral or defaulted loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>376</td><td>-</td><td>4</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>13,808</td><td>-</td><td>16,631</td><td>27</td><td>5,147</td><td>454</td><td>57,038</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>1,161</td><td>51</td><td>13,533</td><td>337</td><td>5,955</td><td>14,339</td><td>2,733</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>1</td></tr><tr><td>Repayment of borrowings:</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>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cash</td><td>-</td><td>-</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></tr><tr><td>To other Government corporations and agencies</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></tr><tr><td>Repayment of capital and surplus:</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>808</td><td>15,442</td><td>1,807</td><td>3,050</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></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</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></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>-</td><td>808</td><td>15,442</td><td>1,987</td><td>3,050</td><td>-</td><td>-</td></tr><tr><td>To increase in working capital and deferred items</td><td>3,835</td><td>-</td><td>-</td><td>-</td><td>1,769</td><td>403</td><td>1,107</td></tr><tr><td>Other funds applied</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Total funds applied</td><td>18,804</td><td>861</td><td>45,706</td><td>2,251</td><td>16,732</td><td>15,186</td><td>60,883</td></tr><tr><td>Funds provided:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>6</td></tr><tr><td>By realization of assets:</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></tr><tr><td>By cash</td><td>7,570</td><td>149</td><td>782</td><td>-</td><td>-</td><td>-</td><td>7,165</td></tr><tr><td>By cancellation of corporation notes</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></tr><tr><td>Public debt obligations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>267</td><td>1,633</td><td>536</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>121</td><td>-</td><td>70</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total realization of assets</td><td>7,570</td><td>415</td><td>2,415</td><td>536</td><td>121</td><td>12</td><td>7,235</td></tr><tr><td>By income</td><td>379</td><td>221</td><td>27,519</td><td>817</td><td>7,286</td><td>15,174</td><td>4,585</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>6</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U.S. Treasury</td><td>10,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49,123</td></tr><tr><td>From other Government corporations and agencies</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></tr><tr><td>Capital and surplus subscriptions:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others</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></tr><tr><td>General Fund appropriations - expended</td><td>855</td><td>-</td><td>10,000</td><td>-30</td><td>9,325</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subcriptions, and appropriations</td><td>10,855</td><td>-</td><td>10,034</td><td>-30</td><td>9,325</td><td>-</td><td>49,123</td></tr><tr><td>By decrease in working capital and deferred items</td><td>-</td><td>225</td><td>5,528</td><td>462</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other funds provided</td><td>-</td><td>-</td><td>210</td><td>467</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>18,804</td><td>861</td><td>45,706</td><td>2,251</td><td>16,732</td><td>15,186</td><td>60,883</td></tr></table>
Footnote at end of table.
(Continued on following page)
76
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 5.- Source and Application of Funds for the Six Months Ended December 31, 1953 - (Continued) (In thousands of dollars)
<table><tr><th colspan="7">Certain other business-type activities - (Continued)</th></tr><tr><th></th><th colspan="6">Defense Production Act of 1950, as amended - (Continued)</th></tr><tr><th></th><th>Department of the Air Force</th><th>Department of the Army</th><th>Department of Commerce</th><th>Department of the Interior</th><th>Department of the Navy</th><th>Department of the Treasury 21/</th><th>General Services Administration</th></tr><tr><th></th><th colspan="5"></th><th>Loan guarantees</th><th>Revolving fund 22/</th></tr><tr><td>Funds applied:</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></tr><tr><td>Loans made</td><td>-</td><td>2,092</td><td>-</td><td>1,942</td><td>-</td><td>33,721</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations</td><td>-</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></tr><tr><td>Purchase, construction, or improvement of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,893</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>4,809</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>-</td><td>2,092</td><td>-</td><td>1,942</td><td>-</td><td>33,721</td><td>15,702</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>83</td><td>117</td><td>1</td><td>766</td><td>63</td><td>1,471</td><td>6</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></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury:</td><td></td><td></td><td></td><td></td><td></td><td>1,700</td><td>-</td></tr><tr><td>By cash</td><td>-</td><td>-</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></tr><tr><td>To other Government corporations and agencies</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></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-3,929</td></tr><tr><td>To U. S. Treasury</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></tr><tr><td>Treasurer's account - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</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></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,700</td><td>-3,929</td></tr><tr><td>To increase in working capital and deferred items</td><td>1,390</td><td>919</td><td>*</td><td>382</td><td>2,101</td><td>2,014</td><td>837</td></tr><tr><td>Other funds applied</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21,603</td></tr><tr><td>Total funds applied</td><td>1,473</td><td>3,128</td><td>1</td><td>3,090</td><td>2,163</td><td>38,905</td><td>6,924</td></tr><tr><td>Funds provided:</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></tr><tr><td>Repayment of loans:</td><td>-</td><td>1,927</td><td>-</td><td>90</td><td>1,508</td><td>10,068</td><td>-</td></tr><tr><td>By cash</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of corporation notes</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></tr><tr><td>Public debt obligations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital of Government corporations</td><td>-</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></tr><tr><td>Sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>766</td></tr><tr><td>Sale of acquired security or collateral</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></tr><tr><td>Total realization of assets</td><td>-</td><td>1,927</td><td>-</td><td>90</td><td>1,508</td><td>10,068</td><td>766</td></tr><tr><td>By income</td><td>1,473</td><td>784</td><td>1</td><td>-</td><td>1,263</td><td>3,337</td><td>843</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></tr><tr><td>Borrowings:</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>3,000</td><td>-</td><td>25,500</td><td>50,000</td></tr><tr><td>From other Government corporations and agencies</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></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,811</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></tr><tr><td>General Fund appropriations - expended</td><td>-</td><td>417</td><td>-</td><td>-</td><td>-608</td><td>-</td><td>-</td></tr><tr><td>Other</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>-</td><td>417</td><td>-</td><td>3,000</td><td>-608</td><td>25,500</td><td>53,811</td></tr><tr><td>By decrease in working capital and deferred items</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other funds provided</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>1,473</td><td>3,128</td><td>1</td><td>3,090</td><td>2,163</td><td>38,905</td><td>91,735</td></tr></table>
Footnotes at end of table.
May 1954
77
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Footnotes for Table 4, income and expense statement, and Table 5, source and application of funds statement
1/ Include $1,250 thousand interest accrued on capital stock.
3/ This amount differs from the net loss shown above because this figure excludes the loss from operations by the Federal Maritime Board and the Maritime Administration (see footnote 15).
4/ In accordance with the act approved August 6, 1953 (67 Stat. 390), the Farm Credit Administration was transferred from the Department of Agriculture and designated as an independent agency effective December 8, 1953.
5/ This Corporation, formerly shown under the Department of State, was transferred to the Foreign Operations Administration pursuant to Reorganization Plan No. 7 of 1953, effective August 1, 1953.
6/ Represents accrued interest in lieu of dividends on capital stock.
7/ Represents activities under the United States Housing Act, as amended, during which other operating and administrative are shown under "Certain other business-type activities."
8/ The figures of this Corporation are shown on a tentative basis.
9/ On September 29, 1953, pursuant to the act approved July 30, 1953 (67 Stat. 230), the Reconstruction Finance Corporation started liquidation of its activities except those which existing law or this law permit to be transferred elsewhere. War Damage Corporation, shown under this heading on pages 64 and 65 in the April 1958 "Treasury Bulletin", did not have any activity during the first six months of the fiscal year 1954.
10/ Represents accounts held for the United States Treasury in accordance with the act approved June 30, 1948 (62 Stat. 1187-1188), which provided for cancellation of Reconstruction Finance Corporation notes in the amount of $9,313,736 thousand, plus 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 reconversion activities, 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 United States Treasury as miscellaneous receipts. Figures for source and application of funds are shown on a net basis.
11/ Income adjustment of $7,821 thousand representing deduction due to Intracorporate cost distribution. Portions of this adjustment are applicable to other items of expense shown in this column, but the amount of adjustment to be made on each item of expense is not available at this time (see footnote 8).
12/ Represents interest on net direct investment of the Government in the Corporation (see footnote 8).
13/ Represents net income of $2,488 thousand from power operations, and net loss of $2,995 thousand from nonincome-producing programs during the first six months of the fiscal year 1954.
14/ Represents the Army - general loans (Treaty Bulletin), did not have pages 68 and 69 in the April 1954 "Treasury Bulletin", did not have any activity during the first six months of the fiscal year 1954.
15/ The cumulative unreserved surplus or deficit cannot be segregated from the Government's equity in the activity, which consists of expended appropriations and cumulative unreserved surplus or deficit.
16/ In accordance with the act approved August 17, 1953 (67 Stat. 584), the Secretary of the Interior was authorized and directed to start liquidation of the Administration.
17/ In accordance with the act approved July 30, 1953 (67 Stat. 230), the activities carried on pursuant to Section 409 of this act were transferred from the Reconstruction Finance Corporation to the Secretary of the Treasury on September 28, 1953.
18/ This Administration superseded the Mutual Security Agency, effective August 1, 1953, pursuant to Reorganization Plan No. 7 of 1953 and Executive Order No. 10476, dated August 1, 1953.
19/ The revolving fund derived from the allotted defense sites, shown under this heading on page 74 of this issue, has been terminated. The fund did not have any income or expenses during the fiscal year 1954 prior to the date of its termination.
20/ Represents interest on funds advanced to the Administration by allocations and appropriations.
21/ Pursuant to the act approved July 30, 1953 (67 Stat. 230), and Executive Order No. 10489, dated September 26, 1953, the activities carried on by the Reconstruction Finance Corporation in accordance with Title III of the Defense Production Act of 1950, as amended (50 Stat. C. 208-209), were transferred to the Secretary of the Treasury effective at the close of business on September 28, 1953.
22/ Represents revolving fund, defense materials procurement activities.
23/ Represents purchase of commodities and other costs.
24/ Represents a mortgage received from the sale of the Corporation's property and operating equipment.
25/ Represents sales and exchange of commodities and loans transferred to accounts receivable.
26/ Figures in this column are shown on a net basis.
27/ This revolving fund has been terminated.
* Less than $500.
r Revised.
Treasury Bulletin
78
CUMULATIVE TABLE OF CONTENTS
June 1953 through May 1954
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th colspan="6">1953</th><th colspan="6">1954</th></tr><tr><th></th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td>Articles:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury financing operations</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-2</td><td></td></tr><tr><td>Announcement of change in Treasury financial reporting</td><td>...</td><td>...</td><td>...</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 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><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><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><td>2</td></tr><tr><td>Expenditures by major classifications</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Expenditures for national defense and related activities</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>...</td><td>3</td></tr><tr><td>Expenditures for international finance and aid</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Expenditures for international affairs and finance</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><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>...</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>...</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>...</td><td>...</td></tr><tr><td>Social Security Act</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>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>...</td><td>6</td><td>6</td><td>6</td><td>...</td><td>7</td><td>7</td><td>7</td><td>...</td><td>...</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td>7</td><td>7</td><td>7</td><td>...</td><td>...</td><td>6</td><td>6</td><td>...</td><td>7</td><td>7</td><td>7</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><td></td></tr><tr><td>Summary of trust account and other transactions</td><td>8</td><td>8</td><td>8</td><td>5</td><td>5</td><td>7</td><td>5</td><td>5</td><td>8</td><td>5</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Trust account receipts</td><td>8</td><td>8</td><td>8</td><td>5</td><td>5</td><td>7</td><td>5</td><td>5</td><td>8</td><td>5</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Trust account expenditures other than net investments</td><td>9</td><td>9</td><td>9</td><td>6</td><td>6</td><td>8</td><td>6</td><td>6</td><td>9</td><td>6</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Net investments of Government agencies in public debt securities</td><td>9</td><td>9</td><td>9</td><td>6</td><td>6</td><td>8</td><td>6</td><td>6</td><td>9</td><td>6</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>10</td><td>10</td><td>10</td><td>...</td><td>9</td><td>9</td><td>...</td><td>10</td><td>10</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Railroad Retirement Account</td><td>10</td><td>10</td><td>10</td><td>...</td><td>9</td><td>9</td><td>...</td><td>10</td><td>10</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Unemployment Trust Fund</td><td>11</td><td>11</td><td>11</td><td>...</td><td>10</td><td>10</td><td>...</td><td>11</td><td>11</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>National Service Life Insurance Fund</td><td>11</td><td>11</td><td>11</td><td>...</td><td>10</td><td>10</td><td>...</td><td>11</td><td>11</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Investments of specified trust accounts in public debt securities, by issues (December 31, 1953)</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>12</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><td></td></tr><tr><td>Summary of cash transactions</td><td>12</td><td>12</td><td>12</td><td>7</td><td>7</td><td>11</td><td>7</td><td>7</td><td>13</td><td>7</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Derivation of cash budget receipts</td><td>12</td><td>12</td><td>12</td><td>7</td><td>7</td><td>11</td><td>7</td><td>7</td><td>13</td><td>7</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Derivation of cash budget expenditures</td><td>13</td><td>13</td><td>13</td><td>8</td><td>8</td><td>12</td><td>8</td><td>8</td><td>14</td><td>8</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Derivation of cash trust account transactions</td><td>13</td><td>13</td><td>13</td><td>8</td><td>8</td><td>12</td><td>8</td><td>8</td><td>14</td><td>8</td><td>...</td><td>9</td><td>9</td></tr><tr><td>Derivation of cash deposits</td><td>14</td><td>14</td><td>14</td><td>9</td><td>9</td><td>13</td><td>9</td><td>9</td><td>15</td><td>9</td><td>11</td><td>10</td><td>11</td></tr><tr><td>Derivation of cash withdrawals or repayment of borrowing</td><td>14</td><td>14</td><td>14</td><td>9</td><td>9</td><td>13</td><td>9</td><td>9</td><td>15</td><td>9</td><td>...</td><td>11</td><td>11</td></tr><tr><td>Cash operating income and outgo by months</td><td>14</td><td>14</td><td>14</td><td>...</td><td>...</td><td>13</td><td>...</td><td>15</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Debt outstanding and Treasurer's account:</td><td></td><td></td><td></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>10</td><td>10</td><td>14</td><td>10</td><td>10</td><td>16</td><td>10</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Net change in Federal securities</td><td>16</td><td>16</td><td>16</td><td>...</td><td>10</td><td>14</td><td>10</td><td>10</td><td>16</td><td>10</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Interest-bearing public debt</td><td>17</td><td>17</td><td>17</td><td>10</td><td>10</td><td>14</td><td>10</td><td>10</td><td>16</td><td>10</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Net change in interest-bearing public debt</td><td>17</td><td>17</td><td>17</td><td>...</td><td>11</td><td>15</td><td>11</td><td>11</td><td>17</td><td>11</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Special issues to U.S. Government investment accounts</td><td>18</td><td>18</td><td>18</td><td>11</td><td>11</td><td>15</td><td>11</td><td>11</td><td>17</td><td>11</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities</td><td>18</td><td>18</td><td>18</td><td>12</td><td>11</td><td>15</td><td>11</td><td>11</td><td>17</td><td>11</td><td>13</td><td>13</td><td>13</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>12</td><td>12</td><td>16</td><td>12</td><td>12</td><td>18</td><td>12</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Status of the account of the Treasurer of the United States</td><td>15</td><td>15</td><td>15</td><td>12</td><td>12</td><td>16</td><td>12</td><td>12</td><td>18</td><td>12</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Public debt and guaranteed securities outstanding by months</td><td>20</td><td>20</td><td>20</td><td>...</td><td>...</td><td>...</td><td>...</td><td>19</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Balance in the account of the Treasurer of the United States by months</td><td>15</td><td>15</td><td>15</td><td>...</td><td>...</td><td>...</td><td>...</td><td>20</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</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><td></td></tr><tr><td>Status under limitation</td><td>21</td><td>21</td><td>21</td><td>13</td><td>13</td><td>17</td><td>13</td><td>13</td><td>21</td><td>13</td><td>15</td><td>15</td><td>15</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>13</td><td>13</td><td>17</td><td>13</td><td>13</td><td>21</td><td>13</td><td>15</td><td>15</td><td>15</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><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>14</td><td>14</td><td>18</td><td>14</td><td>14</td><td>22</td><td>14</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Offerings of Treasury bills</td><td>24</td><td>24</td><td>24</td><td>16</td><td>16</td><td>20</td><td>16</td><td>16</td><td>24</td><td>16</td><td>18</td><td>18</td><td>18</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>17</td><td>17</td><td>21</td><td>17</td><td>17</td><td>25</td><td>17</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>26</td><td>26</td><td>26</td><td>18</td><td>18</td><td>22</td><td>18</td><td>18</td><td>26</td><td>18</td><td>20</td><td>20</td><td>20</td></tr></table>
(Continued on following page)
May 1954
79
CUMULATIVE TABLE OF CONTENTS
June 1953 through May 1954 - (Continued)
<table><tr><th></th><th colspan="6">1953</th><th colspan="6">1954</th></tr><tr><th></th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th></tr><tr><td>United States saving bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative sales and redemptions by series.</td><td>27</td><td>27</td><td>27</td><td>19</td><td>19</td><td>23</td><td>19</td><td>19</td><td>27</td><td>19</td><td>21</td><td>21</td></tr><tr><td>Sales and redemptions by periods, all series combined.</td><td>27</td><td>27</td><td>27</td><td>19</td><td>19</td><td>23</td><td>19</td><td>19</td><td>27</td><td>19</td><td>21</td><td>21</td></tr><tr><td>Sales and redemptions by series, Series E through K.</td><td>28</td><td>28</td><td>28</td><td>20</td><td>20</td><td>24</td><td>20</td><td>20</td><td>28</td><td>20</td><td>22</td><td>22</td></tr><tr><td>Redemptions of matured and unmatured bonds, E and F.</td><td>32</td><td>32</td><td>32</td><td>22</td><td>22</td><td>26</td><td>22</td><td>22</td><td>30</td><td>22</td><td>24</td><td>24</td></tr><tr><td>Sales and redemptions by denominations, Series E and F combined.</td><td>...</td><td>...</td><td>33</td><td>...</td><td>...</td><td>27</td><td>...</td><td>...</td><td>31</td><td>...</td><td>...</td><td>25</td></tr><tr><td>Sales by States, Series E and F combined.</td><td>...</td><td>...</td><td>34</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>32</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Treasury savings notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative sales and redemptions by series.</td><td>33</td><td>33</td><td>35</td><td>23</td><td>23</td><td>28</td><td>23</td><td>23</td><td>33</td><td>23</td><td>25</td><td>26</td></tr><tr><td>Sales and redemptions by periods, all series combined.</td><td>33</td><td>33</td><td>35</td><td>23</td><td>23</td><td>28</td><td>23</td><td>23</td><td>33</td><td>23</td><td>25</td><td>26</td></tr><tr><td>Ownership of Federal securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution by classes of investors and types of issues.</td><td>34</td><td>34</td><td>36</td><td>24</td><td>24</td><td>29</td><td>24</td><td>24</td><td>34</td><td>24</td><td>26</td><td>27</td></tr><tr><td>Net market purchases or sales for investment accounts handled by the Treasury.</td><td>34</td><td>34</td><td>36</td><td>24</td><td>24</td><td>29</td><td>24</td><td>24</td><td>34</td><td>24</td><td>26</td><td>27</td></tr><tr><td>Estimated ownership.</td><td>35</td><td>35</td><td>37</td><td>25</td><td>25</td><td>30</td><td>25</td><td>25</td><td>35</td><td>25</td><td>27</td><td>28</td></tr><tr><td>Treasury survey of ownership of Federal securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks, insurance companies, and others.</td><td>36</td><td>36</td><td>38</td><td>26</td><td>26</td><td>31</td><td>26</td><td>26</td><td>36</td><td>26</td><td>28</td><td>29</td></tr><tr><td>Ownership of U. S. Government securities held by corporate pension trust funds (quarterly, December 31, 1949-September 30, 1953).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>30</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date December 31, 1953).</td><td>...</td><td>...</td><td>...</td><td>30</td><td>...</td><td>...</td><td>...</td><td>...</td><td>31</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Market quotations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>End-of-month closing quotations on Treasury securities by issues.</td><td>40</td><td>40</td><td>42</td><td>34</td><td>30</td><td>35</td><td>30</td><td>30</td><td>40</td><td>35</td><td>32</td><td>33</td></tr><tr><td>Chart - Yields of Treasury securities.</td><td>42</td><td>42</td><td>44</td><td>36</td><td>32</td><td>37</td><td>32</td><td>32</td><td>42</td><td>37</td><td>34</td><td>35</td></tr><tr><td>Average yields of long-term bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of Treasury and corporate bonds by periods.</td><td>43</td><td>43</td><td>45</td><td>37</td><td>33</td><td>38</td><td>33</td><td>33</td><td>43</td><td>38</td><td>35</td><td>36</td></tr><tr><td>Chart - Average yields of Treasury and corporate bonds.</td><td>44</td><td>44</td><td>46</td><td>38</td><td>34</td><td>39</td><td>34</td><td>34</td><td>44</td><td>39</td><td>35</td><td>37</td></tr><tr><td>Internal revenue collections:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by principal sources.</td><td>45</td><td>45</td><td>47</td><td>39</td><td>35</td><td>40</td><td>35</td><td>35</td><td>45</td><td>40</td><td>37</td><td>38</td></tr><tr><td>Chart - Internal revenue collections by principal sources.</td><td>46</td><td>46</td><td>48</td><td>40</td><td>36</td><td>41</td><td>36</td><td>36</td><td>46</td><td>41</td><td>38</td><td>39</td></tr><tr><td>Detail of collections by type of tax.</td><td>47</td><td>47</td><td>49</td><td>41</td><td>37</td><td>42</td><td>37</td><td>37</td><td>47</td><td>42</td><td>39</td><td>40</td></tr><tr><td>Monetary statistics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation.</td><td>49</td><td>49</td><td>51</td><td>43</td><td>39</td><td>44</td><td>39</td><td>39</td><td>49</td><td>44</td><td>41</td><td>45</td></tr><tr><td>Monetary stocks of gold and silver.</td><td>50</td><td>50</td><td>52</td><td>44</td><td>40</td><td>45</td><td>40</td><td>40</td><td>50</td><td>45</td><td>42</td><td>43</td></tr><tr><td>Cold assets and liabilities of the Treasury.</td><td>50</td><td>50</td><td>52</td><td>44</td><td>40</td><td>45</td><td>40</td><td>40</td><td>50</td><td>45</td><td>42</td><td>43</td></tr><tr><td>Components of silver monetary stock.</td><td>51</td><td>51</td><td>53</td><td>45</td><td>41</td><td>46</td><td>41</td><td>41</td><td>51</td><td>46</td><td>43</td><td>44</td></tr><tr><td>Silver production in the United States and acquisitions by mint and assay offices.</td><td>51</td><td>51</td><td>53</td><td>45</td><td>41</td><td>46</td><td>41</td><td>41</td><td>52</td><td>47</td><td>44</td><td>45</td></tr><tr><td>Seigniorage on silver.</td><td>52</td><td>52</td><td>54</td><td>46</td><td>42</td><td>47</td><td>41</td><td>42</td><td>52</td><td>47</td><td>44</td><td>45</td></tr><tr><td>Increase from reduction in weight of gold dollar (latest date March 31, 1954).</td><td>...</td><td>...</td><td>54</td><td>...</td><td>47</td><td>...</td><td>...</td><td>...</td><td>52</td><td>...</td><td>...</td><td>45</td></tr><tr><td>Net Treasury gold receipts, quarter ending March 31, 1953.</td><td>52</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Exchange Stabilization Fund (latest date December 31, 1953):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheet.</td><td>...</td><td>...</td><td>55</td><td>...</td><td>48</td><td>...</td><td>...</td><td>...</td><td>53</td><td>...</td><td>46</td><td>...</td></tr><tr><td>Income and expense.</td><td>...</td><td>...</td><td>56</td><td>...</td><td>49</td><td>...</td><td>...</td><td>...</td><td>54</td><td>...</td><td>47</td><td>...</td></tr><tr><td>Capital movements between the United States and foreign countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by periods since 1935.</td><td>53</td><td>53</td><td>57</td><td>47</td><td>43</td><td>50</td><td>42</td><td>43</td><td>55</td><td>48</td><td>45</td><td>49</td></tr><tr><td>Summary by countries and months.</td><td>56</td><td>56</td><td>60</td><td>50</td><td>46</td><td>53</td><td>45</td><td>46</td><td>58</td><td>51</td><td>48</td><td>51</td></tr><tr><td>Details for latest months by countries.</td><td>50</td><td>60</td><td>64</td><td>54</td><td>50</td><td>57</td><td>49</td><td>50</td><td>62</td><td>55</td><td>52</td><td>55</td></tr><tr><td>Supplementary data by countries.</td><td>66</td><td>66</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>58</td><td>...</td><td>...</td></tr><tr><td>Corporations and certain other business-type activities (latest date December 31, 1953):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheets and loans by type.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>56</td><td>...</td><td>56</td><td>...</td><td>...</td><td>59</td><td>...</td><td>51</td></tr><tr><td>Income and expense.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>63</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>59</td></tr><tr><td>Source and application of funds.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>70</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr></table>
GPO 876976
Treas.
HJ
10
A2
1954
c.1
U.S. Treasury Dept.
Treasury Bulletin
U.S. TREASURY LIBRARY
1 0031982